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    Is the ‘Godzilla’ weight loss jab REALLY the best? MailOnline’s graphic reveals all… and how it truly compares against rivals Ozempic and Mounjaro

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    By Emily Stearn, Health Reporter For Mailonline

    16:04 14 May 2024, updated 16:48 14 May 2024



    A new weight loss jab nicknamed ‘Godzilla’ could be the best so far, research has suggested. 

    Exciting trials of the drug, retatrutide, revealed it helped people shed a quarter of their body weight in under a year. 

    Unlike other slimming injections, retatrutide not only suppresses the appetite but also speeds up the metabolism.

    Yet is it the most effective? A fascinating MailOnline graphic demonstrates exactly how it stacks up against its rivals. 

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    Semaglutide 

    Semaglutide, sold under the brand names Ozempic and Wegovy, mimics a hormone called GLP-1 that makes people feel full.

    Ozempic is currently only available on the NHS for managing blood glucose levels in type 2 diabetes patients.

    Its dramatic slimming effects, shown in trials and real-life scenarios, saw doctors and pharmacists dish it out ‘off-label’ for people wanting to lose weight

    Health chiefs, however, have repeatedly urged against doing so due to supply issues, warning it put diabetics’ lives at risk. 

    Wegovy, packed with the same active ingredient, was approved last year specifically for weight loss. Although it is also being hit by global shortages. 

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    Trials pivotal to getting Novo Nordisk’s semaglutide approved show it can help users shed up to 15 per cent of their body weight over 68 weeks.

    A month’s supply is available privately in the likes of Boots and Superdrug for around £200. 

    Eligibility criteria for people wanting the get the drug on the NHS — for the standard prescription rate of £9.90 in England — is strict. 

    And the drugs are not without side effects.  

    Users commonly complain of nausea, constipation and diarrhoea after taking the medication. 

    Tirzepatide 

    Mounjaro, as it is branded, also mimics GLP-1, as well a second appetite-controlling hormone called GIP. 

    Studies have found the drug, made by US pharmaceutical giant Eli Lilly, could help obese people lose up to 22.5 per cent of their body weight in 72 weeks.

    It is self-injected once a week, just like semaglutide. 

    The stark difference in results led US diabetes expert Dr Julio Rosenstock to declare Mounjaro ‘King Kong’ compared to ‘the gorilla’ of its rival Wegovy. 

    Some patients already taking the drug have shared their results on social media, with one overweight man claiming it helped him shed 100lb (45.4kg).

    Similar to semaglutide, side effects of tirzepatide (Mounjaro’s generic name) include nausea, diarrhoea, vomiting — which usually goes away over time — and constipation.

    It was given the green light by the National Institute for Health and Care Excellence (Nice) for NHS use in September for patients with type 2 diabetes who do not have the condition under control.

    It is not yet used by the health service for obesity. 

    But in February was made available privately in Britain, with clinics charging around £40 for a week’s supply. 

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    Retatrutide 

    Retatrutide, meanwhile, adds a third hormone called glucagon, which triggers the body to burn more fat, increasing the rate of calorie burning.

    Trial results, presented yesterday at the European Obesity Congress in Venice, showed it achieved even greater average weight loss — 24 per cent of body weight — over a shorter period of 48 weeks.

    Its phase two study of 338 obese people also found results were even more stark in women, helping them lose 28.5 per cent of their body weight.

    By comparison, men lost an average of 21.2 per cent.

    And more obese participants lost an even greater percentage of their body weight at 26.5 per cent in 48 weeks. 

    Unusually, 100 per cent of trial participants lost at least 5 per cent.

    Like all previous GLP-1 drugs, retatrutide — taken once a week — has led to side effects including nausea, diarrhoea and constipation. 

    But the study, published in the New England Journal of Medicine, shows that the drug also had other health benefits. 

    Participants saw significant improvements in blood pressure and blood sugar levels. Four in ten participants were able to come off medication for high blood pressure.

    Manufactured by American pharmaceutical firm Eli Lilly, larger trials are now underway with results expected in 2026. 

    It means the treatment could be available on the NHS within around three years, pending final regulatory hurdles.

    According to the latest data digestive problems were the most commonly reported side effects of tirzepatide, the active ingredient of Mounjaro. These included about one in five participants suffering from nausea and diarrhoea, and about one in 10 reporting vomiting or diarrhoea

    Orlistat   

    Orlistat is a pill already available on the NHS for weight loss. 

    Taken up to three times a day with a meal, it prevents fat being absorbed by the digestive system.

    The undigested fat is instead passed out of the body as faeces.

    While this stops people gaining more weight, it doesn’t help them lose it by itself.

    Side effects include fatty or oily poo, oily discharge from the rectum, and high levels of flatulence.

    Manufactured by pharmaceutical giant Roche, early studies suggest patients taking 120mg could lose up to (22.7lbs) 10.3kg over 52 weeks. 

    Its prescription on the NHS is limited to those who are obese or overweight and have another health problem such as high blood pressure. 

    Sold under the brand name Saxenda, the daily self-administered jab is another weight loss treatment already available on the health service

    Liraglutide 

    Sold under the brand name Saxenda, the daily self-administered jab is another weight loss treatment already available on the health service.

    It works in a similar way to semaglutide by altering the body’s metabolism, making people feel fuller and less hungry.

    This leads them to eat less and, in theory, lose weight.

    Saxenda, however, is one of a number of similar drugs that are experiencing a global supply shortage.

    Liraglutide is generally only prescribed on the NHS after a GP refers you to a specialist weight loss management service and when orlistat hasn’t worked.

    Side effects include aches and pains, diarrhoea, fever, frequent urination, and trouble sleeping.

    Manufactured by Novo Nordisk, trials have found users lose an average of 6.4 per cent of their body weight over 68 weeks. 

    Georgia parliament passes ‘foreign agents’ bill amid scuffles | Politics News

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    The bill requires organisations receiving at least 20 percent of their funding from abroad to register as foreign agents.

    Georgia’s parliament has passed the third and final reading of a controversial bill on “foreign agents” after weeks of protests against the measure and warnings from Brussels that its passage could harm the country’s bid to join the European Union.

    There were scuffles between lawmakers in parliament on Tuesday before parliament members voted 84 to 30 to pass the bill, clearing a major hurdle on its way to becoming law.

    The draft now goes to President Salome Zourabichvili, who has said she will veto it, but her decision can be overridden by another vote in parliament, controlled by the governing party and its allies.

    The governing party’s push for the legislation has plunged the South Caucasian country into an extended political crisis and triggered mass protests.

    The bill requires media and NGOs to register as “pursuing the interests of a foreign power” if they receive more than 20 percent of their funding from abroad. It is seen by many as influenced by similar legislation in Russia that has been used to clamp down on the Kremlin’s political opponents.

    Critics insist it poses a threat to democratic freedoms and the country’s aspirations to join the European Union.

    The governing Georgian Dream party was forced by mass protests to withdraw the bill last year. The revised effort to push the legislation through has provoked huge demonstrations.


    The government says that the bill is needed to promote transparency, combat “pseudo-liberal values” promoted by foreigners, and preserve Georgia’s sovereignty. Critics claim the governing party is seeking to pull the country away from its European aspirations and back towards Moscow.

    About 1,000 protesters picketed the fortress-like parliament building as the debate got under way on Tuesday. A major police presence, with water cannon idling, was deployed nearby.

    Demonstrations have been running for weeks, peaking in the evening, when crowds numbering in the tens of thousands have mounted some of the biggest protests seen in Georgia since it regained independence from Moscow in 1991.

    Demonstrators take part in a rally to protest against a bill on ‘foreign agents’ in Tbilisi [Irakli Gedenidze/Reuters]

    The European Union, which gave Georgia candidate status in December, has repeatedly said that the bill will be a barrier to Tbilisi’s further integration with the bloc.

    European Council President Charles Michel said on Tuesday that “if they want to join the EU, they have to respect the fundamental principles of the rule of law and the democratic principles”.

    Georgian Dream insists that it still has ambitions of joining both the EU and NATO, even as it has adopted harsh anti-Western rhetoric in recent months.

    Polls show Georgian public opinion is strongly supportive of EU integration, while many Georgians are hostile to Russia over Moscow’s support for the breakaway regions of South Ossetia and Abkhazia.

    The United States, United Kingdom, Germany, Italy and France have all urged Georgia to withdraw the bill.

    The Kremlin, which denies any role in inspiring the Georgian bill, said on Tuesday that the crisis was Tbilisi’s internal affair and accused outside powers of meddling.

    “We see an unveiled intervention in the internal affairs of Georgia from the outside,” Kremlin spokesperson Dmitry Peskov said.

    “This is an internal matter of Georgia, we do not want to interfere there in any way.”

    Amazon Web Services CEO Adam Selipsky to step down

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    A little over three years ago when Jeff announced my new role, one of my first jobs was to identify who’d take over and lead AWS. It was important to me that we had somebody who understood AWS, valued our culture, would provide strong continuity, and could keep growing the business. We had strong leaders in AWS, several of whom could lead the overall business in the long-term, but who’d benefit from a few more years gaining experience and learning under a more seasoned CEO.

    Adam Selipsky was one of the first VPs we hired in AWS back in 2005, and spent 11 years excellently leading AWS Sales, Marketing, and Support, before leaving to become the CEO of Tableau. I’ve always had a lot of respect for Adam, and we met several times to discuss the possibility of coming back to lead AWS. In those conversations, we agreed that if he accepted the role, he’d likely do it for a few years, and that one of the things he’d focus on during that time was helping prepare the next generation of leadership.

    We were fortunate that Adam agreed to step in and lead AWS, and has deftly led the business, while also developing his leadership team. Adam is now going to move onto his next challenge (after taking a well-deserved respite), and Matt Garman will become CEO of AWS, effective June 3rd.

    I’d like to thank Adam for everything he’s done to lead AWS over the past three years. He took over in the middle of the pandemic, which presented a wide array of leadership and business challenges. Under his direction, the team made the right long-term decision to help customers become more efficient in their spend, even if it meant less short-term revenue for AWS. Throughout, the team continued to invent and release new services at a rapid clip, including several impactful Generative AI services, such as Amazon Bedrock and Amazon Q. Adam leaves AWS in a strong position, having reached a $100 billion annual revenue run rate this past quarter, with YoY revenue accelerating again. And perhaps most importantly, AWS continues to lead on operational performance, security, reliability, and the overall breadth and depth of our services. I’m deeply appreciative of Adam’s leadership during this time, and for the entire team’s dedication to deliver for customers and the business.

    As some of you may know, Matt started at Amazon as a MBA intern during the summer of 2005, and joined the company full-time in 2006 as one of the first AWS product managers. Initially working across all of AWS, Matt helped create our first service level agreements, define new features, and create new pricing plans. He then became our first product manager for EC2, and led EC2 product management in its early, formative years. During that time, he also led the team that defined, launched, and operated EBS. Matt eventually became the general manager of all AWS Compute services in 2016, which he did for about four years. In 2020, after having been deeply involved in our product organization for 14 years, I asked Matt to move to the demand generation side of AWS to lead WW Sales, Marketing, Support, and Professional Services.

    Matt has an unusually strong set of skills and experiences for his new role. He’s very customer focused, a terrific product leader, inventive, a clever problem-solver, right a lot, has high standards and meaningful bias for action, and in the 18 years he’s been in AWS, he’s been one of the better learners I’ve encountered. Matt knows our customers and business as well as anybody in the world, and has senior leadership experience on both the product and demand generation sides. I’m excited to see Matt and his outstanding AWS leadership team continue to invent our future—it’s still such early days in AWS.

    Thank you again to Adam for his leadership, and please join me in congratulating Matt.

    Andy

    Rishi Sunak news today: PM warns of nuclear war threat in speech as he faces grim election prediction

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    World closest to nuclear armageddon since Cuban missile crisis, Sunak claims

    Grant Shapps has accused the Labour Party of being a danger to UK defence. The Defence Secretary branded Sir Keir Starmer unserious for not committing to a spending target to match the Tories.

    Speaking to Sky News today, he has revealed the creation of six new ships to support the Royal Marines in a bid to fulfill the government pledge to raise defence spending to 2.5% of GDP by 2030.

    It comes as Rishi Sunak delivered a pre-election speech in a move to pitch to voters after this month’s local election blow.

    In a speech on Monday, the prime minister told voters the world is ‘closer to nuclear war since the Cuban missile crisis’.

    While continuing to refuse to commit to a general election date beyond ‘the second half of this year’ Mr Sunak pledged that “more will change in the next five years than in the last thirty” if the Conservatives get re-elected.

    Mr Sunak, who has branded Sir Keir Starmer “unprincipled” over former Torty MP Natalie Elphicke’s defection to Labour, said voters face a stark choice between the future and the past. He also claimed the country would be “less safe” under a Labour government.

    1715671382

    Good morning and welcome to our politics live blog

    Here are the top stories from today:

    • Shapps has unveiled six new warships to support the Royal Marines.
    • Sir Keir Starmer is due to meet trade union boss later today as he tries to water down his workers’ rights pledge.
    Defence Secretary Grant Shapps has unveiled six new warships (PA) (PA Wire)

    Salma Ouaguira14 May 2024 08:23

    1715674574

    Labour speaks up on defence spending plans

    With Grant Shapps accusing the party of being a threat to UK defence, Labour frontbencher Alison McGovern has hit back.

    The shadow work and pensions secretary said the party won’t unveil their pledge until they have access to the books.

    She told Sky News: “Our record in government bears out that we invested in defence, because nothing matters more than the security of the nation.”

    Addressing Conservatives’ criticism, she said it’s “a bit odd” as Tory defence ministers said the armed forces had been “hollowed out on their watch”.

    Salma Ouaguira14 May 2024 09:16

    1715673708

    Tories referred to watchdog over ‘data breach’

    The Conservatives’ registration team allegedly copied over 300 email addresses to sign up users for its annual party conference.

    After apologising for the breach, the party announced it had referred itself to the Information Commissioner’s Office (ICO).

    Slamming the incident, a Labour source said: “On the day Rishi Sunak proclaims the Tories as the great protectors of our national security, it turns out they can’t even protect a database of contacts. You couldn’t make it up.

    “The country can’t risk another five years of the Conservatives, who have hollowed out our armed forces and turned Britain’s borders into a sieve.”

    The alleged breach emerged the same day Prime Minister Rishi Sunak gave a speech on national security (PA Wire)

    Salma Ouaguira14 May 2024 09:01

    1715673016

    ‘Labour is a danger to UK defence,’ slams Grant Shapps

    The Defence Secretary has accused the Labour Party of failing to match the Conservatives’ defence spending pledge.

    Rishi Sunak previously promised his government will increase support to 2.5 per cent of GDP by 2030.

    Although Labour said it will attempt to hit the same target if it gets elected, it doesn’t seem to satisfy the Tories.

    Mr Shapps told Sky News this morning: “You can’t wish your way to more defence spending. You have to set out the plans and do it and that is why our plans now are fundamentally different to Labour.

    “And I have to say as Defence Secretary with everything that I know in this role that I think that the Labour position presents a danger to this country because it will send a signal to our adversaries that we are not serious about our defence, if we won’t set out that timetable.”

    Salma Ouaguira14 May 2024 08:50

    1715670616

    Shapps not strong-arming Ukraine into accepting Russia peace deal

    Defence secretary Grant Shapps has announced the UK would not try to strong-arm Ukraine into accepting a peace deal with Russia.

    Speaking toTimes Radio, he said: “There is no sense at all in which Britain would try to persuade, strong-arm or otherwise, Ukraine into accepting giving up some of their territory – that’s a decision entirely for Ukraine.

    “I don’t think it’s plausible at all for Putin to win this war.

    “If you give a bully like Putin an inch they’ll take a mile, and in this case they will take, probably would take quite a lot of not just Ukraine, but I’m not sure he would stop there either.

    “What Ukraine does and how it decides to bring this to an end is their business. What I can confirm is that the UK will back Ukraine all the way.”

    Salma Ouaguira14 May 2024 08:10

    1715668679

    Breaking: UK’s unemployment rate rises to highest level in nearly a year

    Britain’s unemployment rate has risen to its highest level for nearly a year as further cracks show in the jobs market, according to official figures.

    The Office for National Statistics (ONS) said the rate of UK unemployment rose to 4.3% in the three months to March, which is the highest since May to July last year and up from 4.2% in the previous three months.

    The figures also showed regular average earnings growth remaining unchanged at 6% in the three months to March.

    Joe Middleton14 May 2024 07:37

    1715666406

    Sunak makes bid to win back farmers

    Meanwhile, Mr Sunak will make a bid to win back the farming vote amid concerns that they are abandoning the Tories in key rural seats.

    The push by the government follows an alarming survey by the NFU which revealed confidence in the farming sector is at an all-time low with 7,000 agricultural businesses shutting following 2019 and Brexit.

    Along with 18 months of unprecedented wet weather post-Brexit measures including trade deals with Australia and New Zealand as well as the phasing out of the EU subsidy system have hit the sector, according to the NFU.

    The prime minister will tomorrow tell the second Farm to Fork Summit at Downing Street tomorrow that the UK needs to reduce its reliance on overseas fruit and vegetables and back British producers.

    It comes as the first UK Food Security Index published to ensure the government and sector is resilient to unexpected shocks to the market and extreme weather

    This follows a major package of support announced by the prime minister at the National Farmers Union annual conference to increase innovation and automation in farming.

    David Maddox14 May 2024 07:00

    1715663406

    Sunak urged to use desperate measures as party flags in polls

    But with many polls still putting Labour more than 20 points ahead of the Conservatives, Mr Sunak has been urged to use desperate measures to turn his party’s fortunes around.

    The speech appeared to be an attempt to change the narrative and focus the minds of the general public on the threats the country is facing.

    The prime minister framed the next five years as “more important than the last 30” and hinted at his own anxiety, saying he felt “a sense of urgency”.

    He said: “At some point, in the second half of this year, we will all go to the polls and make a choice. Not just about Conservatives vs Labour. Or Sunak vs Starmer. It will be a choice between the future and the past. I remain confident that my party can prevail.

    “Not because of our record alone, but because we will be the only party really talking about the future and not with vague, lofty platitudes. But with bold ideas and a clear plan that can change our society for the better and restore people’s confidence and pride in our country. I feel a profound sense of urgency.

    “Because more will change in the next five years than in the last 30. I’m convinced that the next few years will be some of the most dangerous yet the most transformational our country has ever known. So the question we face today is this: Who has the clear plan and bold ideas to deliver a secure future for you and your family?”

    Sam Rkaina14 May 2024 06:10

    1715659806

    Rishi Sunak pushes the nuclear general election button as he bets on national security for survival

    Rishi Sunak framed himself as the only man who can lead Britain through the “most dangerous period” for the world since the end of the Cold War as he made a desperate plea to voters to get behind his plan.

    In what was in effect the opening salvo for a long general election campaign, the prime minister’s major speech in central London laid out his preferred battleground of defence and national security.

    Citing the danger facing the UK, Mr Sunak said: “Putin’s recklessness has taken us closer to a dangerous nuclear escalation than at any point since the Cuban missile crisis.”

    But his keynote speech left many Tory MPs feeling flat because of a lack of new initiatives to tackle the major threats posed by China, Iran, Russia and North Korea – whom he described as the “axis of authoritarian states” undermining freedoms and security.

    Meanwhile, Labour were bemused by the Tories relying on defence and national security after 14 years which have seen cuts to the army and the Royal Navy.

    Shadow health secretary Wes Streeting told The Independent that Labour is “happy” for the election to be fought on national security grounds. Sir Keir Starmer underlined his party’s election fighting machine by holding a summit with the 11 regional mayors who won in the local elections.

    David Maddox14 May 2024 05:10

    1715656206

    Dangerous criminals being freed from jail early to cut overcrowding – watchdog

    Dangerous criminals including a domestic abuser who posed a risk to children have been freed from jail early as part of a Government bid to cut overcrowding, a watchdog has warned.

    Chief inspector of prisons Charlie Taylor raised “serious concerns” about the policy as he highlighted examples of high-risk inmates selected for early release.

    First announced last year, the Government insisted the measure would be temporary and would only allow “low-level offenders” out of prison up to 18 days early under strict supervision.

    But earlier this month Mr Taylor described the prison system as “creaking at every level” as it emerged ministers were preparing to extend the scheme for a second time so some criminals could be freed from jail up to 70 days before their release date.

    In a report published on Tuesday, Mr Taylor said a “high-risk” inmate at HMP Lewes, who posed a danger to children, had his release date brought forward despite “having a history of stalking, domestic abuse and being subject to a restraining order”.

    Another inmate who had been released early was recalled to custody before the watchdog’s inspection had ended. According to the findings, he had a “significant” drug problem and a record of self-harm as well as experiencing suicidal thoughts, but was freed despite “appeals for the decision to be reversed and staff having serious concerns for his and the public’s safety”.

    He was homeless on release, according to the findings.

    Sam Rkaina14 May 2024 04:10

    Small, well-built Chinese electric vehicle poses a big threat to the U.S. auto industry

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    LIVONIA, Mich. (AP) — A tiny, low-priced electric car called the Seagull has American automakers and politicians trembling.

    The car, launched last year by Chinese automaker BYD, sells for around $12,000 in China, but drives well and is put together with craftsmanship that rivals U.S.-made electric vehicles that cost three times as much. A shorter-range version costs under $10,000.

    Tariffs on imported Chinese vehicles probably will keep the Seagull away from America’s shores for now, and it likely would sell for more than 12 grand if imported.

    But the rapid emergence of low-priced EVs from China could shake up the global auto industry in ways not seen since Japanese makers exploded on the scene during the oil crises of the 1970s. BYD, which stands for “Build Your Dreams,” could be a nightmare for the U.S. auto industry.

    “Any car company that’s not paying attention to them as a competitor is going to be lost when they hit their market,” said Sam Fiorani, a vice president at AutoForecast Solutions near Philadelphia. “BYD’s entry into the U.S. market isn’t an if. It’s a when.”

    U.S. politicians and manufacturers already see Chinese EVs as a serious threat. The Biden administration on Tuesday is expected to announce 100 percent tariffs on electric vehicles imported from China, saying they pose a threat to U.S. jobs and national security.

    READ MORE: China to challenge Biden’s electric vehicle plans at the World Trade Organization

    The Alliance for American Manufacturing says in a paper that government subsidized Chinese EVs “could end up being an extinction-level event for the U.S. auto sector.”

    Earlier this year, Tesla CEO Elon Musk told industry analysts Chinese EVs are so good that without trade barriers, “they will pretty much demolish most other car companies in the world.”

    Outside of China, EVs are often pricey, aimed at a higher-income niche market. But Chinese brands that are not yet global household names are offering affordable options that will appeal to the masses — just as the U.S., European and many other governments are encouraging a shift away from gasoline-powered vehicles to fight climate change.

    “The Western markets did not democratize EVs. They gentrified EVs,” said Bill Russo, the founder of the Automobility Ltd. consultancy in Shanghai. “And when you gentrify, you limit the size of the market. China is all about democratizing EVs, and that’s what will ultimately lead Chinese companies to be successful as they go global.”

    Inside a huge garage in an industrial area west of Detroit, a company called Caresoft Global tore apart a Seagull that its China office purchased and shipped to the U.S.

    Company President Terry Woychowski, a former chief engineer on General Motors’ big pickup trucks, said the car is a “clarion call” for the U.S. auto industry, which is years behind China in designing low-cost EVs.

    After the teardown, Woychowski, who has been in the auto business for 45 years, said he was left wondering if U.S. automakers can adjust. “Things will have to change in some radical ways in order to be able to compete,” he said.

    There’s no single miracle that explains how BYD can manufacture the Seagull for so little. Instead, Woychowski said the entire car, which can go 252 miles (405 kilometers) per charge, is “an exercise in efficiency.”

    Higher U.S. labor costs are a part of the equation. BYD can keep costs down because of its expertise in making batteries — largely for consumer products — that use lithium iron phosphate chemistry. They cost less but have lower range than most current lithium-ion batteries.

    Americans are still learning how to make cheaper batteries, Woychowski said. Ford is building a lithium iron phosphate battery factory, using technology from China’s CATL.

    BYD makes many of its own parts, including electric motors, dashboards, bodies and even headlights. It also has the advantage of its huge scale — 3 million vehicles sold worldwide last year.

    “By having that all in-house and vertically integrated, there’s an incredible advantage that they have,” Woychowski said.

    BYD designs all aspects of its vehicles with cost and efficiency in mind. For instance, the Seagull has only one windshield wiper, eliminating one motor and one arm, saving on weight, cost and labor to install.

    U.S. automakers don’t often design vehicles this way and incur excess engineering costs, Woychowski said. Hoses, for instance, have to meet longstanding requirements in combustion engines for strength and ability to carry fluid under high pressure, many of which aren’t needed for electric vehicles, he added.

    The weight savings add up, allowing the Seagull to travel farther per charge on a smaller battery. For example, the Seagull that Caresoft tested weighs 2,734 pounds (1,240 kilograms), about 900 pounds less than a Chevrolet Bolt, a slightly larger electric vehicle made by GM.

    So Detroit needs to quickly re-learn a lot of design and engineering to keep up while shedding practices from a century of building vehicles. The trick will be determining which procedures to keep for safety and quality, and which to jettison because they aren’t needed, he said.

    “You’re going to have to come and be extremely serious about this, and you better park your paradigms at the door,” Woychowski said. “Because you’re going to have to do things differently.”

    Even with its minimalist design, the Seagull still has a quality feel. The doors close solidly. The gray synthetic leather seats have stitching that matches the bright green body color, a feature usually found in more expensive cars. The Seagull “Flying Edition” tested by Caresoft has six air bags, rear disc brakes and electronic stability control.

    A brief drive through some connected parking lots by a reporter showed that it runs quietly and handles curves and bumps as well as more costly electric vehicles.

    While the acceleration isn’t head-snapping like other EVs, the Seagull is peppy and would have no problems entering a freeway in heavy traffic. Woychowski says its top speed is limited to 81 mph, (130 kilometers per hour).

    BYD would have to modify its cars to meet U.S. safety standards, which are more stringent than in China. Woychowski says Caresoft hasn’t done crash tests, but he estimated that would add a couple thousand dollars to the cost.

    BYD sells the Seagull, rebranded as the Dolphin Mini in some overseas markets, in four Latin American countries for about $21,000, twice what it costs at home. The higher price includes transportation costs, but also reflects the higher profits possible in less cutthroat markets than China.

    In Europe, BYD offers larger models such as the Seal, which starts at 46,990 euros ($50,000), in France. The Chinese maker’s top two overseas markets were Thailand and Brazil in the first two months of this year, according to the China Passenger Car Association.

    BYD builds electric buses in California and told the AP last year that it is “still in the process” of deciding whether to sell autos in the U.S. It is weighing sites for a factory in Mexico, but that would be for the Mexican market, two company executives said in media interviews earlier this year.

    The company isn’t selling cars in the U.S., largely due to 27.5 percent tariffs on the sale price of Chinese vehicles when they arrive at ports. Donald Trump slapped on the bulk of the tariff, 25 percent, when he was president, and it was kept in place under Joe Biden. Trump contends that the rise of EVs backed by Biden will cost U.S. factory jobs, sending the work to China.

    The Biden administration has backed legislation and policies to build a U.S. EV manufacturing base. The administration also is investigating cars made in China that can gather sensitive information.

    Some members of Congress are urging Biden to ban imports of Chinese vehicles, while others have proposed even steeper tariffs. This includes vehicles made in Mexico by Chinese companies that now would come in largely without tariffs.

    Ford CEO Jim Farley has seen Caresoft’s work on the Seagull and observed BYD’s rapid growth across the globe, especially in Europe, where he used to run Ford’s operations. He’s moving to change his company. A small “skunkworks” team is designing a new, small EV from the ground up to keep costs down and quality high, he told analysts earlier this year.

    Chinese makers, Farley said, sold almost no EVs in Europe two years ago, but now they have 10 percent of the electric vehicle market. It’s likely they’ll export around the globe and possibly sell in the U.S.

    Ford is preparing to counter that. “Don’t take anything for granted,” Farley said. “This CEO doesn’t.”

    Associated Press writers Paul Wiseman and Didi Tang in Washington contributed to this report. Moritsugu reported from Beijing.

    Bob’s Your Uncle: 2 Bob Fergusons withdraw from WA governor’s race

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    The state’s longtime attorney general is now the lone Bob Ferguson in the race for governor after two people with the same name withdrew from the race Monday.

    The state’s candidate filing week ended in chaos — and more than a few jokes on social media — on Friday when the field of candidates for governor increased by two more Bob Fergusons.

    Their entrance into the race, orchestrated by conservative activist Glen Morgan, had raised legal and logistical questions, but the drama subsided Monday when the other Bobs dropped out under what they said was pressure from Bob Ferguson, the Democratic front-runner in the race.

    The attorney general on Monday had urged the two to pull out by a 5 p.m. deadline for candidates to withdraw, or else risk felony charges. Flanked by supporters at Kerry Park in Queen Anne in the morning, Ferguson said his campaign had sent cease-and-desist letters to the other Bob Fergusons over the weekend.

    State statute says that it is a felony for a person to file for an election with a surname similar to a person who has already filed for the same office “and whose political reputation is widely known, with intent to confuse and mislead the electors by capitalizing on the public reputation of the candidate who had previously filed.”

    statement posted on the website Neighbors for Bob Ferguson PAC, attributed to Robert Ferguson, an Army veteran in Graham, said the candidate was “faced with harassment and legal action if I did not withdraw from the race.”

    “I was publicly labeled a ‘threat to democracy’ by another candidate and his supporters,” the Monday statement said. “In a typical hypocritical fashion, this other candidate’s actions are the true threat to democracy. I believe this shows that the other candidate fears he has not effectively done enough to stand out, or that he thinks voters are not competent enough to think for themselves.”

    The statement went on to say it was unfair to his family and supporters to deal with “bullish behavior by someone that is too afraid to stand toe-to-toe with me.”

    The second Bob Ferguson, a retired state employee from Yakima, withdrew later on Monday. In a statement to The Seattle Times, he said his “dream” had been “destroyed.”

    “I had a political platform and policy positions that would have given Democrats a better choice than our state’s lawless AG could ever provide,” he said. “I’m sorry I’ve been illegally denied this opportunity to live my dream and share these with the public, but I’m retired, widowed and need to pay my rent. There was no way I could afford the legal costs necessary to defeat the massive threatening power of the state, the billionaires or the other rich elite who clearly enjoy hurting us.”

    Morgan told The Times on Friday that the Bobs had wanted to “clear their name.”

    2024 WA Election | Local Politics

    Ferguson — the attorney general — said Monday that he didn’t want the other two Bobs to be prosecuted and that he held “no ill will” toward them. He said he suspected they did not know the “legal implications” of their actions at the time they filed for election.

    “If they do not do the right thing, and they are surely aware of the legal implications, we will have no choice but to take more serious steps and ask local prosecutors to do the right thing and pursue further action,” Ferguson said at the morning news conference.

    He described the three-Bobs move as an attack on democracy and the election system. His campaign had planned to ask the secretary of state to include his and the other Fergusons’ occupations on the ballot, that the other Fergusons be referred to as “Robert,” and that it include their middle initial or middle name.

    He also said the campaign would have requested for the Fergusons to be listed together on the ballot. The other two Fergusons had been slated to appear second and third, with the attorney general in slot number 13, as determined by a random draw on Friday. With the other Bobs out, the attorney general will appear in slot number 11, according to the Secretary of State’s Office.

    “Voters deserve good-faith candidates who are running on the strength of their ideas to make Washington a better place to live and work, not people who pay a filing fee just to manipulate elections,” Secretary of State Steve Hobbs said in a statement Monday. “Washington’s long history of free and fair elections must be protected and preserved in every year and campaign cycle.”

    Altogether there were 30 candidates who had filed to run for governor.

    Two of Ferguson’s leading rivals in the Aug. 6 primary, Republican Dave Reichert and Democrat Mark Mullet, criticized the three-Bobs strategy in statements Monday.

    “In all nine of my previous campaigns, I have won without any games or antics such as these,” said Reichert, a former congressman and King County sheriff. “I don’t support any effort to deceive the voters of Washington state.”

    Mullet, a state senator, agreed the other Fergusons should drop out, calling it an “illegal sideshow” that would confused voters and threaten democracy.

    “Bob’s efforts to decriminalize dangerous drugs like fentanyl in the 2021 session is the reason we don’t need any shenanigans to beat him in the race,” he said.

    However, Semi Bird, a Republican and former Richland School Board member running for governor, said Ferguson’s “whining” was disingenuous, saying in a statement posted to X that the attorney general has “personally gone out of his way to infringe upon the constitutional rights of Washington State citizens on a myriad of topics.”

    “Bob Ferguson is directly responsible for ‘undermining democracy’ in Washington state and will be held accountable via the vote of citizens who are fed up with career politicians and seek positive change and common sense governance,” he said.

    Washington’s primary is Aug. 6. The top two candidates will advance to the general election, regardless of party.

    Biden to announce new 100% tariffs on Chinese EVs

    0

    President Joe Biden is expected to announce new tariffs Tuesday on Chinese EVs, semiconductors, batteries, solar cells, steel and aluminum. The tariffs on EVs will rise to 100%, quadrupling the current tariff of 25%, according to a source familiar with the tariffs.

    This is the latest bid by the Biden administration to keep China from undercutting U.S. companies and threatening U.S. manufacturing jobs. Without going into detail about the policy change, national security adviser Jake Sullivan suggested the tariffs were intended to counter the threat posed by China’s business practices. 

    “It’s no secret that the president, this entire administration, has been concerned about unfair practices by the [Chinese] that harm American workers and businesses, the issue of overcapacity, the ways in which China has put in place a series of non-market, distorting practices in strategic sectors,” Sullivan told reporters at the White House Monday. 

    As far as the EV tariff goes, the move is largely symbolic, for now. Chinese EVs are not a big part of the EV market in the U.S., but China’s exports overall have been rapidly increasing, up 50% over the past two years. China is producing EV cars that cost a fraction of those made by American automakers, and they’re receiving glowing reviews. 

    BYD, the world’s largest EV manufacturer rolled out a new car, the Seagull, which the Associated Press says “drives well and is put together with craftsmanship that rivals U.S.-made electric vehicles that cost three times as much.” It sells for around $12,000 in China, with a shorter-range version that’s under $10,000. 

    The new tariff dramatically hiking Chinese EV prices could ease some pressure on automakers, and on the United Auto Workers, which endorsed Mr. Biden’s reelection bid in January, considerably later than in 2020. One of the sticking points was the president’s efforts to transition the economy to EVs, which the union feared would hurt workers. In accepting the endorsement, Mr. Biden promised not to leave U.S. auto workers behind.

    “China is determined to dominate that market, with EV predominantly made in China and Chinese jobs,” he said. “The previous administration was content to sit on the sidelines and let China take all these jobs, but I won’t let that happen.”

    He added that “companies transitioning to new technology should retool, reboot, and rehire in the same factories in the same communities with comparable wages, and existing union workers should have the first shot at those jobs.”

    Harris reflects on breaking down barriers: Sometimes ‘you need to kick that f***ing door down’ to accomplish your dreams

    0

    John Raoux/AP

    Vice President Kamala Harris speaks about abortion restrictions at an event in Jacksonville, Florida, on May 1, 2024.


    Washington
    CNN
     — 

    Vice President Kamala Harris on Monday reflected on her experiences as a barrier-breaking public figure, telling a crowd in blunt terms that sometimes they need to take it upon themselves strive for their own opportunities and successes – even if others may doubt them.

    “We have to know that sometimes people will open the door for you and leave it open,” Harris said in a moderated conversation with actor and comedian Jimmy O. Yang in Washington.

    “Sometimes they won’t – and then you need to kick that f***ing door down,” she added, to applause and laughter from the crowd.

    She added, “Excuse my language,” as the crowd continued to laugh and applaud.

    Harris’ statement came as she marked Asian American and Pacific Islander Heritage Month, reflecting on her experience as the country’s first female, first Black and first Asian American vice president.

    Harris told Yang that people should never use others’ preconceptions of what they’re capable of to limit their own dreams and desires.

    “Don’t ever carry, as a personal burden, your capacity to do whatever you dream and aspire to do based on other people’s limited ability to see who can do what,” Harris said.

    Harris this year has become a key figure for President Joe Biden’s administration and campaign, criss-crossing the country making points that might be more difficult for the president – an older white man – to make himself.

    Her efforts have included serving as the administration’s point person on abortion rights, becoming the first sitting president or vice president to visit an abortion provider and traveling to states such as Florida and Arizona, where new court rulings and laws have thrown into doubt the future of abortion access.

    Harris on Monday also discussed the administrations efforts to protect the legal right to an abortion, making references to the 2022 Supreme Court decision that overturned Roe v. Wade.

    “A decision has been made that takes from the American people a fundamental freedom to make decisions about one’s own body,” Harris told Yang. “Think about what that’s taking us back to, that one does not have the right to exercise authority over issues that I call heart and home, issues that are fundamental to what should be a right to decide to start a family or not.”

    Harris also reflected on efforts to curb gun violence, expressing optimism that young voters, who have borne the brunt of gun violence in schools, will lead the charge in effecting change.

    “When our young leaders start voting in their numbers on so many of these issues, I believe we are going to see a sea change in terms of how we address it, because our young leaders in particular are very practical and they want to see things done – and what I love about them is they’re not gonna wait for us to figure it out, they’re gonna do it,” she said.

    Stock market news: Live updates

    0

    13 Mins Ago

    30-stock Dow finishes Monday lower

    The Dow Jones Industrial Average closed Monday’s trading session lower.

    The 30-stock Dow slipped 81.33 points, or 0.21%, to close at 39,431.51. The S&P 500 slipped 0.02%, settling at 5,221.42. On the other hand, the tech-heavy Nasdaq Composite added 0.29% to finish at 16,388.24.

    — Lisa Kailai Han

    39 Mins Ago

    U.S. growth and large-cap stocks have an improved outlook, Barclays says

    While value stocks continue to outperform in Europe, growth stocks are currently benefiting from improving forward guidance in the U.S., according to Barclays.

    “Rates fell from their recent highs after Fed’s dovish turn, further boosting the outlook for Growth,” strategist Venu Krishna wrote. “We remain Positive on Growth in the US, while being Neutral on Value across both regions given that peak rates are behind us.”

    Krishna also reiterated his positive position on U.S. large caps over their smaller counterparts.

    “In the U.S., Large caps’ exposure to Quality and Sales/EPS Growth styles (themes we are positive on) along with the interest rate risks facing highly levered small caps lead us to maintain our Positive view on large over small,” he added.

    — Lisa Kailai Han

    47 Mins Ago

    Citi is bullish on defense stocks

    Wall Street is underappreciating the growth outlook for the defense sector, according to Citi. 

    Witness the fact the SPDR S&P Aerospace and Defense ETF has risen about 6.1% year to date, lagging the S&P 500′s 9.6% gain. 

    Nonetheless, Citi remains confident in “the bull case for defense.” Fueled by “budget gimmicks in D.C. and headlines in the media,” many investors believe that U.S. defense spending has stopped growing, according to analyst Jason Gursky. In reality, both the data as well as political rhetoric undercut that argument. What’s more, European countries are raising their defense budgets, he added.

    CNBC Pro can find some of Citi’s favorite defense stocks here.

    — Hakyung Kim

    An Hour Ago

    Markets experiencing a ‘Goldilocks-style rally,’ says HSBC

    Last week’s equity rally following a rocky period in April indicates the market is moving past its pullback, according to HSBC.

    “The dip in risk assets is increasingly in the rear-view mirror as many major equity indices re-approach their year-to-date highs,” strategist Duncan Toms wrote in a Monday note. “These broad-based gains once again resemble a Goldilocks-style rally.”

    With investors looking toward Wednesday’s CPI report, Toms believes “the bar for ever more hawkish surprises is getting higher.” Consequentially, the strategist believes even in-line expectations could be another catalyst for risk assets to climb higher.

    — Hakyung Kim

    An Hour Ago

    Consumer staples look ‘compelling,’ BTIG says

    Consumers shop for groceries at a retail chain store in Rosemead, California, on Dec. 12, 2023.

    Frederic J. Brown | AFP | Getty Images

    After the utilities sector had a rebound rally last week, it could be time for another defensive group to have its turn in the spotlight, according to BTIG.

    Strategist Jonathan Krinsky said in a note to clients Sunday evening that consumer staples could be the next overdue group to bounce.

    “Below the surface, Utilities are no longer timely. We liked them in late March, and while we wouldn’t fade the strength, we would await some consolidation here. Consumer Staples do still look compelling to us as they attempt to breakout of a multi-year base,” Krinsky said.

    Krinsky did caution that the “risk-on environment” may need to further weaken for staples to truly breakout.

    “If Staples begin to outperform meaningfully, that would be more of a warning sign broadly,” he said.

    — Jesse Pound

    An Hour Ago

    Leon Cooperman says the Fed’s policy is not too restrictive

    Leon Cooperman, Omega Family Office chairman and CEO, believes the Federal Reverse’s monetary policy is not too tight, citing a booming stock market with speculative activities.

    “There’s a lot of talk about the Fed being restrictive,” Cooperman said on CNBC’s “Power Lunch.” “I don’t think they’re being restrictive. Where’s the evidence that the Fed is restrictive? We have the stock market at or near a high. We have tremendous speculation individual stocks.”

    The widely followed investor said the catalysts for a financial crisis include a collapse in the dollar and the upcoming presidential election.

    — Yun Li

    An Hour Ago

    Raymond James attributes utilities sector’s outperformance to AI tailwind

    Workers replace power lines in Monterey Park, California.

    Frederic J. Brown | AFP | Getty Images

    Utilities has been the best-performing sector by far this quarter because of rising artificial intelligence needs, according to Raymond James.

    “From a sector standpoint, the tremendous outperformance of utilities this quarter, likely the result of a narrative around the benefits of AI electricity needs, has been the most noticeable sector move,” the financial firm wrote in a recent note.

    The S&P 500 utilities sector index has added 8.4% so far this quarter. By contrast, communication services, the next best-performing sector, has increased 2.8% during the same period.

    — Lisa Kailai Han

    2 Hours Ago

    Next 2 weeks will set market’s tone for start of summer, UBS says

    How the market moves in the next two weeks will lay the groundwork for what will come in the first portion of summer trading, according to UBS.

    Asset allocation head Jason Draho said the next two weeks should be noisy with the consumer price index and Nvidia earnings on deck. These can set the tone for the beginning portion of summer trading, he added.

    “Inflation and NVIDIA earnings data that exceed expectations could set the stage for an early summer melt-up,” Draho wrote in a note.

    Having both macro and micro data points simultaneously top of mind is noteworthy, he wrote.

    “It isn’t common for investors, and therefore the markets, to be this highly sensitive to both macro and micro data points at the same time,” Draho said. “Perhaps this distinction doesn’t matter and market-moving information is important no matter the type. But there are investment implications from having two uncorrelated forces influencing market performance.”

    — Alex Harring

    2 Hours Ago

    JPM’s Kolanovic sees potential trouble as investors focus on soft landing

    Stocks could see a cloudy environment over the next few months as investors position for a soft landing for the economy that could be thwarted by stubborn inflation, according to JPMorgan strategist Marko Kolanovic.

    The market is “entering into [a] seasonally tricky time of the year, on top of a challenging combination of inflation at risk of staying too high and profit margin pressures,” the bank’s chief market strategist said in a note Monday. With stocks riding a solid rally over the past month, the rising danger is that markets get too complacent.

    “The Goldilocks view that market embraced in Q1 of inflation/rates moving lower but at the same time of earnings acceleration and economy having no landing remains an inconsistent one,” Kolanovic said. “We look for more of a consolidation in equity markets over the next months.”

    A consolidation is generally a time when markets slosh around between highs and lows, with little conviction higher or lower. To get past that point, Kolanovic said the “gap” between the Fed and market expectations “needs to close.”

    —Jeff Cox

    4 Hours Ago

    Xponential Fitness drops after CEO placed on suspension

    Xponential Fitness shares tumbled more than 9% on Monday after the top executive was suspended indefinitely.

    CEO Anthony Geisler has been placed on suspension without a return date and is an inactive member of the board, the company said late Friday. The move comes after Xponential Fitness received notice last week that it was being probed by attorneys.

    See Chart…

    Xponential, 1 day

    Xponential Fitness previously disclosed a U.S. Securities and Exchange Commission investigation in December. The Pure Barre and Club Pilates parent had been accused of intentionally misleading investors and franchise owners by providing incorrect information.

    Shares of the fitness company, which is also the parent of CycleBar, have plummeted nearly 40% so far in 2024.

    — Alex Harring, Brandon Gomez

    3 Hours Ago

    Morgan Stanley ‘remains confident’ inflation will fall in 2024

    Morgan Stanley sees inflation moving lower this year, the firm’s chief global economist wrote in a recent report.

    “While Wednesday’s report will be critical for the timing of the first cut, regardless of the print, we remain confident that inflation will trend lower over the year, making the question when, not if, the Fed will cut,” wrote Seth Carpenter, pointing to April’s CPI report, which is due to be released Wednesday morning.

    The economist clarified that while the timing of the first cut is up for debate, the path for the year is unlikely to change too much.

    — Lisa Kailai Han

    3 Hours Ago

    Cocoa prices tumble 19%, head for biggest daily drop since at least 1980

    The hand of Alain Kablan Porquet in dry cocoa beans, in Gagnoa, Ivory Coast.

    The Washington Post | Getty Images

    Cocoa prices dropped more than 19% on Monday, giving up some of the gains that boosted the commodity toward record highs this year.

    Prices last traded at around $7,175, after dropping about $1,700 per metric ton. This drop would mark the biggest intraday decline since at least 1980.

    — Samantha Subin

    4 Hours Ago

    Walgreens, GameStop and Intel among stocks making biggest midday moves

    Check out the companies making headlines in midday trading:

    • Walgreens Boots Alliance The stock advanced 5.4% on news that Walgreens is looking for potential buyers for its $8.8 billion Boots drugstore chain in the U.K., Bloomberg reported Monday.
    • GameStop Shares in the video game retailer soared more than 65% on Monday after “Roaring Kitty,” the man who fueled the 2021 GameStop mania, posted online on Reddit for the first time in roughly three years. Trading was halted multiple times due to volatility.
    • Xponential Fitness Xponential Fitness shares were last up nearly 8.5% in volatile trading. The stock earlier Monday had tumbled more than 9%, reaching a 52-week low, after the company’s top executive was suspended without a return date.

    For the full list, read here.

    — Pia Singh

    4 Hours Ago

    Shares of Reddit and Robinhood jump

    The New York Stock Exchange welcomes Reddit to celebrate its initial public offering. To honor the occasion, Snoo rings the opening bell.

    NYSE

    Reddit and Robinhood appear to be benefiting from the renewed interest in GameStop.

    Shares of the social media company rose 9%, while the brokerage stock rose 8%. Both companies saw heavy user activity during the 2021 meme stock era, though neither had a publicly traded stock when GameStop first took off.

    — Jesse Pound

    5 Hours Ago

    Fed’s Jefferson backs ‘restrictive’ interest rate policy

    Fed Governor Philip Jefferson testifies before a Senate Banking Committee hearing on his nomination to be the Federal Reserve’s next vice chair, on Capitol Hill in Washington, D.C., on June 21, 2023.

    Jonathan Ernst | Reuters

    Federal Reserve Vice Chair Philip Jefferson backed the central bank’s current stance of monetary policy, saying Monday that a higher level of interest rates is appropriate until more evidence comes in that inflation is on a sustainable path lower.

    “My view is that in light of the attenuation in progress in terms of getting inflation down to our target, it is appropriate that we maintain the policy rate in restrictive territory, which it is right now,” Jefferson said in a question-and-answer session with outgoing Cleveland Fed President Loretta Mester.

    The Fed should “continue to look for additional evidence that inflation is going to return to our 2% target, and until we have that, I think it is appropriate to keep the policy rate in restrictive territory,” he added.

    As a governor, Jefferson is a permanent voting member of the rate-setting Federal Open Market Committee.

    — Jeff Cox

    5 Hours Ago

    Short sellers suffer $1 billion loss Monday on GameStop, S3 Partners says

    Monday’s rally in GameStop slapped short sellers with a $1.02 billion mark-to-market loss on their positions in early trading, according to Ihor Dusaniwsky, managing director at S3 Partners, which closely monitors short selling activity.

    Monday’s losses “more than offsets the very profitable first four months of the year that GME short sellers had, earning +$392 million mark-to-market profits, +47%,” Dusaniwsky wrote in an email. “Including today’s losses, GME shorts are now down -$1.43 billion in May month-to-date losses, and now down -$1.03 billion for the year.” 

    Losses notwithstanding, S3 expects “new short sellers to jump into this trade as GME stock prices around or above the $30 level will be attractive entry points for new short selling.”

    Moreover, “meme stock frenzy buying may be back with AMC up over 20% and DJT up 9%,” Dusaniwsky said. “Short sellers may be in for a bumpy and bloody ride in these stocks.”

    See Chart…

    GameStop shares over past five days.

    6 Hours Ago

    GameStop volume more than triples

    A screen displays the logo and trading information for GameStop on the floor of the New York Stock Exchange on March 29, 2022.

    Brendan McDermid | Reuters

    GameStop has already traded more than 36 million shares, as the brick-and-mortar video game retailer soared following a post from “Roaring Kitty.” That volume easily eclipses the stock’s 30-day average of 9.9 million.

    — Fred Imbert

    6 Hours Ago

    Stocks open higher

    7 Hours Ago

    AllianceBernstein sees Apple rising 28% in bull case

    The Apple iPhone 15 is on display inside the tech giant’s flagship store in Regent Street, central London, on Sept. 22, 2023.

    Jonathan Brady | PA Images | Getty Images

    In AllianceBernstein’s bull case for Apple, analyst Toni Sacconaghi believes the iPhone maker’s stock could rally 28% to $235.

    “The bull case is that replacement cycle and AI tailwinds could drive a strong iPhone 16 cycle, and that Apple’s longer-term valuation is reasonable given its ultra-high quality of earnings/cash flow, strong moat, and sustained growth story,” the analyst wrote in a note from Monday.

    Sacconaghi has currently assigned the stock an outperform rating accompanied by a price target of $195, implying that shares could add nearly 7% from their Friday close.

    In the same report, the analyst said he is less concerned about the China marketplace.

    “We see China’s business as cyclically pressured, not structurally altered, he added.

    — Lisa Kailai Han

    8 Hours Ago

    Stocks making the biggest moves premarket

    Check out the companies making headlines before the bell:

    GameStop GameStop shares rallied more than 37% in the premarket after “Roaring Kitty” posted for the first time in roughly three years. The post, a picture on social media site X of a video gamer leaning forward on their chair as to indicate he is taking the game seriously, marked Roaring Kitty’s first post on the platform — or on Reddit — since 2021.

    Arm Holdings Shares popped 3.4% following a Nikkei report that the chip company is looking to launch its first artificial intelligence chips next year. Arm hopes to build the prototype by spring 2024, according to the report.  

    Nvidia Nvidia shares added about 1% after Jefferies hiked its price target on the chipmaker to $1,200 a share, implying about 34% upside. “We believe it’s too early to sift out winners and losers in the AI basket yet, but NVDA is our favorite,” analyst Blayne Curtis wrote.

    — Hakyung Kim

    What is Georgia’s ‘foreign agents’ bill, and why is Europe so alarmed?

    0



    CNN
     — 

    Georgia’s parliament is set to pass a highly controversial so-called “foreign agents” bill that has triggered widespread protests across the former Soviet republic nestled in the Caucasus Mountains.

    Tens of thousands of people in capital city Tbilisi have been protesting the legislation. Critics warn that it mirrors a foreign agents law already passed in Russia and could jeopardize Georgia’s bid to join the European Union.

    But Prime Minister Irakli Kobakhidze has said the government is not planning any “substantial changes” to the bill, and has vowed to get it passed on Tuesday, when lawmakers in the former Soviet country are expected to vote.

    Here’s what you need to know about the proposed law and the uproar it has caused.

    The bill would require organizations receiving more than 20% of their funding from abroad to register as “agents of foreign influence” or face crippling fines.

    The legislation was drafted by the Georgian Dream party, which along with its allies controls parliament. The proposal will receive a vote on Tuesday and it is expected to pass.

    Georgia President Salome Zourabichvili called the bill “an exact duplicate” of its Russian counterpart in an interview with CNN.

    She has vowed to veto the bill, but that won’t mean much. Georgia’s government is a parliamentary system, so Zourabichvili is effectively a figurehead. Real power lies with Prime Minister Irakli Kobakhidze. Georgian Dream’s billionaire founder, former Prime Minister Bidzina Ivanishvili, also wields significant political influence.

    Vano Shlamov/AFP/Getty Images

    About 50,000 protesters gathered in Tbilisi to protest the proposed legislation on Sunday.

    A couple of reasons.

    The proposed law is modeled after a similar one in Russia that the Kremlin has used to increasingly snuff out opposition and civil society. Many Georgians fear their foreign agents bill will be used to the same way it has been in its northern neighbor: to quash dissent and free expression by going after nongovernmental organizations with financial ties overseas.

    Georgian Dream contends the legislation will promote transparency and national sovereignty and has hit back at Western criticism over the proposal.

    But the law’s possible passage has touched on a more existential question: whether Georgia’s future lies with Europe or Russia.

    Georgia has, like Ukraine, been caught between the two geopolitical forces since achieving independence from the Soviet Union in 1991.

    Many Georgians feel deep hostility toward the Kremlin, which invaded Georgia in 2008 and occupies about 20% of its internationally recognized territory – about the same proportion that Russia occupies in Ukraine.

    Georgian Dream has long been accused of harboring pro-Russian sympathies, especially given that Ivanishvili made his fortune in the Soviet Union.

    Passionately. So much so that lawmakers at one point came to blows over the bill.

    Polling shows that about 80% of Georgians support joining the European Union rather than drifting further into the Kremlin’s orbit, and many of those in favor of deepening ties with the West have taken to the streets.

    Mass demonstrations against the bill in Tbilisi have been going on nightly for a month. About 50,000 people came out Sunday evening in the capital, which is home to about 1 million people, to speak out against what they’ve dubbed “the Russian law.”

    There have been counter-protests as well. One saw the reclusive Ivanishvili deliver a rare speech to a crowd of supporters bussed in to Tbilisi from Georgia’s rural regions, where Georgian Dream enjoys more support.

    The address showed deep paranoia and an autocratic streak. Ivanishvili claimed that Georgia was being controlled by “a pseudo-elite nurtured by a foreign country” and pledged to go after his political opponents after October’s elections.

    Yes, just last year.

    Georgia’s government tried to pass the same law but was forced into an embarrassing climbdown after a week of intense protests, which saw citizens waving EU flags buffeted back by water cannons.

    The bill was reintroduced in March, about a month after Kobakhidze became Prime Minister. This time, authorities seem determined to push the legislation through.

    Mirian Meladze/Anadolu/Getty Images

    Demonstrations against the bill continued into Monday.

    White House national security adviser Jake Sullivan wrote on X that Washington is “deeply alarmed about democratic backsliding in Georgia.”

    “Georgian parliamentarians face a critical choice – whether to support the Georgian people’s Euro-Atlantic aspirations or pass a Kremlin-style foreign agents’ law that runs counter to democratic values,” he said. “We stand with the Georgian people.”

    The Kremlin has claimed that the law was being used to “provoke anti-Russian sentiments,” adding that protests against it were being stirred by “outside” influences.

    “This is now the normal practice of a huge number of states that are doing everything to protect themselves from outside influence, from foreign influence on domestic politics. And all countries are taking action in one form or another, but all these bills have the same goal,” Kremlin spokesman Dmitry Peskov said in April. “Once again, there is no way to link this bill and the desire to secure Georgia’s internal politics with some kind of Russian influence; this is not the case.”

    European Commission President Ursula von der Leyen said in a statement earlier this month that she was following the developments in George with “great concern” and reiterated Brussels’ unease over the law.

    “Georgia is at a crossroads. It should stay the course on the road to Europe,” she said.

    Definitely.

    Georgia first applied for EU membership in 2022 and was granted candidate status in December, an important but still early step in the process of becoming a member of the bloc. However, Brussels said last month that the law’s passage would “negatively impact” Georgia’s path to EU membership

    “Georgia has a vibrant civil society that contributes to the country’s successful progress towards EU membership. The proposed legislation would limit the capacity of civil society and media organizations to operate freely, could limit freedom of expression and unfairly stigmatize organizations that deliver benefits to the citizens of Georgia,” EU officials said.

    “The EU urges Georgia to refrain from adopting legislation that can compromise Georgia’s EU path, a path supported by the overwhelming majority of Georgian citizens.”

    CNN’s Anna Chernova contributed to this report.