SFPD officers kill person armed with 2 guns at SFO BART station: Police

A police officer carries ballistic shields at the International Terminal at San Francisco International Airport (SFO) after an incident involving an armed individual in front of the BART station entrance in San Francisco, Calif. Thursday, Jan. 20, 2022.

Stephen Lam | San Francisco Chronicle | Getty Images

San Francisco police officers Thursday morning shot and killed a person armed with two guns in front of the BART station at San Francisco International Airport’s international terminal, according to police.

At about 7:30 a.m., SFPD officers responded to reports of an armed individual at the station and confronted the suspect, who continued to pose a threat despite de-escalation efforts, police said.

Officers then used non-lethal means to try to contain the situation, but the suspect continued to advance, and officers fired shots, killing the person, police said.

First responders are seen at the International Terminal at San Francisco International Airport (SFO) after an incident involving an armed individual in front of the BART station entrance in San Francisco, Calif. Thursday, Jan. 20, 2022.

Stephen Lam | San Francisco Chronicle | Getty Images

BART service to SFO was temporarily suspended during the incident, and passengers were routed around the affected area. Service has since resumed, police said.

Flight operations were not affected.

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Fresh Take: A Call To Halt Agribusiness Mergers, Why Food Insecurity Is So Widespread Among Grocery Workers, And Jollibee Preps For IPO

a House antitrust panel Wednesday.

The hearing, which I previewed for you last week, focused on the link between price hikes, profiteering and consolidation in the food industry. At the end of her testimony, McClendon asked for three things: Stop the merger, enforce existing antitrust legislation, and temporarily halt all agribusiness mergers. 

I’m not going to bet on that last one, but I appreciate a bold ask.

That’s my Reporter’s Notebook Edition for this week. I’ll leave you with a comment from subcommittee chair David Cicilline (D–R.I.), who called me after the hearing to discuss rising food prices, which have already been hit by inflation, climate change and supply-chain woes: “Food prices have skyrocketed. We have a responsibility to find out why that’s happening. To the extent that corporate greed and profiteering from the pandemic is part of it, we want to make sure that stops.”

— Chloe Sorvino, Staff Writer

This is Forbes’ Fresh Take newsletter, which every Thursday brings you the latest on the big ideas changing the future of food. Want to get it in your inbox every week? Sign up here.

What’s Fresh

U.S. Probes Big Meat’s Link To Inflation. Unprecedented consolidation in the U.S. food industry may be a cause of rising prices and empty grocery-store shelves. The White House, supported by independent economic analysts, has asserted there’s a link between inflation and the dwindling number of food suppliers. The House of Representatives antitrust subcommittee, chaired by Democrat David Cicilline of Rhode Island, took on the topic on Wednesday.

Why Is Food Insecurity So Widespread In The Grocery Industry? The food industry has yet to reckon with the food insecurity, poverty and precarity that are so widespread among grocery workers, writes Errol Schweizer.

DoubleDragon, Jollibee Ramp Up $482 Million Warehouse Portfolio Ahead Of IPO As E-Commerce Booms. CentralHub Industrial Centers—a joint venture between real estate tycoon Edgar Sia’s DoubleDragon Corp. and billionaire Tony Tan Caktiong’s Jollibee Foods—is ramping up the construction of warehouses across the Philippines to tap growing demand from e-commerce companies, reports Jonathan Burgos.

The Royalties For Cherry Garcia Ice Cream Are For Sale. The unique opportunity to won part of the royalties from the original rock and roll ice cream flavor Cherry Garcia will disappear fast, reports Hudson Lindenberger.

Most Independent Restaurants Experienced A Sales Decrease Of More Than 50% In December. A new Independent Restaurant Coalition survey shows that nearly 50% of businesses without federal grants were forced to lay off staff because of a COVID-19-related closure or lack of sales, and 42% are in danger of filing or have filed for bankruptcy, writes Alicia Kelso.

Somedays, burrata and ripe figs are all that I crave.

Chloe Sorvino leads coverage of food and agriculture as a staff writer on the enterprise team at Forbes. Her nearly eight years of reporting at Forbes has brought her to In-N-Out Burger’s secret test kitchen, drought-ridden farms in California’s Central Valley, burnt-out national forests logged by a timber billionaire, a century-old slaughterhouse in Omaha, and even a chocolate croissant factory designed like a medieval castle in Northern France. Her book on the fight for the future of meat is forthcoming from Simon & Schuster’s Atria Books in September 2022. 

Thanks for reading the twentieth edition of Forbes Fresh Take! Let me know what you think. Subscribe to Forbes Fresh Take here

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Your Inflation Questions, Answered

Inflation is high and has been for months. It’s weighing on consumer confidence, making policymakers nervous and threatening to eat away at household paychecks well into 2022.

This is the first time many adults have experienced meaningful inflation: Price gains had been largely quiescent since the late 1980s. When the Consumer Price Index climbed 7 percent in the year through December, it was the fastest pace since 1982.

Naturally, people have questions about what this will mean for their pocketbooks, their finances and their economic futures.

Closely intertwined with price worries are concerns about interest rates: The Federal Reserve is poised to raise borrowing costs to try to slow down demand and keep the situation under control.

furniture and camping gear.

That rapid consumption is running up against constrained supply. Factories shut down early in the pandemic, and in parts of Asia, they continue to do so as Omicron cases surge. There aren’t enough containers to ship all of the goods people want to buy, and ports have become clogged trying to process so many imports.

expanding their profits.

In theory, competition should eat away at extra earnings over time. New firms should jump into the market to sell that same products for less and steal away the customer. Existing competitors should ramp up production to meet demand.

But this may be a unappealing time for new firms to enter the market. Established companies may be hesitant to expand production if doing so involved a lot of investment, because it is not clear how long today’s strong demand will last.

“It is a very uncertain environment,” said Matthew Luzzetti, chief U.S. economist at Deutsche Bank. “A new firm stepping in is a lot of investment, with a lot of financial risk.”

Until companies can produce and transport enough of a given product to go around — as long as shortages remain — companies will be able to raise prices without running much risk of losing customers to a competitor.

In past periods of inflation, do employers typically increase wages or award higher-than-average yearly increases to help employees offset inflation? If so, in what industries is this practice most common? — Annmarie Kutz, Erie, Pa.

There is no standard historical experience with wages and inflation, Mary C. Daly, president of the Federal Reserve Bank of San Francisco, said during an interview with The New York Times on Twitter Spaces last week.

lower-wage service industries have been competing mightily for workers in recent months, and pay is climbing faster there.

“The history isn’t so clear that cost of living translates into higher wages, but that’s largely because inflation has been low and stable for a very long time,” Ms. Daly said.

in December projected that price gains will drop back below 3 percent by the end of the year, and will level off to normal levels over the longer term.

are adjusted for inflation, so those should keep pace with price gains. Bonds that pay back fixed rates do less well during periods of inflation, while stock investments — though riskier — tend to rise more quickly than consumer prices. Ms. Benz recommends holding assets across an array of securities, potentially including inflation-protected securities such as some exchange-traded funds or Treasury Inflation Protected Securities, commonly called TIPS.

“It argues against having too much in cash,” Ms. Benz said. “That’s too much dead money.”

We currently have low unemployment, strong wage growth (largely through attrition / voluntary retirements), easy monetary policy and now rising inflation. What are other periods of time when the United States had these conditions? How did things work out then? — Harshal Patel, Moorestown, N.J.

Jared Bernstein, a member of the White House Council of Economic Advisers, pointed to the post-World War II period as a reference point for the present moment.

“Demand was strong, and supply was constrained,” he said in an interview. “That’s a very instructive path for us.”

The good news about that example is that supply eventually caught up, and prices came down without spurring any greater crisis.

Other, more worried commentators have drawn parallels between now and the 1970s, when the Fed was slow to raise rates as unemployment fell and prices rose — and inflation jumped out of control. But many economists have argued that important differences separate that period from this one: Workers were more heavily unionized and may have had more bargaining power to push for higher wages back then, and the Fed was slow to react for years on end. This time, it’s already gearing up to respond.

about price controls in a recent article, and vocal minority think the 1970s experience unfairly tarnished the idea and that it might be worthwhile to reopen the debate.

“This is a great suppressed topic,” said James K. Galbraith, an economist at the University of Texas. “It was absolutely mainstream from the start of World War II until the Reagan administration.”

If inflation is being caused by supply chain problems, how will raising interest rates help? — Larry Harris, Ventura, Calif.

Kristin J. Forbes, an economist at the Massachusetts Institute of Technology, said that a big part of today’s inflation ties to roiled supply chains, which monetary policy can’t do much to fix.

But trade is actually happening at elevated levels even amid the disruptions. Factories are producing, ships are shipping, and consumers are buying at a rapid clip. It is just that supply is not keeping up with that booming demand. Higher interest rates can relieve pressure on demand, making it more expensive to buy a boat or a car, cooling off the housing market and slowing business investment.

“A good part of the supply chain problems, you can’t do anything about,” Ms. Forbes said. “But you can affect demand. And it is the combination of the two which determines inflation.”

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Biden administration announces plan to confront worsening wildfires

US President Joe Biden (C) and First Lady Jill Biden (R) tour a neighborhood destroyed by the Marshall Fire alongside Boulder County Sheriff Joe Pelle (L) in Louisville, Colorado, January 7, 2022.

Saul Loeb | AFP | Getty Images

The Biden administration this week unveiled a 10-year plan to spend billions of dollars to combat destructive wildfires on millions of additional acres of land and make forests more resilient to future blazes.

The U.S. Department of Agriculture said in a statement on Tuesday that its plan, called the “wildfire crisis strategy,” targets dozens of areas in eleven Western states. The plan includes treatments such as thinning overgrown trees, pruning forests and conducting prescribed burns to minimize dead vegetation.

The administration’s plan quadruples the government’s fuels and forest health treatments. It comes after a year during which California experienced the second-largest fire in state history and Colorado endured its most destructive fire ever that ignited unusually late in the season. 

“We’re not going to stop fires,” U.S. Agriculture Secretary Tom Vilsack said at a press briefing in Arizona on Tuesday. “But what we can do is begin the process of reducing the catastrophic nature of those fires.”

Hotter temperatures and more severe drought conditions fueled by climate change, along with expanding development in wildland-urban areas, have prompted more intense and prolonged wildfire seasons in the U.S. Researchers also say that decades of policies calling for all fires to be extinguished, rather than letting them burn in a controlled way, has caused a buildup of flammable brush that adds fuel to blazes.

A firefighter saves an American flag as flames consume a home during the Dixie fire in Greenville, California on August 4, 2021.

Josh Edelson | AFP | Getty Images

The U.S. Forest Service previously treated up to 2 million acres in the U.S. West each year. Under the new plan, the Forest Service will work with the Department of the Interior and other partners to treat up to an additional 20 million acres on national forests and grasslands and up 30 million additional acres of other federal, state, tribal and private lands over the next decade. 

The agency will focus its efforts on fire-prone land in Arizona, California, Colorado, Idaho, Oregon, Montana, Nevada, New Mexico, South Dakota, Utah and Washington. The plan is only partially funded so far, with $3 billion over the course of five years coming from the bipartisan infrastructure bill that was signed into law in November.

More than 58,000 fires burned more than 7 million acres just last year, according to data by the National Centers for Environmental Information. In 2020, the worst wildfire season on record burned more than 10 million acres in the U.S.

Fires in California, Canada and the U.S. Pacific Northwest last year emitted about 83 million tons of carbon pollution. Plumes of smoke from those blazes traveled across the Atlantic Ocean and reached large swaths of Europe.

“We already have the tools, the knowledge and the partnerships in place to begin this work in many of our national forests and grasslands,” Forest Service Chief Randy Moore said in a statement. “Now we have funding that will allow us to build on the research and the lessons learned to address this wildfire crisis facing many of our communities.”

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Brenden Aaronson To Leeds United For $20m? How Likely Is A Transfer?

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Tech Start-Ups Reach a New Peak of Froth

Astonishing data for 2021 tell the story. U.S. start-ups raised $330 billion, nearly double 2020’s record haul of $167 billion, according to PitchBook, which tracks private financing. More tech start-ups crossed the $1 billion valuation threshold than in the previous five years combined. The median amount of money raised for very young start-ups taking on their first major round of funding grew 30 percent, according to Crunchbase. And the value of start-up exits — a sale or public offering — spiked to $774 billion, nearly tripling the prior year’s returns, according to PitchBook.

The big-money headlines have carried into this year. Over a few days this month, three private start-ups hit eye-popping valuations: Miro, a digital whiteboard company, was valued at $17.75 billion; Checkout.com, a payments company, was valued at $40 billion; and OpenSea, a 90-person start-up that lets people buy and sell nonfungible tokens, known as NFTs, was valued at $13.3 billion.

Investors announced big hauls, too. Andreessen Horowitz, a venture capital firm, said it had raised $9 billion in new funds. Khosla Ventures and Kleiner Perkins, two other venture firms, each raised nearly $2 billion.

The good times have been so good that warnings of a pullback inevitably bubble up. Rising interest rates, expected later this year, and uncertainty over the Omicron variant of the coronavirus have deflated tech stock prices. Shares of start-ups that went public through special purpose acquisition vehicles last year have slumped. One of the first start-up initial public offerings expected this year was postponed by Justworks, a provider of human resources software, which cited market conditions. The price of Bitcoin has sunk nearly 40 percent since its peak in November.

But start-up investors said that had not yet affected funding for private companies. “I don’t know if I’ve ever seen a more competitive market,” said Ambar Bhattacharyya, an investor at Maverick Ventures.

Even if things slow down momentarily, investors said, the big picture looks the same. Past moments of outrageous deal making — from Facebook’s acquisitions of Instagram and WhatsApp to the soaring private market valuations of start-ups like Uber and WeWork — have prompted heated debates about a tech bubble for the last decade. Each time, Mr. Bahat said, he thought the frenzy would eventually return to normal.

Instead, he said, “every single time it’s become the new normal.”

Investors and founders have adopted a seize-the-day mentality, believing the pandemic created a once-in-a-lifetime opportunity to shake things up. Phil Libin, an entrepreneur and investor, said the pandemic had changed every aspect of society so much that start-ups were accomplishing five years of progress in one year.

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Some Americans blocked from ordering Biden’s free Covid tests in early website launch

Take home COVID-19 self testing kits provided by the District of Columbia government, which provides city residents four free take home tests per day, are seen in this illustration taken January 11, 2022.

Evelyn Hockstein | Reuters

Americans on Tuesday started placing orders for free Covid tests promised by the Biden administration after the federal government rolled out the website a day earlier than expected — with some complaining on social media that they were blocked from ordering their own supplies.

White House press secretary Jen Psaki said the website, covidtests.gov, is in its testing phase and will officially launch Wednesday morning. Orders placed during the website’s testing phase Tuesday are valid and will be shipped, White House spokesman Kevin Munoz told CNBC.

Every household is limited to four tests based on residential address. The White House said last week it capped the number of tests people can order to ensure broad access to the program.

Tests can be ordered here: https://www.covidtests.gov/

After clicking on “order free at-home tests,” the website redirects customers to a Postal Service order form, where you submit your name and address before checking out.

The Postal Service will the ship tests 7 to 12 days after orders are placed, according the Biden administration. The website on Tuesday said orders would start shipping at the end of the month.

While some customers said the website was simple and easy to use, others – particularly people who live in apartment buildings – reported problems in social media posts on Tuesday.

“Every website launch in our view comes with risk,” Psaki told reporters during a White House briefing Tuesday. “We can’t guarantee there won’t be a bug or two. But the best tech teams across the administration and the Postal Service are working hard to make this a success,” she said.

The White House launched the website after a public outcry over widespread testing shortages during the busy holiday travel season as the highly contagious omicron Covid variant swept the country. Pharmacies large and small struggled to keep at-home tests in stock as demand suddenly surged.

President Joe Biden said the administration is procuring a total of 1 billion at-home tests to distribute to Americans for free. The Defense Department is awarding contracts for the tests in coordination with the Health and Human Services Department.

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