Truck makers embrace California’s ban

July 8, 2023

SACRAMENTO (AP) – Some of the nation’s largest truck makers on Thursday pledged to stop selling new gas-powered vehicles in California by the middle of the next decade, part of an agreement with state regulators aimed at preventing lawsuits that threatened to delay or block the state’s emission standards.

California is trying to rid itself of fossil fuels, passing new rules in recent years to phase out gas-powered cars, trucks, trains and lawn equipment in the nation’s most populous state.

It will take years before all of those rules fully take effect. But already some industries are pushing back. Last month, the railroad industry sued the California Air Resources Board to block new rules that would ban older locomotives and require companies to purchase zero-emission equipment.

Thursday’s announcement means lawsuits are less likely to delay similar rules for the trucking industry. The companies agreed to follow California’s rules, which include banning the sale of new gas-powered trucks by 2036. In the meantime, California regulators agreed to loosen some of their emission standards for diesel trucks. The state agreed to use the federal emission standard starting in 2027, which is lower than what the California rules would have been.

California regulators also agreed to let these companies continue to sell more older diesel engines over the next three years, but only if they also sell zero-emission vehicles to offset the emissions from those older trucks.

The agreement also clears the way for other states to adopt California’s same standards without worrying about whether the rules would be upheld in court, said executive officer of the California Air Resources Board Steven Cliff. That means more trucks nationally would follow these rules. Cliff said about 60 per cent of the truck vehicle miles travelled in California come from trucks that arrive from other states.

“I think that this sets the stage for a national framework for zero emission trucks,” Cliff said.

Trucks line up to enter a Port of Oakland shipping terminal in Oakland, California. PHOTO: AP

“It’s a really stringent California-only rule, or a slightly less stringent national rule. We still win in the national scenario.”

The agreement includes some of the largest truck makers in the world, including Cummins Inc, Daimler Truck North America, Ford Motor Company, General Motors Company, Hino Motors Limited Inc, Isuzu Technical Center of American Inc, Navistar Inc, Paccar Inc, Stellantis NV, and Volvo Group North America. The agreement also includes the Truck and Engine Manufacturing Association.

“This agreement enables the regulatory certainty we all need to prepare for a future which will include ever increasing volumes of low and zero-emissions technologies,” said director of product certification and compliance for Navistar Michael Noonan.

Heavy-duty trucks like big rigs and buses use diesel engines, which are more powerful than gasoline engines but also produce much more pollution. California has lots of these trucks that ferry freight to and from the ports of Los Angeles and Long Beach, two of the busiest ports in the world.

While these trucks make up three per cent of vehicles on the road, they account for more than half of nitrogen oxides and fine particle diesel pollution, according to the California Air Resources board. It’s had a big impact on California cities. Of the top 10 most ozone-polluted cities in the United States (US), six are in California, according to the American Lung Association.

Mariela Ruacho, clean air advocacy manager for the American Lung Association, said the agreement is “great news” that “shows California is a leader when it comes to clean air.” But Ruacho said she wants to know how the agreement will change estimates of health benefits for Californians.

The rules regulators adopted in April included an estimated USD26.6 billion in healthcare savings from fewer asthma attacks, emergency room visits and other respiratory illnesses.

“We really want to see an analysis of what if any emission loss would be and what that means for health benefits,” she said.

Cliff said regulators are working to update those health estimates. But he noted those estimates were based on banning the sale of new gas-powered trucks by 2036 – a rule that is still in place.

“We’re getting all the benefits that would have been,” he said. “We’re essentially locking that in.”

California has reached similar agreements in the past. In 2019, four major automakers agreed to toughen standards for gas mileage and greenhouse gas emissions.

Thyssenkrupp launches hydrogen unit IPO in green push

July 8, 2023

FRANKFURT, GERMANY (AFP) – German industrial giant Thyssenkrupp launched the IPO of its hydrogen unit Nucera yesterday, one of the biggest European market floatations this year as interest grows in the shift to green technologies.

As countries around the world look at ways to reduce carbon emissions to help meet climate targets, hydrogen has increasingly come into focus as an alternative to fossil fuels.

Nucera produces electrolysers, which can be used to manufacture green hydrogen made using electricity obtained through renewable energy sources such as solar or wind.

Its shares started trading at EUR20.20 on the Frankfurt stock exchange, slightly above the introduction price set for the stock, valuing the company at about EUR2.5 billion.

Nucera CEO Werner Ponikwar, speaking at the stock market before trading began, hailed the IPO as a “great achievement”.

He said the company aimed to “support our customers on their way to climate neutrality… thereby shaping the new era of sustainable energy.

“We are well on our way to becoming one of the leading green hydrogen companies.”The Stock Exchange in Frankfurt am Main, western Germany. PHOTO: AFP

Friday’s IPO was the second largest in Europe this year, behind Italian gambling firm Lottomatica’s listing in Milan.

Nucera has described the floatation as the largest ever hydrogen listing, and Thyssenkrupp hopes to raise around EUR600 million from the share offering.

The proceeds from the Frankfurt listing will be used to support “the strong growth of Thyssenkrupp Nucera’s alkaline water electrolysis (AWE) business”, the group said previously.

Almost a quarter of the shares in Nucera were put up for sale, while Thyssenkrupp will keep its majority stake in the unit.

Nucera is a joint venture between Thyssenkrupp and Italian company Industrie De Nora. De Nora currently holds 34 per cent of the Nucera subsidiary.

CMC Markets analyst Konstantin Oldenburger said growth at Nucera was expected to take off in the coming years.

The company was a “beacon of hope for both Thyssenkrupp itself and the entire hydrogen sector in Germany”, he said.

But he also warned Nucera was “not yet profitable and shareholders will probably have to wait along time before sustainable profits materialise”.

Thyssenkrupp is one of German’s leading industrial groups, making everything from steel to submarines. But it has in recent years been battling financial problems and a crisis over its future direction.

Its chief executive Martina Merz announced in April she was stepping down after leading a major restructuring of the group. She was replaced by Miguel Angel Lopez Borrego, previously CEO of German engineering group Norma.

 

UN-Brokered Grain & Fertilizer Deals Indispensable To Global Food Security

Saturday, 8 July 2023, 
Press Release: UN News

The food and fertilizer export deals brokered by the UN last year with Ukraine and Russia have played an “indispensable role” in supporting global food security and must continue, the UN Secretary-General said on Friday.

In a statement issued by his Deputy Spokesperson, António Guterres reiterated “the importance of full and continued implementation” of the agreements signed last July in Istanbul, known as the Black Sea Initiative – allowing Ukrainian grain and foodstuffs safe passage to world markets – and the Memorandum of Understanding with Moscow over fertilizer exports.

Russia is still weighing up if it will continue to be a part of the deal, agreed with Ukraine and administered along with the UN and Türkiye, past a deadline of 17 July. Last May, Russia had agreed to a 60-day extension, and the UN has been leading negotiations to ensure its continuation.

A Joint Coordination Centre in Istanbul with representatives from all parties administers the deal, but in recent weeks, shipping movements have declined along with vessel inspections.

 

Smooth passage

The UN chief’s statement said it was vital to ensure that food and fertilizers from Ukraine and Russia can keep on heading to countries in need, “smoothly, efficiently and at scale”.

“These agreements are an all-too-rare demonstration of what the world can do when it puts its mind to the great challenges of our time,” he said.

“Together, the agreements are contributing to sustained reductions in global food prices, which are now more than 23 per cent below the record highs reached in March last year.”

 

Harvest season approaching

Earlier on Friday, the UN Food and Agriculture Organization’s chief economist, Maximo Torero, said the initiative to allow grain to leave Ukrainian ports had allowed the delivery of 32 million tonnes, much of it to meet the needs of developing nations, as well as food aid for the World Food Programme (WFP).

The renewal would happen on “a critical date because it’s when the harvest starts”, he said. “We hope it will be renewed, and if not, then we will observe a spike in terms of the prices of cereal commodities.”

 

‘Lifeline’ for food security

In a note to correspondents last week, the UN said the agreements were “a lifeline for global food security” at a time when 258 million people face hunger in 58 countries.

“The Secretary-General and his team remain fully committed to building on the progress already made and are in constant contact with a wide range of stakeholders in this regard,” the Deputy Spokesperson, Farhan Haq, said in his Friday statement.

“The Secretary-General calls on all concerned to prioritize global food security,” he said.

 

ENDS

© Scoop Media

Study finds link between extracurricular arts activities and improved grades
2023/06/28


A study conducted in Japan looked at how participating in music and visual arts activities after school affects students’ academic performance. The researchers found that being involved in these activities was linked to better overall academic performance.

At first, participating in music activities had a negative impact on grades in the first year. However, after two years, it started having a positive effect. The study was published in the npj Science of Learning.

Art education is often believed to cultivate creativity. Many see it as complementing the general education aimed at preparing individuals for professional careers and the world of work. Aside from developing artistic skills, art education can be said to promote self-expression and create a lifelong appreciation for art. In Japan, students have regular art classes throughout the year. They can also join cultural clubs that focus on artistic activities outside of regular school hours.

Previous studies have explored the connection between music, visual arts, and academic performance. While some studies have shown a positive relationship, there is still debate about the nature of this link. It’s also unclear how skills developed in music and visual arts transfer to academic performance.

The researchers, Chiaki Ishiguro and colleagues, wanted to delve deeper into the relationship between academic performance and music and visual art education. They expected that participating in these activities would lead to better academic performance indirectly, through improved performance in music and art classes. They believed that excelling in these subjects would then positively impact overall academic performance.

They conducted a 2-year survey of junior high school students in Japan that focused on the involvement in art as an extracurricular activity. Participants were 488 students from 5 public junior high schools in Sapporo, the prefectural capital of Hokkaido in Northern Japan. Students were between 12 and 13 years old at the start of the study. 229 of them were females.

The researchers conducted a two-year survey involving junior high school students in Japan. The participants were from five public schools in Sapporo, Hokkaido. They collected data on students’ academic performance at the beginning of the study and two years later. They also assessed the students’ socioeconomic status and collected information on their grades in various subjects, learning habits, and participation in extracurricular activities at different times.

They tested a statistical model proposing that participation in extracurricular music activities directly affected grades in music, which in turn affected the general academic results calculated from the five primary subjects. They tested a similar model for visual arts. Results showed that such models of influence are indeed possible.

However, while the model suggested that visual arts activities had a positive impact on overall academic performance, solely through the link with grades in visual arts, music activities had a direct effect on overall academic performance as well. In the first year, this effect was negative, meaning that participating in music activities reduced academic performance.

But when combined with the positive indirect effect, the overall impact became neutral in the first year. By the third year, the association became positive, indicating that participating in music activities was linked to better academic performance.

“Why did music club involvement have a negative impact on academic performance? Music clubs such as chorus and brass bands are reported to be the most frequent of cultural clubs; such clubs require students to practice extensively for instrumental performance and acquisition of choral skills,” the researchers wrote. “Therefore, the burden on students may have a negative impact on their learning of major subjects for the first year after joining a club.”

“However, after about two years, the students become accustomed to the activities and acquire sufficient skills. Such music learning in club activities may begin to have a positive impact on their academics over time. These results support that the positive effect of after school music involvement with general academic performance in previous studies was explained not by the involvement, but by the outcome of music learning.”

It’s important to note that the study did not collect detailed data on the specific activities students were involved in. Additionally, the students who participated in these extracurricular activities were self-selected and represent a small portion of the student population. Lastly, the study design does not allow for any definitive cause-and-effect conclusions to be made.

The study, “Extracurricular music and visual arts activities are related to academic performance improvement in school-aged children”, was authored by Chiaki Ishiguro, Toru Ishihara, and Noriteru Morita.

© PsyPost

Brain imaging study links increases in positive emotions after cold water immersion to changes in neural connectivity

2023/06/30


A recent study found that taking a 5-minute bath in cold water can make people feel more active, alert, attentive, proud, and inspired, while also reducing feelings of distress and nervousness. The positive emotions experienced by participants were linked to increased communication between different parts of the brain responsible for attention control, emotion, and self-regulation. The study was published in Biology.

Swimming outdoors and taking cold showers are activities that have become more popular in recent years. People who engage in them typically believe that they are beneficial for their health and that they improve well-being. Recent studies have more or less confirmed that. Cold water exposure triggers various biochemical and physiological reactions in the body that can boost the immune system and improve motor function.

Other studies have also shown that regular swimming in cold water can reduce fatigue, alleviate depressive symptoms, and improve general well-being. Research has indicated that cold water immersion can elevate mood and increase positive emotions. On a biochemical level, exposing the whole body to cold water leads to the release of neurotransmitters like serotonin, dopamine, norepinephrine, which play important roles in regulating emotions, stress, and processing rewards.

Study author Ala Yankouskaya of Bournemouth University and her colleagues wanted to understand how mood changes resulting from cold water immersion might be connected to changes in brain connectivity and interactions between different large-scale brain networks. They conducted a study using a type of brain imaging called magnetic resonance imaging (MRI).

The study involved 39 adult participants who were recruited through advertisements on university campuses and social media platforms (Facebook, Twitter). The participants had to be free from chronic pain, not using medication, have no history of chronic health disorders, not be pregnant, and not have engaged in cold water immersion in the past 12-18 months.

Upon arriving at the laboratory, the participants completed an assessment of their emotions. The researchers then conducted resting-state MRI scans of their brains and recorded a 2-minute electrocardiogram to measure heart activity. After that, the participants immersed themselves in a cold bath (19.93◦C ± 0.13◦C) up to their collarbones for 5 minutes.

After drying and dressing up, they returned for another MRI scan and completed the emotional assessment once again. As compensation for their participation, each participant received a 20 GBP (around $25) Amazon voucher.

The results of the study showed that the cold water bath significantly increased the participants’ heart rate, and their breathing volume remained elevated throughout the bath. Participants reported feeling more positive emotions and fewer negative emotions after the cold water bath compared to before. They described feeling more active, alert, attentive, inspired, proud, and less nervous.

The MRI data analysis identified two clusters of brain connections that showed significant changes.

“All tiny parts of the brain are connected to each other in a certain pattern when we carry out activities in our day-to-day lives, so the brain works as a whole,” Yankouskaya said in a news release. “After our participants went in the cold water, we saw the physiological effects—such as shivering and heavy breathing. The MRI scans then showed us how the brain rewires its connectivity to help the person cope with the shock.”

The first cluster included heightened connectivity between the medial prefrontal cortex and certain regions in the salience network. Specifically, there was stronger coupling between the medial prefrontal cortex and the left anterior insula, left rostral prefrontal cortex, and left lateral parietal part of the default mode network. Interestingly, there was also a negative connection between the medial prefrontal cortex and the anterior cingulate cortex of the salience network.

The default mode network is active during restful wakefulness and is associated with self-reflection and processing internal thoughts and memories. The salience network is involved in detecting and directing attention to important stimuli, integrating sensory and emotional information, and facilitating cognitive control processes.

The second cluster consisted of positive connections between the posterior parietal cortex of the frontoparietal network (associated with attention and cognition), the right inferior parietal sulcus of the dorsal attention network, and the right visual lateral network. These connections also showed significant changes after cold-water immersion.

The increase in positive emotions was found to be associated with altered connectivity involving the medial prefrontal cortex, two nodes of the salience network (anterior cingulate cortex and rostral prefrontal cortex), and connections between different brain regions in the right hemisphere (frontoparietal network, dorsal attention network, and visual lateral network). These brain areas are involved in attention control, emotion, and self-regulation. The reduction in negative emotions did not show strong associations with changes in brain connectivity.

“These are the parts of the brain that control our emotions, and help us stay attentive and make decisions,” Yankouskaya said. “So when the participants told us that they felt more alert, excited and generally better after their cold bath, we expected to see changes to the connectivity between those parts. And that is exactly what we found.”

The study contributes to the scientific understanding of effects of cold water immersion. However, it should be noted that the study did not include a control group. Also, precision mapping of brain networks is not consistent in the literature and minute details about brain networks involved might not be completely accurate.

The study, “Short-Term Head-Out Whole-Body Cold-Water Immersion Facilitates Positive Affect and Increases Interaction between Large-Scale Brain Networks“, was authored by Ala Yankouskaya, Ruth Williamson, Cameron Stacey, John James Totman, and Heather Massey.

© PsyPost

ISRAEL IS A ZIONIST STATE NOT A DEMOCRACY

Outgoing US ambassador leaves parting concerns over Israel's democracy

Nides claimed the reform brought into question Israel’s democratic status and Israel’s relationship with the US.

By JERUSALEM POST STAFF
Published: JULY 11, 2023 

US AMBASSADOR Tom Nides lumped together the two different events in one tweet, as if ‘both sides’ were equally responsible for this ‘cycle of violence.’
(photo credit: YONATAN SINDEL/FLASH90)

The United States’ ambassador to Israel Thomas Nides, who will shortly be leaving Israel, claimed that the Biden administration was attempting to prevent Israel from “going off the rails,” according to an article published in the Wall Street Journal (WSJ) on July 10.

Nides’ comments came amid growing tensions, and protests in response to the government’s judicial reform proposal.

The Biden administration and Nides have made numerous attempts to express their concerns regarding the impending reform and have urged Prime Minister Benjamin Netanyahu to seek a consensus with the opposition.

Nides claimed the reform brought into question Israel’s democratic status and Israel’s relationship with the US.

“I think most Israelis want the United States to be in their business,” Nides said in an interview with US media, according to WSJ. “With that sometimes comes a modicum of a price, which is articulating when we think things are going off the rails.

US Ambassador to Israel Tom Nides, as seen on January 23, 2023. (credit: MARC ISRAEL SELLEM/THE JERUSALEM POST)

“One of the messages I sent to the prime minister was to tap the brakes, slow down,” Nides said. “Try to get consensus.”

Netanyahu, at the behest of US involvement, conceded some components of the reform, telling the WSJ that some controversial aspects had been revised. However, shortly after he told members of the coalition that nothing had been fully removed.

Nides later said that Washington had concerns that the coalition was “rushing things through that ultimately could have huge implications, at least perception-wise, about what makes Israel great.”

Breaking down of US-Israel relations

The administration’s vocal concerns regarding the reform and the health of Israeli democracy led to Israeli officials publicly criticizing US involvement.

Diaspora Affairs and Combatting Antisemitism Minister Amichai Chikli famously told Nides to “mind your own business” in February in response to his concerns over the reform.

Similarly, in June Foreign Minister Eli Cohen claimed that US Vice President Kamala Harris likely didn’t read the judicial reform bill and could not specify why she disagreed with the reform.

London Underground: Explore Baker Street station’s 160 year history in a new TfL hidden tour

The London Transport Museum is giving you access to the most hidden and oldest parts of Baker Street Station in a brand new tour.

By Lynn Rusk

Published 10th Jul 2023,

The London Underground celebrates its 160 year anniversary this year, making it the oldest underground network in the world.

Transport enthusiasts can experience its history by exploring the secret and “forgotten” locations with London Transport Museum’s Hidden Underground tours.

Now for the first time visitors can get behind the scenes of one of the oldest Tube stations in the world: Baker Street station.

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Opened on January 10 1863, the station is one of the seven original stations to have opened to the public along the line, as part of the Metropolitan Railway.

London’s Transport Museum has launched a new hidden tour of Baker Street Station

On the tour visitors can explore closed-off parts of the station including original platforms, disused lift shafts and corridors that are hidden in plain sight - some of which were last accessed by the public over 75 years ago in 1945.

Transport enthusiasts can also learn about the station’s history as the Operational Headquarters for London Underground, and hear first-hand accounts from those who worked (and played) there over the years.

This tour will take you on a historical journey through the 160 years of the station, starting with the early days of Victorian underground steam travel and ending in the busy station of 10 platforms and five Underground lines that it is today.

Along the way, you’ll hear what the very first passengers thought of underground travel in 1863, how the Underground grew and expanded over the next 16 decades, and how Baker Street served not only passengers, but also London Underground staff.

Hidden London’s Baker Street station tour. Credit: London Transport Museum

Tickets for the Baker Street tour go on sale to the public on July 12 whilst subscribers to the newsletter will receive 24-hour priority booking on July 11. The tours will be running from September 6 to December 29 with the tours taking place from Wednesday to Saturday each week.

The Hidden London tours by London Transport Museum also offers a range of other tours of London’s vast transport network.

Visitors can explore the original 19th century passageways and features at Shepherd’s Bush or the bomb-proof wartime corridors concealed at the now disused Down Street station on the Piccadilly line.

Read More

• London Underground: Explore the ‘forgotten’ parts of the Tube network in TfL’s hidden tours
• History of London Underground: TfL Tube lines in pictures from the oldest to the newest

They can also enjoy Euston’s secret 1960s gallery of advertising posters; and the labyrinth of underground passages hidden deep beneath Clapham South built to shelter Londoners during the Second World War.

A brand-new virtual tour, Hidden London: Discovering the Forgotten Underground, has also been launched to celebrate the Tube’s 160 year anniversary.

The online tour is led by an expert guide to allow people from all over the world to discover how the London Underground network evolved over the years since its beginning on January 10 1863.

And for those who want to stay above ground you can choose the Secrets of Central London walking tour of Covent Garden, Kingsway, Lincoln’s Inn Fields and Victoria Embankment.

For more information on Hidden London tours you can read our full guide or visit London Transport Museum’s website.

Jeep Grand Cherokee Stuck on Remote Alaskan Trail Needed a Black Hawk Helicopter Airlift

The chopper alone cost $8,250 to deploy, and that’s not counting the attempts the tow company made to retrieve it beforehand.

BYCALEB JACOBS|

PUBLISHED JUL 10, 2023 

Elite Towing and Recovery

If you go off-road, there's always a chance you're going to get stuck. That's why winches are one of the first mods four-wheelers make to their rigs. That said, a winch can't always save you from wandering 16 miles down a treacherous Alaskan trail in your mostly stock, first-generation Jeep Grand Cherokee without so much as a suspension lift. If you find yourself in that predicament, you might need a helicopter.


That's what happened to the owner of this Jeep ZJ around July 4. They were driving on the Knik Glacier Trail—near the community of Butte, Alaska—when the SUV slid off the path into a pool of glacial meltwater. OnX Off-Road rates the 20.3-mile route at a 6, which means moderately difficult, so it's impressive that the decades-old Jeep even made it that far.

OnX Off-Road



Elite Towing and Recovery out of Wasilla attempted to reach the Jeep twice with their off-road truck but couldn't due to high-water crossings. Rain in the area meant the streams were running swifter than when the Jeep first ventured onto the trail. This left the crew with only one real option: airlifting it out.

Heli Alaska deployed a chopper first to get the ZJ's exact location. After that, Elite contacted Northern Pioneer Helicopters, which sent in a UH-60 Black Hawk to retrieve the vehicle. That wasn't cheap, as you can imagine—a representative from Northern Pioneer explained to me that those aircraft cost $8,250 per hour to charter. All in all, they said it was an hour job to fly out from Big Lake, Alaska, and drop the Jeep where it could be loaded onto a rollback wrecker. I also reached out to Elite Towing for more info, and will update this post when they respond.

Elite Towing and Recovery

You can see in the photo here that they found two spots on the Jeep's passenger side to attach the straps. Elite says it was only in the air for about two minutes before they sat it down and rigged up the other side. Doing so in the location where it was initially stuck would have meant dipping into the frigid glacial waters. Rather than risk anyone's safety, they made the call to lift it out as you see here, saving time and money for the customer in the process. When the rig in question is only worth about $1,500, you choose your battles.


Some commenters on the internet chimed in to say that they could've waited for water levels to drop and simply recover it with another 4x4. The thing is, because the Jeep was partially submerged, leaving it could result in oil, coolant, or fuel leaking out. Elite said in a Facebook comment that because they were able to get to it so soon, the only liquid that leaked out when they raised it up was glacier water.

Elite Towing and Recovery

Questions still remain, like what the driver expected to happen when wheeling their stock truck deep into such a remote area. It's a popular trail according to one local I spoke with, but you run the risk of this happening when you aren't properly equipped to make a recovery. At least the Jeep is out now, and it didn't require a massive effort from strangers on the internet to drag it back to safety.

US intelligence finds Iran not currently developing nuclear weapons

Unclassified document claims Tehran has stopped 'activities that would be necessary to produce' an atom bomb

A US assessment from the Office of the Director of National Intelligence says Iran has moved to increase its capacity to produce an atom bomb since 2020 but has stopped short of that so far. 

AP

Jul 10, 2023

A US intelligence assessment released on Monday says Iran is not currently pursuing nuclear weapons but has ramped up activities that could help it develop them.

The assessment from the Office of the Director of National Intelligence states that Iran has moved to increase its capacity to produce an atom bomb since 2020 but has stopped short of that so far.

The findings corresponded with previous US assessments about Iran’s nuclear programme, although many in Congress and elsewhere have been sceptical of those.

READ MORE

UN expresses 'serious concern' over Iran's growing stockpile of highly enriched uranium

Deadline looms for State Department to provide details on Robert Malley's case

President Joe Biden's administration has been defending its desire to return to the 2015 nuclear deal with Iran, known as the Joint Comprehensive Plan of Action, or JCPOA, since it first took office.

That effort has been complicated in recent months by the suspension of its chief negotiator, Rob Malley, who was placed on unpaid leave last month pending an investigation into claims he mishandled classified information.

“Iran is not currently undertaking the key nuclear weapons-development activities that would be necessary to produce a testable nuclear device,” the two-page unclassified synopsis of the report reads.

However, Iran is also pursuing “research and development activities that would bring it closer to producing the fissile material needed for completing a nuclear device following a decision to do so”, the report said.

In that regard, Iran continues to violate the terms of the 2015 nuclear deal regarding uranium enrichment that it agreed to with world powers, the report said. Donald Trump's administration withdrew from that agreement in 2018.

“Iran continues to increase the size and enrichment level of its uranium stockpile beyond JCPOA limits,” the report said. It added that it also continues to exceed JCPOA restrictions on advanced centrifuge research and development.

These findings have been generally supported by inspections from the UN's nuclear watchdog, the International Atomic Energy Agency.

In addition to the nuclear findings, the US intelligence report said that Iran's ballistic missile programme continues to pose a significant threat to countries across the Middle East.

“Iran has emphasised improving the accuracy, lethality, and reliability of its missiles,” it said.

Updated: July 10, 2023,

WORKERS CAPITAL

UK

Breaking: Chancellor unveils Mansion House reforms

P3 PUBLIC PENSIONS FUND PRIVATIZATION

 

By Sophie Smith

 10/7/23

Chancellor, Jeremy Hunt, has announced a package of reforms designed to boost pensions and increase investment in British businesses, suggesting that the defined contribution (DC) reforms could increase a typical earner’s DC pot by 12 per cent.

Hunt's first Mansion House speech revealed plans “unlock” up to £75bn of additional investment from DC and Local Government Pension Schemes (LGPS), to support the Prime Minister’s priority of growing the economy and delivering benefits to savers.

Guided by the Chancellor's 'three golden rules', the Mansion House Reforms aim to secure the best possible outcome for pension savers, whilst prioritising a strong and diversified gilt market, and strengthening the UK’s position as a leading financial centre.

While Hunt’s speech noted that the UK has the largest pension market in Europe, worth over £2.5trn, he argued that “how this money is invested is limiting returns for savers”, suggesting that reform could provide a boost to both savers and the economy.

As part of this, he confirmed plans to introduce a permanent superfund regulatory regime to provide sponsoring employers and trustees with a new way of managing DB liabilities.

Hunt also announced that a call for evidence will be launched tomorrow (11 July) on the possible role of the Pension Protection Fund (PPF) and the part DB schemes could play in productive investment whilst securing members’ interests and protecting the sound functioning and effectiveness of the gilt market.

The PPF welcomed the plans for a call for evidence, with chief executive, Oliver Morley, suggesting that “in seeking views on whether we could help deliver better outcomes for defined benefit pension members and the wider economy, it recognises that the PPF's skills, capabilities and proven track record could be harnessed to deliver new solutions”.

“We remain focused on delivering for our current members and levy payers and stand ready to support policy makers and industry in the future,” he continued. “We encourage stakeholders to contribute views and look forward to playing our part in this important debate.”

In addition to the DB reforms, the Chancellor unveiled a number of DC measures, including the launch of the Mansion House Compact, , a voluntary commitment for DC schemes to allocate a minimum of 5 per cent of assets in default funds to unlisted equities.

In addition to this, Hunt confirmed that the government will look to launch a consultation on setting an ambition to double existing LGPS investments in private equity to 10 per cent, suggesting that this could “unlock” £25bn by 2030.

In order to ensure that the money unlocked by these reforms is invested quickly and effectively, the Chancellor also revealed that he has asked the British Business Bank (BBB) to explore the case for government to play a greater role in establishing investment vehicles, drawing upon the BBB’s skills and expertise.

Hunt also revealed plans to launch a call for evidence to explore how the government can support pension trustees to improve their skills, overcome cultural barriers and realise the best outcomes for their pension schemes and subsequently their members.

He also said that the government will also be looking to encourage the establishment of new collective defined contribution (CDC) funds which can invest more effectively by pooling assets.

In addition to the pension specific measures, Hunt has announced broader measures designed to make UK capital markets more attractive for business and grow the economy.

In particular, the new measures will look to simplify prospectuses, meaning that the document a firm must produce for any would-be investor is easy to produce, accessible, and understandable.

The Chancellor also set out plans for a new kind of trading place that connects private and public markets, which will allow private companies to access public markets, helping them grow and driving more economic activity - the first of its kind worldwide.

The wide-ranging package is set to build upon the Edinburgh Reforms previously announced in December 2022, and comments made in the 2023 Spring Budget.

Commenting on the plans, Hunt stated: “British pensioners should benefit from British business success. By un-locking investment, we will boost retirement income by over £1,000 a year for typical earner over the course of their career.

“This also means more investment in our most promising companies, driving growth in the UK.”

Secretary of State for Work and Pensions, Mel Stride, added: “British workers should have the confidence that their pension savings are working as hard as they are.

“Our reforms will benefit savers and society – unlocking investment into pioneering UK businesses, growing the economy, and helping the record number of people in this country saving into a pension to achieve the retirement they want.”

The reforms were also welcomed by The Pensions Regulator (TPR), with chief executive, Nausicaa Delfas, suggesting that they will support TPR’s ambition for pension savers to be in large, well-run schemes that deliver good outcomes at every stage of their retirement journey.

“They will drive a long-term focus on value, encouraging schemes to invest in the full range of asset classes to deliver higher returns for savers,” she continued.

“The value for money framework will shine a light on schemes that consistently underperform, and new powers will allow us to enforce consolidation where necessary.

“Similarly, the expansion of collective defined contribution schemes (CDCs) and
introduction of a permanent regime for pensions superfunds all represent a welcome boost for innovation in savers’ interests.”

Adding to this, Pensions and Lifetime Savings Association (PLSA) director of policy and advocacy, Nigel Peaple, said: “The government has engaged with the pension industry over many aspects of the proposals announced today.

"It is important and very welcome that pension schemes’ ability to direct their own investment strategy in the best interests of their members has been protected.

“As is widely recognised, investments totalling around £1trn by pension funds in UK assets already support economic growth and are a major source of long-term investment in the UK economy.

“With the right policy and regulatory initiatives, and support from the right type of fiscal incentives, there is a potential for a win, win, win - for pension savers, schemes and the UK economy.

"However, this is a complex area, and it is easy to get the wrong outcomes, so the government is right to propose undertaking a public consultation on all the key issues over the next couple of months."