Saudi Arabia’s Public Investment Fund to Keep Sportswashing by Buying WWE?

 The owner of a sports series that many consider to be a heel may continue to try its hand at sportswashing by buying another professional league with some serious ties to scandal.

The benefactor of LIV Golf, Saudi Arabia’s Public Investment Fund (PIF), is considering buying Vince McMahon‘s WWE if the pro wrestling league puts itself up for sale, according to Front Office Sports. The WWE, which recently welcomed McMahon back as the company’s executive chairman after he retired amid allegations of sexual misconduct, is exploring “strategic alternatives” and has also been linked to possible purchasers including Amazon, NBCUniversal Media and Fox.

“In the same way they did LIV, there’s an unlimited faucet of dollars there,” LightShed Partners analyst Brandon Ross told Front Office Sports. “The Saudis are already a decent part of the profitability of the company just on those two [Saudi-based WWE] events alone. They’re trying to be relevant in the entertainment world.”

The PIF, which controls about $620 billion in assets and has served as the majority owner of Newcastle United in the EPL since 2021, could make a lot of sense as a buyer for the WWE as the wresting series has held events in Saudi Arabia for many years even though star wrestlers like John Cena have refused to participate. However, considering how LIV Golf has struggled to gain mainstream traction in the U.S. due to its backer and is still without a media rights contract with a major partner, a deal with the PIF could end up damaging the WWE in the long run. That said, it’s fair to question whether the PIF would actually care as there certainly hasn’t seemed to be much concern about the public perception of LIV Golf and its roster of PGA Tour defectors.

“WWE is entering a critical juncture in its history with the upcoming media rights negotiations coinciding with increased industry-wide demand for quality content and live events and with more companies seeking to own the intellectual property on their platforms,” McMahon, 77, said in a statement upon his return. “The only way for WWE to fully capitalize on this opportunity is for me to return as executive chairman and support the management team in the negotiations for our media rights and to combine that with a review of strategic alternatives. My return will allow WWE, as well as any transaction counterparties, to engage in these processes knowing they will have the support of the controlling shareholder.”

The company has hired JPMorgan to advise on the potential sale, per CNBC.

https://www.insidehook.com/daily_brief/sports/saudi-arabia-pif-buying-wwe-liv-golf

Refunds of Fed Loan Overpayments Leave Student Borrowers With Your Money to Burn

 For many college students, one of the most exciting events in a new semester is not listed on their school’s calendar: Refund Day.   

Although the day differs on various campuses, the windfall result is the same: That’s when the millions of students currently taking out federal college loans find out how much of their approved amount is left over after the school has taken its share for tuition and other charges. Students can reject the refund and reduce their debt, or accept the money. Although they are technically required to spend it on education-related expenses, administrators acknowledged there’s no mechanism in place to monitor their expenditures. 

“I’m 23, if you give me a refund check, I’m going shopping,” one Philadelphia student told a focus group about student loans and debt relief run by New America, an education think tank. “I don’t understand what that means – You just gave me free money. And no one’s stopping me ‘cause it comes to me.”  

Some education experts say the issue of student loan refund checks should receive more attention as the Biden administration seeks to erase perhaps $400 billion of the $1.7 trillion in student loan debt held by the federal government, meaning taxpayers. The Biden tuition debt-forgiveness plan is already controversial and headed to the Supreme Court, but the notion that some of the erased debt might have been used to pay for trips, video games, or gifts could strike some taxpayers as particularly galling.   

“When we ran focus groups, the refunds were always an issue that came up organically,” said Jason Delisle, who helped run the New America research in 2015 and is now a senior policy fellow at the Urban Institute. “The reaction in the room was always, ‘Refund checks – yeah, those are kind of crazy!’”  

Taxpayers hold most of the bag, since President Obama pushed aside banks as lenders as part of his 2010 victory securing passage of Obamacare, arguing – very incorrectly, it turns out – that a federal takeover of student loans would prove a money-maker. The government holds 93% of the $1.7 trillion debt and the college loan program is in the red, according to the Congressional Budget Office.   

But scrutiny of the refunds will be a challenge because basic information about them is elusive – including how much they cost and how they are used.  

Vision ... and reality: The Education Department says it doesn't track loan overages refunded to students. 

Federal Student Aid FY2021 Annual Report

The Department of Education told RealClearInvestigations it does not track how much of the estimated $82 billion it granted in student loans in FY2021 was refunded to students, and said the figure should be known by the individual schools that issue them. (These payments are separate from the refunds the Biden administration authorized in August for those who have made loan payments during the pandemic.)   

Delisa Falks, Texas A&M: “We do not have data specific to financial refunds ... We are not at a place where we have resources to provide this."

LinkedIn

RCI contacted more than a dozen schools, a combination of flagship public universities, private colleges, Historically Black Colleges and Universities, and a community college. Even though they all issue refunds, none was able or willing to provide a figure as to how much they had disbursed in refunds on federal college loans, which remain the primary borrowing vehicle for people financing undergraduate or graduate school.  

Refunds can be made to parents or students borrowing for college, a group that comprised 7.2 million people in fiscal year 2021, according to the DOE.

Rutgers University said it planned to activate new software next year to give it a figure for refunds issued, but it did not have that information currently. Similarly, the University of Idaho said it did not have information on refunds. The University of Iowa refused to provide any figures, saying it would not search its data to determine how much it refunded.  

Some schools – such as the University of North Carolina, Louisiana State University, the University of Vermont, the University of Virginia, Spelman College, and Suffolk University – did not respond to requests for information about how much they had refunded to students.  

Florida A&M University, a historically black school, did provide the figures for federal loans it disbursed but did not respond to questions specific to refunds.   

Adam Looney, student loan expert: ”I feel like it’s something people don’t like to advertise or talk about.”  

University of Utah

Other schools, like Ohio State University and Texas A&M, responded to requests but ultimately proved unable or unwilling to provide figures on refunds.  

“We do not have data specific to financial refunds for only direct loans broken out,” said Delisa Falks, an assistant vice president at Texas A&M’s Division of Enrollment & Academic Services. “This would require some work and we are not at a place where we have resources to provide this.” 

Even scholars who study student loans were scratching their heads.   

“This is a super-interesting question and the reality is that there isn’t great information available,” said Adam Looney, the executive director of the Marriner S. Eccles Institute at the University of Utah and a fellow at the Brookings Institute who studies college loans. "Indeed, I feel like it’s something people don’t like to advertise or talk about.”   

While the total amount of student loan money refunded each year is unknown, it is almost certainly significant. If 1% of loans were refunded, this would amount to $820 million in 2022.  

Another indication of their importance is their prominence online. Websites associated with college and financial advice are rife with information on how to apply and receive a refund, all carrying a whiff of free money with only the small print reminding students refunds must someday, in theory, be repaid. 

On Dec. 1, the website NerdWallet warned students that “no one should spend their student loan refund check just yet,” with a reminder that refunds are included in the debt total – that is, if President Biden doesn’t succeed in wiping out student debts entirely.

“Beyond just the data, the implications are pretty important,” Looney said. “For a lot of students, especially grad students, this is a relatively inexpensive, zero-credit-check cash advance loan. You just get a check from the government for a lot of money and you can spend it on whatever you want, even if you don’t need it or when it’s impossible for you to pay it back.”  

The  2015 report authored by Delisle and Alexander Holt found that many borrowers had mixed feelings about refund checks.  

On one hand, “Participants felt that these checks epitomized how easy it was to take out a federal student loan and the bad incentives that entailed, with some commenting that it seemed as if the ‘money wasn’t real,’” the report concluded. “They noted that refund checks were particularly problematic for young and naive students, enabling them to take on debt that they would later decide was not worth it or that they would struggle to repay.”  

On the other hand, many took a “seize the day” attitude toward the money.  

“I went to Russia for a month with my best friend,” said a student from Chicago. “It was a pretty great experience; I don’t think I would give that back.”  

https://www.realclearinvestigations.com/articles/2023/01/10/shopping_spree_101_how_refunds_of_federal_loan_overpayments_leave_student_borrowers_with_your_money_to_burn_874108.html

U.S. to announce list of drugs for pricing negotiations Sept. 1

 The U.S. government will announce a list of 10 prescription drugs for which it plans to negotiate the prices for Medicare recipients on Sept. 1, and the prices a year later, a top Biden administration official said on Wednesday.

President Joe Biden in August signed into law the Inflation Reduction Act, which among its provisions for the first time allows the federal Medicare health plan for people age 65 and older and the disabled to negotiate prices on some of the most expensive drugs.

The U.S. Department of Health and Human Services (HHS) and the Centers of Medicare & Medicaid Services (CMS) - which oversees Medicare and the negotiation process - announced the specific timeline for the first year of negotiations on Wednesday.

It had previously said it would release the names of the 10 Part D high-spend brand name medicines that would be included in pricing negotiations in the fall of 2023.

In September of 2024, CMS expects to publish the negotiated "maximum fair price" that would become effective in 2026, CMS Administrator Chiquita Brooks-LaSure said on a call with reporters.

https://news.yahoo.com/u-announce-list-drugs-pricing-161109403.html

WHO urges travellers to wear masks as new COVID variant spreads

 Countries should consider recommending that passengers wear masks on long-haul flights, given the rapid spread of the latest Omicron subvariant of COVID-19 in the United States, World Health Organization (WHO) officials said on Tuesday.

In Europe, the XBB.1.5 subvariant was detected in small but growing numbers, WHO and Europe officials said at a press briefing.

Passengers should be advised to wear masks in high-risk settings such as long-haul flights, said the WHO's senior emergency officer for Europe, Catherine Smallwood, adding: "this should be a recommendation issued to passengers arriving from anywhere where there is widespread COVID-19 transmission".

XBB.1.5 - the most transmissible Omicron subvariant detected so far - accounted for 27.6% of COVID-19 cases in the United States for the week ended Jan. 7, health officials have said.

It was unclear if XBB.1.5 would cause its own wave of global infections. Current vaccines continue to protect against severe symptoms, hospitalisation and death, experts say.

"Countries need to look at the evidence base for pre-departure testing" and if action is considered, "travel measures should be implemented in a non-discriminatory manner," Smallwood said.

That did not mean the agency recommended testing for passengers from the United States at this stage, she added.

Measures that could be taken include genomic surveillance, and targeting passengers from other countries as long as it does not divert resources from domestic surveillance systems. Others include monitoring wastewater around points of entry such as airports.

NEW VARIANT

XBB.1.5 is another descendant of Omicron, the most contagious and now globally dominant variant of the virus that causes COVID-19. It is an offshoot of XBB, first detected in October, itself a recombinant of two other Omicron subvariants.

Concerns about XBB.1.5 fuelling a fresh spate of cases in the United States and beyond are on rising amid a surge of COVID cases in China, after the country pivoted away from its signature "zero COVID" policy last month.

https://www.yahoo.com/news/europe-backs-travel-checks-u-104620912.html

Venom, Iceberg set up $1 bln fund to invest in blockchain firms amid crypto winter

 Blockchain firm Venom Foundation and Abu Dhabi-based investment manager Iceberg Capital Ltd on Wednesday launched a $1 billion crypto venture fund and said it was leading a $20 million funding round in virtual world platform Nümi Metaverse.

The fund, called Venom Ventures Fund (VVF), aims to invest in early-stage startups focused on payments, asset management, banking services and gaming on Web3, a much-hyped vision of a future internet built on blockchain.

The launch comes at a time when funding for crypto startups has slowed following the global risk off mood and a series of crypto blowups that culminated in the high-profile downfall of FTX and shook investor sentiment.

Cryptocurrencies have crept into the new year, licking their wounds with bitcoin steady at $17,421, after tumbling 64% in 2022.

Venom Ventures fund is chaired by former BlackRock chief investment officer Peter Knez, and will be operated by investment firm Iceberg Capital that is regulated by Abu Dhabi Global Market - the emirate's international financial center.

https://finance.yahoo.com/news/venom-iceberg-set-1-bln-150001011.html

Zelensky Reassures Hollywood A-Listers At Golden Globes: "No Third World War"

 When we first heard that Ukrainian President Volodymyr Zelensky would make a virtual appearance at 80th annual Golden Globe Awards Tuesday night in order to update the audience and American public on the status of the conflict, we thought it was a joke. It should be remembered too that the Oscar Awards rejected efforts for a Zelensky appearance last year (though he did give an emotional speech at the Grammys last April).

But like with much else connected with Zelensky and the unprecedented pandering of American institutions for a foreign leader, it was all too absurdly real. He told the audience of Hollywood A-listers that "there will be no third World War" - citing Ukraine's momentum on the battlefield.

"The war in Ukraine is not over yet, but the tide is turning and it is already clear who will win," Zelensky said after being introduced by friend and actor Sean Penn. "There are still battles and tears ahead."

He launched into a bit of a history lecture, akin to his December in-person Congressional speech, reminding the television viewing audience that the Golden Globe Awards first got its start during WWII, and compared the current Russian invasion to "the struggle for the right of the new generations to know about the war only from movies."

That's when Zelensky sought to assure Americans against what's become a legitimate overarching concern - uncontrollable escalation between the US and Russia:

"The First World War claimed millions of lives. The Second World War claimed tens of millions of them. There will be no third World War. It is not a trilogy," Zelensky said, promising that Ukraine "will stop the Russian aggression" with the help of the free world.  

"The war in Ukraine is not over yet, but the tide is turning and it is already clear who will win… We will make it together with the whole free world and I hope that all of you will be with us on the victorious day the day of our victory," Zelensky said.  

For anyone worried that the world is inching toward nuclear Armageddon, these words are not cause for comfort - but quite the opposite... after all, it's 2023 and a foreign head of state just appeared at a Hollywood awards show to tell celebrities he's not expecting World War 3 to break out. But Kiev wants to combat growing global skepticism regarding the war's outcome, in order to keep the Western weapons pipeline flowing of course.

He also just pledged "victory" over nuclear armed super power Russia, and that a Ukrainian "win" is becoming "clear"... so let that sink in.

As for Sean Penn's introduction, it was expectedly filled with standard Hollywood-style moralizing about the "current thing" causes of the moment...

"From the other worldly courage of young Iranians rising up, to the ever-persevering women’s movement of Afghanistan, we are reminded, in no uncertain terms, that the freedom to dream is not simply a human luxury, but rather a human need that must be fought and sacrificed for," Penn said during the introduction.

As for Zelensky's 'world war' commentary, it doesn't bode well for this most alarming of all potential future scenarios that the Kremlin just this week said it views the US and NATO as now direct parties to the war. Russian Security Council Secretary Nikolay Patrushev described Moscow's viewpoint this week, saying, "The events in Ukraine aren’t a clash between Moscow and Kiev. It’s a military confrontation of NATO, first of all the US and Britain, with Russia. Fearing a direct engagement, NATO instructors push Ukrainian men to certain death."

At the end of his Golden Globe Awards speech, Zelensky got his now basically routine standing ovation from the audience.

https://www.zerohedge.com/political/zelensky-tries-reassure-hollywood-listers-golden-globes-there-will-be-no-third-world-war

Biden extends Covid public health emergency as highly infectious XBB.1.5 spreads

 The Biden administration has extended the Covid-19 public health emergency until April as a highly transmissible omicron subvariant stokes concern that the U.S. may face another wave of hospitalizations from the disease this winter.

“The COVID-19 Public Health Emergency remains in effect, and as HHS committed to earlier, we will provide a 60-day notice to states before any possible termination or expiration,” a spokesperson for the Health and Human Services Department said.

The U.S. has renewed the Covid public health emergency every 90 days since the Trump administration first issued the declaration in January 2020.

The emergency declaration has had a vast impact on the U.S. health-care system over the past three years. It has protected public health insurance coverage for millions, provided hospitals with greater flexibility to respond to patient surges and expanded telehealth.

The White House Covid task force led by Dr. Ashish Jha has repeatedly sought to reassure the public that the U.S. is in a much stronger place today due to the widespread availability of Covid vaccines and treatments that prevent severe disease and death from the virus.

In August, HHS told local and state health officials to start preparing for an end to the emergency in the near future. HHS has committed to giving state governments and health care providers 60 days notice before lifting the declaration.

President Joe Biden said the pandemic was over in September, a period when infections, hospitalizations and deaths were all declining. But HHS Secretary Xavier Becerra told reporters during a call in October what the virus does this winter would determine whether or not the emergency needs to continue.

Once U.S. officials decide to end the public health emergency, hospitals will lose flexibility in how they deploy staff, add beds and care for patients when there’s a surge in admissions. Lifting the emergency could also affect the vastly expanded role pharmacies have played in administering vaccines during the pandemic, though it’s not yet clear the extent of that impact.

Millions of Americans are expected to lose health insurance coverage under Medicaid in the coming months as well. Congress banned states from kicking people off the program for the duration of the public health emergency. Enrollment in Medicaid has surged 30% to more than 83 million as a consequence.

Last month, Congress severed the Medicaid protections from the public health emergency and said states could start withdrawing people from Medicaid in April if they no longer meet the eligibility requirements.

Omicron XBB.1.5 rapidly spreading

The omicron XBB.1.5 subvariant is rapidly becoming dominant in the U.S. Scientists believe it has a growth advantage because it is better at binding to human cells and is also adept at evading immunity. The World Health Organization has described it as the most transmissible subvariant yet, though there is no data, so far, indicating that it makes people sicker.

Since the arrival of omicron in the U.S. in late 2021, which caused massive waves of infection in the U.S. and around the world, Covid has splintered into an alphabet soup of subvariants that are evolving to become increasingly adept at evading immunity from vaccination and infection.

Scientists at Columbia University, in a study published in December, found that the BQ and XBB families of omicron subvariants pose the biggest threat to the Covid vaccines and could cause a surge of breakthrough infections. These subvariants are also resistant to all of the authorized antibody treatments used to protect people with weak immune systems.

In a series of Twitter posts last week, Jha said he is concerned about the rapid rise of XBB.1.5 but does not believe the subvariant represents a huge setback. He encouraged people to get an omicron booster if they haven’t received one already and for the vulnerable to obtain an antiviral treatment if they have a breakthrough infection.

Only 38% of seniors ages 65 and over have received an omicron booster so far, according to data from the Centers for Disease Control and Prevention. There is concern that as XBB.1.5 spreads, it could cause a spike in hospitalizations and deaths among older Americans.

Jha has said most people who are hospitalized and dying from Covid right now are ages 70 and older who are either not up to date on their vaccines or are not getting treated when they have a breakthrough infection.

https://www.cnbc.com/2023/01/11/biden-extends-covid-public-health-emergency-as-omicron-xbbpoint1point5-spreads.html