[Business] Flying boats and other tech for cleaner shipping

BBC News world 

Image source, Artemis Technologies

Image caption,

Artemis Technologies has combined foiling technology with electric power

The Pioneer of Belfast glides above the water, quiet and smooth, leaving little wake behind it.

“Even in big waves and wind, we can see the benefits of flying above the waves,” says Katrina Thompson, programme director at Artemis Technologies.

The Pioneer, developed by Artemis Technologies, is the world’s first electric foiling workboat to be brought to market.

The foil, a wing-like structure underneath the boat, lifts the hull out of the water, greatly reducing drag.

Combine with an electric motor and you have, according to Artemis, a vessel which reduces fuel costs by 90% and is emission-free.

“It’s such a transformative technology,” says Dr Thompson.

Dr Thompson grew up in Sailortown, Belfast, in amongst the bustle of heavy industry. She spent her childhood playing on the docks while her parents worked on the boats.

She left Belfast to become an aeronautical engineer, designing aircraft for Rolls-Royce and Bombardier. Then, she went back to her roots – taking her expertise with her.

Image source, Artemis Technologies

Image caption,

Katrina Thompson was an aeronautical engineer designing aircraft for Rolls-Royce and Bombardier

“My dad couldn’t understand it,” says Dr Thompson. “Then I showed him the underneath of the boat. He said, ‘Well, it’s a wing’.”

Artemis brings together motorsports experts, aeronautical engineers, specialists in flight controls and physics modelling, as well as naval architects.

The Pioneer measures 11.5m and is well suited to transporting crew to and from offshore wind farms, says Dr Thompson.

“They have to push against the wind to get out to the farms and stay there while the crew disembark. It’s a power- hungry manoeuvre.”

Wake caused by maritime traffic causes coastal degradation, shore erosion and loss of habitats. Artemis is allowed to operate close to the harbour, at higher speeds than other vessels, due to the lack of wake, promising significantly reduced journey times too.

“We are working in an industry that is traditionally slow to adopt new technologies,” says Dr Thompson. “If we start now, we can make a smoother journey towards decarbonisation.”

Image source, Getty Images

Image caption,

The shipping industry has plans to slash CO2 emissions by 50%

About 90% of global trade is transported by sea. The international maritime sector is responsible for almost 3% of total global emissions. If it were a country, it would be the world’s sixth highest emitter.

In 2018, the International Maritime Organization (IMO) set a target of 2050 to slash emissions by 50% compared with 2008. However, experts argue that to limit global warming to 1.5C, the target should be 100%.

So, can the shipping industry clean up its act?

Over short distances, boats can be powered by battery, but for international shipping green hydrogen-based fuels are tipped to play a central role in decarbonising the industry.

Moving to hydrogen, however, would require changes to fuelling infrastructure. Storage and cost are significant challenges, as well as the adaptation of the ships themselves to enable them to run on hydrogen.

To tackle the problem, some researchers are working on radical technologies.

Image source, Cambridge University

Image caption,

Researchers at Cambridge University are experimenting with floating fuel production

Experts at Cambridge University say syngas produced by artificial photosynthesis could bridge the gap between fossil fuels and clean hydrogen.

“Syngas, a mixture of hydrogen and carbon monoxide, is an important industrial intermediate in the production of conventional fuels like gasoline,” says Dr Virgil Andrei, research fellow at the University of Cambridge. “If we can produce syngas sustainably, we won’t need fossil resources.”

Tourists chatter as a punt floats down the River Cam, under the Bridge of Sighs, past St John’s College. Sunlight sparkles on the water, the surface speckled with the golds and reds of autumn leaves.

One leaf looks out of place. Dr Andrei shields it from a hungry looking duck.

“It won’t eat it,” he assures me.

The plastic cover, he says, should be strong enough to prevent animals from consuming this unusual leaf.

“In fact, covering the water surface up to a certain extent, around 50%, does not affect wildlife, and may even provide benefits – like preventing water evaporation from irrigation canals,” Dr Andrei adds.

Image source, Cambridge University

Image caption,

The “leaves” have two light absorbers which harvest sunlight

Dr Andrei and his team at Cambridge University have developed artificial leaves that generate clean fuels from sunlight and water, and could eventually operate on a large scale at sea.

The leaves have two kinds of light absorbers which harvest sunlight. One uses light from the blue end of the spectrum to produce oxygen from the water. The other uses light from the red end of the spectrum to convert carbon dioxide and protons to syngas or hydrogen.

The ultra-thin, flexible devices are low-cost, autonomous and float, says Dr Andrei, meaning they could be used to generate a sustainable alternative to petrol without taking up space on land.

“You could have decentralised fuel production in remote areas – on shorelines, on lakes, near islands. We could have refuelling stations for ships.”

This is the first time that clean fuel has been generated on water and, if scaled up, the artificial leaves could be used on polluted waterways, in ports or at sea – and reduce the global shipping industry’s reliance on fossil fuels.

While that technology is still a long way from being deployed, others are reviving ways to ship cargo that have been around for centuries.

Image source, Jeremy Starn

Image caption,

Sailcargo is building a new ship at its boatyard in Costa Rica

Julia Milmore is chief executive of Sailcargo, which was founded in 2014 in the mangroves of Costa Rica.

Its flagship, the Ceiba, is being built at its shipyard in the Central American nation. It is due to set sail in 2024.

The 45m long ship has three masts, which makes it a schooner in the sailing world.

It can carry 250 tonnes of cargo, which is roughly equivalent to nine standard shipping containers.

“Once built, she will be the largest clean cargo vessel in the world,” says Ms Milmore.

“The crew know that with every strike of a hammer or pull of a rope they are contributing to a much larger mission – bigger than the ship itself.”

Image source, Isley Reust

Image caption,

Julia Milmore says smaller ships can avoid congested ports

Another refurbished vessel, the Vega Gamley, bought from a Swedish family who had owned the ship for decades, is ready to transport Fair Trade organic coffee between the Americas.

Travelling between Santa Marta, Colombia and New Jersey in the US, the Vega will make up to eight trips per year. Each voyage will take 16 days, with a further six days in ports.

Image source, SailCargo

Image caption,

The Vega Gamley is ready to transport Fair Trade coffee between the Americas

“We can’t compete with the speed of fossil-fuelled transport, but it only takes one look at the map of active ships to see the weeks-long waiting times outside of ports across the world,” says Ms Milmore.

Her sailing ships can only carry a tiny fraction of the cargo of a modern container ship – some of which carry more than 20,000 containers.

But Ms Milmore says her smaller boats can avoid the bottlenecks that plague the shipping industry.

“Consumerism has grown beyond the infrastructure. Our ships are able to bypass this due to our flexible unloading and loading operations. We are detaching ourselves from the market that has let our environment down.”

 

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[World] Can Biden’s new border plan end the migrant crisis?

BBC News world-us_and_canada 

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Watch: Biden tells migrants ‘don’t just show up at the border’

US President Joe Biden has announced a new plan to accept up to 30,000 migrants each month, while also expanding a Trump-era policy to make it easier to send many back to Mexico. How will this impact the crisis at the border?

Mr Biden believes the new policy – which will apply to asylum seekers from Cuba, Nicaragua, Haiti and Venezuela – will “substantially reduce” the number of people who attempt to cross the US-Mexico border illegally.

“This new process is orderly, it’s safe and it’s humane,” Mr Biden said in a speech at the White House.

While experts and immigration advocates believe it may be effective, many expressed concerns that an increased number of migrants may be sent to unsafe or inhumane conditions in Mexico.

“The administration is shifting its overall policy to a carrot and stick approach,” said Aaron Reichlin-Melnick, of the American Immigration Council. “And the emphasis is on the stick”.

What’s in the new plan?

Citizens from the four countries will be offered an expanded legal pathway to apply to enter the US, where they will be allowed to live and work for up to two years. To be eligible, migrants must have financial sponsors already in the US, and pass security vetting.

Applications can be done through an application, CBP One, which allows would-be asylum seekers to schedule an arrival at a port of entry into the US. Those who are denied or attempt to cross illegally will be ineligible for the programme in the future.

“Stay where you are and apply legally. If your application is approved…you have access,” Mr Biden said on Thursday. “But if your application is denied or you attempt to cross into the United States unlawfully, you will not be allowed to enter.”

US officials say that migrants who do attempt to cross the border illegally will rapidly be sent back to Mexico under Title 42, which gives the government power to automatically expel undocumented migrants seeking entry, with Mexico agreeing to 30,000 more returns each year.

Previously, Mexico’s government only accepted the return of its own citizens under Title 42, along with citizens of Guatemala, Honduras and El Salvador. In October, the programme was expanded to include Venezuelans.

US officials said that the previous initiative led to a 90% drop in the number of Venezuelans arriving at the US-Mexico border, and a “dramatic” drop in the number of migrants who choose to risk their lives by using human smugglers.

Image source, Getty Images

Image caption,

More than 2.5 million migrants have been expelled under Title 42 since 2020.

Can Biden’s new plan work?

Record number of migrant detentions at the US-Mexico border have presented a growing political headache for Mr Biden. More than two million people were detained at the order in the 2022 fiscal year that ended on 30 September – a 24% jump from the previous year. In December, detentions at the border averaged between 700 and 1,000 each day.

Mr Reichlin-Melnick told the BBC that he believes the creation of alternate pathways is a “positive step” – albeit one that represents a “real return to the Trump-era policies that attempted to deter asylum seekers from getting here in the first place.”

He said there could be a drastic reduction in the number of apprehensions at the border, especially among Cubans and Nicaraguans, but he warned that could be offset by migration flows from elsewhere.

Rebecca Solloa, from the Catholic Charities at the Diocese of Laredo – which operates migrant shelters at the border – told the BBC the new application process would slow the influx of migrants. “If it’s in an orderly manner, it will help them in the long run and it won’t be such a crisis,” she said.

But the process has to be credible to stop migrants considering an illegal border crossing, said Andrew Selee of the nonpartisan Migration Policy Institute.

“If the legal pathways aren’t effective, and the only consequences are being dropped back in a Mexican border town, and you’re a Nicaraguan trying to get out of Nicaragua, there’s still a good incentive to try and cross multiple times until you make it.”

Some advocates are also concerned that the application process may be difficult for some to access in remote or impoverished areas of their home countries, or that potential migrants may not be aware of it before they leave.

Safety concerns in Mexico

The success of the programme ultimately will rest on Mexico’s ability to take care of the migrants it has now agreed to take back.

“Northern Mexico is a dangerous place for migrants,” Mr Reichlin-Melnick said. “We know that this will strand some of the most vulnerable people in the world in Mexico with few good options for ever being able to seek safety in the United States.”

In the short-term, he believes that the border region will see new migrant encampments at the border as migrants already there weigh their options, as well as “potentially significant anger and unrest as migrants wait to see what happens next.”

The announcement comes a day after Mr Biden said he would visit the border next week on his way to Mexico, where he will participate in the North American Leaders’ Summit.

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Watch: No tree or gifts for thousands in this US city this Christmas.

 

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Stock futures rise slightly as investors look ahead to Friday’s jobs report

US Top News and Analysis 

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, November 10, 2022.
Brendan McDermid | Reuters

U.S. stock futures rose slightly on Thursday night as investors looked ahead to the December jobs report Friday. Strong jobs data earlier in the day led to declines in the major averages as it pointed to further rate hikes ahead.

Dow Jones Industrial Average futures rose by 42 points, or 0.13%. S&P 500 and Nasdaq 100 futures climbed 0.19% and 0.21%, respectively.

During the regular session Thursday, the Dow Jones Industrial Average fell 339.69 points, or 1.02%. The S&P 500 declined 1.16%, while the Nasdaq Composite closed 1.47% lower. A stronger-than-expected ADP private payrolls report Thursday weighed on the major indexes.

Recession fears remained top of mind for investors as they deliberated whether the Federal Reserve could navigate a soft landing in its fight against inflation.

“I’m allowing in my thinking that we could have a recession by the end of the year, and that recession will be brought about by Fed tightening, QT, quantitative tightening, a stronger dollar, or the price of oil,” said Omega Family Office’s Leon Cooperman on CNBC’s “Closing Bell: Overtime” on Thursday.

“And if we have a recession, the market will have ended its decline, say, down 35% from its peak, so that gives you the low 3,000s,” Cooperman added.

Traders are anticipating the December jobs report before the bell Friday. Economists polled by the Dow Jones expect the U.S. added 200,000 jobs last month, which would mean a deceleration from gains in the prior month. A better-than-expected report pointing to a resilient labor market could mean the Fed has further to go in its efforts to tame inflation.

Stocks are headed for losses in the first trading week of 2023. As of Thursday’s close, the Dow is down 0.66% week to date, headed for its fourth down week in five. Meanwhile, the S&P 500 and the Nasdaq are both on pace for their fifth straight week of losses, down 0.82% and 1.54%, respectively.

WWE shares rise in extended trading

Shares of World Wrestling Entertainment jumped more than 10% in Thursday extended trading after Vince McMahon said he elected himself executive chairman at the company — months after he retired over a sexual misconduct scandal.

McMahon, the company’s controlling shareholder, brought on two former WWE co-presidents and board members, Michelle Wilson and George Barrios.

Loading chart…

— Rebecca Picciotto, Sarah Min

Leon Cooperman says new bull market isn’t coming anytime soon

Billionaire investor Leon Cooperman said he’s still holding a cautious view on stocks and the economy, but he’s finding cheap stocks to buy after the recent correction.

“I would basically take the position that we’re in a market of stocks rather than a stock market,” Cooperman said on CNBC’s “Closing Bell Overtime” Thursday. “I think anybody looking for a new bull market anytime soon is looking the wrong way.”

CNBC Pro subscribers can read the full story here.

— Yun Li

Where the major averages stand this week

Stocks are set to close out the first trading week of the year with losses. As of Thursday’s close, here are where the major averages stand:

The Dow Jones Industrial Average is down 0.66% week to date, on pace for its fourth negative week in five.The S&P is down 0.82% week to date, on pace for its fifth negative week in a row for the first time since its 7-week streak ending 5/20/2022.The NASDAQ is down 1.54% week to date, on pace for its fifth negative week in a row for the first time since its 7-week streak ending 5/20/2022.   

— Chris Hayes, Sarah Min

Stock futures open higher

U.S. stock futures opened higher Thursday night after the major averages declined on the back of strong jobs data that could point to further rate hikes, and as investors looked ahead to the December jobs report Friday.

Dow Jones Industrial Average futures rose by 21 points, or 0.06%. S&P 500 and Nasdaq 100 futures climbed 0.13% and 0.19%, respectively.

— Sarah Min

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Fox News’s Jeanine Pirro: Speakership fight ‘making the Republicans look ridiculous’ 

Just In | The Hill 

Fox News host Jeanine Pirro said Thursday that the drawn-out election for Speaker is “making the Republicans look ridiculous” as the House heads into an 11th round of voting, with Rep. Kevin McCarthy (R-Calif.) losing out in the first 10 bouts.  

“I’m angry about it. You know why? They’re making the Republicans look ridiculous. First of all, I like Kevin McCarthy, okay? Why wasn’t this done ahead of time? Why are we doing this in front of the public? We look like a bunch of fools, okay?” Pirro, co-host of Fox News’s “The Five,” said during the program

The GOP now has control of the House, with 222 seats compared to Democrats’ 212. But McCarthy has lost each round of votes for Speaker to Democratic Rep. Hakeem Jeffries (N.Y.) as around 20 Republicans have repeatedly voted for other candidates, preventing McCarthy from securing the majority needed to win.  

Pirro called out Rep. Lauren Boebert (R-Colo.), who nominated Rep. Kevin Hern (R-Okla.) during an earlier vote.  

“And Lauren Boebert, you know, with all due respect, I mean, the women barely won her race. You’re holding out until Kevin falls. What is the alternative? What do you want? What is the option? What can people agree on?” said Pirro, a longtime conservative media personality and a noted supporter of former President Trump. 

“You want the Republicans to vote — to get the Democrats to get a Speaker of the House? Can you imagine Nancy Pelosi saying, let me get some Republicans so that I can be the Speaker? I can put them on committees. This is an embarrassment,” Pirro added, saying “it shouldn’t have happened this way.” 

The House opened its eleventh round of voting on Thursday. The election process will continue until a nominee gets the required majority. 

​Media, News, Fox News, Hakeem Jeffries, House Speaker vote, Jeanine Pirro, Kevin McCarthy, The Five Read More 

US to send Bradley vehicles to Ukraine as part of new aid package



CNN
 — 

The United States will supply Ukraine with Bradley fighting vehicles as part of a new security assistance package to the country as it nears the one-year anniversary of Russia’s invasion.

The nearly $3 billion package is among the largest packages of military equipment sent from the Pentagon to Ukraine since the war began. It comes as Ukraine prepares for intensive fighting in the spring as the weather warms.

Biden affirmed the new commitment in a telephone call with German Chancellor Olaf Scholz on Thursday. Germany will also send Ukraine new fighting vehicles, along with a Patriot missile battery to protect against Russian air attacks.

The new security package comes as Russia intensifies its attacks on civilian targets in Ukraine. Ukrainian President Volodymyr Zelensky, who visited the White House last month, has called for additional assistance from western nations to protect against Russian aggression. He said the support was not “charity” but “an investment in the global security and democracy.”

The Bradley fighting vehicle, which moves on tracks rather than wheels, can hold around 10 troops and is used to transport personnel into battle. The White House said the US and Germany would provide training to Ukrainian forces on the respective vehicles being provided to Kyiv.

During Zelensky’s visit to the White House last month, Biden announced the US would provide Ukraine a Patriot missile system, along with the required training. It was the first system of its kind pledged to Ukraine.

Those systems had been at the top of Zelensky’s wish list because it will allow his military to target Russian missiles flying at a higher altitude than they were able to target previously.

The US has provided other armored vehicles to Ukraine in the past, including Mine Resistant Ambush Protected (MRAP) vehicles and armored utility vehicles. The US also paid for the refurbishment of Soviet-era T-72 tanks.

At this time, the US is not prepared to send M-1 Abrams tanks, despite repeated Ukrainian requests, two defense officials said.

On their phone call, Biden and Scholz “expressed their common determination to continue to provide the necessary financial, humanitarian, military and diplomatic support to Ukraine for as long as needed,” a joint statement read.

source

Republican rep. slams Gaetz, McCarthy holdouts for drawn-out Speakership battle

Just In | The Hill 

Rep. John Rutherford (R-Fla.) slammed three of his fellow Florida Republicans on Thursday for drawing out the battle over the Speaker of the House, as they continued to oppose Rep. Kevin McCarthy’s (R-Calif.) bid for the leadership position.

Rutherford specifically called out Reps. Matt Gaetz and Byron Donalds and Rep.-elect Anna Paulina Luna, who are among the 20 far-right Republicans blocking McCarthy’s Speakership.

“Thanks to @RepMattGaetz, @RepDonaldsPress, & @realannapaulina, congressional offices like mine aren’t able to help our constituents with casework requests while we wait to be sworn in,” Rutherford said in a tweet on Thursday afternoon. “The small minority obstructing the speaker election is causing real consequences for Americans.”

After 10 roll call votes over three days, McCarthy has yet to make any headway among the Republican holdouts, who split their votes between Donalds and Rep. Kevin Hern (R-Okla.) on Thursday.

The frustration among members comes as McCarthy and his Republican detractors continued to suggest that they were making progress in negotiations, despite the lack of movement on the floor.

House business has remained at a standstill without a Speaker, with new members yet to be sworn in. The incoming chairs for the House Intelligence, Armed Services and Foreign Affairs committees also expressed growing frustration over the holdup, after they were blocked from classified national security briefings.

​House, Anna Paulina Luna, Byron Donalds, John Rutherford, Kevin McCarthy, Matt Gaetz, Speaker of the House, Speakership vote Read More 

Constellation CEO hints at stock buyback after shares take a beating. The Club would fully support the move

US Top News and Analysis 

Constellation Brands (STZ) could potentially implement a stock buyback program, CEO Bill Newlands said Thursday — a move we would welcome as shareholders in the alcoholic beverage maker. Newlands’ comments came on the heels of Constellation reporting mixed 2023 fiscal third-quarter results earlier in the day, sending the company’s stock price tumbling. Shares of Constellation closed down nearly 10%, settling at $208.68 apiece. During an interview with Jim Cramer on “Mad Money” Thursday evening, Jim pushed Newlands on whether Constellation would consider a buyback given the decline in the stock. “Big cash flow, lots of opportunity to do many things with that cash at $208, perhaps the best thing to do with that cash is to buy stock,” Jim prodded. For his part, Newlands responded, “We already have additional approval from our board to buy back stock. And I think at this price point, it would be silly not to do just that.” Still, Newlands called Thursday’s market moves a “total overreaction.” While the Club was disappointed by Constellation’s lackluster earnings and full-year-guidance downgrade, we see the stock’s slide as a buying opportunity . And we remain pleased that Constellation continues to see robust demand for its high-end specialty beer offerings. We also continue to like the company for its robust cash generation and ability to raise prices, while simultaneously taking market share. U.S.-based Constellation’s growth in the beer market has been propelled by its 3 Mexican beer brands — Modelo Especial, Corona and Pacifico. The company also owns a range of other high-quality alcohol brands, including Svedka vodka and Kim Crawford sauvignon blanc. (Jim Cramer’s Charitable Trust is long STZ. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

A case of Constellation Brands Inc. Corona beer sits on a shelf in a cooler during a delivery in Ottawa, Illinois, U.S., on Tuesday, April 2, 2019.
Daniel Acker| Bloomberg | Getty Images

Constellation Brands (STZ) could potentially implement a stock buyback program, CEO Bill Newlands said Thursday — a move we would welcome as shareholders in the alcoholic beverage maker.

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Appeals court blocks Jen Psaki deposition in social media lawsuit

Politics, Policy, Political News Top Stories 

A federal appeals court has blocked efforts by Republican-led states to force former White House press secretary Jen Psaki to testify about efforts by the Biden administration to urge social media firms to take down certain kinds of posts or bar users from posting.

The order on Thursday afternoon from the New Orleans-based 5th U.S. Circuit Court of Appeals is another not-so-veiled rebuke to District Court Judge Terry Doughty, who has been overseeing the suit the attorneys general of Missouri and Louisiana filed last year claiming that the administration’s pressure on Facebook, Twitter and YouTube was so intense that it amounted to censorship.

The three-judge appeals court panel said Doughty failed to give adequate weight to longstanding legal principles calling for depositions of current and former senior government officials to be limited to instances where they are truly essential.

The attorneys general and several private individuals have argued that Psaki’s statements about encouraging social media firms to take down misinformation about the coronavirus and about election fraud are grounds to subject her to questioning, but the appeals judges sharply disagreed.

“The plaintiffs argue that a deposition is required in order to, among other things, illuminate the meaning of these statements. Much of this desired illumination, though, is apparent from the record,” Judges Edith Clement, Leslie Southwick and Stephen Higginson wrote in their joint order. “In a similar vein, the plaintiffs say they need to uncover the identities of government officials and social media platforms mentioned in Psaki’s statements. The record is already replete with such information.”

The 5th Circuit panel also suggested that in the absence of evidence that Psaki herself was interacting with the social media firms or dictating policy, there was little reason to demand her testimony.

“As Press Secretary, Psaki’s role was to inform the media of the administration’s priorities, not to develop or execute policy,” the appeals judges wrote. “Unsurprisingly, then, the record does not demonstrate that Psaki has unique first-hand knowledge that would justify the extraordinary measure of deposing a high-ranking executive official.”

Clement and Southwick are appointees of President George W. Bush. Higginson was appointed by President Barack Obama.

“The central concern of this court is that absent ‘extraordinary circumstances,’ depositions of high government officials should not proceed,” the appeals judges wrote. “That rule is a constant across the decades regardless of who the officials are.”

The federal government has turned over numerous records in the case and depositions of other officials have gone forward, including of an FBI agent who detailed the agency’s interactions with social media companies. Last month, the FBI issued a statement defending its contacts with Twitter, among other social media firms.

“The correspondence between the FBI and Twitter show nothing more than examples of our traditional, longstanding and ongoing federal government and private sector engagements, which involve numerous companies over multiple sectors and industries,” the statement said. “The men and women of the FBI work every day to protect the American public. It is unfortunate that conspiracy theorists and others are feeding the American public misinformation with the sole purpose of attempting to discredit the agency.”

Psaki, who left the White House in May and now works for MSNBC, declined to comment on the ruling on Thursday. A spokesperson for Missouri Attorney General Andrew Bailey declined to comment.

Louisiana Attorney General Jeff Landry’s office said in a statement: “We have no problem with the court’s request. We look forward to obtaining more discovery.”

The appeals court has also placed a hold on three other depositions that Doughty, an appointee of President Donald Trump, approved in the case. In November, the same appeals panel said Surgeon General Vivek Murthy, Cybersecurity and Infrastructure Security Agency Director Jen Easterly and White House Director of Digital Strategy Rob Flaherty did not have to submit to questioning while the appeals court deliberated further on the issue.

​ Read More 

On The Money — Federal agency cracks down on noncompetes

Just In | The Hill 

A federal agency is trying to make it easier for employees to switch jobs without repercussions. We’ll also look at economic concerns among business leaders, as well as how much you spent online shopping last year. 

But first, find out why the House Speaker showdown bodes poorly for raising the debt ceiling. 

Welcome to On The Money, your nightly guide to everything affecting your bills, bank account and bottom line. For The Hill, we’re Sylvan Lane, Aris Folley and Karl Evers-Hillstrom. Someone forward you this newsletter?

FTC unveils proposal to ban noncompete clauses 

The Federal Trade Commission (FTC) on Thursday rolled out a proposal to prohibit employers from implementing noncompete clauses that limit workers’ ability to change jobs. 

Noncompetes, which are used in a broad range of industries, make it difficult for employees to work for a competitor or start their own business for a period of time after they leave employment. 

The FTC said that the rule could boost wages by nearly $300 billion per year by giving workers more power to find a new job or using the threat of leaving to demand a raise. 

Between 36 million and 60 million private-sector workers are subject to noncompetes, according to an estimate from the Economic Policy Institute. 

The rule’s introduction stems from a Biden executive order aimed at boosting competition and worker power.  

Still, the proposed rule will face legal challenges from business groups that say the FTC doesn’t have the authority to impose the ban.  

Karl has more here

LEADING THE DAY

Consumers spent more than $200B online during holiday season, breaking record 

Consumers spent more than $200 billion online during this past holiday season, breaking another record for e-commerce this season.  

Data from Adobe showed that online shopping from Nov. 1 to Dec. 31 yielded $211.7 billion, a 3.5 percent year-over-year increase.  

The five days between Thanksgiving and Cyber Monday contributed
$35.3 billion of that total, but data shows consumer spending was persistent throughout the entire season, according to an Adobe release.  

Shoppers spent more than $3 billion in aggregate on 38 days of the season, on track with what happened last year. But only 25 days of the 2020 season surpassed
$3 billion, the release states.  

The Hill’s Jared Gans breaks it down here

HIGH HOPES

Business leaders see profits rising despite recession fears: survey 

Majorities of midsize business leaders expect their sales and profits to increase this year but also believe the U.S. could slip into recession, according to a survey conducted by JPMorgan Chase. 

In an online survey of 791 business owners and executives, 65 percent of respondents said they believe a recession is likely and only 8 percent said they were optimistic about the economy in 2023.  

Even so, 63 percent of business leaders said they expect to see higher sales and 51 percent are expecting higher profits next year despite the dour outlook. Only 14 percent of respondents expected revenue to fall and 24 percent expected profits to fall in 2023. 

“Following the challenges of the last few years, it’s encouraging to see the resilience of small business owners and leaders,” said Ben Walter, CEO of Chase Business Banking, in a Thursday statement. 

“The next economic cycle is always right around the corner,” Walter said. 

Sylvan explains here

MAKE OR BREAK

Most manufacturers predict recession in 2023: survey 

Sixty-two percent of manufacturers expect the U.S. economy to enter a recession this year, according to a survey conducted by the National Association of Manufacturers (NAM).  

The survey also found that 69 percent of manufacturers have a positive outlook for their company, the lowest figure since the third quarter of 2020. They cited struggles in attracting and finding workers, continued supply chain snags and high raw material costs.  

It’s the latest warning sign that the U.S. manufacturing industry is slowing down amid weakening demand and higher borrowing costs stemming from the Federal Reserve’s interest rate hikes. 

Karl tells us why here. 

Good to Know

Bed Bath & Beyond (BB&B) reported concerning financial figures on Thursday, warning investors that bankruptcy may be on the horizon, which sent the company’s stock price plummeting. 

Preliminary earnings reported by BB&B showed slowing sales, with the $1.3 billion figure for the third quarter being about a third lower than the year before. The company also noted lower foot traffic through its stores. 

Other items we’re keeping an eye on: 

New York City Uber drivers are striking for a second time after the company blocked a pay raise last year.   

Peloton reached a settlement with the U.S. Consumer Product Safety Commission Thursday over its defective treadmills that caused injuries and the company’s failure to report the concerns to the commission. 

That’s it for today. Thanks for reading and check out The Hill’s Finance page for the latest news and coverage. We’ll see you tomorrow. 

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Biden honors Pope Benedict XVI at embassy in Washington

Just In | The Hill 

President Biden on Thursday evening made an unexpected trip to the Vatican embassy in Washington to pay his respects to Pope Benedict XVI, who was laid to rest earlier in the day.

The president signed a condolence book, which is formally called the Apostolic Nunciature of the Holy See. Benedict died at the age of 95 last week.

Biden, who is the second Catholic president in U.S. history, spoke with Vatican officials and then sat down at a desk for several minutes to sign the book, with a photograph of Benedict behind him.

“It’s a great honor,” Biden said to Archbishop Christophe Pierre, Msgr. Seamus Horgan, and Msgr. John Paul Pedrera.

“I used to be your neighbor across the street,” he added, referring to the Vice President residence nearby. 

The U.S. Ambassador to the Holy See Joe Donnelly attended the funeral on Thursday to represent the U.S., which the White House said is in line with the wishes of the late Pope and the Vatican. 

Biden told reporters Wednesday that he admired Benedict and had an opportunity to spend a couple of hours with him in 2011 when Biden was vice president.

“He was a great and it reminded me of going back to theology class.  We spoke about Aquinas and about ‘Summa Theologica’ and the whole litany.  I found him to be relaxing and very rational,” Biden said.

He also noted that Benedict was a far more conservative Catholic than he is. 

“He was a more conservative view within the Catholic realm than I have and…the present Pope, in terms of his philosophy, his view.  But I admired him. I thought he was a fine man,” the president said.

Benedict’s funeral on Thursday was conducted by Pope Francis, marking the first funeral conducted by a sitting pope for a former pope. Benedict resigned in 2013, becoming the first pontiff of the Roman Catholic Church to resign in nearly 600 years.

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