WAY BACK IN TIME MACHINE

James Webb Telescope unveils complex rings around young star

By Patrick Hilsman

Researchers using NASA's James Webb Space Telescope have discovered multiple debris rings within a previously discovered ring around the young star Fomalhaut. Photo Courtesy of NASA

May 9 (UPI) -- Researchers using NASA's James Webb Space Telescope observed multiple debris rings surrounding a young star.

The James Webb Telescope's Mid-Infrared Instrument, which is designed to capture very long wavelengths of light, found three nested belts surrounding the Fomalhaut star, out to a distance of up to 14 billion miles, NASA said Monday.

Observations by NASA's Infrared Astronomical Satellite first discovered Fomalhuat's dust ring, the first asteroid belt seen outside of our solar system in 1983 with Webb, the Hubble Space Telescope and the Atacama Large Millimeter/sub-millimeter Array capturing more detailed images of the outside of the belt.

The latest infrared imagery revealed its inner belts for the first time.

"I would describe Fomalhaut as the archetype of debris disks found elsewhere in our galaxy because it has components similar to those we have in our own planetary system" said study lead author Andras Gaspar of the University of Arizona. "By looking at the patterns in these rings, we can actually start to make a little sketch of what a planetary system ought to look like -- If we could actually take a deep enough picture to see the suspected plants."

Researchers believe the belts are partially shaped by the gravitational pull of planets that cannot yet be observed. The James Webb Space Telescope was able to observe the inner belts around the star by observing infrared light.

"I think it's not a very big leap to say there's probably a really interesting planetary system around the star," said team member Schuyler Wolff.

Possible meteorite crashes into New Jersey home, no injuries
yesterday


This image provided by Hopewell Township Police Department shows a metallic object believed to be a meteorite that struck the roof a residence in Hopewell Township, N.J. Hopewell Township police said the 4- by-6-inch, oblong-shaped object struck the ranch-style home on Monday, May 8, 2023 and eventually came to rest on a floor. It's estimated to weigh about four pounds. 

(Hopewell Township Police Department via AP)

HOPEWELL TOWNSHIP, N.J. (AP) — A metallic object believed to be a meteorite punched a hole in the roof of a central New Jersey home this week, smashing into a hardwood floor and bouncing around a bedroom. The family who owns the home discovered the black, potato-sized rock in a corner — still warm.

Nobody was hurt and there was no serious damage to the residence, said police in Hopewell Township, north of the state capital Trenton. The object measures about 4 by 6 inches (10 by 15 centimeters) and weighs about four pounds (1.8 kilograms), police said.

Suzy Kop, whose family owns the home, said they initially thought someone had thrown a rock into an upstairs bedroom Monday, but soon realized that wasn’t the case. The family plans to meet with an astrophysicist who will further examine the object.

“We are thinking it’s a meteorite, came through here, hit the floor here because that’s completely damaged, it ricocheted up to this part of the ceiling and then finally rested on the floor there,” Kop told KYW-TV in Philadelphia. “I did touch the thing because I thought it was a random rock, I don’t know, and it was warm.”

Kop said hazmat officials responded to their home to check it out along with her family, in case they had been exposed to some type of radioactive material, but those checks were all negative.

Likely meteorite crashes through New Jersey home

By Brian Lada, Accuweather.com

A photo of the suspected meteorite that hit a home in New Jersey on May 8, 2023. Photo courtesy Hopewell Township Police Department/Facebook

The week started with a bang for a homeowner in New Jersey after a likely meteorite blasted a hole through a house early Monday afternoon.

A metallic rock fell out of the sky and hit a house in Hopewell Township, N.J., located approximately 10 miles north of Trenton. The Hopewell Township Police Department responded to the incident and confirmed that the oblong-shaped rock damaged the building.

"It penetrated the roof, the ceiling and then impacted the hardwood floor before coming to a rest," the police department said. No one was injured during the incident.

An investigation is underway to identify the rock and to determine if it is indeed from space. Scientists will closely examine the rock, which appears to have a charred exterior and measures approximately 4 inches by 6 inches.

The Hopewell Township Police Department said that the meteorite could be related to the recent peak of the Eta Aquarid meteor shower, but it is still unclear if the two events are related.



Smaller space rocks typically burn up and disintegrate when entering Earth's atmosphere, but larger rocks can make it to the surface of the planet. Space rocks that reach the surface of the Earth are called meteorites.

Contrary to popular belief, many meteorites that hit the ground are not hot enough to start a fire. According to the American Meteor Society, meteors like the one that fell in New Jersey may be warm when they hit the Earth, but "probably reach the ground at only slightly above ambient temperature."

Although it's extremely rare for a meteorite to hit a house, there have been several notable incidents in the past.

On Oct. 3, 2021, a softball-sized meteorite crashed through a house in British Columbia, Canada, landing in a bed just inches away from a woman who wasing.

One of the most famous meteorite crashes in recent U.S. history took place on Oct. 9, 1992, when a 26-pound space rock hit a car parked in a driveway in Peekskill, New York, just north of New York City. The vehicle became world famous and was on display in several museums, including France's National Museum of Natural History.

Underwater heat waves could be reshaping weather around the world

By Brian Lada, Accuweather.com

Underwater heat waves occur when water temperatures in parts of the ocean are well above historical averages. 

Photo courtesy of NASA | License Photo

A marine heat wave is unfolding on a global scale that is setting records that have stood for decades, and forecasters say it could get worse in the coming months as El Niño takes hold in the Pacific Ocean.

Underwater heat waves occur when water temperatures in parts of the ocean are well above historical averages. Alone, these events are not uncommon, but the nature of multiple, widespread events across the world's oceans is alarming to scientists.

"April was the warmest ocean average temperature on record, beating out was previously a record in the 2016 El Niño event," Robert Rohde told AccuWeather national reporter Bill Wadell. "So even though we don't have an El Niño yet, all of this put together is adding up to the warmest ocean period we've seen on record."

Rohde is a lead scientist at Berkeley Earth near Oakland, Calif., and has been analyzing the ocean temperature around the world. He added that the warming isn't just in the Pacific Ocean, where El Niño is starting to develop but "all over the place."

Data from the National Oceanic and Atmospheric Administration show that the most pronounced marine heat wave is unfolding off the coast of South America near Peru, but there are also noticeable events in the eastern Atlantic, north-central Pacific, southwestern Pacific and Indian oceans.

And the water will get hotter with the looming El Niño.

"All of this is coming together more rapidly and more strongly than I expected, which suggests we could be on pace for quite a strong El Niño event," Rohde said. "That would have follow-up effects all around the world as it changes precipitation patterns, in some places leading to drought, some places leading to flood, some places will be more prone to heat waves."

A map of sea surface temperatures across the world. Yellow, orange and red represent areas where water is warmer than historical averages, and blue represents areas where water is cooler than historical averages. Graphic courtesy of NOAA

El Niño is strictly related to water temperatures near the equator in the eastern Pacific Ocean. In April, NOAA issued an El Niño watch, saying there is a 62% chance of the phenomenon developing in the next two months.

The warmer waters in the Pacific Ocean associated with El Niño can reshape weather patterns across the globe for months at a time. AccuWeather's team of long-range meteorologists says the effects may start to unfold this summer.

One of the ongoing underwater heat waves contributed to record temperatures in Spain at the end of April.

AccuWeather senior meteorologist Paul Pastelok said the combination of cool waters south of Greenland and warm waters off the coast of Europe and Africa enhanced the weather pattern that led to unprecedented heat in Spain.

On April 27, the temperature topped out at 101.8 degrees Fahrenheit in Córdoba, Spain, located in the southern tier of the country. This broke the previous all-time April temperature record for Europe, which was 101.5 F set in Elche, Spain, in 2011.

In the United States, Pastelok said ocean temperatures have had "a great contribution" to weather patterns dating back to the end of autumn, including the prolific rainfall and snow in California.

More recently, the unusually warm waters have amplified the severe weather risks.

"Water temperatures are running way above the historical average in the Gulf of Mexico," Pastelok said. "We've seen that have a major influence on our severe weather outlook and a dangerous one, especially in the Mississippi and Tennessee Valley."

The warmer water has provided an influx of moisture that has helped to fuel severe thunderstorms over the southeastern United States, contributing to a record number of tornadoes during the first three months of 2023. One deadly tornado outbreak that unfolded on March 31 into April 1 spawned 80 twisters across 10 states.

Tornado reports from March 31 into April 1.

The marine heat wave in the Gulf of Mexico could continue to influence the weather into the upcoming hurricane season.

"The overall weather pattern combined with the warm waters could spin up a tropical system in late May or shortly after the official start of the Atlantic hurricane season on June 1," Pastelok said. He added that the tropical activity could really ramp up later in the summer as tropical waves coming across Africa track over the areas of the Atlantic experiencing a marine heat wave.

Marine heat waves alone are common occurrences, but the latest data suggests that more could be happening on a global scale. Pastelok said that what has been observed as of late could be a combination of natural variability in weather cycles and a warming atmosphere.

"The cycles that we look at are changing," he said. "They're not acting like they did in the 1950s or 1930s."

Rohde echoed Pastelok's thoughts.

"Natural variability has always been there, and it always will be there," Rohde said. "With the warming temperatures in the ocean, we're going to have variations in weather that we're not used to or we're gonna be pushing the envelope beyond what has been normal in the past."Additional reporting by AccuWeather national reporter Bill Wadell.

FDA panel to weigh approval of over-the-counter birth control pill

By Denise Mann, HealthDay News

A U.S. Food Drug Administration advisory panel is set to meet this week to consider whether to recommend approval of Opill, a daily progestin-only birth control pill, to be sold over the counter in the United States. 

Photo by AppleZoomZoom/Shutterstock

As a U.S. Food Drug Administration advisory panel prepares to weigh whether to recommend that a birth control pill be sold over the counter in this country, a coalition of advocates on Monday called attention to the safety and effectiveness of the medication.

If approved, Opill, a daily progestin-only birth control pill, would become the first such drug sold over the counter in the United States. Opill was first approved by the FDA in 1973. During a media briefing on the coming decision, the Free the Pill coalition said it hopes this pill will be fully covered by insurance and available to people of all ages and backgrounds without a prescription.

Meanwhile, the FDA's expert panel will hold a two-day meeting, starting Tuesday, to decide whether to recommend allowing the Opill to be sold without a prescription.

There is no precise information available on how much Opill will cost if sold over the counter, but Opill manufacturer Perrigo said in a recent statement that it is committed to making it affordable.

The American Medical Association, the American Academy of Family Physicians, the American College of Obstetricians and Gynecologists (ACOG), and other medical organizations support over-the-counter access to hormonal contraception without age restrictions.

The Free the Pill coalition has been advocating for over-the-counter status for birth control pills since 2004, citing the many barriers that exist for people who want to use birth control pills, especially those from marginalized communities.

"For many, these barriers include the cost and time associated with a healthcare visit to get a prescription, transportation to that visit, finding childcare during the appointment for parents, and parental consent for young people," said Victoria Nichols, project director of Free the Pill, during the briefing.

The FDA isn't obligated to follow the guidance of its advisory panels, but it typically does.

Exactly how the panel will vote on Wednesday is unknown, but there have been some signals to suggest members may be skeptical.

In briefing documents filed before the meeting, FDA officials raised concerns about whether people will use these pills appropriately. The label suggests that pills must be taken at the same time every day, and there isn't enough information about what could happen if someone misses this window. There's also a risk of breast cancer and undiagnosed vaginal bleeding with this pill, and some concern that people won't be able to evaluate these safety risks for themselves. All of these issues will be up for discussion during the two-day panel hearing,

Opill was first up for review in November 2022, but the FDA delayed a decision to review additional information. The FDA is expected to decide on Opill by the end of the summer, and this decision won't apply to other birth control pills.

Dr. Kristyn Brandi believes Opill should be sold over the counter. She is ACOG's Darney-Landy Fellow and an obstetrician/gynecologist in Newark, N.J.

"I trust my patients to read the label, read the box and take the medication they need," she said during the briefing.

The risks are incredibly low, Brandi said. Side effects may include breast tenderness, acne, headache or bloating, among others.

The one major contraindication for this pill is having active breast cancer.

But "the vast majority of people with active breast cancer are already seeing several healthcare providers who will have the conversation with them about birth control," Brandi added.

The FDA also cited concerns that the pill may not be as effective in people who are overweight or obese. Brandi does not think that this will or should be an issue. "We don't do anything different for patients that are obese who take the pill [via prescription]," she said.

Making a birth control pill available without a prescription is even more important in the wake of the U.S. Supreme Court ruling overturning Roe v. Wade last June, a decision which eliminated the constitutional right to terminate pregnancies, kicking the issue back to the states.

"People are already facing barriers to the reproductive healthcare that they need and deserve," Brandi noted. "Over-the-counter access to contraception is not a solution to abortion bans, but increasing access to contraception will help more folks be able to prevent pregnancy... and the value of this can't be overstated."

More information

The American College of Obstetricians and Gynecologists offers more on choosing the best birth control method.

Copyright © 2023 HealthDay. All rights reserved.

Study: Medical cannabis associated with improving health-related quality of life

Horticulturist Justin Sheffield inspects cannabis plants in a grow room at the Beleaf Medical Growing Facility in Earth City, Missouri on February 7. A new study in Australia appears to support the benefits of medical cannabis for quality of life issues. 

 Photo by Bill Greenblatt/UPI | License Photo

May 9 (UPI) -- A new Australian study published Tuesday appears to support past findings that medical cannabis treatment improves the quality of life among patients with a wide range of health conditions.

The results of the study, led by Thomas R. Arkell, of the Center for Human Psychopharmacology at Swinburne University of Technology in Hawthorn, Australia, were posted on JAMA Open Network.

The findings came from a case series of 3,148 patients, many of whom showed significant improvements over all eight conditions listed on a short health survey.

The survey assessed health-related quality of life issues when subjects started treatment with medical cannabis, and it found that improvements were largely sustained over time.

RELATED Medical marijuana called safe for pain management in cancer patients

"This study suggests a favorable association between medical cannabis treatment and quality of life among patients with a diverse range of conditions," the authors said in the study. "However, clinical evidence for cannabinoid efficacy remains limited, and further high-quality trials are required.

Although the study suggested a positive correlation with the use of medical cannabis, authors said they could not rule out the possibility that adverse events may have been caused in whole or part by the disease state and concomitant medications.

"The relatively high incidence of adverse events still affirms the need for caution with THC prescribing and careful identification of patients with contraindications," the authors said.

They said that 53.6% of the participants were female,30.2% were employed and the group had a mean age of 55.9. Most of the participants (68.6%) reported chronic non-cancer pain was the most common indication for treatment, followed by cancer pain (6.0%), insomnia (4.8%) and anxiety (4.2%).

Most of the cannabis prescriptions were for orally administered products, including oils and capsules.

"CBD-dominant products were associated with [the] largest improvements on the role-physical domain, while THC-dominant products were associated with largest improvements on the physical functioning domain," the authors said.

The authors noted, though, that the study was limited by the use of a retrospective case series design without a control group, which restricted what conclusions could be drawn around treatment efficacy.

"Given the ongoing increase in medical cannabis prescribing, other clinics should strongly consider implementing a similarly rigorous clinical data collection protocol in order to monitor clinical safety and patient-reported outcomes associated with medical cannabis use," the authors said.

Four challenges will shape the next farm bill -- and how the U.S. eats

By Kathleen Merrigan, Arizona State University
THE CONVERSATION

Modern farm bills address many things besides food, from rural broadband access to biofuels and even help for small towns to buy police cars. 

File Photo by Mike Theiler/UPI | License Photo

May 9 (UPI) -- For the 20th time since 1933, Congress is writing a multiyear farm bill that will shape what kind of food U.S. farmers grow, how they raise it and how it gets to consumers. These measures are large, complex and expensive: The next farm bill is projected to cost taxpayers $1.5 trillion over 10 years.

Modern farm bills address many things besides food, from rural broadband access to biofuels and even help for small towns to buy police cars. These measures bring out a dizzying range of interest groups with diverse agendas.

Umbrella organizations like the American Farm Bureau Federation and the National Farmers Union typically focus on farm subsidies and crop insurance. The National Sustainable Agriculture Coalition advocates for small farmers and ranchers. Industry-specific groups, such as cattlemen, fruit and vegetable growers and organic producers, all have their own interests.

Environmental and conservation groups seek to influence policies that affect land use and sustainable farming practices. Hunger and nutrition groups target the bill's sections on food aid. Rural counties, hunters and anglers, bankers and dozens of other organizations have their own wish lists.

As a former Senate aide and senior official at the U.S. Department of Agriculture, I've seen this intricate process from all sides. In my view, with the challenges in this round so complex and with critical 2024 elections looming, it could take Congress until 2025 to craft and enact a bill. Here are four key issues shaping the next farm bill, and through it, the future of the U.S. food system.

The price tag

Farm bills always are controversial because of their high cost, but this year the timing is especially tricky. In the past two years, Congress has enacted major bills to provide economic relief from the COVID-19 pandemic, counter inflation, invest in infrastructure and boost domestic manufacturing.

These measures follow unprecedented spending for farm support during the Trump administration. Now legislators are jockeying over raising the debt ceiling, which limits how much the federal government can borrow to pay its bills.

Agriculture Committee leaders and farm groups argue that more money is necessary to strengthen the food and farm sector. If they have their way, the price tag for the next farm bill would increase significantly from current projections.

On the other side, reformers argue for capping payments to farmers, which The Washington Post recently described as an "expensive agricultural safety net," and restricting payment eligibility. In their view, too much money goes to very large farms that produce commodity crops like wheat, corn, soybeans and rice, while small and medium-size producers receive far less support.

Food aid is key fight

Many people are surprised to learn that nutrition assistance -- mainly through the Supplemental Nutrition Assistance Program, formerly known as food stamps -- is where most farm bill money is spent. Back in the 1970s, Congress began including nutrition assistance in the farm bill to secure votes from an increasingly urban nation.

Today, over 42 million Americans depend on SNAP, including nearly 1 in every 4 children. Along with a few smaller programs, SNAP will likely consume 80% of the money in the new farm bill, up from 76% in 2018.

Why have SNAP costs grown? During the pandemic, SNAP benefits were increased on an emergency basis, but that temporary arrangement expired in March. Also, in response to a directive included in the 2018 farm bill, the Department of Agriculture recalculated what it takes to afford a healthy diet, known as the Thrifty Food Plan, and determined that it required an additional $12-$16 per month per recipient, or 40 cents per meal.

Because it's such a large target, SNAP is where much of the budget battle will play out. Most Republicans typically seek to rein in SNAP; most Democrats usually support expanding it.

Anti-hunger advocates are lobbying to make the increased pandemic benefits permanent and defend the revised Thrifty Food Plan. In contrast, Republicans are calling for SNAP reductions, and are particularly focused on expanding work requirements for recipients.

Debating climate solutions

The 2022 Inflation Reduction Act provided $19.5 billion to the Department of Agriculture for programs that address climate change. Environmentalists and farmers alike applauded this investment, which is intended to help the agriculture sector embrace climate-smart farming practices and move toward markets that reward carbon sequestration and other ecosystem services.

This big pot of money has become a prime target for members of Congress who are looking for more farm bill funding. On the other side, conservation advocates, sustainable farmers and progressive businesses oppose diverting climate funds for other purposes.

There also is growing demand for Congress to require the USDA to develop better standards for measuring, reporting and verifying actions designed to protect or increase soil carbon. Interest is rising in "carbon farming" -- paying farmers for practices such as no-till agriculture and planting cover crops, which some studies indicate can increase carbon storage in soil.

But without more research and standards, observers worry that investments in climate-smart agriculture will support greenwashing -- misleading claims about environmental benefits -- rather than a fundamentally different system of production. Mixed research results have raised questions as to whether establishing carbon markets based on such practices is premature.

Complex bill, inexperienced legislators

Understanding farm bills requires highly specialized knowledge about issues ranging from crop insurance to nutrition to forestry. Nearly one-third of current members of Congress were first elected after the 2018 farm bill was enacted, so this is their first farm bill cycle.

I expect that, as often occurs in Congress, new members will follow more senior legislators' cues and go along with traditional decision making. This will make it easier for entrenched interests, like the American Farm Bureau Federation and major commodity groups, to maintain support for Title I programs, which provide revenue support for major commodity crops like corn, wheat and soybeans. These programs are complex, cost billions of dollars and go mainly to large-scale operations.

Agriculture Secretary Tom Vilsack's current stump speech spotlights the fact that 89% of U.S. farmers failed to make a livable profit in 2022, even though total farm income set a record at $162 billion. Vilsack asserts that less-profitable operations should be the focus of this farm bill -- but when pressed, he appears unwilling to concede that support for large-scale operations should be changed in any way.

When I served as deputy secretary of agriculture from 2009 to 2011, I oversaw the department's budget process and learned that investing in one thing often requires defunding another. My dream farm bill would invest in three priorities: organic agriculture as a climate solution; infrastructure to support vibrant local and regional markets and shift away from an agricultural economy dependent on exporting low-value crops; and agricultural science and technology research aimed at reducing labor and chemical inputs and providing new solutions for sustainable livestock production.

In my view, it is time for tough policy choices, and it won't be possible to fund everything. Congress' response will show whether it supports business as usual in agriculture, or a more diverse and sustainable U.S. farm system.

Kathleen Merrigan is executive director of the Swette Center for Sustainable Food Systems at Arizona State University.

This article is republished from The Conversation under a Creative Commons license. Read the original article.

The views and opinions expressed in this commentary are solely those of the author.

Diocese of Oakland files for bankruptcy as it faces hundreds of sexual abuse claims

"The Diocese of Oakland is surely morally bankrupt, it seems to us, but they do not deserve to be declared financially bankrupt Except for character and integrity, it is not poor."

May 9 (UPI) -- The Roman Catholic Diocese of Oakland has filed for Chapter 11 bankruptcy, church officials said, as it prepares to compensate victims who accuse its clergy and staff of having sexually abused them over the last six decades.

Bishop Michael Barber made the announcement in a letter to parishioners on Monday, stating they are filing for bankruptcy in the belief that "this is the best way to support a compassionate and equitable outcome for survivors of abuse while ensuring we continue to provide the essential services and support so crucial to our parishioners and communities."

The bishop also revealed that more than 330 people have filed sexual abuse lawsuits against the diocese during a three-year window that closed Dec. 31, allowing adults who were abused by church officials as children to seek compensation.

Filing for court-supervised bankruptcy will stop all legal actions against the diocese, which covers 82 parishes, and affords it the ability to reorganize its assets to settle claims with abuse survivors, he said.

"Given our current financial resources, RCBO could not shoulder the burden of litigating 330 cases filed under the recent California Assembly Bill 218," Barber said in a statement to the media, referring to the legislation that extended the statute of limitations for filing such lawsuits.

The majority of the lawsuits were filed over allegations of sexual abuse that were committed in the 1960s, '70s and '80s by priests the church said are no longer active in the ministry or are dead.

"It's important we take responsibility for the damage done so we can all move beyond this moment and provide survivors with some measure of peace," he said.

"Sadly, for many, the pain caused by these horrific sins, no matter when they occurred, will never wash away, which is why we offer support to survivors and pray for their continued healing."

The Survivors Network of Those Abused by Priests, better known as SNAP, rebuked the announcement Monday as an attempt by the church to deny transparency and justice to its victims.

"Everything about this bankruptcy strikes us as wrong," it said in a statement. "It's all about keeping money and secrets."

The network accused Barber of filing for bankruptcy in order to prevent high-ranking members of the church accused of sexual abuse from testifying in court.

"The Diocese of Oakland is surely morally bankrupt, it seems to us, but they do not deserve to be declared financially bankrupt," it said. "Except for character and integrity, it is not poor."

The move by the Diocese of Oakland comes almost exactly two months after its Santa Rosa equivalent similarly filed for Chapter 11 as it was facing at least 160 new lawsuits filed by those who accuse its clergy of having sexually abused them.



In February, the Diocese of San Diego announced it would consider filing for bankruptcy in light of sexual abuse claims filed by some 400 people.

The Diocese of Oakland said that in 2003 under a similar law that extended the statute of limitations, it resolved 52 lawsuits with money it secured from insurance funds, the sale of property and loans.

Barber assured parishioners in his letter Monday that schools would not be affected by the bankruptcy filing.

UBS appoints Credit Suisse CEO Ulrich Korner to executive board

UBS tapped Credit Suisse CEO and former UBS chief operating officer Ulrich Korner on Tuesday to join the group executive board of the megabank created from the merger of the two banks. File photo by Hugo Philpott/UPI | License Photo

May 9 (UPI) -- Swiss banking giant UBS sought Tuesday to consolidate its mega-merger with rival Credit Suisse by announcing the appointment of CEO Ulrich Korner to its Group Executive Board, pending closure of the $3.7 billion deal.

Korner, who has previously held senior executive positions at both banks, will use his knowledge of both organizations to help guide the integration process, focusing on Credit Suisse's operational continuity and client focus while the deal goes through.

The takeover is expected to be completed by the end of this month or in early June, the bank said.

Credit Suisse will continue to operate independently for the foreseeable future under Korner with UBS taking a phased approach to integrating the two banks, but UBS Group will initially manage the two separate parent companies.

Swiss National Bank chair says it will review regulations after Credit Suisse collapse

Each will continue to run its own subsidiaries and branches, clients, and transact with counterparties, but the Credit Suisse Executive Board and division and function heads will report to both their respective UBS Executive Board member and Korner, UBS said.

"This is a pivotal moment for UBS, Credit Suisse and the entire banking industry. Together we will solidify and represent the Swiss model for finance around the world, one that is capital-light, less reliant on taking risk and anchored by stability and high-touch service," said UBS Group CEO Sergio Ermotti.

"With the new operating model and leadership team, UBS is well-equipped to build on its existing strength and the successes of the past decade. The integration of the businesses and legal entities will take time."

RELATED UBS Q1 profit plunges, bank sets aside $665M for financial crisis-era lawsuit

But Ermotti stressed that combining Credit Suisse with UBS's "highly capital-accretive business model," diversified revenue, disciplined risk management and all-weather balance sheet would benefit clients, employees, investors, the economies UBS serves and the wider financial system.

Apart from Korner and Ermotti, a former UBS CEO who was brought back in March to steady the ship 10 days after the emergency rescue deal was announced, most of the rest of the leadership team is unchanged with Iqbal Khan and Rob Karofsky staying on to head up UBS's all important global wealth management and investment banking divisions.

UBS agreed to take over rival Credit Suisse following a $69 billion run on the bank amid instability in the global banking sector in an emergency deal brokered by the Swiss government, the Swiss Financial Market Supervisory Authority and the central bank.

RELATED Senate committee says Credit Suisse serviced Nazi-related accounts

UBS expects the deal, which followed a $55 billion central bank loan to shore up Credit Suisse, mass "bail ins" that cost investors billions of dollars and UBS pay a fraction of its rival's book value, will see it emerge stronger as a "truly global" wealth manager, with around $5 trillion in invested assets.

UBS said its net profit fell by half in the first quarter to $1.04 billion, not because of the Credit Suisse deal, but due to $665 million in provisions to cover costs arising from a lawsuit related to U.S. mortgage-backed securities dating back to the 2008 financial crisis.

WAGE THEFT
Goldman Sachs to pay $215M to settle gender discrimination suit



May 9 (UPI) -- Investment giant Goldman Sachs said on Monday it will pay $215 million to settle a 13-year-old class-action gender discrimination lawsuit where plaintiffs claimed they suffered from biases in pay, performance evaluations and promotions.

The lawsuit covered about 2,800 female associates and vice presidents employed in investment banking, investment management and securities divisions. The settlement covers all women who worked in "revenue producing" positions from July 7, 2002, to March 28.

"As one of the original plaintiffs, I have been proud to support this case without hesitation over the last nearly 13 years and believe this settlement will help the women I had in mind when I filed the case," said Shanna Orlich, who originally sued Goldman Sachs with Cristina Chen-Oster, Allison Gamba and Mary De Luis.

The court will now set a hearing for preliminary settlement approval and then have a third-party administrator allocate the settlement amounts.

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"Plaintiffs believe this settlement provides substantial, certain recoveries for all class members and advances gender-equity at Goldman," said Kelly Dermody, the plaintiff's co-counsel, in a statement.

Jacqueline Arthur, Goldman Sachs' global head of human capital management, said the company said both sides found it mutual the bring the long-litigated issue to rest.

"Goldman Sachs is proud of its long record of promoting and advancing women and remains committed to ensuring a diverse and inclusive workplace for all our people," Arthur said in a statement.

"After more than a decade of vigorous litigation, both parties have agreed to resolve this matter. We will continue to focus on our people, our clients, and our business."

The announcement comes less than a month after Goldman reported net revenue of $12.2 billion for the first quarter, 5% lower year-on-year but 15% higher than levels over the three-month period ending in December.

Paramount lays off 25% of TV networks' staff, shuts down MTV News on Tuesday as Paramount+  finalizes its merger with Showtime. 

Image courtesy of Paramount Plus

May 9 (UPI) -- Paramount laid off 25% of its domestic TV networks' staff and shut down MTV News on Tuesday as the company finalizes its merger of Paramount+ with Showtime.

Chris McCarthy, president and chief executive officer of Showtime/MTV Entertainment Studios and Paramount Media Networks, sent a memo to employees, saying leaders had worked "to determine the optimal organization for the current and future needs of our business."

"As a result, we have made the very hard but necessary decision to reduce our domestic team by approximately 25%. Through the elimination of some units and by streamlining others, we will be able to reduce costs and create a more effective approach to our business as we move forward," McCarthy wrote in the memo.

Paramount also announced Tuesday it would shut down MTV News, which launched in the late 1980s, following years of downsizing.

In January, Paramount revealed its plan to fully integrate Showtime into Paramount+ across streaming and linear platforms later this year with the new network becoming "Paramount+ with Showtime" in the United States. The merger integrates Showtime with MTV Entertainment Studios and creates a networks division that combines nine separate teams into one portfolio group.

Parent company Paramount Global, which had about 24,500 employees as of the end of 2022, had warned there would be staff layoffs. About 10% of Showtime's workers were let go earlier this year after the merger was announced.

Last week, Paramount Global announced worse-than-expected first-quarter earnings due to higher streaming investments and an 11% drop in TV ad revenue. The 11% drop follows a 7% drop for the fourth quarter of 2022. The company also announced a dividend cut to preserve cash.

While Paramount+ credited a bump in new subscriber growth to hits including "Yellowstone," "1883," "Tulsa King," "George & Tammy" and "Yellowjackets," McCarthy blamed the layoffs on "pressure from broader economic headwinds like many of our peers."

Of those peers, Disney is currently cutting 7,000 positions, while Warner Bros. Discovery recently completed a series of layoffs.

Paramount's memo Tuesday informed workers that those whose jobs have been cut would be alerted immediately.

"Today we will notify employees whose positions are being impacted with leaders communicating the news directly to those teams/or individuals. Those meetings will be followed by individual 1:1s with our HR partners," McCarthy said.

"I realize these decisions will be very hard for everyone, most of all, those who will be leaving. It's not something we take lightly," McCarthy added.
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"To those impacted, we deeply appreciate the passion and creativity you have brought every day. I want to thank you for your many contributions."