Monday, November 25

Types of News: Brief

News briefs are shorter stories about current events. It’s the who-what-when-and-where. “Just the facts, ma’am.” Please see our writers guidelines.

Setting Standards For Global Infrastructure Projects
27Oct By Patti MohrNo Comments
Global Economics, Types of News: Brief

Setting Standards For Global Infrastructure Projects

October 26, 2021—The U.S. State Department, along with the governments of Japan, Australia, and the OECD, are developing criteria and standards for evaluating global infrastructure projects. The Blue Dot Network, as it is known, is a voluntary reporting program meant to encourage private-sector financing in infrastructure projects that align with Paris Agreement climate goals. "Think of it as a Good-Housekeeping certificate," said Jose W. Fernandez, a State Department head of the Economic Growth, Energy, and the Environment branch. "It's designed to enable investors to more easily identify and certify investment-worthy projects."  A Globally Recognized Symbol Fernandez said a goal of the certification is to attract financers into worthwhile projects. He spoke with Stuart H...
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U.S. House Passes ‘Huawei Loophole’ And Other Tech-Security Bills
21Oct By Patti MohrNo Comments
Globalization, Global Disintegration, Types of News: Brief, United States

U.S. House Passes ‘Huawei Loophole’ And Other Tech-Security Bills

Crackdown On Chinese-Based Technology Indicates A Turning Point In Industry Collaboration October 21, 2021—The U.S. House of Representatives passed a series of bipartisan bills yesterday intended to protect the U.S. communications industry and consumers from foreign security risks. The Secure Equipment Act would instruct the Federal Communications Commission to "no longer review or approve" radio-frequency devices posing national security risks to the United States. The House passed it with overwhelming support on a 420-4 vote. Rep. Steve Scalise, R-La., introduced the bill along with strong bipartisan support. Only four members -- Reps. Sean Casten, D-Ill., Veronica Escobar, D-Texas, Sylvia Garcia, D-Texas, and Thomas Massie, R-Ky., -- voted against it. It came to be known ...
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Russia Severs Ties With NATO After 25 Years
19Oct By Srinidhi RajagopalNo Comments
Diplomacy, Globalization, Global Disintegration, Types of News: Brief

Russia Severs Ties With NATO After 25 Years

October 19, 2021—In another indication of global disintegration, Russia severed its ties with the 30-member NATO alliance. Russia's Foreign Minister Sergey Lavrov announced the country's withdrawal on Monday. It came in reaction to NATO expelling eight Russian diplomats from Russia's mission to the alliance earlier this month. NATO had accused the representatives of spying on the Western alliance for Russia. The historic decision to end relations with NATO signifies the growing tensions between Russia and the West, and in particular the NATO alliance. Russia had taken part in NATO’s Partnership for Peace program since 1994. While a formal statement addressing the latest developments from the Russian Foreign Ministry is yet to be released, Lavrov said that urgent issues between Rus...
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Venezuela ‘Envoy’ Faces Day In U.S. Court
18Oct By Ernesto RodriguezNo Comments
Corruption, Bribes, Illicit Finance & Money Laundering, Diplomacy, Types of News: Brief

Venezuela ‘Envoy’ Faces Day In U.S. Court

Alex Saab Faces Charges Of Money Laundering, Bribery Corruption October 18, 2021—After months in prison in Cape Verde, Alex Saab finally crossed the Atlantic on Saturday under extradition orders by the United States. Today, he appeared in federal court in Miami, Florida, where he faces charges of violations of the Foreign Corrupt Practices Act. Specifically, the U.S. Justice Department accuses Saab, a Columbian citizen, of laundering proceeds of an illegal bribery scheme from Venezuela bank accounts to and through U.S. bank accounts. No Ordinary Case It is not an ordinary corruption case. That is because he is a close affiliate of Venezuelan President Nicolás Maduro, an authoritarian leader who controls much of the weak economy. The two are so close, in fact, that the Mad...
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In A Sign Of Global Disintegration, Microsoft Closing LinkedIn In China
14Oct By Patti MohrNo Comments
Big Tech, Digital Economy, Communism, Dictatorship, Globalization, Global Disintegration, Types of News: Brief

In A Sign Of Global Disintegration, Microsoft Closing LinkedIn In China

Decision Ends The Era Of Western-Owned Social Media In China File photo from LinkedIn in China October 14, 2021—In a sign that the global world is becoming more divided, Microsoft's LinkedIn is closing its operations in China. The company is planning to replace its LinkedIn in China with a China-centric application called InJobs. The goal of that standalone app is to help "China-based professionals find jobs in China and Chinese companies find quality candidates." Notably, it will not include a social media feed and will not allow users to share posts or articles. Mohak Shroff, LinkedIn's senior vice president of engineering announced the decision today in a blog post. "While we’ve found success in helping Chinese members find jobs and economic opportunity, we have not foun...
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Facebook And Big Tech Face ‘Big Tobacco Moment,’ Senator Says
5Oct By Patti MohrNo Comments
Big Tech, Digital Economy, Types of News: Brief

Facebook And Big Tech Face ‘Big Tobacco Moment,’ Senator Says

Senate Subcommittee on Consumer Protection, Product Safety, and Data Security on October 5, 2021 October 5, 2021—In a bipartisan hearing investigating practices at Facebook and its platforms, senators promised to take on what they said is the "immense power" of big tech. If big tech won't act to protect consumers and children, "Congress has to intervene," said Sen. Richard Blumenthal, D-Connecticut, the subcommittee chair. He added that Facebook "dodged, sidetrack, and in effect misled" the subcommittee in August when the senators and staff engage the company in their investigation. It's reached a point, Blumenthal said, that "Facebook and big tech are facing a big-tobacco moment." "Big tech has gotten away with abusing consumers for too long," said Sen. Marsha Blackburn, R-Tennes...
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Facebook’s Server Goes Down As Firm Faces Congressional Heat, Widespread Criticism
4Oct By Srinidhi RajagopalNo Comments
Big Tech, Digital Economy, Types of News: Brief

Facebook’s Server Goes Down As Firm Faces Congressional Heat, Widespread Criticism

Facebook Whistleblower Reveals Identity, Testifies on TuesdayOctober 4, 2021—Francis Haugen, a former Facebook employee who gave a series of interviews and internal documents to the Wall Street Journal about the company's practices, is seeking whistleblower protection from the Securities and Exchange Commission, the paper reported on Sunday. As the company faces perhaps its highest level of criticism yet since the disclosures released around the 2016 U.S. election, Facebook suffered a worldwide outage on Monday along with its Instagram and WhatsApp platforms. As of Monday afternoon, it was not clear what caused the massive outage. Facebook Exposed Haugen exposed explosive information about the social media giant. Her interviews on WSJ and CBS News revealed shocking details a...
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El Salvador’s Volcano-Powered Bitcoin Goes On Display
29Sep By Patti MohrNo Comments
Cryptocurrency, Types of News: Brief

El Salvador’s Volcano-Powered Bitcoin Goes On Display

September 29, 2021—Just a few weeks into its experience of using Bitcoin as its national currency, El Salvador, under the leadership of its entrepreneurial leader, is employing the use of its volcano to mine the cryptocurrency. President Nayib Bukele released a video today showing a state-owned geothermal facility on the side of El Salvador's volcano with Bitcoin mining machines. He introduced it on Twitter, saying "First steps." https://youtu.be/Y-S-oa3Rp8I The state-owned facility, LaGeo, is a subsidiary of the Comisión Ejecutiva Hidroeléctrica del Río Lempa. Bitcoin mining involves solving complex math problems with blockchain technology through high-powered computers. A study by the University of Cambridge suggests that Bitcoin mining consumes 121.36 terawatt hours ...
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‘Debt Doesn’t Matter,’ Treasury Secretary Yellen Tells Senate Committee
28Sep By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Finance, Investing, Global Economics, Types of News: Brief, United States

‘Debt Doesn’t Matter,’ Treasury Secretary Yellen Tells Senate Committee

September 28, 2021—It's been 20 years since Vice President Dick Cheney asserted to the world and the U.S. Congress that "deficits don't matter." Today, Treasury Secretary Janet Yellen asserted a similar sentiment when asked about the overall size of the debt. In an exchange with Sen. Mike Rounds, R-SD, Yellen said it is the interest cost of the debt, which is virtually zero, is all that matters. "When do we have to say, 'Enough is enough' when it comes to our deficit and our debt?" Rounds asked. Yellen responded that "there are different metrics" for looking at the level of debt. One is the debt-to-GDP ratio. "We are a little bit over 100 percent," she added, "which has traditionally been regarded as high." But rather than use that metric to examine the debt level, Yellen s...
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Fed Official Warns About Global Impact of U.S. Not Raising Debt Limit
27Sep By Patti MohrNo Comments
Currency, Debt, National Budgets & Interest Rates, Types of News: Brief

Fed Official Warns About Global Impact of U.S. Not Raising Debt Limit

September 27, 2021--As the U.S. Senate got ready to vote on a resolution to fund the government and raise the breeched debt limit, officials from the Federal Reserve warned about dire consequences that could take place if the Treasury runs out of cash. John Williams, president of the Federal Reserve Bank of New York, warned about an "extreme kind of reaction in the markets" if the U.S. Congress would raise the current debt limit. The limit of $22 trillion is well below the current debt of $28 trillion, the GER reported in July. He said the U.S. Treasury market is at the center of the global financial system. If it stops functioning due to running out of cash, the global economy will feel it. "If you actually crossed that line and got to a place where the government wasn't paying off ...
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