history – Business News Updates https://newsdaily.business Tue, 24 Jan 2023 06:09:03 +0000 en hourly 1 https://wordpress.org/?v=6.4.3 https://newsdaily.business/wp-content/uploads/2021/02/cropped-handshake-hand-gesture-dollar-money-finance-coin_96px-32x32.png history - Business News Updates https://newsdaily.business 32 32 On this day in history, Jan. 24, 2003, Department of Homeland Security established as Cabinet agency https://newsdaily.business/2023/01/24/on-this-day-in-history-jan-24-2003-department-of-homeland-security-established-as-cabinet-agency/ https://newsdaily.business/2023/01/24/on-this-day-in-history-jan-24-2003-department-of-homeland-security-established-as-cabinet-agency/#respond Tue, 24 Jan 2023 06:09:03 +0000 https://newsdaily.business/2023/01/24/on-this-day-in-history-jan-24-2003-department-of-homeland-security-established-as-cabinet-agency/ The Department of Homeland Security (DHS), a far-reaching federal response to the terror attacks of Sept. 11, 2001, on U.S. soil, began operation as a new Cabinet-level agency on this day in history, Jan. 24, 2003. “Our duties are wide-ranging and our goal is clear — keeping America safe,” the department states online of its […]]]>


The Department of Homeland Security (DHS), a far-reaching federal response to the terror attacks of Sept. 11, 2001, on U.S. soil, began operation as a new Cabinet-level agency on this day in history, Jan. 24, 2003.

“Our duties are wide-ranging and our goal is clear — keeping America safe,” the department states online of its mission.

The creation of DHS enjoyed overwhelming bipartisan support amid the fear that followed the 9/11 attacks.

ON THIS DAY IN HISTORY, JAN. 23, 1957, WHAM-O PRODUCES FIRST FRISBEES, RESHAPING LEISURE, SPORT

It has engendered widespread criticism in recent years from across the political spectrum for giving a bloated federal agency the ability to pry into the lives of everyday Americans.

In particular, DHS has been found to be at the center of the Biden administration’s alleged collusion with tech giants to censor free speech in recent years.

Tom Ridge, the first director of Homeland Security, speaks prior to then-President George W. Bush's address to federal employees at the DAR Constitution Hall on July 10, 2002, in D.C. President Bush talked about the importance of creating a Cabinet-level Homeland Security Department.

Tom Ridge, the first director of Homeland Security, speaks prior to then-President George W. Bush’s address to federal employees at the DAR Constitution Hall on July 10, 2002, in D.C. President Bush talked about the importance of creating a Cabinet-level Homeland Security Department.
(Alex Wong / Getty Images)

At the same time DHS was allegedly working to censor everyday Americans, it brazenly shirked its most basic security responsibility: protecting the U.S. border

Calls have grown in recent months to impeach DHS Secretary Alejandro Mayorkas amid the department’s increasing abuses and ineffectiveness.

“A mistake made in panic would be best fixed by starting over.” — The Brennan Center

DHS is now a bureaucratic behemoth with more than 240,000 employees and a fiscal year 2023 budget of $97 billion — greater than the annual budget of 42 states.

SHOULD SECRETARY MAYORKAS BE FIRED? HEAR WHAT THIS BORDER TOWN SAYS

A frightened nation called for the creation of an umbrella security agency in the aftermath of 9/11.

“We’ve learned that vast oceans no longer protect us from the dangers of a new era,” President George W. Bush said on Jan. 24, 2003, as he led a swearing-in ceremony for Tom Ridge as the first secretary of Homeland Security.

A fiery blast rocks the World Trade Center after it was hit by two planes on Sept. 11, 2001, in New York City.

A fiery blast rocks the World Trade Center after it was hit by two planes on Sept. 11, 2001, in New York City.
(Spencer Platt / Getty Images)

“This government has a responsibility to confront the threat of terror wherever it is found.”

An Office of Homeland Security was created within the White House on Oct. 8, 2001, just four weeks after the 9/11 attacks savagely killed nearly 3,000 people in New York City, Washington, D.C., and rural Pennsylvania.

“With the passage of the Homeland Security Act by Congress in November 2002, the Department of Homeland Security formally came into being as a stand-alone, cabinet-level department to further coordinate and unify national homeland security efforts,” DHS states in its online history.

Ridge, the governor of Pennsylvania on Sept. 11, first took over Homeland Security leadership duties in an advisory role on Sept. 20, 2001.

He led DHS until Feb. 1, 2005.

“We’ve learned that vast oceans no longer protect us from the dangers of a new era.” — President George W. Bush

The department combined 22 different federal departments and agencies into a unified organization to better coordinate responses to threats and attacks.

It became the 15th executive department under the Executive Office. It is the third largest among them.

The Homeland Security Act of November 2002 turned the White House office into the Cabinet-level department known today.

Department of Homeland Security Secretary Alejandro Mayorkas speaks during the United States Conference of Mayors' 91st winter meeting on Jan. 19, 2023, in Washington, D.C.

Department of Homeland Security Secretary Alejandro Mayorkas speaks during the United States Conference of Mayors’ 91st winter meeting on Jan. 19, 2023, in Washington, D.C.
(Drew Angerer / Getty Images)

The act passed with overwhelming bipartisan support: a 295-132 vote in the House and a vote of 90-9 in the Senate. 

President Bush signed it into law on Nov. 25.

The Homeland Security Act was one in a long list of bipartisan legislative victories for the Bush administration in the aftermath of 9/11.

UNIVERSITY OF WASHINGTON SUED FOR WITHHOLDING DOCS DETAILING PROFESSOR’S ALLEGED ROLE IN DHS DISINFO CAMPAIGN

The unified response to the terror attacks contradicts the way media and political opponents soon portrayed President Bush as a cowboy “going it alone” — to cite one incessant criticism that grew increasingly savage in the years that followed.

The Iraq War Resolution, for example, passed 296-133 in the House and 77-23 in the Senate.

Then-Sens. John Kerry, D-Mass., Hillary Clinton, D-N.Y., and Joe Biden, D-Delaware, all voted in favor of both the Homeland Security Act and the Iraq War Resolution, before becoming vocal critics of the Bush administration.

The Homeland Security Act passed 295-132 in the House and 90-9 in the Senate.

Their dissent from the unity of 9/11 quickly devolved into the deep political divide the nation knows today.

Opposition to the Homeland Security Act that did not exist in 2002 has grown more vocal in recent years.

“Perhaps the most tangible and enduring result of the 9/11 attacks is a large, beleaguered and ill-begotten bureaucracy, the U.S. Department of Homeland Security,” former White House insider Richard A. Clarke wrote for the Brennan Center in 2021.

Nina Jankowicz was pegged to lead a Disinformation Governance Board under DHS. The board was nixed after it was revealed that Jankowicz supported the now-debunked theory that Donald Trump colluded with Russia to win the White House in 2016 and called the Hunter Biden laptop story "disinformation."

Nina Jankowicz was pegged to lead a Disinformation Governance Board under DHS. The board was nixed after it was revealed that Jankowicz supported the now-debunked theory that Donald Trump colluded with Russia to win the White House in 2016 and called the Hunter Biden laptop story “disinformation.”
(Arkadiusz Warguła / iStock)

“Enough time has passed since its creation to realize that the department was poorly conceived, and it is not getting appreciably better with age.”

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The headline of Clarke’s report reads: “A mistake made in panic would be best fixed by starting over.”

“Several misguided DHS intelligence programs reveal that DHS is overreaching in its efforts to establish an effective role in the Intelligence Community,” writes the American Civil Liberties Union.

“Perhaps the most tangible and enduring result of the 9/11 attacks is a large, beleaguered and ill-begotten bureaucracy.” — Richard A. Clarke

“At least one other DHS component, the Federal Protective Service, has spied on peaceful protests and produced and disseminated intelligence reports, despite the fact it has no authorized intelligence mission.”

DHS has been savaged by Republicans and conservative commentators in recent months.

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The department appears to have colluded with social media giants such as Twitter to censor debate over the nation’s response to COVID-19.

The department is also accused of leading efforts to suppress news related to business dealings between foreign powers and Hunter Biden, President Biden’s disgraced son.



Read More:On this day in history, Jan. 24, 2003, Department of Homeland Security established as Cabinet agency

2023-01-24 05:02:00

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Elon Musk breaks world record for largest loss of personal fortune in history | Elon Musk https://newsdaily.business/2023/01/12/elon-musk-breaks-world-record-for-largest-loss-of-personal-fortune-in-history-elon-musk/ https://newsdaily.business/2023/01/12/elon-musk-breaks-world-record-for-largest-loss-of-personal-fortune-in-history-elon-musk/#respond Thu, 12 Jan 2023 05:04:46 +0000 https://newsdaily.business/2023/01/12/elon-musk-breaks-world-record-for-largest-loss-of-personal-fortune-in-history-elon-musk/

Elon Musk has broken the world record for the largest loss of personal fortune in history, according to a Guinness World Records report.

The tech billionaire has lost approximately $182bn (£150bn) since November 2021, although other sources suggest that it could actually be closer to $200bn, the report said.

“Musk’s net worth dropped from a peak of $320bn in 2021 to $138bn as of January 2023, largely due to the poor performance of Tesla’s stock,” the global records database said, citing figures obtained from Forbes.

Although the report concedes the exact figure is “almost impossible to ascertain”, it noted that Musk’s total losses “far surpass” the previous record of $58.6bn (£47bn), set by Japanese tech investor Masayoshi Son in 2000.

In December, the Tesla boss lost his position as richest person in the world to Bernard Arnault, the chief executive of French luxury goods conglomerate LVMH, which owns fashion label Louis Vuitton.

Forbes estimates as of 12 January put Arnault’s net worth at $203.7bn (£168bn) and Musk’s at $146.5bn (£121bn).

The majority of Musk’s fortune is tied up in Tesla stock, the value of which plummeted 65% in a tumultuous 2022, the Guinness World Records report said.

The decline accelerated in October after Musk bought Twitter for roughly $44bn (£36bn), it said.

Growing worries about weakening demand and logistical problems have hampered deliveries for the world’s most valuable automaker.

As the market closed for the year on 30 December 2022, Musk tweeted: “Long-term fundamentals are extremely strong. Short-term market madness is unpredictable.”



Read More:Elon Musk breaks world record for largest loss of personal fortune in history | Elon Musk

2023-01-12 03:28:00

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This May Be the Longest Bear Market in History https://newsdaily.business/2023/01/08/this-may-be-the-longest-bear-market-in-history/ https://newsdaily.business/2023/01/08/this-may-be-the-longest-bear-market-in-history/#respond Sun, 08 Jan 2023 10:29:46 +0000 https://newsdaily.business/2023/01/08/this-may-be-the-longest-bear-market-in-history/ Last year proved to be one of the most challenging on record for investors. When we officially turned the page, the ageless Dow Jones Industrial Average (^DJI 2.13%), widely followed S&P 500 (^GSPC 2.28%), and tech-dependent Nasdaq Composite (^IXIC 2.56%) respectively fell by 9%, 19%, and 33%. All three indexes spent at least some of 2022 […]]]>


Last year proved to be one of the most challenging on record for investors. When we officially turned the page, the ageless Dow Jones Industrial Average (^DJI 2.13%), widely followed S&P 500 (^GSPC 2.28%), and tech-dependent Nasdaq Composite (^IXIC 2.56%) respectively fell by 9%, 19%, and 33%. All three indexes spent at least some of 2022 entrenched in a bear market.

However, a new year brings new hope that brighter days are ahead for Wall Street. Unfortunately, history and hope are at odds with each other.

A $20 bill paper airplane that's crashed and crumpled into the financial section of a newspaper.

Image source: Getty Images.

Most stock market corrections are resolved in less than a year

While you might not realize it, stock market corrections — declines of at least 10% from a recent high — are fairly common. Since the beginning of 1950, the S&P 500 has undergone 39 separate corrections, according to data from sell-side consultancy firm Yardeni Research. 

The vast majority of these declines don’t take long to find their respective bottoms. Not including the 2022 bear market, 24 of the previous 38 corrections since 1950 reached their troughs in 104 or fewer calendar days (about 3 1/2 months). Another seven corrections took between 157 calendar days and 288 calendar days to resolve. In other words, in all but seven corrections in a 73-year time span, a stock market decline has taken longer than 10 months to reach its bottom.

As of the closing bell on Jan. 4, 2023, the S&P 500 had spent 282 calendar days in a bear market, per Yardeni. We’re just a few days away from entering rarified territory when it comes to the length of the existing decline.

If there is a positive here, it’s that the length of a stock market correction doesn’t correlate with the magnitude of decline. Four of the 10 longest corrections in the S&P 500 since 1950 resulted in peak declines ranging from just 14% to 19%.

Nevertheless, the existing bear market doesn’t look to be anywhere near a bottom.

This may become the longest bear market on record

There’s no question that the Federal Reserve and investors (both tenured and new) are navigating unchartered waters. At no point in the history of our nation’s central bank has it had to aggressively raise interest rates while the stock market plunges. But with the U.S. inflation rate spiking to a four-decade high of 9.1% in June, taming the pace of price hikes became paramount.

Although Federal Reserve monetary policy isn’t particularly useful in identifying when a stock market correction will occur or how steep the decline will be, it can be quite useful in deciphering when the stock market will find a bottom and reverse course.

Effective Federal Funds Rate Chart.

Effective Federal Funds Rate data by YCharts.

Since this century began, the Fed has undertaken three interest rate easing cycles (i.e., the nation’s central bank lowered interest rates).  In each of these instances, it took the benchmark S&P 500 a long time to find its footing.

  • Jan. 3, 2001: During the dot-com bubble, the nation’s central bank reduced the federal funds rate from 6.5% to 1.75% in less than a year. However, it took 645 calendar days after this initial rate cut for the S&P 500 to reach its nadir.
  • Sept. 18, 2007: The financial crisis coerced the Fed to slash its federal funds rate from 5.25% to a range of 0% to 0.25%. But the S&P 500 didn’t find its bottom until 538 calendar days after this first rate cut.
  • July 31, 2019: The third easing cycle this century saw the Fed lower its fed funds rate from a range of 2% to 2.25% to 0% to 0.25%. The S&P 500 hit its bottom during the coronavirus crash in March 2020 — 236 calendar days after this first rate cut.

On average, it’s taken 473 calendar days (about 15 1/2 months) this century for the broad-based S&P 500 to find its bottom after the central bank begins a rate-easing cycle.

Here’s the problem: The Fed is nowhere near an easing cycle. According to the Fed’s “Summary of Economic Projections” (also known as the “dot plot”) in December 2022, interest rate easing isn’t expected until sometime in 2024. If that’s the case, and the S&P 500 adheres to this century’s average timeline to find a bottom, we’re talking about a bear market that could easily top more than 1,000 calendar days and become the longest on record. As of now, the longest bear market occurred between 2000 and 2002 and lasted 929 calendar days.

A person intently reading the financial section of a newspaper.

Image source: Getty Images.

Three smart ways to invest during lengthy bear markets

While this probably isn’t the projection you want to hear, it doesn’t have to be terrible news, either. Bear markets have, historically, been an excellent time to put money to work and have allowed investors to buy into time-tested businesses at significant discounts.

One of the smartest moves investors can make during a lengthy bear market is to buy dividend stocks. Publicly traded companies that pay a dividend are usually profitable on a recurring basis and have successfully navigated their way through previous economic downturns. What’s more, dividend stocks have outperformed non-payers by a significant amount over long periods. In short, they’re just the type of businesses you should want to own when uncertainty is prevalent.

Investing in defensive sectors and industries can be a genius move, too. For example, electric utilities are a solid bet to outperform during a bear market due to their highly predictable cash flow. Homeowners and renters don’t change their electricity consumption habits much from year to year. Furthermore, most electric utilities operate as monopolies or duopolies, which leaves little choice for consumers.

A third smart move during lengthy bear markets is to consider buying exchange-traded funds (ETFs). Buying ETFs allows investors to instantly diversify or concentrate their investments at the click of a button. With an ETF for pretty much every sector, industry, trend, region, and market cap, investors have an abundance of ways to put their money to work over the long run without necessarily having to worry about single stock risk.

The key point here is that continuing to invest, even during a potentially lengthy bear market, is a wise decision for long-term-minded investors.



Read More:This May Be the Longest Bear Market in History

2023-01-08 10:21:00

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Elon Musk first person in human history to lose $200 billion https://newsdaily.business/2022/12/31/elon-musk-first-person-in-human-history-to-lose-200-billion/ https://newsdaily.business/2022/12/31/elon-musk-first-person-in-human-history-to-lose-200-billion/#respond Sat, 31 Dec 2022 10:07:43 +0000 https://newsdaily.business/2022/12/31/elon-musk-first-person-in-human-history-to-lose-200-billion/ Elon Musk became the only person in human history to lose $200 billion from their net worth, Bloomberg Billionaire Index showed. After Amazon’s Jeff Bezos, Musk was the second person with more than $200 billion of “personal fortune”, a figure he achieved in January 2021.  What exactly has led to decline in Musk’s wealth? Elon […]]]>


Elon Musk became the only person in human history to lose $200 billion from their net worth, Bloomberg Billionaire Index showed. After Amazon’s Jeff Bezos, Musk was the second person with more than $200 billion of “personal fortune”, a figure he achieved in January 2021. 

What exactly has led to decline in Musk’s wealth?

Elon Musk’s wealth plummeted to $137 billion after Tesla shares declined in recent weeks. This includes a massive 11 per cent fall in Tesla shares on December 27. 

Tesla is now offering consumers in the United States a $7,500 discount for its two highest-volume models before year-end. It has also reportedly reduced production at its Shanghai plant.

Musk’s fortune topped at $340 billion in November 2021. Following this, he was the world’s richest person for consecutive months till more than a year. He was then overtaken this month by Bernard Arnault, the French business magnate and co-founder of luxury goods powerhouse LVMH. 

Musk acquired the social media platform for $44 billion in late October. To help cover his Twitter purchase, Musk sold his significant stake in Tesla. The electric carmaker is no longer his biggest asset.

Musk’s declining wealth and raised interest rates

Elon Musk has repeatedly taken to Twitter to take on the Federal Reserve for raising interest rates at the fastest pace in decades. 

“Tesla is executing better than ever!” Musk wrote on Twitter on December 16. “We don’t control the Federal Reserve. That is the real problem here.”

A report in Bloomberg cited a recent Elon Musk appearance in a podcast in which the billionaire business magnate is heard warning against the dangers of borrowed money during a volatile market phase. 

“I would really advise people not to have margin debt in a volatile stock market and you know, from a cash standpoint, keep the powder dry,” Musk is cited to have said in the All-In podcast released this month. “You can get some pretty extreme things happening in a down market.”

You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.



Read More:Elon Musk first person in human history to lose $200 billion

2022-12-31 03:26:43

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Recent Fed Rate Hikes Might Go Down in History as Most Damaging Ever – Economics Bitcoin News https://newsdaily.business/2022/12/24/recent-fed-rate-hikes-might-go-down-in-history-as-most-damaging-ever-economics-bitcoin-news/ https://newsdaily.business/2022/12/24/recent-fed-rate-hikes-might-go-down-in-history-as-most-damaging-ever-economics-bitcoin-news/#respond Sat, 24 Dec 2022 02:51:25 +0000 https://newsdaily.business/2022/12/24/recent-fed-rate-hikes-might-go-down-in-history-as-most-damaging-ever-economics-bitcoin-news/ Tesla CEO and Twitter chief Elon Musk says the Federal Reserve’s recent rate hikes “might go down in history as most damaging ever.” The billionaire has urged the Fed to cut interest rates immediately, emphasizing that the U.S. central bank is “massively amplifying the probability of a severe recession.” Elon Musk on Fed Rate Hikes […]]]>


Tesla CEO and Twitter chief Elon Musk says the Federal Reserve’s recent rate hikes “might go down in history as most damaging ever.” The billionaire has urged the Fed to cut interest rates immediately, emphasizing that the U.S. central bank is “massively amplifying the probability of a severe recession.”

Elon Musk on Fed Rate Hikes

Tesla, Spacex, and Twitter boss Elon Musk warned Thursday about the damaging impact of the Federal Reserve rapidly raising interest rates.

His warning was in reply to a tweet by former investment manager Genevieve Roch-Decter stating that “the Fed has never raised rates faster” than this year. Musk wrote:

At the risk of being repetitive, these Fed rate increases might go down in history as most damaging ever.

Roch-Decter also included a chart with her tweet showing that the Fed has hiked interest rates further and faster this year than at any other time in modern history.

Elon Musk: Recent Fed Rate Hikes Might Go Down in History as Most Damaging Ever

Many people agreed with Musk. “I agree, Elon. The mortgage industry is taking a blood bath. Good professionals like me (marketing) laid off. Applications at historic lows. This is a disaster,” one Twitter user wrote. Another described: “This is what happens when the government artificially infuses $3.5 trillion into the U.S. economy. The Fed makes up for it in damaging interest hikes … It’s going to get worse.”

Musk also blamed the Federal Reserve for Tesla’s loss of market value. Investment advisor Ross Gerber tweeted last week: “Elon has now erased $600 billion of Tesla wealth and still nothing from the Tesla BOD [board of directors]. It’s wholly unacceptable.” Musk replied:

Tesla is executing better than ever. We don’t control the Federal Reserve. That is the real problem here.

The billionaire has warned several times about the risks of the Federal Reserve hiking interest rates. Earlier this month, he cautioned that the recession will be greatly amplified if the Fed raised interest rates again. The central bank then raised rates by 50 basis points following four consecutive 75-basis-point hikes.

Last month, Musk warned that the “trend is concerning,” emphasizing that the Fed “needs to cut interest rates immediately.” He added: “They are massively amplifying the probability of a severe recession.” The billionaire also previously said that he believes the recession will last until the spring of 2024.

What do you think about the warning by Tesla CEO Elon Musk about the Fed’s rate hikes? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.




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Read More:Recent Fed Rate Hikes Might Go Down in History as Most Damaging Ever – Economics Bitcoin News

2022-12-24 02:30:23

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Tesla stock has now seen one of its largest drawdowns in history https://newsdaily.business/2022/12/16/tesla-stock-has-now-seen-one-of-its-largest-drawdowns-in-history/ https://newsdaily.business/2022/12/16/tesla-stock-has-now-seen-one-of-its-largest-drawdowns-in-history/#respond Fri, 16 Dec 2022 20:49:16 +0000 https://newsdaily.business/2022/12/16/tesla-stock-has-now-seen-one-of-its-largest-drawdowns-in-history/ Tesla stock is in the midst of largest drawdown since the company went public back in 2010. Shares of the EV maker are down 64% from a peak last November, marking the stock’s largest drawdown since its market debut, according to data from Compound Capital. The recent 407-day stretch of selling pressure has eclipsed the […]]]>


Tesla stock is in the midst of largest drawdown since the company went public back in 2010.

Shares of the EV maker are down 64% from a peak last November, marking the stock’s largest drawdown since its market debut, according to data from Compound Capital.

The recent 407-day stretch of selling pressure has eclipsed the 60.6% drop from a peak seen over the 28 days from Feb. 19, 2020 to Mar. 18, 2020 (chart below), when the onset of the COVID-19 pandemic rocked markets worldwide.

More recently, Tesla stock is down 22% in December alone.

The bottom has dropped out of Tesla's stock price.

The bottom has dropped out of Tesla’s stock price. (Compound Capital)

The declines for the once-bankable automaker reflect several factors.

First, the risk of operational miscues at Tesla has grown as Musk focuses on restructuring Twitter.

“Musk has gone from a superhero to Tesla’s stock to a villain in the eyes of the Street as the overhang grows with each tweet,” Wedbush Managing Director Dan Ives, who has become increasingly critical of Musk in 2022, told Yahoo Finance.

Concerns also remain around manufacturing issues and the pace of sales for Tesla in China amid an uncertain approach to the country’s COVID-19 policies.

Finally, competition in the EV space in the United States has only intensified this year — raising the risk of slowing growth for Tesla in 2023 and beyond.

SpaceX Chief Engineer Elon Musk takes part in a joint news conference with T-Mobile CEO Mike Sievert (not pictured) at the SpaceX Starbase, in Brownsville, Texas, U.S., August 25, 2022. REUTERS/Adrees Latif

SpaceX Chief Engineer Elon Musk takes part in a joint news conference with T-Mobile CEO Mike Sievert (not pictured) at the SpaceX Starbase, in Brownsville, Texas, U.S., August 25, 2022. REUTERS/Adrees Latif

On the first and most immediate issue, others on the Street agree with Ives that the debacle at Twitter is the most pressing issue for the stock right now and will likely remain that way well into 2023.

“Tesla’s brand has become more polarizing,” Goldman Sachs analyst Mark Delaney said in a note this week. “We believe that Tesla’s brand has significant value related to the company’s leadership position in clean energy and advanced technology. Having consumer focus related to Tesla shift back to these core attributes of sustainability and technology will be important in our view if Tesla is to meet or exceed long-term investor expectations for Tesla.”

Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.

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Read More:Tesla stock has now seen one of its largest drawdowns in history

2022-12-16 19:14:36

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Kansas oil spill the biggest in Keystone pipeline history, federal data shows https://newsdaily.business/2022/12/11/kansas-oil-spill-the-biggest-in-keystone-pipeline-history-federal-data-shows/ https://newsdaily.business/2022/12/11/kansas-oil-spill-the-biggest-in-keystone-pipeline-history-federal-data-shows/#respond Sun, 11 Dec 2022 01:08:47 +0000 https://newsdaily.business/2022/12/11/kansas-oil-spill-the-biggest-in-keystone-pipeline-history-federal-data-shows/ A ruptured pipe dumped enough oil this week into a northeastern Kansas creek to nearly fill an Olympic-sized swimming pool, becoming the largest onshore crude pipeline spill in nine years and surpassing all the previous ones on the same pipeline system combined, according to federal data. The Keystone pipeline spill in a creek running through rural pastureland […]]]>


A ruptured pipe dumped enough oil this week into a northeastern Kansas creek to nearly fill an Olympic-sized swimming pool, becoming the largest onshore crude pipeline spill in nine years and surpassing all the previous ones on the same pipeline system combined, according to federal data.

The Keystone pipeline spill in a creek running through rural pastureland in Washington County, Kansas, about 150 miles (240 kilometers) northwest of Kansas City, also was the biggest in the system’s history, according to U.S. Department of Transportation data. The operator, Canada-based TC Energy, said the pipeline that runs from Canada to Oklahoma lost about 14,000 barrels, or 588,000 gallons.

The spill raised questions for environmentalists and safety advocates about whether TC Energy should keep a federal government permit that has allowed the pressure inside parts of its Keystone system — including the stretch through Kansas — to exceed the typical maximum permitted levels. With Congress facing a potential debate on reauthorizing regulatory programs, the chair of a House subcommittee on pipeline safety took note of the spill Friday.

A U.S. Government Accountability Office report last year said there had been 22 previous spills along the Keystone system since it began operating in 2010, most of them on TC Energy property and fewer than 20 barrels. The total from those 22 events was a little less than 12,000 barrels, the report said.

“I’m watching this situation closely to learn more about this latest oil leak and inform ways to prevent future releases and protect public safety and the environment,” Democratic U.S. Rep. Donald Payne Jr., of New Jersey, tweeted.

TC Energy and the U.S. Environmental Protection Agency said the spill has been contained. The EPA said the company built an earthen dam across the creek about 4 miles downstream from the pipeline rupture to prevent the oil from moving into larger waterways.

Randy Hubbard, the county’s emergency management director, said the oil traveled only about a quarter mile and there didn’t appear to be any wildlife deaths.

The company said it is doing around-the-clock air-quality checks and other environmental monitoring. It also was using multiple trucks that amount to giant wet vacuums to suck up the oil.

Past Keystone spills have led to outages that lasted about two weeks, and the company said it still is evaluating when it can reopen the system.

The EPA said no drinking water wells were affected and oil-removal efforts will continue into next week. No one was evacuated, but the Kansas Department of Health and Environment warned people not to go into the creek or allow animals to wade in.

“At the time of the incident, the pipeline was operating within its design and regulatory approval requirements,” the company said in a statement.

The nearly 2,700-mile (4345-kilometer) Keystone pipeline carries thick, Canadian tar-sands oil to refineries in Illinois, Oklahoma and Texas, with about 600,000 barrels moving per day from Canada to Cushing, Oklahoma. Concerns about spills fouling water helped spur opposition to a new, 1,200 mile (1,900 kilometers) Keystone XL pipeline, and the company pulled the plug last year after President Joe Biden canceled a permit for it.

Environmentalists said the heavier tar sands oil is not only more toxic than lighter crude but can sink in water instead of floating on top. Bill Caram, executive director of the advocacy Pipeline Safety Trust, said cleanup even sometimes can include scrubbing individual rocks in a creek bed.

“This is going to be months, maybe even years before we get the full handle on this disaster and know the extent of the damage and get it all cleaned up,” said Zack Pistora, a lobbyist for the Sierra Club at the Kansas Statehouse.

Pipelines often are considered safer than shipping oil by railcar or truck, but large spills can create significant environmental damage. The American Petroleum Institute said Friday that companies have robust monitoring to detect leaks, cracks, corrosion and other problems, not only through control centers but with employees who walk alongside pipelines.

Still, in September 2013, a Tesoro Corp. pipeline in North Dakota ruptured and spilled 20,600 barrels, according to U.S. Department of Transportation data.

A more expensive spill happened in July 2010, when an Enbridge Inc. pipeline in Michigan ruptured and spilled more than 20,000 barrels into Talmadge Creek and the Kalamazoo River. Hundreds of homes and businesses were evacuated.

The Keystone pipeline’s previous largest spill came in 2017, when more than 6,500 barrels spilled near Amherst, South Dakota, according to a U.S. Government Accountability Office report released last year. The second largest, 4,515 barrels, was in 2019 near Edinburg, North Dakota.

The Petroleum Institute said pipelines go through tests before opening using pressures that exceed the company’s planned levels and are designed to account for what they’ll carry and changes in the ground they cover. An arm of the U.S. Department of Transportation oversees pipeline safety and permitted TC Energy to have greater pressures on the Keystone system because the company used pipe made from better steel.

But Caram said: “When we see multiple failures like this of such large size and a relatively short amount of time after that pressure has increased, I think it’s time to question that.”

In its report last year to Congress, the GAO said Keystone’s accident history was similar to other oil pipelines, but spills have gotten larger in recent years. Investigations ordered by regulators found that the four worst spills were caused by flaws in design or pipe manufacturing during construction.

TC Energy’s permit included more than 50 special conditions, mostly for its design, construction and operation, the GAO report said. The company said in response to the 2021 report that it took “decisive action” in recent years to improve safety, including developing new technology for detecting cracks and an independent review of its pipeline integrity program.

The company said Friday that it would conduct a full investigation into the causes of the spill.

The spill caused a brief surge in crude prices Thursday. Benchmark U.S. oil was up more modestly — about 1% — on Friday morning as fears of a supply disruption were overshadowed by bigger concerns about an economic downturn in the U.S. and other major countries that would reduce demand for oil.

The pipeline runs through Chris and Bill Pannbacker’s family farm. Bill Pannbacker, a farmer and stockman, said the company told him that the issues with the pipeline there probably will not be resolved until after the Christmas and New Year’s holidays.

The hill where the breach happened was a landmark to locals and used to be a popular destination for hayrides, Pannbacker said.





Read More:Kansas oil spill the biggest in Keystone pipeline history, federal data shows

2022-12-10 21:17:28

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Federal data: Kansas oil spill biggest in Keystone history https://newsdaily.business/2022/12/10/federal-data-kansas-oil-spill-biggest-in-keystone-history/ https://newsdaily.business/2022/12/10/federal-data-kansas-oil-spill-biggest-in-keystone-history/#respond Sat, 10 Dec 2022 07:06:01 +0000 https://newsdaily.business/2022/12/10/federal-data-kansas-oil-spill-biggest-in-keystone-history/ TOPEKA, Kan. (AP) — A ruptured pipe dumped enough oil this week into a northeastern Kansas creek to nearly fill an Olympic-sized swimming pool, becoming the largest onshore crude pipeline spill in nine years and surpassing all the previous ones on the same pipeline system combined, according to federal data. The Keystone pipeline spill in […]]]>


TOPEKA, Kan. (AP) — A ruptured pipe dumped enough oil this week into a northeastern Kansas creek to nearly fill an Olympic-sized swimming pool, becoming the largest onshore crude pipeline spill in nine years and surpassing all the previous ones on the same pipeline system combined, according to federal data.

The Keystone pipeline spill in a creek running through rural pastureland in Washington County, Kansas, about 150 miles (240 kilometers) northwest of Kansas City, also was the biggest in the system’s history, according to U.S. Department of Transportation data. The operator, Canada-based TC Energy, said the pipeline that runs from Canada to Oklahoma lost about 14,000 barrels, or 588,000 gallons.

The spill raised questions for environmentalists and safety advocates about whether TC Energy should keep a federal government permit that has allowed the pressure inside parts of its Keystone system — including the stretch through Kansas — to exceed the typical maximum permitted levels. With Congress facing a potential debate on reauthorizing regulatory programs, the chair of a House subcommittee on pipeline safety took note of the spill Friday.

A U.S. Government Accountability Office report last year said there had been 22 previous spills along the Keystone system since it began operating in 2010, most of them on TC Energy property and fewer than 20 barrels. The total from those 22 events was a little less than 12,000 barrels, the report said.

“I’m watching this situation closely to learn more about this latest oil leak and inform ways to prevent future releases and protect public safety and the environment,” Democratic U.S. Rep. Donald Payne Jr., of New Jersey, tweeted.

TC Energy and the U.S. Environmental Protection Agency said the spill has been contained. The EPA said the company built an earthen dam across the creek about 4 miles downstream from the pipeline rupture to prevent the oil from moving into larger waterways.

Randy Hubbard, the county’s emergency management director, said the oil traveled only about a quarter mile and there didn’t appear to be any wildlife deaths.

The company said it is doing around-the-clock air-quality checks and other environmental monitoring. It also was using multiple trucks that amount to giant wet vacuums to suck up the oil.

Past Keystone spills have led to outages that lasted about two weeks, and the company said it still is evaluating when it can reopen the system.

The EPA said no drinking water wells were affected and oil-removal efforts will continue into next week. No one was evacuated, but the Kansas Department of Health and Environment warned people not to go into the creek or allow animals to wade in.

“At the time of the incident, the pipeline was operating within its design and regulatory approval requirements,” the company said in a statement.

The nearly 2,700-mile (4345-kilometer) Keystone pipeline carries thick, Canadian tar-sands oil to refineries in Illinois, Oklahoma and Texas, with about 600,000 barrels moving per day from Canada to Cushing, Oklahoma. Concerns about spills fouling water helped spur opposition to a new, 1,200 mile (1,900 kilometers) Keystone XL pipeline, and the company pulled the plug last year after President Joe Biden canceled a permit for it.

Environmentalists said the heavier tar sands oil is not only more toxic than lighter crude but can sink in water instead of floating on top. Bill Caram, executive director of the advocacy Pipeline Safety Trust, said cleanup even sometimes can include scrubbing individual rocks in a creek bed.

“This is going to be months, maybe even years before we get the full handle on this disaster and know the extent of the damage and get it all cleaned up,” said Zack Pistora, a lobbyist for the Sierra Club at the Kansas Statehouse.

Pipelines often are considered safer than shipping oil by railcar or truck, but large spills can create significant environmental damage. The American Petroleum Institute said Friday that companies have robust monitoring to detect leaks, cracks, corrosion and other problems, not only through control centers but with employees who walk alongside pipelines.

Still, in September 2013, a Tesoro Corp. pipeline in North Dakota ruptured and spilled 20,600 barrels, according to U.S. Department of Transportation data.

A more expensive spill happened in July 2010, when an Enbridge Inc. pipeline in Michigan ruptured and spilled more than 20,000 barrels into Talmadge Creek and the Kalamazoo River. Hundreds of homes and businesses were evacuated.

The Keystone pipeline’s previous largest spill came in 2017, when more than 6,500 barrels spilled near Amherst, South Dakota, according to a U.S. Government Accountability Office report released last year. The second largest, 4,515 barrels, was in 2019 near Edinburg, North Dakota.

The Petroleum Institute said pipelines go through tests before opening using pressures that exceed the company’s planned levels and are designed to account for what they’ll carry and changes in the ground they cover. An arm of the U.S. Department of Transportation oversees pipeline safety and permitted TC Energy to have greater pressures on the Keystone system because the company used pipe made from better steel.

But Caram said: “When we see multiple failures like this of such large size and a relatively short amount of time after that pressure has increased, I think it’s time to question that.”

In its report last year to Congress, the GAO said Keystone’s accident history was similar to other oil pipelines, but spills have gotten larger in recent years. Investigations ordered by regulators found that the four worst spills were caused by flaws in design or pipe manufacturing during construction.

TC Energy’s permit included more than 50 special conditions, mostly for its design, construction and operation, the GAO report said. The company said in response to the 2021 report that it took “decisive action” in recent years to improve safety, including developing new technology for detecting cracks and an independent review of its pipeline integrity program.

The company said Friday that it would conduct a full investigation into the causes of the spill.

The spill caused a brief surge in crude prices Thursday. Benchmark U.S. oil was up more modestly — about 1% — on Friday morning as fears of a supply disruption were overshadowed by bigger concerns about an economic downturn in the U.S. and other major countries that would reduce demand for oil.

The pipeline runs through Chris and Bill Pannbacker’s family farm. Bill Pannbacker, a farmer and stockman, said the company told him that the issues with the pipeline there probably will not be resolved until after the Christmas and New Year’s holidays.

The hill where the breach happened was a landmark to locals and used to be a popular destination for hayrides, Pannbacker said.

____

Hollingsworth reported from Mission, Kansas and Foley reported from Iowa City, Iowa. David Koenig contributed reporting from Dallas.

___

Follow John Hanna on Twitter at https://twitter.com/apjdhanna





Read More:Federal data: Kansas oil spill biggest in Keystone history

2022-12-10 04:05:34

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This castle with Hollywood history can be yours for $1.64M https://newsdaily.business/2022/12/08/this-castle-with-hollywood-history-can-be-yours-for-1-64m/ https://newsdaily.business/2022/12/08/this-castle-with-hollywood-history-can-be-yours-for-1-64m/#respond Thu, 08 Dec 2022 00:44:54 +0000 https://newsdaily.business/2022/12/08/this-castle-with-hollywood-history-can-be-yours-for-1-64m/ A five-bedroom, six-bathroom castle situated 30 minutes outside of Manhattan has hit the market for $1.64 million. Known as Villa Keen, the estate is located in the Westchester town of Irvington, N.Y., and was built back in 1929. Standing on 2.43 acres of land, features include a stately stone pillar entry and a beech tree […]]]>


A five-bedroom, six-bathroom castle situated 30 minutes outside of Manhattan has hit the market for $1.64 million.

Known as Villa Keen, the estate is located in the Westchester town of Irvington, N.Y., and was built back in 1929.

Standing on 2.43 acres of land, features include a stately stone pillar entry and a beech tree with historic Native American carvings.

The listing states that the carvings “in front of the sweeping stairs [tell] a story from the 1700’s, but that we will save for a rainy day.”

Several acclaimed individuals have lived in this home throughout the years, including Robert Wright, a producer of “The Carol Burnett Show,” and her Broadway production of ‘Once Upon a Mattress.”

Academy Award winner Shirley Jones, the matriarch of “The Partridge Family,” her husband, singer Jack Cassidy, and son Shaun Cassidy, also called Villa Keen home while working on “Maggie Flynn” in the 1960s.

The castle is situated in Irvington, New York -- a suburb of New York City.
The castle is situated in Irvington, New York — a suburb of New York City.
Corcoran
A photo of Shirley Jones and Jack Cassidy in front of the castle.
A photo of Shirley Jones and Jack Cassidy in front of the castle.
Corcoran
The courtyard.
The courtyard.
Corcoran
A hallway that looks out to the courtyard.
A hallway that looks out to the courtyard.
Corcoran
The formal dining room.
The formal dining room.
Corcoran

Lloyd Stratton, president of the Associated Press, also took up residency in the home.

Spanning more than 3,500 square feet, features include stained glass windows throughout, an oak library — and other chic older-world touches.

“If you are seeking inspiration beyond your wildest dreams, everything is still in tact today, including the Chesney fireplace mantel, Mackenzie-Childs fixtures, and the Schonbek Austrian crystal chandelier,” the listing adds.

There is also a pool and a pool house, and a guest residence with a separate entrance. 

“Villa Keen is so special, a replica only exists in California by one of its former owners,” the listing said.

Ryan Paige and Adam Blankfort with Corcoran hold the listing.



Read More:This castle with Hollywood history can be yours for $1.64M

2022-12-07 22:38:00

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Robert Kiyosaki warns that the economy is the ‘biggest bubble’ in history, urges investors to dump paper assets — he https://newsdaily.business/2022/12/01/robert-kiyosaki-warns-that-the-economy-is-the-biggest-bubble-in-history-urges-investors-to-dump-paper-assets-he/ https://newsdaily.business/2022/12/01/robert-kiyosaki-warns-that-the-economy-is-the-biggest-bubble-in-history-urges-investors-to-dump-paper-assets-he/#respond Thu, 01 Dec 2022 01:47:52 +0000 https://newsdaily.business/2022/12/01/robert-kiyosaki-warns-that-the-economy-is-the-biggest-bubble-in-history-urges-investors-to-dump-paper-assets-he/ ‘God have mercy on us all’: Robert Kiyosaki warns that the economy is the ‘biggest bubble’ in history, urges investors to dump paper assets — he likes these 3 real assets instead 2022 has been tough for most investors. Stocks have plunged, bonds have tumbled, and even broad benchmark ETFs are deep in the red. […]]]>


‘God have mercy on us all’: Robert Kiyosaki warns that the economy is the ‘biggest bubble’ in history, urges investors to dump paper assets — he likes these 3 real assets instead

‘God have mercy on us all’: Robert Kiyosaki warns that the economy is the ‘biggest bubble’ in history, urges investors to dump paper assets — he likes these 3 real assets instead

2022 has been tough for most investors. Stocks have plunged, bonds have tumbled, and even broad benchmark ETFs are deep in the red.

But the worst could be yet to come according to Rich Dad Poor Dad author Robert Kiyosaki.

“I believe economy is the biggest bubble in world history,” he says in a tweet. “God have mercy on us all.”

Since a lot of financial assets have gotten cheaper in this market downturn, it might seem tempting to buy the dip. But that’s not what Kiyosaki is doing.

“Many of you know I do not invest in equities, bonds, ETS or MFs. Please DO NOT listen to what I’m going to say next: ‘I would get out of paper assets’,” he says, adding that the world economy “is not a ‘market.’”

Instead, Kiyosaki likes three real assets for protection. Here’s a look at each one of them.

Don’t miss

Gold and silver

Precious metals — particularly gold and silver — have been a popular hedge against inflation and uncertainty. They can’t be printed out of thin air like fiat money and their value is largely unaffected by economic events around the world.

Kiyosaki has long been a fan of gold — he first purchased the yellow metal in 1972.

“I’m not buying gold because I like gold, I’m buying gold because I don’t trust the Fed,” he said in an interview last year.

Kiyosaki likes silver, too. In fact, he recently tweeted “Silver best investment in Oct 2022” and “Everyone can afford $20 silver.”

Read more: Trade up while the market is down: Here are the best investing apps to pounce on ‘once-in-a-generation’ opportunities (even if you’re a beginner)

To be sure, precious metals aren’t immune to the sell-off that’s been happening this year. The price of gold is actually down about 4% in 2022, while silver has fallen by nearly 9%.

While there are many ways to gain exposure to gold and silver, Kiyosaki prefers to just buy the metal directly. Earlier this year, he tweeted that he only wants “real gold or silver coins” and not ETFs.

The author also called silver “a bargain” recently. So it might be time to visit your local bullion shop.

Bitcoin

Bitcoin investors have learned the hard way just how volatile it can be.

Last November, bitcoin reached a high of $68,990. Today, it’s hovering around $16,400.

But Kiyosaki doesn’t seem bothered by the cryptocurrency’s downturn.

“BITCOIN? WORRIED? No,” he writes in a tweet earlier this month. “I am a Bitcoin investor as I am an investor in physical gold, silver, & real estate.”

In fact, he sees the crypto mayhem as an opportunity.

“When BITCOIN hits new bottom, $10 to $12 k? I will get EXCITED, not worried.”

Kiyosaki believes in bitcoin for the same reason he loves precious metals: a distrust in our fiat money system and the government.

“I bet against the Fed, Treasury, Biden, & bet on [gold], [silver], & Bitcoin,” he explains.

These days, it’s very easy to tap into bitcoin: you can buy bitcoin directly. Just be aware that many exchanges charge up to 4% in commission fees just to buy and sell crypto. So look for investing apps that charge low or even zero commissions.

What to read next

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.



Read More:Robert Kiyosaki warns that the economy is the ‘biggest bubble’ in history, urges investors to dump paper assets — he

2022-11-30 23:00:00

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