[World] China Covid: Beijing criticises 'political' rules for its tourists

A woman pushes a luggage trolley in a Spanish airport terminalImage source, Getty Images
Image caption,

Spain is one of a number of countries to ask for a negative Covid test from Chinese arrivals

The Chinese government has suggested that travel restrictions imposed by several countries on Chinese arrivals are politically motivated – and has warned that it may retaliate.

The US, India and the UK are among the nations that have introduced mandatory testing for arrivals from China.

The country has recently seen a surge in Covid cases following the easing of its strict controls.

And there are fears that cases and deaths are being vastly underreported.

China’s last daily Covid update, on 24 December, reported fewer than 5,000 cases – but some analysts claim the daily caseload is already over two million, and could peak at almost four million this month.

A lack of data – and China’s announcement that it was easing curbs on travel from 8 January – led to more than a dozen countries announcing Covid testing on arrivals from China.

The World Health Organization (WHO) has urged China to share more real-time information and a spokeswoman for the foreign ministry on Tuesday said that Beijing was willing to “improve communication with the world”.

However, spokeswoman Mao Ning said the government was “firmly opposed to attempts to manipulate the epidemic prevention and control measures for political purposes, and will take corresponding measures…according to the principle of reciprocity.”

China’s borders have been largely closed since March 2020 – meaning few foreigners were able to enter and those that did had to undergo rigorous testing and quarantine.

The European Union’s disease prevention agency and Australia’s Chief Medical Officer have both argued that high levels of vaccination and immunity reduce the threat that Covid poses.

But despite that, countries – including in the EU – have imposed testing for Chinese arrivals.

“I think we’re performing our duty in protecting French people by asking for tests,” France’s Prime Minister Elisabeth Borne said on Tuesday.

“We’re doing it while respecting the rules of the World Health Organization and we will continue to do it.”

The European Commission, the executive body of the European Union, has said an overwhelming number of member states favour introducing travel restrictions. Some countries have already introduced their own measures but a decision on whether that will be extended to all EU countries is expected on Wednesday.

It’s not the first time that Beijing has been at odds with the international community over the virus. It was first detected in Wuhan in central China in late 2019 and the government resisted attempts to investigate the origins.

Meanwhile, China has on Tuesday rejected an offer from the European Union to supply an unspecified number of Covid-19 vaccines to help deal with the surge in cases, saying it has an “adequate supply”.

Official data shows China has given more than 3.4 billion doses – the vast majority of which are CoronaVac.

The government has so far insisted in using only Chinese-made vaccines, which have been proven to be less effective than other Western-developed mRNA vaccines against the Omicron variant.

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Your 2022 Guide to Smartwatches

Smartwatches are becoming commonplace, and as such, there are countless smartwatches available for you to choose from. Between Apple, Garmin, Fitbit, and Samsung alone there are almost too many options.

Truth be told, Apple isn’t the only company with a smartwatch that’s worth considering, especially as it’s the turn of the year and we all resolve to get healthier (and this time we mean it!).

Shopping for a smartwatch can be a confusing experience, but it doesn’t have to be. Below I break down three different product lineups from some of the most well-known smartwatch makers (including Google’s first smartwatch). Each one is made for a specific user in mind, with several different models included. With any luck, it helps you make a decision.

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Taking a Closer Look at the Apple Watch Lineup

The Apple Watch is only compatible with the iPhone, so that limits who can use one before getting into any features or capabilities. But that’s often the way things go with Apple  (AAPL) – Get Free Report–you need to be inside the company’s walled garden in order to use some products.

That doesn’t mean, however, that iPhone users don’t have a choice. Fitness trackers and watches from the likes of Fitbit and Garmin work with both the iPhone and Android devices.

The main differences come down to the experience devices like the Fitbit Versa 4 or Garmin Instinct 2 provide compared to the Apple Watch.

Because Apple controls the entire experience of how the iPhone and Apple Watch interact, there are many advantages Apple Watch owners can take advantage of. For example, if you own AirPods, they automatically pair and connect to your Apple Watch so you can listen to music or podcasts while on a run or bike ride.

With an Apple Watch, you’ll be able to send and receive texts and iMessages directly on your wrist, install apps–both from Apple and third-party developers such as ESPN or Fantastical using the App Store–and have direct integration with Apple’s subscription workout platform, Fitness+.

One downside of using an Apple Watch is that it’s one more device that locks you into using an iPhone for the foreseeable future. Another potential drawback is that some people don’t like that the Apple Watch’s battery only lasts a day, meaning you’ll need to charge it once a day.

However, the Apple Watch Ultra eliminates that need with double the battery life. Apple added sleep-tracking capabilities to the watch in the last couple of years, and the Apple Watch Series 8 has fast-charging capabilities that mean you can wear it to track your sleep and then place it on the charger while you get ready in the morning.

With all of that in mind, let’s take a look at the three Apple Watch models currently in Apple’s smartwatch lineup.

Apple Watch Series 8 ($399 at Amazon)

The Apple Watch Series 8 can be considered Apple’s mainstream smartwatch. It comes in two sizes, 41mm and 45mm, with prices starting at $399 and $429, respectively. There are four different finishes to the watch’s housing for you to choose from, including Midnight, Starlight, Silver, and Product(RED). You can add cellular connectivity that allows you to leave your iPhone behind and still receive messages, alerts and phone calls for an additional $100. You can read our full review of the Apple Watch Series 8 here.

Apple Watch SE ($249 at Amazon)

Apple recently revamped the Apple Watch SE, updating its exterior, adding new colors to the mix and lowering the price to a starting point of $249. The Watch SE is best for those who don’t care about having the latest and greatest Apple has to offer, but still want a smartwatch that can put alerts on their wrist and track their health and fitness metrics. It’s equipped with hardware that will ensure it runs smoothly for several years, receiving yearly software updates at the same time as the rest of the lineup. 

Prices start at $249 for the 40mm model or $279 for the 44mm model. Again, you can add cellular connectivity to the watch, bumping the price up to $299 for the 40mm version and $329 for the 44mm model. You can see our full thoughts on the second-generation Apple Watch SE here.

Apple Watch Ultra ($799 at Amazon)

The Apple Watch Ultra is the newest addition to Apple’s lineup. It also has the biggest display, the most rugged, the longest battery life, and the most expensive. There’s only one model—a $799 titanium housing with a 49mm case with cellular built-in. While it was designed with extreme sports and outdoor enthusiasts in mind, a lot of Apple Watch users (myself included) are finding it to be the best Apple Watch to date thanks to all of its features and overall size.

Taking a Closer Look at Samsung’s Galaxy Watch Lineup

Samsung has been making smartwatches for as long as anyone else in the industry, and it shows. The company’s latest Galaxy Watch 5 lineup mixes the best of what Google has to offer in Wear OS and the experience and software expertise that Samsung  (SSNLF)  has earned over the years.

Samsung has a handful of devices in the Watch 5 line, including the standard Watch 5 and the Watch 5 Pro. There’s also a Golf Edition that uses GPS and golf course maps to help golfers on the course. Samsung still actively sells the Galaxy Watch 4 and Watch 4 Classic, giving those interested another design option to consider.

Unlike some of Samsung’s Gear line of smartwatches that worked with iPhone and Android phones, the Galaxy Watch 4 and Watch 5 lines only work with Android phones.

Both the Watch 4 and Watch 5 put notifications on your wrist, have the ability to install apps from Google’s Play Store and have several health features.

Let’s take a look at the Galaxy Watch 5, Watch 5 Pro, Watch 4 and Watch 4 Classic.

Samsung Galaxy Watch 5 ($279 at Samsung)

The Galaxy Watch 5 comes in two different sizes and four colors, well, five if you count the Gold Edition. The circular face measures either 40mm or 44mm. The base model comes with Bluetooth connectivity, or you can add LTE for an always-on connection. The Galaxy Watch 5 can measure your body composition, has auto workout tracking, and battery life that will last you a couple of days between charges.

Samsung Galaxy Watch 5 Pro ($449 Samsung or Amazon)

Samsung’s Galaxy Watch 5 Pro is bigger and more expensive than the standard Watch 5. It has a titanium housing compared to aluminum, and a bigger battery for extended use (3 or 4 days isn’t far-fetched), along with a trackback feature for the adventurous. Outside of the bigger look and design, there’s not really a whole lot that sets the Watch 5 Pro apart from the standard Watch 5.

Samsung Galaxy Watch 4 ($169 at Samsung or Amazon)

The Galaxy Watch 4 may be a generation behind the Watch 5, but it runs the same operating system, and is slightly cheaper than the Watch 5. It even boasts the same basic features, both on the smartwatch and fitness tracker side of things. You can get it in 40mm or 44mm sizes, with or without LTE.

Samsung Galaxy Watch 4 Classic ($379 at Samsung)

Samsung’s Galaxy Watch 4 Classic is the best-looking smartwatch Samsung has ever built. There. I said it. Surrounding the 42mm or 46mm screen is a bezel that physically rotates to help you navigate the interface while you’re reading your latest workout stats, fitness info or text and email notifications. Like the Watch 4, the Classic is indeed a generation old at this point, but it uses the same operating system as the Watch 5 models, providing the same experience but on a better-looking watch. Yes, I just doubled down.

Taking a Closer Look at Fitbit’s Lineup

Fitbit is rightfully a household name when it comes to activity trackers and by extension smartwatches. The company pioneered the wearable market with its small step counters that have now expanded well beyond the small gadgets you clipped onto your hip.

Fitbit’s lineup spans several different devices with different designs and use cases. Fitbit’s entire lineup will work with the iPhone or Android phones, with similar features across both platforms.

Every Fitbit  (FIT) – Get Free Report, be it a smartwatch or tracker, offers several days of battery life, integration with Fitbit’s workout platform (Fitbit premium), step counting, sleep tracking, activity minutes and heart rate tracking.

With the exception of the Pixel Watch, a common complaint about Fitbit’s approach is the lack of high-quality third-party apps and services. Fitbit has its own app and watch face storefronts within the Fitbit app, but it hasn’t seen mass adoption by developers. Instead, you’ll have to rely on getting alerts from your smartphone pushed to the watch as a way to keep up to date.

Instead of breaking down each Fitbit model (there are many), let’s take a look at just the smartwatches in Fitbit’s lineup, including the Sense 2, Versa 4 and the recently launched Google Pixel Watch.

Fitbit Sense 2 ($229.95, originally $299.95 at Amazon)

The Fitbit Sense 2 is loaded with various health sensors that go beyond measuring the staple fitness metrics we’ve grown to expect from all wearables. For instance, the Sense 2 can detect electrodermal activity that is used as an indicator of your stress level. There’s also an ECG app that can detect atrial fibrillation and a temperature sensor that measures your skin temp to track trends over time.

Fitbit Versa 4 ($179.95, originally $229.95 at Amazon)

The Versa 4 looks similar to the Sense 2 when it comes to design, but it lacks some of the more sophisticated sensors found in the more expensive Sense 2. With the Versa 4 you’re getting a fitness and activity tracking device in a smartwatch form factor. It boasts Sp02 tracking, heart rate monitoring, skin temperature measurements and more.

Google Pixel Watch ($319, originally $349.99 at Amazon)

Fitbit is owned by Google  (GOOGL) – Get Free Report, and as such, the Android maker relied heavily on Fitbit to help create Google’s first smartwatch, the Pixel Watch. The Android-only watch uses all of Fitbit’s fitness tracking prowess, combined with Google’s Wear OS platform for the smartwatch portion of the device. 

I reviewed the Pixel Watch early on and found it to be a promising first-generation watch from Google. You can read the full review here.

Taking a Closer Look at Garmin’s Smartwatch Lineup

Garmin’s smartwatch lineup is full of options ranging from a more traditional smartwatch design and capabilities, to a rugged watch that has a miniature solar panel embedded under the display that can be used to passively charge the watch while you explore the outdoors.

Traditionally, Garmin’s fitness devices have been a hit with hardcore runners and outdoor enthusiasts. The watches work with either Android phones or the iPhone, and span a wide range of different use cases.

Ahead I’m breaking out three options but Garmin  (GRMN) – Get Free Report has a few more smartwatches, each of which with a different design and approach. At the end of the day, they all serve the same primary purpose–track your daily activity, stress level, and sleep.

Again, Garmin’s approach is one that’s mostly been for fitness-focused users and not someone who wants a watch that’s smart. Using the watches will require a learning curve that’s arguably steeper than what you’ll go through with a Fitbit or Apple Watch.

That said, if you’re a fitness buff that wants as much information as possible about your body and daily activity, and capabilities like advanced location tracking or solar charging, then Garmin is where it’s at for you.

Garmin Lily ($189.99, originally $249.99 at Amazon)

Garmin’s $249 Lily smartwatch is smaller, more stylish and designed for women. It tracks all of the standard fitness metrics, including stress, women’s health, hydration, sleep and heart rate.

It’s currently available in gold, purple, and white gold.

Garmin Instinct 2 Solar ($499 at Amazon)

The Instinct 2 Solar, Tactical Edition is one of the more rugged smartwatches I’ve seen. It’s built to withstand a beating, has three different location tracking technologies built into it for improved accuracy, and the screen doubles as a solar panel to keep it charged while you’re outside.

Garmin Venu 2 ($199.99, originally $349.99 at Amazon)

The Venu 2 looks more like a traditional watch that tracks your workouts, syncs with Spotify and puts your smartphone notifications directly on your wrist (just like the rest of Garmins’ offerings). It also has 11 days of battery life.

Which Smartwatch Is Right for you?

Most of this can be distilled down into this:

If you have an iPhone, the Apple Watch is going to provide the best overall smartwatch experience.

Samsung’s lineup is often considered the best for Android users, and for good reason.

Fitbit’s product lineup does a fantastic job of tracking your health metrics with some unique features, but its software can be a frustration point.

Garmin, on the other, er, wrist, is arguably the best fit for fitness enthusiasts. Heck, the watches have a way to measure your body’s battery and tell you how much energy you have left for the day. It’s crazy.

Prices are accurate and items in stock at time of publishing.


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Australia cruise ship stopped for biofuel cleaning will compensate passengers

Viking Cruises will compensate hundreds of passengers on its Orion cruise ship after cruisers were forced to stay on board and miss multiple stops because officials blocked port access due to marine growth on the ship’s hull.

The 930-guest capacity Viking Orion docked in Sydney on Wednesday, the final stop on what is normally a 15-day, 9-stop cruise of New Zealand and Australia.

But plans went awry, local media reported, after New Zealand officials asked the ship to leave the country’s waters part way through its cruise after finding small amounts of biofoul – plants, algae and small animals – that grow on ship hulls.

Steaming directly to the southern Australian port of Adelaide and bypassing planned stops in Tasmania and New Zealand’s south island, officials stopped the ship approximately 12 nautical miles out to sea while professional divers cleared the hull.

The four-year-old luxury vessel finished its journey as planned with stops in Melbourne and Sydney.

Stranded on board for eight days, Miami-based lawyer Julie Reby Waas said missing scheduled stops like Tasmania was “enormously disappointing” but it would not dissuade her from cruising again.

“Most of the people I think on the ship have kept their cool and have maintained a sense of humor,” Reby Waas told Reuters.

“I think everybody is very tired of it. The ship is beautiful, but you know, there’s only so much space to explore, and so I guess (it’s) claustrophobic in some ways.”

Viking confirmed to Reuters in a statement that all guests would receive a voucher equal to what they had already paid for use on any future voyages.

Tickets for a 15-day Auckland to Sydney cruise departing Jan 10 range from A$8,995 ($6,066.23) to A$29,995 ($20,341) on the Viking website.

Viking’s Orion is the second cruise ship to fall afoul of New Zealand officials in the past month. New Zealand fisheries officials stopped cruise ship Coral Princess entering the country’s waters in December after finding snails on the hull.

Top: File image of the Viking Orion cruise ship in 2020. Photo via Getty Images.

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Major winter storms dump on California, Upper Midwest

Top News: US & International Top News Stories Today | AP News 

Fernando Bizarro, left, collects sandbags from an emergency distribution center to prepare for an upcoming storm, Tuesday, Jan. 3, 2023, in San Francisco. (Santiago Mejia/San Francisco Chronicle via AP)

MINNEAPOLIS (AP) — Major winter storms continued to dump on California and a stretch of the Upper Midwest on Wednesday, with heavy rain on the West Coast and heavy snow in the north-central states — as a possible tornado damaged homes in the South.

A Delta jet went off an icy taxiway after landing in a snowstorm in Minneapolis on Tuesday but no passengers were injured, the airline said. The flight from Los Cabos, Mexico, had landed safely, but then the nose gear of the plane “exited the taxiway while turning toward the gate due to icy conditions,” Delta Airlines said.

It took about an hour to get the 147 passengers off the plane and bused to the terminal, said Jeff Lea, a spokesman for the Metropolitan Airports Commission, the Star Tribune reported.

The airport had received 10 inches (25 centimeters) of snow as of 6 a.m. Wednesday, the National Weather Service said. Another 3 to 5 inches (7 to 12 centimeters) was possible. Multiple schools were closed Wednesday in Minnesota and western Wisconsin as steady snow fell in the region.

To the south, a possible tornado damaged homes, downed trees and flipped a vehicle on its side in Montgomery, Alabama, early Wednesday. Christina Thornton, director of the Montgomery Emergency Management Agency, said radar indicated a possible, but unconfirmed, tornado. The storm had extremely high winds and moved through the area before dawn, she said.

Hub peek embed (Weather) – Compressed layout

Severe weather that swept Illinois on Tuesday produced at least six tornadoes, the largest number of rare January tornadoes recorded in the state since 1989, the National Weather Service said.

Five of the tornadoes occurred in central Illinois in or around the city of Decatur, while the sixth touched down near the Ford County community of Gibson City, the weather service said Wednesday.

Staff from the agency’s Chicago office planned to survey storm damage Wednesday in the Gibson City area, where at least two homesteads suffered damage and power lines were knocked down.

On the West Coast, the snowpack covering California’s mountains is off to one of its best starts in 40 years, officials announced Tuesday, raising hopes that the drought-stricken state could soon see relief in the spring when the snow melts and begins to refill parched reservoirs.

Roughly a third of California’s water each year comes from melted snow in the Sierra Nevada, a mountain range that covers the eastern part of the state. The state has built a complex system of canals and dams to capture that water and store it in huge reservoirs so it can be used the rest of the year when it doesn’t rain or snow.

Statewide, snowpack is at 174% of the historical average for this year, the third-best measurement in the past 40 years. Even more snow is expected later this week and over the weekend, giving officials hope for a wet winter the state so desperately needs.

In Southern California, forecasters said “all systems go” for a major storm to sweep over the area Wednesday and Thursday, with peak intensity occurring from midnight to noon Thursday.

The storms in California still aren’t enough to officially end the drought, now entering its fourth year. The U.S. Drought Monitor showed that most of the state is in severe to extreme drought.

“We know that it’ll take quite a bit of time and water to recover this amount of storage, which is why we don’t say that the drought is over once it starts raining,” said Jeanine Jones, drought manager for the California Department of Water Resources.

___

Associated Press journalist Rick Callahan contributed to this report from Indianapolis.

 

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Major winter storm brought tornado reports across multiple Southern states and is threatening more severe weather



CNN
 — 

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 threatening more severe weather as it treks east.

Over 25 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, Albany, Charlotte, Virginia Beach, Atlanta, Raleigh and Norfolk could see winds and tornadoes. Heavy rain could also produce flash flooding in parts of Mississippi.

The multi-hazard storm – which headed into central and Southern US after battering California with deadly floods – has already triggered at least 120 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 11 tornado reports, 92 wind reports and 17 hail reports.

The tornado reports included six in Illinois on Tuesday and an EF-1 in Jessieville, Arkansas, on Monday. Other tornadoes reports came from Louisiana, Oklahoma, Tennessee, Georgia and Mississippi.

A tornado watch is in effect for much of western and southern Alabama until 4 a.m.

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

In Tennessee, Memphis and Jackson both saw record-breaking rainfall 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 a 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 D.C.

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 National Weather Service.

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

The storm is expected to gradually begin dissipating Thursday. Meanwhile, another intense storm system is making its way to the West Coast.

A house damaged by high winds is seen in Arkansas on January 2, 2023.

Along with reports of tornadoes and powerful wind, came reports of damage.

One of the tornadoes that was reported was in Jonesboro, Louisiana, where large trees were knocked down and damaged.

Damage was also reported in Jessieville, Arkansas, where multiple buildings of a school sustained damage as trees and powerlines toppled, alogn with several homes in the area, according to the Garland County Sheriff’s Office.

“The school was currently in session at the time, however all students have been accounted for and reports of no injury,” the Sheriff’s Office said in a release.

Images also showed toppled trees and home damage in other parts of Garland County.

Storm damage was also observed Tuesday in Marion, Alabama, where a home appeared to have been shifted off its foundation, CNN affiliate WBRC reported.

“The best thing is my husband and I are alive. Material things can be replaced but our lives cannot, and we just thank God that we are here,” homeowner Sylvia Hester told the station, standing alongside her husband next to their damaged home of two decades.

A damaged home is seen in Perry County on January 3, 2023.

Damage reports were also coming from northern Louisiana, where several transmission highline towers were damaged in the Haile community in Marion. One of the towers was knocked over and several others are damaged, according to the National Weather Service in Shreveport.

In Jackson Parish, Louisiana, residents were told to stay off the roads Monday as the severe weather toppled trees and powerlines, and covered roadways with water.

In addition to tornadoes, some communities saw hail and powerful winds.

There were reports of hail Monday in Oklahoma, Texas and Louisiana. And then in Mississippi, Louisiana, Illinois and Alabama the next day.

This Sunday, Jan. 1, 2023, photo released by Caltrans District 3, shows Sierra highway back open but chain controls remain in effect as crews clean up in South Lake Tahoe, Calif.

The storm currently situated over the central and eastern US is one of two major storm systems expected to impact the nation over the next few days. The second is forecast to enter the West Coast by Wednesday, sending a strong atmospheric river into California once again.

“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 National Weather Service says.

While those expected rainfall amounts wouldn’t normally have major impacts, the state recently received a lot of rain that left soils 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. It also raised questions over how much the precipitation would put a dent in California’s 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 snow pack 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 snow pack is 174% of average for this date, the agency said.

However, experts caution that despite the deluge – and expected precipitation over the next 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 press 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.”

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Fed minutes and US jobs data might drive the first major market moves of 2023. Here’s what you need to know.

Business Insider 

Stock markets suffered in 2022 as surging inflation and steep interest rate hikes battered investor sentiment.

Two key economic releases could influence investors’ outlook this week.
Federal Reserve minutes and US jobs data could fuel the first major market moves of 2023.
Here’s how they could spark a much-needed rally – or lead to further declines for stocks.

As 2023 gets going, investors are keenly searching for clues that could offer some insight into how stocks could perform over the first few months.

Red-hot inflation and rising interest rates hammered equities last year, with the benchmark S&P 500 index tumbling 19% and the tech-heavy Nasdaq plummeting 33%.

This week, two events could set the tone for January by showing whether the Federal Reserve wants – and will be able to – press ahead with its monetary tightening campaign without crushing the US economy.

Here’s why the release of December’s Fed minutes Wednesday and the latest US jobs report Friday could fuel the first major market moves of the year.

Fed minutes

The US central bank raised interest rates aggressively last year in a bid to bring soaring inflation under control, boosting its benchmark rate to between 4.25% and 4.5% from nearly zero in March. The institution lifted its benchmark rate by 50 basis points in December, slowing its pace after four previous increases of 75 basis points each.

The steep rise in borrowing costs over the past year has weighed heavily on stocks, because they make holding cash in a bank account more attractive and erode companies’ future cash flows, lowering their valuations.

The Fed is set to release the minutes from its December meeting at 2PM Eastern Time Wednesday, which could offer investors some insight into whether it’ll look to press ahead with its rate hikes – or ease up on monetary tightening as inflation starts to cool toward its 2% target.

Traders shouldn’t expect any major policy shifts just yet, according to Wedbush Securities – with US inflation coming in at 7.1% in November  and a strong labor market giving the central bank scope for further rate hikes.

“The inflation genie is out of the bottle and the Fed is scrambling to get it back in by continuing its rate-hiking crusade,” strategists David Chiaverini and Henry Coffey said in a research note published Tuesday. 

“While we’ve seen a slowdown in the pace of rate hikes, it does not appear a rate cut will be on the table until we start to see a significant rise in unemployment,” they added.

US jobs data

In 2022, the US’s white-hot labor market tended to be bad news for investors.

To recap: the Fed has a “dual mandate” to keep inflation close to 2% while also maximizing employment, and the labor market’s continued strength has given it a license to raise interest rates aggressively without having to worry about the latter objective.

The release of non-farm payrolls data at 9AM Eastern Time Friday will show how many jobs the economy gained in December – and could set the direction of travel for financial markets for the next few weeks.

Should there be any weakening of jobs data in the coming months, it could become one of the defining stories for investors in 2023 – potentially increasing the likelihood that the Fed will have to pivot from its current policy bias to support the labor market.

“Despite remaining strong in 2022, the labor market is poised to weaken in 2023, as it’s a lagging indicator of which medicine takes the longest to cure,” Interactive Brokers senior economist José Torres said Monday.

Economists expect Friday’s labor report to show that the US economy gained around 200,000 jobs last month, according to Refinitiv. That’d represent a decline from November’s 263,000 figure – but suggest that the Fed still has some scope to carry on tightening without crushing the jobs market.

Read more: The market chaos sparked by Russia’s invasion of Ukraine may finally be over, according to these 5 charts

Read the original article on Business Insider

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Costco Has a Surprising Recall Over Safety Issue

Paddle boarding has been around for a long time and it has been growing more popular in recent years.

The reliability of the equipment is, naturally, paramount, but there have been problems recently with paddle boards that were sold exclusively at Costco Wholesale  (COST) – Get Free Report and are being recalled.

The recall involves Body Glove Tandem Inflatable Stand Up Paddle Boards, ULI Inventor Inflatable Paddle Boards, ULI Zettian Inflatable Supyaks and ULI Lila Inflatable Supyaks, which is a combined stand-up paddle board and kayak hybrid.


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McCarthy opponents cause House chaos but raise valuable objections – Republican Party needs a reboot

Latest & Breaking News on Fox News 

California Republican Rep. Kevin McCarthy has so far failed in his quest to be elected Speaker of the House. He lost on the first vote, taken soon after the House convened for the new GOP-led session; that was the first time the majority party failed to quickly elect its leader in 100 years. He also lost on the second vote and the third.

This is being portrayed by the liberal media as a catastrophe for the Republican Party; even former Speaker Newt Gingrich says the GOP “is in the greatest danger of meltdown that it’s been since 1964.” 

Another view would be… the Republican Party requires a serious reboot, and perhaps this public skirmish is a necessary first step. The midterm elections delivered an unmistakable message: voters are not buying what the GOP is selling. 

Imagine posting only very slim victories over Democrats even as voters overwhelmingly think the country is headed in the wrong direction, are struggling with the highest inflation in 40 years, are horrified by our collapsing border, threatened by rising crime and disgusted by an inept and dishonest president. Something is not right.

REPUBLICANS TORCHED FOR MCCARTHY-HOUSE SPEAKER VOTE FIASCO: ‘WORST GAME OF CHICKEN EVER’

Some say voters have no idea what Republicans stand for. Why, for instance, did Republicans in the House and the Senate help pass the $1.7 trillion Omnibus spending bill, obliterating the party’s (meager) claims of fiscal sobriety? Similarly, how could they have supported the Democrats’ $1.2 trillion infrastructure bill and the $280 billion Chips Act, when excessive spending has triggered unprecedented deficits and rising prices?

McCarthy faces considerable opposition from conservatives in his caucus, several of whom vowed to block his election unless he acceded to numerous demands. Predictably, those requirements have been portrayed as unreasonable by the liberal media, but actually, many Republicans would agree with the conservatives’ demands.

The first requirement is that the new House adopt, or actually re-adopt, a rule first proposed by Thomas Jefferson that allows members to “vacate the Chair,” or remove the Speaker, which was in place from 1801 to 2018, when it was eliminated under former House Speaker Nancy Pelosi.

MCCARTHY NOT BACKING DOWN FROM SPEAKER BID AFTER HEATED MEETING WITH GOP: ‘I’M NOT GOING ANYWHERE’

The rule allows any five members to call a vote to remove the speaker at any time. This process could be disruptive, for sure, but it also makes the leaders of the House accountable, which they have not been.

The second demand would require, as a “Dear Colleague” letter put it, that representatives “legislate in a responsible manner on behalf of our constituents.” It specifically requires all bills to be presented to lawmakers at least 72 hours before they are required to vote, allowing them time to read the proposed legislation. They also want to return to “single subject” bills, rules “requiring germane amendments” and a “pledge to restore genuine debate.”

The letter includes a note saying, “No amendment has been offered by Individual Members on the House floor in open debate since May, 2016.” That is the so-called Democratic process under former Speaker Nancy Pelosi.

The 4,000-page Omnibus bill is the poster child for the ongoing dysfunction of the House; the bill landed just as a government shutdown loomed, forcing a hasty vote which left untouched 7,200 earmarks totaling some $15 billion. Projects included the Democrat-proposed $3.6 million “Michelle Obama Trail” in Georgia and $3 million to expand the New-York Historical Society building to include an exhibition space for L.G.B.T.Q. history and culture.

KEVIN MCCARTHY MAKES MAJOR CONCESSION TO CONSERVATIVES AS HIS SPEAKER BID HANGS BY THREAD

Unfortunately, the Omnibus bill is not an outlier; it is typical of the horse-trading that goes on in Congress as members boost their own political futures rather than the welfare of the nation.

The third demand is that the GOP leadership must stop interfering in Republican primary contests, which the conservatives say weakened some contestants in the 2022 midterms. They argue that while the Chamber of Commerce or Club for Growth should support candidates of their choice, leadership meddling only leads to intra-party distrust and depletes war chests – a reasonable argument. Conservatives also want proportionate representation on House Committees, which they argue has not been the case recently.

Perhaps most significant, the Freedom Caucus wants leadership to pledge to not raise the U.S. debt ceiling without committing to a spending plan that caps outlays and leads to a balanced budget within ten years. They also argue against a “blind embrace of earmarks emblematic of the swamp.”

In addition, the conservative group pushes colleagues to use “must-pass” bills to accomplish desired ends. For example, they argue that “The Farm Bill must reform food stamp welfare programs and block Chinese government land-buying.” And, “Appropriations bills must utilize the power of the purse to actually stop the border insurgency [and to] restore energy freedom…” Yes, that is what even a small majority can accomplish.

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Finally, the Freedom Caucus group wants to see a “Church-commission style committee” to “target weaponized government”. The Church Committee was a select Senate committee established in 1975 and overseen by Idaho Democrat Senator Frank Church to investigate abuses by U.S. intelligence and law enforcement agencies including the CIA, the FBI, the NSA and the IRS.

The Twitter files and numerous other sources show that the Obama and Biden-led White Houses spied on Donald Trump, collaborated with media and intel groups to publish politically helpful misinformation, targeted parents protesting their children’s’ schools and – yes – weaponized the federal government. It’s time the bad actors are held accountable.

The next two years give Republicans in charge of the House an opportunity to redefine the GOP brand, not just to oppose an unpopular president. As McCarthy’s opponents say, the House needs to change.

McCarthy has agreed to several concessions, but he has not won over the votes he needs. For sure the haggling has weakened his position. His opponents have not yet presented a serious alternative candidate; some criticize their resistance as political posturing, meant to attract attention and help with fundraising.

But the California congressman is not wildly popular among Republicans; the party needs leadership not only capable of fund-raising but also able to guide the party into the next election with a strong, compelling vision. 

If McCarthy ultimately succeeds and is elected Speaker, he needs to deliver that vision; currently, he needs to convince his critics he is the right guy to do that. 

CLICK HERE TO READ MORE FROM LIZ PEEK
 

 

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Lauren Boebert speaks out on not supporting Kevin McCarthy for House speaker

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Colorado GOP Representative Lauren Boebert, said she didn’t vote for Kevin McCarthy to become House speaker because he rejected a “common sense” proposal put forth by herself and two colleagues that reportedly would have addressed border security and term limits. 

“We have been in negotiations with Kevin McCarthy since the summer. Unfortunately, in the summer when those negotiations began, we were not taken seriously because our votes didn’t seem to matter as much as they do in this slim majority now,” she said Tuesday on “Special Report.” 

Boebert told host Bret Baier she and two other colleagues offered McCarthy a proposal that would have allowed him to reach the 218 vote threshold needed for a majority in the first round vote, but he “smugly refused.” 

“It was very common sense things like putting forward a border security bill, putting forward a term limits bill. Having a measure in place to where any member of Congress who offers an amendment to reduce the federal debt – well, that’s made in order,” she added. 

The House adjourned until Wednesday after McCarthy failed a third time to secure enough votes. 

HOUSE DEMOCRATS CHEER AS MCCARTHY FAILS TO CLINCH SPEAKERSHIP MULTIPLE TIMES

Host Bret Baier pushed back on Boebert’s argument, saying critics claim her proposals were “untenable for any leader.”

Baier highlighted a proposed change that would allow a House speaker to be removed from leadership if five members of the majority force a vote of no confidence. 

“There was nothing that we proposed that is unattainable for him. And with the single-member motion to vacate, this has worked in the House of Representatives for nearly two centuries, she responded.

“Nancy Pelosi was the very first Speaker of the House to remove this check and balance that members have on the third in line to the presidency of the United States.”

Boebert continued saying McCarthy wanted to keep Pelosi’s precedent in place and “take accountability away from himself.” 

“How do you see this ending? Can you see yourself voting for a consensus candidate?” Baier asked.

“I’m voting for anyone who actually brings unity to the Republican Party and helps get our country back on track,” she said. 

“We have to actually govern on the things that we campaigned on. Well, right now, our candidate is Jim Jordan. This is – he is a fighter. He is a leader. He may not want it right now, but George Washington did not want to be president. He did what was right for his country.”

 

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Southwest Airlines Gets Even More Bad News

Holiday travel is stressful under the best of circumstances, but passengers who opted for Southwest Airlines last month had an especially harrowing ordeal.

A winter storm wreaked havoc on America over the holidays, resulting in thousands of canceled flights. But Southwest was hit especially hard, canceling 15,000 flights, or more than 60% of its planned flights, at one point scrapping nearly 2,500 each day.


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