These Are The Best US Companies To Work For (According To LinkedIn)

In this graphic, Visual Capitalist's Bruno Venditti lists the 15 best U.S. companies to work for in 2024, according to LinkedIn data.

LinkedIn ranked companies based on eight pillars: ability to advance, skills growth, company stability, external opportunity, company affinity, gender diversity, educational background, and employee presence in the country.

To be eligible, companies must have had 5,000 or more global employees, with at least 500 in the country as of December 31, 2023.

Data and Highlights

Financial institutions dominate the ranking of the best U.S. companies to work for in 2024, with JP Morgan Chase & Co. ranking first.

J.P. Morgan has a program that offers opportunities for candidates without a university degree. In fact, in 2022, 75% of job descriptions at the bank for experienced hires did not require a college degree.

Meanwhile, Deloitte and Amazon offer a variety of free training courses, including in AI.

Moderna includes in its employee package benefits to help avoid employee burnout — from subsidized commuter expenses and pop-up daycare centers, to wellness coaches.

Mastercard offers flexible work availability, with 11.5% remote and 89% hybrid options.

It’s also interesting to note that only Amazon and Alphabet made the cut from the ‘Magnificent Seven’ companies (Apple, Microsoft, Google parent Alphabet, Amazon, Nvidia, Meta Platforms, and Tesla).

See more about the best companies to work for in this infographic, which covers a separate ranking from Glassdoor.

Tyler Durden Fri, 05/03/2024 - 06:55

Norway’s Cash Flow From Offshore Fields Crashes Due to Low Natural Gas Prices

By Tsvetana Paraskova of OilPrice.com

Norway saw cash flow from its stakes in oil and gas fields nearly halve in the first quarter of 2024 compared to the same period of 2023, as natural gas prices slumped and gas consumption in Europe was below expectations, said state company Petoro, which manages field holdings of Western Europe’s top oil and gas producer.

In the first quarter of the year, Petoro delivered a cash flow of $5.4 billion (60 billion Norwegian crowns) from the State's Direct Financial Interest (SDFI) to Norway. The cash flow was $5.14 billion (57 billion crowns) lower than in the first quarter of 2023.

After a couple of years of abnormally high natural gas prices, the achieved gas price in the first quarter was 51% lower than in the same quarter last year, Petoro said on Thursday.

“The Continent experienced a relatively mild winter, which meant that gas consumption was lower than expected. This is an important factor that has affected price and revenues,” Petoro CEO Kristin Kragseth said, adding “The cash flow from our production is still high from a historical perspective.”

Production from the state portfolio in Norway’s offshore fields hit in the first quarter the highest level since the first quarter of 2018, Petoro said.

The state firm is working closely with operators and license partners to continue developing new and profitable production with the lowest possible emissions. Activity on the Norwegian shelf will remain high over the next few years, Petoro says.

Earlier this week, Norway’s Energy Minister Terje Aasland received the field development plan for a new North Sea oil and gas field that would be tied back to an existing platform and is expected to cost $572 million (6.3 billion crowns).

Oil and gas companies plan to boost exploration activity and spending offshore Norway this year as Western Europe’s top oil and gas producer looks to maintain production and raise exports to the rest of Europe.

Tyler Durden Fri, 05/03/2024 - 06:30

Visualizing Global Gold Production In 2023

Over 3,000 tonnes of gold were produced globally in 2023.

In this graphic, Visual Capitalist's Marcus Lu lists the world’s leading countries in terms of gold production. These figures come from the latest USGS publication on gold statistics (published January 2024).

China, Australia, and Russia Produced the Most Gold in 2023

China was the top producer in 2023, responsible for over 12% of total global production, followed by Australia and Russia.

Gold mines in China are primarily concentrated in eastern provinces such as Shandong, Henan, Fujian, and Liaoning. As of January 2024, China’s gold mine reserves stand at an estimated 3,000 tonnes, representing around 5% of the global total of 59,000 tonnes.

In addition to being the top producer, China emerged as the largest buyer of the yellow metal for the year. In fact, the country’s central bank alone bought 225 tonnes of gold in 2023, according the World Gold Council.

Estimated Global Gold Consumption

Most of the gold produced in 2023 was used in jewelry production, while another significant portion was sold as a store of value, such as in gold bars or coins.

• Jewelry: 46%
• Central Banks and Institutions: 23%
• Physical Bars: 16%
• Official Coins, Medals, and Imitation Coins: 9%
• Electrical and Electronics: 5%
• Other: 1%

According to Fitch Solutions, over the medium term (2023-2032), global gold mine production is expected to grow 15%, as high prices encourage investment and output.

Tyler Durden Fri, 05/03/2024 - 05:45

Jim Jordan Drops "Smoking Gun" Over White House 'Lab Leak' Suppression At Facebook

Rep Jim Jordan (R-OH) has released several new pieces of previously unseen information revealing what Elon Musk called a "smoking gun" in regards White House pressure on Facebook to censor the lab leak theory of Covid-19.

First, Jordan shares a text message from Mark Zuckerberg to Sheryl Sandberg, Nick Clegg and Joel Kaplan - the company's highest-ranking executives at the time, in which he asks if Facebook can tell the world that "the [Biden] WH put pressure on us to censor the lab leak theory?" - hours after Biden accused Facebook of "killing people."

On July 16, 2021, Mark Zuckerberg texted Sheryl Sandberg, Nick Clegg, and Joel Kaplan.

Three of the highest ranking executives at Facebook.

Could Facebook tell the world that “the [Biden] WH put pressure on us to censor the lab leak theory?" pic.twitter.com/B1Wno3ayTW

— Rep. Jim Jordan (@Jim_Jordan) May 1, 2024

 Clegg responded that the Biden White house is "highly cynical and dishonest," while Sandberg said that they were being scapegoated because the White House wasn't hitting its vaccination numbers.

Facebook felt that they had been combatting alleged misinformation—aka censoring Americans—all year! pic.twitter.com/HQxQKrwX5z

— Rep. Jim Jordan (@Jim_Jordan) May 1, 2024

Facebook felt, in fact, that they had been 'combating misinformation,' (aka censoring Americans) all year.

Since February 2021, the company had been censoring the “Wuhan lab leak theory” “in response to … tense conversations with the new [Biden] Administration.” pic.twitter.com/lB9wg7tlDe

— Rep. Jim Jordan (@Jim_Jordan) May 1, 2024

Then in late May of 2021, Facebook finally stopped removing content regarding the lab leak theory - though they did demote it. When employees told Zuckerberg about the reversal and explained why they censored the lab leak theory in the first place, Zuckerberg replied that this is what happens when Facebook "compromises [its] standards due to pressure from an administration."

These documents show the CHILLING EFFECT government coercion has on free expression.

Facebook knew the White House wanted them to censor, but they didn’t exactly know what or how much.

— Rep. Jim Jordan (@Jim_Jordan) May 1, 2024

According to Elon Musk, this is a "Smoking gun First Amendment violation."

Smoking gun First Amendment violation

— Elon Musk (@elonmusk) May 2, 2024

We know the feeling!

Oh yeah, that https://t.co/w1mYccdhLK pic.twitter.com/Y6v64yAy6J

— zerohedge (@zerohedge) May 2, 2024

 

Tyler Durden Fri, 05/03/2024 - 05:33

Rebuilding Bombed-Out Gaza Could Take Into Next Century: UN

Gaza will need rebuilding on scale not seen since World War 2, the United Nations has said in a new report which seeks to assess the immense scale and scope of damage after almost seven months of war.

The report released by the UN Development Program (UNDP) said that Gaza needs "approximately 80 years to restore all the fully destroyed housing units" and that rebuilding all that's been destroyed in the Strip could even drag into the next century.

Via AP

"Unprecedented levels of human losses, capital destruction, and the steep rise in poverty in such a short period of time will precipitate a serious development crisis that jeopardizes the future of generations to come," UNDP Administrator Achim Steiner said in a statement.

The report tallies that some 80,000 homes have been fully destroyed while at least 370,000 have been damaged. The UN also indicated there's a possibility that rebuilding could be completed by 2040, but only if "construction materials are delivered five times as fast as in the last crisis in 2021" and if there war were to immediately stop.

According to more via Reuters, "In a scenario where the war lasts nine months, poverty is set to increase from 38.8% of Gaza's population at the end of 2023 to 60.7%, dragging a large portion of the middle class below the poverty line, the report said."

One UN official referenced in international reports said that Israel's bombardment of the Strip has resulted in a "moonscape" of destruction.

As of Thursday, Gaza's Health Ministry says that 34,596 mostly civilians have died since Israel launched its offensive in retaliation for the Hamas terror attacks, while over 77,000 have been wounded. The Israel Defense Forces (IDF) have tallied some 13,000 militants killed during the operation. Each side disputes these casualty figures.

Meanwhile, at a moment famine threatens to take many more lives, the Pentagon says it is nearly completion of the $320 million floating pier which will get maritime food aid into Gaza.

The Financial Times details, "Hundreds of US troops have spent weeks building the structure that aims to allay the dire humanitarian crisis in the strip, with US naval vessels ferrying specialized equipment to a point about two miles offshore where the aid ships from Cyprus are supposed to dock."

Interestingly, some officials have criticized this as another mere public spectacle (akin to the prior air drops) and a "waste" of time and funds, per FT:

But international aid groups warn that the JLOTS plan could divert attention from these more efficient land routes and, in any event, would not resolve the more serious problem of damaged roads and lawlessness that has hampered distribution inside the enclave. “It’s a wasteful distraction,” a senior UN official, who requested anonymity, said of the new pier. “There are roads, there are border crossings — there’s [already] aid waiting outside Gaza.”

Israel has been widely accused of blocking much of the vital food aid which has been held up at border crossings. Jordan has also newly accused Israeli settlers of destroying inbound aid under the watch of IDF soldiers...

According to a statement by Jordan's Foreign Ministry, some Israeli settlers reportedly assaulted two Jordanian humanitarian aid convoys en route to Gaza. Despite the attacks, both convoys successfully reached their destinations in the conflict-affected Gaza Strip, having… pic.twitter.com/zeOWf7s9ih

— Sputnik (@SputnikInt) May 2, 2024

As for the Biden administration, it continues to face mounting criticisms that it is aiding and abetting the mass destruction and death in the Gaza Strip by keeping the weapons and billions flowing to Tel Aviv, and with no conditions attached. And given the Netanyahu government is still poised for a ground assault on Rafah, the scorched earth policies look to continue.

Tyler Durden Fri, 05/03/2024 - 02:45

Every Conservative Party In Europe Needs To Prepare For Mass Censorship, Warns Flemish MEP

By Thomas Brooke of RMXnews.com

In an exclusive interview with Remix News, Gerolf Annemans, the Vlaams Belang MEP and president of the European Identity and Democracy group, warns that even greater censorship of conservatives is just around the corner, and tells right-wing groups what they must do to ensure their message continues to be heard

Conservative political parties across Europe should begin contingency planning for the inevitable time in the near future when right-wing platforms are the victims of mass censorship by an increasingly desperate liberal establishment, a senior Belgian nationalist lawmaker told Remix News at the Conservative Political Action Conference (CPAC) in Hungary last week

“Globally, we expect that we have to seek alternatives. That’s why we now organize visiting homes on a very large scale. We are shifting toward means that give us the opportunity to reach the electorate even if we are cut off on social media,” said Vlaams Belang MEP Gerolf Annemans.

“We have new means to talk to the people. People want to hear us. So, the people are open to hear and to listen to us and we adapt to the situation. We expect social media to be shut down for normal political communication,” the MEP warned.

Vlaams Belang is a Flemish nationalist party that proposes independence for the region of Flanders from the rest of Belgium. It has had considerable success on social media in recent years, particularly on Facebook where it has amassed 620,000 followers, helping the party push its core messages and propel itself to the top of the polls in the region. Furthermore, the party is the most popular party with young people, and a key element of that popularity is the party’s efforts on TikTok and Facebook, including substantial monetary investments into the platforms.

The right may be forced off social media

However, this success, which many other right-wing parties have enjoyed on social media, will inevitably result in a backlash. Annemans warned that a major crackdown was coming against those across the European Union whose views deviate from the typical left-wing mainstream and that conservative parties need to find workarounds, including face-to-face meetings with the public.

In fact, Annemans, who is also the current president of the European grouping Identity and Democracy (ID), believes radical measures to suppress conservative mouthpieces are just around the corner.

“We invest where we can and we use the means that we have, but of course that cannot rely [on social media] for more than a few years because we see what the European Union is doing with the Digital Services Act,” he said.

The Digital Services Act is the European Union’s attempt to regulate social media, placing requirements on digital platforms to monitor content and remove that deemed to fall short of being “socially desirable.” The vague definitions of “harmful content” and “disinformation” could result in tech platforms acting in an overzealous manner in order to avoid financial penalties imposed by the European Commission for failing to comply with the regulation.

Annemans accused the European Commission of giving Thierry Breton, the French commissioner leading the social media crackdown, “the means that are part of a Soviet dictatorship model to intervene with the political communications of opponents. Macron’s opponents, but in Belgium, of course, the opponents of the left-liberal regime.”

The draconian measures have led to Vlaams Belang looking at how else it can spread its message and is reverting to the traditional political campaigning method of door-to-door canvassing.

“Globally, we expect that we have to seek alternatives. That’s why we now organize visiting homes on a very large scale. We are shifting toward means that give us the opportunity to reach the electorate even if we are cut off on social media,” Annemans said.

“We have new means to talk to the people. People want to hear us. So, the people are open to hear and to listen to us and we adapt to the situation. We expect social media to be shut down for normal political communication.”

One beacon of hope for the future of social media has been U.S. billionaire Elon Musk’s acquisition of X, formerly known as Twitter, but Annemans is skeptical the platform can stay immune from the rising tide of regulation and censorship.

“There is a little change with the coming up of Elon Musk on Twitter. But of course, as you know, Twitter is not the only thing, but they’re also on it. He’s a sign of hope and even he, we will have to wait and see. Will he prevail? I’m not even sure that he will be able to keep up this free zone,” the senior MEP warned.

Conservatives are also being targeted offline

It isn’t just social media where conservatives are being suppressed, and a typical example of the censorship of political opponents was evident in Flanders itself just a week before Remix News spoke with Annemans, namely at the National Conservatism conference in Brussels where an order by the local mayor to shut down the event was only overturned by judicial intervention.

“It was a mistake,” the lawmaker said about the attempts to silence political opponents in the de facto EU capital. “I, sadly enough, have to tell you that this is a usual occurrence for Vlaams Belang. We have existed for almost 40 years and have always had trouble when organizing meetings in Brussels or in the region of Brussels.

“There is always trouble with communists, socialists, mayors, etc. So for us, it’s a daily struggle, unfortunately. They thought they could treat the conference like they usually do with us and label the conservatives attending as fascists and racists, but they didn’t realize that they would become world news within a few hours.

“As soon as they saw that, they got phone calls from even the Belgian prime minister himself and had to pull the brakes,” Annemans explained.

He predicted the National Conservatism conference would not endure the same problem again because the liberals had their “fingers burned” but believes that his own party will continue to be stifled by the country’s establishment when the world’s eyes aren’t monitoring the situation.

“They will continue to do so with Vlaams Belang. This is not a democracy. Belgium is not a democracy. That’s what I said during my speech. Don’t trust Belgium, don’t trust the Belgian kingdom.”

How does Vlaams Belang move forward?

Despite its difficulties, the party continues to go from strength to strength and is garnering considerable support from young people in Flanders. Annemans, the party’s former president, explained why he stepped down to enable the party to appeal to the next generation.

“I’m not on top of the list anymore. I pulled back because I’m 65 years old and a wise man. I pulled back from the federal parliament as a group leader after more than 25 years. I pulled back as a party leader for Tom Van Grieken and I pulled back as our lead candidate for the European elections.

“I’m a man who believes in the rejuvenation of a political party. If you don’t do that, you die politically. And that’s why I’m not surprised to see that under the younger leadership of the party, the younger people are attracted by the party. Our ideas are modern. We represent a new time, the new era, and the old powers that be will have to pull back, because here we are, and we are here with the younger generations on top of it.”

He believes his party will continue to grow in popularity among the indigenous Belgian population the more the country experiences radical demographic change.

Asked whether it was accurate that 62 percent of the Brussels population comprises non-EU nationals, Annemans replied, “No doubt.

“What we see is a radicalization of the Muslim population which changes the cultural image of the city. The Western civilization is reducing every day to a non-existent part of the Brussels cultural environment.

“There is a bubble around the European Parliament and European institutions, a bubble of a few thousand Eurocrats, and then there are the Muslim surroundings of the rest of the city. What we expect to happen if we don’t integrate Brussels into a more Flemish approach of the future, what we fear will happen, is that it will become the first Muslim-governed capital in Europe.”

More in the full interview at RMXnews.com

Tyler Durden Fri, 05/03/2024 - 02:00

COVID-19 Linked To 'Alarming Rise' Of Rare And Highly Lethal Fungal Infection

Authored by Megan Redshaw, J.D. via The Epoch Times (emphasis ours),

(Freepik/Shutterstock)

The COVID-19 pandemic has caused an alarming rise of an aggressive and highly fatal secondary fungal infection among those with active or recovered COVID-19.

Research suggests that the SARS-CoV-2 virus, the overuse of immunosuppressive COVID-19 treatments such as corticosteroids and antibiotics, and the global pandemic response made people more susceptible to coinfections such as COVID-19-associated mucormycosis (CAM).

Mucormycosis, also known as black fungus, is an opportunistic fungal infection that typically affects the sinuses, lungs, and brain. It is caused by a group of molds commonly found in the environment. Before COVID-19, these fungi rarely caused infection because of low virulence, but the second wave of COVID-19 brought tens of thousands of reported cases. Even the Omicron variant, which was generally attributed to mild COVID-19, has been linked to lethal mucormycosis infections in the United States and Asia.

According to the Centers for Disease Control and Prevention, there are several types of mucormycosis:

• Rhinocerebral mucormycosis is an infection of the sinuses that can spread to the brain and is most commonly diagnosed in people with diabetes or in those who have had a kidney transplant.
• Pulmonary mucormycosis is the most common type of mucormycosis, mainly affecting people with cancer or those who have had organ or stem cell transplants.
• Gastrointestinal mucormycosis affects the digestive tract and is more common among children and young adults.
• Cutaneous mucormycosis is the most common form of infection among those without weakened immune systems. It occurs when the fungi enter through a cut, scrape, or surgical incision in the skin.
• Disseminated mucormycosis is where the infection gets into the bloodstream and spreads to the brain and other organs. The mortality rate with this type of mucormycosis is 96 percent.

According to a 2022 paper published in Vaccines, mold spores that cause mucormycosis are found in soil, leaves, or decaying matter. These spores can be dispersed in dust particles and gain entry into the human body through the respiratory tract, skin, or a weakness in the mucosal barrier. Once inside the body, the fungal spores can germinate and multiply, leading to infections such as cutaneous necrotizing fasciitis and disseminated mucormycosis.

 The symptoms of mucormycosis vary depending on the patient, their underlying medical conditions, and the organs affected by the infection. Early symptoms may include nasal pain, vision loss, headache, fever, blackish nasal discharge, facial pain on one side, and mouth swelling. The infection primarily affects the nose, sinuses, lungs, eyes, and brain but can disseminate through the blood to other areas of the body.

According to a 2023 paper published in Travel Medicine and Infectious Disease, mucormycosis strikes patients within 12 to 18 days after COVID-19 recovery, and nearly 80 percent require surgery. A delayed or untreated diagnosis can result in a mortality rate as high as 94 percent.

COVID-19-Associated Mucormycosis Is a ‘Worldwide Phenomena’

In a 2022 review published in The Lancet, researchers analyzed 80 cases of COVID-19-associated mucormycosis from 18 countries, including eight cases from the United States, and found mucormycosis infection can be a serious complication of severe COVID-19, especially for those with diabetes and hyperglycemia, or high blood sugar.

Additionally, the authors noted that systemic corticosteroid treatment can reduce mortality in people with severe COVID-19, but the treatment, combined with immunological and other clinical factors, can also predispose patients to secondary fungal diseases like mucormycosis. This particular infection is associated with high morbidity and mortality, even in those with mild COVID-19 cases. The same is true for COVID-19 patients who received intensive antibiotic treatment.

Of the 80 cases analyzed by researchers, 74 patients were hospitalized for COVID-19 after receiving a mucormycosis diagnosis. In six cases, patients had COVID-19 before hospitalization for mucormycosis-associated symptoms—four of whom were hospitalized for COVID-19 within one to three months before a mucormycosis diagnosis.

Researchers identified 59 patients with rhino-orbital cerebral disease, 20 with pulmonary disease, and one had gastrointestinal mucormycosis. With cerebral mucormycosis, the fungus initially invades the nasal cavity and paranasal sinuses, presenting similarly to acute sinusitis. It can then lead to angioinvasion, where tumor cells get through blood vessel walls and cause blood clots. The infection rapidly spreads to orbital and brain sites and is associated with high morbidity and mortality.

Nearly 50 percent (39 patients) died. The median survival time from the day of the mucormycosis diagnosis was 106 days for rhino-orbital cerebral disease and only nine days for patients with pulmonary mucormycosis. Among survivors, 46 percent (19 patients) lost their vision.

The researchers noted several underlying health conditions among the patients with mucormycosis in addition to COVID-19, including uncontrolled or poorly controlled diabetes, hypertension or high blood pressure, chronic kidney disease, and cancer. Those with diabetes were more likely to have rhino-orbital mucormycosis and mild to moderate cases of COVID-19. Those without diabetes were more likely to have other manifestations of the infection and severe COVID-19. Researchers found that pulmonary mucormycosis almost exclusively occurred in the ICU setting.

The Lancet paper’s corresponding author, Dr. Martin Hoenigl, is an associate professor of translational mycology at the Division of Infectious Diseases at the Medical University of Graz, Austria, and the current president of the European Confederation of Medical Mycology.

“Our study outlines that COVID-19-associated mucormycosis, although more prevalent in parts of the world that have traditionally higher mucormycosis rates due to higher levels of environmental exposure (e.g., India, Pakistan, Iran, Egypt, China), is a worldwide phenomenon,” Dr. Hoenigl told The Epoch Times in an email.

“Our study has been performed early during the COVID pandemic before the extent of the COVID-19 associated mucormycosis crisis in India was recognized/came into the public focus, and raises attention to this serious, often deadly complication that can be very difficult to diagnose and requires aggressive treatment for a chance of successful outcome,” he said.

Numerous countries observed a sudden increase in CAM cases in 2021 during the second wave of the pandemic. India, a “hot spot” for the deadly infection, typically diagnosed 50 cases of mucormycosis each year but had already observed 28,252 cases as of June 2021. The number of mucormycosis cases has been increasing since.

Deadly Fungal Infection More Common With COVID-19

Dr. Hoenigl told The Epoch Times that mucormycosis is more common with COVID-19 than other infectious diseases due to specific risk factors that emerged with the pandemic and its management, as well as specific immunological mechanisms that predispose patients with severe COVID-19 to developing the condition.

“In terms of clinical risk factors, the increased population of undiagnosed or uncontrolled diabetes (driven by reduction of routine healthcare services during the early COVID pandemic) was an important driver of COVID-19 associated mucormycosis, as was overuse of systemic corticosteroids for COVID-19 treatment that happened in some countries where steroids were available for purchase over the counter, and at the same time, there was a lack of availability of supplemental oxygen,” Dr. Hoenigl said.

“In terms of immunological mechanisms, conditions such as hyperglycemia, steroid overuse, and high levels of iron and ketone bodies, but also COVID-19 itself via the virus-induced endoplasmic reticulum stress cascade are upregulating the expression of glucose-regulated protein 78 (GRP78), which, besides acting as a cofactor in viral entry, binds to spore-coating CotH3 invasin on the fungal surface and favors invasion of nasal epithelial cells by mucorales, resulting in rhino-orbital cerebral mucormycosis,” he explained.

The endoplasmic reticulum (ER) is a large structure within a cell that performs many functions, including calcium storage, protein synthesis, and lipid metabolism. GRP78 plays a significant role in regulating the ER. It is often upregulated in patients with COVID-19, which predisposes people to getting mucormycosis.

GRP78 helps regulate the ER’s stress response, can form a complex with the spike protein and the angiotensin-converting enzyme 2 (ACE2) to encourage entry and infection of SARS-CoV-2, and acts as a host receptor that allows molds that cause mucormycosis to enter cells and cause disease.

“There are other important immunological mechanisms as well that explain how severe COVID-19 can predispose patients to develop mucormycosis,” Dr. Hoenigl added.

Other Studies Identify Mucormycosis Risk Factors

In a 2021 review published in the Journal of Infection and Public Health, researchers found that hyperglycemia, impaired immunity, acidosis, raised ferritin—which is often indicative of higher iron levels, inflammation, or infection—glucocorticoid therapy, and COVID-19-specific factors were implicated in the pathogenesis of CAM.

In a 2022 study published in Cureus, researchers followed 62 patients with cerebral mucormycosis for up to 12 weeks to evaluate the risk factors, symptoms, and impact of various interventions on the disease outcome. All participants reported being symptomatic with flu-like illness during the two months preceding their diagnosis, with 58 of the 62 subjects testing positive for COVID-19 and 54 of the 58 patients receiving treatment.

“COVID-19 patients are more susceptible to opportunistic fungal infections due to the immune dysregulation caused by iatrogenic immunosuppression (via corticosteroids or undefined antibiotic treatment), uncontrolled diabetes mellitus, use of invasive or noninvasive ventilation, and other pre-existing conditions,” the paper’s authors wrote.

The researchers found that COVID-19 and diabetes mellitus were significant risk factors for developing mucormycosis. Common signs and symptoms of mucormycosis often appeared within a few weeks of COVID-19, although neurological symptoms were either absent or appeared later. The most common initial symptoms included ptosis—a drooping eyelid—or severe headache.

The median time between COVID-19 infection and the first noticeable symptom of mucormycosis was 16 days. The mean time between the first symptom of mucormycosis and the first neurological symptom was 19 days. The most common initial neurological symptom was hemiparesis—a weakness or inability to move one side of the body.

The study found that 18 (29 percent) patients were symptomatic for mucormycosis even before the resolution of their COVID-19. At the end of 12 weeks, only 18 patients had completely recovered without any residual symptoms, while 19 had persistent symptoms.

Of the 62 subjects, 53 required surgical intervention, eight patients needed their eyes extracted, 21 patients died, 37 survived, and four were lost at follow-up. The higher-than-expected survival rate was attributed to the study occurring in a hospital facility with access to prompt antifungal treatments.

In a January review of 20 papers on mucormycosis and COVID-19, researchers discovered numerous fungal coinfections in COVID-19 patients, 0.3 percent of which were related to mucormycosis.

The researchers attributed CAM to hyperglycemia from previously existing diabetes or excessive use of steroids, increased ferritin levels due to the “inflammatory cascade” initiated by COVID-19, immunological and inflammatory phenomena that occur with SARS-CoV-2 infection, immunosuppression from steroid use or other therapies, germination of fungal spores due to reduced white cell counts in those with COVID-19, and hypoxia—or insufficient oxygen levels which promote growth of the fungus.

Researchers also found that fungal infections were greater in critically ill COVID-19 patients, those requiring mechanical ventilation, and those hospitalized for more than 50 days.

According to the paper, medical management of the disease includes antifungal treatments and surgical debridement of the associated lesions. This is challenging for COVID-19 patients because many are given immunosuppressive therapies, such as steroids, and withdrawing immunosuppressive medications used to treat COVID-19 is part of the treatment for mucormycosis. They further suggest using hyperbaric oxygen therapy for hypoxia and acidosis.

To prevent mucormycosis in those with COVID-19, researchers suggest taking a detailed medical history to assess risk factors, using a controlled steroid regimen, sterilizing water in humidifiers, halting excessive antibiotics, and controlling blood sugar.

Tyler Durden Thu, 05/02/2024 - 13:35

Biden Calls US Allies Japan & India 'Xenophobic': "They Don't Want Immigrants"

President Biden chose a strange moment to lash out at allies and humiliate them, given his administration is busy trying to build international consensus against Russia as it continues the war in Ukraine, and on sensitive flashpoint issues like the Israel-Hamas conflict.

On Wednesday Biden called Japan and India 'xenophobic' during off-camera remarks at a campaign fundraiser in D.C. He included these longtime US allies in the controversial statement alongside Washington rivals and enemies China and Russia.

President Joe Biden, Japan’s Prime Minister Fumio Kishida and South Korea’s President Yoon Suk Yeol last year, via Reuters.

He said all of these countries are unwelcoming to migrants ultimately "because they are xenophobic." Leaders in Japan and India are without doubt blistering with outrage.

"This election is about freedom, America and democracy. That’s why I badly need you. You know, one of the reasons why our economy is growing is because of you and many others. Why? Because we welcome immigrants," the president began.

"The reason — look, think about it. Why is China stalling so badly economically? Why is Japan having trouble? Why is Russia? Why is India? Because they’re xenophobic."

And he continued to pile on: "They don’t want immigrants. Immigrants are what makes us strong. Not a joke. That’s not hyperbole, because we have an influx of workers who want to be here and want to contribute," he added.

The criticism of Japan comes at the very moment Tokyo and Washington are deepening their defense cooperation in regional waters, with an eye on countering Chinese influence and maritime expansion. Yet Biden just lumped Japan and China together in the devastating criticism.

But Japan seems to be doing just fine in comparison to the United States on a socio-economic level. Anyone who has traveled to Japan in the last number of years has likely witnessed the phenomenon of streets and cities that are so safe that 8-year old children can wonder freely and no one will give it a thought.

Pot, meet kettle...

Violence is exceedingly rare in Japan. The murder rate is so small that is barely registers.

Similarly, its crime rate has continued to plummet in recent years, leaving some police departments with little to do https://t.co/4X8h7UzYu9 pic.twitter.com/xKyhF463G8

— Bloomberg Opinion (@opinion) August 1, 2019

As for India, one very obvious reason they are not opening the flood gates of immigration (assuming there are even many foreigners actually seeking to enter and settle in the highly population dense south Asian country to begin with), is that they have a struggling economy and over 1.4 billion people to look after.

Recently, President Biden hosted Indian Prime Minister Narendra Modi (in early summer) and Japanese Prime Minister Kishida Fumio - with the latter visiting the Oval just last month. Both were treated to state dinners, and of course Biden didn't have the guts to tell these key leaders to their faces that their countries were 'xenophobic'. 

Tyler Durden Thu, 05/02/2024 - 13:15

"We Have To Have Law And Order": Trump Lays Out Plan For Second Term In TIME Interview

Authored by Chase Smith via The Epoch Times (emphasis ours),

President Donald Trump (L) takes the oath of office as his wife Melania Trump (C) holds the bible and his son Barron Trump (R) looks on, on the West Front of the U.S. Capitol, on January 20, 2017. (Chip Somodevilla/Getty Images)

In an in-depth interview with TIME magazine, former President Donald Trump laid out his agenda for a second term should he retake the White House in 2025 following the election later this year.

The wide-ranging interview, held over two days at President Trump’s Mar-a-Lago property in Palm Beach, Florida, with a follow-up phone interview, was the cover story for the magazine titled “If He Wins.”

The interview covers all of the big issues in the 2024 election, ranging from border security and immigration to economic policy, abortion, and foreign affairs.

President Trump also touched on the Jan. 6, 2021, U.S. Capitol breach and the related court cases, as well as the legal issues he faces.

Immigration, Border Policy

In a transcript of the interview with TIME’s national politics reporter Eric Cortellessa, President Trump said on day one of his second term he would take aggressive action over the illegal immigration crisis.

President Trump plans to initiate a vast deportation operation, citing unsustainable numbers of illegal immigrants, expressing a desire to replicate Dwight Eisenhower’s mid-20th century mass deportations.

President Trump said he plans to do this by using local law enforcement as well as the National Guard when necessary.

“When we talk military, generally speaking, I talk National Guard,” President Trump said, according to the transcript. “But if I thought things were getting out of control, I would have no problem using the military, per se. We have to have safety in our country. We have to have law and order in our country. And whichever gets us there, but I think the National Guard will do the job.”

Regarding housing illegal immigrants in detention facilities or even expanding the nation’s stock of detention facilities, he said it would likely not be necessary due to his policy of mass deportations but did not rule it out if needed.

If local police departments did not want to cooperate, President Trump said the best option to get them to comply would be to incentivize their cooperation.

“Well, there’s a possibility that some won’t want to participate, and they won’t partake in the riches, you know,” he said in the interview. “I want to give police immunity from prosecution because the liberal groups or the progressive groups ... that ... want to leave everybody in ...[S]anctuary cities are failing all over the place, and I really believe that there’s a pent-up demand to end sanctuary cities by people that were in favor of sanctuary cities, because it’s just not working out for the country.”

He added he didn’t believe that his proposals were “bold” but rather “common sense” and that he would uphold any court decisions regarding his policies.

Economy

President Trump is advocating for significant tariffs, especially against China, to protect U.S. industries and jobs.

He said that he didn’t believe that additional tariffs would amount to another tax on Americans and that he didn’t believe it would lead to higher inflation, noting his belief that higher tariffs against China under his first administration were successful.

“So how did it cost us if we had such a good economy,” President Trump asked in response to a question about economists saying his tariff policy cost jobs and lost hundreds of billions. “Everybody admits it. If we didn’t do that, we would have no steel industry right now. They were dumping steel all over this country. And I put a 50% tariff on steel. It was gonna go higher. And the people that love me most are businesses, but in particular, the steel industry. They love me because I saved their industry.”

He said he believed that those tariffs did not and would not lead to businesses passing on higher costs to American consumers.

“I actually think that the country that is being taxed makes less,” President Trump said. “I think what happens is you build. What happens to get out of the whole situation is you end up building, instead of having your product brought in from China, because of that additional cost, you end up making the product in the United States.”

President Trump said that some countries are very tough on the United States when it comes to tariffs.

“[China] charges us 100%,” President Trump said. “But they charge us much more than that. India charges us more than that. Brazil charges us what—Brazil’s a very big, very big tariff country. I ask people, who are the worst to deal with? I’m not going to give that to you because I don’t want to insult the countries because I actually get along with them. But you'd be surprised. The E.U. is very tough with us.”

Foreign Policy

President Trump said that he would not rule out placing conditions on aid to Israel, but aimed to have the Israel-Hamas conflict resolved quickly.

“I think that Israel has done one thing very badly: public relations,” President Trump said. “I don’t think that the Israel Defense Fund or any other group should be sending out pictures every night of buildings falling down and being bombed with possibly people in those buildings every single night, which is what they do.”

He said his record and support of Israel was clear and that his record on being tough with Iran was clear, despite noting that he had a “bad experience” dealing with Israeli Prime Minister Benjamin Netanyahu.

“Look, there’s been no president that’s done what I’ve done for Israel. When you look at all of the things that I’ve done, and it starts with the Iran nuclear deal. You know, Bibi Netanyahu begged Obama not to do that deal. I ended that deal.”

He also brought up Iran in relation to its role in funding Hamas, the terrorist group that attacked Israel on Oct. 7, 2023.

“During my term, there were stories that Iran didn’t have the money to give to any, there was very little terrorism,” President Trump explained. “But we had no terror ... and we got rid of ISIS 100%. Now they’re starting to come back.”

The former president also said that Mr. Netanyahu “rightfully has been criticized for what took place on October 7.”

President Trump said that the United States would support Israel militarily if Iran and Israel were to go to war, although he suggested that the recent attack by Iran on Israel was a “ceremonial attack,” given that it was widely known about beforehand.

He added, “I gave them [Israel] Golan Heights,” and that he was responsible for having the U.S. Embassy moved to Jerusalem from Tel Aviv and recognized the former as Israel’s capital.

On NATO, President Trump criticized European countries for insufficient defense spending and said NATO was fine as long as European countries paid their fair share, but he still did not believe NATO would come to the aid of the United States if necessary and as required by the treaty.

Jan. 6, Election Integrity

President Trump criticized the justice system as biased and discussed potential pardons for individuals allegedly involved in the Jan. 6, 2021, Capitol breach.

“It’s a two-tier system,” President Trump said. “Because when I look at Portland, when I look at Minneapolis, where they took over police precincts and everything else, and went after federal buildings, when I look at other situations that were violent, and where people were killed, nothing happened to them. Nothing happened to them. I think it’s a two-tier system of justice. I think it’s a very, very sad thing. And whether you like it or not, nobody died other than Ashli [Babbitt].”

President Trump said that he “tried to stop the attack” and that his rhetoric was peaceful and patriotic, placing blame on then-Speaker Nancy Pelosi (D-Calif.) and Washington Mayor Muriel Bowser, a Democrat, for turning down his offer of “10,000 soldiers” during the “very dramatic and horrible period” on Jan. 6 after the Capitol was breached.

Concerning political violence after this November’s election, President Trump said it was not something he was worried about happening.

“I think we’re gonna have a big victory,” President Trump added. “And I think there will be no violence.”

In response to his legal woes, as he has said in press conferences after his court appearances in New York City the past few weeks, he said that the prosecutions against him are unfair and driven by a corrupt legal system on behalf of President Biden.

To those prosecuting him, he did not say he would go after them using the Department of Justice if re-elected, rather he said, “We are going to have great retribution through success. We’re going to make our country successful again. Our retribution is going to be through success of our country.”

When asked about appointing a special prosecutor to investigate President Biden if he were to be re-elected, he said it would depend on what the U.S. Supreme Court says about presidential immunity in his own case, which is currently before the court.

“Look, a president should have immunity,” President Trump said. “That includes Biden. If they’ve ruled that they don’t have immunity, Biden, probably nothing to do with me, he would be prosecuted for 20 different acts, because he’s created such.”

As far as going after his political opponents, he said that’s currently what’s happening with him.

Abortion

Regarding potential federal legislation on abortion, President Trump expressed confidence that such measures would not garner the required 60 votes in the Senate. He stressed that the issue should be left to states to determine, as evidenced by recent legislative actions in conservative-leaning states like Ohio and Kansas.

When asked about the Life at Conception Act and enforcement of the Comstock Act, President Trump deferred to states’ prerogatives, refraining from committing to specific positions. He hinted at forthcoming statements on related matters.

President Trump declined to offer a personal opinion on women’s access to abortion pills and the enforcement of laws prohibiting their mailing, indicating an intention to address these issues soon.

Regarding potential state-level penalties for obtaining abortions after bans, President Trump reiterated his stance that states should decide such matters, emphasizing the diversity of approaches among states.

When queried about Florida’s upcoming abortion referendum, President Trump refrained from disclosing his voting intentions, reiterating his belief in the importance of states making their own determinations on such matters.

He emphasized a focus on policies that help women and families, referencing the acceptance of his stance on in vitro fertilization by Republicans and recent state legislation affirming it.

“I’ll be doing it over the next week or two,” he said. “But I don’t think it will be shocking, frankly. But I'll be doing it over the next week or two. We’re for helping women, Eric. I am for helping women.”

Other Details

President Trump discussed his past decision to invoke a minimum ten-year sentence for desecrating monuments, which he felt effectively deterred such actions. President Trump stated he would use the National Guard rather than the military to address protests if necessary, such as Black Lives Matter protests in 2020.

President Trump also acknowledged a perceived anti-white bias in the United States, critiquing the Biden administration for its policies and expressing concern over discrimination against various groups, including white people and Catholics.

He was non-committal about whether the United States should defend Taiwan, preferring not to disclose his stance to maintain negotiation leverage.

President Trump discussed the strategic deployment of U.S. troops overseas, suggesting adjustments might be necessary but emphasizing the ability to manage troop deployments effectively. He criticized South Korea for renegotiating a financial agreement that reduced their payment to the United States for military protection.

The former president also championed democracy over dictatorship, highlighting freedom as a key advantage. However, he expressed concerns about the current state of U.S. democracy, citing the weaponization of federal agencies against political figures.

He refuted claims that he wanted to terminate parts of the Constitution or become a dictator; instead, he accused Democrats of violating constitutional principles through judicial and administrative actions.

He noted when he said he would only be a dictator “on day one” while in an interview with Sean Hannity, that it was clearly a joke and that most people understood it as such.

“That was said sarcastically. That was meant as a joke. Everybody knows that.”

Regarding the pandemic, President Trump reflected on Operation Warp Speed and praised his administration’s rapid development and distribution of COVID-19 vaccines and therapeutics.

“You know, you have strong opinions both ways on the vaccines,” President Trump said. “It’s interesting. The Democrats love the vaccine. The Democrats. Only reason I don’t take credit for it. The Republicans, in many cases, don’t, although many of them got it, I can tell you. It’s very interesting.”

He was also skeptical about the efficacy of permanent pandemic preparedness offices, suggesting they were politically motivated and financially wasteful.

Tyler Durden Thu, 05/02/2024 - 12:55

Turkey Halts All Trade With Israel As Relations At Breaking Point

For months, relations between Turkey and Israel have been on the brink of breaking point. Already there has been the recalling of ambassadors, inflammatory rhetoric exchanged between leaders, and then things got more serious when Turkey a month ago moved to restrict 54 products from being exported to Israel until a Gaza ceasefire can be reached.

But Turkey's government on Thursday has taken the next big step, halting all exports and imports to and from Israel, according to Bloomberg which cited Turkish government officials. It has begun effective today, but Ankara has yet to officially announce the dramatic move.

Israeli Foreign Minister Israel Katz has confirmed that the breaking headlines are accurate. He said that Ankara has already begun to block Israeli imports and exports at Turkish ports.

Katz has ordered the foreign ministry to immediately pursue alternatives for trade which focus on "local production and imports from other countries."

Bilateral trade volume between the two countries, which prior to Oct.7 were enjoying warmer relations, had stood at $5.4 billion last year.

• Turkey sells $5B-$7B of exports to Israel every year.
• Israel sells $2B-$3B of exports to Turkey every year.

But President Recep Tayyip Erdoğan has been unrelenting in his attacks on Israel and directed against Netanyahu personally. 

In March, he went so far as to suggest the Israeli prime minster should be assassinated for overseeing war crimes in Gaza and against Muslims.

 In a prior election rally the Turkish president vowed to "send [Netanyahu] to Allah to take care of him, make him miserable and curse him."

This week Turkish Foreign Minister Hakan Fidan announced Turkey will join South Africa’s case against Israel before the Hague-based International Criminal Court (ICC).

Source: Bloomberg

So it appears at this point Turkey is waging both full-scale diplomatic and economic war on Israel. This is unprecedented for a NATO member, which also happens to have the second largest military within the Western military alliance, and is sure to put Western officials in an awkward spot.

Tyler Durden Thu, 05/02/2024 - 12:35

Saudi Arabia Worried About Islamist Uprising As US-Backed Normalization With Israel 'Close'

Via The Cradle

Arrests of Saudi citizens over social media posts related to 'Israeli genocide' in Gaza have markedly increased in recent months, as Riyadh is reportedly concerned that "Iran and Islamist groups could exploit the conflict to incite a wave of uprisings," according to people familiar with the matter who spoke with Bloomberg.

Recent arrests include "an executive with a company involved in the kingdom’s Vision 2030 economic transformation plan," who reportedly expressed views on Gaza deemed "incendiary," an unnamed media figure who said "Israel should never be forgiven," and a citizen who called for the boycott of US fast food chains in the kingdom.

Image source: Reuters

According to one of Bloomberg's sources, over the past six months, there has been a "significant increase" in the number of prisoners entering a maximum-security prison south of Riyadh. The New York-based publication says this account was corroborated by diplomats in the Saudi capital and human rights organizations who have tracked a "spike in social media-related arrests" since 7 October.

"The Saudi arrests for Gaza-related posts indicate Prince [Mohammed bin Salman's] regime will take a hard line against citizens not toeing the line when it comes to normalizing ties with Israel," Bloomberg reports.

In a visit to the Gulf kingdom on Monday, US Secretary of State Antony Blinken said that intensive work has recently been done toward a Saudi–Israel normalization deal, which he said is "potentially very close to completion."

Nevertheless, on Wednesday, the Guardian reported that Riyadh has devised a "more modest" defense pact with Washington as authorities prepare to move past Israeli normalization over Tel Aviv's intransigence regarding the formation of an independent Palestinian state and their determination to assault Gaza's southernmost city of Rafah.

The British daily described this "Plan B" as a joint US–Saudi effort to "contain Iranian expansionism and [as part of] Washington’s ‘great-power competition,’ particularly with China."

Moreover, Israeli media on Thursday cited a source in the Saudi royal family as saying that the kingdom sent a message to Tel Aviv stating that any military operation in Rafah "would be a big mistake and would push normalization between the two parties away."

"Riyadh will appear as a traitorous country in that case," the Israeli report adds, as Saudi leaders reportedly believe "Saudi Arabia will not be able to normalize relations with Israel if there is no Palestinian state."

Tyler Durden Thu, 05/02/2024 - 12:15

Peloton CEO Stepping Down Following 92% Stock Plunge In Two Years 

Barry McCarthy, CEO of Peloton Interactive, is stepping down after the company's stock plummeted 92% since he took over in a bid to revitalize the connected fitness company known for slapping iPads on stationary bikes and charging high markups. 

In February 2022, McCarthy—a former Spotify and Netflix executive—took over from co-founder John Foley. He attempted to turn around the company, which had experienced thousands of layoffs, management shake-ups, and outsourcing business as the Covid pop in demand faded. 

However, those efforts failed when Peloton announced a new restructuring program on Thursday. The struggling company plans to cut 15% of staff, or about 400 workers, and reduce its retail footprint to save $200 million by the end of 2025. 

"This restructuring will position Peloton for sustained, positive free cash flow, while enabling the company to continue to invest in software, hardware and content innovation, improvements to its member support experience, and optimizations to marketing efforts to scale the business. Upon full implementation, the company expects the plan to result in reduced annual run-rate expenses by more than $200 million by the end of its 2025 fiscal year," the company wrote in a press release. 

A series of product recalls over safety issues only added to problems for McCarthy as lower sales and profits continued sliding. The share price has plunged 92% during the CEO's tenure.

Besides a new restructuring program, the company also reported it lost $167.3 million, or 45 cents per share, for the third quarter. That's better than the $275.9 million, or 79 cents per share, in the same quarter last year. Revenue totaled $717.7 million, below the average Wall Street estimate of $719.2 million tracked by Bloomberg. 

Here's a snapshot of third-quarter results (courtesy of Bloomberg): 

• Revenue $717.7 million, estimate $719.2 million

• Connected fitness revenue $279.9 million, estimate $288.2 million

• Subscription revenue $437.8 million, estimate $429.7 million

• Connected fitness subscribers 3.06 million, estimate 3.08 million

• Paid digital subscribers 674,000, estimate 742,266

• Adjusted Ebitda $5.8 million, estimate loss $25 million

• Loss per share 45c

• Cash flow from operations $11.6 million vs. negative $40.9 million y/y, estimate negative $29.6 million

Peloton also lowered its full-year revenue guidance by $25 million to a range of $2.675 billion to $2.7 billion, a dip from last year's $2.8 billion.

Here's a snapshot of the full-year outlook (courtesy of Bloomberg): 

• Sees revenue $2.68 billion to $2.70 billion, saw $2.68 billion to $2.75 billion, estimate $2.71 billion (Bloomberg Consensus)

• Sees adjusted Ebitda loss $5.0 million to $20.0 million, saw loss $25 million to loss $75 million, estimate loss $62.9 million

• Sees connected fitness subscribers 2.96 million to 2.98 million, saw 2.99 million to 3.01 million, estimate 3.04 million

Here's what Wall Street analysts are saying (list courtesy of Bloomberg):

Bloomberg Intelligence, Geetha Ranganathan

•  The headcount cuts will aid free cash flow "yet the core issues remain, namely the weakness in demand and uncertainty over subscription growth, with 44,000 subscriber losses in 3Q"

JPMorgan, Doug Anmuth

• Says he's encouraged by the company returning to positive free cash flow, and reporting lower operating expenses and positive adjusted Ebitda 

• In addition, "the cost reductions announced today should better align the cost profile to PTON's current revenue trends & help make debt refinancing increasingly likely, which should help the equity story"

• Rates overweight with PT $8

BMO Capital Markets, Simeon Siege

• "From our outsider's viewpoint, we continue to believe growth is behind us and focusing on bear-hugging brand loyalists/walking away from expensive growth hopes can improve FCF/Ebitda (seemingly happening)"

• If this happens with new management, shares look undervalued, but if growth remains new management's priority, "we worry about sustained FCF/looming debt questions."

• Rates market perform with PT $7.50

Peloton's recovery depends on another Covid lockdown by the government that shuts down businesses and forces everyone into their homes for months. 

Tyler Durden Thu, 05/02/2024 - 11:55

Biden Satisfies No One With Lackluster Speech Decrying 'Antisemitism & Islamophobia'

Summary: Last night, CNN spent its prime time segment decrying the Democratic president's "radio silence" on the Gaza-related campus protests and chaos. MSM pundits have pointed to his lack of leadership as violence at times erupted from UCLA to Columbia to a number of elite schools. 

As expected, Biden began by trying to chart a kind of middle course condemning "antisemitism" and "Islamophobia"... though many conservatives have pointed out it's only the former they are seeing evidence of during these campus protests.

"Dissent is essential to democracy. But dissent must never lead to disorder or denying the rights of others... no place for hate speech in America," Biden said. The line about "denying the rights of others" appears a very vague reference to students occupying buildings, and denying the ability of tuition-paying students to go to their classes, libraries, or to take exams. 

"There is no place for hate speech or violence of any kind, whether its antisemitism, Islamophobia or discrimination against Arab Americans or Palestinian Americans. It's simply wrong," Pres. Biden says during remarks on campus protests. https://t.co/8o7HAK8j8x pic.twitter.com/Slq8PrStJo

— ABC News Politics (@ABCPolitics) May 2, 2024

"In moments like this, there are always those who rush in to score political points. But this isn’t a moment for politics. It’s a moment for clarity. So let me be clear…Violent protest is not protected. Peaceful protest is."

"Destroying property is not a peaceful protest, it’s against the law. Vandalism, trespassing, breaking windows, shutting down campuses, forcing the cancellation of classes and graduation. None of this is a peaceful protest, threatening people, intimidating people," Biden said.

We should note that Biden's 'middle way' attempt (akin to "good folks on both sides" rhetoric that the Left gets angry about) is unlikely to satisfy either side. In the end, this lackluster speech is not going to make the encampments disappear, or the protesters disperse. In fact, he has most certainly lost almost the entirety of the Progressive vote, and increasingly young voters as well.

Update: Sure enough, it is about the protests, which apparently have had zero impact on anything as expected:

• *BIDEN: RULE OF LAW, FREEDOM OF SPEECH MUST BOTH BE UPHELD
• *BIDEN: DISSENT MUST NEVER LEAD TO DISORDER, DENIAL OF RIGHTS
• *BIDEN: RIGHT TO PROTEST DOESN'T MEAN RIGHT TO CAUSE CHAOS
• *BIDEN: NATIONAL GUARD SHOULD NOT INTERVENE ON CAMPUS PROTESTS
• *BIDEN: NO CHANGE IN MIDDLE EAST POLICY OVER CAMPUS PROTESTS

* * *

The White House has announced that President Biden will deliver unscheduled remarks at 10:30am ET (so he is already about 30 minutes late). It is unclear what Biden's handlers will feed the teleprompter but it is a very safe bet that the university protests around the country will be a key topic... pause.

Tyler Durden Thu, 05/02/2024 - 11:48

Yen Carry Trade Ever More Exposed To Rising FX Volatility

Authored by Simon White, Bloomberg macro strategist,

Rising volatility in USD/JPY will make the yen carry trade less attractive. Dollar-yen is now more correlated with US 2-year yields compared to the 10 year, meaning FX volatility is likely to keep rising the closer the Federal Reserve gets to making its first change in rates.

It’s getting precarious for yen carry traders. Twice in recent days has Japan been suspected of intervening to strengthen the yen, with the latest occurring not long after Wednesday’s Fed meeting, where the FOMC pushed back against further rate hikes and tapered quantitative tightening more than expected.

The carry trade depends on rate differentials. Traders borrow the yen, swap it for dollars, i.e. buy USD/JPY, then use the proceeds to buy a US asset, such as T-bills or Treasuries. But that leaves them long USD/JPY and therefore exposed to falls. A big enough move in spot could wipe out the profit from the US versus Japanese rate spread.

That’s why the volatility of the currency matters to carry traders. If it is too high, then the trade becomes too risky. Which is one of the reasons, as Paul Dobson mentions, that the MOF likely prefers to intervene when market liquidity is low.

Adjusting the US-Japan real rate differential for USD/JPY volatility shows the measure is still high, but it is beginning to fall. The more vol rises, the more it will keep falling (other things equal).

Aside from the intentional introduction of vol premium from intervention, USD/JPY volatility is likely to pick up more the closer the Fed gets to making its next interest-rate move – which is more likely to be a cut if they shift rates this year.

The reason why is that USD/JPY is now more correlated to US 2-year yields than 10-year yields. Since the Fed started hiking in 2022, and the yield curve kept inverting with the 10-year UST’s yield falling versus the 2-year, the latter’s yield has been more correlated to USD/JPY.

Shorter-term yields are likely to get more volatile, which will feed into FX volatility and make the yen-dollar carry trade less attractive.

Still, carry is a moreish drug, and it’s unlikely to be enough to completely derail the trade. The endgame’s not likely to come until the Fed cuts rates – given the US Treasury’s swelling interest bill and the impact on market liquidity, the likelihood they do is increasing, despite rising inflation.

Tyler Durden Thu, 05/02/2024 - 11:35

US Factory Orders Rise In March... But February Saw Yet Another Downward Revision

The roller-coaster ride of US durable goods and factory orders continued in March (final data just released) as the flip-flopping data series

Having plunged by the most since COVID lockdowns in January, US factory orders continued to accelerate in March, +1.6% MoM (as expected) - but February was revised lower... again. This pushed the YoY factory orders up 1.7% (nominal)...

Source: Bloomberg

This is the 17th monthly downward revision in the last 22 months... come on!!!

Source: Bloomberg

Core Factory Orders also rose MoM (+0.5% vs +0.2% exp)...

Source: Bloomberg

The final durable goods orders data prints for March were in line with the preliminary data but more problematically - Capital Goods Shipments Non-Defense Ex-Air was flat MoM, downwardly revised from the initial print...

Source: Bloomberg

...strongly suggesting the capex cycle is stalling.

Tyler Durden Thu, 05/02/2024 - 10:11

'Unity': Pro-Israel And Pro-Palestine Supporters Chant "F**k Joe Biden" In Solidarity As Democrats In 'Panic Mode' 

How it started:

How it's going: 

Biden finally managed to unify the country https://t.co/Oppf7ssAXn

— zerohedge (@zerohedge) May 2, 2024

In early March, President Biden and the Democrats called for the "Unity of all Americans." 

Fast forward to the Marxist revolution spreading like stage four cancer at the nation's colleges and universities, anti-Israel and counter-protesters found common ground, or perhaps a glimpse of solidarity, when both sides were heard chanting "F**K Joe Biden" this week at the University of Alabama. 

"It finally happened. Joe managed to get both sides of the protest to hate him for different reasons," X user Alex The Ghost wrote. 

It finally happened. Joe managed to get both sides of the protest to hate him for different reasons @ShamashAran @ClairNova4k @Carlkeck1 @DefiantlyFree @Piper010100 @Katie_likes_it @ImissPresTrump @CreativeVerveM

— Alex The Ghost (@GhostOfAlex1) May 2, 2024

Others on X agreed... 

See, he really did unify the country.

— Jason Lambeth (@JLambo79) May 1, 2024

Finally!
America agrees on one thing!

— flyby (@Barbara88625178) May 1, 2024

He’s finally found a way to unite the country after 3.5 years. Bravo. pic.twitter.com/t3L9weU4c7

— Shooting News Weekly (@SN_Weekly_) May 1, 2024

Finally something we can all agree on. Thanks Joe.

— Bernard (@BBD100) May 2, 2024

The president and the radical left are walking a very fine line between supporting the Marxist kids at schools and their right to protest while simultaneously denouncing antisemitism. The surge in criticism from both the left and the right of the elderly president's Israel policy risks the unity of both sides in their hatred of the president. 

Meanwhile, Axios reports Democrats are in full-blown' panic mode' behind the scenes as campus takeovers by extremists of their own party produce terrible optics ahead of the presidential election in November. 

"The longer they continue, and the worse that they get, the worse it's going to be for the election overall," one House Democrat said.

The House Democrat warned that school chaos will only "bring out [the public's] most conservative side." 

What's clear is that campus protesters are becoming a political liability for Biden and Democrats. 

Republicans are now seizing on the opportunity from New York to California to inform voters that under this administration, the destruction and chaos of America continues. Add this chaos to the long list of failures by the Biden administration, including the migrant invasion, worsening drug overdose crisis, violent crime proliferating across metro areas, disastrous foreign policy moves in Eastern Europe and the Middle East, risking World War III, and, of course, the failure of Bidenomics that has ignited stagflation, crushing America's middle class. 

"[Democrats] were trying to make a big deal out of these Trump trials, but they've taken a back seat" to the protests, John Feehery, a Republican strategist and former congressional aide, told Financial Times. 

This week, the White House has been awfully silent on the campus takeover crisis. 

"When will the president himself, not his mouthpieces, condemn these hate-filled little Gazas?" Tom Cotton, the Republican senator from Arkansas, told reporters on Wednesday.

"President Biden needs to denounce Hamas' campus sympathizers without equivocating about Israelis fighting a righteous war of survival," Cotton added.

A recent poll showed that 81 percent of voters aged 18 to 35 disapprove of Biden’s handling of the conflict in the Middle East.

Michael Moore, who correctly predicted Trump’s victory in 2016, even issued a plea to Biden urging him to accomplish a ceasefire or face defeat.

“We’re going to lose the election. We’re going to lose Michigan if we don’t turn this around. If President Biden doesn’t turn this around, that is going to do more to put Trump back in the White House. And I refuse to have Donald Trump back in the White House,” said Moore.

To sum up, the Democrats are in serious trouble if anti-Israel protesters and counter-protesters begin to march in solidarity around their hatred of Biden.

Tyler Durden Thu, 05/02/2024 - 09:35

US Traders Took Powell's Pivot More Seriously Than Foreigners

Authored by Simon White, Bloomberg macro strategist,

Most of the hawkish tilt in yields and rise in Federal Reserve interest rate expectations this year has come in non-US trading hours. A dovish repricing would therefore require (other things equal) a change of trading direction only in overnight hours when volumes are typically lighter.

US yields have risen steadily since their end-of-December lows. Expectations the Fed was going to make over six rate cuts has dwindled down to barely one. The risk-reward now favors a dovish repricing as liquidity conditions are set to worsen as the year goes on. And that is more likely to come from domestic trading rather than from abroad, if recent history is anything to go by.

We can get hourly data going back to October for US Treasuries and fed funds futures, and separate it out into a US day session and an overnight session (both contracts trade 22-23 hours a day). The chart below shows the cumulative sum of the daily change in the day session and the overnight session for the 10-year yield. This year, almost all of the rise in 10-year yields has taken place in non-US trading hours.

Making the assumption that it’s predominately US-based volumes driving trading in US hours, US-based traders pushed yields lower from their October peak. But there has been little further movement all of this year. In contrast, predominately overseas trading (and no doubt some US-based algos and insomniac traders) has pushed the 10-year yield higher all this year – driving the 80 bps rise in the 10y in 2024.

The delineation between US and non-US trading is even more pronounced when looking at Fed rate expectations. The chart below is the same as the one above, but with the twelfth generic fed funds future, which gives an approximation for what’s priced for the Fed in ~12 months’ time.

Here we can see US-based trading drove the proliferation of rate cuts expected at the end of 2023. Since then, US-based traders have not changed their dovish view.

Almost all of the hawkish tilt this year - eradicating most of the cuts expected - came in trading during non-US hours.

It looks like mainly US-based traders took Powell’s pivot in December more seriously than those predominately based abroad. Either way, risk-reward now favors siding with the domestic team for a more dovish rate outcome than is currently priced.

 

Tyler Durden Thu, 05/02/2024 - 09:15

Unit Labor Costs Soar In Q1 As 'AI Productivity Boom' Fails To Show Up

Remember how AI was going to save the world, give us all more leisure time because of its massive boost to productivity?

Well, in Q1 in the US... it failed to show up as non-farm productivity - or nonfarm employee output per hour - rose at a measly 0.3% annualized rate after an upwardly revised 3.5% gain in the prior period (well below expectations)...

Source: Bloomberg

On the flip-side of that - and echoing the market-worrying ECI data earlier this week - Unit Labor Costs soared 4.7% in Q1 (well above the 4.0% expected and the 0.4% rise in Q4)...

Source: Bloomberg

So wage inflation is confirmed - rising at the fastest pace in a year - as all the gains we have been told to expect from AI just aren't there in the data.

While quarterly productivity figures are quite volatile, a sustained slowdown represents another hurdle for the Federal Reserve’s inflation fight. With interest rates expected to stay at a two-decade high for awhile longer, business investment in equipment will likely continue to be a weak factor in overall economic growth.

Today's data corroborates other data that showed gross domestic product cooled in the first quarter while employment costs rose by the most in a year. As a result, inflation is proving stubborn, supporting the Fed’s pivot to a more hawkish stance that will keep interest rates higher for longer than anticipated.

Of course, Fed Chair Powell told us yesterday that he "doesn't see the stag or the flation" in US data...

Maybe he needs to subscribe to ZeroHedge to see the real picture.

Tyler Durden Thu, 05/02/2024 - 09:05

Joe Biden Says There Are Very Fine People On Both Sides Of The Oct. 7 Debate

Authored by David Harsanyi via The Epoch Times (emphasis ours),

“I condemn the anti-Semitic protests ...” President Joe Biden told reporters after days of anti-Jewish demonstrations at Columbia University and other Ivy League schools. “I also condemn those who don’t understand what’s going on with the Palestinians ...”

President Joe Biden speaks during the White House Correspondents' Association (WHCA) dinner at the Washington Hilton, in Washington on April 27, 2024. (Brendan Smialowski/AFP via Getty Images)

Any morally clearheaded American already has a very good idea of what’s going on. Biden is bothsidesing the actions of keffiyeh-wearing terror cheerleaders on Columbia’s Gaza Quad—who target American Jews who have absolutely no bearing on Israel’s actions—with those who refuse to accept the blood libel of “genocide” in Gaza. It is the kind of odious moral relativism one expects to hear from a “Squad” member or clout-chasing far-right “influencer,” not the president.

Hamas, the governing authority in an autonomous Gaza—still supported widely by the Palestinian people—flooded over the border on Oct. 7, 2023, raping, murdering, and kidnapping more than a thousand men, women, and children in Israel, including American citizens. Afterward, Hamas retreated and hid among civilians to generate as many Palestinian martyrs as possible. The Israelis retaliated against this nihilistic death cult, keeping the civilian-to-combatant casualty ratio lower than perhaps any other instance of modern urban warfare.

That’s what’s going on. But because a not-insignificant contingent on the contemporary left is now both anti-Semitic and anti-“colonialist,” the president demanded Israel stop before the job was done. And he is willing to sell out a longtime ally and forsake the lives of American hostages to try to entice the votes in Jew-hating enclaves like Dearborn, Michigan, Yale University, and The Washington Post newsroom.

A number of people have pointed out the similarities between Biden’s condemnations and former President Donald Trump’s post-Charlottesville, Virginia, march “very fine people” comment. It’s a good gotcha. After all, Biden has risibly claimed that Trump’s comments impelled him to run for president (for the third time).

There is, however, a key difference. Trump’s garbled line was almost surely not aimed at tiki-torch neo-Nazis. Believe what you like about Trump’s motivations, but he also later unequivocally condemned the white supremacists on more than one occasion. Biden, on the other hand, can’t even get himself to call out brownshirts without throwing them a bone.

Also, incidentally, unlike the nuts in Virginia, these people will be working at our top law firms, in media organizations and in the State Department. Oh, the president also wants you to pay their loans.

Earlier, The Washington Post, like most outlets, claimed that “Biden denounces antisemitism on college campuses amid Yale, Columbia protests.” While technically true, the framing ignores the president’s equivocation. The denouncement was a pro forma White House Passover press release that spent as much space prattling on about a two-state solution as it did the “protests.” For comparison, Biden’s Ramadan press release noted the “terrible suffering on the Palestinian people,” repeated fake Hamas causality numbers and condemned “Islamophobia,” but said nothing about the widespread outbreak of anti-Semitism.

Then again, Democrats are increasingly incapable of even talking about anti-Semitism without diluting any condemnation with mention of “Islamophobia.”

You might recall a few years back a certain Democratic congresswoman was going on about “Benjamin”-grubbing rootless cosmopolitans hypnotizing the world for their evil. After a handful of Jewish Democrats complained about her rhetoric, then-House Speaker Nancy Pelosi finally agreed to pass a resolution condemning Rep. Ilhan Omar. By the end of debate, of course, the resolution was teeming with platitudes and condemnations of a rainbow of thought crimes, with references to Alfred Dreyfus, Leo Frank, Henry Ford, and “anti-Muslim bigotry,” but not Omar.

“We all have a responsibility to speak out against anti-Semitism, Islamophobia, homophobia, transphobia, racism, and all forms of hatred and bigotry, especially as we see a spike in hate crimes in America,” is how Sen. Kamala Harris whitewashed the rising anti-Jewish pronouncements of her party. Which is to say, for years now, Democrats have been downplaying anti-Semitism as it creeped into college campuses, Congress, the Women’s March, Black Lives Matter, and now the mainstream.

And now, here we are. We have a president who can’t make a moral distinction between bigots and their targets.

Views expressed in this article are opinions of the author and do not necessarily reflect the views of The Epoch Times or ZeroHedge.

Tyler Durden Thu, 05/02/2024 - 08:45

Thursday Humor: Jobless Claims

With WARNs high, JOLTS data tumbling - led construction jobs collapsing, and Challenger-Grey layoffs remarkably elevated, why would anyone question the government's official data on jobless claims - that continues to languish (in a good way) near record lows.

Last week saw 208,000 Americans file for jobless benefits for the first time (the same as the prior week), basically flat for the last three years...

Source: Bloomberg

In the real world labor market, 2024 has been a shitshow of layoffs...

1. Everybuddy: 100% of workforce
2. Wisense: 100% of workforce
3. CodeSee: 100% of workforce
4. Twig: 100% of workforce
5. Twitch: 35% of workforce
6. Roomba: 31% of workforce
7. Bumble: 30% of workforce
8. Farfetch: 25% of workforce
9. Away: 25% of workforce
10. Hasbro: 20% of workforce
11. LA Times: 20% of workforce
12. Wint Wealth: 20% of workforce
13. Finder: 17% of workforce
14. Spotify: 17% of workforce
15. Buzzfeed: 16% of workforce
16. Levi's: 15% of workforce
17. Xerox: 15% of workforce
18. Qualtrics: 14% of workforce
19. Wayfair: 13% of workforce
20. Duolingo: 10% of workforce
21. Rivian: 10% of workforce
22. Washington Post: 10% of workforce
23. Snap: 10% of workforce
24. eBay: 9% of workforce
25. Sony Interactive: 8% of workforce
26. Expedia: 8% of workforce
27. Business Insider: 8% of workforce
28. Instacart: 7% of workforce
29. Paypal: 7% of workforce
30. Okta: 7% of workforce
31. Charles Schwab: 6% of workforce
32. Docusign: 6% of workforce
33. Riskified: 6% of workforce
34. EA: 5% of workforce
35. Motional: 5% of workforce
36. Mozilla: 5% of workforce
37. Vacasa: 5% of workforce
38. CISCO: 5% of workforce
39. UPS: 2% of workforce
40. Nike: 2% of workforce
41. Blackrock: 3% of workforce
42. Paramount: 3% of workforce
43. Citigroup: 20,000 employees
44. ThyssenKrupp: 5,000 employees
45. Best Buy: 3,500 employees
46. Barry Callebaut: 2,500 employees
47. Outback Steakhouse: 1,000
48. Northrop Grumman: 1,000 employees
49. Pixar: 1,300 employees
50. Perrigo: 500 employees
51. Tesla: 10% of workforce

Under the hood, California and Massachusetts were the big outliers to the downside (taking New Jersey's place in the hall of fame of made-up data)...

Continuing claims - according to the government - were also flat week on week at 1.774 million Americans, having gone practically nowhere for a year...

Spot the odd one out... (or spot the government-supplied data)...

Source: Bloomberg

Ah, Bidenomics!!

If Trump wins in November, will all this data suddenly be 'allowed' to reflect reality?

Tyler Durden Thu, 05/02/2024 - 08:36