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Luigi Mangione has been arrested in an investigation into UnitedHealthcare CEO Brian Thompson's killing. Mangione, an Ivy League graduate, left an online trail before his arrest at McDonald's. He founded an app, talked about Artificial Intelligence on X, and read The Unabomber Manifesto. Luigi Mangione, a 26-year-old Ivy League graduate, left a vast online trail before police in Pennsylvania picked him Monday as a "person of interest" in the Manhattan killing of UnitedHealthcare CEO Brian Thompson . He was arrested on local gun charges, but New York Police Department officials say he's expected to be extradited to New York, where he'll face additional charges. Here's what to know about Mangione: Mangione attended elite schools Mangione graduated from the University of Pennsylvania in 2020. He achieved a Bachelor of Science in Engineering with a major in computer science and a minor in mathematics. He also received a Master of Science in Engineering the same year with a major in computer and information science, a university spokesperson told Business Insider. Before that, he attended Gilman School, an elite all-boys preparatory school based in Baltimore. His yearbook entry, obtained by BI, says he was involved in robotics and Model UN. He wrote on his LinkedIn account that he was the valedictorian of his high school class. A spokeswoman for Gilman didn't immediately return a voicemail from BI. He favorably reviewed The Unabomber Manifesto On Goodreads, Mangione reviewed Ted Kaczynski's "Industrial Society and Its Future" book, also known as The Unabomber Manifesto, in early 2024. He gave it four out of five stars. "He was a violent individual — rightfully imprisoned — who maimed innocent people," Mangione wrote. "While these actions tend to be characterized as those of a crazy luddite, however, they are more accurately seen as those of an extreme political revolutionary." Mangione's review of the manifesto also quoted another online comment about the book, which appears to have originated on Reddit, praising the use of violence "when all other forms of communication fail." "'Violence never solved anything' is a statement uttered by cowards and predators,'" Mangione quoted. Online breadcrumbs suggest he dealt with back pain At the top of Mangione's profile on X — formerly Twitter — was a triptych of three images: a photo of himself, smiling, shirtless on a mountain ridge; a Pokemon; and an x-ray with four pins or screws visible in the lower back. Related stories Some of the books reviewed on Mangione's Goodreads account related to health and healing back pain, including "Back Mechanic: The Secrets to a Healthy Spine Your Doctor Isn't Telling You" and "Crooked: Outwitting the Back Pain Industry and Getting on the Road to Recovery." The Pokemon featured in his X cover image, next to an apparent spinal X-ray, is Breloom. In the Pokemon games, it has special healing abilities. He founded an app and worked in tech While still in high school, in 2015, Mangione founded a company called AppRoar Studios. AppRoar released an iPhone game called Pivot Plane that is no longer available, but a reviewer in 2015 called it "a fun little arcade game brought to you by 3 high school juniors." He lived in a coliving space in Hawaii as recently as 2023. He posed for photos indicating he participated in Greek life at the University of Pennsylvania. The fraternity chapter represented in his photos couldn't be reached for comment. He cofounded a video game design club at the University of Pennsylvania, according to a blog post on the University of Pennsylvania's website that was removed Monday. Stephen Lane, a professor of video game design at the Ivy League university, who did not advise the club, told BI that "the fact he took the initiative and started something from nothing, that means at least in the context of Penn, that's a pretty good thing." However, the shooting of Thompson, Lane added, was "obviously not a good thing." According to his LinkedIn page, Mangione worked as a data engineer at the vehicle shopping company TrueCar starting in 2020. A TrueCar spokesperson told BI that Mangione has not worked for the company since 2023. He was previously cited for trespassing Mangione had at least one encounter with the legal system before his Monday arrest. Hawaiian court records indicate that he was cited in 2023 for entering a forbidden area of a state park. Mangione appears to have paid a $100 fine to resolve the matter. Mangione was interested in AI On his X account, Mangione posted and amplified posts about technological advances like artificial intelligence. He also posted about fitness and healthy living. He frequently reposted posts by the writer Tim Urban and commentator Jonathan Haidt about the promise and perils of technology. He also appeared to be a fan of Michael Pollan, known for his writing about food and ethics, and lab-grown meat. On Goodreads, he praised Urban's book "What's Our Problem?: A Self-Help Book for Societies," describing it as "one of the most important philosophical texts of the early 21st century." Urban posted to X on Monday: "Very much not the point of the book."None
SAN DIEGO, Dec. 09, 2024 (GLOBE NEWSWIRE) -- Robbins LLP reminds investors that a class action was filed on behalf of persons and entities that purchased or otherwise acquired ASP Isotopes Inc. (NASDAQ: ASPI) securities between October 30, 2024 and November 26, 2024. ASP Isotopes is a development stage advanced materials company focused on the production, enrichment, and sale of isotopes. For more information, submit a form , email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003. The Allegations: Robbins LLP is Investigating Allegations that ASP Isotopes Inc. (ASPI) Misled Investors Regarding its Uranium Enrichment Technology and Facility According to the complaint, during the class period, defendants failed to disclose that the Company: (1) overstated the potential effectiveness of its enrichment technology; (2) overstated the development potential of its high assay low-enriched uranium facility; and (3) overstated the Company’s nuclear fuels operating segment results. Plaintiff alleges that on November 26, 2024, market research firm Fuzzy Panda Research published a report that alleged the Company is “using old, disregarded laser enrichment technology to masquerade as a new, cutting-edge Uranium enrichment.” The report revealed a series of experts interviewed stated the Company’s reported cost estimates and timeline for building its HALEU uranium facilities was misleading to the point of being “delusional.” The report further alleged the Company had significantly overstated the significance of its agreement with TerraPower, which was only a “non-binding” memorandum of understanding entered into to “put pressure on [TerraPower’s] real suppliers.” The report quoted a former TerraPower executives as stating that ASP Isotopes was “missing the manufacturing; They are missing the processes as well; They still have to develop the HALEU...the most important part.” On this news, the Company’s stock price fell $1.80 or 23.53%, to close at $5.85 per share on November 26, 2024, and continued to fall on the subsequent trading date, falling $0.83 or 14.19%, to close at $5.02 per share on November 27, 2024. What Now : You may be eligible to participate in the class action against ASP Isotopes Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by February 3, 2025. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here . All representation is on a contingency fee basis. Shareholders pay no fees or expenses. About Robbins LLP : Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders. To be notified if a class action against ASP Isotopes Inc. settles or to receive free alerts when corporate executives engage in wrongdoing, sign up for Stock Watch today. Attorney Advertising. Past results do not guarantee a similar outcome. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/af960bd5-1ae2-4ed3-afe3-591b09ab920b
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ED attaches 388cr assets in Mahadev online book caseIn a surprise twist, the first domino to fall in ‘s free agency wasn’t a top option like Juan Soto, Corbin Burnes or Alex Bregman. Instead, it was . Kikuchi became the first big signing of the off-season when he agreed to a three-year deal worth $63 million (U.S.) with the Los Angeles Angels on Monday morning. The contract, , is pending a physical and has yet to be officially announced. The 33-year-old Kikuchi is set to cash in following a career season with the Jays and Houston Astros. He was one of the top pitchers available at this year’s trade deadline and his stock soared after he produced a . The contract was close to what had been predicted. At the start of the off-season, , while . The contract will carry Kikuchi through his age-36 season. When the Jays began shopping Kikuchi in mid-July there was speculation they would attempt to re-sign him during the off-season. At the time, right-hander Alek Manoah half-jokingly told him, “Hey, go get us a couple prospects and then come back in the free agency.” The first part of that statement came to fruition on July 30, when for promising righty Jake Bloss, infielder Will Wagner and outfielder Joey Loperfido. Bloss immediately became one of the Jays’ top pitching prospects, while and Loperfido offers upside off the bench. As we wait for the Jays and the rest of Major League Baseball to make moves this off-season, Gregor Chisholm answers readers’ questions. As we wait for the Jays and the rest of Major League Baseball to make moves this off-season, Gregor Chisholm answers readers’ questions. However, the second part never gained much traction. The Jays have been linked to other prominent free-agent pitchers this winter, but there was hardly any talk about Kikuchi. It wasn’t immediately known if he received an offer from his former team. If he did, the one from the Angels was apparently much better. Where this leaves the Jays isn’t clear. While general manager Ross Atkins reportedly has interest in Max Fried, the Atlanta Braves lefty isn’t going to be cheap. The 30-year-old has been projected by MLB Trade Rumors to sign a six-year deal worth $156 million. Burnes, Blake Snell and are the other starters at the top end of the market. If the Jays miss out on that group, they could turn their attention to the likes of Jack Flaherty, Sean Manaea, Nathan Eovaldi and Walker Buehler. It’s also possible they will look to save money by targeting a lesser known starter, or forgoing that market entirely to focus on offence. The Jays have four of their five starting rotation jobs accounted for. José Berríos, Kevin Gausman, Chris Bassitt and Bowden Francis all figure to be back, while swingman Yariel Rodríguez remains an option for the final spot. If Atkins adds a starter, Rodríguez would move to the bullpen. Team president Mark Shapiro has said the Jays are . In 2024, they had an estimated opening day payroll of about $225 million. After rather than paying him a projected $7.75 million through arbitration, the Jays are on track for $181 million. Jays GM Ross Atkins didn’t make reliever Jordan Romano an offer by Friday’s deadline, making the former all-star a free agent. Jays GM Ross Atkins didn’t make reliever Jordan Romano an offer by Friday’s deadline, making the former all-star a free agent. That means there should be about $44 million to spend, but the Jays are also more than $65 million below the second competitive balance tax apron, creating additional flexibility. In 2024, they had a tax payroll — the annual average of all fees for players on the 40-man roster — of $237 million. That number currently sits at $194.5 million. Kikuchi’s signing could be an indication that MLB’s free agency is gaining steam. Another few deals should trickle out before teams take a break on Thursday for American Thanksgiving. Next week figures to bring even more action, as clubs prepare to converge in Texas for the annual winter meetings from Dec. 9 to 12. There’s no denying Kikuchi would have been welcomed back to Toronto with open arms. During his three years, he became a favourite among teammates and the coaching staff. He also deserves credit for turning his career around after being dubbed a flop with a 5.19 ERA in his initial run. Re-signing Kikuchi would have been an undeniable upgrade, but it would have taken up about half their off-season budget. With multiple upgrades required in the everyday lineup, that money can and should be put to better use. Kikuchi got what he needed by securing a lucrative multi-year deal. The Jays got what they wanted by using his expiring contract to increase their minor-league depth. The much-talked about reunion didn’t come to fruition, but this was still a win-win for everyone involved.
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Alex Ovechkin is expected to miss 4 to 6 weeks with a broken left leg
Republicans in the state Legislature promised Friday to use confirmation hearings next month to sharply question Gov. Janet Mills’ nominee to represent utility ratepayers before regulators and in court cases. Heather Sanborn, the nominee for Maine Public Advocate, is a former Democratic state legislator from Portland. Rep. Reagan Paul, R-Winterport, a member of the Energy, Utilities and Technology Committee, said in the Republicans’ weekly radio address that members of the party plan to take advantage of the hearing to promote their energy policies that are virtually opposite the priorities of majority Democrats. She said GOP committee members will ask “fair, but tough questions” of Sanborn about offshore wind and incentives for solar developers. Public Advocate William Harwood announced earlier this month he will retire Jan. 31. He has warned of costs associated with net energy billing , a program that spells out how certain classes of solar developers are paid for the power generated by their projects. Paul and other Republicans have criticized net energy billing, calling it a costly ratepayer subsidy to out-of-state solar developers. Paul said Sanborn, when in the Legislature, voted against eliminating net energy billing. Mills welcomes a “full and fair review” by legislators of Sanborn, her office wrote in an email. “The governor remains deeply concerned about the high cost of energy and welcomes discussions during the upcoming legislative session about ways the state and region can stabilize and lower energy prices for Maine people. But what she is not interested in doing is doubling down to support the profits of fossil fuel companies that cost Maine people billions of dollars every year and harm their health and our environment.” Sanborn and Sen. Mark Lawrence, co-chairman of the Energy, Utilities and Technology Committee, did not immediately respond to an email and a phone call asking for a response to Paul’s comments. Paul, an opponent of offshore wind and supporter of nuclear power that has failed to advance in the Legislature, said Republicans will propose legislation that would cut consumers’ energy bills by “sharply reducing or eliminating net energy billing profit to out-of-state solar companies.” Minority Republicans in the Legislature have unsuccessfully tried to influence state energy policy by opposing offshore wind power, policies promoting broader electric vehicle use and incentives to solar developers. Among the questions Sanborn can expect are whether she’ll “prioritize the green agenda over affordability and reliability for ratepayers,” New England’s high energy costs and if she supports efforts to advance offshore wind that Paul characterized as the “most expensive and destructive form of energy.” The Energy, Utilities and Technology Committee will schedule Sanborn’s confirmation hearing in January and vote on whether to recommend her nomination to the Senate. We invite you to add your comments. We encourage a thoughtful exchange of ideas and information on this website. By joining the conversation, you are agreeing to our commenting policy and terms of use . More information is found on our FAQs . You can modify your screen name here . Comments are managed by our staff during regular business hours Monday through Friday as well as limited hours on Saturday and Sunday. Comments held for moderation outside of those hours may take longer to approve. Please sign into your Press Herald account to participate in conversations below. If you do not have an account, you can register or subscribe . Questions? Please see our FAQs . Your commenting screen name has been updated. Send questions/comments to the editors. « PreviousLA Galaxy win record 6th MLS Cup
China probes Nvidia for 'violating' anti-monopoly lawAnalysis: Week 12 full of sloppy play, especially on special teams
Disney Influencer Dominique Brown Dies at 34 After Reportedly Experiencing Allergic Reaction at Holiday Food EventNorth Dakota State erases 14-point deficit, beats Abilene Christian 51-31 in FCS second roundA new social media meme is dominating the cryptocurrency market, but the owner of the original artwork may be putting a stop to it. "Chill Guy" or "I'm just a chill guy" is a meme growing in popularity. The meme is a simply-drawn anamorphic dog, wearing casual clothes with a smirk on his face. The character has gained traction on social media as users relate to his cool, calm and collected demeanor. More recently, the meme has been spotted in social media marketing ads for brands like Sprite Europe , March Madness and NFL on CBS . In addition, the meme has been rising in the ranks in the cryptocurrency market. As of Thursday afternoon, a crypto token called CHILLGUY, which bears the popular character, reached a market cap, or total value, of more than $405 million, per CoinMarketCap . In response to the meme's viral nature, Phillip Banks, who appears to be the meme's original artist, is looking to copyright the character. Banks' X account is private but per screenshots shared by his followers, Banks announced on Thursday that he was seeking copyright for the character and would be issuing "takedowns" to for-profit institutions using the character without his permission. Banks shared a Reel to a public Instagram account expressing aversion to the use of the character in tandem with cryptocurrency. "I do not, and will never, endorse or condone any crypto-related projects involving my work," Banks said via on-screen caption in the video . "I will never give permission to use my art for anything crypto-related. I have absolutely no interest in anything crypto-related." Who is 'Chill Guy'? The "Chill Guy" meme centers around an illustration of an anamorphic brown dog wearing a grey sweater, rolled up blue jeans and red sneakers. With a subtle smirk, the character's hands (or paws?) are tucked inside his jean pockets. With a long, round head, large snoot and simple features, "Chill Guy" appears similar to Brian Griffin, the dog character in the sitcom, "Family Guy." Phillip Banks first posted the anamorphic dog to Instagram on Oct. 4, 2023. The on-screen caption on an Instagram Reel reads, "My new character. His whole deal is he's a chill guy that lowkey doesn't give a (expletive)." Thousands of videos on social media feature the character or reference him, with − mostly − men using the character. Top TikTok videos featuring the character include captions like, "When she thinks (you're) nonchalant and don't care (about) her, but in reality (you're) just a chill guy that likes being quiet sometimes" and, "When she yells at you for forgetting what she told (you) earlier today, but you are just a chill guy enjoying your day." "Every laid-back, easygoing man on this planet can see himself in this meme," Barstool Sports wrote in a blog post. "It’s not just a random image or a passing joke. No, it’s a reflection, a mirror held up to all of us who embody that calm, unbothered vibe." Greta Cross is a national trending reporter at USA TODAY. Follow her on X and Instagram @gretalcross. Story idea? Email her at gcross@gannett.com .
Minnesota looks to stop skid vs. Bethune-CookmanDemocratic Massachusetts Rep. Seth Moulton recently scolded his party for supporting transgender athletes despite voting against legislation meant to protect girls sports in 2023. The representative told the New York Times just after the November election that he did not support boys playing in girls sports and bashed Democrats for leaning into the issue. In April of 2023, Moulton voted against the Protection of Women and Girls in Sports Act which sought to prevent males who identify as transgender from participating in female sports and activities under Title IX. “Democrats spend way too much time trying not to offend anyone rather than being brutally honest about the challenges many Americans face,” Moulton said, according to the NYT. “I have two little girls, I don’t want them getting run over on a playing field by a male or formerly male athlete, but as a Democrat I’m supposed to be afraid to say that.” Demonstrators listen to the speaking program during an “Our Bodies, Our Sports” rally for the 50th anniversary of Title IX at Freedom Plaza on June 23, 2022 in Washington, DC. (Photo by Anna Moneymaker/Getty Images) Despite his new critiques of the left’s interest in identity politics, Moulton wasted no time bashing Republicans after the bill protecting women’s sports passed the House. “This bill is part of a broader Republican attack on the rights of transgender people—with detrimental consequences for children’s mental and physical health,” Moulton wrote in an April 2023 press release. “H.R. 734 adds to a dangerous and unfactual narrative that transgender girls are a threat to cisgender girls, which harms trans girls’ ability to socialize with peers, develop friendships, and maintain their mental health.” “As a father with two young daughters, I am committed to ensuring girls can enjoy equal and safe participation in athletic opportunities,” Moulton continued at the time. “Sport should provide a space for our daughters to develop self-efficacy, confidence, and community. But in the fight to uphold Title IX, we are wrong to single out transgender girls and contribute to discrimination and stigma against them.” Moulton claimed his position on the subject has not changed when asked about the contradiction. “I have nuanced views on these issues, and that’s exactly what we need,” Moulton told The Free Press. Many Democrats have since turned against Moulton over his recent comments, rallying in an effort to replace the congressman in office, according to Fox News. (RELATED: Court Blocks Law Banning Biological Men From Competing In Women’s Sports) “We’ve worked so hard at becoming tolerant that we’ve become intolerant,” Moulton said of his party, according to The Free Press. Moulton did not immediately respond to the Daily Caller News Foundation’s request for comment. All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org .
The Los Angeles Chargers have chosen not to rush J.K. Dobbins back onto the field. Already ruled out for Week 13 with a knee injury, Dobbins has been placed on injured reserve and will miss at least the next four games. He will not be eligible to come back until Week 17 when they face the New England Patriots. Dobbins will be out for the next four games, which includes these opponents: Week 13 at Atlanta Falcons Week 14 at Kansas City Chiefs Week 15 vs. Tampa Bay Buccaneers Week 16 vs. Denver Broncos Following that Broncos game, which takes place on Thursday Night Football, the Chargers would have an extra 10 days to get Dobbins ready for the Patriots game. The #Chargers are placing RB J.K. Dobbins on injured reserve because of the MCL sprain he suffered Monday night, sources say. The Comeback Player of the Year candidate is still only 25 and they want to be cautious. Four weeks on IR will get Dobbins healed up for the stretch run. pic.twitter.com/25sg4INhkI In his absence, the Chargers will turn to Gus Edwards and rookie Kimani Vidal to hold things down. Hassan Haskins will also be in the mix. The Chargers can also call upon Jaret Patterson, who is on the practice squad if need be. Chargers thinking bigger picture with J.K. Dobbins Dobbins is having a great season for the Chargers and is in the running for NFL Comeback Player of the Year. Being placed on injured reserve will likely take him out of consideration for the award, but the Chargers don't want to risk putting him out there until he is 100 percent healthy. The Chargers have been able to throw the ball quite well in recent weeks and feel the duo of Edwards and Vidal can keep them afloat and still in the playoff race, ready for Dobbins to come back at full speed. Chargers fans have to hope that this is a move that signals chess and not checkers. MORE CHARGERS CONTENT Chargers rookie predicted to go off in a big way in Week 13 vs. Falcons Chargers final Week 13 injury report shows that winning in Atlanta won't come easily Chargers vs. Falcons Series History: L.A. has made things closer in recent years Los Angeles Chargers: Looking at team's Thanksgiving Day history Chargers make intriguing addition to the roster on eve of Thanksgiving
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Jacob Denney laid down the fastest lap during Friday night’s USAC NOS Energy Drink Midget National Championship practice at California’s Ventura Raceway. The four practice sessions were held in preparation for the series’ season finale on Saturday night, Nov. 30 — the $15,000-to-win 83rd running of the ARP Turkey Night Grand Prix Presented by the West Coast Stock Car/Motorsports Hall of Fame. Denney paced the 50 cars that took time with a lap of 12.016 seconds around the 1/5-mile dirt oval in his Tom Malloy/Trench Shoring – Rodela Specialty Fabrication – Race for Chase/LynK/Ed Pink Toyota. Following Denney was the 2023 Don Basile Rookie of the Race, Corey Day, in second with a 12.039s. USAC National Midget point leader Daison Pursley was third at 12.118s, just ahead of his primary championship challenger, Cannon McIntosh, in fourth at 12.190s. Buddy Kofoid rounded out the top five at 12.355s. Other notables include four past Turkey Night winners. Four-time victor Kyle Larson was ninth overall in practice while Logan Seavey was 11th and Tanner Thorson was 23rd. Justin Grant did not participate in practice. Two Turkey Night Rookies and NASCAR Cup Series regulars took their first laps at Ventura on Friday. Two-time NASCAR Cup Series champion Kyle Busch was 31st in practice while NASCAR Xfinity titlist Ty Gibbs was 32nd. Two drivers flipped during the night in very similar fashion. Tyler Edwards clipped the turn three cushion and flipped several times before landing on all four wheels in the pit exit ramp. Later on, Dalten Gabbard clipped the wall and flipped several times before he too landed in the exit ramp. Both drivers walked away. The grandstands open Saturday at 3pm local time with cars on track at 3:30pm featuring the USAC NOS Energy Drink Midget National Championship and the Ultimate Sprint Car Series. The Turkey Night Grand Prix will be streamed live on FloRacing .NEW YORK (AP) — A slide for market superstar Nvidia on Monday knocked Wall Street off its big rally and helped drag U.S. stock indexes down from their records. The S&P 500 fell 0.6%, coming off its 57th all-time high of the year so far. The Dow Jones Industrial Average dipped 240 points, or 0.5%, and the Nasdaq composite pulled back 0.6% from its own record. Nvidia’s fall of 2.5% was by far the heaviest weight on the S&P 500 after China said it’s investigating the company over suspected violations of Chinese anti-monopoly laws. Nvidia has skyrocketed to become one of Wall Street’s most valuable companies because its chips are driving much of the world’s move into artificial-intelligence technology. That gives its stock’s movements more sway on the S&P 500 than nearly every other. Nvidia’s drop overshadowed gains in Hong Kong and for Chinese stocks trading in the United States on hopes that China will deliver more stimulus for the world’s second-largest economy. Roughly three in seven of the stocks in the S&P 500 also rose. The week’s highlight for Wall Street will arrive midweek when the latest updates on inflation arrive. Economists expect Wednesday’s report to show the inflation that U.S. consumers are feeling remained stuck at close to the same level last month. A separate report on Thursday, meanwhile, could show an acceleration in inflation at the wholesale level. They’re the last big pieces of data the Federal Reserve will get before its meeting next week on interest rates. The widespread expectation is still that the central bank will cut its main interest rate for the third time this year. The Fed has been easing its main interest rate from a two-decade high since September to offer more help for the slowing job market, after bringing inflation nearly all the way down to its 2% target. Lower interest rates can ease the brakes off the economy, but they can also offer more fuel for inflation. Expectations for a series of cuts from the Fed have been a major reason the S&P 500 has set so many all-time highs this year. “Investors should enjoy this rally while it lasts—there’s little on the horizon to disrupt the momentum through year-end,” according to Mark Hackett, chief of investment research at Nationwide, though he warns stocks could stumble soon because of how overheated they’ve gotten. On Wall Street, Interpublic Group rose 3.6% after rival Omnicom said it would buy the marketing and communications firm in an all-stock deal. The pair had a combined revenue of $25.6 billion last year. Omnicom, meanwhile, sank 10.2%. Macy’s climbed 1.8% after an activist investor, Barington Capital Group, called on the retailer to buy back at least $2 billion of its own stock over the next three years and make other moves to help boost its stock price. Super Micro Computer rose 0.5% after saying it got an extension that will keep its stock listed on the Nasdaq through Feb. 25, as it works to file its delayed annual report and other required financial statements. Earlier this month, the maker of servers used in artificial-intelligence technology said an investigation found no evidence of misconduct by its management or by the company’s board following the resignation of its public auditor . All told, the S&P 500 fell 37.42 points to 6,052.85. The Dow dipped 240.59 to 4,401.93, and the Nasdaq composite lost 123.08 to 19,736.69. In the oil market, a barrel of benchmark U.S. crude rallied 1.7% to settle at $68.37 following the overthrow of Syrian leader Bashar Assad, who sought asylum in Moscow after rebels. Brent crude, the international standard, added 1.4% to $72.14 per barrel. The price of gold also rose 1% to $2,685.80 per ounce amid the uncertainty created by the end of the Assad family’s 50 years of iron rule. In stock markets abroad, the Hang Seng jumped 2.8% in Hong Kong after top Chinese leaders agreed on a “moderately loose” monetary policy for the world’s second-largest economy. That’s a shift away from a more cautious, “prudent” stance for the first time in 10 years. A major planning meeting later this week could also bring more stimulus for the Chinese economy. U.S.-listed stocks of several Chinese companies climbed, including a 12.4% jump for electric-vehicle company Nio and a 7.4% rise for Alibaba Group. Stocks in Shanghai, though, were roughly flat. In Seoul, South Korea’s Kospi slumped 2.8% as the fallout continues from President Yoon Suk Yeol ’s brief declaration of martial law last week in the midst of a budget dispute. In the bond market, the yield on the 10-year Treasury rose to 4.19% from 4.15% late Friday. AP Business Writers Matt Ott and Elaine Kurtenbach contributed.
The invention of smartphones allows fewer excuses for ignorance than at any time in human history. Fact-checking political pronouncements has never been so simple, even on technically complicated subjects like climate change and energy. The AEMO Energy Live app, for example, tells us the source of the electricity we're using in real-time, as opposed to the type of generators Zali Steggall prefers. Steggall told Sky News this week that base load power is "an antiquated idea". “Our grid is evolving and changing,” she said. “We are now, with smart technology and appliances, able to meet the needs of the grid by turning on and off as required, on demand. "The old-fashioned concept of base load power is proving to be more and more a thing of the past." Steggall may or may not be surprised to learn that at 5.15 am on Friday, 92 per cent of NSW's electricity was provided by antiquated base load generators. What’s more, they were burning what she calls fossil fuel and the rest of us call coal. Of the rest, two per cent was generated by gas and hydro. Wind was generating five per cent and solar one percent. Batteries were contributing a big fat zero. This is certainly not a picture of a grid evolving and changing at a pace visible to the naked eye. It is a grid that, on almost every day of the year, depends almost as heavily on coal as it did under the prime ministership of coal-hugger Scott Morrison. The billions of dollars invested in wind, solar, transmission lines and batteries means we have more electricity than we know what to do with in the middle of an average day. In late afternoon, however, around the time we are making a beeline for the kettle or the fridge, the Australian Energy Market Operator is scrabbling around for extra kilowatts from coal, carbon-rich biomass, gas and hydro. AEMO is not too proud to stoop to diesel if it has to. At 6pm on Tuesday, for example, four per cent of Queensland's electricity was generated by liquid fuel, more than by wind and solar combined. Steggall's optimism about the potential of batteries is not entirely unjustified if we're prepared to disregard the environmental consequences of extracting and processing lithium and we're relaxed about putting our energy future in the hands of communist China. Batteries are indeed making some contribution to the grid in short bursts, helping AEMO to ride the shock waves caused by several gigawatts of solar power disappearing into the sunset. The limitations of batteries were exposed in Broken Hill in October when high winds in the middle of the night severed the transmission line supplying base load power from the National Electricity Market. Broken Hill has a new, advanced energy storage centre with grid-forming inverters funded by the government. These are supposed to allow batteries to restart the flow of synchronised energy from a standing start without the aid of power generated by steam or water-powered turbines, which reliably lock power in a tight 50hz cycle. Yet when the opportunity arrived for these clever batteries to do their stuff, they were flat, having discharged their power into the grid earlier in the evening. They had to be recharged by diesel. Engineers had to go through the complex exercise of reconfiguring the batteries into so-called island mode to create a self-contained mini-grid for Broken Hill. It was more than a week before the batteries could offer relief to the town, where the lights had been flickering with the help of more than a dozen trucked-in portable diesel generators. Steggall does not need to get her head around the engineering detail of the failed Broken Hill renewable-only experiment to recognise that it's no use following the science if you ignore the laws of physics. Renewables backed by storage cannot do the heavy lifting performed by always-on antiquated base load at those difficult moments in the day when predictably unreliable solar and wind are taking a little nap. She should check the international data on electricitymaps.com to see if any other jurisdiction has risen to the challenge of powering its grid by renewables alone. The good news is that it can be done if we're prepared to accommodate hydro and even biofuels in our renewables basket. On Friday morning, Sydney time, for example, Norway, was powered almost entirely by hydroelectricity and wind power. It had so much available that 17 percent of its output was being exported to Britain, nine percent to Germany, six percent to Denmark and seven percent to the Netherlands. Unfortunately, however, very few countries have a hills-to-people ratio as high as Norway or Canada. Nor have they made the historical investments in dams and generators required to operate hydro at base load capacity. It is a very different story in the renewable-only wannabes of Europe, like Germany and Ireland, both of which burn coal and gas and fall back on imported nuclear energy from countries like France. This is the real world, which MPs like Steggall are prepared to ignore. Base load power cannot be imagined away, and if Steggall wants us to stop burning coal and gas, nuclear energy is the only energy source capable of holding up the grid. In the interests of full disclosure, Steggall would, I'm sure, want us to put on the record that her 2022 election campaign received funding from Climate 200, led by Simon Holmes à Court. Climate 200 represents the interests of renewable energy investors whose net worth would be harmed by introducing a new competitor to the energy market, particularly one that is as clean or even cleaner than wind and solar and capable of despatching electricity on demand around the clock. Lifting the moratorium on nuclear would immediately slash their assets' net present value, making them instantly poorer. However, Steggall does not deserve to be tarnished by this association any more than she did by accepting a handsome donation from a former chairman of a coal company in 2019. Steggall's base load denialism must be judged on its own merits by whether it is in harmony with the data. Unfortunately for her, it is not. Nick Cater is senior fellow at Menzies Research Centre and a regular contributor to Sky News AustraliaSwift's daily impact on Vancouver may have exceeded 2010 games, says industry figure