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Targeting ‘Woke Capital’

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Targeting ‘Woke Capital’

5 large Wall Avenue companies woke as much as a headache yesterday, and the ailment appears to be spreading quick. Riley Moore, the outspoken treasurer of West Virginia, introduced that Goldman Sachs, JPMorgan, BlackRock, Morgan Stanley and Wells Fargo had been banned from doing enterprise with the state as a result of that they had stopped supporting the coal trade, reviews The Occasions’s David Gelles.

The banks have sharply diminished financing for brand new coal initiatives, whereas BlackRock has been decreasing its actively managed holdings in coal firms since 2020. Coal, probably the most polluting fossil gasoline, has grow to be much less worthwhile in recent times.

A few of the companies do enterprise with West Virginia in numerous methods. JPMorgan, for instance, handles some banking providers for West Virginia’s public college. However the greenback figures are comparatively small, and the legislation doesn’t have an effect on the holdings of the state’s pension fund.

The event is yet one more step towards a politicized world of crimson manufacturers and blue manufacturers. In these hyperpartisan instances, firms are more and more being caught between conservatives and progressives, and a few manufacturers are being typecast as Republican or Democratic. The timing of the announcement was hanging, coming simply hours after Senator Joe Manchin of West Virginia, who had been the chief Democratic holdout on local weather laws, relented and agreed to signal on.

In the meantime in Florida, Gov. Ron DeSantis unloaded on the supposedly “woke” ideology of some monetary providers companies, criticizing E.S.G. investing and asserting plans for laws that will “prohibit large banks, bank card firms and cash transmitters from discriminating towards prospects for his or her non secular, political or social beliefs.” At a information convention this week, he additionally stated he needed to ban the state’s pension fund managers from contemplating environmental elements when making funding choices. As a substitute, he stated, they must be focusing solely on “maximizing the return on funding.”

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Companies now “marginalize” folks due to political disagreements, DeSantis stated. “That isn’t the best way you’ll be able to run an financial system successfully.” He singled out PayPal, which has reduce off accounts related to far-right teams that participated within the Jan. 6 Capitol riot, and GoFundMe, which blocked donations to a gaggle supporting truckers who occupied Ottawa this yr.

Amazon’s shares soar as the corporate says shopper demand stays robust. The constructive feedback from C.E.O. Andrew Jassy and different high executives induced traders to shrug off the truth that the large web retailer reported its slowest quarterly gross sales progress in twenty years, and has reduce practically 100,000 staff. Apple’s quarterly outcomes had been additionally higher than anticipated, as Huge Tech’s income have been resilient even because the financial system has slowed.

The eurozone financial system grew quicker than anticipated, however so did inflation. Constructive G.D.P. progress for the area, a day after the U.S. reported that financial progress slumped for the second quarter in a row, relieved some worries about rising stagflation. Nonetheless, inflation within the eurozone hit 8.9 % in July in contrast with a yr in the past, a recent report.

The Biden administration plans to supply up to date booster photographs in September. With reformulated photographs from Pfizer and Moderna on the horizon, the F.D.A. has determined that People beneath 50 ought to wait to obtain second boosters.

A brand new guide reignites a debate about how L.A. Occasions editors dealt with a 2017 exposé. Paul Pringle, a veteran reporter on the L.A. Occasions, writes in his guide “Dangerous Metropolis” that high editors tried to slow-walk the paper’s preliminary groundbreaking article, which detailed how the dean of the College of Southern California’s medical faculty used medicine with younger folks.

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Dealer Joe’s staff at a Massachusetts retailer type a union. It’s the solely one of many grocery store chain’s greater than 500 shops with a proper union, however comparable strikes are afoot elsewhere, simply because the union marketing campaign has unfold at Starbucks. Dealer Joe’s will face not less than another union vote quickly, at a Minneapolis retailer subsequent month, and staff at a retailer in Colorado filed an election petition this week.

Oil firms are reporting surging income, whilst customers and world leaders are coping with the hardships attributable to larger power costs.

Buoyed by excessive oil and fuel costs, the power sector is predicted to have swelled earnings by greater than 250 % within the second quarter. Exxon Mobil and Chevron, the U.S.’s two largest oil firms, reported report income this morning, with Exxon’s revenue greater than tripling from a yr in the past. Europe’s largest oil firms, Shell and TotalEnergies, yesterday reported a mixed $21 billion in income.

The fallout from Russia’s invasion of Ukraine has led to vital monetary advantages for power firms and their traders. The ache of rising power costs and shortages, although, has been felt significantly strongly by customers and companies in Europe, which acquired roughly half of Russia’s oil exports earlier than the invasion. In Asia and Africa, larger power costs may push tens of millions of individuals again into power poverty, the Worldwide Power Company warned final month.

It’s additionally led to claims of profiteering. President Biden stated final month that oil firms had been benefiting from their very own underinvestment in refining capability. In Britain, Boris Johnson, the outgoing prime minister, imposed a windfall tax on main oil and fuel firms. However a high contender to switch him, Liz Truss, stated that she opposed the tax as a result of it will ship “the unsuitable sign to the world,” and that Shell needs to be inspired to put money into Britain.

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Oil firms have pointed the finger again at politicians. Ben van Beurden, Shell’s chief government, stated yesterday that power costs had been excessive partly due to authorities insurance policies that discouraged funding in oil and pure fuel in recent times.

Fuel costs within the U.S. have fallen during the last month, and there are some indications that extra aid might be forward. Citigroup stated in a analysis word right now that it anticipated progress within the provide of oil to outpace weaker demand. Nonetheless, geopolitical elements and the climate may change the trajectory of costs, significantly if the U.S. has an lively hurricane season that disrupts refining capability. “Just some of those dangers materializing may work up a continued excellent storm of excessive volatility,” Citigroup stated.


— Stefan Lewis, a former member of Rotterdam’s Metropolis Council, explaining the outrage over the town’s resolution, which has since been reversed, to quickly dismantle a bridge to accommodate Jeff Bezos and his superyacht.

Yearly, state and native officers negotiate about $95 billion in financial improvement offers, competing with each other to recruit firms to their communities with profitable subsidies in trade for his or her enterprise.

However some companies have gotten more and more aggressive about forcing officers to signal nondisclosure agreements that would find yourself hurting the communities that the companies had been supposed to assist, in keeping with a brand new report by the American Financial Liberties Challenge, a progressive antitrust advocacy group. The N.D.A.s generally prohibit officers from disclosing fundamental details about an organization, like its title and the kind of enterprise it’s constructing, Pat Garofalo, an writer of the report, instructed DealBook.

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These N.D.A.s forestall neighborhood members, like staff and native companies, from sharing their enter on the deal till after it’s accomplished. One latest instance is the $4 billion battery manufacturing unit that Panasonic will construct in Kansas, which is able to get practically $1 billion in subsidies. Earlier than the deal was accomplished, Panasonic was additionally negotiating with Oklahoma, and the states had been in a bidding battle over the electronics big’s enterprise. However lawmakers couldn’t discuss in regards to the company on the opposite aspect of the bargaining desk in public — and generally didn’t even know its title. In April, Oklahoma officials complained that that they had two hours to ponder a fancy incentive package deal price $700 million, or about 8 % of the state price range. “How am I supposed to return to my constituents and say, ‘I gave away three-quarters of a billion {dollars} to an organization that I don’t even know their title?’ Is that responsible?” State Consultant Collin Walke stated throughout an appropriations assembly.

Some states have launched payments to ban these N.D.A.s, which the report calls “an especially widespread tactic” in improvement offers. This yr, such laws was launched in New York, Michigan, Illinois, and Florida. New York’s State Senate voted unanimously to approve a ban. Garofalo thinks the New York lawmakers had been galvanized by the Amazon HQ2 bid that fell aside in 2019. However he notes that communities don’t have to attend for politicians to repair the issue. Engaged residents have used public assembly and data legal guidelines to resolve subsidy mysteries, and generally slightly transparency is all it takes, Garofalo stated. “When the general public does get a say,” he instructed DealBook, “the offers are higher, or unhealthy offers are knocked off immediately.”

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Column: Examining Trump's lies about what he did with Obamacare and COVID

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Column: Examining Trump's lies about what he did with Obamacare and COVID

My favorite Lily Tomlin line is this one: “No matter how cynical you become, it’s never enough to keep up.”

I love it more today than ever, because it applies so perfectly to how we must respond to the campaign claims of Donald Trump and JD Vance. Especially Trump’s assertions about his role — heroic, in his vision — in “saving” the Affordable Care Act and fighting the COVID pandemic.

I’ve written before about the firehouse of fabrication and grift emanating from the Trump campaign like a political miasma. On these topics, he has moved beyond his habit of merely concocting a false reality about, say, immigration and crime to deliberately concocting a false reality about himself.

Donald Trump could have destroyed [Obamacare]. Instead, he worked in a bipartisan way to ensure that Americans had access to affordable care.

— JD Vance, flagrantly lying about Trump’s management of the Affordable Care Act

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To start by summarizing: Trump did everything in his power to destroy the Affordable Care Act, starting on the very first day of his term in 2017. On COVID, he did everything in his power to make America defenseless against the spreading pandemic.

Let’s take them in order.

Here’s what Trump said about the Affordable Care Act during his Sept. 10 debate with Kamala Harris: “I had a choice to make when I was president, do I save it and make it as good as it can be? Never going to be great. Or do I let it rot? … And I saved it. I did the right thing.”

This was the prelude to his head-scratching assertion that he has “concepts of a plan” to reform healthcare in the U.S. I examined what that might mean in a recent column, in which I explained that it would turn the U.S. healthcare system to the deadly dark ages when people with preexisting medical conditions would be either denied coverage or charged monstrous markups.

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During his own debate Tuesday with Tim Walz, Vance made himself an accomplice to Trump’s crime against truth .

Here’s Vance’s version of the Trumpian fantasy:

“Donald Trump has said that if we allow states to experiment a little bit on how to cover both the chronically ill, but the non-chronically ill … He actually implemented some of these regulations when he was president of the United States. And I think you can make a really good argument that it salvaged Obamacare. … Donald Trump could have destroyed the program. Instead, he worked in a bipartisan way to ensure that Americans had access to affordable care.”

Here’s what Trump actually did to the Affordable Care Act during his presidency. He had made repealing the ACA a core promise of his 2016 presidential campaign, stating on his website, “On day one of the Trump Administration, we will ask Congress to immediately deliver a full repeal of Obamacare.” (Thanks are due to the indispensable Jonathan Cohn of Huffpost for excavating the quote.)

Trump drove down Obamacare enrollment every year he was in office; when Biden removed Trump’s obstacles, enrollment soared.

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(KFF / Kevin Drum)

On Inauguration Day, Trump issued an executive order instructing the entire executive branch to find ways to “waive, defer, grant exemptions from, or delay the implementation of any provision or requirement” of the ACA.

During his presidency, he never abandoned the Republican dream of repealing Obamacare, even after July 28, 2017, when the late Sen. John McCain (R-Ariz.) strode to the Senate well and delivered a thumbs-down coup de grace to a GOP repeal bill.

Trump never ceased slandering the ACA as a “disaster.” He returned to the theme during last month’s debate: “Obamacare was lousy healthcare,” he said. “Always was. It’s not very good today.” As president, he threatened to make it “implode,” and used every tool he could get his fingers on to do so.

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Just after taking office, he abruptly canceled the customary last-minute advertising blitz to encourage enrollments in Obamacare plans before open enrollment ended on Jan. 31. The last minute surge in enrollments, which had occurred every previous year, vanished. The drop-off was particularly devastating because it was concentrated among the healthiest potential enrollees — those who often wait until the last minute to sign up and whose premiums generally subsidize older, less healthy patients.

In September 2017 he slashed the advertising budget for the upcoming open enrollment period for individual insurance policies by a stunning 90%, to $10 million from the previous year’s $100 million. He also cut funds for nonprofit groups that employ “navigators,” those who help people in the individual market understand their options and sign up, by roughly 40%, to $36.8 million from $62.5 million.

The impact these policies had on enrollment was dire. In the three years before Trump took office, ACA marketplace plans experienced annual enrollment increases, to 12.7 million enrollees in 2016 from 8 million in 2014. During every year of the Trump administration, enrollment declined, falling to 11.4 million in 2020.

Every year since Joseph Biden took office, enrollment has increased, reaching a record 21.3 million this year — an 86% increase over Trump’s last year.

As for Vance’s fatuous claim that Trump “worked in a bipartisan way to ensure that Americans had access to affordable care,” you have the right to ask what Vance has been smoking.

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The only bipartisanship on the ACA during the Trump years, Cohn observes, were the actions of GOP senators such as McCain and Lisa Murkowski of Alaska to cooperate with Democrats to stave off their fellow Republicans’ anti-ACA vandalism.

Now onto Trump’s fantasy vision of his role in fighting the COVID pandemic. Speaking in a low-energy, exhausted monotone at a speech Tuesday in Milwaukee and reading at times from a binder, he praised himself for instituting Operation Warp Speed, which funded COVID vaccine development in record time and got them rolled out in January 2021.

“We did a great job with the pandemic. Never got the credit we deserved,” he said. He then veered into blaming China for the pandemic, a familiar topic. He said bluntly that the pandemic was “caused by the Wuhan lab. I said that from the beginning, came from Wuhan. And the Wuhan lab, it wasn’t from bats in a cave that was 2,000 miles away. … It’s really the China virus.”

As for the rest of his COVID performance, he said this: “We did a great job with the ventilators, the masks and the gowns and everything. … When we got here the cupboards, our cupboards, I used to say our cupboards were bare. … No president put anything in for a pandemic.” Then he segued into praising himself for a big tax cut, and COVID was forgotten.

A few points about this spiel:

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Trump is correct that Operation Warp Speed was a significant achievement. But he didn’t continue to support it by advocating for its product, the COVID vaccine. Instead, he has thrown in his lot with fanatical anti-vaccine agitators such as Robert F. Kennedy. He has repeated an anti-vax mantra, promising, “I will not give one penny to any school that has a vaccine mandate or a mask mandate.” This is a formula for exposing children to vaccine-preventable diseases such as measles and even polio.

Trump’s reference to the Wuhan Institute of Virology as the source of SARS-CoV-2, the virus that causes COVID, underscores how closely the so-called lab-leak theory of COVID’s origins is tied to right-wing partisan politics. The theory originated with Trump acolytes at the State Department, who saw the accusation as a convenient weapon in Trump’s economic war with China.

To this day, not a speck of evidence has been produced to validate this claim; scientists versed in the relevant disciplines of virology and epidemiology say the evidence overwhelmingly supports the hypothesis that the virus reached humans via the wildlife trade, and that its journey may well have started with bats thousands of miles from Wuhan, China.

Trump is lying when he says his predecessors in the White House left him without resources. The truth is that Trump himself hobbled pandemic response from the start.

In 2016, in the wake of the Ebola epidemic in Africa, President Obama had established the the Directorate for Global Health Security and Biodefense at the National Security Council “to prepare for and, if possible, prevent the next outbreak from becoming an epidemic or pandemic,” in the words of its senior director, Beth Campbell. Trump dissolved it in 2018.

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During the pandemic, Trump cut off funding for the World Health Organization. He eliminated a $200-million pandemic early-warning program training scientists in China and elsewhere to detect and respond to such threats. He sidelined the White House Office of Science and Technology Policy, which had been established under Franklin D. Roosevelt.

Due to these steps, the U.S. was fated to sleepwalk into the pandemic. The COVID death toll in the U.S. stands at more than 1.2 million, and its reported death rate from COVID of 341.1 per 100,000 population is the highest in the developed world.

Ventilators, masks and gowns? Trump placed the procurement of this essential personal protective equipment in the hands of his son-in-law, Jared Kushner, who handled the task incompetently. Kushner turned away urgent appeals from state and local officials for those supplies.

“The notion of the federal stockpile was it’s supposed to be our stockpile, it’s not supposed to be states’ stockpiles that they then use,” Kushner said at a briefing.

Following his remarks, the website of the government’s national strategic stockpile of medicines and supplies was changed from asserting that its purpose was to “support” the emergency efforts of state, local and tribal authorities by ensuring that “the right medicines and supplies get to those who need them most.” The new language redefined the stockpile’s role as “to supplement state and local supplies … as a short-term stopgap.”

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Supplies of ventilators, masks and gowns remained scarce through the first months of the pandemic. A procurement official at a Massachusetts hospital system told me of having had to cut a deal with a shadowy broker offering 250,000 Chinese-made masks at an inflated price, completing the transaction for $1 million at a darkened warehouse five hours from home.

Trump made anti-science incompetence and disregard for the welfare of Americans part of our history. The same thing, or worse, looms on the horizon in a second Trump term.

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Albertsons to pay $3.9 million over allegations it overcharged, lied about weight of groceries

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Albertsons to pay .9 million over allegations it overcharged, lied about weight of groceries

Grocery titan Albertsons will pay $3.9 million to resolve a civil law enforcement complaint alleging that it ripped off customers at hundreds of its Vons, Safeway and Albertsons stores in California, authorities said Thursday.

According to the complaint, groceries sold by Albertsons Cos. — including produce, meats, baked goods and other items — had less product in the package than indicated on the label. The company also is accused of charging customers prices higher than its lowest advertised price.

“False advertising preys on consumers, who are already facing rising costs, and unfairly disadvantages companies that play by the rules,” L.A. County Dist. Atty. George Gascón said. “This kind of corporate conduct is especially egregious when it comes to essential groceries, as Californians rely on accurate advertised prices to budget food for their families.”

The case was filed in Marin County Superior Court in partnership with the consumer protection units of the district attorney’s offices of Los Angeles, Marin, Alameda, Sonoma, Riverside, San Diego and Ventura counties.

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The settlement will be divided among the seven counties and used to support future enforcement of consumer protection laws, according to the Marin County district attorney’s office. None of the money will be paid back to consumers.

The fine comes just over a year after the same company was ordered to pay $3.5 million for selling expired over-the-counter drug products. The company is also currently fighting a federal antitrust lawsuit that seeks to block its planned merger with grocery giant Kroger Inc.

Albertsons Cos. operates 589 Albertsons, Safeway and Vons stores in California. The company did not admit wrongdoing. It cooperated with the investigation and has taken steps to correct the violations, according to the L.A. County district atttorney’s office.

In a statement on the settlement, the company said it takes the matter seriously and is committed to ensuring its customers can shop with confidence.

“We have taken steps to ensure our price accuracy guarantee is more visible to customers by posting signage at multiple locations at the front of our stores,” the company stated. “We have conducted additional comprehensive training for associates to reinforce the importance of price accuracy and customer transparency. Additionally, we have enhanced price tracking systems to better ensure real-time accuracy at stores.”

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Prosecutors in the lawsuit alleged that the company failed to implement a price accuracy policy ordered by a court in 2014.

The policy requires that customers who are overcharged for an item either receive the item for free or receive a $5 gift card, depending on which option is worth more. It is designed to encourage customers to immediately report false advertising.

Under the judgment reached Thursday, the grocery giant must implement this policy and ensure staff are properly trained to place accurate weight labels on products.

The serial overcharging was discovered through inspections by Marin County’s Department of Agriculture, Division of Weights and Measures and its counterparts across the state.

“We could not have achieved this result without the outstanding work of our Weights and Measures inspectors as well as vigilant consumers,” said Deputy Dist. Atty. Andres Perez, who prosecuted the case for Marin County.

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For the next three years, Albertsons Cos. is required to hire an independent auditor to ensure it is complying with the terms of the judgment.

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Disney faces class action lawsuit over employee data breach

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Disney faces class action lawsuit over employee data breach

Walt Disney Co. has been hit with a class action lawsuit accusing the Burbank-based entertainment giant of negligence, breach of implied contract and other misconduct in connection with a massive data breach that occurred earlier this year.

Plaintiff Scott Margel submitted the complaint on Thursday in Los Angeles County Superior Court against Disney and Disney California Adventure. The 32-page document also accuses the company of violating privacy laws by not doing enough to prevent or notify victims of the extent of the leak.

The class members, estimated to number in the thousands, are described in the complaint as individuals who gave “highly sensitive personal information” to Disney in connection with their employment at the company — information that was allegedly compromised in the breach.

Representatives of Disney did not immediately respond Friday to The Times’ request for comment.

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The lawsuit cites an article published in September by the Wall Street Journal, which reported that a hacking group known as NullBulge publicly released data spanning more than 18,800 spreadsheets, 13,000 PDFs and 44 million internal messages sent via the workplace communication platform Slack.

According to the Journal, the compromised Slack messages contained sensitive information belonging to Disney cruise employees, including passport numbers, visa details, birthplaces and physical addresses; at least one spreadsheet listed the names, addresses and phone numbers of some Disney Cruise Line passengers. The publication later reported that Disney planned to stop using Slack after the breach.

The plaintiff and class members “remain, even today, in the dark regarding which particular data was stolen, the particular malware used, and what steps are being taken, if any, to secure their [personal information] going forward,” the complaint reads.

The plaintiff and class members “are, thus, left to speculate as to where their [data] ended up, who has used it and for what potentially nefarious purposes.”

In July, NullBulge said that it had leaked roughly 1.2 terabytes of Disney data in rebuke of the company’s treatment of artists, “approach to AI” and “pretty blatant disregard for the consumer.” The self-proclaimed hacktivists told CNN that they were able to penetrate Disney’s system thanks to “a man with Slack access who had cookies.”

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A Disney spokesperson said in a statement at the time that the company was “investigating this matter.”

Margel is demanding that Disney take steps to reinforce its security system and educate class members about the risks associated with the breach. The plaintiff is also seeking unspecified damages and a jury trial.

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