“This is empty right now,” Mr. Pomeroy said, smoothly steering his white 2014 Ford Explorer (what he calls his “mobile command center”) past a swath of freshly paved asphalt. “But in the summer, and during the event in particular, there’s airplanes parked everywhere up here.”

Much like the activities of the conference, elements of the travel there are shrouded in secrecy. Many jets flying in are registered to obscure owners and limited liability companies, some with only winking references to their passengers. The jet that carried Mr. Kraft last year, for example, is registered under “Airkraft One Trust,” according to records from the Federal Aviation Administration. The plane that Mr. Bezos flew in on is registered to Poplar Glen, a Seattle firm.

Representatives for Mr. Kraft and Mr. Bezos declined to comment. Mr. Bezos is not expected to turn up at Sun Valley this year, according to an advance list of guests that was obtained by The New York Times.

Mr. Pomeroy plans well in advance to deal with the intense air traffic generated by the conference, which he refers to obliquely as “the annual fly-in event.” Without proper organization, flocks of private jets could stack up in the airspace around Friedman, creating delays and diversions while pilots burn precious fuel.

That was the case for the 2016 conference, which coincided with Mr. Pomeroy’s first week on the job. That year, some aircraft circled overhead or sat on the tarmac for more than an hour and a half, waiting for the airspace and runway to clear.

“I saw airplanes literally lined up to take off from the north end of the field almost all the way down to the south end of the field,” Mr. Pomeroy said, referring to the 7,550-foot runway. “Tail to nose, all the way up the taxiway.”

After that episode, Mr. Pomeroy enlisted Greg Dyer, a former district manager at the F.A.A., to help unclutter the tarmac. The two coordinated with an F.A.A. hub in Salt Lake City to line up flights, sometimes 300 to 500 miles outside Sun Valley. For some flights, the staging begins before the planes take off.

“Before, it looked like an attack — it was just airplanes coming from all points of the compass, all trying to get here at the same time,” said Mr. Dyer, an airport consultant for Jviation-Woolpert.

Last year, delays were kept to a maximum of 20 minutes, and no commercial travelers missed connecting flights because of air traffic caused by the conference, Mr. Pomeroy said.

When moguls are forced to circle in the air, they often loiter in great style. Buyers willing to shell out tens of millions for a high-end private plane are unlikely to balk at an additional $650,000 to outfit the aircraft with Wi-Fi, said Lee Mindel, one of the founders of SheltonMindel, an architectural firm that has designed the interiors of Gulfstream and Bombardier private jets. Some owners, he said, have opted for bespoke flatware from Muriel Grateau in Paris, V’Soske rugs or other luxe features.

“If you have to ask what it costs, you really can’t afford to do it,” Mr. Mindel said.

During the pandemic, when commercial travel slowed because of restrictions, corporate jaunts increased among a subset of executives who didn’t want to be held back, said David Yermack, a professor at New York University’s Stern School of Business. He added that it might be cheaper in the long run to compensate chief executives with jet travel than pay them with cash.

“I think it was Napoleon who said, ‘When I realized people would lay down their lives for little pieces of colored ribbon, I knew I could conquer the world,’” Mr. Yermack said.

The glut of flights certainly raises practical concerns. The residents of Hailey, as well as nearby Ketchum and Sun Valley, have complained in the past about the noise created by the jets zooming into Friedman Memorial Airport.

To deal with the complaints, Mr. Pomeroy and the Friedman Memorial Airport Authority curtailed flights between 11 p.m. and 7 a.m. and limited the number of takeoffs and landings from the north, over the little city of Hailey.

Before the conference, Mr. Pomeroy sends a letter to incoming pilots about what to expect, admonishing them to keep the noise to a minimum.

“While the overwhelming majority of users during this event are respectful of our program and community, only a few operators who blatantly disregard our program, or who are negligent in educating themselves about our program, leave a negative impression on all of us,” Mr. Pomeroy wrote this year.

Allen & Company’s stinginess about some conference details extends to the airport. But Mr. Pomeroy and his team get enough information to conclude when the moguls will arrive and are about to leave town.

When the schmoozing is over next week, Mr. Pomeroy will begin the arduous task of ushering the corporate titans out of Idaho. Often that means closing the airport briefly to arrivals while they hustle out departures for an hour.

As the last jets get ready to leave, Mr. Pomeroy said, he and his team breathe a sigh of relief.

“Afterward, I am ready to hit the river for some serious fly-fishing for a day or two,” he said.

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KB Home Announces the Grand Opening of Alder Brook, a New-Home Community in Highly Desirable Enumclaw, Washington

ENUMCLAW, Wash.–(BUSINESS WIRE)–KB Home (NYSE: KBH) today announced the grand opening of Alder Brook, a new single-family home community in the quaint and highly desirable city of Enumclaw, Washington. Alder Brook is located on 244th Avenue SW between Highways 164 and 410, providing easy access to the Seattle area’s major employment centers. The new homes offer breathtaking views of the Cascade Mountains and are just over a mile from popular shopping, dining and entertainment in downtown Enumclaw. The community is also close to several public parks and a short drive to Mount Rainier and Crystal Mountain Resort, which offer year-round outdoor recreation opportunities.

Alder Brook showcases a wide selection of one- and two-story homes that are situated on large homesites. The new homes blend attractive design features like beautiful kitchens overlooking large great rooms, expansive bedroom suites with walk-in closets and generous loft and den spaces. The community’s floor plans feature up to six bedrooms and three-and-a-half baths, and range in size from approximately 1,600 to 2,900 square feet.

“Our new homes at Alder Brook are situated within the highly desirable city of Enumclaw and offer breathtaking views of the Cascade Mountains. The new community is convenient to Highways 164 and 410 and close to popular shopping, dining and entertainment as well as area parks and abundant outdoor recreation,” said Ryan Kemp, President of KB Home’s Seattle division. “As with other KB Home communities, Alder Brook provides home shoppers with the opportunity to purchase a new KB home that can be personalized to reflect their lifestyle and needs.”

KB Home stands out from other homebuilders as the company gives homebuyers exceptional choice and control. KB Home starts by offering a wide variety of homes at an affordable price. From there, the builder gives buyers the ability to personalize their homes from floor plans to exterior elevations, from design options to where they live in the community. The KB Home team works hand in hand with homeowners every step of the way, so they have a real partner in the process.

Every KB home is designed to be ENERGY STAR® certified thanks to the quality construction techniques and materials utilized that ultimately deliver significant savings on utility bills compared to used homes. Additionally, all new KB homes are designed to deliver an enhanced indoor environment and include high performance ventilation systems, low- or zero-VOC products and other features guided by the Environmental Protection Agency’s (EPA) Indoor airPLUS standards.

The Alder Brook sales offices and model home are open for walk-in visits and private in-person tours by appointment. Homebuyers also have the flexibility to arrange a live video tour with a sales counselor. Pricing begins from the low $600,000s.

For more information on KB Home, call 888-KB-HOMES or visit kbhome.com.

About KB Home

KB Home is one of the largest and most recognized homebuilders in the United States and has built over 655,000 quality homes in our more than 65-year history. Today, KB Home operates in 47 markets from coast to coast. What sets KB Home apart is the exceptional personalization we offer our homebuyers — from those buying their first home to experienced buyers — allowing them to make their home uniquely their own, at a price that fits their budget. As the leader in energy-efficient homebuilding, KB Home was the first builder to make every home it builds ENERGY STAR® certified, a standard of energy performance achieved by fewer than 10% of new homes in America and has built more ENERGY STAR certified homes than any other builder. An energy-efficient KB home helps lower the cost of ownership and is designed to be healthier, more comfortable and better for the environment than new homes without certification. We build strong, personal relationships with our customers, so they have a real partner in the homebuying process. As a result, we have the distinction of being the #1 customer-ranked national homebuilder in third-party buyer satisfaction surveys. Learn more about how we build homes built on relationships by visiting kbhome.com.

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U.S. likely to announce this week purchase of missile defense system for Ukraine

U.S. and Ukrainian flags are pictured prior to the start of the Ukraine Defense Consultative Group meeting hosted by U.S. Secretary of Defense Lloyd Austin, as Russia’s attack on Ukraine continues, at U.S. Airbase in Ramstein, Germany, April 26, 2022. REUTERS/Kai Pfaffenbach

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WASHINGTON, June 26 (Reuters) – The United States is likely to announce this week the purchase of an advanced medium to long range surface-to-air missile defense system for Ukraine, a source familiar with the matter told Reuters on Sunday.

Washington is also expected to announce other security assistance for Ukraine, including additional artillery ammunition and counter-battery radars to address needs expressed by the Ukrainian military, the source added.

The weaponry is the latest assistance to be offered to Ukraine by the United States since Russia invaded its eastern European neighbor in February.

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This month, President Joe Biden agreed to provide Ukraine with $700 million in military aid, including advanced rocket systems that can strike with precision at long-range targets.

Ammunition, counter fire radars, a number of air surveillance radars, additional Javelin anti-tank missiles, as well as anti-armor weapons are also part of that package, officials said.

Another effort, to sell four large, armable drones to Ukraine, was paused earlier this month amid concerns that their radar and surveillance equipment could create a security risk for the United States if it fell into Russian hands. read more

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Reporting by Steve Holland in Washington, Additional reporting by Sharon Bernstein in Sacramento, Calif., writing by Ismail Shakil; Editing by Ross Colvin and Himani Sarkar

Our Standards: The Thomson Reuters Trust Principles.

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G7 aims to raise $600 bln to counter China’s Belt and Road

SCHLOSS ELMAU, Germany, June 26 (Reuters) – Group of Seven leaders pledged on Sunday to raise $600 billion in private and public funds over five years to finance needed infrastructure in developing countries and counter China’s older, multitrillion-dollar Belt and Road project.

U.S. President Joe Biden and other G7 leaders relaunched the newly renamed “Partnership for Global Infrastructure and Investment,” at their annual gathering being held this year at Schloss Elmau in southern Germany.

Biden said the United States would mobilize $200 billion in grants, federal funds and private investment over five years to support projects in low- and middle-income countries that help tackle climate change as well as improve global health, gender equity and digital infrastructure.

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“I want to be clear. This isn’t aid or charity. It’s an investment that will deliver returns for everyone,” Biden said, adding that it would allow countries to “see the concrete benefits of partnering with democracies.”

Biden said hundreds of billions of additional dollars could come from multilateral development banks, development finance institutions, sovereign wealth funds and others.

Europe will mobilize 300 billion euros ($317.28 billion) for the initiative over the same period to build up a sustainable alternative to China’s Belt and Road Initiative scheme, which Chinese President Xi Jinping launched in 2013, European Commission President Ursula von der Leyen told the gathering.

The leaders of Italy, Canada and Japan also spoke about their plans, some of which have already been announced separately. French President Emmanuel Macron and British Prime Minister Boris Johnson were not present, but their countries are also participating.

China’s investment scheme involves development and programs in over 100 countries aimed at creating a modern version of the ancient Silk Road trade route from Asia to Europe.

White House officials said the plan has provided little tangible benefit for many developing countries.

U.S. President Joe Biden attends a working lunch with other G7 leaders to discuss shaping the global economy at the Yoga Pavilion, Schloss Elmau in Kuren, Germany, June 26, 2022. Kenny Holston/Pool via REUTERS

Chinese foreign ministry spokesman Zhao Lijian defended the track record of BRI when asked for comment at a daily briefing in Beijing on Monday.

“China continues to welcome all initiatives to promote global infrastructure development,” Zhao said of the G7’s $600 billion plan.

“We believe that there is no question that various related initiatives will replace each other. We are opposed to pushing forward geopolitical calculations under the pretext of infrastructure construction or smearing the Belt and Road Initiative.”

Biden highlighted several flagship projects, including a $2 billion solar development project in Angola with support from the Commerce Department, the U.S. Export-Import Bank, U.S. firm AfricaGlobal Schaffer, and U.S. project developer Sun Africa.

Together with G7 members and the EU, Washington will also provide $3.3 million in technical assistance to Institut Pasteur de Dakar in Senegal as it develops an industrial-scale flexible multi-vaccine manufacturing facility in that country that can eventually produce COVID-19 and other vaccines, a project that also involves the EU.

The U.S. Agency for International Development (USAID) will also commit up to $50 million over five years to the World Bank’s global Childcare Incentive Fund.

Friederike Roder, vice president of the non-profit group Global Citizen, said the pledges of investment could be “a good start” toward greater engagement by G7 countries in developing nations and could underpin stronger global growth for all.

G7 countries on average provide only 0.32% of their gross national income, less than half of the 0.7% promised, in development assistance, she said.

“But without developing countries, there will be no sustainable recovery of the world economy,” she said.

($1 = 0.9455 euros)

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Reporting by Andrea Shalal; Additional reporting by Martin Quin Pollard in Beijing; Editing by Mark Porter, Lisa Shumaker and Muralikumar Anantharaman

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Russia slides towards default as payment deadline expires

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The clock on Spasskaya tower showing the time at noon, is pictured next to Moscow?s Kremlin, and St. Basil?s Cathedral, March 31, 2020. REUTERS/Maxim Shemetov

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  • Grace period runs out on $100 mln interest payment due May 27
  • Some Taiwanese bondholders did not received payment on Monday – sources
  • Russia says it has funds to pay, sanctions are to blame
  • Lapsed U.S. waiver, EU sanctions on NSD scupper Russia payments
  • CDS committee already declared ‘credit event’ occurred

LONDON, June 27 (Reuters) – Russia looked set for its first sovereign default in decades as some bondholders said they had not received overdue interest on Monday following the expiry of a key payment deadline a day earlier.

Russia has struggled to keep up payments on $40 billion of outstanding bonds since its invasion of Ukraine on Feb. 24, as sweeping sanctions have effectively cut the country off from the global financial system and rendered its assets untouchable to many investors.

The Kremlin has repeatedly said there are no grounds for Russia to default but it is unable to send money to bondholders because of sanctions, accusing the West of trying to drive it into an artificial default.

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Russia’s efforts to avoid what would be its first major default on international bonds since the Bolshevik revolution more than a century ago hit a insurmountable roadblock in late May when the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) effectively blocked Moscow from making payments.

“Since March we thought that a Russian default is probably inevitable, and the question was just when,” Dennis Hranitzky, head of sovereign litigation at law firm Quinn Emanuel, told Reuters. “OFAC has intervened to answer that question for us, and the default is now upon us.”

While a formal default would be largely symbolic given Russia cannot borrow internationally at the moment and doesn’t need to thanks to plentiful oil and gas export revenues, the stigma would probably raise its borrowing costs in future.

The payments in question are $100 million in interest on two bonds, one denominated in U.S. dollars and another in euros , Russia was due to pay on May 27. The payments had a grace period of 30 days, which expired on Sunday.

Russia’s finance ministry said it made the payments to its onshore National Settlement Depository (NSD) in euros and dollars, adding it has fulfilled obligations.

Some Taiwanese holders of the bonds had not received payments on Monday, sources told Reuters. read more

For many bondholders, not receiving the money owed in time into their accounts constitutes a default.

With no exact deadline specified in the prospectus, lawyers say Russia might have until the end of the following business day to pay the bondholders.

SMALL PRINT

The legal situation surrounding the bonds looks complex.

Russia’s bonds have been issued with an unusual variety of terms, and an increasing level of ambiguities for those sold more recently, when Moscow was already facing sanctions over its annexation of Crimea in 2014 and a poisoning incident in Britain in 2018.

Rodrigo Olivares-Caminal, chair in banking and finance law at Queen Mary University in London, said clarity was needed on what constituted a discharge for Russia on its obligation, or the difference between receiving and recovering payments.

“All these issues are subject to interpretation by a court of law, but Russia has not waived any of its sovereign immunity and has not submitted to the jurisdiction of any court in any of the two prospectuses,” Olivares-Caminal told Reuters.

In some ways, Russia is in default already.

A committee on derivatives has ruled a “credit event” had occurred on some of its securities, which triggered a payout on some of Russia’s credit default swaps – instruments used by investors to insure exposure to debt against default. This was triggered by Russia failing to make a $1.9 million payment in accrued interest on a payment that had been due in early April. read more

Until the Ukraine invasion, a sovereign default had seemed unthinkable, with Russia being rated investment grade up to shortly before that point. A default would also be unusual as Moscow has the funds to service its debt.

The OFAC had issued a temporary waiver, known as a general licence 9A, in early March to allow Moscow to keep paying investors. It let it expire on May 25 as Washington tightened sanctions on Russia, effectively cutting off payments to U.S. investors and entities.

The lapsed OFAC licence is not the only obstacle Russia faces as in early June the European Union imposed sanctions on the NSD, Russia’s appointed agent for its Eurobonds. read more

Moscow has scrambled in recent days to find ways of dealing with upcoming payments and avoid a default.

President Vladimir Putin signed a decree last Wednesday to launch temporary procedures and give the government 10 days to choose banks to handle payments under a new scheme, suggesting Russia will consider its debt obligations fulfilled when it pays bondholders in roubles.

“Russia saying it’s complying with obligations under the terms of the bond is not the whole story,” Zia Ullah, partner and head of corporate crime and investigations at law firm Eversheds Sutherland told Reuters.

“If you as an investor are not satisfied, for instance, if you know the money is stuck in an escrow account, which effectively would be the practical impact of what Russia is saying, the answer would be, until you discharge the obligation, you have not satisfied the conditions of the bond.”

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Reporting by Karin Strohecker; Additional reporting by Emily Chan in Taipeh and Sujata Rao in London; Editing by David Holmes, Emelia Sithole-Matarise & Simon Cameron-Moore

Our Standards: The Thomson Reuters Trust Principles.

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Ukraine News: Civilians Are Urged to Flee Russian-Occupied Areas in South

Credit…Nariman El-Mofty/Associated Press

WASHINGTON — Attorney General Merrick B. Garland said during a surprise trip to Ukraine on Tuesday that a veteran prosecutor known for investigating former Nazis would lead American efforts in tracking Russian war criminals.

Mr. Garland’s visit, part of scheduled stops in Poland and Paris this week, was intended to bolster U.S. and international support in helping Ukraine identify, apprehend and prosecute Russians involved in war crimes and other atrocities.

His overseas travel comes at a particularly tense moment in his tenure at the Justice Department, on a day of dramatic congressional testimony about the Jan. 6 attack on the Capitol that prompted many Democrats to renew their call for him to prosecute former President Donald J. Trump and his allies.

Mr. Garland met for an hour with Ukraine’s prosecutor general, Iryna Venediktova, in the village of Krakovets, about a mile from the border with Poland, to discuss the technical, forensic and legal support that the United States could provide, department officials said.

“The United States is sending an unmistakable message” to those who have committed atrocities, Mr. Garland said: “There is no place to hide.”

“We will pursue every avenue available to make sure that those who are responsible for these atrocities are held accountable,” he added.

After the meeting, Mr. Garland said he was tapping Eli Rosenbaum, the former director of the Justice Department’s Office of Special Investigations, to create a war crimes accountability team that would work with Ukraine and international law enforcement groups.

Mr. Rosenbaum, 67, is best known for his work for the World Jewish Congress in the 1980s investigating the hidden history of Kurt Waldheim, a former United Nations secretary general whose army unit was implicated in war crimes against Jews and Yugoslavian partisans during World War II.

His work, during a 36-year career in the department, and in stints outside government, earned him the nickname “Nazi hunter” from historians, a sobriquet he dislikes.

In the department’s criminal division, Mr. Rosenbaum has also been instrumental in the prosecution and deportation of Nazis living in the United States and Jews who committed atrocities against their own people in concentration camps. In recent years, his portfolio has taken on a broader mission, as former Nazis die off, and now includes a wider array of human rights cases, at home and abroad.

The new team will include Justice Department staff members and outside experts. In addition to offering assistance to Ukrainian officials, the department said in a statement that Mr. Rosenbaum would investigate “potential war crimes over which the U.S. possesses jurisdiction, such as the killing and wounding of U.S. journalists covering the unprovoked Russian aggression in Ukraine.”

This line of work is, in a sense, part of Mr. Rosenbaum’s family business. His father, Irving, escaped Dresden in 1938, the year of the Kristallnacht attacks against Germany’s Jewish population, joined the U.S. Army, eventually served in an intelligence unit that interrogated German soldiers — and collected information at the Dachau concentration camp.

Mr. Rosenbaum was set to retire before Mr. Garland asked him about a week ago to lead the new unit. He agreed immediately, according to a senior Justice Department official with knowledge of the exchange.

The department is also assigning additional personnel to expand its work with Ukraine and other partners to counter Russian use of illicit financial methods to evade international sanctions — detailing a Justice Department expert to advise Ukraine on fighting kleptocracy, corruption and money laundering, officials said.

“We will pursue every avenue available to make sure that those who are responsible for these atrocities are held accountable,” added Mr. Garland, whose own family immigrated to the United States after fleeing antisemitic pogroms in Eastern Europe in the early 1900s.

After stopping in Poland, Mr. Garland flew on to Paris, where he was scheduled to join the homeland security secretary, Alejandro Mayorkas, in a series of bilateral meetings with European counterparts to discuss efforts to combat terrorism and carry out a strategy of holding Russia accountable for its brutal invasion of Ukraine.

Mr. Garland and Ms. Venediktova last met in May in Washington.

In April, Mr. Garland and the F.B.I. director, Christopher A. Wray, said they would work with investigators and prosecutors in Ukraine, a signal that the Biden administration intended to follow through on its public condemnation of atrocities committed by Russian forces that have been documented during the war.

His team has also been working with the State Department to provide logistical support and advice to Ms. Venediktova and the leaders of other ministries in Ukraine.

“We’ve seen and have determined that a number of war crimes have been committed by Russia’s forces,” Beth Van Schaack, the State Department’s ambassador at large for global criminal justice, said at a briefing in Washington last week.

“What we are seeing is not the results of a rogue unit,” she added, “but rather a pattern and practice across all the areas in which Russia’s forces are engaged.”

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Infighting Overshadows Big Plans at The Washington Post

When Sally Buzbee joined The Washington Post a year ago this month, she took over a newsroom that had nearly doubled to more than 1,000 journalists under the ownership of Jeff Bezos, who bought it in 2013. Its coverage regularly won Pulitzer Prizes.

The newspaper has continued growing in the months since. It has opened breaking news hubs in Seoul and London to become more of a 24-hour global operation. It expanded coverage of technology, climate and personal health. Its reporting won the Pulitzer Prize for public service this year.

But Ms. Buzbee is now on the defensive, yet to completely win over the newsroom and facing internal strife that has eclipsed some of her bold plans.

tweeted in unison last week in support of the newspaper’s direction.

joined The Post last June, becoming the first female executive editor in its 145-year history. She had spent her career at The Associated Press, most recently serving as executive editor. She replaced Martin Baron, who remade the newsroom over eight years to much acclaim, including 10 Pulitzer Prizes.

said was too vague and unevenly enforced. Mr. Baron faced similar tensions under his tenure, including a clash with a star reporter, Wesley Lowery. Mr. Baron threatened to fire Mr. Lowery for violations of The Post’s social media policy, including expressing political views and criticizing competitors, according to a copy of a disciplinary letter.

tweeted: “Fantastic to work at a news outlet where retweets like this are allowed!”

Mr. Weigel quickly deleted his tweet and apologized. Several days later, with several staff members fighting about his actions online, Ms. Buzbee suspended him for a month. In emails, she implored Post journalists to be collegial. After an employee replied to everyone in support of Ms. Sonmez, The Post cut off the ability for staff members to reply-all in a newsroom-wide email, according to a person with knowledge of the decision.

But Ms. Sonmez never stopped tweeting. She said the newspaper unevenly punished journalists for what they wrote on Twitter, and critiqued her co-workers publicly. (Ms. Sonmez previously sued The Post for discrimination after she was barred from covering stories related to sexual assault after she publicly identified herself as a victim of assault. A judge dismissed the case in March.)

termination letter sent by The Post accused her of “insubordination, maligning your co-workers online and violating The Post’s standards on workplace collegiality and inclusivity.”

Less than an hour later, Ms. Buzbee met with the features department to quell another social media flare-up.

Taylor Lorenz, a technology reporter lured to The Post from The New York Times this year, had tweeted that a miscommunication with her editor led to an inaccurate line in an article. The tweets were discussed and agreed on by Ms. Lorenz and multiple editors before she posted, said three people with knowledge of the discussions. The tweets prompted an outcry from critics on Twitter who accused her of passing the buck.

Before the corrections, Ms. Buzbee had offered the well-respected editor, David Malitz, a promotion to run the features department, according to one person with knowledge of the offer. He had agreed to take it. But several days later, Ms. Buzbee pulled the offer.

In the meeting with the features group, Ms. Buzbee fielded angry questions about Mr. Malitz’s treatment. She said he was “in no way reprimanded or punished for any errors,” according to a copy of notes taken at the meeting, but would not say what was behind her decision. She said she couldn’t talk about personnel issues.

It was at that meeting that Ms. Sullivan, The Post’s media columnist, accused Ms. Buzbee of damaging Mr. Malitz’s career, and other staff members said she hadn’t earned their trust. Some told Ms. Buzbee that their doubts stemmed from rarely hearing from her until that meeting.

Ms. Lorenz has been moved from the features staff to the technology team, according to three people with knowledge of the move. Mr. Barr has been asked to review her articles before publication, two of the people said.

On Tuesday, Ms. Buzbee met with dozens of editors in person and over videoconference, fielding questions about the recent upheaval. One editor relayed the concerns from employees who were wary of becoming editors at The Post after recent events.

Ms. Buzbee said in the meeting that she was optimistic about the future of the newspaper. She also told editors that it was their collective responsibility to protect the staff, the readers and the newspaper’s credibility.

On Wednesday evening, newsroom employees were emailed a draft of updated social media guidelines and told that senior editors would hold “listening sessions” this week to get feedback on the revisions.

The draft says that no employee is required to post or engage on social media platforms; journalists must not harm the integrity or reputation of the newsroom; and journalists are “allowed and encouraged to bring their full identity and lived experiences to their social accounts.”

The draft guidelines also note that The Post considers it a priority to protect its journalists from online harassment and attacks.

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L.A. Advocates March Against Criminalization of the Homeless: ‘Sweepless Summer 2022’

LOS ANGELES–(BUSINESS WIRE)–Advocates from Housing Is A Human Right (HHR), the housing advocacy division of AHF, will take part in “Sweepless Summer 2022,” (LA March Against Criminalization of the Homeless Friday, June 17th starting at 10:00 a.m. from historic Olvera Street across from Union Station in Downtown Los Angeles (845 Alameda St, 90012). The march—which will proceed to the Federal Building (300 N. Los Angeles Street, 90012)—is part of a national action against unjust clearing of encampments in DC and cities across the country and is being held in solidarity with the National Poor People’s Campaign and National Coalition for the Homeless events that will be taking place in Washington, DC this weekend.

What:

MARCH AGAINST CRIMINALIZATION of the HOMELESS and in SOLIDARITY with the National Poor People’s Campaign and National Coalition for the Homeless events taking place in Washington, DC this weekend.

 

 

When:

L.A. March: Friday, June 17, 2022 – starts @ 10:00 a.m. (meet @ Olvera Street)

 

NOTE: March should take approx. ½ to 1 hour from start to finish

 

 

Where:

Starts: Olvera Street (across from Union Station)

 

845 N. Alameda St., Los Angeles 90012

 

Marching to: Los Angeles Federal Building

 

300 N Los Angeles St, Los Angeles, CA 90012

 

March Media Contact for AHF: Eduardo Martinez, Eduardo.martinez@ahf.org 323. 535.8511 c

Housing Is A Human Right will also use the events in Los Angeles and Washington to announce and celebrate its new partnership with National Coalition for the Homeless, which will include co-locating NCH’s West Coast headquarters at HHR’s Hollywood offices, collaboration on projects and strategies to reduce homelessness and increase the supply of permanent housing for the unhoused.

“Housing Is A Human Right is excited to provide a growing presence in Los Angeles for the incredible work of the National Coalition for the Homeless!” said Susie Shannon, Policy Director for Housing Is A Human Right. “Our organizations have collectively fought for the rights of our unhoused community and for permanent housing. Together we will be a formidable force in promoting real solutions to homelessness.”

“National Coalition for the Homeless is excited to open an office in Los Angeles. – the homeless capital of the United States – in partnership with Housing is a Human Right. NCH and HHR have shared goals in ending and preventing homelessness and finding real solutions through a Housing First approach,” stated Don Whitehead, National Executive Director of NCH. “We look forward to expanding our coalition throughout the State of California.”

AHF’s Los Angeles Domestic Advocacy team will provide the hand-made posters, banner, and about a dozen or more mobilizers for the march. Drinking water will be provided for everyone. Some of the signs and slogans will include the following:

For more information on Housing Is A Human Right (HHR), click here, and follow HHR on:

FB: https://www.facebook.com/housinghumanright/ Twitter: https://twitter.com/housinghumanrt

For information on the National Coalition for the Homeless (NCH), click here, and follow NCH on:

FB: https://www.facebook.com/NationalCoalitionfortheHomeless

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WTO reaches initial deal as India’s defiance tempered

A general view of the room during the speech of Director-General of the World Trade Organisation (WTO) Ngozi Okonjo-Iweala at the opening ceremony of the 12th Ministerial Conference (MC12), at the World Trade Organization, in Geneva, Switzerland, June 12, 2022. Martial Trezzini/Pool via REUTERS

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  • Intense talks went on until dawn, still ongoing
  • Negotiations cover fishing, vaccine, food security
  • Agreement reached on Thursday on digital tariffs
  • India, formerly seen as a spoiler, expects more deals

GENEVA, June 16 (Reuters) – Major members of the World Trade Organization reached an initial deal on Thursday, winning over India which said it was confident more global accords could be achieved as negotiations on fishing, vaccines and food security entered their final hours.

Ministers from more than 100 countries convened at the global trade watchdog’s headquarters in Geneva this week for the first time in more than four years to agree new trade rules, a feat many thought unlikely in an era of high geopolitical tensions. read more

The body’s 164 members must all agree for new rules to pass, meaning that one member alone can block deals.

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During the June 12-15 meeting, extended into the evening of a fifth day on Thursday, that member has been India.

However, a provisional agreement to extend a moratorium on applying duties to electronic transmissions until at least 2023 was reached despite earlier opposition from New Delhi. read more

Indian Commerce Minister Piyush Goyal, who had struck a defiant stance on a range of topics earlier in the week, told journalists he expected more “solid decisions” to come.

New Delhi, which has a history of blocking multilateral negotiations, has previously stuck to long-held demands to maintain subsidies for fisheries and agriculture and pushed for extra reforms, trade sources said.

India maintains it is fighting to protect livelihoods in developing nations.

Delegates were more upbeat on Thursday about a package of deals with trade-offs possible, without specifying what the compromises would be. EU trade commissioner Valdis Dombrovskis tweeted that members were “getting closer”. WTO deputy director-general Anabel Gonzalez said she was “hopeful”.

Negotiators were in intense talks in the so-called ‘Green Room’ of the WTO for most of the night. U.S. Trade Representative Katherine Tai and Chinese Commerce Minister Wang Wentao were no longer in Geneva, trade sources said.

Negotiations resumed around 0700 GMT Thursday and were expected to conclude in the evening, they added.

One of the possible outcomes of the talks is a pared-back version of a deal designed to curb fishing subsidies that cause over-fishing, a document seen by Reuters showed.

Another is a partial waiver of intellectual property rights for COVID-19 vaccines designed to allow developing countries to produce them and pledges to ease the food security crisis although tussles over the precise wording continued, sources said.

WTO officials have maintained throughout the meetings a belief that deals can be reached, saying talks often look hopeless until a final bargain is reached.

Observers expressed frustration with the process.

“The ministerial (conference) laid bare the increasing dysfunction that inhibits collective action at the WTO,” said Jake Colvin, president of the National Foreign Trade Council, adding that members should not reward “obstructionism”.

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Reporting by Emma Farge; Additional reporting by Andrea Shalal in Washington and Philip Blenkinsop in Brussels; Editing by Raju Gopalakrishnan, Alison Williams, Elaine Hardcastle

Our Standards: The Thomson Reuters Trust Principles.

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Central banks opt for shock and awe to tame inflation

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The exterior of the Marriner S. Eccles Federal Reserve Board Building is seen in Washington, D.C., U.S., June 14, 2022. REUTERS/Sarah Silbiger

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LONDON, June 17 (Reuters) – The Federal Reserve this week delivered its biggest interest rate rise in over a quarter of a century and even the Swiss National Bank took markets by surprise with an aggressive rate hike.

It leaves the Bank of Japan the only major developed world central bank still clinging to the inflation-is-transitory mantra.

Here’s a look at where policymakers stand in the race to contain red-hot inflation.

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Reuters Graphics Reuters Graphics

1) UNITED STATES

The Federal Reserve vaulted to the top-hawk spot on June 15, raising the target federal funds rate by three quarters of a percentage point to a 1.5%-1.75% range.

It acted days after data showed 8.6% annual U.S. inflation, triggering a market frenzy over potentially even more aggressive responses in the coming months.

The Fed is also reducing its $9 trillion stash of assets accumulated during the pandemic.

Central bank balance sheets are starting to shrink — slowly

2) NEW ZEALAND

The Reserve Bank of New Zealand raised its official cash rate by 50 basis points (bps) to 2% on May 25, a level not seen since 2016. That was its fifth straight rate hike. read more

It projected rates to double to 4% over the coming year and stay there until 2024. New Zealand inflation reached a three-decade high of 6.9% in the year to Q1, versus a 1-3% target.

New Zealand among the most aggressive central banks

3) CANADA

The Bank of Canada delivered a second consecutive 50 bps rate increase to 1.5% on June 1, and said it would “act more forcefully” if needed. read more

With April inflation at 6.8%, Governor Tiff Macklem has not ruled out a 75 bps or larger increase and says rates could go above the 2%-3% neutral range for a period.

Deputy BoC governor Paul Beaudry has warned of “galloping” inflation and markets price an unprecedented third consecutive 50 bps increase in July.

Major central banks are hiking rates

4) BRITAIN

The Bank of England (BoE) raised interest rates by 25 bps on Thursday and pledged to act “forcefully” to stamp out dangers posed by a UK inflation rate heading above 11%. read more

The British benchmark interest rate is now at its highest since January 2009. The BoE has now raised borrowing costs five times since December.

Sterling

5) NORWAY

Norway’s Norges Bank was the first big developed economy to kick off a rate-hiking cycle last year and has raised rates three times since September. It is expected to increase its 0.75% rate again on June 23 and plans seven more moves by end-2023.

6) AUSTRALIA

With the economy recovering smartly and inflation at a 20-year high of 5.1%, the Reserve Bank of Australia (RBA) raised rates by a surprise 50 bps on June 6. It was the RBA’s second straight move after insisting for months policy tightening was way off. read more

Money markets price in another 50 bps rise in July.

7) SWEDEN

Another late-comer to the inflation battle, Sweden’s Riksbank raised rates to 0.25% in April in a quarter-point move. With inflation at 6.4%, versus its 2% target, the Riksbank may now opt for bigger moves.

Having said as recently as February that rates would not rise until 2024, the Riksbank expects to hike two or three more times this year.

8) EURO ZONE

Now firmly in the hawkish camp, and facing record-high inflation, the European Central Bank (ECB) said on June 9 it would end bond-buying on July 1, hike rates by 25 bps that month for the first time since 2011 and again in September.

But without details on a tool to prevent borrowing costs for Southern European nations diverging too much above those of Germany, markets will test the ECB’s resolve.

The bank now plans to accelerate work on a potential new tool to contain so-called bond market fragmentation, and skew proceeds from maturing pandemic-era bond holdings into stressed markets. read more

Euro zone inflation is at record highs

9) SWITZERLAND

On June 16, the Swiss National Bank (SNB) unexpectedly raised its -0.75% interest rate, the world’s lowest, by 50 bps, sending the franc soaring read more .

Recent franc weakness has contributed to driving Swiss inflation towards 14-year highs and SNB governor Thomas Jordan said he no longer sees the franc as highly valued. That has opened the door to bets on more rate hikes; a 100 bps move is now priced for September.

10) JAPAN

That leaves the Bank of Japan (BoJ) as the holdout dove.

On Friday, it maintained ultra-low interest rates and vowed to defend its cap on bond yields with unlimited bond-buying. It holds 10-year yields in a 0%-0.25% range.

BoJ boss Haruhiko Kuroda stressed commitment to maintaining stimulus, warning of risks to the economy from tighter policy read more .

In a nod to yen weakness, Kuroda called its rapid decline to 24-year lows “undesirable” as it heightened uncertainty.

The BoJ may come under political pressure, however, given inflation may exceed the 2% target for the second straight month and elections loom in July. Hedge funds, meanwhile, are betting it can’t keep up huge bond-buying for ever.

Japan keeps yield curve control, but pressure for change is building
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Reporting by Sujata Rao, Dhara Ranasinghe and Yoruk Bahceli Additional reporting by Tommy Wilkes and Saikat Chatterjee
Editing by Mark Potter

Our Standards: The Thomson Reuters Trust Principles.

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