financializer news A weblog highlighting financial topics making news in the international media.

customers: The pressure of daily targets meant compliance officers often bent the rules regarding contacting customers before debts were raised, former staff members claimed.9News has spoken to three former compliance officers who have blown the whistle on what it was like to work as contractors for Centrelink in their debt recovery teams across the country, according to Nine News Australia. Queensland man took own life after learning of Centrelink debt, mum says Robo-debt is Centrelink's automated debt-raising system, which matches yearly income data from the Australian Tax Office ATO with welfare payments made in fortnightly periods, often, critics say, with inaccurate results. To improve your experience update it What happens inside Centrelink's 'toxic' debt recovery offices By Emily McPherson4 35pm Aug 9, employees who worked for Centrelink in executing its controversial robo-debt scheme have claimed they were publicly ranked against each other on staffroom whiteboards according to how many debts they raised. When the system was rolled out by the Department of Human Services in 2016, it faced a huge public backlash. Related Articles'How is this still happening ' Family of man who took his own life over incorrect debt speaks out Welfare crackdown Majority of job-seekers lose pay over missed meetings Queensland man took his own life after learning of Centrelink debt, mum says The department hires contractors through two main recruitment companies Chandler Mac Leod and Adecco to carry out this part of the debt raising process. After recommendations from an ombudsman's review, the department was forced to add another human step in the debt raising process where staff attempt to make contact with the customer and give them an opportunity to prove they don't owe the debt with payslips or bank statements. (news.financializer.com). As reported in the news.

chinese: The losses came after the United States moved forward with a ban that restricts federal purchases from five Chinese tech companies, including Huawei and ZTE, in an escalating confrontation between the two countries, according to CNN. China's Ministry of Foreign Affairs slammed the decision on Thursday, calling it discriminatory and unfair and vowing to take all necessary steps to protect legitimate interests of Chinese companies. ZTE ZTCOF led the way with a nearly 8% drop. Fears have escalated and investors worry the trade confrontations are getting increasingly worse, said Mark Huang, an analyst at Bright Smart Securities in Hong Kong. Read More China's Shanghai Composite Index SHCOMP erased earlier gains and dropped 0.7%. Hong Kong's Hang Seng Index HSI fell 0.7%. But other Asian markets rose slightly, continuing to recover their losses from earlier this week. Also weighing on tech shares was a report from Bloomberg that said the White House plans to delay a decision on granting licenses that would allow US companies to continue selling some technology to Huawei. (news.financializer.com). As reported in the news.

engineering: The rescue package will include beefed-up grants, indemnities and loans that could be worth as much as 300m, according to sources quoted by Sky News, according to The Guardian. A Turkish pension fund is considered to be the frontrunner to takeover the company's main plant in Scunthorpe and subsidiaries across Teesside, although a consortium which includes a leading civil engineering firm working in west Africa is also in the running after making a late bid. It is understood that the Department for Business, Energy and Industrial Strategy BEIS has agreed to substantially increase support to bidders for British Steel, which employs more than 4,000 people, after months of wrangling following the company's collapse into administration. Despite the late interest from elsewhere, the business secretary, Andrea Leadsom, is expected to approve exclusive talks with Ataer Holdings, a subsidiary of the Turkish military pension scheme Oyak. Ataer is believed to be the frontrunner after it committed to keeping all parts of the steel company together. An announcement that Ataer has won preferred bidder status could be made by the government's official receiver David Chapman and EY, which is managing the sale, as early as next week. (news.financializer.com). As reported in the news.

housing market: The depreciation of the Australian dollar, a brighter outlook for mining investment and some stabilisation in the housing market have also been helpful, Dr Lowe has told a hearing in Canberra, according to Nine News Australia. Philip Lowe said the possibility of lower interest rates remains on the table while inflation is well below the RBA's target band and there is slack in the jobs market. To improve your experience update it economy may have reached a 'gentle turning point'By AAP11 38am Aug 9, economy may have reached a gentle turning point on the back of lower interest rates and recent tax cuts, Reserve Bank of Australia Governor Philip Lowe says. AAP There are signs the economy may have reached a gentle turning point, he told the federal parliament's economics committee on Friday. The optimistic sentiment comes despite the central bank this week revising down its growth forecast for 2019, from 2.75 per cent to 2.5 per cent. Consistent with this, we are expecting the quarterly GDP growth outcomes to strengthen gradually after a run of disappointing numbers. (news.financializer.com). As reported in the news.

end: It was a fitting end to a wild week where markets zoomed down, up and down again as investors recalibrated by the minute how much the tensions will hurt the global economy, according to Nine News Australia. The S&P 500 dropped as much as 1.3 percent today after Mr Trump said that it would be fine if a meeting on trade with China next month doesn't happen, before nearly eliminating the loss. To improve your experience update it here News World Stocks fall again on US-China trade war worries following wild week By Associated Press8 14am Aug 10, stumbled today as worries flared yet again that President Donald Trump's trade war with China may be worsening. Stocks stumbled today as worries flared yet again that President Donald Trump's trade war with China may be worsening. The Dow Jones Industrial Average fell 90.75, or 0.3 percent, to 26,287.44, and the Nasdaq lost 80.02, or one percent, to 7,959.14. AP It dropped again in the final minutes of trading and ended the day at 2918.65, down 19.44 points, or 0.7 percent. (news.financializer.com). As reported in the news.

gr ie: Spain's GDP was 0.5 per cent higher than in the first three months of the year and Italy's was flat, according to The Independent. The latest euro zone data does not include full statistics for Germany, the area's largest economy, as the country's GDP estimate is not due until next week. The UK economy shrank by 0.2 per cent in the second quarter, while output in the area using the euro rose 0.2 per cent. ISOCountry Groups euro at be cy ee fi fr de gr ie it lv lt lu mc mt nl pt sk si sm es va uk gb us us variants 1 33.4, 2 33.3, 3 33.3 We'll tell you what's true. From 15p 0.18 0.18 USD 0.27 a day, more exclusives, analysis and extras. You can form your own view. (news.financializer.com). As reported in the news.

hong: Photo AP Hong Kong is now facing a situation more serious than SARS epidemic and previous financial crises, warned Hong Kong Chief Executive Carrie Lam on Friday, and she called on society to stop the violence and restore Hong Kong's plummeting economy, which was hit by economic tsunami, according to Global Times China. Lam made the remarks at a news conference Friday after she met 33 representatives from tourism, retail, finance, banking and other industries. The violence and radical behavior of protesters was widely condemned. Hong Kong is facing problems from inside and outside, including the trade war between China and the US, and the recent political clashes in this region, said Lam, noting that the impact on the region's economy won't be short-term. Small and medium-sized businesses have suffered a 30 percent drop, which is the result of months-long protests, Joe Chau Kwok-ming, president of the Hong Kong General Chamber of Small and Medium Business, said at the press conference. Export enterprises face difficulties after the China-US trade war. (news.financializer.com). As reported in the news.

market volatility: Interest rate expectations have gone down materially this year, contributing to a notable shift in investor sentiment and material outflows from loan retail funds, wrote Barings' Thomas McDonnell, a high-yield portfolio manager, in a post Friday, according to Market Watch. But in a somewhat contrarian view to what's happening in the market there is a good argument for investing in loans, particularly in the U.S., where the economy appears to be marginally stronger than in Europe. But Barings, an investment arm of Massachusetts Mutual Life, said on Friday that now actually might be the right time for to buy loans to debt-laden American companies, even as other investors head for the exits. Broad market volatility this week, stoked by another flair up of U.S.-China trade war tensions, caused stocks on Monday to suffer their biggest one-day decline of 2019, with the Dow Jones Industrial Average DJIA, -0.34% shedding almost 770 points, the S&P 500 index SPX, -0.66% losing 87 points and the Nasdaq Composite Index COMP, -1.00% falling 278 points. The Dow later erased a near 300-point drop in afternoon trade and turned positive. Jitters remained throughout the week and spiked again on Friday, after President Donald Trump said that planned trade talks for September with China could be cancelled. (news.financializer.com). As reported in the news.

news conference: On Wednesday the company said it had agreed to an 80 billion capital injection from China's Harvest Tech Investment Management Co. and Hong Kong's Oasis Management Co., as well as financial support from major client Apple Inc, according to The Japan Times. But it canceled a joint news conference with its Chinese backers scheduled for Friday at which they were expected to announce the details of the bailout. The company also posted an operating loss of 27.48 billion on sales of 90.42 billion for the first quarter, down 12.5 percent from a year earlier. ; Japan Display's capital adequacy ratio stood at minus 19.3 percent at the end of June. The deadline for the capital injection has been extended to Aug. 28 next year instead of Dec. 30 because it might take some time to win the approvals necessary for the bailout plan from authorities in Japan and China. For the fiscal year ended March, Japan Display incurred a fifth consecutive group net loss on declining demand from Apple. The rescue plan was created after Taiwanese panel maker TPK Holding Co. and Taiwanese private equity fund CGL group withdrew plans for throwing the company a lifeline following months of negotiations. (news.financializer.com). As reported in the news.

wall street: How did benchmarks perform The Dow Jones Industrial Average DJIA, -0.34% closed 90.75 points, or 0.3%, lower at 26,287.44, with the index turning positive at one point during the session, erasing a roughly 280-point decline, according to Market Watch. The S&P 500 index SPX, -0.66% slipped 19.44 points, or 0.7%, to end at 2,918.65. However, equity indexes managed to claw back most of the sharp losses that commenced a turbulent five-day stretch for Wall Street. Meanwhile, the tech-heavy Nasdaq Composite Index COMP, -1.00% declined 1% to 7,959.14, off 80.02 points. For the week, the Nasdaq lost 0.6%, the S&P 500 lost 0.5%, while the Dow ended the week off 0.8%. What's driving the market Trump told reporters on Friday that things are going very well with China but said he's not ready to make a deal. All three benchmarks suffered declines of at least 1% at Friday's nadir. (news.financializer.com). As reported in the news.

kashmir: The two neighbors have fought numerous times over Kashmir, and the region has been the focus of periodic conflict for almost 70 years, according to CNN. In the run-up to the revocation of Article 370 of the Indian constitution, which gave the state of Jammu and Kashmir broad autonomy in setting its own law, except in a limited set of policy areas such as defence and foreign affairs, India sent tens of thousands of additional troops into the state and cut off all internet and phone services. An almost complete communications blackout has been imposed in Indian-controlled Kashmir, after the government in Delhi moved to scrap the region's special status, sparking an angry response from Pakistan. Broadband, mobile internet, text messaging and phone service have all been affected, with residents reduced to digging out old radio sets to tune into the news. A large-scale communication disruption at such a crucial time for Kashmir is an egregious violation of citizens' rights to information from a free press, Aliya Iftikhar, a senior researcher with the Committee to Protect Journalists, said in a statement. Politicians have reportedly been detained, journalists restricted in their reporting and human rights groups have warned of potential abuses due to the lack of international oversight enabled by the communications blackout. (news.financializer.com). As reported in the news.

: Here's what you need to know as you start your Friday... McConnell Background checks and red flag' laws may be on Senate's agenda in the fall After several calls to bring the Senate back from recess to consider gun violence legislation following last weekend's mass shootings in El Paso, Texas, and Dayton, Ohio, Senate Majority Leader Mitch McConnell says he and President Trump are considering several options, including background checks, and are anxious for an outcome when lawmakers return to Capitol Hill in the fall, according to MSNBC. McConnell won't cut short the Senate vacation, as some lawmakers and 2020 presidential candidates have asked. All market data delayed 20 News First Published 1 day ago Gun background checks, 'red flag' laws may be on Senate agenda in the fall, Mitch McConnell says Fox morning and welcome to Fox News First. Video But he told a Kentucky radio station Thursday that Trump called him and they discussed several ideas, including background checks and red flag laws that allow authorities to seize firearms from someone deemed a threat to themselves or others. VideoFBI kept using Steele dossier for FISA applications despite documenting ex-spy's bias, documents show The FBI continued to use British ex-spy Christopher Steele's unverified Trump dossier in multiple Foreign Intelligence Surveillance Act FISA court warrant application renewals, even after the bureau formally documented Steele's anti-Trump bias following the 2016 presidential election, records obtained by Fox News show. The president, he said, is anxious to get an outcome and so am I. Rush Limbaugh, meanwhile, has urged Trump not to trust Democrats to come to any compromise. (news.financializer.com). As reported in the news.

news corp: Dull, predictable, too rightwing' former editor of the Australian lets rip Weekly Beast Read more Across the news part of the group, advertising revenue fell and subscription revenue was flat as the company struggled against currency movements that have made its non-US businesses less lucrative, according to The Guardian. News Corp said a 3%, or US 163m, fall in revenue at its news division, which includes its papers and websites in Australia and the UK, was largely driven by declines in the Australian dollar and UK pound. But results released on Friday show that overall the globe-spanning media empire returned to the black in the year to the end of June, declaring a profit of US 155m A 228m . This followed a loss of about US 1.5bn in 2018, due mainly to News Corp taking full control of the struggling Foxtel by buying out Telstra. Revenue at News UK, which includes the Sun and the Times, fell 4%. The mood was grimmer in the last three months of the financial year News Corp Australia revenue slid 7% and News UK revenue was down 10%. In an effort to cut costs, News Corp made several staff across editorial and other divisions at its Australian tabloids redundant in the run-up to June 30. Advertising revenues declined 8% compared to the prior year, of which 18m, or 2%, was related to the negative impact from foreign currency fluctuations, the company told the stock exchange. It did not mention the job cuts in its results announcement, but said News Corp Australia made a higher contribution to profits. (news.financializer.com). As reported in the news.

production targets: Schoolchildren in China have been recruited to work in factories to produce Amazon's Alexa devices as part of an often illegal attempt to meet exacting production targets for the smart-speaker products, the Guardian can reveal, according to The Guardian. Interviews with children and leaked documents from Amazon's Chinese supplier, Foxconn, show that some youngsters have been asked to work nights and overtime in the factory in Hengyang in breach of Chinese labour laws. I'm Martin Farrer and it's my pleasure to bring you the top stories to help you through the last day of the working week. The children have been drafted in from local schools and classed as interns with teachers paid to accompany them to work and pressurise their pupils to take on extra work in return for improved employment prospects at the factory. I had no choice, I could only endure this, she says. One pupil said she worked up to 10 hours a day in sweltering conditions. (news.financializer.com). As reported in the news.

supporters: Worse than that, it renders them unacceptable to embrace in any polite, enlightened, tolerant society, according to MSNBC. You see where this logic leads. And that makes his supporters all of them, not just many of them as Hillary Clinton claimed deplorable. If Trump is a white supremacist, and his supporters are all therefore supporters of white supremacism, and they therefore need to be viewed as dark influences within American society, then you can't exactly be paying them money now, can you Buying things from the KKK booth at the farmer's market doesn't go over well in Bushwick, even if they do sell the best heirloom tomatoes, the kinds that will look all colorful and glistening in your caprese salad tonight. Jonathan Tobin worries about where this is heading. It's fitting that the Castro brothers, who believe The Alamo is un-American, would set about creating another one within America today, pushing Trump supporters even of small size into a box in the hopes of eradicating them. (news.financializer.com). As reported in the news.

accounting scandal: Its CEO resigned, according to CNN. And its sales are in a massive slump as people search for healthier, less-processed foods. It spent the first half of 2019 embroiled in an accounting scandal. (news.financializer.com). As reported in the news.

african nation: Facebook Tweet Mail More than two million people in Zimbabwe are facing starvation after a severe drought that affected food harvests, the World Food Programme said in a report, according to Nine News Australia. The UN food agency has launched a humanitarian appeal for US 331 million to assist those affected in the southern African nation. To improve your experience update it here News World Millions in Zimbabwe facing starvation after severe droughts, UN food agency says By CNN10 29am Aug 8, 2019Residents in Harare queue for water. We are talking about people who truly are marching towards starvation if we are not here to help them. Nearly 5.5 million people--a third of Zimbabwe's population will need food assistance by 2020, UNICEF said in a report in June. We are facing a drought unlike any that we have seen in a long time, David Beasley said while launching the aid program in the Zimbabwean capital Harare on Tuesday. (news.financializer.com). As reported in the news.

basis: The yield on the benchmark 10-year Treasury note TMUBMUSD10Y, 1.65% tacked on 3.5 basis points to reach 1.710%, after climbing to 1.789% in earlier trade, marking its second lowest rate this year, according to Dow Jones Market Data, according to Market Watch. The 2-year yield TMUBMUSD02Y, 1.21% picked up 4.6 basis points to reach 1.615%, after hitting an intraday high of 1.657%. It notched its fourth lowest yield this year, while the 30-year Treasury bond yield TMUBMUSD30Y, 0.72% rose 4.2 basis points to 2.230%, down from an intraday high of 2.331%, to set its second lowest yield this year. Yields on the 19 billion U.S. government debt auction cleared about one basis point higher than initially expected at 2.335%, signaling softer demand than anticipated. Pricing was a little bit soft, said Guy LeBas, chief fixed-income strategist at Janney Montgomery Scott, in an interview with Market Watch, about the auction. Wednesday saw Treasury yields plummet across the board, setting new multiyear lows following a series of international central bank interest rate reductions that sparked demand from haven assets, including U.S. government debt. The 10-year seems to have found a short-term bottom in yields, there was softer demand from overseas and very conservative bids. (news.financializer.com). As reported in the news.

ftse mib: This led to turmoil in financial markets and US and UK stocks had their worst day this year, according to The Independent. Investors have been cheered today by better-than-expected trade data from China and the stabilisation of its currency. Washington branded Beijing a currency manipulator after the yuan fell sharply beyond the seven-to-one-dollar mark on Monday. Wall Street has opened higher. It is at 1,496, down 0.33%. Thank you for all your comments. In Europe, shares are even further ahead.UK's FTSE 100 up 0.64% at 7,245, a gain of 45 points Germany's Dax up 1.07% at 11,774France's CAC 40 up 1.59% at 5,350Italy's FTSE MiB up 0.91% at 20,724Spain's Ibex up 1% at 8,833Gold, considered a safe-haven investment, is still trading near 1,500 an ounce, however, as nervousness lingers. (news.financializer.com). As reported in the news.

gr ie: Quorn is a mycoprotein and one of the best-known brands of meat alternatives, according to The Independent. And in July 2018, the vegetarian company, best known for its meat-free mince and chicken style pieces, announced it will be investing 7m into a new product development centre with the hope of capitalising on the UK's growing appetite for meat substitutes. While meat-free protein sources including beans, lentils, chickpeas, soya, nuts, seeds, wheat, rice, maize, milk, yoghurt and cheese all provide protein, many vegetarians like to consume mycoprotein, a single-cell protein derived from funghi. ISOCountry Groups euro at be cy ee fi fr de gr ie it lv lt lu mc mt nl pt sk si sm es va uk gb us us variants 1 33.4, 2 33.3, 3 33.3 We'll tell you what's true. From 15p 0.18 0.18 USD 0.27 a day, more exclusives, analysis and extras. You can form your own view. (news.financializer.com). As reported in the news.

company: It funds Quinn Emanuel's case against failed engineering company RCR Tomlinson, which is currently before the New South Wales supreme court, and its case against financial services group AMP over losses to shareholders caused by the company's disastrous performance at last year's banking royal commission, according to The Guardian. Quinn Emanuel lost a beauty parade conducted by the court to decide which of five law firms would win the right to represent AMP shareholders, but is appealing the decision. But the lawyer running the class actions, Quinn Emanuel partner Damian Scattini, said he was not concerned by a report from short-selling group Muddy Waters slamming Burford Capital as arguably insolvent . Burford is part of a funds management empire run by Briton Neil Woodford that has been under pressure since June. Packer sold share of Crown to tycoon who was director of 'banned' company Read more In its report, Muddy Waters claimed the values Burford put on lawsuits it had funded but which had not finished were overblown and said it manipulated its figures to create what we believe is an egregiously misleading picture of its investment returns . It said Burford committed US 4.8m to fund the case against RCR Tomlinson, which then went into administration. Scattini said the report doesn't really concern us and Muddy Waters's characterisation of the RCR Tomlinson case was flat out wrong . They say Burford has spent 4.7m on it but they haven't, nothing like it, he said. As a result, stockholders are likely to recover little to nothing from previously announced suits, Muddy Waters said. (news.financializer.com). As reported in the news.

court: Tegan Marie Pohoikura Gilmore, 28, was remanded in custody in Southport Magistrates Court on Friday charged with fraud and money laundering while four others are yet to face court, according to Nine News Australia. More than 100 Australians were duped into thinking they would make a significant profit by a criminal syndicate posing as multiple cryptocurrency sales companies, police allege. To improve your experience update it here News National Alleged crypto scammer in Gold Coast court By AAP9 14am Aug 9, 2019Facebook Tweet Mail An alleged cryptocurrency scammer charged with duping investors of almost 3 million has faced a Queensland court. Cryptocurrency has been a lucrative but highly volatile investment in recent years. Victims invested in Exmount Holdings Group, which appeared to be legitimate with a website, call centre and sales staff, police allege. AAP Gilmore did not apply for bail and was remanded to reappear on August 16. (news.financializer.com). As reported in the news.

girls: It was reportedly discovered the funds were missing after he decided to sever ties with Epstein in 2007, according to The Guardian. Wexner wrote that he began to cut ties with the financier after allegations against Epstein surfaced in 2006 involving sexual abuse of underage girls. Leslie Wexner, the founder and chief executive of L Brands Inc, the parent company of Victoria's Secret, said money went missing a decade ago, according to a letter to the Wexner Foundation, seen by the Wall Street Journal and New York Times. Last month, Epstein pleaded not guilty in New York to new sex-trafficking charges. Epstein, who took on money management for a raft of wealthy clients, served time in prison in Florida around a decade ago after a controversial plea deal that involved avoiding federal charges. He faces up to 45 years in prison if convicted and is currently in detention, denied bail. (news.financializer.com). As reported in the news.

hong: But what of the residents who find themselves caught between the two sides, their neighborhoods wracked by tear gas, barricades and weekly violent clashes Since June 9, hundreds of thousands of Hong Kong citizens have come out to support the protests and voice their dissatisfaction with the city's government and its policies, according to CNN. As recently as last weekend, families and older citizens had joined rallies to show their support. Ahead of the tenth consecutive weekend of protests in Hong Kong, neither the government nor demonstrators are giving an inch of ground. But there has been concern over whether escalating acts of violence, including the trashing of Hong Kong's government headquarters, have undermined this backing. Read More At a press conference in Beijing on Tuesday, a spokesman for China's top Hong Kong policy office divided the protest movement into two groups. It is this potential silent majority that Beijing is hoping to connect with as part of a new tactic experts say is intended to discredit anti-government protesters and bolster support for mainland China. (news.financializer.com). As reported in the news.

rod blagojevich: Rod Blagojevich, saying seven years was enough time in prison, according to MSNBC. Story Continued Below I thought he was treated unbelievably unfairly, Trump told reporters on Air Force One while traveling back from El Paso, Texas. Facebook Twitter Email Print TRUMP MAY PARDON BLAGOJEVICH! ICE raids hit Chicago-area firm in Mississippi CHUY's return to EL PASOBy SHIA KAPOS and ADRIENNE HURST 08/08/2019 08 29 AM EDTHappy Thursday, Illinois! LATE-NIGHT BREAKING NEWS AND IT'S A WHOPPER. TOP TALKERTRUMP TALKS PARDON FOR BLAGO, via POLITICO's Matthew Choi President Donald Trump said Wednesday night that he was thinking very seriously about commuting the sentence of former Gov. He's been in jail for seven years over a phone call where nothing happens. He was accused of trying to solicit personal favors and sell the U.S. Senate seat left vacant by Barack Obama after he won the presidency. Blagojevich was impeached and removed from office in 2009 for corruption and then indicted. (news.financializer.com). As reported in the news.

reference rate: After opening almost flat, stocks spurted in midmorning trading, helped by a rise in the Shanghai market amid a sense of relief growing after the People's Bank of China set the day's reference rate for the Chinese yuan at 7.0039 to the dollar, brokers said, according to The Japan Times. As the rate represented only a slight depreciation of the yuan, players took it as an indication that the Chinese central bank has no intention of guiding the currency considerably weaker than the dollar, they noted. The 225-issue Nikkei average finished up 76.79 points, or 0.37 percent, at 20,593.35, after losing 68.75 points Wednesday. ; Meanwhile, the Topix index of all first-section issues turned down 1.27 points, or 0.08 percent, to end at 1,498.66 following a 0.70-point rebound the previous day. In the afternoon, both the Nikkei and Topix indexes lost steam amid a lack of fresh buying incentives. Disputes between the two economic superpowers are likely to stay at the center of market attention until the next policy-setting meeting of the U.S. Federal Reserve in September, with no major scheduled events in sight, he added. Concerns over the U.S.-China trade friction linger, said Hiroaki Kuramochi, chief market analyst at Capital Partners Securities Co. (news.financializer.com). As reported in the news.