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Here's Why Zoom Video Communications Stock Dropped Today
WASHINGTON — The House on Wednesday passed a $895 billion measure that authorizes a 1% increase in defense spending this fiscal year and would give a double-digit pay raise to about half of the enlisted service members in the military. The bill is traditionally strongly bipartisan, but some Democratic lawmakers opposed the inclusion of a ban on transgender medical treatments for children of military members if such treatment could result in sterilization. It passed by a vote of 281-140 and next moves to the Senate, where lawmakers sought a bigger boost in defense spending than the current measure allows. The Pentagon and the surrounding area is seen Jan. 26, 2020, from the air in Washington. Pablo Martinez Monsivais, Associated Press Lawmakers are touting the bill's 14.5% pay raise for junior enlisted service members and a 4.5% increase for others as key to improving the quality of life for those serving in the U.S. military. Those serving as junior enlisted personnel are in pay grades that generally track with their first enlistment term. People are also reading... Lawmakers said service member pay failed to remain competitive with the private sector, forcing many military families to rely on food banks and government assistance programs to put food on the table. The bill also provides significant new resources for child care and housing. "No service member should have to live in squalid conditions and no military family should have to rely on food stamps to feed their children, but that's exactly what many of our service members are experiencing, especially the junior enlisted," said Rep. Mike Rogers, R-Ala., chairman of the House Armed Services Committee. "This bill goes a long way to fixing that." The bill sets key Pentagon policy that lawmakers will attempt to fund through a follow-up appropriations bill. The overall spending tracks the numbers established in a 2023 agreement that then-Speaker Kevin McCarthy, R-Calif., reached with President Joe Biden to increase the nation's borrowing authority and avoid a federal default in exchange for spending restraints. Many senators had wanted to increase defense spending some $25 billion above what was called for in that agreement, but those efforts failed. Sen. Roger Wicker, R-Miss., who is expected to serve as the next chairman of the Senate Armed Services Committee, said the overall spending level was a "tremendous loss for our national defense," though he agreed with many provisions within the bill. "We need to make a generational investment to deter the Axis of Aggressors. I will not cease work with my congressional colleagues, the Trump administration, and others until we achieve it," Wicker said. Sen. Roger Wicker, R-Miss., speaks with reporters Nov. 21 on Capitol Hill in Washington. Mark Schiefelbein, Associated Press House Republicans don't want to go above the McCarthy-Biden agreement for defense spending and are looking to go way below it for many non-defense programs. They are also focused on cultural issues. The bill prohibits funding for teaching critical race theory in the military and prohibits TRICARE health plans from covering gender dysphoria treatment for children under 18 if that treatment could result in sterilization. Rep. Adam Smith of Washington state, the ranking Democratic member of the House Armed Services Committee, said minors dealing with gender dysphoria is a "very real problem." He said the treatments available, including puberty blockers and hormone therapy, have proven effective at helping young people dealing with suicidal thoughts, anxiety and depression. Listen now and subscribe: Apple Podcasts | Spotify | RSS Feed | SoundStack | All Of Our Podcasts "These treatments changed their lives and in many cases saved their lives," Smith said. "And in this bill, we decided we're going to bar service members' children from having access to that." Smith said the number of minors in service member families receiving transgender medical care extends into the thousands. He could have supported a study asking medical experts to determine whether such treatments are too often used, but a ban on health insurance coverage went too far. He said Speaker Mike Johnson's office insisted on the ban and said the provision "taints an otherwise excellent piece of legislation." Rep. Chip Roy, R-Texas, called the ban a step in the right direction, saying, "I think these questions need to be pulled out of the debate of defense, so we can get back to the business of defending the United States of America without having to deal with social engineering debates." Smith said he agrees with Roy that lawmakers should be focused on the military and not on cultural conflicts, "and yet, here it is in this bill." Branden Marty, a Navy veteran who served for 13 years, said the loss of health coverage for transgender medical treatments could prompt some with valuable experience to leave the military, affecting national security because "we already struggle from a recruiting and retention standpoint." He also said the bill could regularly force service members into difficult choices financially. "It will be tough for a lot of them because of out-of-pocket expenses, especially enlisted members who we know already struggle with food insecurity," said Marty, the father of a transgender teenager. "They don't get paid very much, so they're going to be making a lot of choices on a day-to-day, tactical level." House Minority Leader Hakeem Jeffries, D-N.Y., responds to reporters Dec. 6 during his weekly news conference at the Capitol in Washington. J. Scott Applewhite, Associated Press Rep. Hakeem Jeffries, the House Democratic leader, said his team did not tell Democrats how to vote on the bill. "There's a lot of positive things in the National Defense Authorization Act that were negotiated in a bipartisan way, and there are some troubling provisions in a few areas as well," Jeffries said. Overall, 81 Democrats voted for the bill and 124 against it. On the Republican side, 200 voted for the bill and 16 against it. "It's disappointing to see 124 of my Democrat colleagues vote against our brave men and women in uniform over policies that have nothing to do with their intended mission," Johnson, R-La., said. The defense policy bill also looks to strengthen deterrence against China. It calls for investing $15.6 billion to build military capabilities in the Indo-Pacific region. The Biden administration requested about $10 billion. On Israel, the bill, among other things, includes an expansion of U.S. joint military exercises with Israel and a prohibition on the Pentagon citing casualty data from Hamas. The defense policy bill is one of the final measures that lawmakers view as a must-pass before making way for a new Congress in January. U.S. Troops Face Mounting Threats from Predatory Debt Collectors U.S. Troops Face Mounting Threats from Predatory Debt Collectors Rising threats from debt collectors against members of the U.S. armed forces are undermining national security, according to data from the Consumer Financial Protection Bureau (CFPB), a federal watchdog that protects consumer rights.To manage the impact of financial stress on individual performance, the Defense Department dedicates precious resources to improving financial literacy, so service members know the dangers of notorious no-credit-check loans.“The financial well-being of service members and their families is one of the Department’s top priorities,” said Andrew Cohen, the director of financial readiness in the Office of the Deputy Assistant Secretary of Defense at the Pentagon.But debt collectors are gaining ground. Last quarter, debt collection complaints by U.S. military service members increased 24%, and attempts to collect on “debts not owed” surged 40%. Complaints by service members against debt collectors for deceptive practices ballooned from 1,360 in the fourth quarter of 2023 to 1,833 in the first quarter of 2024.“There’s a connection between the financial readiness and the readiness of a service member to perform their duty,” said Jim Rice, Assistant Director, Office of Servicemember Affairs at the Consumer Financial Protection Bureau. Laws exist to protect the mission readiness of U.S. troops from being compromised by threats and intimidation, but debt collectors appear to be violating them at an alarming pace.“If they’re threatening to call your commander or get your security clearance revoked, that’s illegal,” says Deborah Olvera, financial readiness manager at Wounded Warriors Project, and a military spouse who’s been harassed herself by a collection agency that tried to extort money from her for a debt she didn’t owe. But after she requested the name of the original creditor, she never heard from them again.“The financial well-being of service members and their families is one of the Department’s top priorities.” —Andrew Cohen, Director of Financial Readiness at the PentagonUnder the Fair Debt Collection Practices Act, it’s illegal for debt collectors to threaten to contact your boss or have you arrested because it violates your financial privacy. The FDCPA also prohibits debt collectors from making false, deceptive, or misleading representations in connection with the collection of a debt, even for borrowers with bad credit scores.But according to the data, debt collectors are increasingly ignoring those rules. “Debt collection continues to be one of the top consumer complaint categories,” said a spokesperson at the Federal Trade Commission. The commission released a report earlier this year revealing that consumers were scammed $10 billion in 2023, a new benchmark for fraud losses.In his book Debt: The First 5,000 Years, David Graeber argues that debt often creates a relationship that can feel more oppressive than systems of hierarchy, like slavery or caste systems because it starts by presuming equality between the debtor and the creditor.When the debtor falls into arrears, that equality is then destroyed. This sense of betrayal and the subsequent imbalance of power leads to widespread resentment toward lenders. Jon Bilous Most Menacing Loan Messengers Photo Credit: Olena Yakobchuk / ShutterstockThe debt collector reportedly harassing military service members most was Resurgent Capital Services, a subsidiary of collection giant Sherman Financial Group. The company tacks on accrued interest and junk fees and tries to collect on debts purchased for pennies on the dollar from cable companies, hospitals, and credit card companies, among others.Sherman Financial Group is run by billionaire Benjamin Navarro, who has a reported net worth of $1.5 billion, according to Forbes. Sherman Financial also owns subprime lender Credit One Bank and LVNV Funding, which outsource collections to Resurgent Capital.According to CFPB data, the second worst offender is CL Holdings, the parent company of debt-buyer Jefferson Capital Systems. The company has also been named in numerous complaints to the Better Business Bureau for alleged violations of the FDCPA, such as failing to properly validate debts or update credit reports with accurate information.Under the leadership of CEO David Burton, Jefferson Capital Systems is a wholly-owned subsidiary of CompuCredit Corporation, which markets subprime credit cards under the names Aspire, Majestic, and others.The third most referenced debt collector is publicly traded Portfolio Recovery Associates [NASDAQ: PRAA], which was forced to pay $27 million in penalties for making false representations about debts, initiating lawsuits without proper documentation, and other violations. Portfolio Recovery Associates is run by CEO Vikram Atal.Fourth place for alleged worst offender goes to Encore Capital Group [NASDAQ ECPG], which was required to pay $42 million in consumer refunds and a $10 million penalty for violating the Fair Debt Collection Practices Act. Encore collects under its subsidiary Midland Credit Management Group.These debt collectors all operate under a veritable shell game of company and brand names, almost none of which are disclosed on their websites, sending consumers on a wild goose chase to try and figure out how they’re related to each other. But despite their attempts to hide their tracks behind a smoke screen of subsidiaries, a leopard can’t change its spots, and the CFPB complaint database makes it harder for them to try. Olena Yakobchuk Loan Harassment Hotspots Photo Credit: Bumble Dee / ShutterstockAlthough widely considered a consumer-friendly state, complaints spiked most in California, which saw a 188% increase in complaints filed from the fourth quarter of 2023 to the first quarter of 2024. California is home to 157,367 military personnel, making it the most populous state for active-duty service members.The second-largest increase in debt collection complaints was in Texas, which saw a 66% jump from the fourth quarter of 2023 to the first quarter of 2024. The U.S. Department of Defense reports 111,005 service members stationed in the Lone Star State, which is the third-most populous state for active-duty military.The rising trends do not correlate to the number of military personnel by state. Complaints against debt collectors in Virginia, the second most populous state with 126,145 active duty personnel, decreased by 29% in the same quarter-over-quarter period. And complaints filed quarter-over-quarter in North Carolina, the fifth most populous state with 91,077 military personnel, decreased by 3% in the same period.The third largest percentage increase in debt collection complaints was from service members stationed in Maryland, where alleged harassment reports jumped 112% from the fourth quarter of 2023 to the first quarter of 2024. Maryland ranks number 12 with just 28,059 active duty service members.Fourth place goes to Ohio – the 28th most populous active-duty state – where complaints doubled, followed by Arizona – the 15th most populous military state – where complaints were up 70% in the same quarter-over-quarter period. Bumble Dee Billionaire Bets on Bad Credit Photo Credit: PeopleImages.com - Yuri A / ShutterstockIn 2007, Congress passed the Military Lending Act to cap the cost of credit to a 36% annual percentage rate, inclusive of junk fees and late charges, for active duty military service members. That rate is still considerably higher than average credit card rates, which range from 8% for borrowers with excellent credit scores to as high as 36% for borrowers with bad credit. But lenders still get hauled into court for violating the MLA.Don Hankey, the billionaire subprime auto lender who funded Donald Trump’s $175 million appeal bond, is among those violators. His company, Westlake Financial, which markets high-interest car loans for bad credit, has been sued twice by the Department of Justice for harassing military service members.In 2017, the DoJ alleged Hankey’s Westlake Financial illegally repossessed at least 70 vehicles owned by military service members. Westlake Financial paid $700,000 to settle the charges. In 2022, Westlake Financial paid $250,000 for allegedly cheating U.S. troops out of interest rates they were legally entitled to.Westlake Financial continues to receive complaints from military service members alleging abusive debt collection practices on its no-credit-check loans. A steady year-over-year increase in the number of complaints filed against Westlake Financial continued from 2020 to 2023. Consumer Financial Protection Bureau data shows a 13% increase in the number of complaints against the company from 2020 to 2021, a 28% increase from 2021 to 2022, and a torrential 119% surge from 2022 to 2023. The numbers suggest systemic complaint-handling processes and inadequate customer service resources. PeopleImages.com - Yuri A Lenders Try to Shutter CFPB Photo Credit: Cynthia Shirk / ShutterstockOn May 16, 2024, a deceptively named predatory lending industry front group dubbed the Community Financial Services Association of America (CFSA) lost a legal attempt to defund the Consumer Financial Protection Bureau.In an effort to deprive Americans of essential consumer protections, the lobby group argued that the Consumer Financial Protection Bureau’s funding structure was unconstitutional. But the Supreme Court denied its claim. In a 7-2 ruling, the Court held that the Consumer Financial Protection Bureau’s funding structure is indeed constitutional.That means the Consumer Financial Protection Bureau cannot be defunded, but it does not mean the agency cannot be defanged. The New York Times suggested that Hankey’s incentive to finance Trump’s $175 million bond could have been a reciprocity pledge to neuter the Consumer Financial Protection Bureau if Trump wins the upcoming U.S. presidential election.If Trump wins a second term, he could replace Consumer Financial Protection Bureau director Rohit Chopra, an American consumer advocate, with a predatory lending advocate.In 2020, the Trump Administration secured a Supreme Court ruling that made it easier for the president to fire the head of the Consumer Financial Protection Bureau. The ruling struck down previous restrictions on when a president can fire the bureau’s director. Like other federal agencies, the Consumer Financial Protection Bureau has also been confronted for overstepping its bounds, pushing too far, and acting unfairly against entities it regulates. Cynthia Shirk Holidays, Interest Rates Not to Blame Photo Credit: Lux Blue / ShutterstockSeasonality and rising interest rates do not explain the increase in debt collection complaints from service members. The surge in complaints is not tied to predictable seasonal fluctuations or changes in interest rates.The increase in debt collection complaints by service members may point to underlying systemic issues, such as aggressive and predatory debt collection practices that exploit the unique financial vulnerabilities of service members, who face frequent relocations and deployments.Debt Complaints by Service MembersFrom Q1 2021 to Q4 2022 Up 4%From Q4 2022 to Q1 2023 Up 6%From Q4 2023 to Q1 2024 Up 24%The 24% spike in debt collection complaints exhibits no correlation to fluctuations in interest rates.30-Year Fixed Mortgage RatesFrom 3.08% in Q4 2021 to 3.82% in Q1 2022From 6.66% in Q4 2022 to 6.37% in Q1 2023From 7.30% in Q1 2023 to 6.75% in Q4 2024Pandemic stimulus checks were also not a factor. COVID-19 relief benefit checks went through three major rounds during the pandemic. The final round of Economic Impact Payments went out in March 2021.To better understand the rising trend of debt collection complaints, we calculated the increase in the total number of complaints and the percentage increase quarter-over-quarter. For example, New Jersey has the second largest percentage increase in complaints quarter-over-quarter, but the total number of complaints increased by just 16. Shutterstock Methodology The data for this study was sourced from the Consumer Financial Protection Bureau (CFPB) complaint database. The dataset specifically targeted complaints filed by U.S. military service members, identified using the tag “Servicemember” within Q4 2023 and Q1 2024.Readers can find the detailed research methodology underlying this news story in the accompanying section here.For complete results, see U.S. Troops Face Mounting Threats from Predatory Debt Collectors on BadCredit.org. Jon Bilous Veteran homelessness is on the rise despite government efforts—here's how it happens Veteran homelessness is on the rise despite government efforts—here's how it happens Homelessness reached record levels in 2023, as rents and home prices continued to rise in most of the U.S. One group was particularly impacted: people who have served in the U.S. military."This time last year, we knew the nation was facing a deadly public health crisis," Jeff Olivet, executive director of the U.S. Interagency Council on Homelessness, said in a statement about the 2023 numbers. He said the latest homelessness estimates from the Department of Housing and Urban Development "confirms the depth of the crisis."At least 35,000 veterans were experiencing homelessness in 2023, according to HUD. While that's about half of what it was in 2009—when the organization began collecting data—things have plateaued in recent years despite active efforts to get that number to zero.Although they make up just 6.6% of the total homeless population, veterans are more likely to be at risk of homelessness than Americans overall. Of every 10,000 Americans, 20 were experiencing homelessness. Of veterans living in the United States, that number jumps to 22, HUD data shows.Complicated by bureaucracy, family dynamics, and prejudice, the path from serving in the military to homelessness is a long one. According to a 2022 study by Yale School of Medicine researchers, homelessness typically occurs within four years of leaving the military, as veterans must contend with the harsh reality of finding a job in a world where employers struggle to see how skills on the battlefield transfer to a corporate environment.These days, veterans also deal with historically high rent and home prices, which causes many to rely on family generosity while figuring out a game plan.Stacker examined academic studies, analyzed government data, and spoke with members of the Biden administration, experts, and former members of the armed forces to see the struggles members of the military face when leaving the armed forces. Photo illustration by Michael Flocker // Stacker // Canva Veterans struggle to find a path forward The Department of Veterans Affairs offers transition assistance to the roughly 250,000 service members who leave each year. However, those programs can be burdensome and complex to navigate, especially for those who don't have a plan for post-military life.Only a small portion of veterans have jobs lined up when they leave, according to 2019 Pew Research. Many also choose to live with relatives until they get on their feet, which can be longer than anticipated. Some former service members are unsure what kind of career they'd like to pursue and may have to get further education or training, Carl Castro, director of the Military and Veteran Programs at the Suzanne Dworak-Peck School of Social Work at the University of Southern California, told Stacker."It takes years for that kind of transition," Castro said.Many have trouble finding a job after leaving the service, even if they are qualified. Some employers carry misconceptions about those who have served. A 2020 analysis from the journal Human Resource Management Review found that some veterans face hiring discrimination due to negative stereotypes that lead hiring managers to write them off as a poor culture fit.Underemployment, or working low-wage jobs below their skill level, is also an issue. While the unemployment rate for veterans was 3% in March 2024, a study released by Penn State at the end of 2023 found three years after leaving the service, 61% of veterans said they were underemployed because of perceived skill mismatches.This phenomenon can have long-term economic effects, and eventually, that frustration can boil over, strain relationships, and potentially lead to housing instability.Working, especially a low-wage job, is not protection against homelessness. A 2021 study from the University of Chicago found half of people living in homeless shelters and 2 in 5 unsheltered people were employed, full or part-time. Stacker Vets with mental health issues most at risk for homelessness For veterans, housing costs certainly play a role, but those who leave the military also face systemic barriers."It's worrying there are people that continue to fall through the cracks," said Jeanette Yih Harvie, a research associate at Syracuse University's D'Aniello Institute for Veterans and Military Families.Just under a quarter of adults experiencing homelessness have a severe mental illness, according to 2022 HUD survey data. They are also likely to have chronic illnesses but are unable to maintain preventative care, which only exacerbates these problems.Veterans facing homelessness are more likely to have experienced trauma, either before or after joining the military, according to Yale researchers who analyzed the 2019-2020 National Health and Resilience in Veterans Study. Childhood trauma was among the most significant commonalities among vets who become homeless. Substance use disorder is also widespread and can indicate an undiagnosed mental illness.Racial and ethnic disparities are at play, too. A 2023 study in the Journal of Psychiatric Research showed that Hispanic and Black veterans were more likely to screen positive for PTSD, and Hispanic veterans were more likely to report having suicidal ideation.Overall, access to mental health care has improved in the last decade or so. In December 2023, the VA announced it would open nine additional counseling centers. However, the stigma of getting help remains, especially after years of being conditioned to be self-reliant and pull oneself up by their bootstraps.That help, in the form of public policy, is slowly working to catch up to the need.In 2023, the Biden administration invested millions into research programs and studies on suicide prevention by the VA office in addition to a proposed $16 billion to improve quality and lower-cost mental health care services for veterans. And, in February of this year, HUD and the VA announced they would give up to $14 million in vouchers to public housing agencies for veterans experiencing homelessness. The program would also offer case management and other services.Still, with a culture that pushes people to keep going, it can be challenging for servicemembers to take advantage of these opportunities, Harvie said. "When you've been doing that for the last 15 or 20 years, it's difficult to stop and say, 'I'm the person that needs help.'"Story editing by Kelly Glass. Copy editing by Kristen Wegrzyn. Stacker Get Government & Politics updates in your inbox!
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2024 shook the world in more ways than one. It was the rumble of discontent as half the world went to the polls. It was the shudder that went through financial markets following the largest-ever IT outage. It was the Earth shaking, literally, as thousands danced at the biggest concert tour in history. It was the shock waves that bloodshed in Ukraine, Gaza and more than 50 other conflict zones sent across the globe. From politics to pop culture, climate to conflict, the charts below reveal seven ways 2024 sent records tumbling. Global conflict reached new heights 2024 ranks among the most violent years in recent history, according to at least two datasets tracking armed conflict around the world. Political violence hit a high in 2024 Political violence rose for the third year in a row in 2024 to nearly 180,000 events, spurred mainly by conflicts in Ukraine, the Occupied Palestinian Territory and Myanmar, according to the US-based . A "political violence event" is defined as a single altercation where force is used by one or more groups toward a political end. The upward trend in conflict is backed by separate figures from the Sweden-based , which rank 2024 as the equal-second most violent year (alongside 2020 and 2022) in nearly three decades of records. The dataset counts state-based armed conflicts with at least 25 deaths in any calendar year. With a month to go, 2024 was already the second-most violent year since WWII According to unpublished data shared with the ABC, UDCP has tallied 56 such conflicts from January to November 2024. This is three fewer than 2023, the worst year since 1946. However, the 2024 figure is based on provisional data, so could rise. "The final figure will be at least 56 but could be higher when [data for] December is added and everything is finalised," UCDP project manager Therese Pettersson told the ABC. Sarah Phillips, Professor of Global Conflict and Development at the University of Sydney, said we're seeing more conflicts around the world because weakened states have allowed or even encouraged violent groups like militia and terrorists to flourish. "We talk about states as the primary unit of power in the world, but the reality is that they have been hollowed out for decades," she says. "As state power becomes more tenuous, many leaders hold on ... by turning a blind eye to, or even facilitating, the violent groups that would seem to be their natural rivals." It's a kind of divide-and-conquer strategy aimed at fragmenting the state's opponents. But it often comes with unintended consequences, Professor Phillips explained. "This is a common tactic but the more it's used, the more it cannibalises the legitimacy of the state and feeds opposition to it, amplifying the cycle of violence." Half the world went to the polls More than 60 countries plus the 27 member states of the European Union held elections in 2024. Combined, these countries are home to some 4.2 billion people or half the world's population. 2024 was the biggest-ever election year From Senegal to South Korea, power in 2024 shifted at a sometimes dizzying pace. In the UK, the Conservative Party lost its 14-year grip on power while across the channel in Europe, far-right parties took centre stage. South Africa's African National Congress lost its majority for the first time since taking power in the country's first democratic elections in 1994. Mexico elected its first female president in a landslide. Mass government protests in Bangladesh forced the prime minister to flee following a poll boycotted by the main opposition party. In Iran, conservatives won most of the seats in a contest with the lowest voter turnout since the 1979 revolution. Meanwhile, the US is poised for a convicted felon to assume the presidency for the first time. Perhaps what emerges most clearly from the tumult is a desire for change, in whatever form. The ParlGov global research project found every single governing party facing election in a developed country this year lost vote share — a first in nearly 120 years of records, . This is the disinhibiting power of hopelessness, according to Michael Bruter, director of the Electoral Psychology Observatory at the London School of Economics and Political Science. When things feel so bad that they can't get worse, some people will vote for parties they don't believe have the solutions, . "The situation is so desperate that they want change at any cost." Taylor Swift eclipsed all concert tours in history It shattered numerous attendance records, produced the highest-grossing concert film ever and triggered seismic activity equivalent to a 2.3-magnitude earthquake with its dancing, . By virtually any measure, Taylor Swift's Eras Tour, which wrapped up in Vancouver, Canada on December 8, was an astronomical success. So below we've illustrated just one data point: Eras sold an unprecedented $US2.078 billion ($3.33 billion) in tickets, according to Swift's production company. This is more than double the previous record and eclipses every other concert tour in history, even after adjusting for inflation and the number of shows. The 20 highest-grossing concert tours in history Liz Giuffre, a senior lecturer in communication and music, and sound design at UTS, said many of Swift's biggest fans are groups that have always been big concert-goers but are often overlooked. "She has such strong appeal for young women, girls and LGBTQI+ audiences... Think about how powerful the early Beatles were," she says, pointing out that, in demographic terms, Swift and the Beatles share the same group of fans. "There's a real force in this demographic; one that seldom gets as strongly served, especially by a female artist." Ozempic's maker became a $US500 billion behemoth Danish pharmaceutical giant Novo Nordisk, manufacturer of weight-loss wonder drug Ozempic, hit a market capitalisation of half-a-trillion US dollars ($800.77 billion) in 2024. Novo Nordisk is bigger than Denmark's entire economy Despite the company's history stretching back 100 years, Novo Nordisk only recently exploded into the public eye when social media videos spruiking Ozempic for rapid weight loss went viral and celebrities like Elon Musk and Kim Kardashian publicly lauded the drug for its weight-loss effects. The worldwide stampede and resulting global shortage of the injectable medicine has created serious problems for people who need the drug for its original purpose: to treat diabetes. Now, Novo Nordisk's spectacular growth has sparked new concerns in its home country. With a market value larger than Denmark's annual GDP, Novo Nordisk was the key force behind the expansion of Denmark's economy last year, fuelling fears that if Novo Nordisk stumbles or falls, . We're headed for the hottest year on record 2024 is set to be the warmest year since records began in the 1850s and the first year to average 1.5 degrees Celsius above pre-industrial levels, . 2024 will be the first year to exceed the 1.5oC threshold Average temperatures for 16 of the past 17 months reached past the 1.5 degree threshold set by the Paris Agreement. November 2024 was 1.62 degrees above the pre-industrial level (1840-1900). The global average temperature in 2024 is virtually certain to be more than 1.55oC, compared to 1.48oC in 2023, according to ERA5 data from the Copernicus Climate Change Service. 2023 previously held the title for hottest year on record. "For 2024 to not be warmer than 2023, the average temperature anomaly for the remaining two months of this year would have to decrease by an unprecedented amount, nearly reaching zero," . Artificial intelligence sent emissions soaring Our seemingly insatiable appetite for artificial intelligence and cryptocurrency has added a whole new dimension to the problem of reducing emissions. According to one estimate, the computational power needed to sustain the rise of AI alone is . The International Energy Agency (IEA) , fuelled by the rise of AI and cryptocurrency mining. This mammoth demand for energy comes with enormous environmental impacts. Tech titans Meta, Microsoft and Google — Meta's rose by 65 per cent in two years, Google's by 48 per cent in five years and Microsoft by 40 per cent in four years. Paul Haskell-Dowland, professor of computing and security at Edith Cowan University, said investing in green technologies alongside AI might buy us enough time to reach the point where AI itself could recommend ways to solve the problem. Another shorter-term possibility with more dramatic consequences, is companies charging for AI products as a way to reduce demand. Such a move, he warned, "would also introduce significant disadvantage to those unable or unwilling to afford the 'premium' services". A Chat-GPT text query uses nearly 10 times the power of a traditional Google search; an AI-powered Google search uses roughly 26 times the energy as the old-fashioned search. But these are a drop in the ocean compared to a single bitcoin transaction. This sucks up roughly 3.3 million times as much energy as a traditional Google search. AI and cryptocurrency have turbocharged energy consumption An 'embarrassing' blunder caused the worst-ever tech outage The faulty software update by US cybersecurity company Crowdstrike threw airports into chaos, sent banks and other businesses into meltdown and from Fortune 500 companies. Crowdstrike apologised "unreservedly" for the failure after its CEO George Kurtz was called to testify before the US Congress and explain what happened. But the most embarrassing part, according to one expert, was that the dodgy update that trapped millions of users in a blue screen of death (BSOD) loop is the kind of mistake that . Reporting and data: Design and development: Related topics Armed Conflict Artificial Intelligence Australia Business, Economics and Finance Climate Change Computer Science Cryptocurrency Denmark Elections Gaza Information Technology Industry Music Music Industry Myanmar Pharmaceutical Industry Pharmaceuticals Ukraine War World Politics
Smart Medical Devices Market Poised for Tremendous Growth from 2024 to 2032ANKARA, Turkey (AP) — Ethiopia and Somalia agreed on Wednesday to hold “technical talks” to resolve a dispute sparked by Ethiopia’s deal with Somalia's breakaway region of Somaliland, according to a statement following talks in Turkey . Turkey has been mediating between the two east African countries as tensions between them have simmered since Ethiopia signed a memorandum of understanding with Somaliland in January to lease land along its coastline to establish a marine force base. In return, Ethiopia would recognize Somaliland's independence, which Somalia says infringes on its sovereignty and territory. A joint declaration was reached after Turkish President Recep Tayyip Erdogan met separately with Somali President Hassan Sheik Mohamud and Ethiopian Prime Minister Abiy Ahmed on Wednesday. It says the sides agreed the talks, which would begin by February 2025 and conclude within four months, would respect Somalia’s territorial integrity while recognizing “potential benefits” of Ethiopia’s access to the sea. The declaration also says the sides would work to “finalize mutually advantageous commercial arrangements” to allow Ethiopia “to enjoy reliable, secure and sustainable access to and from the sea," under Somalia sovereignity. Somaliland seceded from Somalia more than 30 years ago, but is not recognized by the African Union or the United Nations as an independent state. Somalia still considers Somaliland part of its territory. Over the years, Somaliland has built a stable political environment, contrasting sharply with Somalia’s ongoing struggles with insecurity amid deadly attacks by al-Qaida-linked militant group al-Shabab . In November, Somaliland held a presidential election that gave a boost for its push for international recognition. With a population estimated at over 120 million, Ethiopia is the most populous landlocked country in the world. Turkey has previously hosted two rounds of talks between the African nations' foreign ministers but a third round, expected in September, was delayed, raising concerns of escalating tensions. Erdogan, flanked by Mohamud and Abiy, told reporters at a late night news conference in the Turkish capital, Ankara, that the sides have reached an “important stage” in efforts to solve their dispute. The joint declaration, Erdogan said, focuses “on the future and not the past.” “By overcoming some resentments and misunderstandings, we have taken the first step toward a new beginning based on peace and cooperation between Somalia and Ethiopia,” Erdogan continued. He also said he hoped Somalia would take steps to give Ethiopia sea access. Abiy, the Ethiopian prime minister, insisted that "Ethiopia’s aspiration for secure access to the sea is a peaceful venture and one that would benefit all our neighbors.” “I believe that today’s constructive discussions will push us into a new year with this spirit of cooperation, friendship and the willingness to work together instead of against each other,” he said. Somalia's president said the Horn of Africa is a “very fragile and very volatile region, which needs both Ethiopia and Somalia to work together” for the benefit of both. Turkey has forged close ties with Somalia, and recently also signed deals toward cooperation in defense and oil and gas exploration. It also has economic and trade ties with Ethiopia. A Somaliland opposition leader, Abdirahman Mohamed Abdullahi, who had been critical of the deal with Ethiopia, won the November election. He is to be inaugurated on Thursday.