Heavy metal star takes on Poland's anti-blasphemy law
Agence France-Presse
March 31, 2021

A Polish court ordered heavy metal star Adam Darski to pay a fine for posting a photo of himself stamping on an image of the Virgin Mary Wojtek RADWANSKI AFP

In his Warsaw apartment decorated with occult imagery, heavy metal star Adam Darski from the band Behemoth told AFP he has had enough of being prosecuted under Poland's anti-blasphemy law.

The artist, better known as "Nergal" -- the name of an ancient Babylonian demon, has launched a crowdfunding campaign to fight multiple cases against him and to help others do the same.

"I am sounding the alarm," the heavily-tattooed 43-year-old, dressed entirely in black, said in an interview.

A Polish court last month ordered Darski to pay a fine for posting a photo of himself stamping on an image of the Virgin Mary

It was the sixth criminal case against him.

He has previously been taken to court for tearing up a Bible on stage and making crude comments about Poland's powerful Catholic Church.

"In 1989, we put an end to a totalitarian communist regime. Now, a short time later, we have a new religious nationalist regime.
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"I just want to create. Let me create! It's terrible if an artist needs to question himself or consult a lawyer every time he wants to say something, record something, express himself."

- 'Ordo Blasfemia' -

Prosecutions under article 196 of Poland's Criminal Code for "offending religious feeling" have gone up in recent years under the government of the populist Law and Justice (PiS) party.

There were 90 such prosecutions in 2018, 136 in 2019 and 146 in 2020, according to Polish media.

The charge carries a maximum sentence of up to two years in prison, although a fine is more likely.

Following his latest prosecution, Darski set up a crowdfunding website called "Ordo Blasfemia" -- a mocking reference to the ultra-conservative legal organization Ordo Iuris behind many of the prosecutions.

Darski announced the new fund on social media saying he was being pursued "under the banner of Catholic dogma" and said he wanted "to finally beat the bastards once and for all, for all the artists in Poland that have been punished for blasphemy".

He said the funds "will not only help protect me against my enemies but also support any action to make people understand that we are in grave danger of losing freedom".

He has raised more than £38,000 (45,000 euros, $52,500) so far.

- 'We can co-exist' -

Founded in 1991 when he was just a teen, Nergal's band Behemoth is well known on the heavy metal scene for the occult, satanic imagery in its highly theatrical performances.

They are regularly taken to task in Polish right-wing media.

The website niezalezna.pl branded one of the band's albums "disgusting" and said the group had "once again offended the religious feelings of millions of Catholics in Poland".

Worshipped by fans, Darski says his critics find "a masochistic pleasure" in watching his concerts or visiting his websites and being shocked.

"Let's let artists practice their art and believers practice their faith. Everyone has their own temple. We can co-exist."

Reproductive Rights And Justice: A Critical Opportunity For The Biden Administration To Protect Hard-Fought Gains

Swapna Reddy
Mary Saxon
Yeonsoo Sara Lee
Nina Patel
MARCH 31, 2021

10.1377/hblog20210326.802027



Early in his presidency, President Joe Biden is indicating a departure from the previous administration on the issue of reproductive rights. Within the first days of taking office, the president issued a memorandum to restore US international foreign aid for reproductive health programs by repealing the infamous Mexico City Policy, better known by its critics as the “Global Gag Rule” because the policy prevents health care providers from speaking about abortion, even in countries where the procedure is legal. President Biden stated that he ended the policy as part of an effort to “protect women’s health at home and abroad.”

Then, on February 22, the US Supreme Court agreed to hear a case challenging Trump-era policy changes to the Title X family planning program, a federal grant program for low-income people to receive contraception, breast and cervical cancer screenings, and other reproductive health services; these changes bar federal funds for providers or clinics that refer patients for abortions. In parallel, conservative-leaning state legislatures across the nation are introducing numerous bills in their legislative sessions limiting the right to choose, some of which have already been challenged in the courts.

In the midst of this rapidly evolving landscape, it is crucial that the Biden administration act swiftly and decisively to protect hard-fought reproductive rights domestically by not only reversing the anti-choice policy decisions of the Trump administration but also strengthening federal policies so that a woman’s right to choose does not continue to be treated as a political football that is one administration, one court case, or one state legislative act from being taken away.

Reversing Bad Policy Abroad: The “Global Gag Rule”

The Mexico City Policy places strict parameters around overseas non-governmental organizations receiving USAID support. When the policy is in effect, organizations risk losing critical funding if they provide abortion-related services, referrals, or counseling, or inform women about their reproductive choices. Since it was enacted by President Ronald Reagan in 1984, this controversial foreign aid approach has taken on a highly politicized nature and functioned as a “light switch” policy, turned on under Republican administrations and turned off under Democrat-led administrations. This restrictive policy has exacerbated health disparities among low-income and marginalized women in developing countries and, opposite to the policy’s stated goal, has led to an increase in unsafe abortions. Even in countries where abortion is broadly legal and a part of the continuum of reproductive health care, providers working for gagged organizations are largely unable to mention abortion as an option to women in need. In fact, the Global Gag Rule has increased the typical abortion rate in countries highly exposed to the policy by 40.0 percent and reduced contraceptive use by 13.5 percent.

In 2017, former President Donald Trump signed an executive order to reinstate the Global Gag Rule and expand the policy to include all global health assistance programs, including those that provide HIV/AIDS treatment under the President’s Emergency Plan for AIDS Relief (PEPFAR), maternal and child health, and water, sanitation, and hygiene; this equates to roughly $12 billion of aid, according to Guttmacher Institute. The vagueness of the expanded Trump-era policy fuels a climate of fear-based decision making, self-censorship, and over-interpretation for providers and organizations reliant on USAID funding. Amidst other policy changes like with Title X and the Affordable Care Act (ACA), the Global Gag Rule serves as one of many in the Trump administration’s long crusade to restrict women’s health care, domestically and abroad.

The efforts of the Biden-Harris administration to repeal the policy serves as an important first step toward addressing the harms caused by the previous administration. With the momentum generated by reversing the Global Gag Rule, activists and health leaders urge the new administration to continue addressing Trump-era policies that limited a woman’s right to choose, her family planning, and her health care options.

Reversing Bad Policy At Home

The Biden-Harris administration faces large hurdles to “protect women’s health home and abroad” as promised. First among them is reversing Trump administration policies that threaten decades of progress in women’s health, family planning, and reproductive rights.

Title X Regulations

Beginning in June 2018, the Trump administration revised regulations within Title X, making two key changes: a “gag” rule that prevents providers from referring patients for abortion care and requirements that Title X–funded centers must both establish and maintain physical and financial separation from the provision of abortion. Furthermore, this rule removed the requirement to provide “nondirective counseling,” or impartial guidance, to patients. These changes are commonly referred to as the Domestic Gag Rule and have drawn immense criticism from a number of health professional associations, as they argue that such policies directly threaten the provider-patient relationship because they prevent providers from fulfilling their ethical obligation to inform pregnant women about all of their medical options during pregnancy, including but not limited to abortion. These organizations include the American Medical Association, which filed a petition to overturn the Domestic Gag Rule policy that the US Supreme Court has recently agreed to hear.

Trump-era changes to Title X funding resulted in a number of consequences—Planned Parenthood, the nation’s largest provider of sex education and a leading sexual and reproductive health provider, amongst others, withdrew from Title X, calling the gag rule “unethical and dangerous.” Furthermore, an estimated one in five Title X sites no longer accept funding from Title X, resulting in budget shortfalls that will impact their ability to serve their patients. In sum, the Trump administration’s Domestic Gag Rule has endangered family planning care for 1.6 million women nationwide and restricted Title X’s network capacity by 46 percent nationwide and up to 100 percent in some states.

In consequent appellate court rulings, conflicts persist about the legality of these changes to the Department of Health and Human Services (HHS) rule; while the 9th Circuit Court of Appeals upheld the Gag Rule, the 4th Circuit found that the decision was “flawed” and held that the rule was “both arbitrary and capricious and contrary to law.” Due to these rulings, the gag rule was suspended in Maryland, in the jurisdiction of the 4th Circuit, but persists elsewhere in the United States. These policies—in addition to exacerbating disparities in access to reproductive health care among low-income, rural, and women of color—also discourage open, honest conversation between patients and their health providers and would restrict funding for some of the most robust systems of reproductive health care in the nation, which provided reproductive health care services for more than four million people annually before 2016.

President Biden has asked the HHS to review the Trump administration’s rule to overhaul the Title X family planning program, although no action has been taken yet to change the policy. Immediate action on the part of HHS to reverse the Domestic Gag Rule would presumably render the US Supreme Court hearing moot and increase access to reproductive services for women depending on Title X-funded providers.
ACA Contraceptive Coverage Mandate “Conscience Exemptions,” Abortion Coverage Billing Regulations

The Trump administration also made changes to the ACA, which helps 63 million US women access birth control without copayments; the changes allow any employer, school, insurance plan, or individual to deny access to the no-cost contraceptives on the basis of religious or moral objection. Despite strong opposition from women’s health advocates, the US Supreme Court upheld the administration’s “conscience” exemptions of the ACA’s contraceptive mandate on July 13, 2020. This ruling disproportionately impacts low-income women and their families, as they are less likely to use contraceptives due to high out-of-pocket costs. Additionally, the Guttmacher Institute found that 58 percent of oral contraceptive users in the US indicated needing the pill, at least in part, for a purpose other than contraception; among the reasons for using oral contraception are regulating periods, preventing menstrual-related migraines, and controlling chronic health conditions such as endometriosis. Thus, removing insurance coverage for these services impacts women’s ability to manage, alleviate, or treat a variety of medical issues. By removing this exemption, the Biden administration can restore this basic women’s health insurance coverage benefit.

Health insurance protections were further impacted during the Trump administration via changes that forced health insurers offering coverage on ACA Marketplaces to bill consumers separately for insurance premiums covering abortion services. These restrictions have led to increased confusion and administrative costs, which some experts predict could lead to elimination of abortion services from health plans and impact the coverage of 3.4 million enrollees. Compounding these barriers, pregnant women seeking abortion care who are denied coverage experience an emotionally and financially distressing conundrum: They must decide between continuing unwanted pregnancies or enduring high personal costs and debt (the estimated cost of an abortion ranges from $400 to $1,650 and above, disproportionately impacting low-income women). This exacerbates existing disparities in care, as the ability to access abortion has been shown to be linked to a woman’s economic means. The Biden administration has the opportunity to restore the original regulation and intent of the ACA by reestablishing the contraceptive mandate for employers and reaffirm patient protections for abortion services.
A Flurry Of Anti-Choice Action At The State Level

As Democrats currently hold the majority in the House and Senate as well as control the Executive branch, albeit in a highly partisan climate, many conservative-led state legislatures appear to be using the current state legislative sessions as opportunities to introduce bills limiting reproductive choice at breakneck speeds. Nationally, in the 2021 state legislative session alone, more than 150 anti-abortion bills have been introduced, posing a significant threat to women’s reproductive health and right to choose.

Notable state legislative attempts include one proposed Arizona bill that would allow women receiving abortions and their medical providers to be charged with murder and another that would ban medical providers from performing an abortion on a fetus with a genetic abnormality such as Down syndrome. In South Carolina, the first piece of legislation introduced in the Senate would ban most abortions once a medical provider can detect a fetal heartbeat; it has since been temporarily blocked by a district court and is now awaiting a ruling on whether to impose an injunction from a federal judge, foreshadowing a turbulent and rapidly changing legislative landscape. In Texas, proposed anti-abortion bills range from total bans on abortion to appointing attorneys to represent fetuses when minors report to a judge for an abortion without formal parental consent.

In Montana alone, more than 60 bills have been introduced to restrict abortion access, such as one that would ban abortions after 20 weeks; the Republican legislator who introduced that bill acknowledged her hope that it would lead the US Supreme Court to “revisit” the landmark Roe v. Wade, which established women’s constitutional right to safe and legal abortion. Additionally, Tennessee lawmakers proposed a bill that would allow a biological father to block a woman from getting an abortion. Exhibit 1 below outlines these examples of recent state action to thwart reproductive rights.
Exhibit 1: Key anti-choice state legislative action in 2021

State
Bill Number
Summary


Arizona

House Bill 2650

Would allow women who receive an abortion and their health care providers to be charged with first-degree murder (punishable by the death penalty).


Arizona

Senate Bill 1457

Would ban providers from performing an abortion if the fetus has a genetic abnormality.


Arkansas

Senate Bill 6

Would ban nearly all abortions in the state except those necessary to save the life or preserve the health of the fetus or mother.


Montana

House Bill 136

Would ban abortions after 20 weeks of pregnancy.


South Carolina

Senate Bill 1

Would ban abortions once a provider can detect a fetal heartbeat with few exceptions.


Tennessee

Senate Bill 494

Would allow biological fathers to stop an abortion.


Texas

House Bill 69

Would ban abortions after 12 weeks of pregnancy.


Texas

House Bill 1171

Would require the fetus to be appointed an attorney in the case of a minor petitioning for an abortion in front of a judge.


Texas

House Bill 3326

Would ban and criminalize most abortions punishable by the death penalty with exemptions for ectopic pregnancies that put the woman’s life is at risk.


Source: Authors’ analysis.

Amidst a pandemic that has claimed the lives of hundreds of thousands and destroyed the livelihood of millions, this flurry of anti-choice state bills reflects a mismatch between state legislatures’ priorities and the reality of their populations’ pressing needs, such as COVID-19 mitigation strategies, vaccination distributions efforts, economic relief, and pandemic mental health services. The numerous anti-abortion bills, most of which do not hold legal muster, also make it clear that there is a superseding presumptive interest at the state level in sparking a legal battle to be appealed to the US Supreme Court, with the intent of incrementally dismantling the rights created through Roe v. Wade. While recent similar attempts at the US Supreme Court through cases (such as June Medical Services LLC v. Gee, which considered whether a Louisiana state law placing hospital-admission requirements on abortion clinic doctors was unconstitutional) have made limited headway, the most recent makeup of the US Supreme Court—many of whom have indicated anti-choice leanings in the past—and the volume of state-level anti-abortion bills may create a perfect storm jeopardizing a woman’s right to choose at the national level.

The stakes related to a woman’s right to choose are high; therefore, it’s vital that the Biden-Harris administration remain committed to restoring the hard-fought gains in reproductive rights. We call on the administration to act quickly and decisively to not only reverse the detrimental policies of the previous administration but also to fortify federal protections for accessible and safe services in the face of mounting state-level and legal threats to reproductive rights and justice.

“Voltswagen”

Volkswagen hoaxes media with fake statement on name change

 APRIL FOOL TWO DAYS EARLY FAILS  BIG TIME

DETROIT — Volkswagen of America issued false statements this week saying it would change its brand name to “Voltswagen,” to stress its commitment to electric vehicles, only to reverse course Tuesday and admit that the supposed name change was a joke.

© Provided by The Canadian Press

Mark Gillies, a company spokesman, confirmed Tuesday that the statement had been a pre-April Fool's Day joke after having insisted Monday that the release was legitimate and the name change accurate. The company's false statement was distributed again Tuesday, saying the brand-name change reflected a shift to more battery-electric vehicles.

Volkswagen's intentionally fake news release, highly unusual for a major public company, coincides with its efforts to repair its image as it tries to recover from a 2015 scandal in which it cheated on government emissions tests and allowed diesel-powered vehicles to illegally pollute the air.

In that scandal, Volkswagen admitted that about 11 million diesel vehicles worldwide were fitted with the deceptive software. The software reduced nitrogen oxide emissions when the cars were placed on a test machine but allowed higher emissions and improved engine performance during normal driving. The scandal cost Volkswagen $35 billion (30 billion euros) in fines and civil settlements and led to the recall of millions of vehicles.

The company's fake news release, leaked on Monday and then repeated in a mass email to reporters Tuesday, resulted in articles about the name change in multiple media outlets, including The Associated Press.

The fake release could land Volkswagen in trouble with U.S. securities regulators because its stock price rose nearly 5% on Tuesday, the day the bogus statement was officially issued. Investors of late have been responding positively to news of companies increasing electric vehicle production, swelling the value of shares of Tesla as well as of some EV startups.

James Cox, who teaches corporate and securities law at Duke University, said the Securities and Exchange Commission should take action to deal with such misinformation, which can distort stock prices.

“The whole market has gone crazy,” Cox said. “We need to throw a pretty clear line in the sand, I believe, about what is permissible and what isn’t permissible.”

This week's Volkswagen incident bears some similarity to one in 2018 in which Tesla's CEO Elon Musk tweeted that he had the funding secured to take the company private — a comment that drove up the stock price, Cox noted. Later, it was revealed that the funding had not been lined up. Musk and Tesla each agreed to pay $20 million in penalties to the SEC.

A message was left Tuesday seeking a comment from the SEC.

Late Tuesday, VW issued a statement confirming that it won't be changing its brand name to "Voltswagen."

“The renaming was designed to be an announcement in the spirit of April Fool's Day,” the company said.

Tim Calkins, a clinical professor of marketing at Northwestern University, said April Fool’s jokes are common in marketing. But he said it's rare for a company to deliberately mislead reporters.

“The problem is that in the short run, you can fool people, and it seems cute and entertaining," Calkins said. "But in the long run, you really do need positive and good relations with the media. For a company that already has credibility problems, this is really a strange move.”

Calkins said that while the incident might not hurt VW with consumers, the company needs good relations with reporters to build its brand image over time.

Tom Krisher, The Associated Press

VOLKSWAGON BRANDING PROBLEMS BEGAN IN THE 30'S

NO MENTION OF WHO WILL PAY FOR IT

Change COVID-19 messaging for young people as cases rise in B.C.: retail council

VANCOUVER — Criticism of young people by British Columbia's premier could be replaced by better ways of educating them about the risks of COVID-19, a retail group says

.

© Provided by The Canadian Press

Greg Wilson, a director for the B.C. division of the Retail Council of Canada, said he understands Premier John Horgan's frustration as cases rise, but social media or other channels may be a way of reaching youth rather than hour-long briefings.

Horgan asked those in the 20-to-39-year-old age group not to "blow this for the rest of us" as the province introduced new pandemic measures Monday, saying the higher infection rates are putting everyone in a challenging situation.

"Do not blow this for your parents and your neighbours and others who have been working really, really hard making significant sacrifices so we can get good outcomes for everybody," Horgan said during a briefing with provincial health officer Dr. Bonnie Henry and Health Minister Adrian Dix.

Among her orders, Henry banned indoor dining and group activities at gyms for three weeks and also closed the Whistler Blackcomb ski resort, where infections had risen exponentially.

Vancouver Coastal said Tuesday that 1,120 cases were recorded in the Whistler community between Jan. 1 and March 28, with 83 per cent of infections among those aged 20 to 39.

Wilson said young workers in the retail sector have generally been pleased with the COVID-19 response in B.C., where stores remained open while some other provinces have imposed restrictions.

"If I were a 20-to-39-year-old, I'd be insulted. But you know, I have to look at the broader picture. And the broader picture is that for retail workers in B.C., we've had a much better pandemic experience because the government has protected retail shops."

The premier's office said in a statement that social media has been used and will continue to be a significant part of its approach to communications during the pandemic.

"However, there’s no question that (Monday's) public health orders will be the clearest signal to all British Columbians about the importance in following the rules as we roll out vaccinations."

The BC Centre for Disease Control said that while 20-to-39-year-olds make up 28 per cent of the population, 42 per cent of COVID-19 cases as of this week have been among that age group.

Henry said last week that younger people are being hospitalized and ending up in intensive care units just as the older population is getting vaccinated.

She also said workplaces are a source of transmission and employers should put every necessary precaution in place.

Ian Tostenson, president of the B.C. Restaurant and Foodservices Association, said there have been a number of COVID-19 cases among staff at restaurants that have been forced to shut down.

"He's calling a spade a spade, so I totally support him on that," he said of Horgan's comments. "What I hope now we do is take those words and put them into action and let this industry influence its workforce to do the right thing, to really understand it's important for jobs."

Tostenson said greater numbers of vaccinations seem to have given people the false impression that they could become more liberal with precautions and socialize in ways that are spreading COVID-19.

His message to young people who work in the restaurant industry is to stick with regulations barring social gatherings for everyone's benefit.

"We can't withstand too many more three-week closures. There's going to be too much damage done."

This report by The Canadian Press was first published March 30, 2021.

Camille Bains, The Canadian Press

WORKERS CAPITAL
Ontario Teachers' fund adds $13.8 billion in 2020, with new innovation platform returning 16%

Barbara Shecter 

© Provided by Financial Post SpaceX's live webcast shows the Starship SN10 prototype during a test flight at the Boca Chica Village in Brownsville, Texas on March 3.

The Ontario Teachers Pension Plan posted an 8.6 per cent return in pandemic-beset 2020, aided by fixed-income and equity investments and a 16 per cent return from a recently launched innovation investment platform.

“(It’s) a new activity for us — we are trying to grow it,” chief executive Jo Taylor said in an interview Tuesday.

“The pleasing thing for me was, in 2020, it was generating a 16 per cent return, which I think is very encouraging to show that that portfolio, which includes SpaceX, is actually doing pretty well.”

The strategy behind the Teachers’ Innovation Platform (TIP), formed in April of 2019, is to make late-stage venture capital and growth equity investments in companies that use technology to disrupt incumbents and create new sectors.

Elon Musk’s SpaceX, the inaugural investment for that platform, which represents a very small part of Teachers’ overall investment portfolio, suffered a setback Tuesday when a test rocket launched in Texas exploded.

Taylor said that mishap won’t deter Canada’s largest single-profession pension fund from investing in innovative companies as part of a balanced portfolio, including SpaceX.

Ziad Hindo, Teachers’ chief investment officer, said SpaceX has been a good investment and its value was marked up at year-end. He added that Teachers has participated in three funding rounds since 2019, “showing the conviction we have in that business.”

The investment thesis is based on the company’s “proven track record of space launches and significant future growth potential of their Starlink satellite broadband service offering, which they are successfully rolling out globally including in Canada,” he said.

Taylor said the investment in Musk’s company builds on past satellite technology investments by the Teachers’ fund, and decisions about putting money into innovative or disruptive technologies involve weighing risks and reward.

“The … question is making sure we get the right balance in the number of those investments we make and the level of risk it’s appropriate to take,” Taylor said. “And when we’re taking that risk are we getting paid for it, are we getting the returns that we would hope to see.”

Hindo said Teachers has ambitions to increase investments through the new innovation platform “significantly” over the next few years, though the pension fund investment manager does not give specific targets for asset classes. The innovations investments were valued at $3.2 billion at the end of December and represented two per cent of overall assets.

Teachers, which closed out 2020 with net assets of $221.2 billion, up $13.8 billion from a year earlier, invested in SpaceX in June of 2019. Financial terms of the investment were not disclosed.

Hindo and Taylor said the Teachers’ fund entered the pandemic year in a defensive position — with high fixed-income exposure — because the investing team was anticipating a slowdown following a prolonged period of growth that felt “long in the tooth.”

That strategy paid off in the first half of the year — generating more than $10 billion in investment income — as did equity investments that bounced back with central bank and government stimulus. Teachers’ real estate portfolio suffered during the pandemic, down 13.7 per cent as the sector was “hit hard” by the pandemic, along with retail. But private equity investments soared, with a return of 13.2 per cent.

Hindo said fixed-income exposure has been reduced, with capital redeployed to investments in real assets such as infrastructure that are expected to provide more stable cash flows linked to inflation.

Teachers has continued to make infrastructure investments this year, including taking a 20 per cent stake this month in Caruna, Finland’s largest electricity company, alongside new investors KKR and Swedish pension fund AMF.

The pension manager also took advantage of a wild stock market run earlier this year, in what became known as the GameStop or Reddit rebellion against short sellers, to dispose of a 16.4-per-cent stake in California-based mall owner Macerich Co. for US$500 million.

Taylor said Teachers had been a long-term owner of Macerich, holding a stake since the late 1990s.

“It wasn’t that we were in and out quickly,” he said.

At its yearend in 2020, Teachers had produced an annualized total-fund net return of 9.6 per cent since inception, with five and ten year net returns of seven per cent and 9.3 per cent, respectively.

The plan was fully funded for an eighth consecutive year with a preliminary surplus of $8.5 billion

AIMCo’s next move: As Alberta contemplates CPP exit, investment manager focuses on rebuilding trust
Manulife to offer insurance clients rewards points for getting vaccinated
Pension plan chief’s resignation renews debate over vaccine queue jumping

Alberta, Saskatchewan, Ontario unite to urge Michigan not to shut down Line 5

WASHINGTON — Shutting down the Line 5 pipeline would create a "dangerous precedent" that would forever imperil future cross-border infrastructure projects between Canada and the United States, says Alberta's energy minister.msnewslogo

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Alberta, Saskatchewan, Ontario unite to urge Michigan not to shut down Line 5

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Elliot Page, Leyna Bloom and the trans artists forcing a shift in media…

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WASHINGTON — Shutting down the Line 5 pipeline would create a "dangerous precedent" that would forever imperil future cross-border infrastructure projects between Canada and the United States, says Alberta's energy minister. 

a flat screen television© Provided by The Canadian Press

Sonya Savage joined counterparts from Saskatchewan and Ontario in warning a House of Commons committee Tuesday about the knock-on effects that could result if the cross-border pipeline is shut down.

"What is possibly most concerning to Alberta, as it should be for everyone here, is the dangerous precedent that a shutdown of a safely operating pipeline would have and would pose for future infrastructure projects," Savage testified. 

"We are good neighbours and strong business partners. Our integrated energy sector and critical trading relationships are important for jobs and economies on both sides of the border, and any actions to shut down Line 5 would threaten that relationship." 

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Line 5, which runs through Michigan from the Wisconsin city of Superior to Sarnia, Ont., crosses the Great Lakes beneath the environmentally sensitive Straits of Mackinac, which link Lake Michigan to Lake Huron.

For weeks, experts have been telling the committee that the pipeline is a vital source of energy not only for Ontario and Quebec, but a host of northern U.S. states as well, including Michigan itself, Ohio and Pennsylvania. 

Enbridge wants to build a tunnel underneath the straits to house an upgraded version of the dual pipeline — a project Michigan has already approved — but needs the existing line to continue to operate in the meantime.

Michigan Gov. Gretchen Whitmer has revoked the 1953 easement that allowed the pipeline to operate without incident for more than 65 years, accusing Enbridge of violating the terms of the agreement. She wants the line shut down by mid-May.

Enbridge is fighting that decision in court in Michigan — and Savage, Saskatchewan Energy Minister Bronwyn Eyre and Associate Ontario Energy Minister Bill Walker want Ottawa to weigh in on that fight. 

"This could include filing an amicus brief in court expressing the government's support for keeping the pipeline in operation," Walker told the committee. 

One senior federal government official, speaking on condition of anonymity in order to discuss internal matters, said filing such a brief is currently under discussion, but a final decision has not been made. 

Video: Alberta considering more COVID-19 restrictions but no decisions yet: Hinshaw (Global News)

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Witnesses also urged the federal government to exercise its rights under the 1977 Transit Pipeline Agreement, a Canada-U.S. treaty that provides for the uninterrupted flow of energy between the two countries.  

The Enbridge main line, and by extension Line 5, carry as much as 70 per cent of the crude oil produced in Saskatchewan to market, Eyre said. 

Line 5 is a "welded-steel manifestation, a tangible symbol, of a traditionally strong relationship, a friendship, between the United States and Canada — one we must not jeopardize," she said. 

"Pipelines produce no CO2 — they are a mere mode of transport, and yet they have become a symbol of the fight (over climate change)."

Sarnia Mayor Mike Bradley, whose city is a major refining hub in Ontario and the final juncture for Line 5, could barely contain his frustration with Whitmer, whom he said has been unresponsive to repeated entreaties. 

"I've written more letters to the governor than St. Paul wrote to the Corinthians," he said, noting that Canada's consul general in Detroit and Ontario Premier Doug Ford have had the same experience. 

"I can't fathom what is going on in the governor's mansion in Lansing ... does the governor not understand the damage (she's doing) to the ongoing relationship?" 

In a letter to Whitmer earlier this year, Enbridge accused Michigan of refusing to acknowledge that the state's own experts say there are no clear alternatives to the pipeline. 

The state "fails to acknowledge that Line 5 enables the safe transport of fuel essential to heat homes and provides energy to Michigan, neighbouring U.S. states and Canada's two largest provinces," Enbridge executive vice-president Vern Yu wrote.

"It also fails to account for the significant adverse social and economic impacts that will result from closure."

Scott Archer, a union leader in Sarnia, delivered a stark inventory of what those impacts might be if Line 5 is closed. 

Archer warned of immediate gasoline shortages, "massive" fuel cost increases, and 800 more oil-laden rail cars and 2,000 tanker trucks per day on railways and highways throughout both central Canada and the U.S. Midwest — to say nothing of widespread job losses in a variety of industries, many of them only tangentially related to the energy sector. 

"In short, shutting down Line 5 would effectively kill my hometown, and displace its families — and many more cities and towns like it in Canada and the U.S.," he said. 

"This is not an exaggeration — it's cold, hard fact." 

This report by The Canadian Press was first published March 30, 2021. 

James McCarten, The Canadian Press

© Provided by The Canadian Press

Sonya Savage joined counterparts from Saskatchewan and Ontario in warning a House of Commons committee Tuesday about the knock-on effects that could result if the cross-border pipeline is shut down.

"What is possibly most concerning to Alberta, as it should be for everyone here, is the dangerous precedent that a shutdown of a safely operating pipeline would have and would pose for future infrastructure projects," Savage testified.

"We are good neighbours and strong business partners. Our integrated energy sector and critical trading relationships are important for jobs and economies on both sides of the border, and any actions to shut down Line 5 would threaten that relationship."

Line 5, which runs through Michigan from the Wisconsin city of Superior to Sarnia, Ont., crosses the Great Lakes beneath the environmentally sensitive Straits of Mackinac, which link Lake Michigan to Lake Huron.

For weeks, experts have been telling the committee that the pipeline is a vital source of energy not only for Ontario and Quebec, but a host of northern U.S. states as well, including Michigan itself, Ohio and Pennsylvania.

Enbridge wants to build a tunnel underneath the straits to house an upgraded version of the dual pipeline — a project Michigan has already approved — but needs the existing line to continue to operate in the meantime.

Michigan Gov. Gretchen Whitmer has revoked the 1953 easement that allowed the pipeline to operate without incident for more than 65 years, accusing Enbridge of violating the terms of the agreement. She wants the line shut down by mid-May.

Enbridge is fighting that decision in court in Michigan — and Savage, Saskatchewan Energy Minister Bronwyn Eyre and Associate Ontario Energy Minister Bill Walker want Ottawa to weigh in on that fight.

"This could include filing an amicus brief in court expressing the government's support for keeping the pipeline in operation," Walker told the committee.

One senior federal government official, speaking on condition of anonymity in order to discuss internal matters, said filing such a brief is currently under discussion, but a final decision has not been made.

Witnesses also urged the federal government to exercise its rights under the 1977 Transit Pipeline Agreement, a Canada-U.S. treaty that provides for the uninterrupted flow of energy between the two countries.

The Enbridge main line, and by extension Line 5, carry as much as 70 per cent of the crude oil produced in Saskatchewan to market, Eyre said.

Line 5 is a "welded-steel manifestation, a tangible symbol, of a traditionally strong relationship, a friendship, between the United States and Canada — one we must not jeopardize," she said.

"Pipelines produce no CO2 — they are a mere mode of transport, and yet they have become a symbol of the fight (over climate change)."

Sarnia Mayor Mike Bradley, whose city is a major refining hub in Ontario and the final juncture for Line 5, could barely contain his frustration with Whitmer, whom he said has been unresponsive to repeated entreaties.

"I've written more letters to the governor than St. Paul wrote to the Corinthians," he said, noting that Canada's consul general in Detroit and Ontario Premier Doug Ford have had the same experience.

"I can't fathom what is going on in the governor's mansion in Lansing ... does the governor not understand the damage (she's doing) to the ongoing relationship?"

In a letter to Whitmer earlier this year, Enbridge accused Michigan of refusing to acknowledge that the state's own experts say there are no clear alternatives to the pipeline.

The state "fails to acknowledge that Line 5 enables the safe transport of fuel essential to heat homes and provides energy to Michigan, neighbouring U.S. states and Canada's two largest provinces," Enbridge executive vice-president Vern Yu wrote.

"It also fails to account for the significant adverse social and economic impacts that will result from closure."

Scott Archer, a union leader in Sarnia, delivered a stark inventory of what those impacts might be if Line 5 is closed.

Archer warned of immediate gasoline shortages, "massive" fuel cost increases, and 800 more oil-laden rail cars and 2,000 tanker trucks per day on railways and highways throughout both central Canada and the U.S. Midwest — to say nothing of widespread job losses in a variety of industries, many of them only tangentially related to the energy sector.

"In short, shutting down Line 5 would effectively kill my hometown, and displace its families — and many more cities and towns like it in Canada and the U.S.," he said.

"This is not an exaggeration — it's cold, hard fact."

This report by The Canadian Press was first published March 30, 2021.

James McCarten, The Canadian Press

REALLY BIG EGOS

Analysis: Archegos meltdown set to intensify shadow banking regulatory scrutiny

By Michelle Price and Katanga Johnson

© Reuters/CARLO ALLEGRI FILE PHOTO: A person walks past 888 7th Ave, a building that reportedly houses Archegos Capital in New York City

WASHINGTON (Reuters) - The implosion of New York-based Archegos Capital Management and the resulting losses for global banks is likely to intensify regulatory efforts to curtail the ballooning shadow banking sector and shed light on its risks.

Scrutiny of nonbanks was already a priority for Democratic lawmakers and Treasury Secretary Janet Yellen after hedge funds were involved in last year's Treasury market turmoil, dislocations in the repurchase agreement market in 2019, and January's GameStop saga.

The meltdown at Archegos, run by former hedge fund manager Bill Hwang, is another strike against the lightly regulated nonbank sector, said analysts. Archegos' soured leveraged equity bets have left big banks that financed its trades nursing at least $6 billion in losses, drawing scrutiny from watchdogs.

Despite managing around $10 billion and being leveraged to the tune of around $50 billion, according to a person with knowledge of the fund's positions, Archegos was not directly regulated because it manages Hwang's personal wealth as a single-family office.

On Wednesday, Yellen is leading the first meeting of the Financial Stability Oversight Council (FSOC) under the new Biden administration. The body is set to discuss hedge fund activity, among other issues, and analysts expect it will address Archegos too.

The U.S. Securities and Exchange Commission (SEC), which is a member of FSOC, has been discussing the incident with brokers to understand the impact on them and their customers, and areas of potential additional exposure, said one person with knowledge of the matter.

"The forced deleveraging of Archegos will keep the 'gamification' of markets a continued focus of Congress and federal financial regulators," wrote Raymond James analysts, adding policymakers would likely push for tougher single-family office disclosure rules, among other new reforms.

After the 2009 financial crisis, Congress imposed tough rules on banks, pushing riskier activities into more lightly regulated sectors, such as asset managers and private funds, also referred to as the shadow banking sector.

In response, the FSOC began a review of the asset management industry, warning in 2016 that leveraged hedge funds could cause instability during market stress if they became forced sellers. It planned to monitor the risks and plug data gaps, but the former Trump administration shut down that project.

REGULATORY BLIND SPOT

Family offices are even more of a regulatory blind spot. Single-family offices, which invest just one family's wealth, are not required to register with the SEC and therefore, unlike hedge funds, do not have to disclose their assets, bank relationships and other operational information.

While FSOC's 2020 annual report found net U.S. hedge fund assets were $2.9 trillion - $6.3 trillion in gross assets when accounting for leverage - it gave no data on family office assets.

Several market participants were surprised that Hwang could have quietly amassed so much leverage with so little oversight.

"The markets had no idea how big the (Archegos) positions were, in what stocks, how much was going to be sold, who owned it, what the leverage was," Dennis Kelleher, CEO of Washington think tank Better Markets, wrote in a note.

"That's because the shadow banking system remains non-transparent in material respects and much larger than it was in 2008."

Advisory group Campden Wealth reported in 2019 that the number of family offices globally had risen 38% over the previous two years, with total assets valued at $5.9 trillion. Consultancy EY recently estimated that global family-office capital had outstripped private equity and venture capital combined.

In the United States, light-touch regulation has made family offices attractive to hedge fund managers keen to shed outside investors and many, including several industry stars, have converted to family offices over the past decade.

Hwang converted his hedge fund Tiger Asia Management into a single-family office after the SEC fined him and the fund in 2012 for breaching its trading rules.

Kelleher said he expected a review of the U.S. rules on family office and hedge fund disclosures, as well as of broker risk management and the types of derivatives Hwang used to create leverage.

"Biden administration regulators need to act swiftly and comprehensively to protect our financial system," he added.

(Reporting by Michelle Price and Katanga Johnson in Washington; Additional reporting by Chris Prentice in Washington and Matt Scuffham in New York; Editing by Matthew Lewis

888 (number) - Wikipedia

888 (eight hundred eighty-eight) is the natural number following 887 and preceding 889. Contents. 1 In mathematics; 2 Symbology and numerology; 3 See also ...

Archegos Meaning in Bible - New Testament Greek Lexicon 

 

Archegos · the chief leader, prince. of Christ · one that takes the lead in any thing and thus affords an example, a predecessor in a matter, pioneer · the author.

What is Archegos and what does it mean for Indian markets, explained

A primer on what went wrong at Archegos and the important learnings it offers, also in the Indian context.

ASHISH RUKHAIYAR
MARCH 31, 2021 / 06:04 PM IST

Archegos is a Greek word that means one who leads the way. Archegos Capital Management, however, seems to have gone the wrong way and led some of the biggest global banks with it who are now facing billions of dollars in potential losses. Here is a primer on what went wrong at Archegos and the important learnings it offers, also in the Indian context.


What is Archegos Capital Management?


Archegos is a New York-based family office that primarily invests in stocks in markets like the US, China, Korea and Japan. It was founded by Bill Hwang who was formerly an equity analyst with now-defunct hedge fund Tiger Management. Incidentally, Tiger Management was founded by the famous hedge fund manager and US billionaire Julian Robertson whose many former employees, including Hwang, went on to start their own successful hedge funds and were popularly known as ‘Tiger Cubs’.

Prior to starting Archegos in its current form, Hwang was managing the show at Tiger Asia Management and Tiger Asia Partners but had to abruptly shut shop in 2012 after a slew of insider trading charges by the Securities and Exchange Commission (SEC). He and his firms had to pay $44 million to settle the charges while also agreeing to stay away from the investment advisory business. Thereafter, he converted his firm into a family office—firms that manage the money of wealthy families. Remember, family offices are outside the regulatory scrutiny of the SEC and most of their information is not in the public domain.

Why is Archegos in the news?

Archegos Capital: Will Indian market see another Lehman moment?

Archegos crisis: 10 things to know about former Tiger Asia manager Bill Hwang

The family office was forced into a fire sale—selling assets at a very low price— of securities worth around $20 billion last week after some of its portfolio stocks witnessed a significant price fall. Some have seen their price drop by one-third. Archegos had huge exposure through swaps (we’ll come to swaps in a moment) in Viacom CBS Corporation and Discovery Communications along with Chinese majors Baidu Inc and Tencent Holdings, the world’s largest video game vendor.The fall in market prices of its portfolio stocks triggered margin calls and the failure to bring in additional margins forced marquee banks including Nomura, Credit Suisse, UBS, Deutsche Bank, Goldman Sachs and Morgan Stanley to liquidate the holdings of Archegos. Further, while the quantum of potential losses for the banks would differ, it will be significant, to say the least. While Nomura has already said – without naming Archego - it is facing a potential loss of $2 billion, Credit Suisse has said it is facing “highly significant and material” losses.

The most important learning is the risk posed by large firms that are able to operate outside the regulator's purview

What is a swap and how did it trigger margin calls?

Swaps are a kind of derivative instrument that can be traded over the counter amongst deep-pocketed institutional investors without the requirement of any public reporting. Swaps allow investors to take huge positions without having to remit large sums of money upfront.

They do essentially by borrowing from banks— called leverage in market parlance. While the underlying securities were publicly traded shares, swaps gave Archegos the benefit of leverage, which was much higher than that allowed to a regulated entity.

Leverage refers to borrowed money used for trading. In such transactions, the client has to immediately bring in additional money if the stock prices fall since it leads to a fall in the value of the margin with the broker. This is so called margin calls, triggered when an investor's equity as a share of the total market value of securities held falls below a certain requirement.

So did leverage have anything to do with Archegos?Oh yes! Swaps do increase the size of investments in stocks by enabling investors to put only a limited amount of money. But when the underlying investments go bad, banks typically sell the shares they hold on behalf of investors. Ditto with brokers. If a client is unable to bring in more cash, brokers resort to selling the assets and, depending on the prices, booking losses in their own books

Just like in the US, family offices in India are also an unregulated lot


Large scale selling as we know triggers a drop in value of shares. This happened in the case of Archegos — all the stocks it invested fell sharply. This is why the global banks are facing huge potential losses.

What are the important learnings from Archegos?

The most important learning is the risk posed by large firms that are able to operate outside the purview of the regulators. Hedge funds are often called ‘hot money’ and are regulated to some extent by various regulators across the globe.

Family offices, however, have been able to stay out of the framework and the recent episode has made many question the exemption especially at a time when some family offices are believed to be dealing in securities worth billions and therefore could pose a systemic risk if left unchecked. This assumes significance as regulated firms have limits in terms of overall position limits and the quantum of leverage.

Is this issue relevant in the Indian context?

In the Indian market, the biggest institutional investors—whether foreign or domestic—are regulated by the Securities and Exchange Board of India (SEBI). These regulated entities are subject to limits in terms of exposure and leverage and though there have been instances of margin calls getting triggered in the Indian market, they have been far and few.

More importantly, the limits have been laid down in a manner to minimise any potential systemic risk. While such risks cannot be fully eliminated, adequate checks and balances have been included in the regulatory framework for all the regulated entities. Unregulated entities dealing in shares, however, could pose risks in the absence of any kind of monitoring.

Are family offices regulated by SEBI in India?

Just like in the US, family offices in India are also an unregulated lot. This assumes significance as family offices in India also deal with shares of listed companies and hence are a part of the capital market.

The family offices of some of the richest Indian families have assets running into millions of dollars and experts believe that it is time that such entities are brought under the purview of the capital market regulator who can keep a check on their position limits and leverage among other things.

“Family offices are not registered by SEBI as a category of AIF, REITs, PMS or Investment Advisors or in any other capacity. They also do not require any specific exemption the way it works in the US,” said Sumit Agrawal, Founder, Regstreet Law Advisors & a former SEBI officer.

“Promoters or controlling shareholders have family offices but unlike other structures such as AIF or PMS, here the family has a large say in the final investment decision. Indian regulator, today does not regulate it, but it is a matter of time, when they will ask for disclosures from family offices, and in a subsequent phase perhaps categorise them as an intermediary,” added Mr Agrawal.

Incidentally, a report by Edelweiss in 2018 stated that there were around 40-45 formal family office structures in India with their average assets under management pegged at $318 million.

ASHISH RUKHAIYAR is a financial journalist

JUNKYARD DOG
Bidens' German shepherd Major bites again

The White House said President Joe Biden's dog Major (R) bit a National Park Service employee but that there was no injury. File Photo by Ana Isabel Martinez Chamorro/White House

March 30 (UPI) -- President Joe Biden's German shepherd Major is in the dog house again after biting another person at the White House, first lady Jill Biden's spokesman said Tuesday.

People with knowledge of the incident told CNN that Major bit a National Park Service employee on the South Lawn on Monday. The worker was evaluated by the White House medical team.

"Major is still adjusting to his new surroundings and he nipped someone while on a walk," Jill Biden's press secretary, Michael LaRosa, said in a statement to The Washington Post and NBC News.

"Out of an abundance of caution, the individual was seen by [the White House Medical Unit] and then returned to work without injury."

The incident comes about a week after Major and Champ, also a German shepherd, returned to the White House from the Biden home in Delaware. The two dogs were sent home after Major snapped at someone earlier in March.

The 3-year-old rescue dog was "surprised by an unfamiliar person and reacted in a way that resulted in a minor injury to the individual," White House press secretary Jen Psaki said at the time.

"The dogs will come and go, and it will not be uncommon for them to head back to Delaware on occasion, as the president and first lady often do as well," she added.

LaRosa said Major received some extra training after that initial incident.

  

Watergate coordinator G. Gordon Liddy 

dies at 90

HE BUSTED LEARY FOR LSD IN THE SIXTIES 

IN THE EIGHTIES HE AND LEARY TOURED AS LIBERTARIAN COMEDIANS 

MARCH 30, 2021 / 11

G. Gordon Liddy, who was convicted for his role in coordinating the Watergate break-in that led to President Richard Nixon's resignation, died on Tuesday. He was 90. File Photo by Bill Greenblatt/UPI | License Photo

March 30 (UPI) -- G. Gordon Liddy, known best for engineering the bungled break-in that led to the Watergate scandal, has died, his family said Tuesday. He was 90.

Liddy's son Thomas P. Liddy said his father died at the home of his daughter Alexandra Liddy Bourne in Vernon, Va. He told The New York Times that his father had Parkinson's disease and had been in declining health.

He told The Washington Post that his death was not related to COVID-19.

While working for President Richard Nixon in 1972, Liddy was arrested along with fellow conspirator E. Howard Hunt after Nixon campaign security official James W. McCord Jr. and four Cubans returned to the Watergate complex in Washington, D.C., weeks after they had planted bugs and photographed documents in the Democrat National Committee offices and were caught by police.

The arrests uncovered a larger conspiracy orchestrated by Liddy and Hunt, who worked to seal information leaks in the Nixon administration, which included breaking into the office of Daniel Ellsberg, who leaked the Pentagon papers to The New York Times.

Liddy refused to testify before the grand jury investigating the Watergate scandal that led to Nixon's resignation and was sentenced to six to 20 years in prison, the greatest handed down to any of those involved.

He only served 52 months, however, and President Jimmy Carter commuted his term in 1977.Born George Gordon Battle Liddy on Nov. 30, 1930, in Brooklyn, N.Y., Liddy was raised in Hoboken, N.J., where he said he overcame a fearful disposition and respiratory problems as a youth by lifting weights and putting himself through tests of will such as placing his hand over a flame and eating a rat to overcome his revulsion to the vermin.

He joined the Army in 1952 and worked as an FBI field agent from 1957 to 1962 before launching a political career, unsuccessfully running for the Republican nomination to represent New York's 28th district in Congress.

Liddy was appointed to the post of special assistant to the secretary of the treasury for the Nixon administration and eventually became part of a special investigations unit tasked with combating White House leaks known as "the Plumbers."

After Watergate, Liddy wrote a series of books ranging from the fictional spy thriller Out of Control in 1979 to a 1980 autobiography titled Will that detailed Watergate and his time in federal prison. 

HE ADVISED SOLDIER OF FORTUNE MAGAZINE A CIA FRONT

In the 1980s, he took on various film and television roles, including appearing on Miami Vice, in addition to engaging in a tour of debates against 1960s LSD guru Timothy Leary on college campuses.

He then hosted The G. Gordon Liddy Show, a syndicated conservative talk-radio program from 1992 until he retired in 2012.

Liddy married Francis Ann Purcell in 1957 and the couple had five children. Liddy's wife died in 2010. He is survived by his sister, Margaret McDermott, two daughters, three sons, 12 grandchildren and two great-grandchildren.