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Europe agrees to cap the price of Russian oil at $60 a barrel


London
CNN Business
 — 

The European Union has reached a consensus on the price at which to cap Russian oil just days before its ban on most imports comes into force.

News of the deal, which had needed approval from holdout Poland, was confirmed on Twitter by the president of the European Commission, Ursula von der Leyen, marking a key milestone in the West’s efforts to punish President Vladimir Putin without adding to stress on the global economy.

“Today, the European Union, the G7 and other global partners have agreed to introduce a global price cap on seaborne oil from Russia,” von der Leyen said, adding that it would strengthen sanctions on Russia, diminish Moscow’s revenues and stabilize energy markets by allowing EU-based operators to ship the oil to third-party countries provided it is priced below the cap.

The bloc’s 27 member states agreed Friday to set the cap at $60 a barrel, an EU official with knowledge of the situation told CNN on Friday.

The West’s biggest economies agreed earlier this year to establish a price cap after lobbying by the United States, and vowed to hash out the details by early December. But setting a number had proved difficult.

Capping the price of Russian oil between $65 and $70 a barrel, a range previously under discussion, wouldn’t have caused much pain for the Kremlin. Urals crude, Russia’s benchmark, has already been trading within or close to that range. EU countries such as Poland and Estonia had pushed for the cap to be lower.

“Today’s oil price cap agreement is a step in right direction, but this is not enough,” Estonian foreign minister Urmas Reinsalu tweeted Friday. “Intent is right, delivery is weak.”

A price of $60 represents a discount of almost $27 to Brent crude, the global benchmark. Urals has been trading at discounts of around $23 in recent days. Reuters reported that the EU agreement included a mechanism to adjust the level of the cap to ensure it was always 5% below the market rate.

The risk of settling on a lower price is that Russia could retaliate by slashing its output, which would roil markets. Russia previously warned that it will stop supplying countries that adhere to the cap.

With EU countries in alignment, the last remaining obstacle to a wider G7 agreement was lifted. A top US Treasury department official said Thursday that $60 would be acceptable.

“We still believe that the price cap will help limit Mr. Putin’s ability to profiteer off the oil market so that he can continue to fund a war machine that continues to kill innocent Ukrainians,” National Security Council coordinator for strategic communications John Kirby told reporters.

“We think that the $60 per barrel is appropriate and we think it will have that effect,” Kirby added.

The price cap is designed to be enforced by companies that provide shipping, insurance and other services for Russian oil. If a buyer has agreed to pay more than the cap, they would withhold those services. Most of these firms are based in Europe or the United Kingdom.

Investors are already on edge, with the European Union’s embargo on Russian oil traveling by sea set to take effect on Monday. Confusion about the impact of that measure, along with lingering questions about the price cap, have unsettled traders.

“There’s so much uncertainty and doubt and lack of clarity about the policy that no one’s really confident about how to act,” said Richard Bronze, head of geopolitics at the research firm Energy Aspects.

Oil prices have dropped sharply since the summer, as China’s coronavirus lockdowns and global recession fears have dented demand. OPEC and Russia announced a big production cut in October, but that had little sustained impact on prices. The EU embargo and efforts to set a price cap could begin to push them higher again.

— Chris Liakos and Betsy Klein contributed to this article.



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Alex Jones has filed for personal bankruptcy


New York
CNN
 — 

Right-wing conspiracy theorist Alex Jones filed for personal Chapter 11 bankruptcy protection in a Texas court on Friday, according to court documents.

In the documents, Jones estimates his assets to be worth between $1 to 10 million, and his liabilities to be between $1 to $10 billion. The Infowars host’s primary company, Free Speech Systems, also filed for bankruptcy protection in July.

Jones’ personal filing comes after he lost a bid in Texas to reduce the nearly $50 million damages award handed down by a jury earlier this year over his false claims about the Sandy Hook Elementary School massacre.

After the 2012 mass shooting, in which 26 people were killed, Jones baselessly repeated that the incident was staged and that the families and first responders were “crisis actors.”

While Jones initially lied repeatedly about the 2012 shooting, he later acknowledged that the massacre had occurred as his lies spawned multiple lawsuits. But he failed to comply with court orders during the discovery process of the lawsuits in Connecticut and Texas, leading the families in each state to win default judgments against him.

The latest Texas judgment adds to a growing list of rulings and trials racking up costs for Jones, who also owes $1.4 billion in a separate Connecticut case brought by eight families of Sandy Hook victims and a first responder.

A trial was held in September and October in Connecticut, and the plaintiffs in that lawsuit throughout the trial described in poignant terms how the lies had prompted unrelenting harassment against them and compounded the emotional agony of losing their loved ones.

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Confusion deepens over whether any of the 4 University of Idaho students were targeted in fatal stabbings



CNN
 — 

Detectives do not know whether one or more of the four University of Idaho students killed in their off-campus home last month were specifically targeted, police said Wednesday – in what may be their strongest departure yet from their earlier statements.

Police say they’re reacting specifically to information they say a prosecutor’s office released this week about the killings in the college town of Moscow: that “the suspect(s) specifically looked at this residence,” and “that one or more of the occupants were undoubtedly targeted.”

That information released by the prosecutor’s office “was a miscommunication,” police said Wednesday.

“Detectives do not currently know if the residence or any occupants were specifically targeted but continue to investigate,” the police statement reads.

Details about what the prosecutor’s office said this week weren’t immediately available. CNN has reached out to the Moscow police and the Latah County Prosecutor’s Office for clarification about Wednesday’s police statement.

Wednesday’s police statement also differs from statements police themselves have made earlier about whether the students were targeted.

The four students – Ethan Chapin, 20; Kaylee Goncalves, 21; Xana Kernodle, 20; and Madison Mogen, 21 – were found stabbed to death November 13 in an off-campus Moscow home, upending a town that hadn’t recorded a single murder since 2015.

On November 15, Moscow police said they preliminarily “believe this was an isolated, targeted attack and there is no imminent threat to the community at large,” and that “evidence indicates that this was a targeted attack.”

Yet the following day, police backtracked some of that, saying they couldn’t actually say whether there was a threat to the public.

Still, as the investigation advanced, authorities publicly maintained investigators believed the killings were targeted, including during a November 20 police news conference.

Local, state and federal law enforcement agencies are still working to determine who is responsible for the killings. At least 150 interviews have been conducted and more than 1,000 tips from the public have been received, police say.

No suspect has been identified and the murder weapon – believed to be a fixed-blade knife – has not been found. Authorities said they have not ruled out the possibility that more than one person may be involved in the stabbings.

Wednesday’s police statement came on a day the campus community gathered to pay their respects for the slain students.

The university community gathered at the ASUI-Kibbie Activity Center – also known as the Kibbie Dome – to honor the lives of the four students. School officials and three of the four families spoke about how the four would be missed after their sudden deaths.

“The circumstances that bring us here tonight – they’re terrible,” said Stacy Chapin, the mother of Ethan Chapin. “The hardest part – we cannot change the outcome.”

Madison Mogen and Kaylee Goncalves were friends since 6th grade, Steve Goncalves said.

“They just found each other, and every day they did homework together, they came to our house together, they shared everything,” he said. “In the end, they died together, in the same room in the same bed.”

“When I look at all of you guys, there’s only one way for this to get a little better, to heal a little bit … you are just going to have to love each other,” Goncalves added.

Ben Mogen, the father of Madison Mogen, shared memories of her love for live music, her hard work ethic and how meaningful it was to him that she was able to experience love with her boyfriend.

While it’s unclear how long the investigation will take or “the why in this horrific act,” the community “will all go through this together,” said Blaine Eckles, the university’s dean of students.

He also encouraged everyone to “tell the fun stories, remember them in the good times and do not let their lives be defined by how they died, but instead remember them for the joy they spread and the fun times they shared while they lived.”

Eckles also reminded students of the different resources available to them, like counseling, and to share their feelings with those around them.

Since the discovery of the attack, investigators have built a timeline of the four students’ last known whereabouts.

On the night of the killings, Goncalves and Mogen were at a sports bar, and Chapin and Kernodle were seen at a fraternity party.

Investigators believe all four victims had returned to the home by 2 a.m. the night of the stabbings. Two surviving roommates had also gone out in Moscow that night, police said, and returned to the house by 1 a.m.

Police initially said Goncalves and Mogen returned to the home by 1:45 a.m., but they later updated the timeline, saying digital evidence showed the pair returned at 1:56 a.m. after visiting a food truck and being driven home by a “private party.”

The next morning, two surviving roommates “summoned friends to the residence because they believed one of the second-floor victims had passed out and was not waking up,” police said in a release. Somebody called 911 from the house at 11:58 a.m. using one of the surviving roommates’ phones.

When police arrived, they found two victims on the second floor and two victims on the third floor. There was no sign of forced entry or damage, police said.

Investigators do not believe the two surviving roommates were involved in the deaths.

A coroner determined the four victims were each stabbed multiple times and were likely asleep when the attacks began. Some of the students had defensive wounds, according to the Latah County coroner.

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Cyril Ramaphosa facing impeachment calls over cash stolen from his farm


Johannesburg, South Africa
CNN
 — 

Cyril Ramaphosa was elected to root out corruption. Now, he could be forced to quit over claims that he covered up the theft of a huge amount of cash from his lucrative game farm, which – by his own admission – had been stuffed in a leather sofa.

South Africa’s President is being probed in an ongoing scandal linked to the theft of more than $500,000 in cash from his private game farm in 2020. The cash was stuffed inside a leather sofa according to the panel investigation.

The panel, led by a former chief justice, found that the crime was not reported to the police and that there was a “deliberate decision to keep the investigation secret.”

Former South African spy chief Arthur Fraser alleged the theft occurred with the collusion of a domestic worker and claimed that the theft was concealed from police and the revenue service. Fraser, whose allegations were detailed in a report into the investigation, said Ramaphosa paid the culprits for their silence.

Ramaphosa has maintained that the cash was from the sale of buffalo at his Phala Phala farm to a Sudanese businessman and that the theft was reported to the head of presidential security.

The president also disputes claims by Fraser that the amount hidden at his farm was more than $4 million.

“Some are casting aspersions about me and money. I want to assure you that all this was money from proceeds from selling animals. I have never stolen money from anywhere. Be it from our taxpayers, be it from anyone. I have never done so. And will never do so,” he said while addressing members of the ruling African National Congress (ANC) party in June this year.

He is a well-known owner and trader of rare buffalo, cattle, and other wildlife, and has become a multi-millionaire through his private buffalo farm.

The panel found that Ramaphosa’s submitted explanations were not yet sufficient and that he could have violated the constitution and his oath of office by having a second income as president.

The ANC’s top leaders are set to meet later Thursday to discuss the report and while the party does have a “step-aside” rule for misconduct, the ANC’s national spokesman Pule Mabe told local television that it only applied to those that are “criminally charged.”

Ramaphosa was recently feted at Buckingham Palace at the first state visit hosted by King Charles, but closer to home, the scandal threatens to end his political career, with speculation swirling around political circles in the country that he could step down.

The ANC’s elective conference to choose its leadership is due to take place in mid-December, but is likely to be dominated by the President’s troubles.

South Africa’s official opposition leader was quick to call for impeachment proceedings and early elections.

“The report is clear and unambiguous. President Ramaphosa most likely did breach a number of Constitutional provisions and has a case to answer. Impeachment proceedings into his conduct must go ahead, and he will have to offer far better, more comprehensive explanations than we have been given so far,” said by John Steenhuisen, the leader of the Democratic Alliance.

The panel was appointed by the speaker of parliament after a motion from a smaller opposition party.

The National Assembly will consider the report and may institute impeachment proceedings – though the ANC does hold a majority of seats.

Ramaphosa took office after his predecessor Jacob Zuma was forced to resign because of multiple allegations of corruption.

A former trade union head and multi-millionaire from his business career, Ramaphosa has repeatedly said that fighting corruption is a priority for his presidency.

But the ANC has, by all accounts, been fractured by factional politics during his tenure. Some allies of former president Zuma are now openly asking for Ramaphosa to step down.

Soon after the report’s findings were released, Ramaphosa’s office reiterated his statement to the panel, “I have endeavored, throughout my tenure as President, not only to abide by my oath but to set an example of respect for the Constitution, for its institutions, for due process and the law. I categorically deny that I have violated this oath in any way, and I similarly deny that I am guilty of any of the allegations made against me.”

The office of the presidency said that Ramaphosa will study the report and make an announcement “in due course.”

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Jacinda Ardern and Sanna Marin hit back at reporter’s question on age and gender

As two of the youngest heads of government and among a small percentage of female world leaders, New Zealand Prime Minister Jacinda Ardern and her Finnish counterpart Sanna Marin have long faced questions about their age and gender.

But they were quick to shoot down a journalist who asked about the purpose of the first-ever visit to New Zealand by a Finnish prime minister on Wednesday.

“A lot of people will be wondering are you two meeting just because you’re similar in age and, you know, got a lot of common stuff there,” the journalist said during a joint news conference in Auckland.

Ardern, 42, was quick to cut off the questioner.

“I wonder whether or not anyone ever asked Barack Obama and John Key if they met because they were of similar age,” she said, in reference to the former prime ministers of the United States and New Zealand.

“We, of course, have a higher proportion of men in politics, it’s reality. Because two women meet it’s not simply because of their gender.”

Marin, 37, who is in New Zealand with a Finnish trade delegation, emphasized the country’s growing trade ties.

“We are meeting because we are prime ministers,” she said in response.

She ends her visit to the southern hemisphere in Australia later this week.

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RSV, flu and colds: How to tell when your child is too sick for school



CNN
 — 

A sniffle, a sneeze or a cough can set off alarm bells these days for families with young children.

Mother of two Vickie Leon said her kids, ages 4 and 2, can sometimes go a month or two without bringing anything back from day care. Then there are times when it seems the family in Aurora, Colorado, is sniffling with a virus every other week.

“Once that hits, we are just in it for a while,” she said.

Many kids have spent years socially distancing to protect against Covid-19, and now health care systems are being overloaded with cases of the respiratory virus RSV — which can cause a runny nose, decreased appetite, coughing, sneezing, fever and wheezing.

The viral infection has always been common. Almost all children catch RSV at some point before they turn 2, the US Centers for Disease Control and Prevention says. And immunity developed after an infection often wanes over time, leading people to have multiple infections in a lifetime, said Dr. William Schaffner, a professor in the Division of Infectious Diseases at Vanderbilt University School of Medicine in Nashville, Tennessee.

The public health challenge this year is that while many children were kept home to protect against Covid-19, they were also isolated from RSV, meaning more are having their first — and therefore most severe — infection now, said CNN Medical Analyst Dr. Leana Wen, an emergency physician and professor of health policy and management at the George Washington University Milken Institute School of Public Health.

An RSV infection is often mild but could be a cause for concern for young infants, children with underlying conditions and older adults, said Schaffner, who is also medical director of the National Foundation for Infectious Diseases.

That doesn’t mean it is time to panic, added Wen, who is also author of “Lifelines: A Doctor’s Journey in the Fight for Public Health.” Catching RSV and other viral and bacterial infections is a part of children growing up and developing their immune system.

Here’s how to assess when to keep your child home from school and when to visit the pediatrician, according to experts.

Between colds, influenza, strep throat, RSV and lingering Covid-19, there are a lot of infections swirling about this winter — and they can often look a lot alike in terms of symptoms, Schaffner said. Even astute doctors may have trouble telling them apart when a patient is in the office, he added.

However, pediatricians are well practiced and equipped to treat upper respiratory infections, even if it isn’t possible to distinguish exactly which virus or bacteria is the cause, Wen said.

Whatever virus or bacteria is stirring up sniffles, headache or a sore throat in your household, the age, symptoms and health status of your child will likely make a difference in how you proceed, she said.

Ideally, public health professionals would like it if no child showing symptoms were sent to school or day care, where they could potentially spread infections Schaffner said. But — especially for single parents or caregivers who need to be at work — that is not always the most practical advice, he added.

At-home tests may signal if a child has a Covid-19 infection, he added. But for other viruses like a cold, there may not be a good way to know for sure.

Some symptoms that might really signal it is time to keep your child home from school or day care include high fever, vomiting, diarrhea, trouble eating, poor sleep or problems breathing, Wen said.

Donna Mazyck, a registered nurse and executive director of the National Association of School Nurses, breaks it down into two primary considerations: Does the child have a fever and are they too ill to engage with learning fully?

Families should also check their school’s guidelines, some of which can be detailed on when a child needs to be kept home from school, while others will rely more on parental judgment, she said.

“When in doubt, consult the school policies and have a plan with a pediatrician,” Wen said.

And for children at higher risk because of other medical conditions, consult with your pediatrician before your child gets sick so you know what to look for.

Again, here is where schools may have different policies and it becomes important to check with written information, a school administrator or school nurse, Wen said.

“Generally, the schools will ask that the child be fever free without the use of fever-reducing medications” before returning to the classroom, she said.

For children with asthma or allergies, it may not be reasonable to keep them out of school whenever they show any coughing or sniffling symptoms, Wen said. That could very well keep them out half the year.

And some symptoms, like a continued cough, may linger as an infection clears and a child recovers. In those cases, it may be appropriate to send a child back to school, Mazyck said, reiterating that it is important to check on the school’s guidelines.

Families are often good at bringing their children into the pediatrician when they seem unwell, Schaffner said. Still, with so many things going around, it is important to remind families that doctors would rather see kids who aren’t feeling well earlier than later, he added.

If they seem lethargic, stop eating or have difficulty breathing, parents and caregivers would also be justified in taking their kids to the pediatrician and seeking medical attention — especially if the symptoms worsen, Schaffner said.

“This is not something that they should hesitate about,” he said.

For younger babies and infants, it might be time to go to the emergency room if they are struggling to take in liquid or have dry diapers, flared nostrils, trouble breathing and a chest that contracts when it should expand, Wen added.

Families should seek emergency treatment for school-age kids who have trouble breathing and speaking in complete sentences, Wen said. Fortunately, most will not need emergency treatment — and those who do are usually back home and doing well in a couple days, Schaffner said.

“Parents should know that treating RSV and other respiratory infections is the bread and butter of pediatricians and emergency physicians,” Wen said. “This is what we do.”

To prevent these respiratory illnesses, teach your children to utilize the hygiene practices health care professionals were promoting long before the pandemic, like washing hands, using hand sanitizer when a sink isn’t available, coughing and sneezing into an elbow or tissue, and not sharing food or utensils with friends, Wen said.

There is not yet a vaccine for RSV approved by the US Food and Drug Administration, but there are effective ones available for influenza and Covid-19, Schaffner said.

If your child is not yet vaccinated, talk to their doctor about protecting them against these viruses, he added.

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China’s Zhengzhou, home to world’s largest iPhone factory, ends Covid lockdown


Hong Kong
CNN Business
 — 

The central Chinese city of Zhengzhou, home to the world’s largest iPhone factory, has lifted a five-day Covid lockdown, in a move that analysts have called a much-needed relief for Apple and its main supplier Foxconn.

Zhengzhou is the site of “iPhone City,” a sprawling manufacturing campus owned by Taiwanese contract manufacturer Foxconn that normally houses about 200,000 workers churning out products for Apple

(AAPL), including the iPhone 14 Pro and 14 Pro Max. Last Friday, the city locked down its urban districts for five days as Covid-19 cases surged there.

Foxconn’s massive facility is not part of the city’s urban districts. However, analysts say the lockdown would have been detrimental to efforts to restore lost production at the campus, the site of a violent workers’ revolt last week.

“This is some good news in a dark storm for Cupertino,” Daniel Ives, managing director of equity research at Wedbush Securities, told CNN Business, referring to the California city where Apple is based. “There is a lot of heavy lifting ahead for Apple to ramp back up the factories.”

Ives estimates the ongoing supply disruptions at Foxconn’s Zhengzhou campus were costing Apple roughly $1 billion a week in lost iPhone sales. The troubles started in October when workers left the campus in Zhengzhou, the capital of the central province of Henan, due to Covid-related fears. Short on staff, bonuses were offered to workers to return.

But protests broke out last week when the newly hired staff said management had reneged on their promises. The workers, who clashed with security officers, were eventually offered cash to quit and leave.

Analysts said Foxconn’s production woes will speed up the pace of supply chain diversification away from China to countries like India.

Ming-Chi Kuo, an analyst at TF International Securities, wrote on social media that he estimated iPhone shipments could be 20% lower than expected in the current October-to-December quarter. The average capacity utilization rate of the Zhengzhou plant was only about 20% in November, he said, and was expected to improve to 30% to 40% in December.

Total iPhone 14 Pro and 14 Pro Max shipments in the current quarter would be 15 million to 20 million units less than previously anticipated, according to Kuo. Due to the high price of the iPhone 14 Pro series, Apple’s overall iPhone revenue in the current holiday quarter could be 20% to 30% lower than investors’ expectations, he added.

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