On Thursday, analysts spotlighted the news that the White House and congressional Democrats were moving toward dropping corporate tax increases they had wanted to include in the bill, as they hoped to forge a deal that could clear the Senate. A spending deal without corporate tax increases would be a potential boon to profits and share prices.

“A stay of execution on higher corporate tax rates would seem a potentially noteworthy development,” Daragh Maher, a currency analyst with HSBC Securities, wrote in a note to clients on Thursday.

An agreement among Democrats on what’s expected to be a roughly $2 trillion spending plan would also open the door to a separate $1 trillion bipartisan infrastructure plan moving through Congress. Progressives in the House are blocking the infrastructure bill until agreement is reached on the larger bill.

But the prospects for an agreement have helped to lift shares of major engineering and construction materials companies. Terex, which makes equipment used for handling construction materials like stone and asphalt, has jumped more than 5 percent this week. The asphalt maker Vulcan Materials has risen more than 4 percent. Dycom, which specializes in construction and engineering of telecommunication networking systems, was up more than 9 percent.

The renewed confidence remains fragile, with good reason. The coronavirus continues to affect business operations around the world, and the Delta variant demonstrated just how disruptive a new iteration of the virus can be.

Another lingering concern involves the higher costs companies face for everything from raw materials to shipping to labor. If they are unable to pass those higher costs on to consumers, it will cut into their profits.

“That would be big,” Mr. McKnight said. “That would be a material impact to the markets.”

But going into the final months of the year — traditionally a good time for stocks — the market also has plenty of reasons to push higher.

The recent weeks of bumpy trading may have chased shareholders with low confidence — sometimes known as “weak hands” on Wall Street — out of the market, offering potential bargains to long-term buyers.

“Interest rates are relatively stable. Earnings are booming. Covid cases, thankfully, are dropping precipitously in the U.S.,” Mr. Zemsky said. “The weak hands have left the markets and there’s plenty of jobs. So why shouldn’t we have new highs?”

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How Chemours and DuPont Avoid Paying for PFAS Pollution

The transactions that created Chemours and reinvented DuPont laid the groundwork for a blame-shifting exercise that has made it difficult for regulators and others to hold anyone accountable for decades of contamination in North Carolina and elsewhere.

State attorneys general in Ohio, New Jersey, New Hampshire, Vermont and New York each sued the companies for having released toxic chemicals into the air, water and soil and for concocting a spinoff to shield DuPont from responsibility. Dutch prosecutors began criminally investigating Chemours for the use of PFOA at a factory in Dordrecht from 2008 to 2012, before Chemours was created.

Yet in courts, in the media and in public settings, DuPont and Chemours have used the spinoff to distance themselves from the problems.

In a court filing in Ohio, where the state has sued over pollution from the Washington Works factory on the West Virginia border, Chemours claimed that the contamination happened before “Chemours even came into existence.” In a securities filing this summer, Chemours stated that it “does not, and has never, used” PFOA. Yet Chemours continues to manufacture other versions of PFAS, including GenX.

DuPont adopted a similar stance. Because Chemours was independent and had assumed responsibility for Washington Works, DuPont claimed it had nothing to do with the pollution. In fact, DuPont insisted, because it was technically a new company, it had never even made the toxic substances in question.

In 2019, Chemours, deep in debt, sued DuPont. Chemours contended that the spinoff was conceived to get DuPont off the hook for its decades of pollution. According to the complaint, DuPont executives decided against a $60 million project that would have stopped Fayetteville Works from discharging chemicals into the Cape Fear River. Instead, DuPont executives made a $2 million change, which they abandoned shortly before they announced the Chemours spinoff.

The lawsuit asked, “Why bother spending money to fix the problem, DuPont apparently reasoned, when it could be conveniently passed on to Chemours?”

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Mass Abduction of U.S. Missionaries Startles Even Kidnap-Weary Haiti

PORT-AU-PRINCE, Haiti — Children on their way to school, street vendors selling their wares, priests mid-sermon — few Haitians, rich or poor, are safe from the gangs of kidnappers that stalk their country with near impunity. But the abduction this weekend of 17 people associated with an American missionary group as they visited an orphanage shocked officials for its brazenness.

On Sunday, the hostages, five of them children, remained in captivity, their whereabouts and identities unknown to the public. Adding to the mystery was a wall of silence from officials in Haiti and the United States about what, if anything, was being done to secure their release.

“We are seeking God’s direction for a resolution, and authorities are seeking ways to help,” the missionary group, Christian Aid Ministries, an Ohio-based group founded by Amish and Mennonites that has a long history of working in the Caribbean, said in a statement.

The authorities identified the gang behind the kidnappings as 400 Mawozo, an outfit infamous for taking abductions to a new level in a country reduced to near lawlessness by natural disaster, corruption and political assassination. Not content to grab individual victims and demand ransom from their family members, the gang has taken to snatching people en masse as they ride buses or walk the streets in groups whose numbers might once have kept them safe.

President Jovenel Moïse. Violence is surging across the capital, where by some estimates, gangs now control roughly half of the city. On a single day last week, gangs shot at a school bus in Port-au-Prince, injuring at least five people, including students, while another group hijacked a public bus.

According to the Center for Analysis and Research for Human Rights, which is based in Port-au-Prince, this year alone, from January to September, there were 628 people reported kidnapped, including 29 foreigners.

“The motive behind the surge in kidnappings for us is a financial one,” said Gèdèon Jean, executive director of the center. “The gangs need money to buy ammunition, to get weapons, to be able to function.”

That means the missionaries are likely to emerge alive, he said

“They are going to be freed — that’s for sure,” Mr. Jean said. “We don’t know in how many days, but they’re going to negotiate.”

abducted 10 people in Croix-des-Bouquets, including seven Catholic clergy members, five of them Haitian and two French. The group was eventually released in late April. The kidnappers demanded a $1 million ransom, but it is unclear if it was paid.

Haitians have been driven to despair by the violence, which prevents them from making a living and keeps their children from attending school. In recent days, some started a petition to protest gang violence, singling out the 400 Mawozo gang and calling on the police to take action. But the police, underfunded and lacking political support, have been able to do little.

Transportation workers called a strike for Monday and Tuesday in Port-au-Prince to protest insecurity — an action that may turn into a more general strike, with word spreading across sectors for workers to stay home to denounce violence that has reached “a new level in the horror.”

“Heavily armed bandits are no longer satisfied with current abuses, racketeering, threats and kidnappings for ransom,” the petition says. “Now, criminals break into village homes at night, attack families and rape women.”

Christian Aid Ministries’ compound in Haiti overlooks the bay of Port-au-Prince, in a suburb called Titanyen.

On a visit there Sunday, three large delivery trucks could be seen on the sprawling grounds surrounded by two fences reinforced with concertina wire. Chickens, goats and turkeys could be seen near small American-style homes with white porches and mailboxes, and laundry hung out to dry.

There was also a guard dog and a sign in Creole that forbid entry without authorization.

Because the area is so poor, at night the compound is the only building illuminated by electric lights, neighbors said. Everything else around it is plunged in darkness.

The Mennonites, neighbors said, were gracious, and tried to spread out the work they had — building a new stone wall around the compound, for instance — so everyone could earn a little and feed their families. They would give workers food and water and joke with them. And Haitians would often come in for Bible classes.

Usually, children could be seen playing. There are swings, a slide, a basketball court, and a volleyball court. It was very unusual, neighbors said, to see it so quiet. Sundays, especially, it is bustling.

But not this Sunday.

Andre Paultre, Oscar Lopez, Ruth Graham, Patricia Mazzei and Lara Jakes contributed reporting.

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Instagram Struggles With Fears of Losing Its ‘Pipeline’: Young Users

Facebook knew that an ad intended for a 13-year-old was likely to capture younger children who wanted to mimic their older siblings and friends, one person said. Managers told employees that Facebook did everything it could to stop underage users from joining Instagram, but that it could not be helped if they signed up anyway.

In September 2018, Kevin Systrom and Mike Krieger, Instagram’s founders, left Facebook after clashing with Mr. Zuckerberg. Mr. Mosseri, a longtime Facebook executive, was appointed to helm Instagram.

With the leadership changes, Facebook went all out to turn Instagram into a main attraction for young audiences, four former employees said. That coincided with the realization that Facebook itself, which was grappling with data privacy and other scandals, would never be a teen destination, the people said.

Instagram began concentrating on the “teen time spent” data point, three former employees said. The goal was to drive up the amount of time that teenagers were on the app with features including Instagram Live, a broadcasting tool, and Instagram TV, where people upload videos that run as long as an hour.

Instagram also increased its global marketing budget. In 2018, it allocated $67.2 million to marketing. In 2019, that increased to a planned $127.3 million, then to $186.3 million last year and $390 million this year, according to the internal documents. Most of the budgets were designated to wooing teens, the documents show. Mr. Mosseri approved the budgets, two employees said.

The money was slated for marketing categories like “establishing Instagram as the favorite place for teens to express themselves” and cultural programs for events like the Super Bowl, according to the documents.

Many of the resulting ads were digital, featuring some of the platform’s top influencers, such as Donté Colley, a Canadian dancer and creator. The marketing, when put into action, also targeted parents of teenagers and people up to the age of 34.

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September Consumer Price Index: Inflation Rises

Consumer prices jumped more than expected last month, with rent, food and furniture costs surging as a limited supply of housing and a shortage of goods stemming from supply chain troubles combined to fuel rapid inflation.

The Consumer Price Index climbed 5.4 percent in September from a year earlier, faster than its 5.3 percent increase through August and above economists’ forecasts. Monthly price gains also exceeded predictions, with the index rising 0.4 percent from August to September.

The figures raise the stakes for both the Federal Reserve and the White House, which are facing a longer period of rapid inflation than they had expected and may soon come under pressure to act to ensure the price gains don’t become a permanent fixture.

On Wednesday, President Biden said his administration was doing what it could to fix supply-chain problems that have helped to produce shortages, long delivery times and rapid price increases for food, televisions, automobiles and other products.

Social Security Administration said on Wednesday that benefits would increase 5.9 percent in 2022, the biggest boost in 40 years. The increase, known as a cost-of-living adjustment, is tied to rising inflation.

jumped early in 2021 as prices for airfares, restaurant meals and apparel recovered after slumping as the economy locked down during the depths of the pandemic. That was expected. But more recently, prices have continued to climb as supply shortages mean businesses cannot keep up with fast-rising demand. Factory shutdowns, clogged shipping routes and labor shortages at ports and along trucking lines have combined to make goods difficult to produce and transport.

expect higher prices. If people believe that their lifestyles will cost more, they may demand higher compensation — and as employers lift pay, they may charge more for their goods to cover the costs, setting off an upward spiral.

though typically too little to fully offset the amount of inflation that has occurred this year. There are notable exceptions to that, including in leisure and hospitality jobs, where pay has accelerated faster than prices.

The fact that rents and other housing costs are now climbing only compounds the concern that price gains are becoming stickier.

“You have the sticky, important and cyclical piece of inflation surprising to the upside,” said Laura Rosner-Warburton, an economist at MacroPolicy Perspectives. “It is certainly a very significant development.”

Matt Permar, a 24-year-old mail carrier from Toledo, Ohio, rents a two-bedroom apartment in a suburban area with a friend from college. The pair had paid $540 a month each for two years, which Mr. Permar called “pretty standard.” But that has changed.

“With the housing market being the way it is, they raised it about $100,” he said of his monthly rent. As a result, Mr. Permar said, he will have less cash to save or invest.

The Fed aims for 2 percent inflation on average over time, which it defines using a different but related index, the Personal Consumption Expenditures measure. That gauge is released at more of a delay, and has also jumped this year.

Central bankers have said they are willing to look past surging prices because the gains are expected to prove transitory, and they expect long-run trends that had kept inflation low for years to come to dominate. But they have grown wary as rapid price gains last.

The Fed’s September meeting minutes showed that “most participants saw inflation risks as weighted to the upside because of concerns that supply disruptions and labor shortages might last longer and might have larger or more persistent effects on prices and wages than they currently assumed.”

Fed officials’ moves toward slowing their bond purchases could leave them more nimble if they find that they need to raise rates to control inflation next year. Officials have signaled that they want to stop buying bonds before raising rates, so that their two tools are not working at odds with each other.

Wall Street is watching every inflation data point closely, because higher rates from the Fed could squeeze growth and stock prices. And climbing costs can cut into corporate profits, denting earning prospects.

White House officials and many Wall Street data watchers tend to emphasize a “core” index of inflation, which strips out volatile food and fuel prices. Core inflation climbed 4 percent in the year through last month, but the monthly gain was less pronounced, at 0.2 percent.

Some economists welcomed that moderation as good news, along with the cooling in key prices, like airfares, that had popped earlier in the economic reopening. Others emphasized that once supply chain kinks were worked out, prices could drop on products like couches, bikes and refrigerators, providing a counterweight to rising housing expenses.

Omair Sharif, founder of Inflation Insights, said he expected consumer price inflation to moderate, coming in at 2.75 percent to 3 percent on a headline basis by next July, and for core inflation to cool down even more.

“I don’t think there’s any reason to panic,” he said.

Ana Swanson and Ben Casselman contributed reporting.

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The Body Collector of Spain: When Migrants Die at Sea, He Gets Them Home

ALGECIRAS, Spain — No one knew the man’s name when he washed ashore. His body had floated in the ocean for weeks, and it then sat much of the summer unidentified in a refrigerator in a Spanish morgue.

He was one among thousands lost at sea during what has been a record year for migrant drownings in Spain. And he might have been sent with the other unclaimed dead to an unmarked grave if Martín Zamora had not figured out that the body had a name, and a life.

He was Achraf Ameer, 27, a mechanic from Tangier. He had been missing for weeks when Mr. Zamora reached his family by WhatsApp. He had found their son’s body. He could bring it to them in Morocco, for a price.

“Sometimes, I get the feeling that some years ahead — in 30, 40, 50 years, I don’t know how many — they will look at us like monsters,” he said. “They’ll see us all as monsters because we just let people die this way.”

tracks the deaths. The International Organization for Migration, a United Nations body that keeps a more conservative count, has recorded more than 1,300 deaths so far this year.

Helena Maleno Garzón, who heads Caminando Fronteras, said Spain’s situation was especially perilous because it is the only European country with smuggling routes on both the Atlantic and the Mediterranean. “These include some of the most dangerous routes which are now being used,” she said.

Dozens of boats have gone down this year near the Canary Islands, a Spanish archipelago off West Africa.

Migrant boats also are tempted by the narrowness of the Gibraltar Strait, only nine miles wide in one section, despite strong currents that sink many boats. Some migrants drown only hours after leaving Africa, their bodies later washing ashore on beaches in Spain’s southern region of Andalusia.

The Spanish media sometimes carry stories about the latest bodies. Then, when the headlines recede, Mr. Zamora’s work begins.

The body is the mystery. The clothes are often the only clues.

“It can be hard to identify someone’s face,” Mr. Zamora said. “But a shoe, a jersey, a T-shirt — suddenly a family member will recognize it, because it once was a gift.”

His first clue came in 1999, when he found a note inside the clothes of a dead Moroccan man. Back then, the government was outsourcing to funeral homes the job of burying unclaimed remains in a field alongside the local cemetery.

Mr. Zamora was on call when that body and 15 others were discovered on the beaches. He brought the corpses back to his mortuary and discovered the damp note with a phone number in Spain.

He called and a man on the other end of the line claimed to know nothing. But a few days later, Mr. Zamora recalled, the same man called back and admitted he was the brother-in-law of the young man who had drowned.

“I told him, ‘I’ll make you a deal: I’ll charge you half the price to get the body home, but you have to help me look for the rest of the families,’” Mr. Zamora said.

The man agreed to guide him to the region in southeastern Morocco where his brother-in-law had lived. Mr. Zamora first took care of the body of the young man, embalming it and sending it back to Morocco. Then he got permission from a local judge to take the clothes of the other dead migrants to Morocco.

Mr. Zamora and the relative went from village to village, carrying a large rack on which they hung the clothes of the dead migrants, along with rings and other personal effects, which they took to markets where they knew people would go.

After two weeks they had identified the remaining 15 relatives and repatriated every body.

Mr. Zamora realized he had a solution to what had been seen as a lost cause in Spain. Yet it costs thousands of euros to repatriate the bodies. And the families that he was meeting had far less than he did.

“You find the family, you get the father and the mother, they take you to where they live and you see it’s a tin shack on the side of a mountain with two goats and a rooster, and they tell you they want their son back,” he said. “What do you do? Be a businessman or be sentimental?”

Mohammed El Mkaddem, an imam at the mosque in Algeciras which makes collections for the families of the dead, said he understood Mr. Zamora’s constraints. “In the end, they run a funeral home and it’s a business,” said the imam. “But they do what they can, and we’re thankful for it.”

José Manuel Castillo, the director of the city morgue in Algeciras, said Mr. Zamora filled a gap left by the authorities. “Someone has to take care of the paperwork and the repatriation of the bodies, and if it’s Martín Zamora, that is great,” he said.

Even in the heat of southern Spain, Mr. Zamora wears a tie and loafers, looking more like a lawyer than an undertaker. On a recent afternoon, he was working on a body with his son, Martín Jr., 17.

“They found him in his work clothes,” Martín Jr. said of the corpse. “Maybe he went straight from work into the boat.”

The boy wandered off for a moment, and Mr. Zamora began to speak, almost to himself. His son was 15 the first time they worked together, after a boat carrying 40 people capsized off the coast of Barbate, just north of Algeciras, leaving 22 dead.

He was afraid his son would have nightmares, but Martín Jr. wanted to work, he said.

“No father wants his son to see these things,” Mr. Zamora said. “But this is the world we live in.”

Just before the summer, Mr. Zamora said he received a WhatsApp message from a man who identified himself as Yusef and said he worked at a mosque in the city of La Linea, across the border from the Rock of Gibraltar.

“There were two boys we don’t know if they are alive or dead — surely they are dead,” began the voice message. “The family was looking everywhere and I said we would ask someone we know who is involved in this kind of thing.”

The next message contained a picture of three men in a dinghy with homemade life vests, taken moments before they left Morocco. One was Achraf Ameer, the illiterate mechanic from Tangier.

With that, Mr. Zamora contacted the local authorities, who had a body in the morgue. They gave Mr. Zamora photographs of the man’s clothes, and Mr. Zamora — helped by Yusef — located Mr. Ameer’s sister in Tangier and showed her a photo of the clothes. These days, Mr. Zamora rarely needs to make the trips to Morocco that he used to, making identifications from afar.

“The paint on his clothes was the paint he has on his clothes at work,” the sister, Soukaina Ameer, 28, said in a telephone interview from Tangier.

She said her brother had tried once before to cross into Spain, only to be deported. This time, he didn’t tell anyone but left cryptic hints when the family began making plans to move to a new home.

“He was always telling us: ‘I won’t be living with you in the new house,’” Ms. Ameer recalled.

He left on April 13, she said, his boat likely sinking the same night. His body floated in the sea for much of April before it came ashore around the end of the month. For the rest of the spring and part of the summer, it was placed in a morgue, where it deteriorated from not being frozen.

And so on a sweltering day, Mr. Zamora loaded Mr. Ameer’s body into his hearse and, with his son, drove past pines and sunflower fields. The body was wrapped in blankets from the Red Cross, which had found him. A hospital tag was affixed to one leg. At the mortuary, Mr. Zamora and his son arrived dressed in hazmat suits and began embalming.

Ten pumps from a long needle into Mr. Ameer’s shoulder. Another 10 into his chest. After an hour, Mr. Zamora wrapped the body in a shroud which he covered in a green cloak and sprinkled it with dried flowers, recreating a Muslim rite that an imam had once shown him. Then he shut the lid on the coffin and he and his son took off their hazmat suits. The two were covered in sweat.

Yet the work hardly felt finished. In the adjoining room sat stacks of case files, people whose bodies Mr. Zamora was still trying to locate after their relatives had gotten in touch with him. There was an Algerian man, born in 1986. There were two Moroccans who had been lost at sea; and a Syrian man, who once had a wife and lived in Aleppo.

And there was a ringing from the other room, and with it, another possible lead.

“Martín, go get my phone,” Mr. Zamora said to his son, taking off his gloves.

Aida Alami contributed reporting from Rabat, Morocco, and José Bautista from Madrid.

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Rohingya on Bangladesh Island of Bhashan Char Seek to Leave

DHAKA, Bangladesh — Its name translates into “floating island,” and for up to 100,000 desperate war refugees, the low-slung landmass is supposed to be home.

One refugee, Munazar Islam, initially thought it would be his. He and his family of four fled Myanmar in 2017 after the military there unleashed a campaign of murder and rape that the United Nations has called ethnic cleansing. After years in a refugee camp prone to fires and floods, he accepted an invitation from the government of neighboring Bangladesh to move to the island, Bhasan Char.

Mr. Islam’s relief was short lived. Jobs on the island were nonexistent. Police officers controlled the refugees’ movements and sometimes barred residents from mingling with neighbors, or children from playing together outside. The island was vulnerable to flooding and cyclones and, until relatively recently, would occasionally disappear underwater.

So, in August, Mr. Islam paid human smugglers about $400 to ferry his family somewhere else.

“When I got the chance, I paid and left,” said Mr. Islam, who asked that his location not be revealed because leaving Bhasan Char is illegal. “I died every day on that island, and I didn’t want to be stuck there.”

Myanmar.

worsened storms and sent sea levels rising. Human Rights Watch, in a recent report, said refugees and humanitarian workers alike fear that inadequate storm and flood protection could put those on the island at serious risk.

Nevertheless, the Bangladesh government has moved ahead with resettling Rohingya refugees there. They have built housing for more than 100,000 people, with a series of red-roofed dormitories checkering more than two square miles of the western side of the island.

The number of people trying to escape the island has become a growing problem. About 700 have tried to flee, according to the police, sometimes paying $150 per person to find rides on rickety boats. The police have arrested at least 200 people who attempted to leave.

The police cite safety concerns. In August, a boat carrying 42 people capsized, leaving 14 people dead and 13 missing.

“When we catch them, we send them back to the island,” said Abul Kalam Azad, a police officer in the port city of Chattogram on the southeastern coast of Bangladesh. “They say they are mostly upset for not having any job in Bhasan Char. They are eager to work and earn money.”

Some simply want to see their families again.

Last year, Jannat Ara left her hut in Cox’s Bazar for a dangerous sea journey to take a job in Malaysia that would provide food for eight members of her family. Her boat was intercepted by the Bangladesh navy. She was sent to Bhasan Char, where she lived with three other women.

Alone and desperate to leave, in May she seized the first chance she could get to escape. Her parents paid around $600 for the journey back to Cox’s Bazar, she said. She traveled for hours in pitch dark before arriving back at the camp.

“Only Allah knows how I lived there for a year,” Ms. Ara said. “It is a jail with red roof buildings and surrounded by the sea from all sides. I used to call my parents and cry every day.”

Human rights groups have questioned whether the refugees at Bhasan Char have enough access to food, water, schooling and health care. In an emergency, they say, the island also lacks an ability to evacuate residents.

“The fear is always there,” said Dil Mohammad, a Rohingya refugee who arrived on the island in December. “We are surrounded by the sea.”

But the biggest worry, Mr. Mohammad said, is the education of his children.

“My elder son used to go to the community school when we were in Cox’s Bazar,” he said, “but he is about to forget everything he learned, as there is no option for him to study in Bhasan Char.”

The fear of being stuck on the vulnerable island without any means of getting out has led to protests against Bangladeshi authorities by the refugees. The protests began in May, when U.N. human rights investigators paid a visit. They continued in August after the boat incident, with protesters carrying signs criticizing the Bangladesh government and appealing to the U.N. to get sent back to Cox’s Bazar.

Mr. Islam, the Rohingya refugee who fled in August, was one of the protesters. But he was already thinking about getting out.

He lost three cousins during a killing spree carried out by the Myanmar military in Rakhine state in 2017. Once they arrived in Cox’s Bazar, he and his family built a hillside hut out of sticks and plastic tarpaulins and shared it with another family of three.

During hot summer nights, Mr. Islam said, he and the other man slept outside so that their children and wives could sleep comfortably inside.

The promise of an apartment on Bhasan Char held appeal. In January, while other families were forced to go there, he volunteered. They carried a few blankets and two bags of clothes.

He came to regret the decision. When he arrived back at Cox’s Bazar in August, he saw it with new eyes.

“I felt,” he said, “as if I was walking into my home.”

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Troubled Student Loan Forgiveness Program Gets an Overhaul

The Education Department outsources the work of billing borrowers and guiding them through the repayment process to hired vendors. FedLoan, which holds a contract to manage the accounts of borrowers pursuing public service loan forgiveness, told the agency this summer that it would not renew its contract when it lapses at the end of the year. It said that the “increasingly complex and challenging” work of servicing federal loans had become too costly.

Another major servicer, Navient, said last month that it, too, is resigning to focus on its other lines of business. Those defections and those of several smaller servicers mean that the Education Department will need to move at least 16 million accounts to new servicers in the coming months — a process that has in the past been filled with confusion and mistakes. Agency officials said they did not yet have a successor to FedLoan lined up.

Kristi Jacobson, a second-grade teacher at George R. Moscone Elementary School, in San Francisco, was cautiously optimistic about the prospects of relief.

Ms. Jacobson learned in June that none of the payments she had been making on her loans since 2005 qualified for forgiveness. She had also been submitting the annual paperwork for the program since 2014. She found out when she filled out a form on the Education Department’s website that advised her to consolidate her loans into one that qualified for public service loan forgiveness. The news stunned her.

“I got goose bumps,” she said. “I read it over and over.”

The 54-year-old had been looking forward to retiring in nine years. Instead, she would be restarting the clock on 10 more years of payments on her $86,000 loan, at $550 per month, after she consolidated her Federal Family Education Loans into a qualifying loan this summer.

“I don’t think I should get a free ride,” Ms. Jacobson said. “I borrowed this money for my education, and I should pay it back. But to be 54, and to think: Oh, I’ll never buy a house. It’s like being in a Kafkaesque tunnel.”

“I’ve been told that good things are on the way,” she added, “but I can’t believe it until it happens.”

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Fed Chair Jerome Powell Faces Reappointment Amid Tumult

As Jerome H. Powell’s term as the chair of the Federal Reserve nears its expiration, President Biden’s decision over whether to keep him in the job has grown more complicated amid Senator Elizabeth Warren’s vocal opposition to his leadership and an ethics scandal that has engulfed his central bank.

Mr. Powell, whose four-year term as chair expires early next year, continues to have a good chance of being reappointed because he has earned respect within the White House for his aggressive use of the Fed’s tools in the wake of the pandemic recession, people familiar with the administration’s internal discussions said.

But the decision and the timing of an announcement remain subject to an unusually high level of uncertainty, even for a top economic appointment. The White House will most likely announce Mr. Biden’s choice in the coming weeks, but that, too, is tenuous.

The administration is preoccupied with other major priorities, including passing spending legislation and lifting the nation’s debt limit. But the uncertainty also reflects growing complications around Mr. Powell’s renomination. Ms. Warren, Democrat of Massachusetts, has blasted his track record on big bank regulation and last week called him a “dangerous man” to lead the central bank.

Securities and Exchange Commission to investigate whether the transactions amounted to insider trading. “The responsibility to safeguard the integrity of the Federal Reserve rests squarely with him.”

Asked on Tuesday whether he had confidence in Mr. Powell, the president said he did but that he was still catching up on events.

The White House’s decision over Mr. Powell’s future is pending at a critical moment for the U.S. economy. Millions of jobs are still missing compared with before the pandemic, and inflation has jumped higher as strong demand clashes with supply chain disruptions, presenting dueling challenges for the Fed chair to navigate. The Fed’s next leader will also shape its involvement in climate finance policy, a possible central bank digital currency and the response to the central bank’s ethics dilemma.

“This is starting to feel like an incredibly consequential time for the Fed,” said Dennis Kelleher, the chief executive of Better Markets, a group that has been critical of the Fed’s deregulatory moves in recent years and has criticized it for insufficient ethical oversight.

26 transactions, albeit all in broad-based funds. He also noted that Lael Brainard, a Fed governor and a longtime favorite to replace Mr. Powell if he is not reappointed, did not report any transactions year.

“If you’re trying to go above and beyond, and be beyond reproach, not trading is the better option,” Mr. Hauser said.

bought and sold individual stocks, his 2017 disclosures showed. Ms. Brainard herself has in the past made broad-based transactions. It was the Fed’s more expansive role in 2020 that spurred the backlash.

Agencies often need a “wake-up call” to notice evolving problems with their oversight rules, said Norman Eisen, a senior fellow at the Brookings Institution and an ethics adviser in President Barack Obama’s White House.

“My own view is that Chair Powell is pivoting briskly to address the weaknesses in the Fed’s ethics system,” he said.

enabled big banks to become more intertwined with venture capital.

Critics say reappointing Mr. Powell amounts to retaining that more hands-off regulatory approach. And some progressive groups suggest that if Mr. Powell stays in place, Mr. Quarles will feel emboldened to stick around: He has hinted that he might stay on as a Fed governor once his leadership term ends.

That would mean four of seven Fed Board officials — a majority — would remain Republican-appointed. Two other governors — Michelle W. Bowman and Christopher J. Waller — were nominated by President Donald J. Trump.

During Mr. Powell’s Senate testimony last week, Ms. Warren said renominating him as chair meant “gambling that, for the next five years, a Republican majority at the Federal Reserve, with a Republican chair who has regularly voted to deregulate Wall Street, won’t drive this economy over a financial cliff again.”

Even without Ms. Warren’s approval, Mr. Powell would most likely draw enough support to clear the Senate Banking Committee, the first step before the full Senate could vote on his nomination, because of his continued backing from the committee’s Republicans. But having a powerful Democratic opponent whose support the administration needs on other legislative priorities is not helpful.

The Fed chair does have some powerful allies in the administration, including Ms. Yellen, the Treasury secretary. But the decision rests with Mr. Biden.

“I know he will talk to many people and consider a wide range of evidence and opinions,” Ms. Yellen said on CNBC on Tuesday.

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In Venice, High-Tech Tracking of Tourists Stirs Alarm

Originally, the surveillance cameras beaming in the images — along with hundreds more citywide — were installed to monitor for crime and reckless boaters. But now they double as visitor trackers, a way for officials to spot crowds they want to disperse.

Officials say the phone-location data will also alert them to prevent the type of crowds that make crossing the city’s most famous bridges a daily struggle. In addition, they are trying to figure out how many visitors are day-trippers, who spend little time — and little of their money — in Venice.

Once officials establish such patterns, the information will be used to guide the use of the gates and the booking system. If crowds are expected on certain days, the system will suggest alternative itineraries or travel dates. And the admission fee will be adjusted to charge a premium, up to 10 euros, or about $11.60, on what are expected to be high-traffic days.

City leaders dismiss critics who fret about the invasion of privacy, saying that all of the phone data is gathered anonymously. The city is acquiring the information under a deal with TIM, an Italian phone company, which like many others is capitalizing on increased demand for data by law enforcement, marketing firms and other businesses.

In fact, data from Venetians is also being swept up, but city officials say they are receiving aggregated data and therefore, they insist, cannot use it to follow individuals. And the thrust of its program, they say, is to track tourists, whom they say they can usually spot by the shorter amount of time they stay in the city.

“Every one of us leaves traces,” said Marco Bettini, a manager at Venis, the I.T. company. “Even if you don’t communicate it, your phone operator knows where you sleep.” It also knows where you work, he said, and that on a specific day you are visiting a city that is not yours.

But Luca Corsato, a data manager in Venice, said the collection raises ethical questions because phone users probably have no idea a city could buy their data. He added that while cities have bought phone location data to monitor crowds at specific events, he was unaware of any other city making this “massive and constant” use of it to monitor tourists.

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