Tag Archives: economy and trade

Shell posts profit of nearly $40 billion and announces $4 billion in buybacks


Hong Kong/London
CNN
 — 

Shell made a record profit of almost $40 billion in 2022, more than double what it raked in the previous year after oil and gas prices soared following Russia’s invasion of Ukraine.

Europe’s largest oil company by revenue reported adjusted full-year earnings of $39.9 billion on Thursday — more than double the $19.3 billion it posted in 2021 — driven by a strong performance in its gas trading business. The company’s stock was up 1.7% in London.

The company reported $9.8 billion in profit in the fourth quarter. Just over 40% of Shell’s full-year earnings came from its integrated gas business, which includes liquified natural gas trading operations.

Shell CEO Wael Sawan said the results “demonstrate the strength of Shell’s differentiated portfolio, as well as our capacity to deliver vital energy to our customers in a volatile world.”

The earnings are the latest in a series of record-setting results by the world’s biggest energy companies, which have enjoyed bumper profits off the back of soaring oil and gas prices.

ExxonMobil this week posted record full-year earnings of $59.1 billion. Last month, Chevron

(CVX) reported a record full-year profit of $36.5 billion.

That has led to renewed calls for higher taxation. Governments in the European Union and the United Kingdom have already imposed windfall taxes on oil company profits, with the proceeds used to help households struggling with rising energy bills.

Shell said it expected to pay an additional $2.3 billion in tax related to the EU windfall tax and the UK energy profits levy. The company paid $13 billion in tax globally in 2022.

Shell

(RDSA) also announced another $4 billion share buyback program and confirmed it would lift its dividend per share by 15% for the fourth quarter.

This is a developing story and will be updated.

Read original article here

How do you lose a radioactive capsule? Australian investigators are wondering too


Brisbane, Australia
CNN
 — 

The discovery of a tiny lost radioactive capsule beside a remote highway in Western Australia raises many questions – not least how it escaped layers of radiation-proof packaging loaded onto a moving truck.

It’s one of the many puzzling aspects of a case investigators will examine in the coming weeks as they try to piece together the timeline of the capsule’s movements from January 12, when it was packaged for transport, to February 1, when a recovery team found it by the side of the road.

The capsule – just 8 millimeters by 6 millimeters – was used in a density gauge fitted to a pipe at Rio Tinto’s Gudai-Darri iron ore mine to measure the flow of material through the feeder.

Rio Tinto said in a statement Monday the capsule was packaged for transit to Perth, 1,400 kilometers (870 miles away), with its presence inside the package confirmed by a Geiger counter before it was transported by a third-party contractor.

Normally, the trip would take more than 12 hours by road, but roughly two hours in, the capsule exited the vehicle as it traveled south, and somehow crossed one lane of traffic, to end up two meters (6.5 feet) from the northbound side of the two-lane highway.

Lauren Steen, general manager of Radiation Services WA, a consultancy that writes radiation management plans, said industry insiders were just as baffled as the public when they heard the capsule was missing.

“The whole team were scratching our head. We couldn’t figure out what had happened,” said Steen, whose company was not involved in its disappearance.

“If the source had been placed in a certified package and transported under all of the requirements of the code of practice, then it’s an extremely unlikely event – one-in-a-million,” she said.

The truck thought to be carrying the capsule arrived in Perth on January 16, four days after its departure from the Gudai-Darri iron ore mine. But it wasn’t until January 25, when workers from SGS Australia went to unpack the gauge for inspection, that it was discovered missing.

In a statement, SGS Australia said it had been hired by Rio Tinto to package the capsule but it had nothing to do with its transportation, which was carried out by a “specialist transporter.”

“We performed the contracted service to package the equipment at the mine site and unpackage it following transportation using qualified personnel for our customer in accordance with all standards and regulations,” it said.

“The transportation of the package, organized by our client and delegated to a specialist transporter, was not within the scope of SGS services. Our personnel noticed the loss of the source at our Perth laboratory when opening the package and reported this incident immediately.”

The name of the company contracted to transport the package has not been released.

The missing capsule triggered a six-day search along a stretch of the Great Northern Highway. Then on Wednesday morning, a car fitted with special equipment traveling south of the small town of Newman detected a higher radiation reading. Handheld devices were then used to hone in on the capsule nestled in the dirt.

In Australia, each state has its own laws regarding the handling of radioactive substances and codes of practice that comply with guidelines set by the Australian Radiation and Nuclear Safety Agency (ARPANSA), a government body that works closely with the International Atomic Energy Agency (IAEA) and World Health Organization (WHO).

In Western Australia, the rules are governed by the Radiation Safety Act 1975, which Steen says is well overdue for review. “It hasn’t been rewritten since the 70s, so I think that kind of speaks for itself,” she said.

Steen said over the decades technological advancements had made the use of radiation sources within mining equipment much safer – and because it was safer, devices were being used more frequently. As of 2021, over 150 projects were operating in Western Australia, the hub of the country’s mining exports, according to the state’s Chamber of Minerals and Energy.

Under the Radiation Safety Act 1975, only specially trained and licensed operators can package radioactive substances, but different rules apply to contractors hired to transport it, Steen said.

“Any transport company can transport radioactive material provided they have got the license to do so,” she said.

Under the act that license can be obtained by attending a one-day course and passing a test certified and approved by the regulator.

The licensee must have oversight of a transportation plan submitted to the regulator but does not have to supervise the journey in person. There are no rules about the type of vehicles used for transport.

Steen says clearly something went wrong – and she hopes the results of the investigation will be shared with the radiation community so they can avoid such issues in future.

Discussion has already started about the need for tougher penalties – in WA, mishandling radioactive substances carries a fine of just 1,000 Australian dollars ($714) – a figure described as “ridiculously low” by Australian Prime Minister Anthony Albanese to reporters on Wednesday.

The rules around packaging radiation sources depend on how much radiation they emit. In some cases, the device could be encased in three layers. In the case of the capsule, the gauge could be considered one layer of protection before it was placed into an “overpack,” a container that was likely bolted shut.

In a statement, DFES said when the package was opened the gauge was found to be broken, with one of the four mounting bolts missing. Referring to the capsule, the statement added, “the source itself and all screws on the gauge were also missing.”

One theory investigators may examine is if the gauge broke and the capsule fell out of the overpack through a hole used to secure the lid.

It’s expected to be several weeks before the Radiological Council submits its report to the WA health minister. Meanwhile, Rio Tinto is carrying out its own investigation.

CEO Simon Trott said the company would be willing to reimburse the government for costs associated with the search – if requested.

WA Emergency Services Minister Stephen Dawson said the offer was appreciated but the government would wait for the outcome of the investigation to apportion blame.

He said he didn’t know how much the search had cost but at least 100 people were involved including police, firefighters, health department and defence force personnel.

Staff from the National Emergency Management Agency, the Australian Nuclear and Science Technology Organization and the Australian Radiation Protection and Nuclear Safety Agency also took part.

On Thursday, relieved DFES officials released new images of the capsule being taken to Perth where it will be safely held in a facility.

This time, it traveled in a convoy of enclosed white vehicles – with big stickers warning of the presence of a radioactive substance.

Read original article here

FBI finds no classified documents at Biden’s Delaware vacation home



CNN
 — 

The FBI completed a search of President Joe Biden’s Rehoboth Beach, Delaware, home and no documents with classified markings were found, Biden’s personal attorney said Wednesday.

Bob Bauer, Biden’s attorney, did say the FBI took with them handwritten notes and some materials for further review. The search took three-and-a-half hours.

“The DOJ’s planned search of the President’s Rehoboth residences, conducted in coordination and cooperation with the President’s attorneys, has concluded,” Bauer said. “The search was conducted from 8:30 AM to noon.”

“No documents with classified markings were found,” he said.

Bauer said that like last month’s search of Biden’s home in Wilmington, Delaware, agents “took for further review some materials and handwritten notes that appear to relate to his time as Vice President.”

Bauer confirmed earlier in the morning that investigators were searching the home. The search was planned and had the “full support and cooperation” of Biden, Bauer said.

“Under DOJ’s standard procedures, in the interests of operational security and integrity, it sought to do this work without advance public notice, and we agreed to cooperate,” Bauer said. “The search today is a further step in a thorough and timely DOJ process we will continue to fully support and facilitate. We will have further information at the conclusion of today’s search.”

Reporters positioned in the coastal community observed black sport utility vehicles and sedans arriving to the home mid-morning.

Biden’s personal attorneys previously searched the Rehoboth home on January 11 and found no classified documents.

The FBI search in Rehoboth marks the third known occasion that federal agents have searched properties associated with Biden to look for classified material.

The FBI previously searched Biden’s home in Wilmington, Delaware, turning up what his lawyer described as multiple items containing classified material. That search occurred on January 20. Biden’s attorneys had previously found documents at the Wilmington home and suspended their search of a specific space where additional documents were found. It’s not clear whether the documents the FBI found were in that same space or elsewhere in the house.

The FBI also searched the Washington office of the Penn Biden Center in mid-November after Biden’s attorneys first discovered classified material in a locked closet at the think tank.

None of the searches, including Wednesday’s in Rehoboth, required a warrant, according to people familiar with the matter. Biden’s team has stressed they are cooperating with the Justice Department as its probe of the documents matter proceeds.

Biden purchased his home in Rehoboth after leaving the vice presidency. He and his wife occasionally spend weekends there, most recently from January 20 to 23.

The search comes on the day that the Justice Department announced special counsel Robert Hur officially began his job overseeing the investigation of Biden’s handling of classified documents. Hur takes over for US Attorney John Lausch who conducted an initial review that has since become a full blown criminal investigation.

Hur, who previously served as US attorney in Maryland, was nominated to that position by then-President Donald Trump in 2017. He served in the role until his resignation in 2021. In the job, Hur played a key role in a number of high-profile cases, including a children’s book scandal involving then-Baltimore Mayor Catherine Pugh that resulted in Pugh being sentenced to three years in prison.

He was unanimously confirmed by the Senate to the US attorney job in 2018, and at the time he received praise from both of Maryland’s Democratic senators, who expressed confidence in his ability to handle critical issues facing the state.

Prior to his time with the DOJ, Hur was a law clerk for Chief Justice William Rehnquist and also clerked for a federal appellate judge, Alex Kozinski.

This story has been updated with additional reporting.

Read original article here

Hong Kong is criminalizing CBD as a ‘dangerous drug’ alongside heroin


Hong Kong
CNN
 — 

Two years ago, cannabidiol was booming in Hong Kong. The compound, known as CBD, was popping up in cafes, restaurants and stores, with businesses eager to join an exciting new market already well-established in countries around the world.

That all came to an end on Wednesday, when CBD was criminalized in the city and declared a “dangerous drug” on the same level as heroin and fentanyl.

CBD is a chemical found in hemp and marijuana plants. It’s non-psychoactive, meaning it won’t get you high; instead, CBD is often marketed for everything from helping to relieve pain and inflammation to reducing stress and anxiety.

It has surged in global popularity in recent years, with brands adding it to shampoos, drinks, body oils, gummy bears and dog treats. In the United States and Europe, you might find it sold in coffee shops and farmers’ markets, mom-and-pop and high-end department stores, and even drugstore chain CVS.

But last June, draft legislation banning CBD was introduced to Hong Kong lawmakers, and went into effect February 1.

Under the new legislation, possession and consumption of any amount of CBD is punishable by seven years in prison and a fine of 1 million Hong Kong dollars ($127,607). Manufacturing, importing or exporting CBD is punishable by life imprisonment.

Even travelers could face penalties, with the government warning people not to risk “buying these products or bringing them back to Hong Kong.”

The same penalties and conditions apply for cannabis, also known as marijuana.

The ban has forced CBD-focused businesses to close, while other brands have had to roll back or get rid of CBD products.

“It’s a shame because there’s a missed opportunity for sure,” said Luke Yardley, founder of Yardley Brothers Craft Brewery, which had previously sold four products containing CBD – a lager and three nonalcoholic drinks. “I think that anything that you can’t get intoxicated from, and helps you to relax, is probably a good thing.”

The health benefits and risks of CBD have long been debated. In the US, most CBD products are not regulated by the Food and Drug Administration (FDA), which means that people can purchase items off the shelf.

Some research has found that the compound can ease pain and may be useful for those who have trouble sleeping. The FDA has approved one drug with CBD to treat rare, severe forms of epilepsy.

But concerns have also been raised, with some experts saying there isn’t enough scientific research into how CBD works or its potential effects.

In January, the FDA announced CBD products will require a new regulatory pathway in the US, saying: “We have not found adequate evidence to determine how much CBD can be consumed, and for how long, before causing harm.”

In Hong Kong, which has strict cannabis laws, the government’s concern revolves around the possible presence of its sister compound THC (tetrahydrocannabinol) in CBD products. THC is also found in cannabis plants and is responsible for the “high.”

In the US and Europe, CBD products can carry up to 0.3% – a trace amount – of THC, but even that is not acceptable in Hong Kong. And while CBD products could avoid this trace amount by using a pure form of CBD, most manufacturers mix other compounds for higher potency.

From 2019 to early 2022, Hong Kong authorities launched nearly 120 “operations” seizing and testing CBD products from restaurants and shops to warehouses, Secretary for Security Tang Ping-keung said last year. He added that more than 3,800 products were found to contain THC, though did not give further detail on the proportion or percentage of THC in those products.

In a written response to questions raised in the Legislative Council, Tang suggested the government’s traditionally tough stance on THC should be applied to CBD “to protect public heath.”

“We have adopted ‘zero tolerance’ towards drugs and we understand that it is a matter of public concern,” he said. “Therefore, the government plans to control CBD.”

The Action Committee Against Narcotics, a group of representatives from “the fields of social work, education, medical and community service” that advises the government on anti-drug policy, said in a statement last November that it supported the CBD ban and the government’s goal of “a drug-free Hong Kong.”

Many businesses began bracing themselves for regulatory changes in 2022, ahead of the government’s official announcement this January.

Yardley Brothers Craft Brewery stopped making its CBD beverages late last year in anticipation of the ban, and all its leftover products had sold out by December, said Yardley.

He said the CBD drinks had been “very popular,” amounting to roughly 8% of the business, as they offered adults a nonalcoholic option to enjoy when out with friends. At some bars, regulars “come in every weekend for a glass of CBD lemonade,” he said.

Now “there’s less choice for consumers in Hong Kong. That’s not necessarily a step in the right direction,” he said.

Some companies have been forced to shut down completely.

Med Chef, a restaurant that opened in 2021, once boasted of offering Hong Kong’s “first full menu of CBD-infused cocktails, appetizers and entrees.” In a news release during its launch, the restaurant founder emphasized the health and wellness benefits of CBD.

But by early November 2022, it had closed its doors. “We have worked hard in the past to present CBD in its most acceptable form and integrate our food and beverage concepts,” the restaurant wrote in a farewell post on Instagram. “It’s a pity that things didn’t go the way we hoped. Under the latest policies of those in power, we ultimately aren’t able to continue forward with everyone.”

Hong Kong’s first CBD cafe, Found, had also made headlines when it opened in 2020. It sold a variety of CBD products including infused coffee and beers, oils to help sleep, powder to sprinkle into food and pet products to help ease stiff joints.

It closed at the end of September 2022, telling patrons on Instagram that their positive feedback had shown that “CBD could help to cope with the stresses of daily life.”

“Sadly, in spite of the demonstrable positive impact, it has now become apparent that the Hong Kong government intends to adopt new legislation to prohibit the sale and possession of CBD,” it wrote.

Yardley said the government’s concerns about THC were valid – but argued they could have implemented better regulations, such as requiring certifications or standards of safety around CBD samples.

“It’s quite an extreme response to just fully ban it,” he said.

And while the brewery will continue operating, with plans for alternative nonalcoholic beverages to fill the gap, Yardley hopes CBD will be back on the menu. “I hope for the future that it might become legal again,” he said.

This story has been updated to include details of the draft legislation and its introduction.



Read original article here

EzriCare eye drops: CDC advises against use as it investigates dozens of infections and one death in 11 states



CNN
 — 

The US Centers for Disease Control and Prevention is urging health care providers and consumers to stop using EzriCare Artificial Tears as it conducts an investigation into at least 50 infections in 11 states that have led to instances of permanent vision loss, hospitalization and one death.

Most of the people with these infections reported using artificial tears, and EzriCare was the most common brand, the agency says. These eye drops are preservative-free, meaning they don’t have ingredients to prevent bacterial growth.

Testing of open EzriCare bottles identified Pseudomonas aeruginosa bacteria that were resistant to carbapenem antibiotics as well as the antibiotics ceftazidime and cefepime. Testing of unopened bottles is ongoing, the CDC says.

“CDC recommends that clinicians and patients immediately discontinue the use of EzriCare Artificial Tears until the epidemiological investigation and laboratory analyses are complete,” the agency says.

New Jersey-based EzriCare says in a statement dated January 24 that it has not received any consumer complaints or adverse event reports.

“We have not been asked to conduct a recall. EzriCare does not manufacture the Lubricant Eye Drops,” the statement says.

“Nevertheless, and in an abundance of caution, EzriCare recommends that during this evolving situation you discontinue use of any portions of EzriCare Artificial Tears Lubricant Eye Drops you may have until we can discover more details about any potential safety concerns.”

Pseudomonas bacteria are common in the environment, such as in soil and water. Pseudomonas aeruginosa is usually spread in health care settings, the CDC says, and is increasingly difficult to treat because of antibiotic resistance. It caused more than 32,000 infections in hospitalized patients and about 2,700 deaths in the US in 2017.

Read original article here

Ultraprocessed foods linked to ovarian and other cancer deaths, study finds

Editor’s Note: Sign up for CNN’s Eat, But Better: Mediterranean Style. Our eight-part guide shows you a delicious expert-backed eating lifestyle that will boost your health for life.



CNN
 — 

Eating more ultraprocessed foods raises the risk of developing and dying from cancer, especially ovarian cancer, according to a new study of over 197,000 people in the United Kingdom, over half of whom were women.

Overly processed foods include prepackaged soups, sauces, frozen pizza and ready-to-eat meals, as well as hot dogs, sausages, french fries, sodas, store-bought cookies, cakes, candies, doughnuts, ice cream and many more.

“Ultra-processed foods are produced with industrially derived ingredients and often use food additives to adjust colour, flavour, consistency, texture, or extend shelf life,” said first author Dr. Kiara Chang, a National Institute for Health and Care Research fellow at Imperial College London’s School of Public Health, in a statement.

“Our bodies may not react the same way to these ultra-processed ingredients and additives as they do to fresh and nutritious minimally processed foods,” Chang said.

However, people who eat more ultra-processed foods also tend to “drink more fizzy drinks and less tea and coffee, as well as less vegetables and other foods associated with a healthy dietary pattern,” said Duane Mellor, a registered dietitian and senior teaching fellow at Aston Medical School in Birmingham, UK, in an email.

“This could mean that it may not be an effect specifically of the ultra-processed foods themselves, but instead reflect the impact of a lower intake of healthier food,” said Mellor, who was not involved in the study.

The study, published Tuesday in the journal eClinicalMedicine, looked at the association between eating ultraprocessed foods and 34 different types of cancer over a 10-year period.

Researchers examined information on the eating habits of 197,426 people who were part of the UK Biobank, a large biomedical database and research resource that followed residents from 2006 to 2010.

The amount of ultraprocessed foods consumed by people in the study ranged from a low of 9.1% to a high of 41.4% of their diet, the study found.

Eating patterns were then compared with medical records that listed both diagnoses and deaths from cancer.

Each 10% increase in ultraprocessed food consumption was associated with a 2% increase in developing any cancer, and a 19% increased risk for being diagnosed with ovarian cancer, according to a statement issued by Imperial College London.

Deaths from cancers also increased, the study found. For each additional 10% increase in ultraprocessed food consumption, the risk of dying from any cancer increased by 6%, while the risk of dying from ovarian cancer rose by 30%, according to the statement.

“These associations persisted after adjustment for a range of socio-demographic, smoking status, physical activity, and key dietary factors,” the authors wrote.

When it comes to death from cancer among women, ovarian cancer is ranked fifth, “accounting for more deaths than any other cancer of the female reproductive system,” noted the American Cancer Society.

“The findings add to previous studies showing an association between a greater proportion of ultra-processed foods (UPFs) in the diet and a higher risk of obesity, heart attacks, stroke, and type 2 diabetes,” said Simon Steenson, a nutrition scientist at the British Nutrition Foundation, a charity partially supported by food producers and manufacturers. Steenson was not involved in the new study.

“However, an important limitation of these previous studies and the new analysis published today is that the findings are observational and so do not provide evidence of a clear causal link between UPFs and cancer, or the risk of other diseases,” Steenson said in an email.

People who ate the most ultraprocessed foods “were younger and less likely to have a family history of cancer,” Chang and her colleagues wrote.

High consumers of ultraprocessed foods were less likely to do physical activity and more likely to be classified as obese. These people were also likely to have lower household incomes and education and live in the most underprivileged communities, the study found.

“This study adds to the growing evidence that ultra-processed foods are likely to negatively impact our health including our risk for cancer,” said Dr. Eszter Vamos, the study’s lead author and a clinical senior lecturer at Imperial College London’s School of Public Health in a statement.

This latest research is not the first to show an association between a high intake of ultraprocessed foods and cancer.

A 2022 study examined the diets of over 200,000 men and women in the United States for up to 28 years and found a link between ultraprocessed foods and colorectal cancer — the third most diagnosed cancer in the United States — in men, but not women.

And there are “literally hundreds of studies (that) link ultraprocessed foods to obesity, cancer, cardiovascular disease, and overall mortality,” Marion Nestle, the Paulette Goddard professor emerita of nutrition, food studies and public health at New York University told CNN previously.

While the new UK-based study cannot prove causation, only an association, “other available evidence shows that reducing ultra-processed foods in our diet could provide important health benefits,” Vamos said.

“Further research is needed to confirm these findings and understand the best public health strategies to reduce the widespread presence and harms of ultra-processed foods in our diet,” she added.

Read original article here

GM shares surge after record earnings and new stake in lithium company


New York
CNN
 — 

General Motors reported a much stronger than expected fourth-quarter profit, lifting full-year results to record levels for the second straight year.

The largest US automaker also said Tuesday it is buying a $650 million equity stake in Lithium Americas, which will give it access to the raw material needed to build batteries to power 1 million electric vehicles a year in the first phase of production.

For the quarter, GM earned adjusted earnings of $3 billion, or $2.12 a share, up from $1.35 a share a year earlier and far better than forecasts of $1.69 a share from analysts surveyed by Refinitiv. That lifted full-year adjusted income to $11 billion, up from the $10.4 billion it earned in 2021, which had been its previous record.

The company said it expects strong earnings in 2023, though it expects it to slip a bit from the just posted levels, coming in at between $8.7 billion to $10.1 billion. But company CFO Paul Jacobson said its automotive business is expected to remain strong, with much of the decline likely to be at GM Financial. That’s due to the hit it will take from higher interest rates and the sinking value of used cars, as well as the higher interest rates resulting in an accounting hit to pension earnings.

“Actually that [guidance] is a strong statement about where we see things going, stronger than others” he told journalists on a call Tuesday.

Jacobson told journalists that GM does not expect to follow Tesla and Ford in cutting the prices for its electric vehicles.

“I don’t think there’s any surprise there’s increasing competition in the EV space,” he said. “Our customers are saying we’re priced well based on the demand that we’re seeing.”

The company’s investment in Lithium Americas is part of the company’s efforts to lock-up the supply of raw materials it will need to convert from traditional gasoline powered cars to electric vehicles. The Lithium Americas deal will not supply any lithium to the company until 2026, but Jacobson told media that “we’ve already achieved all the lithium we need through 2025.”

GM expects to build 70,000 EVs this year, a small fraction of its overall vehicle output. It sold 5.9 million vehicles in 2022, down about 6% from 2021 due to the shortage of parts needed to build all the vehicles for which there was demand.

“We continue to face some supply chain and logistics issues, but overall, things remain trending in the right direction,” said Jacobson.

But the company expects to be rapidly increasing its EV supply and offerings, with a new battery plant that opened last year, two more under construction and a fourth planned soon. GM has a target to build 400,000 EVs through the middle of 2024, and 1 million annually by 2025.

CEO Mary Barra predicted there will be more deals like the Lithium Americas one to be announced soon.

“We continue to pursue strategic supply agreements and partnerships to further secure our long-term needs,” she told investors.

GM said it will reduce its staff in 2023, part of its effort to cut $2 billion in costs over the next two years. But unlike a number of major companies that have announced layoffs in recent months, company officials stressed GM would not be shrinking through layoffs. Instead the reduction would be handled through attrition.

GM did not disclose how many jobs might be trimmed, with Jacobson saying the company would end this year “slightly lower” in headcount.

GM has 167,000 employees globally, with 124,000 in North America. That includes more than 42,000 members of the United Auto Workers union. Those workers will get profit sharing bonuses of an average of $12,750 for the year, up nearly 25% from the $10,250 they received a year earlier.

Shares of GM

(GM) soared more than 5% in pre-market trading on the results.

This story is developing and will be updated.

Read original article here

Mustang Mach-E: Ford drops the price of its Tesla competitor



CNN
 — 

Ford is boosting production of its popular Mustang Mach-E electric SUV and dropping its sticker price weeks after Tesla dropped prices of its vehicles. The move represents a substantial roll-back of price hikes Ford announced last summer on the 2023 models – but buyers may still be paying somewhat more than before the increases.

The Mustang Mach-E, a midsize electric family SUV, was the first serious electric effort for the Dearborn, Michigan-based automaker. Priced and aimed squarely at the Tesla Model Y, which has its own starting price of $53,490, the Mach-E is Ford’s bet to get new car buyers to dip their toes into the battery-powered future. it has since been joined in the electric Ford lineup by the workhorse Ford F-150 Lightning. But the company still considers the Mach-E a crucial step for the company’s electric-powered growth.

Late last year, Darren Palmer, Ford’s vice president of electric vehicle programs, told CNN Business that the Mach-E was completely sold out and the automaker was holding off on launching it in more global markets in order to catch up with US demand.

“We could sell it out at least two or three times over,” he said a the time.

The price cuts Ford announced Monday were biggest on the most expensive versions of the SUV, just as the increases had been biggest on those models. The base sticker of the Mustang Mach-E GT Extended Range, a high-performance version of the SUV, dropped to about $64,000 from $69,900 before, a decrease of $5,900. But that model had been about $62,000 before price increases last August.

When it announced those price bumps, Ford also said it was putting more standard features into the vehicles, including advanced driver assistance features.

The price of the least expensive Mach-E, the rear-wheel-drive standard range model, was cut $900, going from about $46,900 down to $46,000. The price of the extended range battery pack option, by itself, dropped from $8,600 down $7,000.

Tesla announced price cuts of as much as 20% on its electric vehicles earlier this month, after raising prices in 2022.

When Ford announced the price increases last summer, citing supply chain issues, the automakers indicated it would continue monitoring market conditions throughout the upcoming model year.

Ford announced last summer that it was increasing production of the Mach-E as it added capacity for more battery production. The automaker also announced in late August that it was reopening order banks for the Mach-E which had been closed as the company worked to meet existing orders.

Customers who complete the transaction for their Mach-E after today’s announcement will pay the new lower price, Ford said. Ford will reach out directly to Mach-E customers with a sale date after January 1, 2023 who already have their vehicles, the automaker said.

At least some versions of both models are currently eligible for federal electric vehicle tax credits, according to the Internal Revenue Service, but both are treated as cars, not SUVs, under the tax rules, unless equipped with a third row of seats.

That means that tax credits are available for the two-row only Mach-E and two-row Model Y only if the sticker price is below $55,000. For versions of the Model Y with a third row of seats, a $4,000 option, buyers may get tax credits with a sticker price up to $80,000. For the Mustang Mach-E, a third row of seats isn’t offered.

The final amount of the tax credit may depend on when the vehicle is actually delivered to the customer and, also, whether the customers themselves meet annual income requirements.

Read original article here

CNN Exclusive: Secretive process to select astronauts for NASA’s next moon mission

Sign up for CNN’s Wonder Theory science newsletter. Explore the universe with news on fascinating discoveries, scientific advancements and more.



CNN
 — 

Sometime this spring, NASA will make one of the biggest announcements in its history when it names the initial four-person crew for its flagship Artemis program to return astronauts to the moon for the first time in 50 years.

Scheduled to launch in 2024, Artemis II will be the program’s first crewed mission to orbit the moon, flying farther into space than any humans since the Apollo program and paving the way for the Artemis III crew to walk on the moon in 2025 — all aboard the most powerful rocket ever built and at a price tag that by then will approach $100 billion.

Yet, as publicized as the Artemis II mission is, the process of how its crew will be chosen is so secretive that it remains a mystery even for many on the inside. Other than announcing the astronauts’ nationalities — three Americans, one Canadian — NASA has said almost nothing publicly about who will be selected or how that decision will be made.

CNN spoke with nearly a dozen current and former NASA officials and astronauts to pull back the curtain on the secretive selection process. Based on those interviews, CNN not only gained exclusive insights into how the crew will be selected — it has also whittled down the list of candidates those insiders say are generating the most buzz at NASA.

At the top of everyone’s list for the first Artemis crew is Reid Wiseman, a 47-year-old decorated naval aviator and test pilot who was first selected to be a NASA astronaut in 2009. Wiseman stepped down as chief of the astronaut office in November, a prestigious job historically responsible for selecting the initial crew assignment for each mission, but which also comes with a big catch — the chief isn’t eligible to fly in space.

“Being chief is a crummy, lousy job,” former NASA astronaut Garrett Reisman told CNN. “No one wants it, especially now.”

While it may be a job that few astronauts want ahead of the Artemis crew assignments, it does come with one big advantage.

“Historically, the one benefit of being chief is that, when you did step down, you gave yourself the best flight assignment available at the time. That was kind of an acknowledged perk,” Reisman said. “You did this horrible job on our behalf. Thank you for doing that. Here’s your reward. You get to put yourself in the best seat around.”

Without question, the best open seat right now is on Artemis II — a high-pressure, high-visibility mission that will send four astronauts on a roughly 10-day mission around the moon and back.

INTERACTIVE: Trace the path Artemis I will take around the moon and back

Before stepping down as chief in November, just two days before the launch of Artemis I, the program’s first successful uncrewed test flight, Wiseman made another consequential move in August, when he reversed a previous NASA decision to select the Artemis crew from an initial core group of just 18 astronauts previously deemed the “Artemis Team.”

Instead, Wiseman expanded the group of candidates to all 41 active NASA astronauts.

“The way I look at it, any one of our active astronauts is eligible for an Artemis mission,” Wiseman said at the time. “We just want to assemble the right team for this mission.”

Determining the “right team” for a mission to space has always been a mysterious process, going all the way back to the 1950s. That’s when NASA was making its first flight assignments for its initial Mercury missions, made famous by Tom Wolfe’s book “The Right Stuff.”

Though the criteria may have changed, the process remains incredibly secretive. CNN has learned the decision for who gets to go to the moon will be made by three key people at NASA’s Johnson Space Center in Houston, where every US astronaut has lived and trained since 1961.

The first person in the decision process is the chief astronaut, a role currently filled on an acting basis by Wiseman’s deputy, Drew Feustel. Sources told CNN that the chief, whether it’s Feustel or someone else, will take their initial recommendations to the head of the Flight Operations Directorate, Norm Knight, and then on to the director of Johnson Space Center, Vanessa Wyche, who is responsible for signing off on the final four selections.

Cracking the code on how that decision is made is as complex as spaceflight itself.

“To this day, it’s a dark area,” former NASA astronaut Mike Mullane told CNN. “It’s terra incognita (unknown territory). Nobody knows! At least not in our era they didn’t.”

What is known is that NASA Administrator Bill Nelson, a former Democratic senator from Florida, will have no role in the process, something he confirmed for the first time to CNN earlier in January when he said that the space agency’s Washington leadership will “stay out of the selection” of the Artemis II crew.

“That is done by the people at the Johnson Space Center. They will make the decision,” Nelson told CNN. “I do not know if they’ve decided who the crew is, nor should I.”

The only thing set in stone is that the Artemis II crew will consist of three American astronauts and one Canadian, terms that were cemented in a 2020 treaty between the two countries. From the beginning, NASA has also emphasized the need for a program named after Apollo’s twin sister in Greek mythology, Artemis, to have a crew with a heavy mix of gender, racial and professional diversity.

NASA has a far more diverse pool of astronauts to choose from now than during the Mercury program, when all seven astronauts were White, male, military test pilots. More than a third of the Artemis generation’s 41 astronauts are women and 12 are people of color.

The Artemis generation of astronauts is also professionally diverse, with only 16 pilots in its ranks. The rest are “mission specialists” with expertise in biology, geography, oceanography, engineering and medicine.

Nearly a dozen current and former NASA officials and astronauts told CNN they anticipated multiple test pilots being named to the crew of Artemis II, since the mission marks the first crewed test flight to the moon since the Apollo program.

“Just having the courage to go in there and be the first ones and be cool about it, that does take a certain amount of skill and experience and maturity,” said Reisman, the former astronaut. “We’re going beyond Low Earth Orbit for the first time in a very long time, on only the second flight of this vehicle.”

If Wiseman, a White man, is selected, that means the other spots will almost certainly need to go to at least one woman and at least one person of color.

People familiar with the process tell CNN that along with Wiseman, there are a handful of other candidates atop the list. Among them is Victor Glover, a 46-year-old naval aviator who returned to Earth from his first spaceflight in 2021 after piloting the second crewed flight of SpaceX’s Crew Dragon spacecraft and spending nearly six months aboard the International Space Station. The veteran of four spacewalks earned a master’s in engineering while moonlighting as a test pilot.

Randy Bresnik, 55, is also a decorated naval aviator and test pilot who flew combat missions in support of Operation Iraqi Freedom. He has flown two missions to the International Space Station: one on the Space Shuttle, another on a Russian Soyuz spacecraft. Bresnik is often mentioned as a top contender for Artemis because, since 2018, he has overseen the astronaut office’s development and testing of all rockets and spacecrafts that will be used in the Artemis missions.

There are four women who people familiar with the process tell CNN are atop the list of likely candidates. Among them are Christina Koch and Jessica Meir, both of whom made history in 2019 when together they performed the first all-female spacewalk.

The 43-year-old Koch, a veteran of six spacewalks, also holds the record for the longest single spaceflight by a woman, with a total of 328 days in space. Koch, an electrical engineer, and Meir, a 45-year-old biologist, were both selected as mission specialists in NASA’s 2013 astronaut class after stints at remote scientific bases in polar regions. That experience of surviving in hostile climates and uncomfortable environments is critical for a crew who will be cramped inside a 17-foot-wide (5-meter-wide), gumdrop-shaped capsule for roughly 10 days.

“We pride ourselves on expeditionary behavior: being a good teammate, emptying the trash can when it’s full, cleaning out the dishwasher when your parents ask you. Those sorts of things,” Wiseman said in August. “That’s really what we’re looking for in those first Artemis missions. Technical expertise. Team player.”

Anne McClain is a decorated army pilot and West Point graduate who flew more than 200 combat missions in support of Operation Iraqi Freedom and went on to graduate from the US Naval Test Pilot School in 2013, the same year she was selected to be a NASA astronaut. After launching on a Russian Soyuz spacecraft in 2018, the 43-year-old spent more than 200 days in space at the International Space Station and served as lead spacewalker on two spacewalks.

Stephanie Wilson is the most senior astronaut on this list. The 56-year-old was selected to be an astronaut more than a quarter century ago in the class of 1996. Wilson served as a mission specialist on three Space Shuttle flights, including the first flight after the 2003 Columbia disaster, which killed seven astronauts.

The final seat on the Artemis II crew will be filled by a Canadian, and Jeremy Hansen is the most buzzed about astronaut with the Canadian Space Agency. Hansen was selected to be an astronaut almost 14 years ago, but he’s still waiting for his first flight assignment. The 47-year-old fighter pilot recently became the first Canadian to be put in charge of training for a new class of NASA astronauts.

All eight astronauts on CNN’s list of top contenders are highly qualified overachievers in the prime of their careers. But sometimes the deciding factor can come down to something frustratingly small.

“The problem is it can be influenced by trivial things, like what size spacesuit you wear. If there is only a medium and a large and you need the extra-large, you’re screwed. You’re not going to get assigned to the mission,” said Reisman, the former astronaut and veteran of three spacewalks. “It can be crazy, little things that dictate how it all comes out and it’s not always the most equitable or transparent process.”

Typically, NASA also strives for a professionally diverse crew with a healthy blend of rookies and veterans, aiming for a mix of military pilots and citizen scientists — doctors, engineers, astrophysicists, biologists and geologists — with a range of strengths.

“Not all astronauts are created equal when it comes to how good they do the job. Not all astronauts are equally as good at doing spacewalks. Not all astronauts are equally as good at doing robotics,” Reisman said. “The standard line is, if you’re qualified, you’re qualified. If you pass the test, then it shouldn’t matter. But when you have really tricky missions, it does matter, and you do want to put your best team forward.”

That is especially true for the crew of Artemis II, which will be riding on a rocket that’s only had one successful test flight.

As secretive as the crew selection process is for Artemis, it used to be even more confusing. That was especially true during the early days of the Space Shuttle program when, for the first and only time in NASA’s history, a non-astronaut had near total control over who flied and who stayed behind on Earth: George Abbey.

“George didn’t operate by committee any more than Josef Stalin had. His was the only voice that counted,” wrote Mullane, the retired astronaut, in his memoir, “Riding Rockets,” about the former director of the Johnson Space Center. “Everything about the most important aspect of our career — flight assignments — was as unknown to us as the dark matter of space was to astrophysicists.”

By the time former NASA astronaut Scott Kelly, who famously spent a year in space, was selected in 1996, the power had shifted back to the chief astronaut. Kelly described the flight assignment process as still “shrouded in mystery,” though he did recall a push toward more transparency by then-Chief of the Astronaut Office Bob Cabana, the current associate administrator of NASA.

“Bob put a big board in his office. He had all the shuttle flights lined up and certain people’s names would be penciled in next to them,” Kelly said. “Reid (Wiseman) did something similar. He was more of an open book. He would tell people what he was thinking.”

Now, Wiseman is on the other side, waiting along with every other active astronaut for the announcement of a lifetime, which the NASA administrator said would come “later in the spring.”

For those who don’t make the cut, Artemis is far from the only game in town. NASA astronauts are currently training and flying to the International Space Station for long-duration spaceflights on the SpaceX Crew Dragon and Russia’s Soyuz spacecraft. A third option, Boeing’s Starliner, is slated to fly astronauts for the first time this spring. The expectation is that every active astronaut will eventually be assigned to a flight. But only eight will get to fly to the moon on either Artemis II or Artemis III.

“This is a special and unique opportunity and, frankly, I’m going to be super jealous of whoever they pick,” Reisman said.

Read original article here

Surgeon General says 13 is ‘too early’ to join social media



CNN
 — 

US Surgeon General Vivek Murthy says he believes 13 is too young for children to be on social media platforms, because although sites allow children of that age to join, kids are still “developing their identity.”

Meta, Twitter, and a host of other social media giants currently allow 13-year-olds to join their platforms.

“I, personally, based on the data I’ve seen, believe that 13 is too early … It’s a time where it’s really important for us to be thoughtful about what’s going into how they think about their own self-worth and their relationships and the skewed and often distorted environment of social media often does a disservice to many of those children,” Murthy said on “CNN Newsroom.”

The number of teenagers on social media has sparked alarm among medical professionals, who point to a growing body of research about the harm such platforms can cause adolescents.

Murthy acknowledged the difficulties of keeping children off these platforms given their popularity, but suggested parents can find success by presenting a united front.

“If parents can band together and say you know, as a group, we’re not going to allow our kids to use social media until 16 or 17 or 18 or whatever age they choose, that’s a much more effective strategy in making sure your kids don’t get exposed to harm early,” he told CNN.

Adobe Stock

New research suggests habitually checking social media can alter the brain chemistry of adolescents.

According to a study published this month in JAMA Pediatrics, students who checked social media more regularly displayed greater neural sensitivity in certain parts of their brains, making their brains more sensitive to social consequences over time.

Psychiatrists like Dr. Adriana Stacey have pointed to this phenomenon for years. Stacey, who works primarily with teenagers and college students, previously told CNN using social media releases a “dopamine dump” in the brain.

“When we do things that are addictive like use cocaine or use smartphones, our brains release a lot of dopamine at once. It tells our brains to keep using that,” she said. “For teenagers in particular, this part of their brain is actually hyperactive compared to adults. They can’t get motivated to do anything else.”

Recent studies demonstrate other ways excessive screen time can impact brain development. In young children, for example, excessive screen time was significantly associated with poorer emerging literacy skills and ability to use expressive language.

Democratic Sen. Chris Murphy, who recently published an op-ed in the Bulwark about loneliness and mental health, echoed the surgeon general’s concerns about social media. “We have lost something as a society, as so much of our life has turned into screen-to-screen communication, it just doesn’t give you the same sense of value and the same sense of satisfaction as talking to somebody or seeing someone,” Murphy told CNN in an interview alongside Murthy.

For both Murphy and Murthy, the issue of social media addiction is personal. Both men are fathers – Murphy to teenagers and Murthy to young children. “It’s not coincidental that Dr. Murthy and I are probably talking more about this issue of loneliness more than others in public life,” Murphy told CNN. “I look at this through the prism of my 14-year-old and my 11-year-old.”

As a country, Murphy explained, the U.S. is not powerless in the face of Big Tech. Lawmakers could make different decisions about limiting young kids from social media and incentivizing companies to make algorithms less addictive.

The surgeon general similarly addressed addictive algorithms, explaining pitting adolescents against Big Tech is “just not a fair fight.” He told CNN, “You have some of the best designers and product developers in the world who have designed these products to make sure people are maximizing the amount of time they spend on these platforms. And if we tell a child, use the force of your willpower to control how much time you’re spending, you’re pitting a child against the world’s greatest product designers.”

Despite the hurdles facing parents and kids, Murphy struck a note of optimism about the future of social media.

“None of this is out of our control. When we had dangerous vehicles on the road, we passed laws to make those vehicles less dangerous,” he told CNN. “We should make decisions to make [social media] a healthier experience that would make kids feel better about themselves and less alone.”

Read original article here