Women CEOs Outnumber Johns

Women CEOs Outnumber Johns

In 2015, an article in the New York Times highlighted the distinct absence of women at the helm of major U.S. companies, using a methodology that was, to say the least, out of the ordinary: at the time, there were fewer women CEOs of major companies in the country than men with the first name John.

In fact, there were four times as many men with the first names John, Robert, William and James as there were women.

Good news? Not anymore.

As Statista’s Anna Fleck reports, according to the U.S. financial group Bloomberg, which analyzed the CEOs of the S&P 500 companies, women outnumbered all male first names for the first time in 2017, but were tied with CEOs named James two years on. It was only last year, when ten new women joined the ranks of S&P 500 CEOs, that they widened the gap.

Infographic: Women CEOs Outnumber Johns | Statista

You will find more infographics at Statista

A small victory, then, for the place of women among top executives, but one that needs to be put into perspective, since there are still only 41 women in this position.

Tyler Durden
Tue, 02/27/2024 – 23:20

via ZeroHedge News https://ift.tt/vUqctrS Tyler Durden

Majority Of Americans Now Back Trump-Style Border Wall: Poll

Majority Of Americans Now Back Trump-Style Border Wall: Poll

Authored by Tom Ozimek via The Epoch Times (emphasis ours),

Illegal immigration has become a key concern of voters this election year, with a new poll showing that, for the first time in the survey’s history, a majority of Americans support building a wall along the U.S.–Mexico border.

President Donald Trump inspects border wall prototypes in San Diego on Mar. 13, 2018. (Mandel Ngan/AFP/Getty Images)

With record numbers of illegal immigrants pouring into the country, public concern about the border crisis is higher during President Joe Biden’s term than under the prior two administrations, according to a Monmouth University poll released on Feb. 26.

More than six in 10 Americans think illegal immigration is a “very serious” problem, a sharp increase from 2015 and 2019, when prior Monmouth polls found that 43 percent and 49 percent, respectively, held that view.

When adding people who think illegal immigration is a somewhat serious problem (23 percent), the percentage of Americans who are concerned about the border crisis stands at 84 percent.

“Illegal immigration has taken center stage as a defining issue this presidential election year,” Patrick Murray, director of the Monmouth University Polling Institute, said in a statement.

It’s estimated that more than 10 million illegal immigrants have crossed the border since President Biden took office.

Support Soars for Border Wall

Concern about illegal immigration is so high, in fact, that for the first time since Monmouth began asking Americans for their views on the matter in 2015, a majority (58 percent) of the public supports building a border wall.

Before the current poll, the highest percentage of Americans who supported a border wall was 48 percent (in 2015); the lowest was 35 percent (in 2017).

Another notable finding is that a strong majority (61 percent) of Americans say that immigrants seeking asylum at the border should be made to wait in Mexico while their claims are processed.

The border wall was former President Donald Trump’s signature project, and Republicans have credited his “Remain in Mexico” policy—a centerpiece of border enforcement during his tenure but canceled by President Biden—with reducing the influx of illegal immigrants into the country.

Roughly 450 miles of the larger border wall were built when President Trump was in office, a project that President Biden criticized. An internal Department of Homeland Security memo found that physical barriers are the most cost-effective tool to deter illegal border-crossing activity.

President Biden has taken a dim view of his predecessor’s vision for a grand barrier, pledging while still a presidential candidate in 2020 that there wouldn’t be “another foot of wall constructed” in his administration.

On the day he took office, President Biden issued a proclamation that rescinded the national emergency declaration that President Trump had relied on to divert some $10 billion from Pentagon coffers to border wall construction.

The Biden administration later quietly auctioned off millions of dollars of border wall materials, for which it faced sharp criticism from Republicans.

President Joe Biden delivers remarks on the reported death of Alexei Navalny from the Roosevelt Room of the White House, on Feb. 16, 2024. (Anna Moneymaker/Getty Images)

Although concern about illegal immigration has risen the most among Republicans (91 percent said it’s very serious), all voter groups have grown more worried about the border crisis, the Monmouth poll showed.

In a potential blow to President Biden’s chances at reelection, 58 percent of independents said illegal immigration is a very serious problem, up from a little more than 40 percent who said the same thing in 2015 and 2019.

State-Level Border Wall Efforts

Shortly after taking office, President Biden signed an executive order scrapping federal construction of the border wall.

In a proclamation on Jan. 20, 2021, he called the wall a “waste of money that diverts attention from genuine threats to our homeland security.”

Following President Biden’s decision to scrap the wall, Texas Gov. Greg Abbott, a Republican, announced he would seek funding for his state to build its own border barrier, which came as the influx of illegal immigrants into Texas swelled to near-record proportions.

In December 2021, Texas officially started building its own state-funded border wall. At the time, Mr. Abbott alleged that President Biden “refuses to enforce laws passed by Congress to secure the border and enforce immigration laws” and so “Texas is stepping up to do the federal government’s job.”

Texas Gov. Greg Abbott (C) speaks at a press conference at the state capitol in Austin, Texas, on June 16, 2021. (Mei Zhong/The Epoch Times)

Recently, South Dakota Gov. Kristi Noem ordered the state’s National Guard troops to help Texas with border wall construction.

The border in a warzone, so we’re sending soldiers,” Ms. Noem, a Republican, said in a Feb. 20 statement.

South Dakota was the first state to deploy National Guard troops in response to Texas Gov. Greg Abbott’s call 2 1/2 years ago for help securing the border.

In October 2023, the Biden administration waived 26 federal laws in south Texas to allow for the construction of another 20 miles of border wall.

At the time, President Biden explained that the reason for resuming border wall construction was that the money had already been appropriated and attempts to redirect the funds to other projects failed.

There’s nothing under the law other than they have to use the money for what it was appropriated for. I can’t stop that,” President Biden said at the time.

Asked by reporters whether he thought the border wall was effective, he replied, “No.”

Tyler Durden
Tue, 02/27/2024 – 23:00

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These Are The Median Down-Payments For A House In Each US State

These Are The Median Down-Payments For A House In Each US State

Since housing costs vary across U.S. states, so too does the income required to buy a house, and the down payment associated with the purchase.

But how much does the median value change per state?

Creator Julie Peasley, via Visual Capitalist, maps the median down payment on a single-family home by U.S. state, using data from Realtor.com, accessed through Bankrate, a publisher and rate comparison service focused on the banking industry.

Importantly, a “single-family home” is legally defined as a “structure used as a single-dwelling unit,” which includes:

  • No common walls
  • Built on its own parcel of land
  • Private entrance/exit
  • One set of utilities
  • Single kitchen

This means actual house square footage will vary within and across the states, affecting the median prices and down payments in this data.

The Data: Median Down Payments by State

The top three priciest places for down payments are tied for number one: Washington D.C.Florida, and Hawaii, at a whopping $98,670.

Rank U.S. State Median Down Payment Average Down
Payment Percentage
1 Florida $98,670 17.0%
2 Hawaii $98,670 17.0%
3 Washington, D.C. $98,670 20.9%
4 Washington $86,752 28.6%
5 California $84,244 18.4%
6 Massachusetts $79,206 18.9%
7 Colorado $75,304 18.5%
8 Montana $72,833 21.0%
9 New Jersey $71,547 18.0%
10 New Hampshire $71,500 20.0%
11 Idaho $64,985 20.2%
12 Oregon $55,015 17.3%
13 New York $50,843 17.0%
14 Vermont $48,534 17.5%
15 Connecticut $47,342 18.6%
16 Rhode Island $45,285 16.6%
17 Utah $43,488 16.4%
18 Delaware $40,412 17.0%
19 Minnesota $38,500 16.1%
20 South Dakota $37,630 16.8%
21 Georgia $35,572 15.9%
22 Arizona $34,072 15.4%
23 Nevada $33,306 15.0%
24 Wyoming $32,389 16.0%
25 North Carolina $31,867 14.5%
26 Virginia $29,704 13.5%
27 Nebraska $29,617 15.4%
28 Wisconsin $28,333 15.0%
29 Illinois $27,348 14.3%
30 Iowa $26,461 15.5%
31 Tennessee $25,969 14.6%
32 Maryland $25,723 11.9%
33 Pennsylvania $25,402 13.8%
34 North Dakota $24,543 15.0%
35 South Carolina $24,357 15.1%
36 Michigan $23,153 14.2%
37 Alaska $21,354 12.2%
38 Texas $18,780 12.2%
39 Kansas $18,325 13.1%
40 Missouri $17,832 12.9%
41 New Mexico $17,576 12.6%
42 Kentucky $17,548 13.4%
43 Maine $17,548 16.0%
44 Indiana $17,477 12.6%
45 Ohio $15,044 12.3%
46 Oklahoma $13,177 12.3%
47 Arkansas $11,996 11.8%
48 Alabama $8,788 10.7%
49 West Virginia $6,611 9.2%
50 Louisiana $6,470 9.2%
51 Mississippi $5,814 9.3%
N/A National $31,500 15.0%

Note: Current as of Q3, 2023.

Ranked 4th and 5th are Washington State and California, requiring median down payments in the mid-$80,000s.

Unsurprisingly the median down payment patterns follow how expensive housing is in that particular state, which in itself is a reflection of jobs, income, population, amenities, and the desirability of the location. By looking at the median, it also cuts out the “high end” that would skew the average (mean) payment higher.

At the bottom of the list, AlabamaWest VirginiaLouisiana, and Mississippi all average less than $10,000 in median down payments.

However looking at the percentage of the total value put down as a down payment in those states (10%) indicates homebuyers there tend to have longer repayment plans. This is in contrast to the median down payment in Washington, which is close to one-third of the total house value.

Work From Home and U.S. Real Estate

The U.S. housing market has seen quite an upheaval in the last few years. Between December 2019 and November 2021, house prices rose nearly 24%, the fastest rate on record. Research found that areas that were more exposed to remote work experienced higher price growth.

Following the trend of skyrocketing house prices, the national average for down payments has also more than doubled from $13,250 in Q1 2020 to $31,500 in Q3, 2023, per earlier linked Bankrate data.

Rents have also climbed significantly, pricing many young adults out of moving out of their parents homes, which in turn has fueled luxury spending with more disposable income.

On the other hand, the commercial real estate market has struggled with falling demand and higher interest rates, putting downward pressure on prices in the sector.

Tyler Durden
Tue, 02/27/2024 – 22:40

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Will New Gavin Newsom Recall Effort Backfire Again?

Will New Gavin Newsom Recall Effort Backfire Again?

Authored by Susan Crabtree viaRealClear Wire,

Conservative activists in California hope the seventh time is a charm when it comes to recalling Gavin Newsom. The governor, they say, is focused on serving as a top surrogate for President Biden and raising a national profile for his own presidential run while neglecting the state’s deep budget deficit, rising crime rate, persistent homelessness, and sky-high cost-of-living – factors driving an exodus of people and businesses to other states.

But their latest effort to oust Newsom after so many failed attempts isn’t stoking the same fears among Democrats as in the past, and even some Republicans are worried the partisan effort will blow up in their faces. It has the potential, some GOP operatives caution, to overshadow waning support for progressive policies in San Francisco and elsewhere while galvanizing Democrats and big donors behind the term-limited but politically ambitious governor.

Democrats argue that the latest recall effort is an obvious attempt to blunt presumed Newsom’s White House aspirations by showing that there’s a backlash against him resurfacing at home. But far from a big cloud hanging over his head, top California Democratic strategists are casting it as little more than an annoyance.

“I don’t think it even merits a cloud – maybe a little bit of fog or haze,” Steve Maviglio told RealClearPolitics Monday. Maviglio served as the press secretary for former California Gov. Gray Davis, a Democrat who, in 2003, became the state’s second top executive to be recalled.

Republicans are so outnumbered by Democrats in California that one of their only political weapons is a recall petition. “They can either howl at the moon, or they can file a recall petition – those are their two choices,” said Garry South, a longtime Democratic strategist who managed Davis’ successful campaigns in 1998 and 2002.

Some Republican political players across the state are also disheartened by the tired feel of the repeated long-shot effort. “I would much rather focus on the legislative and [federal and local] races where we could win, but they seem to want flashy politicking, not the hard work of retail politics,” one conservative activist told RCP.

The California Republican Party provided $125,000 for the 2021 recall effort but sidestepped questions on Monday about whether it would support it this year.

“We are eight days out from our March 5 primary and several weeks into pre-election voting,” California GOP Chairwoman Jessica Millan Patterson said in a statement. “While Gavin Newsom has been an absolute disaster for our state – from accruing a record $73 billion budget deficit to hosting the nation’s largest homeless population to flatlining the quality of our schools and allowing criminals to thrive – the CAGOP’s attention is on turning out the vote in the primary election and supporting our endorsed candidates who can fix our broken state.”

Newsom wasted no time connecting the recall to Trump, confidently predicting it would go down in flames.

“Trump Republicans are launching another wasteful recall campaign to distract us from the existential fight for democracy and reproductive freedom,” he tweeted Monday. “We will defeat them.”

Newsom triumphed over a 2021 recall that made it on the ballot and was organized by the same conservative activists. The first-term governor overwhelmingly defeated the effort to oust him after a jittery summer in which polls predicted the race as a dead heat. After Newsom was fortified by nearly $75 million in unlimited campaign donations from his committees and allies, he sailed to victory over Republican talk-radio host Larry Elder.

The deep blue state’s Democratic voters showed up for Newsom in droves, with 61.9% voting to keep Newsom and only 38.1% voting to remove him. It was essentially the same margin he won by in his first campaign for governor against businessman John Cox in 2018. After the failed recall, Newsom’s support dipped only slightly. He came back in 2022 to win a second term by 59.2% to 40.8% against state Senator Brian Dahle.

Newsom beat back the 2021 recall so strongly it only strengthened his reelection and bolstered his political ambitions, South argued. President Biden and Vice President Kamala Harris stumped with Newsom in the final days before the election. Former President Barack Obama cut a television ad, deeming the election a “matter of life and death” – the difference between “protecting kids from COVID or putting them at risk, helping Californians recover or taking them backward.”

Newsom hadn’t benefited from that level of Democratic star power since former President Bill Clinton flew in for a last-minute rally when polls showed his 2003 race for San Francisco mayor against a Green Party candidate much tighter than expected.

During his 2021 recall victory remarks, Newsom twice said he was “humbled” by the experience. But he also viewed the landslide as a validation of his strict COVID policies and efforts to lean into the country’s culture wars and hinted at his long-held White House ambitions.

“We are enjoying an overwhelming ‘no’ vote tonight here in the state of California,” Newsom told a crowd of cheering supporters gathered in Sacramento to view the recall returns. “But ‘no’ was not the only thing that was expressed tonight. I want to focus on what we said ‘yes’ to as a state. We said ‘yes’ to science, ‘yes’ to vaccines, we said ‘yes’ to ending the pandemic.”

“We said ‘yes’ to diversity, we said ‘yes’ to inclusion, we said ‘yes’ to pluralism,” he declared. “We said ‘yes’ to those things that we hold dear as Californians, and I would argue, as Americans.”

Recall organizers, led by Rescue California, acknowledge that Newsom was emboldened by beating the recall, but insist that it should have motivated him to focus his attention  on fixing California’s problems instead of skewering red states and serving as a star surrogate for Biden. Half the state’s voters seem to agree.

Last fall, when Newsom was amplifying his national profile, his standing among California voters hit an all-time low, with 49% disapproving of his job as governor, a UC Berkeley Institute of Governmental Studies/Los Angeles Times poll found. His approval rating in the late October poll fell to 44%, an 11-point slide from February when 55% of voters approved his performance.

“He’s using California taxpayer money to fly around the country and the world to support a national political agenda for president when he’s not even qualified, at this point, to run the state of California as the deficit numbers approach $100 billion,” Ann Dunsmore, Rescue California’s campaign director, told RCP.

Dunsmore also points out that Newsom will have little choice but to raise taxes to reduce the deficit because the state Constitution prohibits the government from declaring bankruptcy without voter approval. Right now, Newsom is backing a proposition calling for $6 billion in new spending to curb homelessness after the state has spent more than $20 billion on the issue during his time in office while the problem grew worse.

In early January, Newsom and Democrats who run the state legislature also ushered in new health insurance payments for all illegal immigrants. Newsom this week continued taking the fight to conservative states, unveiling a six-figure ad campaign and online petition effort in several Republican-controlled states that he said are trying to ban out-of-state travel for abortions and related medications. Newsom paid for the ads with a national political action committee he launched last year with $10 million from leftover state campaign funds.

Crime and cost of living are driving more and more businesses from the state, Dunsmore said, “and now Newsom’s coming out with an abortion ad?”

Right now, people are trying to make ends meet, and it’s getting worse, not better,” she said. “Our tax base is gone. Just how out of touch is he?”

Recall petitions can be launched easily in California, but they face formidable hurdles. This one would require signatures equal to 12% of the turnout in the last election – roughly 1.31 million verified signatures.

Dunsmore won’t say how much Rescue California, which successfully led the effort to recall Davis in 2003, plans to spend on the effort. The 2021 recall required 1.5 million signatures, which it exceeded by 126,000. It cost organizers roughly $8 million, a fraction of the $78 million Newsom amassed to fight it.

This year, however, Dunsmore says they don’t plan to use costly paid signature-gatherers posted outside shopping centers. Instead, she said her organization and its partners already have the infrastructure in place – supporters’ physical addresses and emails – from the last effort.

Garry South, however, cautions that the 2021 recall only went forward after an unprecedented four-month extension for signature-gathering. A judge appointed by GOP Gov. Arnold Schwarzenegger approved the rare extension to compensate for COVID lockdowns when signature-gathering was far more difficult.

“That’s never happened before in a recall election in California,” South said, adding that there’s “no way” recall organizers will amass the required signatures with an all-volunteer effort.

The 2003 recall effort against Gov. Gray Davis got a boost when wealthy GOP Rep. Darrell Issa poured $2 million of his own money into signature-gathering efforts because he was aiming to become governor. But Schwarzenegger, a blockbuster Hollywood actor, stepped into the race and won it, thwarting Issa’s political ambitions.

Even Davis’ low poll numbers didn’t stop him from winning election in 2002. On Election Day in 2002, South recalls that Davis’ approval rating was only 22%, and he still won with 47.4% of the vote to the GOP candidate Bill Simon’s 42.4%.

“Newsom beat the recall with nearly 62% of the vote and then was reelected to a second term with 59%,” South said. “Those are not the metrics of someone who is going to be recalled.”

Susan Crabtree is RealClearPolitics’ national political correspondent.

Tyler Durden
Tue, 02/27/2024 – 22:20

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Yen Doesn’t Buy The BOJ Narrative Just Yet, But It Will

Yen Doesn’t Buy The BOJ Narrative Just Yet, But It Will

By Ven Ram, Bloomberg markets live reporter and strategist

There seems to be growing conviction that Japan will exit negative rates in possibly just a couple of months, though the currency markets are underpricing that prospect.

Earlier Tuesday, data for January inflation showed not only faster-than-forecast headline numbers but also a core-core reading above 3% for a 13th straight month. The prints may convince the Bank of Japan that the sustainable inflation that it has long sought is here. Little wonder that overnight indexed swaps, which were assigning some 60% chance of a 10-basis point move from the BOJ in April, now reckon the probability is more like 80%.

The yen, though, hasn’t come to the party at all. Since the start of the year, the currency has slumped more than 6% against the dollar. That decline isn’t what is indicated by fundamentals, with the yen’s weakness looking completely out of sync with what ought to have happened.

A major part of what has happened with the yen is actually a dollar story. Fed fund futures, which were pricing a little more than three interest-rate cuts from the US central bank by June, are now wondering if policymakers will even deliver a single reduction by then. That has pushed up nominal and inflation-adjusted rates, sending the dollar far higher than reckoned.
 
There is also seasonality at play. The yen has weakened in four of the past five first quarters, except when the pandemic first struck the markets in 2020 and spurred investors to scramble for havens.
 
The Japanese currency is exceptionally undervalued at current levels, with its real-effective exchange rate near the cheapest it has ever been in history. Once the BOJ exits negative rates, expectations are that it will raise rates further and buoy the yen, although Japan won’t see any tightening anywhere on the scale that we have seen in in the other major economies as colleague Mark Cranfield notes.
 
The tide will turn decisively in favor of the yen whenever it becomes abundantly clear that inflation in the US is slowing to a crawl — allowing the Fed to cut rates as outlined in its December dot plot.

Tyler Durden
Tue, 02/27/2024 – 22:00

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The General Election Begins: Gingrich

The General Election Begins: Gingrich

Authored by Newt Gingrich via RealClear Wire,

The New York Times called President Donald Trump’s victory in South Carolina on Saturday a “crushing home state loss” for former South Carolina Gov. Nikki Haley.

For once, the New York Times was right. A 59.8 percent to 39.5 percent popular vote victory (and a 47 to three delegate count) is crushing.

In the first five primary contests, President Trump has won 110 delegates and Haley has won 20. Importantly, these were her best states. If she can’t beat Trump in Iowa, New Hampshire, or South Carolina, she can’t beat him anywhere.

The Koch fundraising system apparently reached the same conclusion and announced Sunday it was no longer going to fund the Haley campaign.

The best thing Haley could do is gracefully drop out and endorse Trump as preferable to Biden. The longer she stays in the race, the more she will alienate most Republicans.

Any notion that she is staying in so the party could turn to her if something happened to President Trump is delusional. In Nevada, Haley lost by 63.2 percent to 30.7 percent to “None of these candidates” (a term Nevada permits). If anything happened to President Trump, there is no possibility the delegates would turn to Haley. They would back virtually anyone against the anti-Trump candidate.

Every day she stays in the race makes Trump’s supporters more hostile toward her. Haley is also an impossible choice for the No Labels ticket because she has alienated so many Republicans.

So, the time has come to focus on the general election.

Gallup’s recent polls set the stage for a Joe Biden defeat comparable to the repudiation of President Jimmy Carter in 1980 (when Ronald Reagan won the largest electoral majority against an incumbent president in American history).

Consider the hole the Biden presidency is in according to Gallup.

Only 38 percent approve of the job President Biden is doing, and 59 percent disapprove. Only 40 percent approve of his effort to help Ukraine, while 53 percent disapprove. The Biden administration’s economic program (so-called Bidenomics) is at 36 percent approval. Sixty-one percent disapprove of it. On foreign affairs in general, Biden is at 33 percent approval and 62 percent disapproval. On his handling of the Middle East – and especially the Israeli-Palestinian war – 30 percent approve to 62 percent disapprove. Finally, on immigration, only 28 percent approve of his performance and 67 percent disapprove (and this was before Venezuelan illegal immigrant Jose Antonio Ibarra was charged with killing nursing student Laken Riley at the University of Georgia).

When your basic support on performance runs from 28 percent to 40 percent – and your disapproval runs from 53 percent to 67 percent – you are a candidate in deep trouble. It is going to take a lot more than good advertising for Biden to get re-elected.

The collapse in support for President Biden’s policies is reflected in other national polling data. According to the Real Clear Politics average, President Trump leads 46.7 percent to 44.8 percent. If there are five candidates splitting the vote, President Trump leads with 41.5 percent while President Biden drops to 36.8 percent.

Key swing states reflect the same advantage for President Trump.

  • Michigan is Trump 46.7 percent to Biden 42.1 percent (Trump up by 4.6 percent).
  • Georgia is Trump 48.5 percent to Biden 41.7 percent (a 6.8 Trump advantage leaving no margin for manipulation by Fani Willis’ friends).
  • Nevada is Trump 48.7 percent to Biden 40.3 percent (Trump by 8.4 percent).
  • Arizona is Trump 47 percent to Biden 42.3 percent (Trump by 4.7).

Every indicator points to the opportunity for President Trump to win by a margin big enough to help elect a Republican Senate and expand the Republican majority in the House.

Of course, if Biden collapses (as President Carter or Sen. George McGovern did) 2024 could turn into a rout of historic proportions.

The next stage will be for President Trump to campaign in all 50 states – and in every major city. There is a real opportunity to offer a vision of a dramatically better future for all Americans.

Just as candidate Reagan had a handful of themes in 1980, President Trump can focus on safety, prosperity, affordability, and American patriotism to build a huge majority.

Americans want to be safe at home and abroad. Biden is failing on both fronts.

Americans want an economy that is prosperous and affordable. Biden is failing on both fronts.

Most Americans want a restored and reinvigorated American patriotism. Biden’s attitudes and policies reflect opposite values.

The left knows it is in deep trouble and may not be able to defeat President Trump. That is why the liberal elites are destroying the rule of law and replacing it with a level of judicial corruption unlike anything we have ever seen in America.

However, the effort to destroy Trump through judicial warfare is becoming grotesque, unreasonable, and indefensible. It may end up helping Trump and hurting Biden.

If every citizen votes, this will be an historic moment in America – and could renew our civilization for a generation. If not, America could have a hard road ahead.

For more commentary from Newt Gingrich, visit Gingrich360.com. Also, subscribe to the Newt’s World podcast.

Tyler Durden
Tue, 02/27/2024 – 21:40

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OPEC+ Could Extend Oil Output Cuts Through Year End

OPEC+ Could Extend Oil Output Cuts Through Year End

By Julianne Geiger of OilPrice.com

OPEC+’s voluntary production cuts that were set to expire at the end of the first quarter could be extended through the end of the year, three OPEC+ sources told Reuters on Tuesday.

Crude oil prices jumped with the news from three anonymous OPEC+ sources who spoke to Reuters, indicating that OPEC+ was considering an extension of its voluntary production cuts into the second quarter to lend further support to the market. What’s more, the sources suggested that the group could keep the voluntary cuts in place through the end of this year.

In fact, one of the OPEC+ sources said that the cut extension into the second quarter was “likely”.

Neither OPEC nor Saudi Arabia’s Energy Ministry responded to Reuters’ request for comments.

Oil prices were trading up more than 1% on the news in afternoon trading. But the oil industry was largely already betting on OPEC+ extending its oil production cuts beyond the first quarter and into the next, a Bloomberg survey showed last Friday. The anonymous survey predicted. According to industry watchers, OPEC+ would be forced to keep the oil off the market, with supply continuing to exceed demand. “OPEC+ have no choice but to extend the current cuts in order to avoid a meltdown,” Tamas Varga, analyst at PVM Oil Associates Ltd, said last week.

OPEC+ members collectively decided to voluntarily cut 2.2 million bpd from the group’s production this quarter, although much of that was production cuts that were already in effect, including Saudi Arabia’s 1 million bpd voluntary cut. Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, has always left the door open to extending the cuts, saying as far back as December that the production cuts could extend beyond March should the market require it.

Tyler Durden
Tue, 02/27/2024 – 21:18

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We’re Gonna Need Another Pandemic!!

We’re Gonna Need Another Pandemic!!

Zoom Video Communications, the company that rose to fame during the early days of the pandemic, ended fiscal 2024 on a strong note, reporting results for its fourth fiscal quarter ended January 31 that beat analyst expectations on the top and bottom line. Adjusted earnings per share were up 16 percent year-over-year while total revenue and enterprise revenue increased 3 and 5 percent, respectively. That’s still a far cry from the growth figures Zoom posted during the pandemic, when the company saw its revenue grow manifold in a matter of months. The end of working-from-home requirements and subsequent return to offices as well as stiff competition from Microsoft Teams, Cisco’s Webex and Salesforce’s Slack have brought the former pandemic high-flyer back to earth.

However, as Statista’s Felx Richter details below, Zoom isn’t the only pandemic winner struggling to maintain its momentum in the post-pandemic world. Other companies that soared under the special circumstances created by Covid-19 have also come crashing down over the past two years, as normal life gradually returned. Home fitness company Peloton and DIY marketplace Etsy, which profited from a large volume of mask sales on its platform during the pandemic, are two such examples, along with vaccine maker Moderna and DocuSign, a company that allows companies to manage agreements electronically.

Infographic: Pandemic Winners Struggle in the Post-Pandemic World | Statista

You will find more infographics at Statista

As the chart above shows, all of these companies saw their stock price surge during the Covid crisis, but all of them have fallen more than 75 percent from their peak pandemic valuation.

$1,000 invested in Moderna shares on March 11, 2020, the day the WHO declared the Covid-19 outbreak a pandemic, would have appreciated to more than $20,000 by August 2021 and would still be worth almost $4,000 today.

Investors who bought shares of DocuSign, Zoom or Peloton at the onset of the pandemic and held on to them until now are suffering from a severe pandemic hangover, though, as the shares of these companies are now worth (significantly) less than they were in March 2020.

“We’re gonna need bigger pandemic!!”

Tyler Durden
Tue, 02/27/2024 – 21:20

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Argentina Oil Provinces Rebel Against Milei’s Austerity Plan

Argentina Oil Provinces Rebel Against Milei’s Austerity Plan

By Charles Kennedy of OilPrice.com

Argentina’s oil-producing provinces have threatened to cut off oil supply to the rest of the country if the government of Javier Milei goes through with plans to withhold billions in federal tax revenues.

“Not a drop of oil will come out on Wednesday if they don’t respect the provinces once and for all and take their foot off our back,” the governor of the southern Chubut province, Ignacio Torres, told a local TV channel, as quoted by AFP.

The central government wants to withhold the equivalent of some $15.3 million from Chubut as a way of collecting on unpaid debt from that and 10 other provinces, as explained by Economy Minister Luis Caputo.

In response to the threat, the Argentinian president took to X to slam the governor of Chubut and his peers for being “fiscal degenerates”. The spat prompted a local analyst to issue a warning that the president might have bitten off a larger piece than he could chew.

“There is a rebellion in the provinces, and a mistaken assessment by Milei about the level of conflict,” Artemio Lopez told AFP. He went on to explain that it was one thing for the president to lock horns with an unpopular parliament but provincial governors were a different sort of opponent.

“Most of them got a higher percentage of the vote than he did in the last election,” the analyst said.

 Patagonia, in the southern part of Argentina, is the home of most of the country’s oil production, present and future. The Vaca Muerta shale play—the second largest in the world—is in the northern part of that region but state-owned YPF recently announced a shale oil and gas discovery in Chubut, which is about 1,000 miles south of the Vaca Muerta formation.

At the moment, the Vaca Muerta accounts for about two-thirds of Argentina’s oil production. Investments in the play last year were expected to top $10.7 billion, which was an 18% increase from 2022.

Tyler Durden
Tue, 02/27/2024 – 21:00

via ZeroHedge News https://ift.tt/Eb0PMUG Tyler Durden

Mapping All Of 2024’s Global Elections

Mapping All Of 2024’s Global Elections

With almost half of the world’s population residing in countries holding executive or legislative elections in 2024, it’s set to be the busiest election year ever recorded.

This visualization, via Visual Capitalist’s Niccolo Conte, uses collated 2024 global elections data from our 2024 Global Forecast Series as well as from Time, while country populations are taken from Worldometer as of January 2024.

Countries Holding 2024 Elections Around the World

Many people are already aware of the U.S. presidential and legislative elections set to be held on November 5th, especially due to American influence on the global political stage and media coverage.

But two governments affecting larger populations, India and the European Union, are also slated to have elections in 2024.

Below, we sort the countries expected to hold elections in 2024 by population (countries with no set election date yet have been marked “N/A”):

Country Election Date Type Population
🇮🇳 India N/A Legislative 1,428,627,663
🇪🇺 European Union 6/6/2024 Legislative 448,387,872
🇺🇸 United States 11/5/2024 Executive & Legislative 339,996,563
🇮🇩 Indonesia 2/14/2024 Executive & Legislative 277,534,122
🇵🇰 Pakistan 2/8/2024 Legislative 240,485,658
🇧🇩 Bangladesh 1/7/2024 Legislative 172,954,319
🇷🇺 Russia 3/15/2024 Executive 144,444,359
🇲🇽 Mexico 6/2/2024 Executive & Legislative 128,455,567
🇮🇷 Iran 3/1/2024 Legislative 89,172,767
🇬🇧 UK N/A Legislative 67,736,802
🇿🇦 South Africa 5/29/2024 Legislative 60,414,495
🇰🇷 South Korea 4/10/2024 Legislative 51,784,059
🇩🇿 Algeria N/A Executive 45,606,480
🇺🇦 Ukraine 3/31/2024 Executive 36,744,634
🇺🇿 Uzbekistan N/A Legislative 35,163,944
🇬🇭 Ghana 12/7/2024 Executive & Legislative 34,121,985
🇲🇿 Mozambique 10/9/2024 Executive & Legislative 33,897,354
🇲🇬 Madagascar N/A Legislative 30,325,732
🇻🇪 Venezuela N/A Executive 28,838,499
🇰🇵 North Korea N/A Legislative 26,160,821
🇹🇼 Taiwan 1/13/2024 Executive & Legislative 23,923,276
🇲🇱 Mali N/A Executive 23,293,698
🇸🇾 Syria N/A Legislative 23,227,014
🇱🇰 Sri Lanka N/A Executive & Legislative 21,893,579
🇷🇴 Romania N/A Executive & Legislative 19,892,812
🇹🇩 Chad N/A Executive 18,278,568
🇸🇳 Senegal 12/15/2024 Executive 17,763,163
🇰🇭 Cambodia 2/25/2024 Legislative 16,944,826
🇷🇼 Rwanda 7/15/2024 Executive & Legislative 14,094,683
🇹🇳 Tunisia N/A Executive 12,458,223
🇧🇪 Belgium 6/9/2024 Legislative 11,686,140
🇯🇴 Jordan N/A Legislative 11,337,052
🇩🇴 Dominican Republic 5/19/2024 Executive & Legislative 11,332,972
🇸🇸 South Sudan N/A Executive & Legislative 11,088,796
🇨🇿 Czechia N/A Legislative 10,495,295
🇦🇿 Azerbaijan 2/7/2024 Executive 10,412,651
🇵🇹 Portugal 3/10/2024 Legislative 10,247,605
🇧🇾 Belarus 2/25/2024 Legislative 9,498,238
🇹🇬 Togo 4/20/2024 Legislative 9,053,799
🇦🇹 Austria N/A Legislative 8,958,960
🇸🇻 El Salvador 2/4/2024 Executive & Legislative 6,364,943
🇸🇰 Slovakia 3/23/2024 Executive 5,795,199
🇫🇮 Finland 1/28/2024 Executive 5,545,475
🇲🇷 Mauritania 6/22/2024 Executive 4,862,989
🇵🇦 Panama 5/5/2024 Executive & Legislative 4,468,087
🇭🇷 Croatia 9/22/2024 Executive & Legislative 4,008,617
🇬🇪 Georgia 10/26/2024 Executive & Legislative 3,728,282
🇲🇳 Mongolia 6/28/2024 Legislative 3,447,157
🇲🇩 Moldova N/A Executive 3,435,931
🇺🇾 Uruguay 10/27/2024 Executive & Legislative 3,423,108
🇱🇹 Lithuania 5/12/2024 Executive & Legislative 2,718,352
🇧🇼 Botswana N/A Legislative 2,675,352
🇳🇦 Namibia N/A Executive & Legislative 2,604,172
🇬🇼 Guinea Bissau N/A Executive 2,150,842
🇲🇰 North Macedonia 5/8/2024 Executive & Legislative 2,085,679
🇲🇺 Mauritius 11/30/2024 Legislative 1300557
🇰🇲 Comoros 1/14/2024 Executive 852,075
🇧🇹 Bhutan 1/9/2024 Legislative 787,424
🇸🇧 Solomon Islands 4/17/2024 Legislative 740,424
🇲🇻 Maldives 3/17/2024 Legislative 521,021
🇮🇸 Iceland 6/1/2024 Executive 375,318
🇰🇮 Kiribati N/A Executive & Legislative 133,515
🇸🇲 San Marino N/A Legislative 33,642
🇵🇼 Palau 11/12/2024 Executive & Legislative 18,058
🇹🇻 Tuvalu 1/26/2024 Legislative 11,396

A few notable elections have already occurred. Taiwan held general elections on January 13th, with the more anti-China Democratic Progressive Party retaining the presidency but losing its majority in the legislature.

Pakistan also held elections on February 8th, with former Prime Minster Imran Khan’s party and affiliates winning a plurality of seats but losing power to a military-backed coalition.

Pakistan’s election results were cast into doubt by foreign observers and media, with Khan having been arrested and sentenced to prison on corruption charges. It is far from the only country holding controversial and potentially undemocratic elections in 2024.

Bangladesh’s landslide January 7th elections were boycotted by the opposition and voters, and Russia’s March 15th elections had three anti-war presidential candidates barred from competing, including Alexei Navalny before his controversial death in February.

Tyler Durden
Tue, 02/27/2024 – 20:40

via ZeroHedge News https://ift.tt/vA8lQqZ Tyler Durden