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Biden’s improvised comment on Putin during Warsaw speech looms over White House

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The White Home and Biden himself have swiftly tried to downplay the President’s remark, which was made on the finish of a capstone handle in Warsaw. The administration and allies say Biden wasn’t calling for regime change to take away Putin from energy. Reasonably, they argue that Biden was saying Putin can’t be allowed to train energy over neighboring nations.

The remark, which got here on the very finish of a two-country go to to Europe meant to strengthen alliances, wasn’t deliberate and shocked aides who have been watching Biden’s speech on tv or on the occasion web site. And the phrases hadn’t been one thing Biden raised as probably together with in his speech — beforehand, US officers have been adamant that altering the federal government in Moscow wasn’t one in every of their goals. In closed-door conferences earlier within the week, Biden instructed fellow leaders at NATO that he didn’t need to escalate the West’s confrontation with Russia.

But his ad-libbed line did extra to pit him straight in opposition to Putin than something to date within the battle.

Now, Biden and White Home officers are anticipated to face questions in regards to the feedback.

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The White Home took the uncommon step of revealing that the President expects to deal with questions when he delivers remarks on his finances proposal Monday afternoon. And later Monday, financial officers will transient the press in Washington.

‘He is a butcher’

Individuals who spoke to Biden earlier than and after the speech described him as personally affected after visiting with refugees on the nationwide stadium in Warsaw, the place girls requested him to wish for the boys — husbands, sons and brothers — who had stayed behind to battle.

Requested by reporters touring with the President what seeing the refugees made him assume as he offers with Putin day by day, Biden responded, “He is a butcher.”

Immediately forward of the speech, the President had additionally been briefed by officers a couple of collection of missile strikes on a gas depot in Lviv, Ukraine, a western metropolis not removed from the Polish border. The timing appeared hardly coincidental as Biden was visiting Warsaw.

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Regardless of the Biden administration’s fast walk-back of the feedback about Putin’s energy, they obscured the remainder of Biden’s speech, which targeted on reassuring NATO allies the US would come to their protection if Putin pushes additional into Europe. White Home aides had been engaged on writing the speech for days, together with within the hours main as much as the handle.

Vinay Reddy, Biden’s high speechwriter, and Mike Donilon, his senior adviser who helps craft the President’s main speeches, each traveled to Europe with Biden and have been concerned in writing the speech.

A sample emerges

The clarification the White Home issued on Saturday was a minimum of the third time an administration official felt obliged to wash up remarks Biden made that appeared, on their very own, startling and misaligned with US international coverage.

As he was hailing the heroism of the Ukrainians, Biden instructed US troops, “You are going to see whenever you’re there” — despite the fact that he is vowed American forces will not be getting into the battle straight. Afterward, a spokesman mentioned nothing had modified: “The President has been clear we’re not sending US troops to Ukraine.”

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And after Biden mentioned he would reply “in sort” to the usage of chemical weapons by Russia in Ukraine, Sullivan assured reporters the US has “no intention of utilizing chemical weapons interval, beneath any circumstance.”

Biden has a well-established sample of talking out of hand, although maybe by no means with stakes so excessive. White Home officers mentioned earlier than Biden’s speech the President had been working intently behind the scenes to strengthen cooperation amongst his counterparts.

“He sleeps method much less on these sorts of journeys than possibly different journeys as a result of he is simply going, going, going — like, needs to speak to the subsequent chief; you recognize, take the subsequent briefing,” Sullivan mentioned Friday halfway by Biden’s flight from Brussels to Rzeszów, in southeastern Poland, the place he was assembly with American troopers.

‘I would not use phrases like that’

Regardless of the White Home’s fast walk-back, the feedback have continued to spark reactions by world leaders.

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Earlier than the White Home had issued its clarification, the Kremlin issued its personal response, with spokesman Dmitry Peskov saying the destiny of the Russian ruler is “to not be determined by Mr. Biden.”

Peskov then mentioned on Monday that the feedback “are actually inflicting concern,” including, “We are going to proceed to carefully monitor the statements of the US President. We rigorously observe them and can proceed to take action.”

Oksana Markarova, Ukraine’s ambassador to the US, instructed NBC Information’ “Meet the Press” on Sunday, “We heard President Biden loud and clear, that the US will support and will likely be with Ukraine on this battle.”

“We clearly perceive in Ukraine that anybody who’s a struggle prison, who assaults a neighboring nation, who’s doing all these atrocities along with all of the Russians which might be concerned positively can not keep in energy in a civilized world. Now, it is all as much as all of us to cease Putin,” she added.

French President Emmanuel Macron — who mentioned final week that France was “stepping up” the work to stop escalation of the struggle in Ukraine however has dominated out the French army’s direct participation — advised Biden’s feedback weren’t useful for diplomatic efforts.

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“I would not use phrases like that as a result of I am nonetheless in talks with President Putin,” Macron mentioned throughout an interview on Sunday with French Channel France 3.

“Our aim is to cease the struggle Russia launched in Ukraine, whereas avoiding a struggle and escalation,” the French President added.

On the home entrance, Democrats largely repeated the White Home’s clarification. However some Republicans criticized the President for the off-the-cuff feedback.

As he praised Biden’s speech in Poland, Idaho Sen. Jim Risch, the highest Republican on the Senate Overseas Relations committee, instructed CNN’s “State of the Union” on Sunday, “There was a horrendous gaffe proper on the finish of it. I simply want he would keep on script.”

“This administration has performed the whole lot they’ll to cease escalating,” Risch mentioned, including, “There’s not an entire lot extra you are able to do to escalate than to name for regime change.”

Rep. Michael McCaul, lead Republican on the Home Overseas Affairs Committee, instructed “State of the Union,” “I do know it was off the cuff, however regardless of the President says, it carries numerous weight. … On this case, it sends a really provocative message to Mr. Putin.”

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And Ohio Republican Sen. Rob Portman, additionally instructed “Meet the Press” on Sunday that Biden’s comment “performs into the palms of the Russian propagandists and performs into the palms of Vladimir Putin,” later including that “we’re in a struggle state of affairs, and so readability is extremely necessary.”

CNN’s Sarah Diab, Fred Pleitgen, Sarah Fortinsky and Ali Foremost contributed to this report.

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NYSE trading glitch costs Interactive Brokers $48mn

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NYSE trading glitch costs Interactive Brokers $48mn

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A trading glitch on the New York Stock Exchange earlier month has cost Interactive Brokers $48mn after its customers tried to pile into Berkshire Hathaway shares following a 99 per cent plunge.

The brokerage on Wednesday said it was considering its options “including any claims at law it could assert against NYSE” but said the hit was not material to earnings.

Berkshire Hathaway’s class A shares were among several that plummeted unexpectedly on June 3 because of a technical issue in early trade on the NYSE, which is part of Intercontinental Exchange.

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Berkshire’s shares collapsed from about $622,000 to $185 a share before the exchange halted trading.

The price plunge spurred a raft of buy orders during the halt, “presumably expecting those orders to be filled at approximately $185/share when trading resumed”, Interactive said.

The broker, founded by electronic trading pioneer Thomas Peterffy, is popular with retail investors as well as professional traders such as hedge funds.

When trading resumed almost two hours later Berkshire’s shares shot as high as $741,941 within minutes, leading Interactive’s customers to have their orders filled “at various prices during this run-up, including some who were filled at the peak price”.

After markets closed on June 3, NYSE said it would “bust” or cancel, all trades at or below $603,718.3 conducted before trading was halted.

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The loss stems from Interactive Brokers’ decision to take over a substantial portion of the trades through its platform “as a customer accommodation” after NYSE on the day told the brokerage that it would not cancel Interactive’s deals as the broker had asked.

NYSE on Tuesday denied Interactive’s subsequent claims for compensation, spurring Wednesday’s notice. NYSE declined to comment.

About 40 securities in total were affected by the June 3 episode, including Barrick Gold and restaurant chain Chipotle. The exchange said the glitch stemmed from a technical issue with price bands published by the group that consolidates the trading data from all the US securities exchanges, known colloquially as the “tape”.

Shares in Interactive Brokers were unaffected by Wednesday’s news, trading up 0.5 per cent by late morning on Wednesday and up about 48 per cent this year.

In 2020 the brokerage lost up to $88mn from the collapse in value of short-term WTI oil futures contracts when it stepped in to pay margin calls owed to clearing houses for customers caught on the wrong side of the trade.

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Congress poured billions of dollars into schools. Did it help students learn?

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Congress poured billions of dollars into schools. Did it help students learn?

Two new studies offer a first look at how much more students learned thanks to federal pandemic aid money.

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America’s schools received an unprecedented $190 billion in federal emergency funding during the pandemic. Since then, one big question has loomed over them: Did that historic infusion of federal relief help students make up for the learning they missed?

Two new research studies, conducted separately but both released on Wednesday, offer the first answer to that question: Yes, the money made a meaningful difference. But both studies come with context and caveats that, along with that headline finding, require some unpacking.

How much of a difference did the money make?

$190 billion is an enormous amount of money by any measure. But districts were only required to spend a fraction of the relief on academic recovery, by paying for proven interventions like summer learning and high-quality tutoring. So how much additional student learning did the federal aid actually buy?

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Study #1, a collaboration including Tom Kane at Harvard’s Center for Education Policy Research and Sean Reardon at Stanford’s Educational Opportunity Project, estimates that every $1,000 in federal relief spent per student bought the kind of math test score gains that come with 3% of a school year, or about six school days of learning. That’s during the 2022-23 academic year.

Improvements in reading scores were smaller: roughly three school days of progress per $1,000 in federal relief spending per student.

The federal relief “was worth the investment,” Reardon tells NPR. “It led to significant improvements in children’s academic performance… It wasn’t enough money, or enough recovery, to get students all the way back to where they were in 2019, but it did make a significant difference.”

Study #2, co-authored by researcher Dan Goldhaber at the University of Washington and American Institutes for Research, offers a similar estimate of math gains. The increase in reading scores, according to Goldhaber, appeared comparable to those math gains, though he says they’re less precise and a little less certain.

“It did have an impact,” Goldhaber tells NPR, an impact that’s “in line with estimates from prior research about how much money moves the needle of student achievement.”

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Who benefited the most?

The federal recovery dollars came in three waves, known as ESSER (Elementary and Secondary School Emergency Relief Fund) I, II and III. The first two waves were relatively small, roughly $68 billion, compared to the $122 billion of ESSER III.

The windfall was distributed to schools based largely on need – specifically, based on the proportion of students living in or near poverty. The assumption being: Districts with higher rates of student poverty would need more help recovering. COVID hit high-poverty communities harder, with higher rates of infection, death, unemployment and remote schooling than in many affluent communities.

“These and other factors likely caused greater learning loss during the pandemic and dampened academic recovery,” Goldhaber writes in Study #2, pointing out that, “the Detroit, MI public school district received about $25,800 per pupil across all waves of ESSER… [while] Grosse Pointe, MI (a nearby suburb) only received about $860 per pupil.”

Here’s where the story of these federal dollars gets complicated, because the learning they appear to have bought wasn’t experienced evenly, according to Goldhaber.

In Study #2, he and co-author Grace Falken, found larger academic benefits from federal spending in districts serving low shares of Black and Hispanic students. Though he tells NPR, these patterns “do not necessarily imply that ESSER’s impacts vary because of student demographics. Rather, the results could reflect other district characteristics that happen to correlate with the student populations the districts serve.”

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Reardon and Kane did not find statistically significant evidence of this kind of variation.

Goldhaber and Falken also found that towns saw more math gains than cities, while rural areas led the way in reading growth. Interestingly, suburban districts generally experienced “smaller, insignificant impacts” from the federal spending in both subjects.

But did the money help enough?

If your standard for “enough” is a full recovery for all students from the learning they missed during the pandemic, then no, the money did not remedy the full problem.

But the researchers behind both studies say that’s an unrealistic and unreasonable yardstick. After all, Congress only required that districts spend at least 20% of ESSER III funds on learning recovery. The rest of the relief came with relatively few strings attached.

Instead, the researchers say, the money’s effectiveness should be judged by a more realistic standard, based on what previous research has shown money can and cannot buy.

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Harvard’s Tom Kane, of Study #1, points out that their results do line up with pre-pandemic research on the impact of school spending, and suggest a clear, long-term return on investment.

“These academic gains will translate into improvements in earnings and other outcomes that will last a lifetime,” Kane tells NPR.

For example, the academic gains associated with every $1,000 in per student spending would be worth $1,238 in future earnings, Kane estimates. Increased academic achievement also comes with valuable social returns, he says, including lower rates of arrest and teen motherhood.

What’s more, Reardon tells NPR, because these federal dollars disproportionately went to lower-income districts, “not only do we find that the federal investment raised test scores, but we also find that it reduced educational inequality.”

But the work’s not over.

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In Study #2, Goldhaber and Falken write, “to recover from these remaining losses, our estimates suggest schools would need between $9,000 and $13,000 in additional funds per pupil, assuming the return on those funds is similar to what we estimated for ESSER III.”

They also warn that middle-income districts could continue to struggle – because they experienced academic losses but got less federal aid.

In a presidential election year, it’s unlikely Congress will agree to send schools more money. And Goldhaber worries, as ESSER funds begin to expire this year, districts will have to cut staff.

“Some districts, particularly high poverty, high minority districts, are going to lose so much money that I think teacher layoffs are inevitable,” Goldhaber tells NPR. “So I’m worried that the funding cliff – there’s a downside that we’re not thinking hard enough about.”

The good news, says Kane, is that ESSER was a massive, “brute force” effort, and a far smaller, state-driven effort could still make a big difference, so long as it’s hyper-focused on academic interventions.

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Kane says, “It falls to states to complete the recovery.”

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Atos crisis deepens as biggest shareholder ditches rescue plan

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Atos crisis deepens as biggest shareholder ditches rescue plan

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A rescue bid for French IT services group Atos led by its largest shareholder has collapsed, casting the future of the troubled group into doubt once again.

Atos said on Wednesday that the consortium led by Onepoint, an IT consultancy founded by David Layani, had withdrawn a proposal that would have converted €2.9bn of Atos debt into equity and injected €250mn of fresh funds into the struggling company.

“The conditions were not met to conclude an agreement paving the way for a lasting solution for financial restructuring,” Onepoint said in a statement on Wednesday.

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The decision by Onepoint comes less than a month after Atos had picked its restructuring proposal over a competing plan from Czech billionaire Daniel Křetínsky. Atos said on Wednesday that Křetínsky had already indicated he wanted to restart talks.

Once a star of France’s tech scene, Atos is racing to strike a restructuring deal by next month as it struggles under its €4.8bn debt burden. It has cycled through multiple chief executives over the past three years and its shares have collapsed. They were down 12 per cent in early trading on Wednesday.

Atos also said it had received a revised restructuring proposal from a group of its bondholders.

“Discussions are continuing with the representative committee of creditors and certain banks on the basis of this proposal with a view to reaching an agreement as soon as possible,” the company said. 

Jean-Pierre Mustier, former chief executive of Italian lender UniCredit, was installed as chair in October 2023 and given the task of putting Atos on a stable footing for the future. Since his appointment, several efforts to stabilise Atos through asset sales have fallen apart.

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If talks with Křetínsky do restart, it will mark the Czech businessman’s third attempt to do a deal with Atos after an earlier plan to buy its lossmaking legacy business unravelled.

One of the people close to the talks said creditors had not necessarily become more receptive to Kretinsky’s plan given it cutting a larger chunk of the group’s debt.

The crisis at Atos has prompted the French government to intervene. It is currently seeking to acquire three parts of Atos that are deemed of importance to national security for up to €1bn.

Atos said on Wednesday it had concluded a deal with the French state that would give it so-called “golden shares” in a key Atos subsidiary, Bull SA. The agreement also gives the government the right to acquire “sensitive sovereign activities” in the event a third party acquired 10 per cent of the shares — or a multiple thereof — in either Atos or Bull.

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