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Thursday, May 16, 2024

US bars imports from 26 Chinese textile firms over suspected Uyghur forced labor

 The United States blocked imports from 26 Chinese cotton traders or warehouse facilities on Thursday as part of its effort to eliminate goods made with the forced labor of Uyghur minorities from the U.S. supply chain.

The companies are the latest additions to the Uyghur Forced Labor Prevention Act Entity List that restricts the import of goods tied to what the U.S. government has characterized as an ongoing genocide of minorities in China's Xinjiang region.

U.S. officials believe Chinese authorities have established labor camps for Uyghurs and other Muslim minority groups in China's western Xinjiang region. Beijing denies any abuses.

Many of the cotton companies listed are based outside of Xinjiang but source their cotton from the region, the U.S. Department of Homeland Security said in a statement.

The designations help "responsible companies conduct due diligence so that, together, we can keep the products of forced labor out of our country," Alejandro Mayorkas, Secretary of Homeland Security, said in the statement.

A spokesperson for the Chinese embassy in Washington criticized the move. "The so-called 'Uyghur Forced Labor Prevention Act' is just an instrument of a few U.S. politicians to disrupt stability in Xinjiang and contain China's development," the spokesperson said.

Washington has restricted imports from 65 entities since the Uyghur Forced Labor Prevention Act Entity List law was passed in 2021, according to the department.

"We enthusiastically endorse DHS's action today to nearly double the Uyghur Forced Labor Prevention Act's 'Entity List' - while recognizing that the current list remains only a fraction of the businesses complicit in forced labor," Rep. Chris Smith and Sen. Jeff Merkley, chairs of the bipartisan Congressional-Executive Commission on China, said in a statement.

The lawmakers want DHS to blacklist Chinese companies in the polysilicon, aluminum, PVC and rayon industries and any company in other parts of Asia making goods for the U.S. market with inputs sourced from Xinjiang.

https://www.yahoo.com/news/us-bars-imports-26-cotton-130331311.html

JPMorgan investors weigh CEO Dimon's strategy, succession after record year

 With JPMorgan Chase coming off a year of record profits, investors are eager to learn about the firm's succession plans, investments in artificial intelligence and opportunities beyond traditional banking.

Chief Executive Jamie Dimon and his team will be presenting their growth strategies and financial targets on Monday at JPMorgan's investor day in New York.

More than 18 years into Dimon's tenure as CEO of the bank, JPMorgan's shares are trading near record levels.

Still, Dimon said the bank needs to grow and stay ahead of a varied group of competitors including rival banks, fintech companies and private creditors.

He delivered the message at a gathering of hundreds of the bank's top leaders in Miami in February, reminding them not to get complacent, according to two sources who were present at the event but declined to be identified discussing an internal meeting. A JPMorgan spokesperson confirmed the content of the meeting.

Shareholders agree with Dimon's priorities.

"We would want to see what the bank is investing in, the growth pockets, the product diversification they are making and the opportunities that they see beyond traditional banking," said David Ellison, a portfolio manager at Hennessy Funds, which manages $4 billion and owns JPMorgan stock.

The largest U.S. lender has flourished on surging interest payments and an influx of deposits, including from its purchase of collapsed lender First Republic Bank last year. Its stock has risen about 20% in 2024, outpacing an S&P index of bank shares.

Investors will scrutinize the bank's forecast for net interest income (NII), or the difference between what it makes on loans and pays out on deposits. JPMorgan previously estimated its NII would reach $89 billion this year. While the forecast was higher than an earlier $88 billion estimate, it disappointed analysts who expected an even bigger jump.

Shareholders are also eager to hear more about JPMorgan's use of artificial intelligence and other advancements from its $15 billion technology budget.

"The constant investment made by the bank in people, products and technology, including artificial intelligence...is how the bank has managed to stay ahead of the curve," said Jason Goldberg, a banking analyst at Barclays.

SPOTLIGHT ON SUCCESSION

The CEO's own plans will also be in the spotlight as he takes the stage. As one of the world's most prominent business leaders, he has been floated as a contender for a senior role in U.S. economic policy. At last year's investor day, Dimon said he could step down in 3.5 years.

"It is important to provide investors with confidence on the strength of the bench, and so there will be focus on the emerging leaders," said Mac Sykes, portfolio manager at Gabelli Funds, who did not expect a significant announcement on succession on Monday.

JPMorgan's board has identified Jennifer Piepszak and Troy Rohrbaugh, recently appointed co-CEOs of its expanded commercial and investment bank, as candidates for the top job. Marianne Lake, CEO of consumer and community banking, and Mary Erdoes, CEO of asset and wealth management, are also in the running.

The executives are expected to discuss their respective businesses on Monday.

The event is "an excellent chance for investors to see them in their new roles and look for clues regarding how things might play out over the next few years," Scott Siefers, an analyst at Piper Sander, wrote in a note.

Dimon's assessment of the U.S. economy will also be closely watched. Strong employment and healthy consumer finances are propping up an "unbelievable" economic boom, he said last month, despite risks from a rising national debt, inflation and geopolitical conflicts.

Despite the bank's strong performance, some investors are frustrated by its restraint on stock buybacks, said Mike Mayo, an analyst at Wells Fargo.

"Investors are used to getting two scoops of ice cream from JPMorgan and now that they're only getting one scoop, so they seem upset," he said. Still, Mayo has a buy recommendation on the stock and ranks Dimon as the top-performing CEO among large banks.

The consensus analyst estimates for share buybacks is $12.7 billion for this year, according to a report by KBW.

Other investors are satisfied with the level of buybacks, as long as earnings stay robust and the bank sets aside money for acquisitions.

"We view the extra capital on the balance sheet as dry powder in case some assets come up at a better valuation," said Brian Mulberry, a client portfolio manager at Zacks Investment Management, which manages $8 billion and owns JPMorgan stock.

"On top of our agenda is that they show us clearly what future revenues look like, and that they're durable, with strong profit margins," Mulberry said.

https://finance.yahoo.com/news/jpmorgan-investors-weigh-ceo-dimons-194416696.html

US House votes to force weapons shipments to Israel, rebuking Biden

 The Republican-led U.S. House of Representatives passed a bill on Thursday that would force President Joe Biden to send weapons to Israel, seeking to rebuke the Democrat for delaying bomb shipments as he urges Israel to do more to protect civilians during its war with Hamas.

The Israel Security Assistance Support Act was approved 224 to 187, largely along party lines. Sixteen Democrats joined most Republicans in voting yes, and three Republicans joined most Democrats in opposing the measure.

The act is not expected to become law, but its passage underscored the deep U.S. election-year divide over Israel policy as Prime Minister Benjamin Netanyahu's government seeks to wipe out militants who attacked Israel on Oct. 7, killing around 1,200 people and seizing 253 hostages, according to Israeli tallies.

Palestinian authorities say at least 35,272 civilians have been killed during Israel's campaign in Gaza. Malnutrition is widespread and much of the population of the coastal enclave has been left homeless, with infrastructure destroyed.

Republicans accused Biden of turning his back on Israel after facing widespread pro-Palestinian protests.

"This is a catastrophic decision with global implications. It is obviously being done as a political calculation, and we cannot let this stand," Republican House Speaker Mike Johnson told a news conference with other party leaders on Wednesday.

Democrats also accused the other party of playing politics, saying Republicans are distorting Biden's position on Israel.

"It is not a serious effort at legislation, which is why some of the most pro-Israel members of the House Democratic caucus will be voting no," House Democratic Leader Hakeem Jeffries told a news conference before the vote.

Israel, a major recipient of U.S. military assistance for decades, is still due to get billions of dollars of U.S. weaponry, despite the delay of one shipment of 2,000-pound (907-kg) and 500-pound bombs and the review of other weapons shipments by the Biden administration.

As recently as Tuesday, the State Department had moved a $1 billion package of weapons aid for Israel into the congressional review process, U.S. officials said.

https://www.yahoo.com/news/us-house-votes-force-weapons-213308477.html

How proteins linked to Alzheimer's disease influence neuronal growth

 New research has shed light in the complex interplay between cell proteins, and how they impact on neurons in neurodevelopmental disorders and Alzheimer's disease.

A new study led by the University of Exeter and published in Royal Society Open Biology has discovered the key role that the protein Contactin-4 (encoded by the gene CNTN4) plays in shaping neurons.

The researchers began studying CNTN4 because it was known to have a role in autism, but its functional roles were not well understood. The team explored how CNTN4 functions within the brain, particularly its interactions with proteins involved in neurodegenerative diseases like Alzheimer's disease.

For the first time, the researchers studied mice who have had the CNTN4 gene knocked out in the cortex, the region of the brain responsible for key functions including memory, thinking and reasoning. They found that neurons developed in a different way in the cortex region.

Researchers have demonstrated for the first time in human cells the interaction between genes CNTN4 and APP, a gene strongly linked to Alzheimer's disease, revealing a co-dependent relationship that is essential for brain development, and specifically for the healthy growth of neurons. They found that CNTN4 not only contributes to neural elongation in the frontal cortex region of the brain, but also CNTN4 expression is regulated via a relationship with APP.

Using studies in genetically modified human cells, the team also discovered that a complex interaction exists between CNTN4 and APP. If CNTN4 is knocked out, then levels of APP decrease, but not to zero. The scientists believe that APP may compensate for the loss of CNTN4, and vice versa.

The study's lead author, Dr Rosemary Bamford, of the University of Exeter Medical School, said: "It was quite remarkable to discover that CNTN4, a gene linked to developmental processes, also plays a role in modulating factors involved in Alzheimer's disease. This intersection of developmental and neurodegenerative pathways offers exciting new insights into the broader implications of these proteins."

Senior author Dr Asami Oguro-Ando, of the University of Exeter Medical School, said: "Looking ahead, my group is keen to further dissect the molecular mechanisms underpinning the interaction between CNTN4 and APP and explore their wider implications for disorders like Alzheimer's and Autism Spectrum Disorder. Our next steps involve clarifying how the CNTN4-APP interaction impacts neural activity. Understanding this interaction is crucial as it represents a fundamental step towards a comprehensive grasp of neurodevelopmental and neurodegenerative disorders."

Journal Reference:

  1. Rosemary A. Bamford, Amila Zuko, Madeline Eve, Jan J. Sprengers, Harm Post, Renske L. R. E. Taggenbrock, Dominique Fäβler, Annika Mehr, Owen J. R. Jones, Aurimas Kudzinskas, Josan Gandawijaya, Ulrike C. Müller, Martien J. H. Kas, J. Peter H. Burbach, Asami Oguro-Ando. CNTN4 modulates neural elongation through interplay with APPOpen Biology, 2024; 14 (5) DOI: 10.1098/rsob.240018

Drug compounds to combat neurodegenerative diseases

 Prions are the abnormal, pathogenic agents that are transmissible and are able to induce abnormal folding of specific normal cellular proteins.Prion disease is an umbrella term for a group of fatal and currently untreatable neurodegenerative diseases that not only affect humans, but also wild and captive animals. These diseases include Creutzfeldt-Jakob disease (CJD) in humans, bovine spongiform encephalopathy (BSE, or "mad cow disease"), and chronic wasting disease (CWD) affecting deer, elk and moose.

The central event in these diseases is the conversion of the prion protein (PrPC) from its normal shape into a pathological structure (PrPSc) that is toxic to neurons and can replicate itself through binding to unconverted PrPC molecules. This ability to self-replicate makes these misfolded proteins infectious, which has enormous implications for public health.

In a new study, researchers from Boston University Chobanian & Avedisian School of Medicine have identified 10 compounds that are able to reduce PrPSc levels in infected cells and have shown that the most potent molecules can also prevent the toxicity that was observed when applying PrPSc to cultured neurons.

"Excitingly, five of these molecules have a history of use in humans: rimcazole and haloperidol for neuropsychiatric conditions, (+)-pentazocine for neuropathic pain, and SA 4503 and ANAVEX2-73, which are in clinical trials for ischemic stroke and Alzheimer's disease, respectively," explained lead author Robert C.C. Mercer, PhD, an instructor of biochemistry and cell biology at the school.

The researchers had initially explored the anti-prion properties of these molecules because they were known to bind to the sigma receptors (σ1R and σ2R), which they had reason to believe were involved in prion proliferation. Using gene knockout technology (CRISPR), they determined that the sigma receptors were not the relevant targets of these drugs, from the perspective of their anti-prion properties.

Using Neuro2a cells (N2a) from an experimental model that had been infected with prions, these cells were then exposed to increasing concentrations of each drug, and the levels of PrPSc were determined. They then used CRISPR technology to "edit" the σ1R and σ2R genes, such that they no longer coded for a protein, and found this had no effect upon the decrease in PrPSc levels they observed when applying the drugs. This led them to conclude that σ1R and σ2R were not responsible for the anti-prion effects of these drugs. They then went on to test the ability of these drugs to inhibit the PrPC to PrPSc conversion and found they had no effect on these cell-free reactions, indicating that another protein mediates the effects of these drugs.

According to the researchers, prion diseases have enormous public health implications from the safety of the blood supply to the proper decontamination of surgical tools used in neurosurgery. "From a clinical standpoint, we believe this research has uncovered anti-prion properties of drugs that have already been shown to be safe to use in humans. Because of this, especially considering the absence of any effective treatment for these diseases, these compounds could be re-purposed for treatment of prion diseases," said corresponding author David A. Harris, MD, PhD, the Edgar Minas Housepian professor and chair of biochemistry & cell biology at the school.

These findings appear online in the journal ACS Chemical Neuroscience.

Funding for this study was provided by the National Institutes of Health grant number 5R01NS065244, awarded to David A. Harris. Robert C.C. Mercer is supported by grants from the Department of Defense (W81XWH-21-1-0141) and the Creutzfeldt-Jakob Disease Foundation.

Journal Reference:

  1. Robert C. C. Mercer, Nhat T. T. Le, Douglas G. Fraser, Mei C. Q. Houser, Aaron B. Beeler, David A. Harris. Sigma Receptor Ligands Are Potent Antiprion Compounds that Act Independently of Sigma Receptor BindingACS Chemical Neuroscience, 2024; DOI: 10.1021/acschemneuro.4c00095

The Biden Reelection Strategy

By Victor Davis Hanson

 Joe Biden polls at or below 40 percent approval. Historically, such unpopularity has made it almost impossible for a president to be reelected.

His age advances by the hour. His voice falters, his memory fades, and his gait is reduced to short steps, with his arms, winglike and in tandem, offering balance.

Biden is not so much an octogenarian as an unhealthy and prematurely aging 80-year-old. It is America’s irony that he is fit for almost no other job in the country other than President, which apparently allows for a 3-day-a-week ceremonial role while others in the shadows run the country.

So how does Biden become renominated and reelected, as polls show he is behind in almost every critical swing state on nearly every issue?

Answer: not by campaigning, not by championing his record, and especially not by doubling down on his neo-socialist and now unpopular agendas.

Instead, his campaign is focused on four other strategies to beat Donald Trump.

First, left-wing local, state, and federal prosecutors are tying Trump up in court on crimes that have never been seen before and will never be again after the election. All the cases are politically motivated, with many coordinated with the White House.

Even if Trump is not convicted by blue-state prosecutors, in blue-state courtrooms, in front of blue-state juries, he will lose critical campaigning time.

Trump may end up paying out $1 billion in legal fees and fines. At 76, the monotonous days in court are designed to destroy him financially, physically, and mentally.

Biden and his operatives know that, in the long term, they may have fatally damaged the American legal system with such judicial sabotage. But short-term, they hope to destroy Trump before the ballots are cast.

Second, in his fourth year, Biden is suddenly selling government favors to special-interest voting blocs, or hoping to bring short-term relief to voters at the expense of long-term damage to the nation.

For elite college students and graduates, there are now billions of dollars in student-loan cancellations, despite a Supreme Court ruling declaring such targeted contractual amnesties illegal.

For consumers, before the election, Biden will likely drain the last drops from the critical Strategic Petroleum Reserve to lower gas prices—now sky-high due to his previous disastrous green policies.

If that is not enough, Biden has ordered Ukraine not to hit Russian oil facilities to avoid panic in the global petroleum markets before early and mail-in balloting begin.

Biden will quietly jawbone the Federal Reserve Bank to lower interest rates and reinflate the economy, despite his own creation of hyperinflation that caused interest rates to rise in the first place.

He will pander to Arab-American voters in swing-state Michigan by cutting arms deliveries to Israel, even as it seeks to destroy the killers of October 7.

And if that mollification is not sufficient to win Michigan, he will suddenly slap higher tariffs on imported Chinese electrical vehicles to win back apostate union auto workers.

Three, the left learned after 2016 that the only way to beat Trump is to change the way Americans vote.

So under the cover of the COVID-19 lockdown, the left sued in critical states to reduce Election Day to a mere construct, while 70 percent of voters mailed in their ballots or voted by early, rolling balloting over many weeks.

The key was the inability to fully authenticate votes, given the old practice of showing up on Election Day and presenting an ID was declared “racist.”

Four, Biden, as he did in 2020, will outsource his campaign to the media, 95 percent of which is left-wing. Talking televised heads will claim Biden is “sharp as a knife” while focusing on Trump’s tweets, Stormy Daniels, Michael Cohen, and lurid but irrelevant testimonies that permeate Trump’s court appearances.

Trump will continue to hold weekend-long, massive 100,000-person rallies, even in blue states. Meanwhile, Biden’s fixers in the media, administrative state, and legal community will counter that even with no crowds and no campaigning, Biden can win through 24/7 nonstop “October Surprises”—all summer long.

So expect more false “Russian collusion,” “laptop disinformation,” and “January 6 insurrection” hoaxes and their new replacements designed to smother the airwaves with salacious scandals nonstop.

Biden’s fading tenure is similar to the last sad months of Woodrow Wilson’s second term, when in 1919-20, the country was assured that a bedridden president was somehow hard at work, even as his wife, doctors, and handlers kept everyone else away.

Biden’s keepers do not seem to care about the president’s own failing health or his dismal polls. They discount his rare, anemic, and disastrous public appearances. They laugh off the huge Trump rallies. And they certainly could care less about the bad optics of pandering to special interests at the expense of the country or the damage done to the American legal and balloting systems.

Instead, Bidenites believe they can reelect an unhealthy, unpopular, and unsuccessful president by any means necessary.

And they may be right.

https://amgreatness.com/2024/05/16/the-biden-reelection-strategy/

Uber Driver Convicted of Murdering Black Lives Matter Protester Pardoned

 An Uber driver convicted of murder and sentenced to 25 years in prison for fatally shooting a man taking part in a Black Lives Matter protest in 2020 was granted a full pardon on Thursday by Texas Governor Greg Abbott.

The clemency proclamation for Daniel Perry, a U.S. Army sergeant, was issued shortly after the Texas Board of Pardons and Parole unanimously recommended a full pardon and restoration of Perry's firearm rights following an investigation the board conducted at the governor's request.

Perry was found guilty in April 2023 of murder in the shooting death of 28-year-old Garrett Foster, a U.S. Air Force veteran who was gunned down at a Black Lives Matter rally in Austin, the state capital, in July 2020.

The demonstration came amid a storm of protests across the country against racial injustice and police brutality in the aftermath of the George Floyd killing by Minneapolis officers in May of that year.

Perry has insisted he was acting in self defense when he shot Foster, asserting that he had no choice but to open fire with his handgun when Foster pointed the AK-47 he was legally carrying at Perry. Perry is white, as was Foster.

Perry was driving in the city that night and had turned his Uber car onto a street where the demonstrators were marching, leading members of the crowd to believe they were in danger of being assaulted by his vehicle, according to media accounts of the incident.

At trial, the two sides presented conflicting accounts of whether Foster leveled his gun at Perry.

Abbott, a Republican, said a day after Perry was convicted in a case brought by a Travis County District Attorney Jose Garza, a Democrat, that he would seek a pardon under the state's "stand-your-ground" law allowing use of a gun in self defense.

"Texas has one of the strongest 'Stand Your Ground' laws of self-defense that cannot be nullified by a jury or a progressive district attorney," Abbott said in issuing pardon proclamation.

https://www.usnews.com/news/top-news/articles/2024-05-16/texas-governor-pardons-uber-driver-convicted-of-murdering-black-lives-matter-protester