Disney World Rolling Out New Food Menus and Entertainment

TheStreet 

Whether you need coffee, a cocktail or a Broadway show, there’s a lot to look for guests to look forward to in 2023.

Disney has theme parks all over the world, and each one of them has more rides, experiences and attractions than many people could hope to see in a day. 

Whether you are treating your children or grandchildren to a formative experience, or you’re on a Spring Break adventure with your best bud, remember to pace yourself, drink plenty of water and refuel from time to time. 

While we wouldn’t say that Disney theme parks can be exhausting, it is important that you sustain yourself before making the trek all the way from Splash Mountain to Tomorrowland. 

While you can usually just grab a quick hot dog from a stand at nearly any Disney theme park, there’s also plenty of plenty of sit-down options in case you need to get off your feet. 

Disney’s theme parks are always a work in progress, and there’s seemingly always a renovation going on somewhere or a new ride being developed. Disney’s dining experiences are also constantly changing, and Chef Mouse has plenty in store for guests this year.

Here’s some new additions and tweaks to expect in 2023, as noted by Theme Park Tourist.

Roundup Rodeo BBQ at Disney’s Hollywood Studios

Fans of Disney’s Hollywood Studios have been hearing about a new barbeque addition to the Toy Story Land for years now. After years of delay, Roundup Rodeo BBQ is set to open this spring. It will reportedly be served family-style, and will be located near a newly installed rodeo area located by the Woody Toy Story land entrance sign.

Disney theme park Imagineers worked with animators and designers at Pixar to bring a variety of fun touches to the restaurant, including comic strips about Woody’s adventures, a steam train supported by colored pencils, and game boards featuring beloved characters from the “Toy Story” films. Rodeo stars from the film Jessie, Trixie, and Bo Peep with her sheeps Billy, Goat, and Gruff will all be in attendance.

Carousel Coffee at Disney’s Boardwalk

Disney has also launched a new fancy coffee shop near the Boardwalk resort at Disney World, in case you need to perk up.

Carousel Coffee, which is set to open in the next few weeks, will serve both specialty drinks and breakfast pastries for all of the early risers, including:

Dark Cherry Mocha Frozen Blended Coffee Cinnamon Bun Frozen Blended CoffeeNitro Cold Brew CoffeePomegranate-Green Tea LemonadeCrunchy Raspberry DanishVintage Mickey & Minnie Sugar CookieBanana BreadCroissant, Blueberry MuffinChocolate MuffinNJ Crumb Cake

Trader Sam’s Grog Grotto at Disney’s Polynesian Village Resort

Look, we’re sure your child or grandchild is great and all, but kids have so much energy that you might need to responsibly take the edge off, at least a little.

Well, the good new limited-edition tiki mug, featuring Jose from the Enchanted Tiki Room, has been introduced at the Trader Sam’s Grog Grotto at Disney’s Polynesian Village Resort. You’ll need to drop by the Grog Grotto after 3 p.m. to get a wristband to purchase this big boy, which costs $50. 

Your options include the Manu Aloha (which includes Leblon Cachaça, Pineapple, Lime, Mint, and Agave garnished with a lime wheel) or, if you are feeling extra-responsible, the non-alcoholic Blame It On The Samba (which includes Fever-Tree Ginger Beer, Pineapple, Lime, Mint, and Agave Garnished with a fresh Orchid).

Disney

Tokyo Dining at EPCOT

It’s not all good news on the Disney dining front at the moment. While Disney World’s EPCOT invites guests to travel all around the world without leaving Central Florida, one option is going to be off the table for the immediate future. Tokyo Dining will close for a multi-month refurbishment, and is set to re-open in the summer.

Takumi-Tei at EPCOT

But if you simply must have high-end Japanese food the next time you are in Tokyo, you are in luck. But it’s going to cost you.

Takumi-Tei is set to introduce two new omakase multi-course meals, one that is omnivorous (and that will include wagyu steak, roasted duck, and Chilean sea bass) for $250 and a plant-based option for $150. 

The meals are available from Thursday through Monday from 5 p.m. to 7:30 p.m., and are available on a walk-in basis.

Disney

Fantasmic! at Disney’s Hollywood Studios

After a lengthy hiatus, the lights and fireworks nighttime show Fantasmic! Disney’s Hollywood Studios. But it’s not just about lights in the sky, as there are also specialty-themed Fantasmic! dining package for several of the park’s restaurants.

50s Prime Time Cafe – $51 for adults, $22 for kidsHollywood & Vine – Breakfast: $54 for adults, $36 for kids Dinner: $71 for adults, $47 for kidsMama Melrose’s Ristorante Italiano – $54 for adults, $22 for kidsSci-Fi Dine-In Theater Restaurant – $49 for adults, $22 for kidsThe Hollywood Brown Derby – $73 for adults, $29 for kids

Disney on Broadway at EPCOT

After dinner, why not take in a show?

As part of the Disney on Broadway series at EPCOT, reservations are now available for dining packages that include guaranteed seating for this year’s concert series.

This year’s confirmed performers include Kara Lindsay, Kevin Massey, Arielle Jacobs, Adam Jacobs, Patti Murin, Robert Creighton, Mandy Gonzalez, L. Steven Taylor, Kissy Simmons, Josh Strickland, Ashley Brown, and Michael James Scott.  

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Fanatics is divesting its 60% stake in NFT company Candy Digital

US Top News and Analysis 

Fanatics Founder/Executive Chairman Michael Rubin attends Fanatics Super Bowl Party at College Football Hall of Fame on February 2, 2019 in Atlanta, Georgia.
Mike Coppola | Getty Images

Michael Rubin’s sports platform company Fanatics is divesting its 60% stake in NFT company Candy Digital, according to an internal email obtained by CNBC.

Fanatics, who previously held the majority share of Candy Digital, will be selling its interest to an investor group led by Galaxy Digital, the crypto merchant bank led by Mike Novogratz, which was the other original founding shareholder, according to the email.

Fanatics declined to comment.

Candy Digital was founded in June 2021 in the middle of the sports NFT boom, competing with companies like Dapper Labs in the digital sports collectible space. One of its first efforts came out of a multiyear licensing agreement with MLB to produce nonfungible tokens, which included an exclusive Lou Gehrig NFT. It also released digital collectibles with Netflix‘s Stranger Things, WWE, and several Nascar teams.

However, akin to the broader NFT market, sports NFTs also saw a decline amid the ‘crypto winter’ that has seen the value of nearly all digital assets plummet. Dapper Labs, the company behind NBA Top Shot and NFL All Day digital trading platforms that ranked No. 9 on last year’s CNBC Disruptor 50 list, laid off 22% of its company in November.

Candy Digital had raised a $100 million Series A round in October 2021, valuing it at $1.5 billion at the time. Investors in that round included SoftBank‘s Vision Fund 2, Insight Partners, and Pro Football Hall of Famer Peyton Manning, according to previous CNBC reporting.

It is unclear what Fanatics received for its stake in the company, but Rubin wrote “Divesting our ownership stake at this time allowed us to ensure investors were able to recoup most of their investment via cash or additional shares in Fanatics – a favorable outcome for investors, especially in an imploding NFT market that has seen precipitous drops in both transaction volumes and prices for standalone NFTs.”

Rubin cited several factors for Fanatics’ divesture in the email, which he wrote was a “rather straightforward and easy decision for us to make for several reasons.”

“Over the past year, it has become clear that NFTs are unlikely to be sustainable or profitable as a standalone business,” Rubin wrote. “Aside from physical collectibles (trading cards) driving 99% of the business, we believe digital products will have more value and utility when connected to physical collectibles to create the best experience for collectors.”

In January 2022, Fanatics acquired Topps trading cards for roughly $500 million after also acquiring the rights to produce MLB trading cards, severing a nearly 70-year partnership between Topps and baseball’s top league.

Fanatics raised $700 million in fresh capital in December, aiming to use that new money to focus on potential merger and acquisition opportunities across its collectibles, betting and gaming businesses. It also pushed the company’s valuation to $31 billion.

The company, which started as an e-commerce platform selling team merchandise to sports fans, has looked to expand across the entire sports ecosystem. The company is also weighing an initial public offering, and Rubin recently met with more than 90 internet, retail and gaming analysts from various Wall Street firms, where he spoke of Fanatics’ growth plans, according to previous CNBC reporting.

Fanatics, a three-time CNBC Disruptor 50 company, was ranked No. 21 on last year’s list.

Here’s the full email Rubin sent to Fanatics staff on Wednesday:

Team Fanatics –

Happy New Year. I hope everyone had a chance to recharge and spend quality time with family and friends during the holidays, and that your 2023 is off to a great start.

As we’re getting back into the swing of things, I wanted to share some news with all of you. Effective immediately, Fanatics has divested our approximately 60% stake in Candy Digital. We have sold our interest in the NFT company to an investor group led by Galaxy Digital, the other original founding shareholder. When we looked at all the factors on the table, this was a rather straightforward and easy decision for us to make for several reasons.

Business Model – NFTs will most likely emerge as an integrated product/feature and not as a standalone business: Over the past year, it has become clear that NFTs are unlikely to be sustainable or profitable as a standalone business. Aside from physical collectibles (trading cards) driving 99% of the business, we believe digital products will have more value and utility when connected to physical collectibles to create the best experience for collectors. To that end, we already hold a broader and more significant set of NFT and digital collectibles rights within our Fanatics Collectibles business that came with our trading cards rights (NFL, MLB, NBA and more), which we are seamlessly integrating with the world-class physical collectibles rights we currently have. Ultimately, our goal is to grow the number of sports collectors. Connectivity between physical and digital collectibles will be the most powerful way to create an emotional resonance and enduring success for NFTs and their collectors.

Investor Relationships: Taking this immediate action not only makes sense for the strategic direction of Fanatics, but also allows us to maintain the integrity of the relationships with our investors. The investors in Candy bought into the vision not because of NFTs or Candy itself, but because of our track record at Fanatics. This proven track record is a result of your hard work and our alignment on the mission to build the leading global digital sports platform. Therefore, it was imperative to us to protect their investment as the market and financial environment changed. Divesting our ownership stake at this time allowed us to ensure investors were able to recoup most of their investment via cash or additional shares in Fanatics – a favorable outcome for investors, especially in an imploding NFT market that has seen precipitous drops in both transaction volumes and prices for standalone NFTs.

Cultural Integration: Similar to how quickly we mobilize when the right strategic acquisition or partnership presents itself, we move even quicker when we realize things aren’t working. One of our core values – One Fanatics…Win As A Team – is integral to our success and only works when we can leverage the collective intelligence and expertise of all of our teams and colleagues. Unfortunately, we never achieved full integration of Candy within the Fanatics environment or culture due to shareholders with competing objectives and goals. Our culture of building, growing and winning as a team is what makes this company special, and we were not willing to compromise on this front.

We are 100% confident that this was the best long-term decision for Fanatics and our partners and we look forward to growing our digital and trading cards business together under Fanatics Collectibles with the incredible rights we have across the NFL, MLB, NBA, NCAA, WWE, UFC, F1, UEFA, Disney and more.

Happy New Year to all,

Michael Rubin

CEO, Fanatics

VIDEO3:0203:02
Fanatics CEO Michael Rubin on $31 billion valuation and e-commerce sales

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[World] It's not over for Kevin McCarthy's House Speaker bid – here's why

Kevin McCarthy surrounded by reportersImage source, Getty Images

Republican Kevin McCarthy has lost three rounds of voting to become the next Speaker of the House of Representatives, the first time a nominee has been defeated in a century.

The House has now adjourned and will vote again on Wednesday.

The historic losses do not immediately end Mr McCarthy’s candidacy.

But it is unclear how he can convince 20 Republican rebels to back him.

There are only 222 Republicans in the chamber this year so the representative from California could only afford to lose four votes from his party. In each of the first two rounds he secured only 203 votes – and in the third round an extra Republican turned against him.

“We stay in until we win,” a defiant Mr McCarthy told reporters earlier in the day, insisting by nightfall that he would still become Speaker if he kept talking to his members and solved their “small problems”.

All 212 Democrats voted for their party leader, Representative Hakeem Jeffries of New York.

What comes next?

The House will keep voting for Speaker until a candidate is elected – but after more than five hours of speeches and voting, members agreed to try again tomorrow.

The chamber cannot proceed with any other business until they have chosen a Speaker. That includes swearing in new members of Congress, and adopting new rules and legislations.

It’s not yet clear how many rounds of balloting it will take for members to decide the contest. The process could continue for days if no consensus is reached.

The last time a candidate for speaker failed to secure the necessary votes on the first round of ballots occurred in 1923. It took nine ballots and several days to select a Speaker.

Why is McCarthy facing opposition?

Past speakers have faced obstacles coming into a new Congress, but have managed to rally their caucus behind them by the time the official vote arrived. But Mr McCarthy has faced opposition from hard-right members of his own party ever since Republicans secured control of the House in last November’s midterm elections.

The holdouts oppose his speakership on ideological and personal grounds, and have spent weeks negotiating Mr McCarthy to win concessions, such as changes to a procedure to oust a sitting speaker.

The pack is led by Representative Andy Biggs of Arizona, who has put himself forward as an alternative if long-shot candidate, and Representative Matt Gaetz of Florida, who spent much of the last Congress under the spectre of a federal investigation. Mr Biggs received 10 votes in the first round, while nine Republicans backed other candidates.

In the second round, the 19 Republicans rallied behind Jim Jordan of Ohio; in a strange twist, Mr Jordan had himself nominated Mr McCarthy. In the third round, Mr Jordan’s tally actually increased to 20 raising the question.

Summing up the frustration with Mr McCarthy, popular right-wing cable news personality Tucker Carlson said: “McCarthy is not especially conservative. He’s ideologically agnostic. His real constituency is the lobbying community in Washington. If you’ve got sincere political beliefs, that’s infuriating.”

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National Weather Service warns California as 'bomb cyclone' approaches



CNN
 — 

Another powerful storm, known as a bomb cyclone, is hitting the California coast and the National Weather Service in the Bay Area is warning residents that the “truly brutal” system needs to be taken seriously.

The system could trigger “immediate disruption to commerce, and the worst of all, likely loss of human life,” forecasters say. It comes on the heels of a round of record-breaking rainfall that slammed the same area over the weekend.

Meanwhile, a major winter storm that brought snow and freezing rain to its colder northern end – and severe storms and tornadoes on its warmer southern end – is still threatening more severe weather as it treks east.

People fill sandbags in South San Francisco, California, on Tuesday. Northern California residents are bracing for another round of powerful and potentially dangerous storms this week.

California’s latest dangerous storm is the result of a strong “atmospheric river” – a long, narrow region in the atmosphere that can carry moisture thousands of miles. Northern California and the Bay Area will see the worst impacts through the day Wednesday and Thursday as heavy rain and hurricane-force wind gusts move onshore.

The storm became a bomb cyclone Wednesday, after it rapidly strengthened while still offshore. A bomb cyclone is an area of low pressure that intensifies by 24 millibars within 24 hours. Millibars are a unit used to measure atmospheric pressure.

What is a bomb cyclone?

Along with very heavy rainfall, winds gusting as high as 60 to 80 mph will be possible.

“If these winds do materialize, the threat for scattered to widespread power outages and property damage will greatly increase,” the weather service office in San Francisco warned.

“A plethora of hazards are forecast, with heavy rain and strong winds expected to be the most widespread impact. Widespread rainfall amounts of 3 to 6 inches are anticipated, with locally higher amounts throughout the coastal ranges and over northern California,” the weather service said.

While those expected rainfall amounts wouldn’t normally have major impacts, the state recently saw heavy rain that left soil saturated and susceptible to flooding and landslides, the weather service said.

Northern California in particular was inundated with heavy snowfall and deadly flooding over the weekend, prompting evacuation orders and water rescues. That raised questions over how much the precipitation would put a dent in California’s ongoing drought conditions.

The first snow survey of the season in the Sierra Nevada Mountains released Tuesday shows the current snowpack is well ahead of average for this time of year, according to a release from the California Department of Water Resources.

The Sierra snowpack makes up about 30% of California’s water needs on average, according to the department.

The snow depth measured Tuesday at Phillips Station, just south of Lake Tahoe, was 55.5 inches. Statewide, the snowpack is at 174% of average for this date, the agency said.

However, experts caution that despite the deluge – and expected precipitation over the coming week – the drought isn’t over yet.

“The significant Sierra snowpack is good news but unfortunately these same storms are bringing flooding to parts of California,” DWR Director Karla Nemeth said in a news release.

“This is a prime example of the threat of extreme flooding during a prolonged drought as California experiences more swings between wet and dry periods brought on by our changing climate.”

And the stormy weather isn’t going to let up anytime soon. More rain is expected through the weekend, though the specific impacts aren’t clear yet.

“The message to convey is resiliency as this is not a ‘one and done’ storm,” the weather service in San Francisco said.

Meanwhile, more than 30 million people are under some sort of severe weather threat in the South, with the risk of severe storms stretching from the Florida Panhandle into far southeast Alabama and parts of Georgia and along the East Coast into southeastern Virginia.

As the showers and storms push into Georgia and northern Florida, damaging wind gusts, large hail and tornadoes are possible.

Cities including Tallahassee, Charlotte, Virginia Beach, Atlanta, Raleigh and Norfolk could see winds and tornadoes. Heavy rain could also produce flash flooding in parts of the Southeast.

The multi-hazard storm – which headed into the central and southern US after battering California with deadly floods – has already triggered at least 130 storm reports over the past two days and left a trail of destruction as it barreled across the country, shifting to the South and Southeast.

There have been more than a dozen tornado reports, nearly 100 wind reports and 27 hail reports. The tornado reports included six in Illinois on Tuesday and an EF-1 in Jessieville, Arkansas, on Monday. An EF-1 tornado packs winds of 86 to 110 mph.

Other tornado reports came from Louisiana, Oklahoma, Tennessee, Georgia and Mississippi.

Tara Williams stands with her grandson Major Williams on Wednesday after a large tree fell on a home in Montgomery, Alabama, during a powerful overnight storm.

Police in Montgomery, Alabama, were dispatched throughout the night to “multiple locations” in the city in response to “reports of damage due to (a) possible tornado,” the city said Wednesday. More than 50 homes and businesses were damaged following the severe weather overnight, said Montgomery Mayor Steven L. Reed.

There were no fatalities, but one adult with a minor injury was reported, the mayor said.

“It could have been so much worse,” Reed said. “We have to make sure that we’re taking these things seriously and that we understand that, in this time and in this area, we’re going to see more these events.”

Several homes and businesses in Montgomery, Alabama, were damaged by a possible tornado early Wednesday morning, according to CNN affiliate WSFA.

A possible tornado touched down in Burke County in eastern Georgia on Wednesday, downing trees and causing damage to some homes and power lines, the Burke County Sheriff’s Department said. Another possible tornado struck just south of Atlanta, in the same neighborhood that was hit by a powerful tornado in 2021.

The storm also brought heavy rain, with much of the South seeing 48-hour rainfall totals between 2 to 4 inches. Some areas across the Mississippi and Ohio River Valley saw up to 6 inches, and isolated areas across eastern Arkansas got 10 inches.

In Tennessee, Memphis and Jackson both saw record-breaking rainfall on Tuesday. Memphis received 3.84 inches, smashing its previous daily record of 2.13 inches set in 1949. Jackson got 2.48 inches on Tuesday, beating the previous daily record of 1.69 inches in 1951.

An extremely warm and moist air mass over the East Coast and Southeast helped fuel the severe weather outbreak. Over 35 daily high temperature records were broken across the eastern US on Tuesday, with the thermometer hitting 81 degrees in Baton Rouge, 77 degrees in Wilmington and 69 degrees in Washington, DC.

Meanwhile, over 5 million people are under winter weather alerts across the Upper Midwest and Great Lakes, where snow and ice accumulations are expected to affect travel, according to the weather service.

Heavy snow is expected across parts of the Upper Midwest through Wednesday, while freezing rain and a wintry mix will spread into northern New England by Thursday, the weather service says.

The storm is expected to gradually begin dissipating Thursday.

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[World] Lauren Boebert rejects Donald Trump’s call to back Kevin McCarthy

BBC News world-us_and_canada 

Image source, Getty Images

Image caption,

Lauren Boebert attacks Kevin McCarthy (L) as she nominates another Republican for Speaker

Donald Trump has backed beleaguered congressman Kevin McCarthy for the next Speaker of the House, amid a chaotic battle for power on Capitol Hill.

“VOTE FOR KEVIN, CLOSE THE DEAL, TAKE THE VICTORY,” the former president wrote on social media on Wednesday.

But his pleas did not make a difference as Mr McCarthy lost two more rounds of voting.

Twenty conservative Republicans – all allies of the former president – refused to back down.

Colorado’s Lauren Boebert told the chamber that Mr Trump had spoken to her and other defectors “to tell us to knock this off”.

But in her nomination speech for an alternative Republican candidate, she said Mr Trump should instead call Mr McCarthy and tell him “it’s time to withdraw”.

Mr Trump – who has announced he’s running for president again in 2024 – waded into the battle on Wednesday morning after the House failed to elect a Speaker in the first round for the first time in 100 years.

“REPUBLICANS, DO NOT TURN A GREAT TRIUMPH INTO A GIANT & EMBARRASSING DEFEAT,” he said on his social media platform Truth Social. “IT’S TIME TO CELEBRATE, YOU DESERVE IT! Kevin McCarthy will do a good job, and maybe even a GREAT JOB – JUST WATCH!”

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Media caption,

Then and now: Kevin McCarthy on Donald Trump and the Capitol riot

The relationship between the Mr Trump and the man who has led House Republicans for the past four years has been mostly cordial.

Mr McCarthy criticised the then-president in the aftermath of the Capitol riot, but the two made up quickly as the Republican leadership refused to support the House investigation into the January 6 attack.

 

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Why China’s new foreign minister could be a problem for Biden

Politics, Policy, Political News Top Stories 

The Biden administration shut out outgoing Chinese ambassador Qin Gang for much of his more than 500-day tenure in Washington, D.C.

But that all changed last week when Chinese leader Xi Jinping appointed Qin as the country’s new foreign minister, creating a headache for the administration at a time of high tension between Washington and Beijing.

The problems will be front and center in the coming weeks when Secretary of State Antony Blinken visits China as the countries clash over trade, Chinese military intimidation of Taiwan and access to technology.

“I think that there are probably those within the administration that feel chagrined that they did not extend the courtesies [to Qin] that normally would be extended to an ambassador,” said Craig Allen, president of the U.S.-China Business Council.

Qin didn’t get all of the meetings he requested with senior administration officials over the past 17 months, although the administration did relax its restrictions on Qin’s access in the run-up to former House Speaker Nancy Pelosi’s controversial trip to Taiwan in August. But he returns to Beijing this week to helm China’s foreign ministry stung by failed efforts to connect with the Biden administration.

Qin’s promotion confirms he has Xi’s trust, something the president signaled in October by appointing Qin to the Chinese Communist Party Central Committee. Qin replaced Wang Yi, whom Xi appointed to lead the Office of the Central Foreign Affairs Commission last week. Beijing will name Qin’s successor “after completing due procedures,” Chinese Foreign Ministry spokesperson Mao Ning said on Tuesday.

Months after arriving in Washington, D.C., in July 2021, Qin was limited to meetings with just a handful of U.S. officials, according to two people with knowledge of the interactions. That narrow access came despite repeated requests to meet with more senior administration officials, said those people, who were granted anonymity to share private conversations.

The White House rejects this characterization. “Senior White House officials — along with senior officials from across the administration — have engaged regularly with Ambassador Qin since his arrival in Washington,” spokesperson Adrienne Watson said in a written statement. The statement included a list of eight senior officials, including Blinken, Indo-Pacific Coordinator Kurt Campbell and U.S. Trade Representative Katherine Tai, who had met with Qin while he was ambassador.

The Chinese embassy didn’t respond to a request for comment regarding Qin’s access to U.S. officials during his tenure.

Qin responded to the restrictions on high-level access by relying on lower-level interactions with other foreign ambassadors and state and municipal-level officials. He even hung out with the NBA’s Washington Wizards.

That experience may work to his advantage as foreign minister. Qin’s “broad exposure to the United States outside the Beltway … will give him an appreciation of the broader forces informing America’s foreign policy,” said Ryan Hass, former director for China, Taiwan and Mongolia at the National Security Council.

If Qin resented his treatment in Washington, his farewell messages didn’t show it. He expressed “sincere gratitude” for the “great support and assistance from all sectors of the American people” in a tweet thread published on Monday.

The test of Qin’s sincerity will be his management of Blinken’strip to China. “Our understanding is that Secretary Blinken will be traveling to Beijing in February right after the Chinese New Year,” said USCBC president Allen. If Qin is still nursing a bruised ego — and if the visit occurs after a promised trip to Taiwan by GOP leader Kevin McCarthy — Blinken may hit a diplomatic brick wall in Beijing.

Blinken has yet to release an agenda for that trip. But he’ll need Qin’s help to address a growing list of issues including counternarcotics cooperation and China’s growing nuclear weapons arsenal. Qin has signaled such cooperation is possible. In a tweet published on Sunday, Qin thanked Blinken for “constructive meetings” and said he looks forward to “continuing close relations” with Blinken.

Blinken marked Qin’s promotion with a tweet that confirmed the two men discussed “maintaining opening lines of communication” in a farewell phone conversation on Sunday. Blinken “expects to continue a productive working relationship with Foreign Minister Qin in his new role,” a State Department spokesperson unauthorized to speak on the record told POLITICO in a statement.

Not everyone thinks that Qin’s ascension to foreign minister spells trouble for the U.S.-China relationship.

Qin “didn’t get all the meetings he wanted with senior US officials in the early months of his tenure … [but] I doubt there is any residual ill will that will hamper their interaction going forward,” said Bonnie Glaser, managing director GMF Indo-Pacific at the German Marshall Fund of the U.S.

Qin’s history of bare-knuckled pushback of foreign criticism of China may have worked against his success in D.C. In his public debut in September 2021, he reinforced his reputation as a prickly avatar of Chinese diplomacy with a speech that excoriated U.S. “wrong beliefs” and cautioned against violating Beijing’s “red line” of core interests in areas including the South China Sea, Taiwan and Xinjiang. He spiked those comments with an ominous reference to China’s nuclear weapons capability and warned of “disastrous consequences” if the U.S. seeks to suppress China using a “Cold War playbook.”

Time didn’t dull those sharp edges. A year later, Qin used a near-90-minute press briefing to decry perceived U.S. transgressions against Chinese sovereignty. He also expressed frustration that his best efforts to engage with the Biden administration had failed to prevent Pelosi’s Taiwan trip. But the structure of China’s diplomatic corps may limit Qin’s influence on bilateral relations.

“Qin Gang is obviously still an important figure globally, but I’m not sure how important he will be to managing the U.S.-China relationship,” said Zack Cooper, former assistant to the deputy national security adviser for combating terrorism at the National Security Council and senior fellow at the American Enterprise Institute.

“For at least the last two years when we had to really have some serious negotiations, they tended to be between [former senior diplomat] Yang Jiechi and [national security adviser] Jake Sullivan,” he said. “And I see no reason that that would change in the next two years.”

Qin’s success as foreign minister will largely depend on the degree to which the Chinese Communist Party is willing to adjust its foreign policy that includes a more bellicose military posture in the Indo-Pacific, economic coercion and high tech espionage.

“If Xi embraces true openness and reform, Qin Gang may enjoy his new assignment,” said Robert Daly, director of the Kissinger Institute on China and the United States at the Wilson Center. “If Xi does not change his spots, Qin will be the international face of an increasingly unwelcome power.”

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US stocks rally but close off highs on signs of persistent Fed hawkishness and labor-market tightness

Business Insider 

Federal Reserve Chair Jerome Powell.

US stocks rose Wednesday but closed off session highs as fresh signs pointed to more Fed hawkishness. 
Minutes from the Fed’s December meeting indicated rates could stay higher for longer. 
Meanwhile, job openings topped views, signaling that the labor market remains tight.

US stocks rose Wednesday but closed off session highs as fresh signs pointed to more hawkishness from the Federal Reserve. 

Minutes from the Fed’s December meeting indicated rates could stay higher for longer as policymakers “stressed that it would take substantially more evidence of progress to be confident that inflation was on a sustained downward path.”

Fed officials also expressed concern that any market rally could obstruct their campaign to bring inflation back down to the 2% target.

Meanwhile, job openings data for November showed 10.46 million positions available, topping views for 10 million and signaling that the labor market remains tight.

Here’s where US indexes stood at the 4:30 p.m. closing bell on Wednesday: 

S&P 500: 3,852.96, up 0.75%Dow Jones Industrial Average: 33,269.77, up 0.40% (133.40 points)Nasdaq Composite: 10,458.76, up 0.69%

Here’s what else is going on: 

Crypto firm Genesis is telling clients more time is needed to sort out its financial situation amid scrutiny.Lower crude oil exports hammered Russia’s revenue from duties by $15 million at the end of 2022. Fairlead’s Katie Stockton is predicting a “volatility event” will hit markets this year. A hedge fund manager who returned 163% in 2022 said stock-market pain is only beginning.US prosecutors formed a task force to recover billions of dollars of missing funds belonging to FTX customers.

In commodities, bonds, and crypto: 

Oil prices added to early losses, with West Texas Intermediate down 5.06% at $73.08 a barrel. Brent crude, the international benchmark, fell 4.93% to $78.03 a barrel.Gold ticked up 0.67% to $1,852.05 per ounce.The 10-year Treasury yield fell 9.4 basis points to 3.70%.Bitcoin fell 0.57% to $16,840.56.

Read the original article on Business Insider

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Foxconn To Supply And Use Nvidia ECUs In Its Electric Vehicles

Carscoops 

Foxconn and Nvidia have announced a strategic partnership that will see them develop automated and autonomous vehicle platforms as both companies look to increase their footprint in the automotive industry.

The partnership will see Foxconn establish itself as a tier-one manufacturer and producer of electronic control units based on Nvidia’s Drive Orin system. Furthermore, electric vehicles manufactured by Foxconn will feature Drive Orin ECUs and Drive Hyperion sensors to support highly automated driving capabilities.

Read: Foxconn Debuts Electric Model B Compact SUV And Model V Pickup Prototypes

Nvidia’s Drive Orin system-on-a-chip can run 254 trillion operations per second and can simultaneously handle many applications and deep neural networks required of an autonomous vehicle. It also works alongside the Ndivia Drive Hyperion platform to serve as the brain and central nervous system of the vehicle.

Foxtron Model B

“This strategic cooperation with NVIDIA strengthens the intelligent driving solutions Foxconn will be able to provide,” senior director of the Software Development Center at Foxconn, Eric Yeh said. “Together, we are enabling the industry to build energy-efficient, automated vehicles. This is a well-considered partnership that leverages unique strengths on each side in the pursuit of innovative EV development and opportunities.”

Foxconn has huge automotive ambitions. It has already unveiled an electric vehicle platform of its own as well as four electric vehicles that it will underpin. These consist of the Model E sedan, Model C SUV, Model T bus, and Model V pickup that will be sold under its Foxtron brand. Furthermore, Foxconn has purchased Lordstown Motors’ Ohio factory and will handle production of the Endurance pickup truck. The technology giant will also manufacture Fisker’s Project Pear SUV.

This forms part of chairman Liu Young-way’s plan to pivot Foxconn from more than a manufacturer of iPhones into an automotive juggernaut. By 2025, Liu wants Foxconn to account for 5 per cent of the global electric vehicle market, Reuters reports.

Foxtron Model V

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College scam mastermind Rick Singer gets 3.5 years in prison

Politics, Policy, Political News Top Stories 

BOSTON — The mastermind of the nationwide college admissions bribery scheme that ensnared celebrities, prominent businesspeople and other parents who used their wealth and privilege to buy their kids’ way into top-tier schools was sentenced to 3 1/2 years in prison Wednesday.

The punishment for Rick Singer, 62, is the longest sentence handed down in the sprawling scandal that embarrassed some of the nation’s most prestigious universities and put a spotlight on the secretive admissions system already seen as rigged in favor of the rich.

Prosecutors had sought six years behind bars, noting Singer’s extensive cooperation that helped authorities unravel the entire scheme. Singer began secretly working with investigators in 2018 and recorded hundreds of phone calls and meetings that helped authorities build the case against dozens of parents, athletic coaches and others arrested in March 2019.

Those sent to prison for participating in the scheme include “Full House” actor Lori Loughlin, her fashion designer husband Mossimo Giannulli, and “Desperate Housewives” star Felicity Huffman. Coaches from schools including Yale, Stanford, Georgetown University and the University of California, Los Angeles, admitted to accepting bribes.

“It was a scheme that was breathtaking in its scale and its audacity. It has literally become the stuff of books and made-for-TV movies,” Assistant U.S. Attorney Stephen Frank told the judge Wednesday.

The prosecutor called Singer’s cooperation in the case “unparalleled” but said it was also problematic, noting that Singer admitted to obstructing the investigation by tipping off several of his clients who were under government scrutiny.

Defense attorney Candice Fields said Singer took great personal risk by wearing a wire to record meetings and “did whatever was necessary” to assist the government in its investigation. Fields had requested three years of probation, or if the judge deemed prison time necessary, six months behind bars.

Singer apologized to his family, the schools he embarrassed in the public eye and others. He also promised to work every day of his life going forward to make a positive impact in people’s lives.

“My moral compass was warped by the lessons my father taught me about competition. I embraced his belief that embellishing or even lying to win was acceptable as long as there was victory. I should have known better,” he said.

Singer pleaded guilty in 2019 — on the same day the massive case became public — to charges including racketeering conspiracy and money laundering conspiracy. Dozens of others ultimately pleaded guilty to charges, while two parents were convicted at trial.

Authorities in Boston began investigating the scheme after an executive under scrutiny for an unrelated securities fraud scheme told investigators that a Yale soccer coach had offered to help his daughter get into the school in exchange for cash. The Yale coach led authorities to Singer, whose cooperation unraveled the entire scheme.

For years, Singer paid off entrance exam administrators or proctors to inflate students’ test scores and bribed coaches to designate applicants as recruits in order to to boost their chances of getting into the school.

Coaches in such sports as soccer, sailing and tennis took bribes to pretend to recruit students as athletes, regardless of their ability. Fake sports profiles were made to make students look like stars in sports they sometimes didn’t even play. The bribes were typically funneled through Singer’s sham charity, allowing some parents to disguise the payments as charitable donations and deduct the payments from their federal income taxes.

Singer took in more than $25 million from his clients, paid bribes totaling more than $7 million, and used more than $15 million of his clients’ money for his own benefit, according to prosecutors.

“This defendant was responsible for the most massive fraud ever perpetuated on the higher education system in the United States,” prosecutor Frank told the judge Wednesday.

Before Singer, the toughest punishment had gone to former Georgetown tennis coach Gordon Ernst, who got 2 1/2 years in prison for pocketing more than $3 million in bribes.

Punishments for the parents have ranged from probation to 15 months behind bars, although the parent who received that prison sentence remains free while he appeals his conviction.

One parent, who wasn’t accused of working with Singer, was acquitted on all counts stemming from accusations that he bribed Ernst to get his daughter into the school. And a judge ordered a new trial for former University of Southern California water polo Jovan Vavic, who was convicted of accepting bribes.

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Oil will jump 28% in 2023, with another energy crunch set to push prices higher, Eurasia Group says

Business Insider 

Oil prices will rise above $100 a barrel in 2023, according to a projection in the Eurasia Group’s top risks of the year. 
Oil demand looks poised to grow as China recovers quickly after backing off zero-COVID polices and the US experiences only a shallow recession. 
Brent and WTI crude prices recently traded below $78 a barrel each. 

Oil prices will spring back above $100 a barrel in 2023 as tight supply meets growing demand, the political research and consultancy firm Eurasia Group said in its list of top risks this year

That would represent a 28% increase in the price of international benchmark Brent crude, which traded around $77.90 a barrel on Wednesday. Calculating for West Texas Intermediate crude, the increase would be 37% from $72.80 a barrel. 

The oil market is poised to experience shocks this year on the back of a faster-than-expected economic recovery in China after the country’s sudden exit from zero-COVID policies along with a shallow recession in the US that won’t sink demand, wrote Ian Bremmer, president and founder of Eurasia Group, and Cliff Kupchan, the firm’s chairman and head of global macro coverage. 

They said those two factors would bolster demand growth for crude oil and expose an acute lack of new supply. 

“Contributing to the problem are Russian production declines amid continued sanctions, low levels of OPEC+ spare capacity, reduced capital investment in non-OPEC production, and the absence of an Iran nuclear deal,” said the firm, noting that the lack of such a nuclear agreement is also on its list of risks.  

Tensions are likely to rise between OPEC+ and global consumers — led by the US — as the oil cartel wants to protect a price floor of about $90 per barrel for Brent, which is at odds with the lower prices for oil that consumers want.   

“Higher prices will prompt the US to intervene directly in markets and punish moves by oil-producing states it sees as (at least partially) politically motivated,” Eurasia Group projected. 

Meanwhile, US natural gas prices will go up and “feel the strain” from the European Union’s need to rebuild gas storage from the second quarter of this year in the absence of cheap Russian supplies.

China’s economic recovery and increased global demand for liquefied natural gas will likely drive US natural gas prices closer to $8 per million British thermal units or more.

Last year, natural gas topped $8 as European demand fed US price gains. They have since tumbled amid unseasonably warm weather and traded around $4.056 on Wednesday. 

“In short, the respite in energy markets this winter will be temporary – the eye of the hurricane before a renewed energy crunch adds to pressure on consumers, puts fiscal strain on governments, and deepens divides between developed and developing nations and the United States and Gulf countries,” wrote Bremmer and Kupchan.

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