‘It’s Clearly Bleak’: Stocks Notch Longest Losing Streak in Months

A rally at the start of the year has given way to worries on Wall Street about economics and geopolitics.

Stocks suffered their longest losing streak of the year, as geopolitical turmoil rattled Wall Street and investors slashed their bets on the Federal Reserve cutting interest rates any time soon.

The S&P 500 fell 0.9 percent on Friday, its sixth consecutive decline, marking its worst run since October 2022.

The slide dragged the S&P 500 down by just over 3 percent for the week, a third straight weekly decline. By that measure, it is the longest weekly losing streak for the index since September, when concerns over rising government debt and a potential government shutdown compounded worries about the effects of high interest rates.

Those fears dissipated toward the end of last year as inflation cooled and investors began to bet that the Fed would soon cut rates, prompting a ferocious stock rally in the first three months of 2024.

But this month, worries that stubborn inflation would lead the Fed to keep rates high have returned, compounded by the widening conflict in the Middle East, with Israel striking Iran early on Friday.

“It’s clearly bleak,” said Andrew Brenner, head of international fixed income at National Alliance Securities.

Investors have pulled roughly $21 billion out of funds that invest in U.S. stocks over the two weeks through Wednesday, according to data from EPFR Global, which tracks fund flows. That compares to an inflow of around $80 billion for the year through early April. And the unease is not just apparent in the stock market.

U.S. government bond yields, which underpin interest rates for a wide variety of loans, have been rising. The average rate on 30-year mortgages, the most popular home loan in the United States, rose above 7 percent on Thursday for the first time this year.

The dollar is also markedly higher, putting pressure on countries that import goods from the United States and issue dollar-denominated debt. And oil prices, stoked by geopolitical tensions, are up more than 13 percent since the start of the year.

“There is nothing that looks good right now,” Mr. Brenner said.

Recent reports showing hotter-than-expected inflation have altered investors’ forecasts for the Fed, which has kept its key rate near a two-decade high. “The recent data have clearly not given us greater confidence and instead indicate that it’s likely to take longer than expected to achieve that confidence,” Jerome H. Powell, the Fed chair, said at an event in Washington on Tuesday.

Economists at Société Générale no longer expect the Fed to cut rates this year. BNP Paribas and Wells Fargo economists have also dialed down their expectations for cuts.

Traders in futures markets, which allow investors to bet on where interest rates are headed, are wagering on one, and perhaps two, quarter-point cuts by the end of the year. At the start of the year, traders were expecting six cuts over that period.

At first, the shift appeared to be welcomed by stock investors. A strong economy, all else equal, is good for the stock market, and while some inflation data had started to buck the trend earlier this year it wasn’t enough to disrupt the broader cooling that took hold in 2023. But recent inflation reports have continued to disappointed investors and economists and become harder to ignore.

John Williams, the president of the New York Fed, said this week that it was possible that another increase, rather than a cut, to rates might be warranted if inflation remained sticky, even if that wasn’t what he considered the most likely scenario. Other officials have noted that the Fed may have to wait until much later this year, or even 2025, to begin easing rates.

So far, worries have yet to intensify to the point of threatening the strength of the U.S. economy. Although the S&P 500 has fallen 5.5 percent this month, it remains more than 4 percent higher for the year.

And a recent survey of fund managers around the world by Bank of America showed the most optimism since January 2022, with respondents expecting global growth to accelerate. The biggest risk, according to the respondents, is a rise in inflation that could keep interest rates elevated, squeezing growth abroad and at home.

Trump Media tells shareholders how to block their DJT stock being loaned to short sellers

 Trump Media tells shareholders how to block their DJT stock being loaned to short sellers

 U.S. Mortgage Rates Jump Above 7% for the First Time This Year

Rates on 30-year mortgages — the most common kind among U.S. homeowners — surpassed the 7 percent mark on Thursday, a troublesome sign for an already tight housing market.

Mortgage rates rose above 7 percent for the first time this year, crossing a symbolically concerning threshold that threatens to keep millions of potential home buyers and sellers on the sidelines of a U.S. housing market that is increasingly showing signs of slowing.

The average rate on 30-year mortgages, the most popular home loan in the United States, rose to 7.1 percent this week, Freddie Mac reported on Thursday, the highest since November. Mortgage rates reached a recent high of nearly 8 percent late last year — a level not seen since 2000.

As mortgage rates have risen in recent months, making homeownership costlier for buyers, potential sellers who may feel locked into lower rates on their existing loans have been keeping their houses off the market, in effect pushing prices higher, too. Combined, the forces have fed into a broader feeling of frustration about the economy, at a time when inflation has remained hotter than expected.

“Potential home buyers are deciding whether to buy before rates rise even more, or hold off in hopes of decreases later in the year,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “It remains unclear how many home buyers can withstand increasing rates in the future.”

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At the same time, the market has slowed. Sales of existing homes fell by 4.3 percent in March and 3.7 percent from a year earlier, according to the National Association of Realtors.

In April 2021, mortgage rates were at about 3 percent, less than half the current rate. They began to climb that year and continued to rise in 2022 when the Federal Reserve started raising its benchmark rate in an effort to combat inflation. Although inflation has since cooled significantly, it’s still above the central bank’s 2 percent target.

The Fed has signaled in recent months that it may keep the cost of borrowing higher for longer amid stubborn inflation. The Fed’s benchmark interest rate is currently the highest it’s been in 22 years.

Mortgage lenders generally watch the 10-year Treasury bond, which is tied to mortgage rates, and expectations that the Fed will keep rates high has pushed up Treasury yields. The 10-year Treasury yield has soared since the start of the year, now sitting at about 4.6 percent.

The N.A.R. agreed to settle litigation last month that would eliminate the standard sales commission, a move housing experts say could bring down home prices. Sellers currently pay a 5 or 6 percent commission to a real estate agent, a cost that’s typically passed onto the buyer through a higher sticker price.

J. Edward Moreno is a business reporter at The Times. More about J. Edward Moreno

 

U.S. to hit Iran with fresh sanctions after Israel attack

White House national security adviser Jake Sullivan at the White House last month. Photo: Al Drago/Bloomberg via Getty Images

The U.S. will impose new sanctions on Iran's missile and drone program after the country's unprecedented attack on Israel over the weekend, White House national security adviser Jake Sullivan announced Tuesday evening.

Why it matters: President Biden is urging Israeli Prime Minister Benjamin Netanyahu to exercise military restraint. But in the economic sphere, the administration is demonstrating a willingness to retaliate against Iran.

🔸These new sanctions and other ones Treasury Secretary Janet Yellen is preparing represent a subtle message to Israel that there is more than one way to harm the ruling regime in Tehran.

Driving the news: Sullivan said in a statement that Biden is working in coordination with international partners including G7 nations and bipartisan leaders in Congress on a comprehensive response to Iran's attack.

🔸U.S. defense agencies are working on strengthening air and missile defense and early warning systems across the Middle East.

🔸The new sanctions will also target entities supporting the Islamic Revolutionary Guard Corps (IRGC) and Iran's Defense Ministry. "We anticipate that our allies and partners will soon be following with their own sanctions," Sullivan said.

🔸Meanwhile, Yellen vowed that the U.S. "will not hesitate" to inflict economic punishment in response to Iran's attack.

What's next: Yellen will press fellow finance ministers — visiting D.C. for the annual spring IMF meetings this week — to focus their governments on possible sanctions work with the U.S. on coordinated actions.

🔸"Treasury will not hesitate to work with our allies to use our sanctions authority to continue disrupting the Iranian regime's malign and destabilizing activity," Yellen is prepared to say Tuesday during her opening remarks at a press conference.

🔸"The attack by Iran and its proxies underscores the importance of Treasury's work to use our economic tools to counter Iran's malign activity," she will say, according to a copy of her remarks obtained by Axios.

🔸The G7 is also considering sanctions with the goal of isolating Iran internationally and increasing economic pressure on the regime, White House national security spokesman John Kirby told reporters Monday.

🔸"We now have a unified alliance of partners," he said. "That wasn't Iran's intent."

Flashback: Days after Hamas Oct. 7 attack on Israel, the Biden administration announced new sanctions against Hamas leaders and financial facilitators.

Zoom out: Republicans have criticized the Biden administration for not doing more to check the aggression of Iran and Iranian-backed forces throughout the Middle East.

🔸Biden's warning to Netanyahu to temper any possible Israeli counterattack against Iran was hit with a barrage of criticism Sunday, including from some Democrats.

🔸Last September, Republicans pilloried the president for releasing some $6 billion in Iranian oil revenue as part of a hostage swap deal.

🔸In January, after a pro-Iranian militia killed three U.S. service members in Jordan, some GOP lawmakers called for attacks on targets inside of Iran.

🔸Instead, Biden ordered strikes against Iranian groups in Iraq and Syria.

Zoom in: House Republicans have scheduled more than a dozen votes for this week on bills sanctioning Iran and its proxies in retaliation for last weekend's wide-ranging drone and missile attack on Israel.

Go deeper: Blinken: Escalation with Iran is not in U.S. or Israel's interests

Editor's note: This article has been updated with details of the White House national security adviser's announcement.

Updated 9 hours ago - World Blinken: Escalation with Iran is not in U.S. or Israel's interests

 

Blinken: Escalation with Iran is not in U.S. or Israel's interests

Secretary of State Antony Blinken told a group of American Jewish leaders on Tuesday that further escalation with Iran is not in the interests of either the U.S. or Israel, three people who attended the meeting told Axios.

Why it matters: The Biden administration and several other Western countries allied with Israel are urging Benjamin Netanyahu's government not to rush into a retaliation against Iran that could lead to a regional war.

🔸The U.S. assessment is that Iran would respond to any significant, overt Israeli strike     on Iranian soil with a new round of missile and drone attacks, a senior U.S. official told     Axios.

🔸"We think it will be very hard to replicate the huge success we had on Saturday with defeating the attack if Iran launches hundreds of missiles and drones again — and the Israelis know it," another U.S. official said.

Behind the scenes: A person who attended the meeting said Blinken did not say that Israel should refrain from responding to Iran, stressing it was Israel's decision to make.

🔸"But his message was: be smart, strategic and limited as possible," the attendee said.

🔸"Strength and wisdom are two sides of the same coin," Blinken told the Jewish leaders.

🔸Blinken said that "we would never tell Israel what to do," and that the Biden administration was simply giving Israel the best advice it can, according to two people who attended the meeting.

The intrigue: Blinken told the group that the fact that Jordan and Saudi Arabia were part of the defensive effort to repel Iran's attack was very important and opens opportunities for the future, according to one attendee.

🔸Blinken also claimed that Hamas may have rejected the most recent hostage deal because it thought the Iranian attack might lead to a regional conflict, two attendees said.

🔸He added that if Hamas sees there is no regional war, the militant group will once again be under pressure to cut a hostage deal.

🔸The State Department declined to comment.

Zoom in: Blinken spoke on Monday with Benny Gantz, a minister in Israel's war cabinet, and conveyed a similar message regarding Israel's possible retaliation, two sources with knowledge of the call said.

🔸Gantz said on Tuesday that he's spoken to senior U.S. officials over the last 24 hours about the need for the international community to take action against Iran, including imposing more sanctions in order to stop its aggression.

🔸"Israel will work with its allies around the world to make it happen. A regional normalization process will serve this goal. Israel will act with strategic wisdom and respond in the time and place of its choosing," Gantz said at a policy conference.

🔸The call between Blinken and Gantz, which hasn't been disclosed publicly, is one of a series of calls between senior U.S. and Israeli officials in recent days focused on Israel's plans for retaliation.

🔸Secretary of Defense Lloyd Austin spoke on Monday with his Israeli counterpart Yoav Gallant. It was their fourth call since the Iranian attack on Saturday.

The other side: Iranian President Ebrahim Raisi told Russian President Vladimir Putin in a phone call Tuesday that Iran doesn't seek further escalation, according to Iranian state news agency IRNA.

🔸"We will respond to any action against Iran's interests more fiercely, extensively and painfully than before," Raisi stressed, according to IRNA.

🔸The Kremlin said Putin "expressed hope that all sides would show reasonable restraint and prevent a new round of confrontation fraught with catastrophic consequences for the entire region."

General Motors to move Detroit HQ to new downtown building, plans to redevelop Renaissance Center

 General Motors to move Detroit HQ to new downtown building, plans to redevelop Renaissance Center

General Motors will move its Detroit headquarters to a new downtown office building next year and redevelop its iconic home along the Detroit River.

National headlines from ABC NewsCatch up on the developing stories making headlines.The Associated Press

DETROIT -- General Motors will move its Detroit headquarters to a new downtown office building next year and work to redevelop its iconic home along the Detroit River, company and city officials confirmed Monday.

The announcement was made at the site of the old Hudson’s department store, which is being developed into a tower and 12-story office building that will house GM and is being built by the Bedrock real estate firm.

Bedrock will join GM, the city, and Wayne County in coming up with ideas to remake the seven-building Renaissance Center, the company's current world headquarters and a showpiece on the city's skyline that's often shown on televised sports broadcasts.

GM CEO Mary Barra said the move to a brand new state-of-the-art office building in the heart of the city will help GM recruit talent in the future. The new site is about a mile (1.6 kilometers) north of the Renaissance Center. The move also keeps GM’s headquarters in the city for the foreseeable future, she said.

"We’re going to be in the heart of the city,” Barra said. “Our people are already excited to be in Detroit and live here. I think having this workspace that’s modern and new that really fits the way people work today, I think it’s definitely going to be an attraction.”

Bedrock Chairman Dan Gilbert said office building on the Hudson’s site on Woodward Avenue was designed and built to house a major corporation. The building and the adjacent tower will have meeting space, retail, a luxury hotel and living space, along what was America’s first paved road, he said.

The move will help Detroit continue to thrive, he said.

Mayor Mike Duggan said GM and Detroit have risen and fallen together for the past century, and he’s pleased to say that “GM and Detroit are rising together again.”

The future of Renaissance Center, home to GM through its brush with death and bankruptcy in 2009 as well as multiple years of huge profits, remains unclear. But the move next year will mark the end of an era for the automotive giant.

The main tower, the tallest building in Detroit, is 73 stories.

Through the years and especially after the pandemic, the number of GM employees at the building has dwindled, and multiple businesses located there have closed.

Barra said GM is open to ideas about the Renaissance Center complex, which the company bought nearly three decades ago. The company invested more than $1 billion there, she said. It's not selling the building at present, but that is possible.

Bedrock owns multiple office buildings throughout the city's downtown and has renovated many of them.

Barra said GM, Bedrock and governments will explore residential, commercial and mixed uses for the iconic tower complex, known locally as the RenCen.

“I am confident that together we can create a right future for that site,” Barra said Monday.

Duggan said Gilbert will know what to do with the complex in the future.

GM bought the tower complex in 1996 and later moved its headquarters there from a site north of downtown. It has housed the company ever since.

Bedrock has been buying up properties downtown for many years and has led its rebirth. Gilbert also runs loan company Rocket Mortgage.

In a 2022 interview, Barra told The Associated Press that GM will keep its main office in the RenCen complex just across the Detroit River from Canada.

But she qualified her statements, saying she couldn't predict what might happen in five, 10 or 15 years. Since then, about 5,000 white-collar workers at GM took early retirement buyouts, and may workers are still on a hybrid office-home work schedule, so GM needs less office space.

The company takes up about 1 1/2 of the RenCen’s towers, which have seen little pedestrian traffic for years. Much of GM’s work force, including product development and engineering, is north of the city at an updated 1950s technical center in suburban Warren. After GM’s 2009 bankruptcy, the company considered moving the headquarters there.

The Renaissance Center was built by Henry Ford II, who formed a coalition in the 1970s in an effort to reinvigorate Detroit’s downtown.

Bedrock announced last week that the final structural steel beam had been put in place on the Hudson's tower, which is expected to have 1.5 million square feet of retail, office, dining, hospitality and residential space.

House Speaker Mike Johnson says he will push for aid to Israel and Ukraine this week

 House Speaker Mike Johnson says he will push for aid to Israel and Ukraine this week

WASHINGTON (AP) — House Speaker Mike Johnson said Sunday he will try to advance wartime aid for Israel this week as he attempts the difficult task of winning House approval for a national security package that also includes funding for Ukraine and allies in Asia.

Johnson, R-La., is already under immense political pressure from his fellow GOP lawmakers as he tries to stretch between the Republican Party’s divided support for helping Kyiv defend itself from Moscow’s invasion. The Republican speaker has sat for two months on a $95 billion supplemental package that would send support to the U.S. allies, as well as provide humanitarian aid for civilians in Ukraine and Gaza and funding to replenish U.S. weapons provided to Taiwan.

The attack by Iran on Israel early Sunday further ratcheted up the pressure on Johnson, but also gave him an opportunity to underscore the urgency of approving the funding.

Johnson told Fox News Channel’s “Sunday Morning Futures” that he and Republicans “understand the necessity of standing with Israel” and he would try this week to advance the aid.

“The details of that package are being put together right now,” he said. “We’re looking at the options and all these supplemental issues.”

Senate Majority Leader Chuck Schumer at a news conference also said that President Joe Biden held a phone call Sunday with the top Republicans and Democrats in the House and Senate, including Johnson. The New York Democrat said there was consensus “among all the leaders that we had to help Israel and help Ukraine, and now hopefully we can work that out and get this done next week.”

“It’s vital for the future of Ukraine, for Israel and the West,” Schumer said.

The White House said Biden “discussed the urgent need for the House of Representatives to pass the national security supplemental as soon as possible.”

Johnson has also “made it clear” to fellow House Republicans that he will this week push to package together the aid for Israel, Ukraine and allies in Asia and pass it through the House, said GOP Rep. Mike Turner of Ohio, chairman of the House Intelligence Committee, on NBC’s “Meet the Press.”

The speaker has expressed support for legislation that would structure some of the funding for Kyiv as loans, pave the way for the U.S. to tap frozen Russian central bank assets and include other policy changes. Johnson has pushed for the Biden administration to lift a pause on approvals for Liquefied Natural Gas exports and at times has also demanded policy changes at the U.S. border with Mexico.

But currently, the only package with wide bipartisan support in Congress is the Senate-passed bill that includes roughly $60 billion for Ukraine and $14 billion for Israel.

White House national security spokesman John Kirby called on the speaker to put that package “on the floor as soon as possible.”

“We didn’t need any reminders in terms of what’s going on in Ukraine,” Kirby said on NBC. “But last night certainly underscores significantly the threat that Israel faces in a very, very tough neighborhood.”

As Johnson searches for a way to advance the funding for Ukraine, he has been in conversations with both the White House and former president Donald Trump, the presumptive Republican presidential nominee.

With his job under threat, Johnson traveled to Florida on Friday for an event with Trump at his Mar-a-Lago club. Trump expressed support for Johnson and said he had a “very good relationship” with him.

“He and I are 100% united on these big agenda items,” Johnson said. “When you talk about aid to Ukraine, he’s introduced the loan-lease concept which is a really important one and I think has a lot of consensus.”

But Trump, with his “America First” agenda, has inspired many Republicans to push for a more isolationist stance. Support for Ukraine has steadily eroded in the roughly two years since the war began, and a cause that once enjoyed wide support has become one of Johnson’s toughest problems.

When he returns to Washington on Monday, Johnson also will be facing a contingent of conservatives already angry with how he has led the House in maintaining much of the status quo both on government spending and more recently, a U.S. government surveillance tool.

Rep. Marjorie Taylor Greene, a right-wing Republican from Georgia, has called for Johnson’s ouster. She departed the Capitol on Friday telling reporters that support for her effort was growing. And as Johnson on Sunday readied to advance the aid, Greene said on X that it was “antisemitic to make Israeli aid contingent” on aid for Ukraine.

While no other Republicans have openly joined Greene in calling to oust Johnson, a growing number of hardline conservatives are openly disparaging Johnson and defying his leadership.

Meanwhile, senior GOP lawmakers who support aid to Ukraine are growing frustrated with the months-long wait to bring it to the House floor. Kyiv’s troops have been running low on ammunition and Russia is becoming emboldened as it looks to gain ground in a spring and summer offensive. A massive missile and drone attack destroyed one of Ukraine’s largest power plants and damaged others last week.

Gold and Silver Weather the Storm as Middle East Unrest Shakes Crypto Markets

 Gold and Silver Weather the Storm as Middle East Unrest Shakes Crypto Markets

Over the weekend, cryptocurrency assets saw a significant drop, with the crypto economy shedding more than 5% to fall to $2.3 trillion, while precious metals also saw declines, albeit less severe than the digital currency sector. Amidst the ongoing turmoil in the Middle East, gold fell by 1.18% in the last day; however, in contrast to bitcoin, it has appreciated against the U.S. dollar over the past week. Furthermore, recent survey data suggest that investors hold an optimistic view of gold for the coming week.

Gold Holds Steady Amid Geopolitical Tensions; Recent Survey Highlights Ongoing Bullish Sentiment

On Saturday, tensions escalated as Iran conducted a drone airstrike against Israel, wiping out over $330 billion from the value of the crypto market. Data indicate that BTC dropped 6.9% over the last week due to the weekend’s downturn. The downturn in the crypto market is largely linked to the Iran-Israel conflict, and U.S. equities are anticipated to experience some impact on Monday. Precious metals, however, experienced only minor losses in comparison to BTC and ETH.

Price of gold on Sunday, April 14, 2024

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Gold remains 0.6% higher for the week despite a 1.18% decrease in the last 24 hours. Silver has declined by more than 2% during the past day, yet weekly figures show that silver is still up by 1.36%. Over the past six months, both precious metals have climbed more than 21%, and despite bitcoin’s downturn, it still posted a 124% gain over the same period. This week’s Kitco News Weekly Gold Survey reveals that investors in Wall Street and Main Street’s precious metals remain bullish, noting that “geopolitical risks” may act as support rather than hinder gains.

The day before the attack, Frank McGhee from Alliance Financial addressed the escalating tensions between Iran and Israel with Kitco, remarking, “The best component that I can see now is that the market is finally paying attention to geopolitical, and as the threat of an Iranian attack on Israel looms, the market has finally just decided to take notice.” During the cryptocurrency downturn on Saturday, metrics further indicate that traders not only sought refuge in U.S. dollar stablecoins, but also gravitated toward gold tokens such as Tether’s XAUT and Paxos’s PAXG, which both experienced notable increases.

Specifically, PAXG soared to $2,855 per coin on Saturday, drawing considerable interest following the public announcement of the drone airstrike at 2 p.m. Eastern Time. While the substantial premium on PAXG has diminished, it maintains a $100 premium over the current gold spot prices. Meanwhile, the premium observed with XAUT was less pronounced, yet it still stands at $25 above the gold spot price as of Sunday afternoon.

What do you think about gold and silver weathering the storm amid the Middle East conflict between Iran and Israel? Share your thoughts and opinions about this subject in the comments section below.

Iran launches barrage of strikes toward Israel

 Iran launches barrage of strikes toward Israel

What we covered:

🔸The Middle East has been plunged deeper into uncharted waters after Iran launched dozens of missiles and drones from its territory toward Israel in an unprecedented five-hour strike.

🔸The vast majority of missiles were intercepted outside Israel's territory by aerial defense systems, its military said. There have been no reports of injuries suffered directly through Iranian strikes, according to Israel’s emergency service.

🔸Iran's foreign ministry said the attack was in retaliation to a deadly Israeli strike on the Iranian consulate in Damascus, Syria, earlier this month.

🔸President Joe Biden made clear US will not participate in any offensive operations against Iran, according to a senior administration official. But he said Washington's commitment to Israel’s security against Iranian threats remains "ironclad."

🔸US forces intercepted more than 70 drones and at least three ballistic missiles, according to US officials. The US assessment is that Iran’s attacks had been largely unsuccessful.

🔸Here's how to help humanitarian efforts in Gaza and Israel.

Iran warns its response will be "stronger and more resolute" if Israel retaliates following latest strikes

Iran has warned that it will respond with more force if Israel retaliates over this weekend's strikes, which Tehran said were themselves a reply to an Israeli attack earlier this month on its embassy complex in Syria's capital Damascus.

“The Islamic Republic of Iran will not hesitate to exercise its inherent right of self-defense when required," Iran’s Ambassador and Permanent Representative to the UN, Amir Saeid Iravani, said in a statement.

 

Should the Israeli regime commit any military aggression again, Iran's response will assuredly and decisively be stronger and more resolute,” Ambassador Iravani added.

Citing self-defense against repeated Israeli military aggressions, Iravani said the strikes were specifically in retaliation to an Israeli attack on April 1 against what Iran says were diplomatic facilities in Damascus.

Iran claims the attack violated international law and led to the death of seven Iranian military advisors, including key commanders from the Iranian Revolutionary Guard Corps.

The statement also criticizes the United Nations Security Council for “failing to uphold international peace,” allowing Israel to “breach” established international norms and “escalate” regional tensions.

Additional context: Israel has carried out numerous strikes on Iran-backed targets in Syria, often targeting weapons shipments allegedly intended for Hezbollah, a powerful Iranian proxy in Lebanon. 

Israel has not claimed responsibility for the April 1 attack which destroyed an Iranian consulate building in the capital Damascus, including Mohammed Reza Zahedi, a top Revolutionary Guards commander.

However an Israel Defense Forces spokesman told CNN that their intelligence showed the building was not a consulate and was instead “a military building of Quds forces disguised as a civilian building.”

China expresses 'deep concern', calls for ceasefire

China has expressed "deep concern" over the "current escalation" following Iran's attack on Israel, according to a spokesperson for its Ministry of Foreign Affairs on Sunday, adding that it is a "spillover of the Gaza conflict" and a ceasefire should be implemented without delay.

In a statement, China called "on relevant parties to exercise calm and restraint to prevent further escalations."

"The ongoing situation is the latest spillover of the Gaza conflict," the spokesperson said, adding that a UN Security Council resolution calling for a ceasefire between Israel and Hamas should be implemented without any more delay.

Beijing did not name or condemn Hamas in the wake of the initial October 7 attacks. Since then, it has condemned the war and been a vocal proponent of an immediate ceasefire and the implementation of a “two-state” solution.

Last month, Chinese diplomat Wang Kejian met Hamas political leader Ismail Haniyeh in Qatar, the first meeting between a Chinese and Hamas official publicly acknowledged by Beijing since the outbreak of the war in Gaza.

Wang’s visit follows efforts by Beijing to step up its profile as a peace broker in the Middle East conflict.

Google goes all in on generative AI at Google Cloud Next

 Google goes all in on generative AI at Google Cloud Next

Image Credits: Google

This week in Las Vegas, 30,000 folks came together to hear the latest and greatest from Google Cloud. What they heard was all generative AI, all the time. Google Cloud is first and foremost a cloud infrastructure and platform vendor. If you didn’t know that, you might have missed it in the onslaught of AI news.

Not to minimize what Google had on display, but much like Salesforce last year at its New York City traveling road show, the company failed to give all but a passing nod to its core business — except in the context of generative AI, of course.

Google announced a slew of AI enhancements designed to help customers take advantage of the Gemini large language model (LLM) and improve productivity across the platform. It’s a worthy goal, of course, and throughout the main keynote on Day 1 and the Developer Keynote the following day, Google peppered the announcements with a healthy number of demos to illustrate the power of these solutions.

But many seemed a little too simplistic, even taking into account they needed to be squeezed into a keynote with a limited amount of time. They relied mostly on examples inside the Google ecosystem, when almost every company has much of their data in repositories outside of Google.

Some of the examples actually felt like they could have been done without AI. During an e-commerce demo, for example, the presenter called the vendor to complete an online transaction. It was designed to show off the communications capabilities of a sales bot, but in reality, the step could have been easily completed by the buyer on the website.

That’s not to say that generative AI doesn’t have some powerful use cases, whether creating code, analyzing a corpus of content and being able to query it, or being able to ask questions of the log data to understand why a website went down. What’s more, the task and role-based agents the company introduced to help individual developers, creative folks, employees and others, have the potential to take advantage of generative AI in tangible ways.

Google Cloud Next 2024: Everything announced so far

But when it comes to building AI tools based on Google’s models, as opposed to consuming the ones Google and other vendors are building for its customers, I couldn’t help feeling that they were glossing over a lot of the obstacles that could stand in the way of a successful generative AI implementation. While they tried to make it sound easy, in reality, it’s a huge challenge to implement any advanced technology inside large organizations.

Big change ain’t easy

Much like other technological leaps over the last 15 years — whether mobile, cloud, containerization, marketing automation, you name it — it’s been delivered with lots of promises of potential gains. Yet these advancements each introduce their own level of complexity, and large companies move more cautiously than we imagine. AI feels like a much bigger lift than Google, or frankly any of the large vendors, is letting on.

What we’ve learned with these previous technology shifts is that they come with a lot of hype and lead to a ton of disillusionment. Even after a number of years, we’ve seen large companies that perhaps should be taking advantage of these advanced technologies still only dabbling or even sitting out altogether, years after they have been introduced.

There are lots of reasons companies may fail to take advantage of technological innovation, including organizational inertia; a brittle technology stack that makes it hard to adopt newer solutions; or a group of corporate naysayers shutting down even the most well-intentioned initiatives, whether legal, HR, IT or other groups that, for a variety of reasons, including internal politics, continue to just say no to substantive change.

Vineet Jain, CEO at Egnyte, a company that concentrates on storage, governance and security, sees two types of companies: those that have made a significant shift to the cloud already and that will have an easier time when it comes to adopting generative AI, and those that have been slow movers and will likely struggle.

custom model, says Andy Thurai, an analyst at Constellation Research. “While implementing either solution, companies need to think about governance, liability, security, privacy, ethical and responsible use and compliance of such implementations,” Thurai said. And none of that is trivial.

Executives, IT pros, developers and others who went to GCN this week might have gone looking for what’s coming next from Google Cloud. But if they didn’t go looking for AI, or they are simply not ready as an organization, they may have come away from Sin City a little shell-shocked by Google’s full concentration on AI. It could be a long time before organizations lacking digital sophistication can take full advantage of these technologies, beyond the more-packaged solutions being offered by Google and other vendors.

custom model, says Andy Thurai, an analyst at Constellation Research. “While implementing either solution, companies need to think about governance, liability, security, privacy, ethical and responsible use and compliance of such implementations,” Thurai said. And none of that is trivial.

Executives, IT pros, developers and others who went to GCN this week might have gone looking for what’s coming next from Google Cloud. But if they didn’t go looking for AI, or they are simply not ready as an organization, they may have come away from Sin City a little shell-shocked by Google’s full concentration on AI. It could be a long time before organizations lacking digital sophistication can take full advantage of these technologies, beyond the more-packaged solutions being offered by Google and other vendors.

Airspace closures throughout the Middle East ground, divert flights as Iran launches drone attack on Israel

 Airspace closures throughout the Middle East ground, divert flights as Iran launches drone attack on Israel

KEY POINTS

🔸United Airlines and other carriers were affected by the airspace closure.

🔸Israel and Jordan closed airspace as Iran launched a drone strike on Israel, according to U.S. officials.

🔸Iran has said it would retaliate against Israel for a airstrike on the Iranian consulate in Damascus.

Flightradar24 over the Middle East on April 14th, 2024 after Iran launched drone strikes towards Israel.

Flightradar24 over the Middle East on April 14th, 2024 after Iran launched drone strikes towards Israel.

Airspace closures through the Middle East grounded and diverted flights on Saturday as Iran launched drones toward Israel.

United Airlines, which resumed service to Tel Aviv early last month after suspending Israel flights after the Hamas attacks in October, called off its Newark to Tel Aviv flight on Saturday after Israel closed its airspace. Jordan and Iraq had also closed their airspace, according to Jordanian state-owned media news outlet Al Mamlaka.

"We are closely monitoring the situation and will make decisions on upcoming flights with a focus on the safety of our customers and crews," United said in a statement. The carrier is the only U.S. airline to have resumed service to Israel since October. Delta was scheduled to restart flights to Tel Aviv on June. 7. American Airlines has not resumed Israel service.

United also canceled its flight from Washington Dulles International Airport to Amman, Jordan on Saturday night, "due to unrest in the Middle East." United also canceled its Newark-Dubai flight on Sunday.

It was not clear when flights would resume.

Some flights avoided large swaths of airspace in the Middle East, reroutes that delayed some planes, Swiss International Airlines said.

Flight-tracking site Flightradar24 said multiple flights bound for Tel Aviv and Amman had diverted on Saturday.

Airlines also canceled service scheduled for Sunday. Israel's El Al cancelled more than 20 Sunday flights. Two El Al flights headed for Israel from Thailand diverted to Bangkok. The carrier told passengers not to come to the airport until notified.

Emirates Airline canceled its Dubai-Amman flight scheduled for Sunday. Air France's Israel service was canceled for Sunday and British Airways canceled its two flights to Tel Aviv on Sunday and scrubbed a flight to Amman. Lufthansa also canceled its service to Israel.

Biden's message to Iran about retaliatory strike on Israel: 'Don't'

 Biden's message to Iran about retaliatory strike on Israel: 'Don't'

At the same time, he said he expects an Iranian attack "sooner than later."

US warns of rising threat against Israel from Iran

The State Department has sent new travel restrictions to Americans in Israel as threats of violence from Iran increase.

President Joe Biden told reporters Friday afternoon he expects an Iranian strike on Israel to occur "sooner than later" amid urgent concerns that Iran was about to retaliate for the bombing of its consulate in Damascus, Syria, earlier this month.

Asked for his message to Iran in the tense moment, Biden was blunt, saying simply, "Don't."

"Would the U.S. respond?" ABC News Chief White House Correspondent Mary Bruce asked repeatedly as the president walked away after the end of an unrelated event. He paused, thought for a moment and then returned to the lectern.

"We are devoted to the defense of Israel. We will support Israel. We will help defend Israel and Iran will not succeed," he said.

Biden's comments come as other high-level U.S. officials worked urgently behind the scenes to pressure Iran to back down from its threat to launch a retaliatory strike -- the latest challenge facing the Biden administration as it tries to avert an all-out regional war in the Middle East.

At the same time, the U.S. was moving troops and other assets to the Middle East as Iran readied a large number of missiles and drones for a potential strike against Israel, according to U.S. officials.

The deployment of American troops was intended to try to deter Iran from launching a large-scale attack and protecting U.S. troops in the region

According to one U.S. defense official, the assets being moved to the region include both "ships and aircraft."

Two U.S. Navy destroyers already deployed in the eastern Mediterranean are equipped with the Aegis combat system, which can protect troops in the region from ballistic defense missiles.

Two U.S. officials said that Iran has readied more than a hundred cruise missiles for a possible strike.

Some 3,400 US troops are in Iraq and Syria with tens of thousands more U.S. personnel in the Middle East region.

Late Friday, as he boarded Air Force One, when asked if he was concerned about Iran killing Americans, Biden told reporters "I’m always afraid of that."

Earlier Friday, White House national security spokesman John Kirby said the administration was monitoring the situation "very, very closely," and that while its top priority was ensuring Israel is able to defend itself from a potential Iranian attack, the U.S was also "doing everything we can to protect our people and our facilities."

"It would be imprudent if we didn't take a look at our own posture in the region, to make sure that we're properly prepared as well," he said.

In a sign of how seriously the U.S. views the risk of escalation, the Pentagon confirmed on Thursday that Gen. Michael "Erik" Kurilla, the commander of U.S. Central Command, had "moved up" a previously scheduled trip to Israel to meet with senior Israeli military leaders "due to recent developments."

Defense Secretary Lloyd Austin also spoke by phone with Israeli Defense Minister Yoav Gallant on Thursday afternoon "to discuss the current situation in the Middle East and to reaffirm the U.S.'s ironclad commitment to Israel's security against threats from Iran and its proxies," according to Maj. Gen. Pat Ryder, the Pentagon's press secretary

NASA unveils probe bound for Jupiter's possibly life-sustaining moon

 NASA unveils probe bound for Jupiter's possibly life-sustaining moon

NASA's Europa Clipper Spacecraft is headed for one of Jupiter's moons to see if it has the right conditions to sustain life.
US space scientists on Thursday unveiled the interplanetary probe NASA plans to send to one of Jupiter's icy moons as part of humanity's hunt for extra-terrestrial life.

The Clipper spacecraft is due to blast off in October bound for Europa, one of dozens of moons orbiting the solar system's biggest planet, and the nearest spot in our celestial neighborhood that could offer a perch for life.

"One of the fundamental questions that NASA wants to understand is, are we alone in the cosmos?" Bob Pappalardo, the mission's project scientist told AFP.

"If we were to find the conditions for life, and then someday actually find life in a place like Europa, then that would say in our own solar system there are two examples of life: Earth and Europa.

"That would be huge for understanding how common life might be throughout the universe."

The $5 billion probe is currently at NASA's Jet Propulsion Laboratory in California, sitting in a "clean room"—a sealed area only accessible to people wearing head-to-toe covering.

The precautions are to ensure the probe remains free of contaminants to avoid transporting Earthly microbes to Europa.

After transport to Kennedy Space Center in Florida, Clipper is set to launch aboard a Space X Falcon Heavy rocket and begin an over-five-year journey that involves a pass by Mars to pick up speed.

In 2031, it should be in orbit around Jupiter and Europa, where it will begin a detailed study of the moon scientists believe is covered in frozen water.

"We have instruments like cameras, and spectrometers, a magnetometer and a radar that can... penetrate right through ice, bounce off liquid water and back to the surface to tell us how thick is the ice and where is liquid water located," Pappalardo said.

Mission managers do not expect to find little green men swimming in the water—in fact, they're not even looking for life itself, only for the conditions that could support it.

Scientists know from extreme environments on Earth—like light-starved geothermal vents located deep under the polar ice cap—that tiny beings can find purchase almost anywhere.

And conditions on Europa, which is almost as large as Earth's moon, could provide a similar habitat, offering the tantalizing prospect we are not alone—not even in our own solar system.

"If moons around planets far away from stars could hold life, then the number of opportunities around the solar system, around the universe, where life could take hold, I think goes up dramatically," said Jordan Evans, project manager for the Europa Clipper mission.

Challenges

The science is not easy—a powerful radiation field around Europa could degrade the instruments, which will be getting the equivalent of 100,000 chest X-rays every circuit around the moon.

The vast distances involved mean that when Clipper sends its data back, the signal will take 45 minutes to arrive at Mission Control.

And despite its massive solar array, which unfurls once in space, keeping Clipper powered will be a major challenge, Evans said.

"Right after launch, (the solar panels are) putting out 23,000 watts... but when we're out at Jupiter, so far away from the sun, they're only putting out 700 watts," he said.

"Near Earth, they could power 20 houses continuously. And when we're at Jupiter, just a few light bulbs and some small appliances."

The mission, planning for which began in the late 1990s, is expected to conclude around 2034, when Clipper will likely have reached the end of its useful life.

The probe will then have one final port of call: Jupiter's largest moon, deputy project manager Tim Larson said.

"After we're done with the science mission, the way we end is by crashing into one of the other bodies in the Jovian system to dispose of the spacecraft," he said.

"Right now, the plan is to go into Ganymede."

Drug shortages reach record high in US

 Drug shortages reach record high in US

There are 323 drugs with active shortages in the US, surpassing the previous record high from 2014

There are more active drug shortages in the United States than ever, according to data from the American Society of Health-System Pharmacists and the University of Utah Drug Information Service.

FILE - In this May 25, 2017 file photo, chemotherapy drugs are administered to a patient at a hospital in Chapel Hill, N.C. A growing shortage of common cancer treatments is forcing doctors to switch medications and delaying care, prominent U.S. cancer centers say. The National Comprehensive Cancer Network said Wednesday, June 7, 2023, that nearly all the centers it surveyed in late May 2023 were dealing with shortages of the chemotherapies carboplatin and cisplatin. (AP Photo/Gerry Broome)

Drug shortages may mean difference between life and death for some US patients, experts say

The organizations first started tracking drug shortages in 2001. Active shortages previously peaked in 2014, with 320 drugs in active shortage. Shortage levels have fluctuated in the decade since, but have been steadily trending up since 2021 — now reaching a record-high of 323 drugs in the first three months of 2024.

“It’s long past time to put an end to drug shortages,” Paul Abramowitz, chief executive officer of the American Society of Health-System Pharmacists, wrote in a blog post on Thursday.

“All drug classes are vulnerable to shortages,” he wrote. “Some of the most worrying shortages involve generic sterile injectable medications, including cancer chemotherapy drugs and emergency medications stored in hospital crash carts and procedural areas. Ongoing national shortages of therapies for attention-deficit/hyperactivity disorder also remain a serious challenge for clinicians and patients.”

Along with the 32 chemotherapy drugs that are in shortage, the five categories of drugs with the most shortages include central nervous system stimulants, antimicrobials, hormone agents and intravenous fluids.

The drug shortage database maintained by the American Society of Health-System Pharmacists and the University of Utah is based on voluntary reports from practitioners, patients and others that are confirmed with manufacturers. This list often includes more drugs than the number considered to be in shortage by the US Food and Drug Administration because it captures broader impacts on providers and patients.

The average drug shortage lasts about a year and a half, according to government data. More than half of the treatment shortages have persisted for more than two years, according to an analysis by health consulting firm IQVIA. And the average shortage affects at least half a million patients, many of them older adults, according to the US Health and Human Services Office of the Assistant Secretary for Planning and Evaluation, which shared its analysis with Congress in May.

Increased demand can play a role in drug shortages, as with recent shortages of weight loss drugs. But more often, manufacturing and quality problems, such as supply chain gaps and discontinuations, are at the root.

Last week, HHS published a white paper outlining policy suggestions to help prevent drug shortages and mitigate vulnerabilities. Among the key recommendations are collaborations with manufacturers and hospitals that aim to bring transparency to the drug market and incentivize investment in resilient and diverse supply chains.

But the American Society of Health-System Pharmacists has “serious concerns” about parts of this proposal, notably the financial penalties for hospitals that lack resources to comply with the recommendations.

“We all know that managing shortages isn’t enough and is not a sustainable solution to the worsening crisis,” Abramowitz wrote. “Much work remains to be done at the federal level to fix the root causes of drug shortages.”

Bitcoin Mining Braces For A Shakeout As Halving Nears

 Bitcoin Mining Braces For A Shakeout As Halving Nears

The approaching bitcoin halving is sending some bitcoin mining companies running for cover.

Others, meanwhile, are rushing out to score good deals.

"We're really paying attention to the full spectrum right now of assets and companies that might be more on that marginal cost curve so that we can ensure we're prepared for any types of opportunities that may arise," Adam Sullivan, CEO of bitcoin mining company Core Scientific (CORZ), told Investor's Business Daily.

Most industry watchers expect the reduced reward for bitcoin mining to push some out of the business. That, in turn, could lead to a glut of specialized mining hardware. "As those marginally profitable miners start to experience cash-flow issues, it can be a great opportunity for Core Scientific to buy machines at discounted prices," said Sullivan.

Sullivan says the halving will kick off a massive equipment buying frenzy in the bitcoin mining sector, driven by a need for modernized, efficient mining hardware as the reward drops. "You're going to see an acceleration on ASIC demand, people rotating into newer generation machines," said Sullivan.

The Big Bitcoin Mining Rig Demand Blowup

ASICs, or Application-Specific Integrated Circuit processors, are the type of chips powering the most modern and specialized mining rigs. The first mining-specific ASIC rigs appeared in 2013, according to CoinDesk, and are solely designed to handle the cryptographic math needed to "mine" bitcoin. ASICs soon supplanted GPUs from Nvidia (NVDA) and AMD (AMD), which had themselves replaced microprocessors in ordinary, at-home computers. But with every new wave of technology, efficiency remained the goal: more crypto calculations with less energy.

Some of the currently top-rated mining chips and computers come from China-based players, including Bitmain, MicroBT and Cannan (CAN).

The influx of new mining hardware permits miners some flexibility in dealing with their energy costs. Industrial bitcoin mining also considers the cost of electricity in different locations throughout the U.S. "We're taking the most efficient machines and putting them to our highest uptime locations," said Sullivan. "We're then taking our least efficient machines and allocating them to our facilities where we can be much more selective about the power costs." Core Scientific says it currently operates facilities in Georgia, Kentucky, North Carolina, North Dakota and Texas.

Prior bitcoin halvings occurred in 2012, 2016 and 2020. Bitcoin's next halving appears set to occur later this month.

Bitcoin's halving is a function built into the cryptocurrency from the onset, laid out by reputed creator Satoshi Nakamoto in the original 2008 bitcoin white paper. Bitcoin is "mined" by verifying transactions across the bitcoin network, creating a block that's added to the chain of previous transactions. (This creates the so-called blockchain.) When other bitcoin miners agree that the block is valid, the block becomes a bitcoin that goes to the first miner. Meanwhile, the block is itself used to hash new transactions.

Estimates call for April's halving to reduce mining rewards to 3.125 bitcoin per block, down from 6.25 per block. Because bitcoin mining occurs at a steady rate, halvings tend to occur roughly every four years.

"Mining companies are going to be making very large purchases to ensure the long-term stability of their business and to make sure they can survive through these difficult times of the year," said Sullivan.

Weathering Difficult Times In Bitcoin Mining

Core Scientific is no stranger to lean times in crypto. The Austin, Texas-based bitcoin miner filed for bankruptcy during the 2022 drop in crypto prices popularly called the "crypto winter." Core Scientific continued its mining operations through the bankruptcy, and emerged in January, reclaiming the ticker CORZ.

Core Scientific currently has a market cap of $555.9 million, well below its $4.3 billion market debut via special purpose acquisition company, or SPAC, in 2021. The mining company's stock saw its shares spike to a year-to-date high of 4.29 in March before reversing to a low of 2.95 after the company reported its first post-bankruptcy earnings. Core Scientific is unranked in its Computer Software group, although it does hold a Composite Rating of 84, according to IBD Research.

The top publicly traded miners include Riot Platforms (RIOT) and Marathon Digital (MARA).

Core Scientific remains optimistic it can weather the halving and keep its spot as one of the largest bitcoin miners. "We know we'll have an opportunity to refresh our machines post-halving, putting us in a really strong position to continue to grow to 2025," said Sullivan. "We know what it takes from a capital allocation perspective and we know what it means to put cash on the balance sheet to be able to take advantage of bear markets versus being concerned about profitability."

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The Vatican’s new statement on trans rights undercuts its attempts at inclusion

 The Vatican’s new statement on trans rights undercuts its attempts at inclusion

Pope Francis greets bishops during the weekly general audience at St. Peter’s Square in Vatican City on April 10, 2024. Massimo Valicchia/NurPhoto via Getty Images

Li Zhou is a politics reporter at Vox, where she covers Congress and elections. Previously, she was a tech policy reporter at Politico and an editorial fellow at the Atlantic.

A new Vatican document released April 8 details how the Catholic Church approaches human dignity, but it has raised concern among LGBTQ parishioners and their allies about how it describes gender-affirming surgery.

The document, entitled “Dignitas Infinita” (“Infinite Dignity”), was five years in the making and lays out the ways the Vatican believes the inherent dignity that each person possesses can be honored and protected. Though largely in line with positions the Catholic Church has expressed in the past, it’s notable for elevating some of the church’s most conservative views into doctrine — essentially, official church teachings — during a period in which the current pope has been seen as trying to steer the organization in a more progressive, inclusive direction.

Broadly, the document highlights “grave violations” of human dignity, including war, poverty, mistreatment of migrants, and abuse of women. It also lists other perceived threats, including abortion and what the Vatican describes as “gender theory” and “sex change.” In these provisions, the document criticizes gender-affirming procedures and stresses that the Vatican views gender as a clear binary between men and women.

“While Pope Francis has made greater strides in affirming LGBTQ+ Catholics than any of his predecessors, his endorsement of ‘Dignitas Infinita’ will be seen as turning the clock back by transgender individuals, both within and outside the church,” R. Andrew Chesnut, the Bishop Sullivan Chair in Catholic Studies at Virginia Commonwealth University, told Vox.

The release of “Dignitas Infinita” comes amid a larger political, cultural, and social discourse about trans rights and medical care, including a recent UK report on the subject. LGBTQ Catholics and advocates fear, too, that it will worsen a climate in which some governments have enacted laws that attack trans people — including numerous GOP bans on gender-affirming care for children in the US — and be used to fuel more discrimination.

“The document should not be dismissed as simply an abstract theological conversation with few human consequences,” Francis DeBernardo, the executive director of New Way Ministries, an LGBTQ Catholic group, said in a statement. “Rather, the Vatican is again supporting and propagating ideas that lead to real physical harm to transgender, nonbinary, and other LGBTQ+ people.”

The Vatican document challenges attempts at inclusion

Under Pope Francis, the Vatican has sought to lead a more inclusive Catholic Church, including approving blessings for same-sex couples and allowing women to vote in a major bishops’ meeting for the first time.

Francis has also personally made overtures to the trans community, approving the baptizing of trans parishioners and welcoming a group of trans women to a weekly gathering. However, as “Dignitas Infinita” exemplifies, such progress toward inclusivity has been halting, with the church still declining to permit marriage for same-sex couples and barring women from becoming priests.

The document’s treatment of trans people continues this pattern by emphasizing the need to acknowledge every person’s human dignity while offering “limited dignity” to trans people, DeBernardo said.

In particular, it argues that gender-affirming procedures threaten the dignity that a person is born with at conception, claiming that such medical care interferes with “the need to respect the natural order of the human person.” The document also broadly denounces “gender theory,” which includes “argu[ing] that a person’s gender can be different from the sex that person was assigned at birth,” NPR’s Jason DeRose explains.

“That ‘Dignitas Infinita’ rebukes gender transition interventions as a rejection of God’s plan of human life implies that those individuals who have elected to transition ... have violated divine will,” said Chesnut.

Jason Steidl, a professor of religious studies at St. Johns University who specializes in Catholicism, put it more bluntly. “This is the Newsmax version of Catholic theology,” he said.

The Vatican’s statements have been widely lambasted by trans members of the Catholic Church who view them as undermining their experiences and their place in the church. “Transgender people are beloved, intentional creations of God the same as cisgender men and women are,” Michael Sennett, a trans man and practicing Catholic in Massachusetts, told the Associated Press.

Steidl and others, however, see the doctrine as satisfying a more conservative arm of the Catholic Church.

The pope’s announcement in late 2023, for example, that the Vatican would support priests blessing same-sex couples in certain contexts drew ire from numerous clergymen globally. Those opposed to Francis’s more progressive actions included some in Africa, one of the places where the Catholic Church has seen high growth in recent years, who called it “contrary to the will of God.”

According to Steidl, who is also the author of LGBTQ Catholic Ministry, the provisions going after trans people in the Vatican’s document were likely an attempt to appease this segment of the church. “Cardinal Fernandez, the head of the Dicastery for the Doctrine of Faith, had essentially said that they were going to be throwing traditionalists a bone,” Steidl told Vox.

The church doctrine adds to policies attacking trans people

LGBTQ advocates worry the Vatican’s document will only be further ammunition for conservatives in the political and social spheres as they advance discriminatory policies, particularly as political attacks on trans people have surged in recent years.

At least 19 GOP-led state legislatures in the US have passed laws either restricting or outright banning access to gender-affirming care, even though major physician organizations have deemed such care medically necessary. As the number of anti-trans laws has spiked, a report from the National Center for Transgender Equality has documented an increase in homicides of transgender people in the US between November 2022 and November 2023.

European countries are also taking a more restrictive approach to health care for trans people — particularly for minors. Recently, a report commissioned by the United Kingdom’s National Health Service questioned current transition practices in pediatrics and reiterated recommendations to reduce the use of puberty blockers, a treatment the NHS has already stopped offering for minors with gender dysphoria.

LGBTQ advocates are concerned that the Vatican’s document will just add to rhetoric globally that has sought to curtail trans rights.

“This document … tells trans people that they are a threat to the world, that they are a threat to order, to the systems that God has set up,” Steidl told Vox. “Unfortunately, the Vatican is contributing to these movements that seek to hurt trans people, that seek to eliminate them.”

Hamas Leader Defiant After Israeli Strike Kills 3 of His Sons

 Hamas Leader Defiant After Israeli Strike Kills 3 of His Sons

Israel confirmed the killing of the sons of the Hamas political leader, Ismail Haniyeh, and said all three were Hamas military operatives.

The car in which three sons of the Hamas leader Ismail Haniyeh were reportedly killed during an Israeli strike in Al-Shati camp, west of Gaza City, on Wednesday.Credit...Agence France-Presse

An Israeli airstrike on Wednesday killed three sons of one of the most senior leaders of Hamas, Ismail Haniyeh, who said the strike would not weaken the group’s negotiating position or its resolve in its fight against Israel.

Mr. Haniyeh, who leads the Hamas political bureau from exile, is a longstanding leader of the group. He is also engaged in the stalled negotiations with Israel through international mediators who are seeking to broker a cease-fire and secure the release of Israeli hostages held by Hamas in the Gaza Strip.

“The enemy is delusional if it thinks that by killing my children, we will change our positions,” Mr. Haniyeh said in a statement. “We shall not give in, no matter the sacrifices.”

Israeli ground troops have largely pulled out of Gaza, but Israel continues to conduct airstrikes across the territory as well as wage battles in a corridor in central Gaza where the Israeli military has maintained a presence.

Mr. Haniyeh, who has long shuttled between Qatar and Turkey, said in the statement that 60 members of his extended family had been killed by Israel over time and that the strike on Wednesday had killed some grandchildren in addition to the three sons.

Hamas’s critics, including some Palestinians, have accused the organization’s leadership of living luxurious lifestyles abroad as the people in Gaza suffer dire humanitarian conditions. Mr. Haniyeh on Wednesday cast his loss in the broader context of Palestinian suffering.

“All the members of our people and the families of the residents of Gaza have paid a great price of the blood of their children,” he said. “I am one of them.”

Mr. Haniyeh did not specify his sons’ roles in Hamas but called them martyrs, saying in an statement on the group’s official Telegram account that they had remained in the Gaza Strip while he led Hamas’s political bureau from exile.

In confirming the strike on Mr. Haniyeh’s three adult sons — who it named as Amir, Mohammad and Hazem Haniyeh — the Israeli military said all three were Hamas military operatives. The strike was conducted on Eid al-Fitr, the holiday that marks the end of the holy month of Ramadan.

The killing of Mr. Haniyeh’s family members came as Israel continued to threaten to carry out an offensive in the southern city of Rafah and as both sides were considering new cease-fire proposals.

As part of those cease-fire talks, Hamas informed Israel on Wednesday that it could not locate 40 Israeli hostages in Gaza, who the Israelis had hoped would be released as part of a proposed first step in a deal, a senior Israeli and a senior Hamas official said.

A framework currently under negotiation by international mediators includes the initial swap of 40 living hostages, including female soldiers, invalids and older hostages, in exchange for hundreds of Palestinians detained in Israeli prisons.

There are about 100 living hostages remaining in Gaza, according to Israeli officials. It was not immediately clear if Israel would now demand that young men and soldiers be included among the first 40 released captives. Those hostages had been expected to have to wait for a later phase of the deal.

Amid the talks for a cease-fire to the conflict in Gaza, Iran and Israel have traded fresh threats in recent days, increasing fears of a wider regional war.

 

Hollywood Guilds Come Out Strong For “Ethical & Transparent” AI Bill From Adam Schiff  

SAG-AFTRA, IATSE the WGA, and even the DGA have united behind a legislative move to put up some new and slightly punitive guardrails around Artificial Intelligence.

“Everything generated by AI ultimately originates from a human creative source, says Duncan Crabtree-Ireland, SAG-AFTRA National Executive Director and Chief Negotiator, of a new bill proposed today by Rep. Adam Schiff (D-CA). “That’s why human creative content—intellectual property—must be protected. SAG-AFTRA fully supports the Generative AI Copyright Disclosure Act, as this legislation is an important step in ensuring technology serves people and not the other way around,” 

Deep into his race to be California’s new junior Senator, Schiff introduced the Generative AI Copyright Disclosure Act into the 118th Congress (read it here) Tuesday. If passed by the House and Senate and signed by President Joe Biden, the succinct act would require companies and corporations that use copyrighted works in the training of their generative AI systems training datasets to submit a public notice with the Register of Copyrights.

In short, before you put that AI created material out there, you’ve got to pull back the veil and reveal where you scooped up the info and datasets from. Now, with its $5,000 civil penalty for violations, the bill doesn’t exactly hit the tech overlords and studios that hard where it counts.

However, with the fears and harsh realities that AI itself generates among below-the-line workers and creators, the fact is the introduction of the legislation alone sees Schiff tossing some blue meat to his base. In a Senate bid that is his to lose against a Republican challenger he promoted, Schiff, who is commonly known as the Congressman from Hollywood for the number of studios in and around his Burbank district, is putting an issue of vital importance to unions and guild members on the table.

The use and implications of AI was a very big part of last year’s strikes by the WGA and SAG-AFTRA. Despite the handwringing of those who predicted it would sink any deal, protections around AI for guild members ended up being a major part of the agreements the scribes and the actors came to with the studios and streamers.

Now with the long anticipated introduction of Schiff’s new bill , leadership is responding again.

“This bill is an important first step in addressing the unprecedented and unauthorized use of copyrighted materials to train generative AI systems,” states WGA West chief Meredith Stiehm. “Greater transparency and guardrails around AI are necessary to protect writers and other creators.”

Stiehm’s East Coast partner, WGA East president Lisa Takeuchi Cullen added: “The Generative AI Copyright Disclosure Act is an important piece of legislation that will ensure companies use this new and rapidly advancing technology in ethical and transparent ways. Given the scope and potential threat of AI, enforceable regulations are urgently needed to keep companies from implementing this technology in the shadows, without people’s consent or knowledge.”

Schiff’s bill follows up on the momentum began by President Biden’s Executive Order on AI from last October and the subsequent three-pillar strategy Vice President Kamala Harris and the administration rolled out late last month.

On a state level, there are two bills moving through the Assembly in Sacramento that also hope to curb AI’s reach and power, especially in relation to Hollywood.

Currently in the early stages of the legislative process, the SAG-AFTA backed and MPA opposed AB 2602 would cement protections for performers that digital recreations of them or their work could only be used with permission and compensation. Another bill, AB 1836, would put contextual and creatives limits on the AI or digital use of deceased performers, from a Sidney Poitier to a Marilyn Monroe, Elvis, a Heath Ledger and many more. At its core, AB 1836 would make use of a dead star’s likeness and performance only allowable if the 21st century use is within the context of what the performer actually did when they were alive – – AKA no Jane Wyman and Marilyn tag-team wrestling.

As Adam Schiff said today of the Generative AI Copyright Disclosure Act: “This is about respecting creativity in the age of AI and marrying technological progress with fairness.”