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

February 1, 2023 Admin Leave a comment

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.

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Minnesota governor signs bill codifying ‘fundamental right’ to abortion into law

February 1, 2023 Admin Leave a comment

CNN
—

Minnesota’s Democratic Gov. Tim Walz signed a bill into law Tuesday that enshrines the “fundamental right” to access abortion in the state.

Abortion is already legal in Minnesota, but in the aftermath of the US Supreme Court overturning Roe v. Wade, the Protect Reproductive Options Act goes a step further by outlining that every person has the fundamental right to make “autonomous decisions” about their own reproductive health as well as the right to refuse reproductive health care.

“This is very simple, very right to the point,” Walz said Tuesday on “CNN Tonight.” “We trust women in Minnesota, and that’s not what came out of the [Supreme Court’s] decision, so I think it’s critically important that we build a fire wall.”

With the passage of the bill, Minnesota is now the first state to codify abortion via legislative action since Roe v. Wade was reversed, the office of the bill’s lead author in Minnesota’s state Senate, told CNN.

“Last November, Minnesotans spoke loud and clear: They want their reproductive rights protected – not stripped away,” Walz said in a news release. “Today, we are delivering on our promise to put up a firewall against efforts to reverse reproductive freedom. No matter who sits on the Minnesota Supreme Court, this legislation will ensure Minnesotans have access to reproductive health care for generations to come. Here in Minnesota, your access to reproductive health care and your freedom to make your own health care decisions are preserved and protected.”

The bill states that local government cannot restrict a person’s ability to exercise the “fundamental right” to reproductive freedom. It also clarifies that this right extends to accessing contraception, sterilization, family planning, fertility services and counseling regarding reproductive health care.

“The Pro Act also goes beyond just granting those rights to abortion, it really says all reproductive healthcare decisions aren’t our business, including access to contraception, including access to really anything that is related to personal and private decisions about your reproductive life,” Megan Peterson, the executive director of pro-abortion rights campaign UnRestrict Minnesota, told CNN following Walz’s signing of the bill.

In a letter to Walz ahead of the signing, Republican legislature leaders argued that the bill went too far and urged the governor to veto what they called “an extreme law.”

“As the PRO Act was being rushed through the legislature, Republicans offered reasonable amendments with guardrails to protect women and children,” state Senate Minority Leader Mark Johnson and House Minority Leader Lisa Demuth wrote, “Sadly, each of these amendments were struck down by a Democrat majority.”

In 1995, the Minnesota Supreme Court ruled in Doe v. Gomez that abortion was a fundamental right protected under the state’s constitution. The Protect Reproductive Options Act ensures that even in the event of a new state Supreme Court reversing the ruling, the right to abortion will be protected under state law.

“By passing this law, Minnesotans will have a second layer of protection for their existing reproductive rights. A future Minnesota Supreme Court could overturn Doe v. Gomez, but with the PRO Act now in State law, Minnesotans will still have a right to Reproductive healthcare,” Luke Bishop, a spokesperson for Democratic State Sen. Jennifer McEwen, the bill’s author in the Senate, told CNN over email.

Following the governor’s signature of the bill, the White House applauded Minnesota’s efforts, pointing to the popular support for women’s rights to make their own health care decisions.

“Americans overwhelmingly support a woman’s right to make her own health care decisions, as so clearly demonstrated last fall when voters turned out to defend access to abortion – including for ballot initiatives in California, Kansas, Kentucky, Michigan, Montana, and Vermont,” White House press secretary Karine Jean-Pierre said in a statement.

“While Congressional Republicans continue their support for extreme policies including a national abortion ban, the President and Vice President are calling on Congress to restore the protections of Roe in federal law,” she wrote. “Until then, the Biden-Harris Administration will continue its work to protect access to abortion and support state leaders in defending women’s reproductive rights.”

This story has been updated with additional information.

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Dallas Zoo says its missing tamarin monkeys have been found

February 1, 2023 Admin Leave a comment

CNN
—

Two emperor tamarin monkeys missing from the Dallas Zoo were found Tuesday, the zoo said.

“We are thrilled beyond belief to share that our two emperor tamarin monkeys have been found,” the zoo said in a statement.

Dallas police located the animals early Tuesday evening, the zoo said, without immediately releasing details about how they were found. The zoo earlier said the animals were believed to have been stolen Monday.

Police “called our team to come secure and transport the tamarins back to the Zoo,” the zoo said. The monkeys will be evaluated by veterinarians Tuesday evening, according to the zoo.

Dallas police earlier said its preliminary investigation found the emperor tamarin monkeys’ habitat had been intentionally cut open and “it is believed the animals were intentionally taken from the enclosure.”

Police had also released surveillance video and a photo of an unidentified man they wanted to speak to in regard to the two missing tamarin monkeys. “Dallas police are looking for the public’s help in identifying the pictured individual,” they wrote.

In the surveillance video, the man can be seen walking slowly down a nearly empty zoo sidewalk, looking back and forth as he moves. A second person also can be seen in the background, but that person walks in the opposite direction.

In the still image, the man is wearing a navy blue hooded sweatshirt and a navy and red beanie cap and is eating a bag of Doritos.

The investigation comes after a series of suspicious animal incidents this month at the Dallas Zoo. The zoo said it believed two of its emperor tamarin monkeys were stolen after they were discovered missing from their enclosure Monday.

“Emperor tamarin monkeys would likely stay close to home – the Zoo searched near their habitat and across Zoo grounds and did not locate them,” the zoo said in a statement Monday.

Earlier Monday, the zoo said it would be closed for the day due to inclement weather. The closure was later extended through Wednesday due to an ice storm impacting the area, the zoo said.

This is the fourth time this month that the zoo has discovered its animals or their enclosures may have been tampered with, including the “unusual” circumstances surrounding the death of a vulture last week, according to the zoo.

The string of events began January 13 when a clouded leopard named Nova disappeared, prompting the zoo to close as they searched for the animal. Dallas police opened a criminal investigation after it was discovered that the fence around Nova’s enclosure had been “intentionally cut,” police said.

While the feline was found close to her habitat later that day, zoo personnel also found a similar cut had been made to the enclosure of some langur monkeys. Despite the new escape route, none of the monkeys left their habitat, the zoo said. Police said at the time that it was “unknown if the two incidents are related.”

Following the incidents, the zoo installed additional security cameras, more than doubled its overnight security personnel, increased its overnight staffing, and began limiting some animals’ ability to go outside overnight, President and CEO Gregg Hudson said.

But less than two weeks after the first discoveries, a vulture named Pin was found dead in his habitat. Hudson called the bird’s death “suspicious” and said “an unusual wound and injuries” indicated Pin did not die from natural causes.

The zoo is offering a $10,000 reward for information leading to the arrest and indictment of a suspect in the vulture’s death.

Dallas police are investigating all four incidents. A spokesperson said last week that the department is collaborating with US Fish and Wildlife on the investigations.

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Business

Dow closes more than 350 points higher, S&P 500 caps best January in four years

January 31, 2023 Admin Leave a comment

Stocks close higher in final trading day of January

Stocks added to a strong January rally in the final trading day of the month.

The Dow Jones Industrial Average rose 368.95 points, or 1.09%, to 34,086.04. The S&P 500 gained 1.46% to 4,076.60. The Nasdaq Composite added 1.67% to 11,584.55, in what was its best January since 2001.

— Sarah Min

Market is shifting to “Fed pause” rally too soon, says Lauren Goodwin

The stock market appears to be rallying in anticipation of pause in rate hikes from the Federal Reserve, even as the central bank is expected to hike its benchmark rate again on Wednesday, according to Lauren Goodwin, economist and portfolio strategist at New York Life Investments.

“This ‘Fed pause’ window we believe is likely to prove bullish, with a long duration and growthy tilt. In fact, we see that expectation as playing a large role in the 2023 rally already, and it’s a good reminder why being fully invested is an important component of building long-term wealth,” Goodwin said.

However, the January rally appears to be jumping the gun, Goodwin said, as there will likely be bad news on the economic front before the Fed pauses that could cause a reversal.

“Just remember: when the Fed pauses, it will likely be because the economy is convincingly turning over. That means the related rally is liable to be short-lived. We are fading this rally,” Goodwin said.

Instead of chasing this rally, investors should look at shifting from growth stocks to “more resilient sources of income,” she added.

— Jesse Pound

Stocks are range-bound as Fed meeting kicks off, BTIG says

Stocks are range-bound as investors await the policy outcome from the Federal Reserve’s latest meeting, which kicked off Tuesday, according to BTIG.

“Yesterday morning we said ‘we think there are pretty good odds we stay between ~4,000 and ~4,080 over the next 48 hours.’ While we might increase the upper end of the range to 4,100, we haven’t seen anything since then to materially change that view,” BTIG’s Jonathan Krinsky wrote in a Tuesday note.

Where stocks will go after the meeting will depend on whether the S&P 500 is at the top or lower end of that range, according to the note.

“In other words, if we are at ~4,080 on Wednesday at 2pm, any upside reaction is likely dampened, and downside potential increases. Conversely, if we are closer to 4,000, then the short-term downside reaction is likely less severe,” Krinsky wrote.

“In other words, counterintuitively, whatever your bias is you likely want the opposite move into Wednesday,” he added.

— Sarah Min

Today is historically the best day for stocks in January

January 31 is the best day for the S&P 500 in the month of January, according to data compiled by Carson Investment Research on the average performance per day since 1950.

The S&P 500 was up 0.97% Tuesday. In January, the S&P 500 gained 5.7%, which is the best monthly performance for the index since November.

The Wall Street saying, “so goes January, so goes the year,” has rung true 87% of the time when January was positive, for an average gain of 15.9% for the full year, CFRA chief investment strategist Sam Stovall told CNBC earlier this month. Some investors attribute the January rally to the “January Effect,” a stock market phenomenon that typically refers to an increase in stock prices and the outperformance of small-cap stocks in the first few weeks of a new year.

— Pia Singh

PayPal shares rise on layoff news

PayPal’s stock gained more than 2% Tuesday after the payments company shared plans to cut 2,000 jobs, or roughly 7% of its workforce.

The reductions address a “challenging macro-economic environment,” said Dan Schulman, the company’s president and CEO, in a release posted to the PayPal’s website.

PayPal shares rise on layoff news

Charts suggest a new bull market has already begun, says Evercore ISI’s Ross

The S&P 500 is trading just above 4,000 in the final trading day of January and is on pace to post a monthly gain of more than 5.5%. Rich Ross, charts analyst at Evercore ISI, sees upside to 4,325 in the first half of the year.

“The sum of the charts continues to suggest that the bear market is over and a new bull phase began in Q4 of ’22,” he said in a note. “While I made that call in Q3 of ’22, the pillars of that view from both the top down and bottom up have only gotten stronger.”

He noted the dollar, crude, inflation, credit spreads and the oace of policy have all peaked, while breadth in global equities are expanding “in a bi-partisan show of force.”

— Tanaya Macheel

Stocks reach session highs during afternoon trading

Stocks reached session highs in the afternoon on the final trading day of January. The Dow Jones Industrial Average added 240 points, or 0.71%. The S&P 500 gained 0.96%, while the Nasdaq Composite was 1.19% higher.

That helped the major averages build on a strong start to 2023.

— Sarah Min

Equity ETFs in an uptrend, but investors appear skeptical

Technical analysis of ETFs shows that the January market rally is broad, but investors still appear to be hesitant, according to a note from Strategas ETF strategist Todd Sohn.

“Using a simple definition to define trend – the 50-day moving average trading above the 200-day moving average – shows over 60% of equity ETFs are now trading in an uptrend vs. just 5% at the end of September 2022,” Sohn said. “It’s a noted improvement, but recent flows have been surprisingly restrained – January is averaging about $1 Bn per day vs. a 2-year average of $2.1 Bn.”

The relatively meager inflows could the result of “unease” that the rally is being led by stocks that were beaten down last year, Sohn added.

— Jesse Pound

Cathie Wood’s Innovation ETF is set for best month ever

Cathie Wood is on pace to notch her best month ever as her beaten-down innovation darlings staged a big comeback in the new year.

Wood’s flagship Ark Innovation ETF (ARKK) jumped over 3% on Tuesday, bringing its January return to more than 27%. The fund is slated for its strongest month ever since its inception in 2014.

Leading the 2023 rally were the largest laggards of last year, including Coinbase, which has skyrocketed about 66% year to date. Shopify, Tesla, Exact Sciences, Roku and Nvidia have all rallied more than 30% this year.

Defiance’s NFT ETF is shutting down

The Defiance Digital Revolution ETF (NFTZ) will begin liquidation next month, according to a press release, making it the latest casualty in last year’s crypto decline.

The fund holds stocks that have exposure to the non fungible token market, or NFTs, which soared in value at the height of the crypto boom before seeing trading volume dry up quickly last year.

The Defiance fund, which launched in December 2021, has a total return of -54% over the past year and has less than $6 million in assets under management.

— Jesse Pound

Homebuilders outperform during midday trading

Homebuilding stocks outperformed on the back of stronger-than-expected earnings results from PulteGroup.

PulteGroup shares jumped more than 8% during midday trading on Tuesday. Meanwhile, Lennar shares added 3%, and D.R. Horton shares were up 2.8%.

— Sarah Min

Most companies are topping fourth-quarter earnings projections

It’s the busiest week of earnings season, with thirty companies representing 6.8% of S&P 500’s market cap reporting fourth-quarter earnings today. 38.9% of the S&P 500’s market cap has already been reported.

Earnings are beating estimates by 2% and 63% of companies have topped projections, according to a Credit Suisse note sent to clients on Tuesday morning. Earnings per share are on pace to dip by 0.9%, the firm said.

Credit Suisse noted that more domestically-oriented companies in the broader index are delivering faster growth in earnings per share compared to their globally-oriented peers, at 0.1% and -1.6%, respectively.

— Pia Singh

Stocks making the biggest moves in midday trading

These stocks are among those making the biggest moves in midday trading:

General Motors — The automaker’s stock surged more than 7% after the company cruised past analyst estimates on the top and bottom lines for its fourth quarter. The company reported an adjusted $2.12 per share on $43.11 billion in revenue.
Caterpillar — Shares fell about 3% after Caterpillar reported a 29% earnings decline. The construction machinery and equipment maker said higher manufacturing costs and foreign currency effects weighed on its quarterly results.
UPS — Shares of United Parcel Service gained 4% after shipping and transportation giant posted earnings of $3.62 a share, slightly ahead of the $3.59 expected by analysts surveyed by Refinitiv. UPS also raised its dividend and sanctioned a new $5 billion stock repurchase plan.
PulteGroup — Shares of the homebuilder soared 9% in midday trading after the company reported better-than-expected fourth quarter earnings. The company reported $3.63 in adjusted earnings per share on $5.17 billion of revenue, and its homebuilding gross margin rose year over year.

Click here to see more stocks making midday moves today.

— Pia Singh

Barclays reiterates equal weight on Apple, expects a miss in latest quarter

Investors can expect lackluster results from Apple when it reports this week, according to Barclays.

Analyst Tim Long reiterated an equal weight rating on Apple, saying the firm dealt with a challenging holiday season, and could issue weaker guidance.

“We see a miss for Dec-Q across hardware and Services. March-Q looks to be at risk due to deteriorating demand trends,” Long wrote in a Monday note.

“What started out as production-driven cuts have moved to demand weakness across product categories. We are also concerned by decelerating Services growth. At a 20% premium to the S&P 500, we see the stock as fairly valued at best,” Long continued.

Apple is expected to report its first year-over-year revenue decline since 2019. The tech giant couldn’t make enough of its high-end iPhone models when its assembly plant in China was shut down because of Covid.

Apple shares are up more than 10% this year amid a broad rally for tech stocks. The iPhone maker was down more than 26% in 2022. The stock ticked up 0.2% in Tuesday morning trading.

Apple reports earnings after the bell Thursday.

— Sarah Min

Lucid could reach all-time lows in next year, Morgan Stanley warns

Lucid‘s recent pop will likely be short-lived, Morgan Stanley said.

The electric vehicle maker rallied 43% Friday on the back of reports indicating Saudi Arabia’s Public Investment Fund was considering buying the more than 30% of shares it does not already own.

But analyst Adam Jonas expects the stock to hit $5 in the next 12 months — meaning it would fall 57.4% from where it closed Monday and reach a new all-time low — due to what he sees as a tough road ahead. The stock previously reached an all-time intraday low of $6.09 and closing low of $6.17 earlier this month.

“We believe the fundamental outlook facing Lucid is more likely deteriorating than improving,” Jonas said in a note to clients Tuesday.

CNBC Pro subscribers can read more here.

Nearly all sectors in the S&P 500 trading in positive territory

The S&P 500 was up 0.6% during Tuesday morning trading, with nearly all sectors trading in positive territory.

Ten out of 11 sectors were higher on the day. Consumer discretionary, materials and real estate led the gains, up about 1.5%, 1.1% and 1%, respectively.

— Sarah Min

Consumer discretionary is the leading sector in the S&P 500, boosted by General Motors

Consumer discretionary stocks led gains in the S&P 500 on Tuesday, with the sector up about 1% during morning trading.

General Motors was the biggest advancer in the sector. The stock jumped more than 8% after the automaker reported strong earnings.

Meanwhile, utilities underperformed the broader market index, down nearly 0.9%.

— Sarah Min

Copper and aluminum extended base metal rally in January

March copper contracts fell as low as $4.1185 per pound Tuesday, but still left Dr. Copper up about 8.7% in January and on pace for a third straight monthly gain. January is poised to become the best start to the year for the metal since 2017.

Meanwhile, London Metal Exchange aluminum on Tuesday matched Monday’s low of $2,555, still leaving aluminum higher by 8.5% in January and on course for its third gain in four months and the best start to a year since 2012.

Metals traders are awaiting this week’s central bank rate decisions from the Federal Reserve, European Central Bank and Bank of England, while Reuters reported that copper demand in China remains stagnant.

— Scott Schnipper, Gina Francolla

Atlantic Equities downgrades Bank of America as net interest margins struggle

Atlantic Equities moved to the sidelines on Bank of America as the firm sees net interest margins weakening for banks.

Analyst John Heagerty downgraded the stock to neutral from overweight and lowered his price target by $5 to $40. The new target implies a 13.3% upside from where the stock closed Monday.

Heagerty said it will be difficult to have operating leverage as net interest income, which finds the difference between revenue from interest-bearing liabilities and the cost to the bank of servicing them, slows for Bank of America and other financial services names.

CNBC Pro subscribers can read the full story here.

— Alex Harring

Crude oil in January poised to decline for 7th month in 8

March West Texas Intermediate crude oil contracts fell as low as $76.55 per barrel Tuesday, the lowest in about three weeks, and leaving crude on the verge of declining for the seventh month in eight. Moreover, crude is on pace to settle below its 50-day moving average ($77.62), also for the first time in nearly three weeks.

WTI is also on course in January to decline for a third straight month.

The Energy Select Sector SPDR Fund (XLE) is off about 0.3% premarket Tuesday, on course for a third straight decline. Exxon (XOM) (earnings), SLB and Devon (DVN) are all down about 1% in early Tuesday trading.

Energy SPDR ETF in past 12 months

Month-to-date, the Energy ETF is still up about 1%, and on the verge of advancing for the third month in four.

— Scott Schnipper, Gina Francolla

Contrarian indicators in the futures market have Wolfe Research getting bullish

There are contrarian indicators coming from the futures market that have Wolfe Research turning more positive on stocks. Nasdaq 100 futures are down 29% from the peak and now large speculators have flipped to their most aggressive short position in over two years, analyst Rob Ginsberg wrote in a note Monday.

“With the Fed on Wednesday and earnings from AAPL, AMZN and GOOGL on Thursday, the contrarian in me is getting increasingly bullish,” he said.

In other words, given that a lot of bad news has already been priced in, anything positive from earnings or the Federal Reserve could be good for stocks.

On Wednesday, the central bank is set to announce another rate hike, which is expected to be one-quarter of a percentage point. Investors will also be watching to see what the Fed indicates about any future increases.

— Michelle Fox

Employment cost index rose 1% in Q3, slightly less than expected

Compensation costs for civilian workers increased at a slower pace in the fourth quarter, the Bureau of Labor Statistics reported Tuesday.

The employment cost index, an important inflation gauge for the Federal Reserve, showed compensation increased 1% for the October-to-December period. That was a touch below the 1.1% estimate from Dow Jones. It also was lower than the 1.2% increase in the third quarter.

On a 12-month basis, the ECI rose 5.1%, up slightly from the 5% gain in the third quarter.

—Jeff Cox

Names making the biggest premarket moves

Here are some companies making the biggest moves before the bell:

McDonald’s — Shares dipped more than 1% after McDonald’s reported its latest quarterly results. The fast food giant topped earnings and revenue estimates, saying customers are increasingly visiting its restaurants. Still, McDonald’s CEO Chris Kempczinski said he expects “short-term inflationary pressures to continue in 2023.”
United Parcel Service – Shares of UPS rose 1.9% after the company reported earnings that beat analyst expectations. The company posted adjusted earnings per share of $3.62 on $27.08 billion in revenue. Analysts had forecast earnings of $3.59 per share and $28.09 billion in revenue, per Refinitiv.
Exxon Mobil — The oil giant was under pressure despite reporting upbeat financial results for the latest quarter. The company, whose stock price rallied more than 80% last year, saw a tightening in supplies as economies began recovering, CEO Darren Woods said in a statement. Shares fell more than 1%.

For more stocks making moves in premarket trading, click here.

— Hakyung Kim

Pfizer shares fall after earnings

Pfizer shares dipped more than 2% after the vaccine maker said it expects 2023 sales to fall by as much as 33% compared to a record 2022.

The pharmaceutical company issued sales guidance of $67 billion to $71 billion for 2023. Last year, Pfizer booked $100.3 billion in revenue, which was an all-time high boosted by Covid vaccine and antiviral sales.

— Sarah Min, Spencer Kimball

McDonald’s shares decline after earnings results

McDonald’s shares dipped more than 2% in premarket trading after the fast food company reported its latest quarterly results. The fast food giant topped earnings and revenue estimates, saying customers are increasingly visiting its restaurants.

The company posted earnings per share of $2.59, better than the $2.45 expected by analysts polled by Refinitiv. It reported revenue of $5.93 billion, greater than the forecasted $5.68 billion.

McDonald’s CEO Chris Kempczinski said he expects “short-term inflationary pressures to continue in 2023.”

McDonald’s shares decline

— Sarah Min, Amelia Lucas

Exxon Mobil falls despite earnings beating expectations

Shares of Exxon Mobil fell more than 3% despite the oil giant reporting earnings and revenue that beat analyst expectation.

Exxon earned $3.40 per share on Revenue of $95.43 billion. Analysts expected earnings per share of $3.29 per share on revenue of $94.67 billion.

“While our results clearly benefited from a favorable market, the counter-cyclical investments we made before and during the pandemic provided the energy and products people needed as economies began recovering and supplies became tight,” CEO Darren Woods said in a statement.

Exxon shares rallied more than 80% in 2022 thanks in large part to higher oil prices.

XOM under pressure after earnings

Caterpillar shares fall after earnings

Caterpillar shares fell more than 2% after the industrial giant posted a its latest quarterly results. The company reported adjusted earnings of $4.27 per share, above a Refinitiv consensus estimate of $4.02 per share. Caterpillar’s bottom line excludes an “unfavorable ME&T foreign currency impact in other income (expense) of $0.41 per share.”

CAT falls in the premarket

— Fred Imbert

Correction: Caterpillar reported adjusted earnings per share of $4.27, according to Refinitiv. A previous version of this story used the company’s adjusted $3.86 figure, which did not strip out for a “foreign currency impact.”

GM jumps on strong earnings

General Motors reported quarterly earnings that beat analyst expectations, sending the auto stock up more than 3% in the premarket.

GM earned $2.12 per share in the fourth quarter, beating a Refinitiv forecast of $1.69 per share. The company’s revenue of $43.11 billion also beat a consensus estimate of $40.65 billion. Additionally, GM forecast another strong year.

— Fred Imbert, Michael Wayland

IMF hikes global growth forecast as inflation cools and household spending surprises

The International Monetary Fund on Monday revised upward its global growth projections for the year, but warned that higher interest rates and Russia’s invasion of Ukraine would likely still weigh on activity.

In its latest economic update, the IMF said the global economy will grow 2.9% this year — which represents a 0.2 percentage point improvement from its previous forecast in October. However, that number would still mean a fall from an expansion of 3.4% in 2022.

It also revised its projection for 2024 down to 3.1%.

Read the full story here.

– Silvia Amaro

Where the major averages stand ahead of January’s last trading day

Stocks have so far posted a strong start to the year after the worst year for stocks since 2008. This is where all the major averages stand ahead of the final trading day of January.

Dow Jones Industrial Average:

Up 1.72% for the month and year
On pace for third positive month in four

S&P 500:

Up 4.64% this month
On track for best January since 2019
Headed for third positive month in four

Nasdaq Composite:

Up 8.86% in January
On pace for best monthly performance since July

— Samantha Subin, Chris Hayes

NXP Semiconductors, Whirlpool among stocks moving after the bell

These are some of the stocks moving the most in overnight trading:

NXP Semiconductors — NXP Semiconductors’ stock dropped more than 3% after its revenue outlook for the first quarter fell short of analysts’ expectations, according to FactSet.

Whirlpool — Whirlpool shares gained more than 1.9% in extended trading after the appliance maker shared strong guidance for the year. Fourth-quarter revenue came slightly behind analyst expectations.

Read the full list of stocks moving after the bell here.

— Samantha Subin

Ed Yardeni takes an optimistic view on the global economy, says to ‘look beyond’ U.S.

Ed Yardeni is more bullish on the economy this year — telling investors and analysts to take a comprehensive look at the global economy.

“I think we have to look beyond the US, for starters, and see that there’s more and more evidence that the global economy is better than people had feared last fall. Europe looks like it’s not going to have a recession, and we see China coming out of its Covid funk,” Yardeni said on CNBC’s “Closing Bell: Overtime.”

“Meanwhile, when we come back to the U.S., there’s still a big debate about a soft versus hard landing.”

Yardeni added that he anticipates a soft landing due to falling bond yields and the inverted yield curve.

The closely followed strategist also noted that while he believes the economy will grow at a slow pace this year, the worst has passed. According to Yardeni, the economy has already experienced a “rolling recession” in the past year, with different industries and sectors having experienced slumps during different times.

Taking into account that the economy will experience a soft landing, Yardeni said the Fed will not maintain interest rates at the high 5% range for a long time, downplaying fears of an economic downturn resulting from a high federal funds rate.

“I think inflation is turning out to be very transitory,” he said. “I’m an optimist on inflation.”

— Hakyung Kim

There are two ways to beat the market this year, says Trivariate Research’s Parker

The economy will slow down this year — but there are two ways for investors to gain earnings in the market, according to Adam Parker, Trivariate Research’s founder and CEO.

“I think there are two ways to beat the market this year,” Parker said on CNBC’s “Closing Bell: Overtime.”

“There are cyclicals that are so cheap, they can improve their balance sheets in this eroding backdrop,” such as pharmaceuticals, metals, consumer finance and energy stocks, said Parker. “Or, I have to get stuff that can earn gross profits well through this eroding economy.”

“It’s too early to make a big bet, but there are a lot of software companies that are doing interesting things with the cloud, that are going to grow their gross profits,” he added.

The market has rallied since the beginning of the year thanks to optimism on falling inflation and the prospect of slower interest rate hikes by the Fed. However, Parker added that he cautions investors from veering too bearish or bullish on the economy this year, saying that both extremes have their drawbacks.

“I’m not wildly bullish or bearish, but I think people got too negative,” he said. “… I don’t want to get too negative and, you know, get locked in this bear den.”

— Hakyung Kim

Stocks open slightly higher

Stock futures rose slightly in overnight trading Monday.

Futures tied to the S&P 500 added 0.19%, while futures connected to the Dow Jones Industrial Average inched 0.07%, or 25 points, higher. Nasdaq-100 futures gained 0.19%.

— Samantha Subin

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Tyre Nichols’ death: First police report in Tyre Nichols case does not match video of deadly beating

January 31, 2023 Admin Leave a comment

Editor’s Note: This article contains graphic descriptions of violence.

CNN
—

An initial police report filed in the hours after the Tyre Nichols traffic stop suggested he was violent and made claims that were contradicted by video later released by police.

Nichols was subdued on the ground yet continuously beaten after the stop by Memphis police on January 7. He died three days later.

The initial police report said Nichols “started to fight” with officers and at one point grabbed the gun of one of the detectives. But neither claim was substantiated by police videos released last week.

And despite the fact that the videos don’t appear to show Nichols fighting back, the report identified Nichols as a suspect in an aggravated assault.

The police report did not mention the officers punching and kicking Nichols.

One of the officers at the scene – who has since been charged with second-degree murder – was described in the report as a “victim.”

The report also claimed Nichols, who was Black, was pulled over for reckless driving at a high speed – another claim that is not substantiated by video of the encounter.

While authorities have not released the police report, a photo of a police report was posted by a controversial Memphis radio talk show host. The police report account was first reported by The New York Times.

Shelby County District Attorney spokesperson Erica Williams told CNN “the DA does have a report that has that same account of events.”

The report said Nichols was irate and sweating profusely when he got out of his vehicle and refused lawful detention by law enforcement. The use of pepper spray and a Taser stun gun had no effect on Nichols, the report stated.

The report also listed E. Martin as a “victim.” One of the five officers charged with second-degree murder in Nichols’ death is Emmitt Martin III.

It’s not clear who wrote the police report, which references both the Memphis Police Department and the Shelby County Sheriff’s Office.

CNN’s calls to Memphis police have not been returned.

The Shelby County Sheriff’s Office refused to comment on the statements in the police report or the sheriff department’s role in it.

“The release of reports in connection with the investigation is unauthorized and the Sheriff’s Office cannot comment,” spokesperson John Morris told CNN.

While the report doesn’t reflect what is shown on the police body cam footage and Skycop street camera footage of the encounter. it does seem to reflect what the officers were discussing after Nichols was subdued and handcuffed by police the night of the incident.

CNN has previously reported that the initial public statement from police was also contradicted by the videos.

For the first time since Nichols was fatally beaten, his brother Jamal Dupree is speaking publicly about the horror and anguish his family lives with every day.

“It’s like a never-ending nightmare,” Dupree told “CNN This Morning” on Tuesday.

Dupree has not watched the video of his 29-year-old brother getting beaten with a baton and kicked in the head. He said he doesn’t need to see it.

“As soon as I seen them photos from him in the hospital, I already knew that they treated my brother like an animal,” Dupree said. “They beat on him like he was nothing. I don’t have to watch the video to know that.”

After public outrage over the gruesome video, officials have announced more firings or disciplinary action against public servants at the scene.

In addition to the firings of five Black Memphis police officers – all of whom face murder charges – officials have announced the firings of three Memphis Fire Department personnel.

Two sheriff’s deputies have been put on leave. And the police department acknowledged Monday that two more police officers had been put on leave.

“We are looking at everybody who had any kind of involvement in this incident,” from the officers and paramedics on scene to those who filed the paperwork, Shelby County District Attorney Steven Mulroy said Monday.

Prosecutors moved “extraordinarily quick” with charges against the five officers “primarily responsible for the death of Tyre Nichols,” the prosecutor said. “As to everybody else, it’s going to take some time as we do that investigation. But I assure you the investigation’s ongoing.”

The release of gruesome footage of the attack on Nichols again horrified a nation that’s faced a steady stream of videos of police violence, especially against people of color.

The deadly encounter started with police pulling Nichols over for what they initially said was suspected reckless driving and unfolds at two locations.

Video released Friday shows Nichols running away after officers yanked him out of a car and used pepper spray and a Taser to try to make him lie prone; and then officers catching up to him at a second location, where he is repeatedly kicked and beaten.

After his hands are restrained and he’s left slumped to the ground, roughly 23 minutes pass before a gurney arrives at the scene. Nichols died at a hospital of his injuries three days later, authorities said.

Dupree said he felt it was his duty to protect his little brother. Now, he says he’s racked with guilt because he couldn’t save him.

“My brother was trying to cooperate with them,” Dupree said.

“If I was there, they would have had to kill me, too. Because I would have fought all of them.”

He said he wants everyone to remember how much joy Nichols brought to the world.

“My brother’s legacy is everywhere right now. Everybody knows that my brother was an innocent person. … He cared about people. He put people before he put himself. He was very selfless. He was just, all-around, a great person to be around,” Dupree said.

“It should never happen to anybody, but at the same time, when you see a person like that, and you know a person like that, it just takes a toll. … The world is going to miss a person like that.”

Five Memphis police officers were fired January 20 and then indicted last week. They face seven counts, including: second-degree murder, aggravated assault, aggravated kidnapping with bodily injury, aggravated kidnapping in possession of a deadly weapon, official misconduct and official oppression.

The five officers – Tadarrius Bean, Demetrius Haley, Justin Smith, Emmitt Martin and Desmond Mills Jr. – are expected to be arraigned February 17.

Martin’s attorney, William Massey, said “no one out there that night intended for Tyre Nichols to die.”

Mills’ attorney, Blake Ballin, said Mills arrived later than other officers and his vision was impaired by the pepper spray used during the traffic stop.

“Some of the questions that remain will require a focus on Desmond Mills’ individual actions,” and “on whether Desmond’s actions crossed the lines that were crossed by other officers during this incident,” Ballin said.

Attorneys for the other former officers did not immediately respond to requests for comment.

On Monday, police said a sixth and a seventh officer were placed on leave with the other five on January 8 – and those two officers still are the subjects of an internal investigation.

Police identified one of the two officers as Preston Hemphill, who is White. Police spokesperson Kimberly Elder declined to say whether Hemphill is being paid.

The city has released body-camera and pole-camera surveillance footage of the initial traffic stop, as well as the beating at the second site. One of the body-cam videos reveals Hemphill – at the site of the initial traffic stop – fired a Taser at Nichols and eventually said after Nichols ran: “One of them prongs hit the bastard.”

Hemphill twice says to an officer who was with him: “I hope they stomp his ass.”

That body-cam video does not show Hemphill at the second site, where the county’s district attorney has said Nichols was beaten and suffered his serious injuries.

Hemphill’s attorney, Lee Gerald, said his client – who hasn’t been charged – “was never present at the second scene.”

The seventh officer has not been publicly identified.

“Officer Preston Hemphill and other officer’s actions and inactions have been and continue to be the subject of this investigation,” Memphis police said Monday.

“There are numerous charges still developing that are impending.”

The Memphis Fire Department announced three employees were fired over their response to the incident.

Emergency medical technicians Robert Long and JaMichael Sandridge and Lt. Michelle Whitaker have been terminated, the fire department said Monday.

The three were responding to a report of “a person pepper sprayed” when they arrived at the scene of the deadly beating and found Nichols on the ground, the fire department said.

The department’s investigation found that “the two EMTs responded based on the initial nature of the call and information they were told on the scene and failed to conduct an adequate patient assessment of Mr. Nichols,” the fire chief said.

Whitaker had remained in the fire truck, the department said.

Pole-camera video released Friday showed that after the EMTs arrived and before the ambulance arrived, first responders repeatedly walked away from Nichols, with Nichols intermittently falling onto his side.

Additionally, two deputies with the Shelby County Sheriff’s Office were put on leave last week pending an investigation, after video of the incident was released.

“I have concerns about two deputies who appeared on scene following the physical confrontation between police and Tyre Nichols,” Sheriff Floyd Bonner Jr. said Friday.

After the fire department firings were announced Monday, an attorney for Tyre Nichols’ family, Antonio Romanucci said, “everybody on that scene was complicit in this man’s death, in one way, shape, form, or another, somebody failed Tyre Nichols.”

“They either failed by using excessive force; they failed him by severely beating him; they failed him by not intervening; they failed him by not rendering aid,” the attorney said Monday.

He said Nichols’ family still is trying to absorb the breadth of this multi-agency investigation, while also dealing with the loss of their loved one.

“This is just such a gross collapse of the system that we are supposed to trust, that it really is unspeakable,” Romanucci said.

A Memphis city council member said much more work needs to be done.

“We need to make sure that we go through our police department and see where we were weak, what happened with our procedures, what happened with our oversight,” council member Jeff Warren said.

“I don’t think we’ve seen the end of it. And I think we’re going to find there’s more to this as we go into the trial,” he said. “I don’t think we’re on top of this yet.”

Read original article here

World

Latest news on Russia and the war in Ukraine

January 31, 2023 Admin Leave a comment

Kyiv criticises Croatian president for saying Crimea will never return to Ukraine

Pedestrians pass a giant wall mural showing a map of the Crimean peninsula filled with the flag of the Russian Federation, in support of the Russian annexation, in Moscow, Russia, on Friday, March 28, 2014.

Bloomberg | Bloomberg | Getty Images

Ukraine’s foreign ministry criticised Croatian President Zoran Milanovic on Tuesday for saying Crimea would never return to Ukrainian control, describing his comment as “unacceptable.”

Russia seized the Black Sea peninsula from Ukraine in 2014. In remarks on Monday detailing his objection to Zagreb providing military aid to Kyiv, Milanovic said it was “clear that Crimea will never again be part of Ukraine”.

“We consider as unacceptable the statements of the president of Croatia, who effectively cast doubt on the territorial integrity of Ukraine,” Ukrainian foreign ministry spokesperson Oleg Nikolenko wrote on Facebook.

— Reuters

Ukraine’s defense minister in Paris with jets on the agenda

French President Emmanuel Macron said Monday that whether Ukraine will be supplied with fighter jets would depend on several factors.

Ludovic Marin | Afp | Getty Images

Ukraine’s Defence Minister Oleksiy Reznikov will be meeting French President Emmanuel Macron and his French defense counterpart Sebastien Lecornu in Paris Tuesday, with the thorny issue of fighter jets high on the agenda.

Ukraine has set its sights on receiving fighter jets, such as U.S. F-16s, from its allies, but the U.S. and Germany have already ruled out such weaponry, particularly given the fact they only greenlighted the sending of Western tanks to Ukraine last week.

For his part, President Joe Biden answered with an emphatic “no” when asked by reporters Monday if the U.S. would be sending jets to Ukraine.

There appears to be a softer attitude among some of Ukraine’s allies, however. with Poland and France signaling that the provision of fighter jets is not out of the question. On Monday, Macron said any offer would depend on several factors.

“Nothing is excluded in principle,” Macron said after talks with Dutch Prime Minister Mark Rutte when asked about the possibility of sending jets to Kyiv as it battles Russia’s invasion, France 24 reported.

The conditions are that Ukraine must first make the request; that any arms would “not be escalatory”; and that they would “not be likely to hit Russian soil but purely to aid the resistance effort.” Macron added that any arms delivery “must not weaken the capacity of the French armed forces.”

— Holly Ellyatt

Russians setting up ‘field hospitals’ amid heavy losses in Luhansk

Hospital staff in Ukraine. Many medical facilities have had to move underground amid extensive Russian bombardment.

Marcus Yam | Los Angeles Times | Getty Images

Russian forces are reportedly commandeering civilian medical facilities and turning them into “field hospitals” in order to treat wounded soldiers as casualties mount, Ukraine said Tuesday.

The General Staff of the Armed Forces of Ukraine posted on Facebook claiming that Russian forces in Luhansk continue to “suffer heavy losses” and that they have “begun using additional civilian medical facilities to house wounded Russian invaders.”

Two hospitals in the city of Luhansk, including a maternity hospital, have become field hospitals where soldiers are being treated, Ukraine said. Because of that, the General Staff said maternity services can now only be offered at the Luhansk Regional Perinatal Center “where there is a catastrophic lack of space and risks and adverse conditions for childbirth.”

— Holly Ellyatt

Russia carrying out ‘more concerted assault’ on Donetsk now, U.K. says

In the last three days, Russia likely developed its probing attacks around the Donetsk towns of Pavlivka and Vuhledar into a “more concerted assault,” Britain’s Ministry of Defense said Tuesday.

The settlements lie around 30 miles southwest of the city of Donetsk, and Russia previously used the 155th Naval Infantry Brigade in an unsuccessful assault on the same area in November 2022, the Ministry noted on Twitter.

Members of a Ukrainian artillery unit cover their ears as an M109 self-propelled artillery unit is fired at Russian mortar positions around Vuhledar from a front line position on Dec. 19, 2022 in Donetsk, Ukraine.

Chris Mcgrath | Getty Images News | Getty Images

“Elements of the 155th are again involved as part of an at least brigade sized force which has likely advanced several hundred metres beyond the small Kashlahach River which marked the front line for several months.”

The ministry noted that Russian commanders are likely aiming “to develop a new axis of advance” into the Ukrainian-held part of the Donetsk region “and to divert Ukrainian forces from the heavily contested Bakhmut sector.”

“There is a realistic possibility that Russia will continue to make local gains in the sector,” the U.K. said, but it added that “it is unlikely that Russia has sufficient uncommitted troops in the area to achieve an operationally significant breakthrough.”

— Holly Ellyatt

Biden rules out sending F-16 fighter jets to Ukraine

U.S. President Joe Biden with Ukrainian President Volodymyr Zelenskyy outside the White House in Washington on Dec. 21, 2022.

Olivier Contreras | Bloomberg | Getty Images

U.S. President Joe Biden told reporters Monday afternoon that the U.S. would not send F-16 fighter jets to Ukraine.

When asked by reporters whether he would send fighter jets to Kyiv, Biden replied with one word: “No.”

The U.S. and Germany only last week gave the greenlight to sending modern battle tanks to Ukraine after months of pleas from Kyiv for the tanks.

Within hours of receiving news that it would be receiving Western tanks, Kyiv renewed its calls for fighter jets, such as the U.S.’ F-16s, saying it needs all the firepower it can get sooner rather than later.

Biden’s comments come a day after his German counterpart, Chancellor Olaf Scholz, also ruled out sending jets to Ukraine, saying it seems “frivolous” to discuss the issue when allies had just approved the sending of tanks.

Ukraine’s defense minister is expected in Paris on Tuesday to meet French President Emmanuel Macron, with differences appearing to emerge between allies over F-16s.

News outlet Politico reported Monday that France is considering Ukraine’s request for fighter-jet pilot training, citing an aide to the country’s defense minister, while Poland has signaled its willingness to send such weaponry but said it would act in “full coordination” with its allies.

— Holly Ellyatt

Russia’s new offensive against Ukraine will fail, Zelenskky vows

“The situation is very tough. Bakhmut, Vuhledar and other areas in the Donetsk region are under constant Russian attacks. There are constant attempts to break through our defense,” Zelenskyy said in his nightly video address Sunday.

Yan Dobronosov | Getty Images News | Getty Images

Ukrainian President Volodymyr Zelenskyy said that Kyiv and its Western partners will do everything necessary to make sure “Russia’s intentions to move to a new stage of offensive for the sake of revenge fail.”

“I am confident in our army. We will stop them all little by little, destroy them and prepare our big counteroffensive,” Zelenskyy said in an address alongside his Danish counterpart in Odesa.

Zelenskyy thanked Prime Minister of Denmark Mette Frederiksen for providing financial and security assistance to Ukraine.

“I am grateful to the Danish coalition government for creating a separate fund to help our country. Reconstruction should become one of the key directions of the fund’s work,” Zelenskyy added.

— Amanda Macias

Ukrainian representative in Tehran summoned to Ministry of Foreign Affairs following drone strikes in Iran

Iran’s Supreme Leader Ayatollah Ali Khamanei.

Anadolu Agency | Anadolu Agency | Getty Images

Ukraine’s Foreign Ministry spokesman Oleg Nikolenko said on Facebook that the temporary representative of Ukraine was summoned to a meeting at Iran’s Ministry of Foreign Affairs in Tehran.

Nikolenko did not elaborate on the details of the meeting but added that Kyiv is not responsible for the string of explosions at Iranian facilities, according to an NBC News translation.

Over the weekend Iran said that bomb-carrying drones struck a defense manufacturing plant in the central city of Isfahan. The Iranian Defense Ministry did not share information on who it suspected of carrying out the strike.

— Amanda Macias

EU allocates 114 million euros to build an energy hub in Poland

Local residents charge their devices, use internet connection and warm up after critical civil infrastructure was hit by Russian missile attacks in Kyiv, Ukraine, on Nov. 24, 2022.

Nurphoto | Nurphoto | Getty Images

The European Union allocated 114 million euros to Poland’s new “rescEU energy hub” for Ukraine.

The hub will essentially be a logistics center for supplying emergency energy aid to Ukrainians amid Russian shelling on critical infrastructure. The funds will purchase approximately 1,000 generators to be distributed to Ukrainians through the hub.

The European Union’s Civil Protection Mechanism has previously provided 1,400 generators to Ukrainians in need.

— Amanda Macias

Friends bury 28-year old orphan Ukrainian serviceman in Bakhmut

EDITOR’S NOTE- Graphic Content- This post contains the image of a dead Ukrainian servicemen in Sloviansk.

Friends gather to bury Ukrainian serviceman, 28-year-old orphan Oleksandr Korovniy, at a cemetery in Sloviansk. Koroniy was a member of the Azov battalion, killed in action in Bakhmut, Donetsk region.

Ukrainian servicemen and friends of the late Ukrainian serviceman of the Azov battalion, 28-year-old orphan Oleksandr Korovniy, who was killed in action in Bakhmut, carry his coffin during a funeral at a cemetery in Sloviansk on January 30, 2023, amid the Russian invasion of Ukraine.