Hideaki Anno Says Evangelion Is A "Robot Anime"

Brian Ashcraft 

4/12/2021

Over the years, Evangelion fans have often pointed out that the large Eva units are not actually giant robots

.

© Photo: TOSHIFUMI KITAMURA/AFP via Getty Images (Getty Images)

As the EvaWiki explains, “Evangelions are often mistaken for giant robots, but as early as Episode 02 Evangelion Unit-01 is seen without its helmet on, revealing that Evangelions are clearly not robots, but cyborgs, living creatures with mechanical components incorporated into their bodies.”

And now, Hideaki Anno is here to muck everything up.

Evangelion: 3.0+1.0: Thrice Upon A Time is a massive hit in Japan, where it has made 7.42 billion yen ($67.7 million) in its first three weeks, reports Mainichi and ANN. The movie has already surpassed Evangelion: 3.0 You Can (Not) Redo, which made 5.3 billion yen at the Japanese box office. The movie also set a record in Japan for opening day IMAX earnings.

During a recent press conference, Evangelion creator Hideaki Anno talked about the movie’s box office success with Megumi Ogata, the voice of Shinji Ikari. He explained that anime features from Makoto Shinkai and Studio Ghibli are expected to make over 10 billion yen. These are movies with wide appeal. Massive box office success is a given.

© Screenshot: Oricon@YouTube

“Evangelion is robot anime,” Anno said. His revelation surprised even Ogata, who exclaimed, “Ah, it was robot anime?” Continuing, Anno said, “Among robot anime, Gundam is famous, but even Gundam doesn’t reach 10 billion yen.”

“I’m truly thankful that with a niche robot anime like this we can aim at 10 billion yen,” he added.

This announcement has surprised fans! In Japanese, the official description for an Eva unit is Hanyou Hitagata Kessen Heiki Evangelion, which is sometimes translated as “All-purpose Humanoid Fighting Machine Evangelion.” I remember about a decade ago, talking to someone from Gainax, the original studio behind the anime, and referring to an Eva unit as a robot. Was I ever quickly corrected!

But now, in 2021, here’s Hideaki Anno going, nah, actually, Evangelion is a robot anime. He came right out and said it! Just like that.

Will Smith, Antoine Fuqua Won’t Shoot ‘Emancipation’ in Georgia Because of Voting Restrictions

By Brent Lang
VARIETY
Apr 12, 2021

AP

Antoine Fuqua and Will Smith will move production on their big-budget, runaway slave thriller “Emancipation” out of Georgia in protest over the state’s controversial new voting restrictions.

The announcement continues the economic fallout from Gov. Brian Kemp and the state legislature’s decision to pass new regulations that critics maintain amount to voter suppression, aimed at reducing the turnout of people of color. The new laws were passed in the wake of former President Donald Trump’s unfounded claims of voter fraud in the 2020 presidential election, and after Georgia voted for a Democrat for president for the first time in decades. The rules shorten the duration of absentee voting, require absentee voters to produce identification, limit the use of drop boxes and make it a crime to hand out free food or water to voters standing in line.

“At this moment in time, the Nation is coming to terms with its history and is attempting to eliminate vestiges of institutional racism to achieve true racial justice,” Fuqua and Smith said in a joint statement. “We cannot in good conscience provide economic support to a government that enacts regressive voting laws that are designed to restrict voter access. The new Georgia voting laws are reminiscent of voting impediments that were passed at the end of Reconstruction to prevent many Americans from voting. Regrettably, we feel compelled to move our film production work from Georgia to another state.”

“Emancipation,” which was scheduled to begin filming on June 21, stars Smith as Peter, a fugitive from slavery who is fleeing Louisiana in the hopes of traveling north to freedom. Fuqua will direct from a script by William N. Collage. Fuqua Films and Smith’s media company Westbrook Inc. are backing the film, which sold to Apple Studios in a deal reportedly valued at $120 million. It is unclear where production will move and whether or not Smith and Fuqua’s decision will pressure other Hollywood players to cease filming in Georgia. The Peach State has become a major production hub in recent years, with the likes of Tyler Perry and Marvel setting up major film and television shoots in Georgia because of its generous incentives.

Some media companies such as ViacomCBS and AT&T have criticized the restrictions, while others have remained silent. Top talent has been more outspoken. Filmmakers like James Mangold and actors such as Mark Hamill have vowed to boycott film and television production in Georgia while the new voting law is in place.

In the wake of the new voting restrictions, major Georgia-based corporations such as Delta and Coca-Cola have condemned the law and Major League Baseball opted to move the All-Star Game out of Atlanta. According to a report in the Wall Street Journal, Merck CEO Kenneth Frazier, Starbucks Chairwoman Mellody Hobson, AMC chief Adam Aron and former American Express CEO Kenneth Chenault are urging top chief executives to join a public pressure campaign on the state over its legislation.

“Emancipation” is based on a true story. Smith’s character “Whipped Peter” was an enslaved person who emancipated himself from a southern plantation and joined the Union Army. In 1863, photos taken of Peter during an Army medical examination first appeared in Harper’s Weekly. Known as “The Scourged Back,” one image shows Peter’s bare back, la.cerated by a whipping he received on the plantation where he was enslaved. That image perfectly captured the brutality of slavery and inspired free Black people to enlist and fight for the Union

Martian Sci-Fi Thriller ‘Settlers,’ Starring Sofia Boutella, Boarded By Film Constellation

 (EXCLUSIVE)
Leo Barraclough 

VARIETY

4/12/2021

© Courtesy of IMG Paris


Click here to read the full article.

London-based production, finance and sales outfit “Film Constellation” has boarded international sales on dystopian sci-fi thriller “Settlers,” directed by Wyatt Rockefeller, and starring Sofia Boutella, whose credits include “Atomic Blonde,” “The Mummy,” the “Kingsman” franchise and “Star Trek: Beyond.”

Boutella plays Ilsa, a refugee from Earth, who has settled with her husband and daughter on the harsh and arid terrain of a Martian outpost. With nothing but a few crops and a domesticated robot, the family clings to hope for a better life, but everything is turned upside down when a group of armed assailants appear on the surrounding hills. Mother and daughter must then adapt at all cost to survive until it’s time to finally strike back.

More from Variety
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Sundance: Documentary 'Users' Boarded by Film Constellation (EXCLUSIVE)
RLJE Films Acquires Nicolas Cage and Sofia Boutella-Starrer 'Prisoners of the Ghostland' Ahead of Sundance Premiere

The movie, which was shot on the remote border of South Africa and Namibia, is now in post-production.

The cast also includes Brooklynn Prince (“The Florida Project,” “Home Before Dark,” “The Turning”), Ismael Cruz Cordova (upcoming “Lord of the Rings” series, “Miss Bala,” “Mary Queen of Scots”), Nell Tiger Free (“Servant,” “Game of Thrones”), and Jonny Lee Miller (“Elementary,” “Trainspotting”).

Rockefeller said: “This is a story about a family’s struggle to survive in a foreign, hostile place — how their vulnerability is exploited and how they fight back. We are thrilled that Film Constellation, with its flare for challenging stories and unexplored worlds, has come on board to bring ‘Settlers’ to a global audience.”

Fabien Westherhoff, CEO of Film Constellation, said: “Wyatt Rockefeller has delivered a timely space Western in ‘Settlers,’ about the lengths people will go to to keep their loved ones safe. With its stunning visuals, setting and emotional payoff, it will keep audiences on the edge of their seat. We look forward to introducing this new directorial voice to our international distributors.”

The film is produced by Julie Fabrizio for Jericho Motion Pictures, Joshua Horsfield for Intake Films and Johan Kruger for Brittle Star Pictures, alongside executive producer Ben Pugh, co-founder of 42.

It is understood UTA, who represents the filmmakers, is finalizing a North American deal for the film.

Film Constellation’s slate includes Scandinavian horror “The Twin,” starring Teresa Palmer, currently in production; a documentary on Olympic boxing champion Nicola Adams, “Lioness: The Nicola Adams Story,” from BAFTA-nominated Salon Pictures, which is in production; Sundance U.S documentary winner “Users” by Natalia Almada; Toronto Film Festival drama and London Film Festival winner “Wildfire” from Cathy Brady; female surf rebellion documentary “Girls Can’t Surf” from Christopher Nelius; Sundance horror-hit “Relic” from Natalie Erika James; “Summertime,” Carlos López Estrada’s collaborative ode to Los Angeles; and Bowie origin-story “Stardust,” starring Johnny Flynn and Marc Maron.

NASA's Artemis program will land the first person of color on the moon

By Ashley Strickland, CNN

4/12/2021


The Artemis program will land the first person of color on the moon, according to NASA. The new goal for the program, which seeks to land the first woman and the next man on at the lunar south pole by 2024, comes from the Biden-Harris administration.

© NASA

The administration submitted US President Joe Biden's priorities for 2022 discretionary spending to Congress Friday. It calls for an increase of more than 6% from the previous year, according to NASA.

"This $24.7 billion funding request demonstrates the Biden Administration's commitment to NASA and its partners who have worked so hard this past year under difficult circumstances and achieved unprecedented success," said acting NASA Administrator Steve Jurczyk in a statement.

"The president's discretionary request increases NASA's ability to better understand Earth and further monitor and predict the impacts of climate change. It also gives us the necessary resources to continue advancing America's bipartisan Moon to Mars space exploration plan, including landing the first woman and first person of color on the Moon under the Artemis program."

Biden's fiscal year 2022 request would keep NASA on track to return humans to the moon while aligning with the President's "commitment to pursue a comprehensive approach to advancing equity for all," according to a NASA release.

While the first cadre of astronauts for the Artemis program were announced in December, the first two crew members for Artemis III in 2024 have yet to be announced. The initial group of 18 represents a diverse team of astronauts, including those new to NASA and veterans of spaceflight.

The Artemis astronauts include Joseph Acaba, Kayla Barron, Raja Chari, Matthew Dominick, Victor Glover Jr., Warren "Woody" Hoburg, Jonny Kim, Christina Koch, Kjell Lindgren, Nicole Mann, Anne McClain, Jessica Meir, Jasmin Moghbeli, Kate Rubins, Frank Rubio, Scott Tingle, Jessica Watkins and Stephanie Wilson.

Video: Space travel altered Kelly's chromosomes (CNN)


While it's unknown if a person of color will be among the two first astronauts to return to the moon since the Apollo program in 1972, "these are historic moments in advancing equity for all of humankind," said Bhavya Lal, acting NASA chief of staff.

"Women and people of color represent a significant contributing portion of all facets of NASA's workforce, and the last two astronaut classes selected have included the highest percentage of women in history," Lal said. "Fifty percent of the 2013 National class was female and 45% of the 2017 class. And today, African American, Asian Pacific Islander, Hispanic and multiracial astronauts are about a quarter of NASA's active astronaut corps."

Lal said the announcement is personally very meaningful to her. She came to the United States at 18 years old, carrying two suitcases full of books and never imagining she would work at NASA in the future.

"If you can see it, you can believe it," Lal said. "So much of what NASA does is inspire the next generation, but in order to be successful in that inspiration, we have to continue to be leaders when it comes to diversity and equity."

That diversity is necessary, not just for mission capability, but across NASA to fuel the big steps the agency is taking to push how humans explore space, she said.

Returning astronauts to the moon will act as a proving ground before sending them on to Mars -- another long-term goal of the Artemis program.

"It isn't a 'flags and footprints' activity like the Apollo program," Lal said. "This is a more sustained presence to help us prepare to get to Mars."

When astronauts explore the lunar south pole, which has never been visited by humans before, they will build on the legacy and science gained during the Apollo program and carry it into a new century.

After the uncrewed Artemis I flight in November, Artemis II will be a crewed flyby of the moon in August 2023. Artemis III will return astronauts to the moon.

In addition to aiding the Artemis program and studying climate change, the President's request would also help further the agency's robotic exploration of space, provide a boost to aviation technology and provide new funding for NASA's efforts to engage in STEM outreach for underserved students, according to the agency.

DEATH KULT USA
Study reveals alarming trend in US death rates since 2000

“Historically, the US was the first to start smoking at really high rates and then the rest of the world caught up,” noted Vierboom.“That seems to be happening with drug use, obesity etc…[the US] is like a sad trendsetter.”

Natalie Grover

THE GUARDIAN 

4/12/2021

How many Americans would die each year, on average, if the country had European mortality rates? Far fewer, suggests a new analysis, which compared mortality trends before the Covid-19 pandemic.

Despite spending far more than other wealthy countries on healthcare, the United States has relatively higher mortality rates and lower life expectancy – attributed to a plethora of factors including obesity, opioid overdoses, gun violence, suicides, smoking, road accidents and infant deaths.

Given the US does not have a universal healthcare system like most high-income European countries, researchers also think access to healthcare and medicines is patchwork, a problem exacerbated by pronounced racial and socioeconomic disparities and the rural-urban divide.

In the latest analysis, the authors worked on the basis of a counterfactual assumption – what if the US had the death rates by age and sex of an average peer European country (in this case, the combined mortality rates of France, Germany, Italy, Spain, England and Wales)? – and estimated how many fewer deaths there would have been in the US in 2000, 2010 and 2017 under that assumption.

The lead author, Samuel Preston, professor of sociology at the University of Pennsylvania, first compared mortality rankings between the US and a broader set of European countries in 2010, finding that the US ranked among the worst in people aged below age 75 among the 18 countries considered. “I just decided it would be interesting to update that analysis and was surprised to find how much the excess had grown between then and now,” he said.

In the latest analysis, the authors found mortality conditions in the US have worsened significantly since 2000 – and resulted in more than 400,000 excess deaths in 2017 alone. That year, Americans aged 30 to 34 were three times more likely to die than their European counterparts, which the researchers suggested was probably driven by drug overdoses – in particular opioids – as well as gun violence.

Paradoxically, in 2017, the US had lower death rates in people aged over 85 – the country had 97,788 fewer deaths than if subject to the European standard. The advantage in this age range has only increased since 2000, according to the analysis published in the journal Proceedings of the National Academy of Sciences.

Preston and his co-author Dr Yana Vierboom, a researcher at Germany’s Max Planck Institute for Demographic Research, said they weren’t sure why elderly Americans appeared to be better off. One potential explanation, said Vierboom, was that the US tends to spend more on aggressive end-of-life care and treatments.

The analysis also assessed the performance of the US on years of life lost – a metric that weighed the number of excess deaths at a particular age by US life expectancy at that age (somebody who is younger has more potential years of life to live versus someone who is older).

Overall, the US experienced roughly 13m years of life lost to excess deaths in 2017, which represents a 64.9% increase since 2000, after adjusting for changes in size and age distribution, the authors found.

Jessica Ho, assistant professor of gerontology, sociology, and spatial sciences at the University of Southern California, attributed higher US mortality rates to a combination of behavioral and structural factors.

“Americans … often practice poor health behaviors, and this may interact with structural conditions like patchwork access to health care to produce worse outcomes,” she said. “For example, high rates of homicide are related to inequality and residential segregation; high rates of firearm-related deaths are influenced by both behavioral factors and the greater availability of guns in the US.”

Mauricio Avendano Pabon, professor of public policy and global health at King’s College London, suggested another explanation might be the strong governmental intervention across many dimensions of people’s lives in European countries, such as minimum wage and maternity leave.

“This is, of course, true for the US as well, but in general to a much less degree. While one may argue that less intervention increases efficiency and improves economic outcomes, the market is unlikely to emphasise values that relate to people’s health or inequality.”

The US Centers for Disease Control attributed 376,504 deaths to Covid-19 in 2020, a figure that was eclipsed by the excess deaths and lost years of life in 2017, the analysis found.

Although drug poisoning rates have come down since 2017, the story repeats itself with Covid-19, which again had a greater mortality impact in the US than European peer countries, said Patrick Heuveline, a professor of sociology at the University of California, Los Angeles, who was not involved in the analysis. Preston was one of his PhD advisers in the late 1990s.

Looking at the period between 31 March 2020 and 31 March, 2021 and using the same five European countries as the standard, a little over one-third of Covid-19 deaths in the US during those 12 months (36%) were excess deaths, Heuveline estimated.

So, what does the future look like for the US and peer high-income countries in Europe? It’s difficult to say for sure, Preston and Vierboom said.

“Historically, the US was the first to start smoking at really high rates and then the rest of the world caught up,” noted Vierboom.

“That seems to be happening with drug use, obesity etc…[the US] is like a sad trendsetter.”

TINY TOWN, ONTARIO
'Cleaner than ancient arctic ice,' university scientists plan to study Tiny-area groundwater

Two University of Alberta scientists gave Tiny council a taste of the municipality's superior groundwater while asking the township to collaborate on a project they hope to launch next year.

William Shotyk and Michael Powell were at a recent committee of the whole meeting to present the work they've done so far studying the artesian spring present in this region of Ontario.

"The groundwater has below detection limits of nitrates and phosphates," said Shotyk, professor and Bocock agriculture and the environment chair. "It's an indication of the water quality. The other perimeter is chloride.

"Based on the work I've done to-date, chloride is just a little bit less than 1 mg per litre. It's rather outstanding, because according to Prof. John Cherry (University of Waterloo), pristine groundwater has less than 5 mg of chloride per litre."

He said he studies trace elements in the environment and has dedicated research wells on his Tiny Township property for studying the water.

"This groundwater contains one part per trillion of lead," said Shotyk. "It's cleaner than ancient arctic ice."

However, he said, some of this ultra-clean water is young.

"It's more recent than 1950," said Shotyk, explaining he determines that based on traces of tritium, which show up in water after the 1950s.

"This water I'm talking about is not just great water, it's absolutely exceptional water," he added. "I think we should treasure this water. The Elmvale Foundation will do everything it can to protect this water for future generations."

Powell, a professor with the university's Agricultural, Life and Environmental Science, Renewable Resources Department, then talked about the specific area of concern to council: French's Hill, where the Teedon Pit is located.

"Water that falls on the top of French's Hill infiltrates down into the clay bed," he said. "It's a gentle slope from French's Hill. There are wetlands at the 250-metre elevation. There are also wetlands below that."

However, Powell added, to unwrap the hydrogeology of the area, they would have to drill three holes on top of French's Hill, and then drill wells on Shotyk's farm.

"It's very expensive and complicated," he said. "We're not looking just to publish a bunch of information in journals, we want to impact land-use change and have value addition.

"That comes in through partnership. We're especially concerned with the needs of Tiny Township and how the project can actually help the municipality. We formally want to involve Tiny Township as a stakeholder in this project. The data that we provide potentially can inform policy for protection of the resource."

The way they want to do that, said Powell, is through an NSERC (National Sciences and Engineering Research Council of Canada) Alliance grant, for a multi-million-dollar, five-year project.

"We will give regular updates on all the information we collect," he added. "We know resources are stretched and we have to work out the modalities of just how much time and effort Tiny can put into this. But we hope somebody can be a liaison with us for Tiny Township."

Powell said they wouldn't dictate what the township needs to do to participate, but hope there will be an in-kind contribution.

"That some staff will have to dedicate some hours to us to stay up-to-date on it and be aware of what's going on," he said. "As far as the land goes, Bill has already arranged for a spot with a private landowner for a spot the well will go in."

Coun. Gibb Wishart was immediately onboard.

"I'm desperate to see your investigation produce a document that we can put in the face of the ministry of natural resources and the province of Ontario with the long-term thought that we stop all gravel extraction on French's Hill," he said. "I think that's a bit of a hope because there is some serious money that will be working to diminish the importance of your work.

"They're determined that the political types will decide that gravel is more important than water. I'm a fan of your work, but I'm also a fan of filling the lawn at Queen's Park."

Where both said they couldn't comment on the impact of the permit to take water applications without studying the area, they did answer a pointed question posed by Coun. Tony Mintoff.

"In terms of the potential availability of water," he asked, "do you feel the drawing of millions of litres of water from that area could have any kind of negative impact on the future availability of the water resource itself?"

Powell said if one looks at the number of people that rely on that water, it makes sense that anything that disrupts water to that water table is going to impact that water flow.

"How much? We don't know that yet," he added. " When you remove that soil cover, there are going to be consequences. That is also what we want to know through the study."

That's why Shotyk said it's very important to have all of the stakeholders at the table, even the aggregate companies vying for the water.

"Tiny Township council could help us get everybody to the table," he said. "In the interest of transparency, if an aggregate company has data that shows there's no possible way for their industry to impact the water, please show us the data. What we're looking for is engagement and involvement and transparency. For local citizens to have trust, there needs to be transparency."

Council received the presentation as information and directed staff to report back on the parameters of a partnership with the project, including the role the township would play.

Mehreen Shahid, Local Journalism Initiative Reporter, OrilliaMatters.com

Edmonton pub closes amid threats after defying COVID-19 restrictions

The Crown and Anchor Pub and Grill was closed Sunday, just one day after remaining open despite orders requiring the closure of dine-in service in Alberta.

© Charles Taylor, Global News Edmonton's Crown and Anchor Pub and Grill defies provincial COVID-19 measures by remaining open for in-person dining, Saturday, April 10, 2021.

In a letter posted on restaurant's Facebook page, owners Theresa and Terry Shaw said they made the decision to close after receiving threats online and through phone calls.

"We feel the decision to close is the safest and wisest move for our staff, business and property because having that one per cent of the people that did not [want] us by threatening us verbally or on social media," the statement read.

READ MORE: Edmonton pub defying COVID-19 restrictions, remains open

On Saturday, the Shaws said they were defying health orders and remaining open for dine-in service to support staff and customers.

Effective noon Friday, Alberta restaurants were mandated to close to indoor dining service. Takeout, delivery, curbside pickup and patios are still allowed to operate under additional public health restrictions announced Tuesday by Premier Jason Kenney.

READ MORE: Alberta restaurants close to in-person dining as COVID-19 restrictions take effect

It is the third time since last March that Alberta restaurants have been forced to close their doors.

The Shaws said they complied with the restrictions on the previous two occasions but do not agree with the measures announced last week.

"The government in its illustrious reasoning has decided to close us in more ways than you can imagine by threatening to pull licenses and forcing us to fight while being closed to get them back," the owner's statement read.

READ MORE: Rural Alberta restaurant defies public health orders

A number of other restaurants and pubs around Alberta have defied provincial restrictions and remained opened for in-person dining.

Premier Jason Kenney has said Alberta is on track to have 2,000 new infections a day and 1,000 people in hospital with COVID-19 by the end of April and the third wave is being driven by variants.

BC's Horgan warns forestry sector, but no mention of old-growth

Though the battle to protect ancient trees is brewing in his own backyard, B.C. Premier John Horgan did not utter the word old-growth when talking to logging industry leaders Thursday.

Horgan — keynote speaker at the Council of Forest Industries conference — did not highlight what steps the province is taking on its promise to meet recommendations from the strategic old-growth review, which calls for a radical shift from timber extraction to protection of at-risk ecosystems.

Meanwhile, increasing numbers of people, frustrated by the rate at which the province is protecting old-growth, are heading to the Fairy Creek blockades near Port Renfrew in Horgan’s Vancouver Island riding.

Demonstrators at roadblocks to various entry points to Teal-Jones' Tree Farm Licence (TFL) 46 were served an injunction on Tuesday, although the RCMP had not arrived as of Friday morning.

However, Horgan said Forests Minister Katrine Conroy had a mandate to modernize forestry, and she’d issue an intentions paper in the weeks ahead.

“Our vision for the forest industry is very clear. It's going to be diverse, it's going to be competitive, and it's going to be sustainable,” said Horgan.

“One that places people first, and one that works directly with Indigenous peoples.”

The shrinking supply of timber from the pine beetle infestation and forest fires is an undeniable challenge with too many people chasing too few trees, Horgan said.

The premier expressed disappointment on the lack of progress by large companies holding most of B.C.’s forestry tenure in reaching deals with First Nations and smaller communities, so they could access timber to create value-added products and add jobs.

He sent a salvo over the bow of the sector, warning his government would step in to make it happen.

“There’s no magical solution to the lack of fibre,” Hogan said, adding work can be done to encourage companies and Indigenous nations to reach agreements.

“And those who do have tenure, and do not want to share it, well, we'll have to step in and ensure that there is fair compensation,” he said.

Horgan reiterated the province’s pursuit of value over volume, citing Wednesday’s announcement of a $4.2-million investment to develop mass timber for the construction sector, and the establishment of an advisory council to help facilitate that goal.

“An essential part of our approach to the industry is to make sure that we do focus on that value-added marketplace, and we stop chasing every stick to get it out as quickly as we can,” Horgan said.

He cautioned industry to put money away now with the “staggering” prices for lumber for rainy days associated with a cyclical sector.

“We all need to make sure that we're taking advantage of these extraordinarily high prices,” Horgan said.

“So, when the market starts to stabilize again, we're not looking back to government or out to workers to make concessions to make sure that the companies can continue to be profitable.”

Environmental groups pushing the province to act on the old-growth strategic review said Horgan’s desire to ensure small communities and First Nations are involved in forestry is positive.

But it does not address the problem that only three per cent of the remaining old-growth forests in the province support massive, ancient trees.

“Right now, all it sounds like is a new way of dividing the pie for logging without acknowledging it’s becoming smaller and smaller,” said Jens Wieting of Sierra Club BC.

“Action must be tied to acknowledging that we have an ecological crisis and what old-growth remains is so important for our survival from a climate risk perspective.”

The all-time high prices for lumber paired with the looming expectation in the industry that government will increase old-growth protections mean companies are motivated to log big trees as fast as they can, Wieting said.

“As the province continues to talk and log, companies will try to get as many big trees as possible,” he said.

“So we really have to find those mechanisms — now — to preserve what’s left.”

Rochelle Baker / Local Journalism Initiative / Canada’s National Observer

CRIMINAL CAPITALI$M

The Archegos meltdown will result in a $10 billion loss for global banks, JPMorgan says

ilee@insider.com (Isabelle Lee) 

4/12/2021

© Matteo Colombo/Getty Images Big Tech recovers after a rough day Wednesday on Wall Street. Matteo Colombo/Getty Images

Global banks are expected to lose up to $10 billion from the Archegos meltdown, JPMorgan said.

This is 5x the normal loss level for a collateralized daily mark-to-market business, JPMorgan added.

It however cited three lessons the industry could take away from the implosion that has roiled the markets.

Global banks are expected to lose up to $10 billion following the Archegos Capital Management meltdown, JPMorgan said Monday - raising its estimate from an initial $2 billion-$5 billion - with Credit Suisse Group and Nomura Holding hardest hit.

"One line of argument which could explain why the scale of losses suffered by [Credit Suisse] and Nomura was higher could be a higher level of leverage extended by these banks compared to [Goldman Sachs and Morgan Stanley], which seem to have suffered smaller losses if any," JPMorgan analysts led by Kian Abouhossein said in a research note Monday.

JPMorgan clarified that there may also be additional considerations that determined the sizable difference between the scale of losses suffered, such as the timing of the sale of positions, among others. Nonetheless, the entire episode affects the industry overall, given that global banks could end up losing five times the normal loss level for a collateralized daily mark-to-market business.

JPMorgan cites three lessons the industry could take away from the fund's implosion.

First, investment banks in general are in better shape today and are more focused on high-volume execution platforms.

"There is no excessive leverage in the [investment banking] or [private banking] industry," JPMorgan said. "Although [private banking] leverage has been increasing, it is nowhere near prior peaks."

The bank also said it sees no excessive equity-swap growth, a simple instrument all parties will benefit from.

Second, US regulatory frameworks like Basel III and the Dodd-Frank Act have improved the risk profile of investment banks. JPMorgan, however, noted that there is still weak oversight for non-bank entities, especially when it comes to family offices.

Archegos, a family office founded in 2012, did not have to disclose investments, unlike traditional hedge funds. JPMorgan also pointed to the lack of transparency when it came to equity-swap filings.

The Archegos sell-off exposed the fragility of the financial system, especially those involving lesser-known practices such as total return swaps, a derivative instrument that enabled Bill Hwang's office not to have ownership of the underlying securities his firm was betting on and the secrecy of family offices. Typically, family offices enjoy the "private adviser exemption" provided under the Advisers Act to firms as these usually advise less than 15 clients, among other conditions.

But JPMorgan said, "filing requirements would have applied to Archegos given its sizable exposure to some US securities. However, the fact that Archegos did not file with the [Securities and Exchange Commission] can be explained by the usage of total return swaps, which seems to be the primary method through which the sizable positions were built by Archegos."

Dan Berkovitz, a Democratic commissioner on the Commodity Futures Trading Commission, denounced family offices and their ability to skirt some oversight.

"A 'family office' has nothing to do with ordinary families," he said in a statement on April 1. "Rather, it is an investment vehicle used by centimillionaires and billionaires to grow their wealth, reduce their taxes, and plan their estates."

Third, JPMorgan said private banks, specifically those linked to Archegos, moving forward could improve their onboarding, especially with clients with backgrounds such as Hwang, who has run into trouble in the past. Private banks could also strengthen their risk management by giving less leverage to non-transparent family offices with concentrated positions and ensure checking the clients' rehypothecation risk, among others.

Archegos in late March used borrowed money to make large bets on some stocks until Wall Street banks forced Archegos to sell over $20 billion worth of its shares after failing to meet a margin call. Hwang grew his family office's $200 million investment to $10 billion. Reports say the former Tiger Management trader lost $8 billion in 10 days.

Read the original article on Business Insider

Progressive group targets FedEx, Nike in campaign calling for higher corporate taxes

Brian Schwartz 
4/12/2021

A progressive group pushing Congress to raise the corporate tax rate is launching an ad campaign targeting FedEx and Nike, two large American companies with light federal tax bills.

Tax March, which held dozens of demonstrations in 2017 calling on former President Donald Trump to release his tax returns, plans to release ads targeting FedEx on Tuesday.
Tax March also plans to target Nike with a newspaper ad next week in the shoe giant's home state of Oregon.

© Provided by CNBC A FedEx employee loads up deliveries in San Francisco.

A progressive group pushing Congress to raise the corporate tax rate is launching an ad campaign targeting FedEx and Nike, two large American companies with light federal tax bills, the group said Monday.

Tax March, which held dozens of demonstrations in 2017 calling on former President Donald Trump to release his tax returns, plans to release ads targeting FedEx on Tuesday. The TV ads will air in Washington, D.C., and in Memphis, Tennessee, where FedEx is headquartered.

A report by the Institute on Taxation and Economic Policy says FedEx "zeroed out its federal income tax on $1.2 billion of U.S. pretax income in 2020 and received a rebate of $230 million." The report says the lack of payments in taxes by some corporations is likely linked to historic tax breaks as well as Trump's 2017 tax reform plan and certain elements of the coronavirus relief bill known as the CARES Act.

Tax March also plans to target Nike with a newspaper ad next week in the shoe giant's home state of Oregon, according to Dana Bye, the campaign director for the group. She said the newspaper ad will have a message similar to that of the TV spot focusing on FedEx.

The institute's report said Nike "didn't pay a dime of federal income tax on almost $2.9 billion of U.S. pretax income last year, instead enjoying a $109 million tax rebate."

Representatives for Nike and FedEx didn't respond to CNBC's request for comment before this story was published.

President Joe Biden has said he wants to raise the corporate tax rate to 28% to help pay for his $2 trillion infrastructure reform package. He has since said that he's willing to negotiate on the potential corporate tax hike as moderate Democrats such as Sen. Joe Manchin, D-W.Va., have pushed back on raising the rate to 28%.

Bye said the campaign as a whole will cost almost $500,000. It will also include digital ads on Facebook and other platforms.

The TV ad, first reviewed by CNBC, takes aim at FedEx as one of several companies that paid little to no federal corporate income taxes recently.

"Tell Congress: It's time to put the people first," a voiceover on the FedEx ad says. "Make corporations like FedEx pay their fair share."

FedEx recently told CNBC that it is against raising corporate taxes as way to pay for Biden's infrastructure plan. Advocacy groups such as the Chamber of Commerce and the Business Roundtable have also opposed the idea of raising the corporate tax rate as a way to pay for infrastructure.

"I think the biggest statement we are trying to make through this campaign is that we can't let corporate tax dodgers like FedEx drive the debate on taxes," Bye said.

Tax March is a project of the Sixteen Thirty Fund, a dark money 501(c)(4) organization that contributed just over $60 million to Democratic-aligned groups during the 2020 election, including millions to super PACs backing Biden, according to data from the nonpartisan Center for Responsive Politics.

The campaign by Tax March is one of the first to take on corporations since Biden became president. It comes as corporations are under pressure to respond to new voting laws such as those recently passed in Georgia.