Saturday, March 04, 2023

Duke Energy (DUK) to Build 150 MW of Solar Sites in Florida

Zacks Equity Research
Fri, March 3, 2023 

Duke Energy Corp.’s DUK arm, Duke Energy Florida, recently announced the commencement of the construction of two new solar sites in Florida by the end of March 2023, thus providing a boost to its solar portfolio as it progresses toward the zero carbon emission goal.

With the onset of the construction of these two solar projects, Duke Energy takes a step forward in its community solar program. This underlines the goal of benefiting Florida customers by offering clean energy solutions.
Details of the Solar Sites

The Mule Creek Renewable Energy Center, one of the two solar sites, boasts a capacity of 74.9 megawatts (MW) and will be equipped with 175,000 solar panels. The other facility, the Winquepin Renewable Energy Center, will have a generation capacity of 74.9 MW with 220,000 solar panels.

The construction of the solar sites is expected to reach completion in nine to 12 months and will collectively generate energy that will be enough to power 23,000 homes. Such project additions will strengthen Duke Energy’s position as a supplier of clean and affordable energy for its customers.
Duke Energy’s Clean Energy Connection Program

Duke Energy has taken an initiative to expand the renewable asset base and aims to reach its target of net-zero carbon emissions from electric generation by 2050. With this pledge, the company initiated the Clean Energy Connection program through which it strives to provide the benefits of adopting renewable energy to its customers

Duke Energy Florida customers enjoy the opportunity of getting solar power without having to install any on-site solar panels. Also, by subscribing to solar power, customers can earn credit points on their electricity bill, which is likely to exceed the fee in about five years.

Meanwhile, the monthly subscription fee will contribute to the cost of construction and the operation of renewable energy centers and will be added to a customer's regular electric bill. Such programs by the company are likely to strengthen its customer base while easing the path to attain carbon neutrality.
Peer Moves

Apart from Duke Energy, utilities that have designed various programs to encourage the adoption of renewable energy are as follows:

OGE Energy Corp.’s OGE solar power program provides renewable energy without the upfront cost associated with customer-owned solar.

OGE Energy has a long-term earnings growth rate of 10.2%. The Zacks Consensus Estimate for OGE’s 2024 earnings suggests a growth rate of 5.2% from the prior-year estimated figure.

DTE Energy DTE plans to increase ITS generation from solar by nearly 10 times, producing clean energy from nearly 2.2 million additional solar panels by 2023 end. By 2040, its portfolio may include more than 11 million solar panels.

Its MIGreenPower makes it easy for everyone to benefit from renewable energy. Through the program, DTE plans to generate enough energy from Michigan wind and solar to power more than one million homes by 2025.

DTE Energy has a long-term earnings growth rate of 6%. The Zacks Consensus Estimate for DTE’s 2023 sales suggests a growth rate of 1.8% from the prior-year reported figure.

Ameren AEE is committed to exploring renewable energy options, such as wind, solar, landfill gas, agricultural methane, hydroelectric and other alternative energy sources, to generate electricity. AEE’s community solar program is an easy way for eligible customers to accelerate the expansion of solar energy in Missouri without installing solar panels on their homes or businesses.

Ameren’s long-term earnings growth rate is pegged at 6.9%. The Zacks Consensus Estimate for AEE’s 2023 sales suggests a growth rate of 5.1% from the prior-year reported figure.
Price Movement

In the past year, Duke Energy’s shares have declined 10.9% compared with the industry’s fall of 9.1%.


Zacks Investment Research


Image Source: Zacks Investment Research
Zacks Rank

Duke Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
DeSantis Disney oversight board features 'combustible mix' of culture warriors: Expert

Alexandra Canal
·Senior Reporter
Wed, March 1, 2023 

Florida Governor Ron DeSantis solidified who will oversee Walt Disney World (DIS) after the politician signed a bill into law that allows him to take control of the company's long-standing special tax district.

"The corporate kingdom finally comes to an end," DeSantis said at a press conference following the bill's signing on Monday. "There's a new sheriff in town, and accountability will be the order of the day."

DeSantis, who rebranded the district previously known as Reedy Creek to the "Central Florida Tourism Oversight District," hand-selected the five board members who will now oversee Disney's municipal services. Previous board members were selected by Reedy Creek, which was fully controlled by Disney.

"The good question now is what will be the impact of the new board that he appointed," Richard Foglesong, Disney historian and author of the book "Married to the Mouse: Walt Disney World and Orlando," told Yahoo Finance Live in an interview on Tuesday.

"We have a five-member board of supervisors that consists principally of cultural warrior types, Christian nationalist types. ...I think there is an issue here," he warned.


Disney's new oversight board

DeSantis' board includes Bridget Ziegler, a conservative member of the Sarasota County School Board and co-founder of Moms for Liberty; Martin Garcia, an attorney who runs investment firm Pinehill Capital Partners, which donated $50,000 to a DeSantis-aligned political committee; and Ron Perri, chairman and CEO of The Gathering USA, a ministry "of evangelism, discipleship and mission opportunities for men."

"The Disney company is the major manufacturer of culture in the United States," Foglesong said. "When you have people appointed to a board who can appropriately, fairly by their own description, be called cultural warriors and Christian nationalists. ...I think that's a combustible mix."

Foglesong noted there should not be much change to Disney's day-to-day operations given a full dissolution did not occur: "[Disney] had special powers, and it still has those powers."

People gather at the Magic Kingdom theme park before the "Festival of Fantasy" parade at Walt Disney World in Orlando, Florida, U.S. July 30, 2022. REUTERS/Octavio Jones

DeSantis previously suggested he would fully strip Disney of its special tax privileges, throwing the district's $997 million worth of bond debt and some $163 million in annual tax payments into question — a sizable fear among local taxpayers.

However, DeSantis stressed Disney is still responsible for its municipal debts and that local governments would not raise taxes.

Disney did not respond to Yahoo Finance's request for comment, although the company told other outlets last month it would not fight the governor's takeover.
Why it matters and how we got here

The 40-square mile area, known for years as the Reedy Creek Improvement District, allowed Disney to operate as a self-governing entity since its inception.

Disney, in addition to paying property taxes to Orange and Osceola counties, paid taxes directly to Reedy Creek. In turn, the district used that money to fund Disney's various theme park projects and operations, including infrastructure upkeep.

That means Disney controlled all of its utilities and infrastructure, set building codes, operated its own emergency services and fire departments, and could expand and grow whenever it wished — all without local or state government interference, until now.

In addition to the newly named board, the bill will end some of Disney's other privileges, such as its exemption from adhering to Florida building codes, along with its exclusion from state regulatory reviews and approvals.

Republican Florida Governor Ron DeSantis speaks during his 2022 U.S. midterm elections night party in Tampa, Florida, U.S., November 8, 2022. REUTERS/Marco Bello

The battle over Disney's special privileges began in April of last year — largely seen as a politically-targeted response over the company's reaction to the so-called "Don't Say Gay" bill.

The bill states: “Classroom instruction by school personnel or third parties on sexual orientation or gender identity may not occur in kindergarten through grade 3 or in a manner that is not age appropriate or developmentally appropriate for students in accordance with state standards.”

At the time, then-CEO Bob Chapek, who initially decided not to speak publicly on the matter, opted to work behind the scenes in a failed attempt to soften the legislation.

The executive eventually reversed course following intense backlash, publicly denouncing the act during the company's annual shareholder meeting on March 9, 2022, in addition to directly apologizing to employees in a company memo.

Chapek's mishandling of the situation has been categorized as one of the many catalysts for his ousting, as Bob Iger returned to the CEO chair in November.

Alexandra is a Senior Entertainment and Media Reporter at Yahoo Finance. Follow her on Twitter @alliecanal8193 and email her at alexandra.canal@yahoofinance.com


Disney could sell its 67% stake in Hulu to buy up more Marvel rights: Citi





Alexandra Canal
·Senior Reporter
Fri, March 3, 2023 

Disney (DIS) might let go of Hulu in favor of the Hulk, at least according to one media analyst.

"We believe Disney may sell its 67% stake in Hulu," Citi analyst Jason Bazinet wrote in a new note to clients on Wednesday. "In parallel, we suspect Disney may secure the distribution rights to two Marvel characters held by Comcast (Hulk and Namor)."

Although Disney owns all of the Marvel intellectual property, Comcast's Universal (CMCSA) maintains the distribution rights to those two characters; consequently, the studio would be able to distribute any Hulk or Namor-centric films to its various NBCU media platforms, like Peacock.

"While the cost of securing these rights is likely small relative to the value of Hulu (we estimate the value at only $0.3 billion), it would fit with Mr. Iger’s desire to focus on core brands and franchises," the analyst said.

Bazinet, who previously thought Disney would either raise Hulu's subscription prices or combine the streamer with Disney+, now believes "the company is less interested in a mass market DTC offering" after CEO Bob Iger told investors the company will focus more on its core franchises and "aggressively curate our general entertainment content."

"This raises the possibility that Disney may sell its Hulu stake," Bazinet surmised.

Disney currently owns two-thirds of Hulu with Comcast’s Universal (CMCSA) controlling the rest.

Under the terms of the joint ownership agreement, Comcast could require Disney to buy out its stake in Hulu as early as January 2024 at a guaranteed minimum equity value of $27.5 billion (or about $9.2 billion for the 33% stake.)

Bazinet estimated Hulu's price tag could be valued anywhere from $19.8 billion to $27.5 billion.

"Based on Hulu’s level of profitability, the sale price and Disney’s use of proceeds, we see a wide range of outcomes from ~$3 downside to ~$13 of upside per Disney share," the analyst said, adding: "For Comcast, we see a balanced risk-reward of $2-3 per share in each direction, while the strategic and financial merits supports a positive move for the equity, in our view."

Disney shares have climbed more than 10% since the start of the year, and are up nearly 8% since Bob Iger's surprise return to the company in November of last year.

The Walt Disney Company CEO Bob Iger attends the Nominees Luncheon for the 95th Oscars in Beverly Hills, California, U.S. February 13, 2023. REUTERS/Mario Anzuoni

During Disney's latest earnings call, Iger doubled-down on the view streaming was his "top priority" for the company, but told CNBC "everything was on the table" in regards to Hulu’s future.

"I’ve talked about general entertainment being undifferentiated. I'm not going to speculate if we're a buyer or a seller of it," Iger said. "But I'm concerned about undifferentiated general entertainment. We're going to look at it very objectively."

Hulu boasts around 48 million subscribers and hosts top-rated shows including "Only Murders in the Building," "The Handmaid's Tale," and "The Dropout." Hulu's subscribers grew by 2% in Disney's latest quarter.

At the time of the original arrangement between Comcast and Disney, Iger maintained the purchase would allow Disney the opportunity to offer an alternative, more mature viewing experience to consumers, in addition to providing more flexibility with bundling.

Flash forward to today and streaming economics are vastly different as investors focus on profitability amid increased competition.

Disney's direct-to-consumer division reported a $1.1 billion loss in its fiscal first quarter — an improvement compared to the $1.5 billion loss seen in Q4, but still a significant drag on profits.

Alexandra is a Senior Entertainment and Media Reporter at Yahoo Finance. Follow her on Twitter @alliecanal8193 and email her at alexandra.canal@yahoofinance.com
Goldman Sachs arm among bidders in possible $10B Subway sale: report

Sat, March 4, 2023 

March 4 (Reuters) - Goldman Sachs Group Inc's asset management arm is among the suitors for the U.S. based sandwich chain Subway, which has been put up for sale with an estimated $10 billion price tag, Sky News reported on Saturday.

Bain Capital, TPG and TDR Capital are also among the other suitors, the report added.

Goldman Sachs could not be immediately reached for comment, while TPG declined to comment.

Subway, Bain Capital and TDR did not immediately respond to Reuters' requests for comment.

The sandwich chain last month said it was exploring a possible sale of its business due to surging costs and mounting competition from deeper-pocketed rivals.

The quick-service restaurant brand did not indicate the timing or assurance of whether a sale would occur.

The Wall Street Journal in January said a potential sale could value Subway at more than $10 billion.

The company reported a 9.2% jump in same-store sales for 2022 and has more than 37,000 restaurants in more than 100 countries. (Reporting by Urvi Dugar in Bengaluru; editing by Diane Craft and Paul Simao)
Tech war: China doubles down on 'whole nation' approach to chip self-sufficiency as US tightens export controls


Fri, March 3, 2023

China must maintain a "whole nation" approach to its semiconductor industry by leveraging both state and market power for growth, Vice-Premier Liu He told industry executives on Thursday, in a sign that Beijing is digging in for a protracted chip war with the US.

Liu, known as the top economic aide to President Xi Jinping, said at a symposium that the semiconductor industry was "the core nexus of modern industrial systems" and mattered to "national security and the progress of Chinese style modernisation", according to a report by the official Xinhua news agency.

"General Secretary Xi Jinping has attached high importance to the development of the integrated circuit industry, and he has repeatedly made written and verbal instructions on the matter," Liu told delegates at the gathering in Beijing.

Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.

Liu added that the Chinese government would set "practical development goals" for the industry and help businesses solve their difficulties. In areas where there are market failures, the state would play a role by guiding long-term investment. In particular, Liu stressed that China would provide "equal national treatment" to foreign experts under a policy designed to ease China's chip talent shortage. By 2024, China's semiconductor industry will need nearly 800,000 workers, exceeding the local talent supply by one third.

The Xinhua summary of Liu's speech did not mention US export controls directly, but the comments come as Beijing is expressing growing concerns about a US-led coalition it believes is aimed at containing China's development in chip technologies.

Chinese government officials have publicly called on Japan, South Korea and the Netherlands to help maintain the stability of supply chains after Washington made progress in convincing Tokyo and The Hague to join its export control regime. A US-led Chip4 alliance involving Japan, South Korea and Taiwan is also coming into shape, while Washington has reiterated that chip makers receiving US government funding are barred from investing in advanced facilities in China for a decade.

Meanwhile, the US has for the first time moved to restrict American semiconductor talent from helping China achieve its goals. In October last year, the Biden administration restricted "US persons" - including American citizens and green card holders - from working at China-located facilities related to advanced chips.

Due to its curtailed access to advanced semiconductors for smartphones - as well as the equipment and materials needed to make them - Chinese companies have instead invested heavily in mature-node chips for applications in cars and home appliances.

Liu said China has already developed "a relatively complete semiconductor supply chain" with "very strong capabilities at home in some segments". "In particular, China has a large chip consumption market ... this is the most precious resource for China and a strategic advantage to promote the semiconductor industry," Liu was quoted by Xinhua as saying.

Local Chinese governments, from Shenzhen to Shanghai, are offering incentives to develop semiconductor projects. The city of Suzhou, near Shanghai, is targeting a 20 per cent increase in the output of its semiconductor industry this year.

China's top memory chip maker Yangtze Memory Technologies Co, which was added to a US trade blacklist last year, has received a US$7 billion capital boost from state-backed investors, including the China Integrated Circuit Industry Investment Fund, or Big Fund, which was hit by a series of corruption scandals last year.

Separately, Chinese private investors are also betting on chips. Chinese smartphone giant Xiaomi announced on Thursday a new fund of 10 billion yuan (US$1.4 billion), along with other partners, to invest in "integrated circuits, and the related upstream and downstream fields".
.

Copyright (c) 2023. South China Morning Post Publishers Ltd. All rights reserved.
EU diplomat demands accountability after Israeli settler rampage in West Bank




EU representatives and human rights organizations visit Palestinian families after Israeli settlers' rampage in Huwara

Thu, March 2, 2023 
By Raneen Sawafta

HUWARA, West Bank (Reuters) -The European Union's envoy to the Palestinians called on Friday for accountability and for perpetrators to be brought to justice after a rampage by Israeli settlers this week in the occupied West Bank in which one Palestinian was killed and dozens of houses, shops and cars were torched.

Ambassador Sven Kuhn von Burgsdorff, heading one of the biggest EU delegations to visit the West Bank, said officials wanted to see with their own eyes the damage left by Sunday's violence in and around the Palestinian village of Huwara. The rampage followed a Palestinian gun attack that killed two Israeli brothers.

"It is absolutely necessary for us that accountability is fully ensured, that the perpetrators be brought to justice, that those who lost property be compensated," Kuhn von Burgsdorff said.

Local media reported that, in a rare move, Israel's Defense Minister Yoav Gallant on Thursday signed administrative detention orders for two suspects, after a Jerusalem court ordered police to release all seven people detained in connection with the rampage.

Amnesty International condemned the release of the suspects in a statement and condemned use of administrative detention, saying it violated international law.

Israeli rights group Yesh Din found that 93% of investigations into settler attacks in the West Bank between 2005 and 2022 were closed without indictment.

On Tuesday, Israeli Major General Yehuda Fuchs, who commands the Israeli military in the area, said his forces had prepared for attempted settler retribution over the gun attack but had been surprised by the intensity of the violence by dozens of people. He called it a "pogrom carried out by outlaws".

Violence in the West Bank has surged over the past year with stepped-up Israeli military raids following a spate of Palestinian attacks. The United States, Jordan and Egypt have appealed for calm ahead of the Muslim holy month of Ramadan and the Jewish Passover festival in late March and early April.

WASHINGTON'S CALL TO NETANYAHU


The United States has demanded that Israeli Prime Minister Benjamin Netanyahu disavow a call on Wednesday by far-right Finance Minister Bezalel Smotrich for the village of Huwara to be erased. The U.N. Human Rights chief Volker Turk also criticised Smotrich's remarks as "an unfathomable statement of incitement to violence and hostility".

On the night of the rampage, Netanyahu urged people not to take the law into their own hands, but he has not publicly addressed Smotrich's statement or responded to the unusual criticism by Washington, a close ally.

Late on Thursday, Palestinian officials said Israeli forces shot dead 15-year-old Mohammad Nidal Saleem in the back in the West Bank town of Azzoun.

Ahmad Enaya, the town's mayor, said an Israeli military vehicle drove into town and when teens hurled rocks at the car, soldiers responded with live fire.

The Israeli military said in a statement that soldiers shot at suspects who had hurled explosives at forces while they were conducting a search in the area for people who launched fireworks at Israeli vehicles passing near Azzoun.

It said it was aware of reports of people being wounded but did not confirm any Palestinian fatalities.

A statement by the public hospital in Qalqilya, near Azzoun, said two other people were treated for gunshot wounds.

"The terrorism waged by settlers, in cooperation with the occupation government, is unprecedented," said Walid Assaf, a former Palestinian Authority official who monitored Israeli settlements, speaking at Saleem's funeral in Azzoun on Friday.

At least 62 Palestinians, including gunmen and civilians, have been killed since the start of 2023, the Palestinian health ministry said. Thirteen Israelis and a Ukrainian tourist died in Palestinian attacks in the same period, according to official Israeli figures.

Palestinians seek to establish a state in the West Bank, East Jerusalem and Gaza, areas Israel captured in a 1967 war.

"We Palestinians will remain steadfast and we will defend our existence in the face of this occupation," said Assaf.

(Reporting by Raneen Sawafta in Huwara, Mohammad Torokman in Azzoun and Ali Sawafta in RamallahAdditional reporting by Henriette Chacar in Jerusalem and Emma Farge in Geneva Editing by James Mackenzie, Matthew Lewis, Frances Kerry and David Gregorio)
Conservatives at big US conference divided on climate change

Camille CAMDESSUS
THE GUARDIAN
Fri, 3 March 2023 


US conservatives holding a big convention are divided on climate issues as basic as whether carbon dioxide is good for the planet and if global warming should be a priority for humanity in this day and age.

At the annual Conservative Political Action Conference (CPAC), held through Saturday in suburban Washington, exhibit stands offer blue pamphlets calling on people to refute the idea that climate change is caused by humans.

"We know that climate is changing, but at this catastrophic level, we kind of debate that in our organization," said Gabriella Hoffman, a spokeswoman for CFACT, the Committee for a Constructive Tomorrow.

At a stand located between a replica of the Oval Office and a display of cookies in the red, white and blue of the US flag, Hoffman's association is calling for overhauling what it calls the myth around climate change.

Of alarming predictions that life on Earth will change drastically for the worse if global warming is not curbed, she said: "Our organization disagrees with that statement because you hear those statements on and on again, and then they turn out to not be so catastrophic."

- 'I love CO2' -

The latest alarming report from the UN panel on climate change, countries seeing record high temperatures year in and year out, and other data on global warming are largely exaggerated, said Payne Kilbourn, who stands nearby at a stand covered in pins that say "I love CO2."

Kilbourn, a nuclear engineer with a group called the CO2 Coalition that was taking part in the convention for the third time, argues that carbon dioxide -- released by the burning of fossil fuels, or the decay of organisms, for instance -- is good for the planet.

"More CO2 is good for the planet. It helps plants grow," said Kilbourn, standing by a table offering koozies -- cushion-like holders for keeping beverages cold -- that read "Chill out. Polar bears are not going anywhere."

His coalition has been known to make false statements but Kilbourn is nonetheless defiant. "We're the only scientific booth here. Everybody else is politics and policy and we like to stress the science," Kilbourn said.

- Winning back young people -

"It's clear we have sort of our opposing viewpoint on the other side down there," said Morgan Chrisman, a 24-year-old Republican who says she has no doubts about the dangers of climate change. She is at a stand representing the idea that fighting climate change should be a priority.

That is a minority opinion at CPAC, which features panel discussions that praise oil as the world's main energy source.

"The environmental cause has been very much driven by the left for pretty much the entire time and that has sort of alienated a lot of young people and made them think that, you know, the GOP doesn't have solutions for that," Chrisman said of the Republican Party.

She represents a group that calls itself Young Conservatives for Carbon Dividends.

In the last two US congressional elections, young voters did in fact opt largely for progressive candidates, making a priority of the battle against global warming.

Chrisman's group says it believes "capitalism is the solution to climate change."

"We think that there are capitalism-first, market-based solutions that are far more effective than the solutions being put forth by the left, but do not compromise on conservative values," she said, alluding to the idea of holding China accountable for its big role in climate change.

"Every person under 40 that comes here is excited with what we're doing," she said.

cjc/dw/bfm
ROFLMAO
We asked CPAC attendees what they think 'woke' means. Their answers were all over the place.

Bryan Metzger
Sat, March 4, 2023 

Republican Sen. Tommy Tuberville speaks on a panel about “Sacking the Woke Playbook” at CPAC on March 2, 2023.
Lev Radin/Pacific Press/LightRocket via Getty Images

The word "woke" has quickly shot to the forefront of Republican politics in recent years.

It's been used to describe a sweeping array of topics — essentially anything Republicans don't like.

We asked CPAC attendees what they thought the word means. Their answers revealed little consensus.


NATIONAL HARBOR, Maryland — In 2023, the word "woke" seems to be at the top of conservatives' minds.

Florida Gov. Ron DeSantis, a likely 2024 presidential contender, has declared that his state is "where woke goes to die." Rep. Jim Banks of Indiana has floated the idea of an "anti-woke" caucus in the House. And a Department of Labor rule pertaining to socially-conscious investment decisions, derided by the right as "woke," has teed up what will be the first veto of Joe Biden's presidency.

But at the Conservative Political Action Conference (CPAC) — a yearly confab where the Republican Party's most die-hard activists and political hangers-on hear from conservative influencers and politicians — the precise definition of the ubiquitous word remains elusive.

"That's tough. Let me think on it. Give me like two minutes to come up with something good," said Johnny McEntee, the CEO of a right-wing dating app that explicitly declares that "other dating apps have gone woke."

The word "woke" originally emerged from African American vernacular English, signifying a general awareness of systems of injustice. But in recent years, the word has been co-opted by the right, often used as a catch-all term for progressive policies, ideas, and ways of thinking.

And among the right-wing gathering's attendees, the word seemed to encompass seemingly everything that conservatives dislike about the world.

"My opinion is: they're trying to wake up what shouldn't be woken up," said Daniel Francis, 58, who said he'd traveled from his home in Southern Colorado to promote an organization that puts on rodeos for active duty service members and veterans. "They're stirring the pot in the wrong direction."

For Francis, who said he homeschools his own children, the word "woke" invokes the idea of a system of education that's stoking divisions between groups. But it's also the driving factor behind a broader set of policy concerns — and the Republican Party, in his view, isn't doing enough to combat it.

"I think the woke side is kind of keeping the border open," he said. "I mean, that's what they want."

Daniel Francis, 58, said people are "trying to wake up what shouldn't be woken up."Bryan Metzger/Insider

'Political corruptness'

Wokeness was also on the lips of the conference's speakers, who used the word in a variety of contexts.

Republican Sen. Tommy Tuberville of Alabama spoke at a panel on Thursday about "Sacking the Woke Playbook," where he made sweeping claims about a left-wing agenda to uproot existing gender and sexuality norms, declaring at one point that "they want one gender."

Nikki Haley, the former South Carolina governor and one-time US ambassador to the United Nations, declared wokeness to be a "virus more dangerous than any pandemic" in her speech on Friday, ultimately closing by urging attendees to "save our country from weakness and wokeness."

McEntee, the dating app CEO, eventually settled on "political correctness" as an apt synonym, saying that President Donald Trump — McEntee's former employer — had "opened everybody's eyes" to the issue.

"You know, we shouldn't be banning words," McEntee added. Asked for clarification on which words were being banned — and by whom — he demurred, citing the fact that he was there to promote his dating app.

"Political correctness" appeared to be the most popular short-hand among attendees.


A man wears a "stop woke indoctrination" sticker at CPAC 2023.
Chip Somodevilla/Getty Images

Nigel Farage, the erstwhile Brexit leader and former European Parliament member who could be seen walking around the conference on Friday, told Insider that wokeness meant "a level of political correctness that is totally extraordinary."

"If we don't agree with someone, we try and ban them or cancel them," he added.

James Winship, 68, a Virginia man dressed up as George Washington and holding a flag he said he carried on the mall on January 6, 2021, told Insider that "woke" was substituted for "political correctness" because the term sounded too much like "political corruptness."
'Everything's gotta be a hyphen-this, hyphen-that'

Others offered more expansive — and dark — definitions.

Joe Pinion, a Newsmax host who was the GOP nominee for Senate in New York in 2022, defined the "gospel of woke" as the notion that "all things in America are bad" while speaking at a panel about how conservatives might win young voters.

Jackson Stallings, a 21-year-old student attending the conference, said he saw wokeness as a combination of "this transgenderism thing," leftism, and critical race theory.

"I think it's all directly connected," he said.

Other attendees also homed in on gender and sexuality issues as being central to what defines "woke," including Susan Vandeberghe, 65, who was volunteering for CPAC after traveling to the conference from Michigan.

"Well, I don't have a problem with anybody being gay or anything like that," she said, adding that she had a gay nephew. She went on to name Pride Month, transgender athletes competing in sports, drag queens, and sex education in school systems as key examples of wokeness run amok.

"I'm not against anybody having those feelings, and it's more accepted now than ever before," she said. "But they're taking it to an extreme like no other."


Mary Phelps and Robyn Erickson, both 68, said wokeness is about division between groups.
Bryan Metzger/Insider

Robyn Erickson and Mary Phelps, two 68-year old volunteers with the #WalkAway movement — which purports to represent former Democrats who've become Republicans — spoke generally of what they see as division and the misuse of history.

"Everything's gotta be a hyphen-this, hyphen-that," said Phelps, arguing that America should be a "melting pot" and that people are "hyper-focused on certain facets and using them to start conflict."

Erickson, a chef who noted that her company "tries to remind us of diversity, inclusion" on a weekly basis, made a culinary analogy.

"Like, when you make spaghetti sauce or chili, it's better the second day," she said. "Because it's all blended. It's come together."

We asked conservatives at CPAC what ‘woke’ means. Their replies were revealing

Eric Garcia
THE INDEPENDENT
Fri, March 3, 2023 

A man in a booth selling hats at CPAC 2023, at the National Harbor, in Oxon Hill, Maryland (AP)


The fact is that conservatives don’t like the concept of “woke” these days.

Florida Governor Ron DeSantis, the potential Republican presidential candidate, has repeatedly said that his state is where “woke goes to die”. Former president Donald Trump has talked about generals being too “woke”.

Mr DeSantis did not attend the Conservative Political Action Conference just outside Washington this week. But plenty of others focused on “wokeness”.

Presidential hopeful Nikki Haley said that “I’m running for president to renew an America that’s proud and strong, not weak and woke.” Senator Tommy Tuberville of Alabama held a talk on the first full day of the conference entitled “Sacking the Woke Playbook”.

“Today, they are being indoctrinated with all this woke — transgender athletes, CRT, 1619,” Mr Tuberville said in reference to allowing transgender athletes; critical race theory, the niche legal theory that many conservatives have used as a catch-all to describe education about Black history and racism; and the 1619 Project, the project by The New York Times led by Pulitzer Prize-winning journalist Nikole Hannah-Jones that chronicles the impact of slavery in the founding and present day of the United States.

Black Americans largely adopted the term “woke” going back as late as the 1940s as a phrase meant to be aware of racism around them and became a staple of African American Vernacular English (AAVE). But plenty of activists at CPAC had a different definition.

Marleen Laska, a conservative activist from Pennsylvania who attended the conference, has a broad definition of what “woke” meant.

“That’s a loaded question,” she said. “It covers so many things. It incorporated all the stupidity that is going on with the country.”

She specifically cited environmental and social governance investing practices.

“The children and in the schools and trying to make the transgender, and it came to so many things ... which is wrong in this country,” she told The Independent, also criticising including rainbow pride flags in classrooms.

“To me the word ‘woke’ is the antithesis of everything that America was founded on,” Marie Rogerson, an executive director of program development at Moms for Liberty based in Florida, told The Independent. “It’s anything for me that’s anti-American, anti-common sense, anti-really in the sense of education, what education was meant to do.”

Ms Rogerson said Mr DeSantis’s war on the concept of “woke” was necessary to help the state thrive.

“Killing ‘woke’ means, it’s like a garden, you’re getting rid of the weeds so that the things you actually want to grow, can,” she said. “In the instance of Florida, he’s talking about industry and our economics and our education. And all those things that we want to thrive can actually thrive because we’ve choked the weeds.”

Ms Rogerson said people did not need to use the word “woke” to discuss racism.

““I think there’s a better way to say it,” she said. “Racism exists. I don’t think it’s a, you know, depending on the area and what we’re talking about, it could be a major problem, it could be a minor problem. I don’t think it’s necessary to say ‘stay woke’ to be concerned about any racism that exists in America. Woke means more than just racism.”

Ms Rogerson’s colleague Sheila Armstrong, who works with the group’s Philadelphia chapter, had a slightly different definition.

““So the word ‘woke’ is, they’re using it wrong. To be woke is when you recognize that maybe what you was doing was wrong,” she told The Independent. “Me being a Black woman, a lot of this slang and terminology they try to use is coming out of our community. But they use the terminology wrong. So for a person to be woke, that means you recognizing what you do is wrong. Just because you’re woke is right. That’s where the confusion is.”

Angelo Veltri, northeast regional director for Young Americans for Liberty, had a similarly vague description for what the word meant.

“‘Woke’ to me means that you are basing your reality off of fiction and your feelings rather than actual facts,” he told The Independent. “‘Woke’ is more of the sense of like, if you feel a certain way, then you must be true, and they typically adhere to their truths rather than the truth as a whole. And it’s leading toward this woke postmodernism in a sense. Woke communism, where they’re trying to take over based on people’s feelings rather than actual factual evidence.”

Kate Ng contributed to this report
‘Little dragon’ found on uninhabited Australian island is a new species. Take a look
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Aspen Pflughoeft
Fri, March 3, 2023 

Landing on the sandy beach, a team of researchers headed into the rainforest of an uninhabited island off the coast of Australia. Scouring the rocky terrain, they soon discovered an unfamiliar creature.

Conrad Hoskin led the reptile survey to Scawfell Island, a rugged island with a rainforest canopy and numerous boulders, James Cook University said in a Friday, March 3, news release. He set out with a goal in mind.

“I went to that island in the hopes of finding some interesting reptile species,” Hoskin told the Australian Broadcasting Corporation (ABC). “One thing I really hoped for was that there could be one of these incredible leaf-tailed geckos.”


Researchers look for the new species deep inside the boulders.

Leaf-tailed geckos are a type of lizard found along the east coast of Australia, Hoskin wrote in a study published Feb. 20 in the journal Zootaxa.

As night fell on Scawfall Island, Hoskin spotted something. “It looks like a little dragon or something,” Hoskin told The Guardian.

The creature had “spindly legs” and a “spiny tail,” the release said. Hoskin quickly realized he was looking at a previously undiscovered species.

He identified the new species as the Scawfell Island leaf-tailed gecko, or phyllurus fimbriatus, the study said. The gecko’s scientific name, fimbriatus, is Latin for “fringed” and refers to the texture of its tail.


Conrad Hoskin holds a Scawfell Island leaf-tailed gecko.

The newly-discovered gecko is about 6 inches long, the study said. It has a knobby, leaf-shaped tail with a V-shaped white band.

“They’re big, they’re quite prickly,” Hoskin told the ABC. “They’ve got this lovely, beaky, almost dragon like face and really, really long spiderery, spindly legs.”


A photo showing the coloring of a Scawfell Island leaf-tailed gecko.

The gecko is “perfectly camouflaged” for its environment, the release said. Photos show its brown body and blotched coloring blending into the rocks.

A Scawfell Island leaf-tailed gecko blending into the rock.

Hoskin found about 30 Scawfell Island leaf-tailed geckos deep within the island’s boulders, the university said. The creatures retreat into the rocks during the day and only emerge at night to feed, according to the study.

The habitat where the Scawfell Island leaf-tailed gecko is found.

“It is incredible to still find large and spectacular new species in this day and age,” Hoskin told the university. “The fact that this gecko remained undiscovered to science shows that there are still areas of Australia with hidden secrets.”

One of the beaches of Scawfell Island.

Hoskin plans to lead another expedition to Scawfell Island to further study the newly-discovered gecko species, ABC reported. He hopes to develop a better understanding of the lizard’s population size and possible threats to its existence.

Scawfell Island is along the northeastern coast of Australia and about 30 miles from Mackay, the closest mainland city. Mackay is in the state of Queensland and about 1,020 miles northwest of Sydney.
Crypto’s favorite bank is on the brink. What happens if Silvergate fails?


Illustration by Nicolas Rapp

Leo Schwartz
Sat, March 4, 2023

After FTX’s collapse in November, experts warned of contagion, or the systemic damage that the crypto exchange’s failure could have on the broader sector. The biggest loser after FTX itself may be Silvergate, the California-based bank that established itself as the crypto industry's financial backbone.

Banks rely on customer deposits, which plummeted as Silvergate’s central client, FTX, went bankrupt and crypto companies reckoned with the exacerbated bear market. At the time of FTX's collapse, about 90% of the bank’s deposit base came from crypto companies. It immediately felt the effect, with the bank suffering from outflows of $8.1 billion in digital asset deposits in the fourth quarter of 2022 alone. By the end of December, its total deposits sat around $6 billion.

Although CEO Alan Lane insisted that the bank’s mission had not changed, the writing was on the wall for Silvergate’s crypto-focused approach. Its share price has dropped nearly 95% from mid-August, currently sitting around $6, and U.S. senators have begun inquiring about Silvergate’s relationship with FTX.

View this interactive chart on Fortune.com

The bottom fell out on Wednesday when Silvergate announced it would not be able to file its annual report to the Securities and Exchange Commission on time, citing the need to reevaluate its business strategy and “its ability to continue.”

After crypto companies had turned to the bank for years as one of the sole financial partners that would serve the volatile industry, some of the sector’s biggest firms announced they were reducing or severing their relationships, including Coinbase, Paxos, Circle, and Crypto.com.

Onlookers speculated that the Federal Deposit Insurance Corporation would place Silvergate into a receivership as soon as Friday, beginning the process of finding another bank to acquire Silvergate or take over its deposits. A source in crypto banking told Fortune that Wells Fargo was rumored to be the acquirer.

“Silvergate is really a cautionary tale,” said Joseph Silvia, the former counsel to the Federal Reserve Bank of Chicago and a partner at Dickinson Wright. “But there’s still opportunity out there, and I still don’t think cryptocurrency generally is going anywhere.”

'Almost nothing you can do’

Perceived by many traditional institutions as renegades, crypto companies often struggled to find banking partners—somewhat understandable for self-fashioned disruptive firms—but they still needed traditional banking services for their payrolls and on-ramping customers, and accounts to hold their treasuries.

While many banks were skittish, Silvergate leaped at the opportunity, riding the wave of crypto’s historic bull market. Its share price rose more than 1,500% between November 2019 and November 2021, with Silvergate serving more than 1,500 digital asset and financial technology companies by the end of 2022.

Its share price began to teeter with the start of crypto’s bear market following the collapse of TerraUSD in May 2022, and the bankruptcy of industry giant FTX exacerbated that—crypto companies no longer had money to deposit with Silvergate.

As Silvia explained, deposits are the lifeblood of a bank. “Once that starts to deteriorate, and deteriorate that quickly, there’s almost nothing you can do to stop the bleeding,” he said.

With its share price tanking, Silvergate also could no longer rely on capital markets for funding, resulting in its SEC filing on Wednesday in which the bank said it was “less than well-capitalized.”

John Popeo, a former lawyer at the FDIC, analyst at the Federal Reserve Bank of Boston, and current partner at the Gallatin Group, said banks can fail from reaching a critical capital level or an exodus of depositors.

If Silvergate fails to meet certain capital requirements, it would receive a corrective action notice from the FDIC and its chartering authority, or the California Department of Financial Protection and Innovation. Silvergate would then have 90 days to raise capital or sell itself to another bank.

In the case of more immediate financial distress, the FDIC could take over at any time—generally on a Friday evening, to minimize disruption to the broader financial system. In this scenario, the FDIC could be looking for an acquirer now. Although Wells Fargo is rumored to be a candidate, Popeo warned that onlookers without direct knowledge are ill-equipped to speculate.

As of Saturday, Silvergate is still operating, although it announced on Friday night that it would discontinue the Silvergate Exchange Network, a crypto payments solution between different firms. Even as other deposit-related services remained operational, share prices dropped around 2% in after-hours trading.

A shrinking universe

Crypto companies have already begun to flee from Silvergate, but the downstream effects could just be beginning. Silvia said Silvergate’s exit from the crypto ecosystem—and other banks’ increasing hesitance to work with the sector—will make it harder for crypto firms to get deposit accounts and other critical services. As a result, banking will become more expensive for crypto companies as they explore other options, from credit unions to other types of financial technology companies.

“It shrinks the universe of potential partners very quickly,” he said.

Some in the crypto industry have pointed fingers at banking regulators, who have issued a number of statements in the wake of FTX’s collapse warning of liquidity risks related to crypto. Nic Carter, a crypto-focused venture investor, described the seemingly coordinated effort of different federal regulators to deny banking services to crypto firms as an “Operation Chokepoint 2.0,” a term that’s since caught on.

Silvergate’s failure, Silvia added, has much more to do with FTX than regulators. “There’s just a lot of problems that banks see, without a lot of reward,” he told Fortune.

Even the other U.S. bank that's established itself as crypto-friendly, Signature, has displayed more reticence toward working with the industry. In December, it announced it would shrink its deposits tied to cryptocurrencies.

“We are not just a crypto bank, and we want that to come across loud and clear,” CEO Joe DePaolo said at an investor conference.

Despite the traditional financial sector’s pullback, Silvia expressed optimism that crypto would survive—just with fewer companies. And those survivors will still need banking services.

This story was originally featured on Fortune.com