Zambia reaches deal with China to restructure $6.3 billion in loans

The French government says that Zambia has reached a deal with China and several other government creditors to restructure $6.3 billion in loans

VERBATIM: The African nation defaulted in 2020 when it failed to make a $42.5 million bond payment. Its debt has made it hard for Zambia to develop economically and take on new projects. Experts have said such prolonged debt crises can send nations sliding deeper into poverty and joblessness by making it harder to get credit to build for the future.

Congressional report critical of popular Chinese retailers Temu and Shein

A Congressional report offers a blistering critique of popular Chinese retailers Temu and Shein

Lawmakers accuse Shein of failing to maintain “even the façade of a meaningful compliance program” to deter forced labor from its supply chains. In the report, the House Select Committee on the Chinese Communist Party said Temu’s business model allows it to avoid complying with U.S. law that restricts imports from China’s Xinjiang region. Among other things, the report said Temu admitted it “does not expressly prohibit” the sale of goods from China’s Xinjiang region.

Supreme Court rejects GOP-led challenge to Biden deportation policy

( ) -v-28- WASHINGTON (Correspondent Jeremy House) “std.”

The Supreme Court has upheld a Biden administration policy that prioritizes the deportation of immigrants who are deemed to pose the greatest risk to public safety or were picked up at the border. Correspondent Jeremy House has more on the story.

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VERBATIM: The justices voted 8-1 to allow the policy to take effect. The ruling recognizes that there’s not enough money or manpower to deport all 11 million or so people who are in the United States illegally. Louisiana and Texas had argued that federal immigration law requires authorities to detain and deport even those who pose little or no risk. But the court held that the states lacked the legal standing, or right to sue, in the first place. At the center of the case is a September 2021 directive from the Department of Homeland Security that paused deportations unless individuals had committed acts of terrorism, espionage or “egregious threats to public safety”…JH, Washington.

Canada will require Google and Meta to pay media outlets for news

( ) -q-26- UNDATED (Correspondent Jeremy House) “had previously suggested.”

A Canadian bill that will require Google and Meta to pay media outlets for news content that they share or otherwise repurpose on their platforms is set to become law.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Canada’s Senate passed the bill amid a standoff between Prime Minister Justin Trudeau’s government and Silicon Valley tech giants. Ottawa has said the law creates a level playing field between online advertising giants and the shrinking news industry. Meta confirmed that it plans to comply with the bill by ending news availability on Facebook and Instagram for its Canadian users, as it had previously suggested.

NASA opposes lithium mining at Nevada site used to calibrate satellites

( ) -q-29- UNDATED (Correspondent Jeremy House) “satellites orbiting overhead.”

The latest challenge to lithium mining in Nevada in the push for cleaner energy comes from a place where no opposition has arisen before: space.

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TAG: Correspondent Jeremy House reporting. A Nevada congressman has introduced legislation opposing the removal of the tract as a potential lithium mining site.

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VERBATIM: At NASA’s request, U.S. land managers have withdrawn about 36 square miles of federal land from potential mineral exploration and mining at a desert site 250 miles northeast of Las Vegas. The U.S. space agency says the unusually flat desert tract above the lithium deposit must be left undisturbed. It argues the unique topography is used to calibrate razor-sharp measurements for hundreds of satellites orbiting overhead.

3M reaches $10.3 billion settlement over ‘forever chemicals’

( ) -q-23- UNDATED (Correspondent Jeremy House) “and some cancers.”

Chemical manufacturer 3M has agreed to pay at least $10.3 billion to settle lawsuits over contamination of many U.S. public drinking water systems with potentially harmful compounds known as PFAS.

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TAG: Correspondent Jeremy House reporting. The deal was announced by the company based in St. Paul, Minnesota, and an attorney representing hundreds of public water systems.

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VERBATIM: 3M is a leading maker of PFAS chemicals used widely in firefighting foams and many nonstick and grease-resistant consumer products. They’re described as “forever chemicals” because they don’t degrade naturally in the environment. PFAS compounds been linked to a variety of health problems, including liver and immune-system damage and some cancers.

AM SPORTSCAST 6-23

AM SPORTSCAST 6-23

Weekly US applications for unemployment aid remain relatively elevated

( ) -q-21- UNDATED (Correspondent Jeremy House) “October of 2021.”

The number of Americans applying for unemployment benefits remained elevated last week.

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TAG: Correspondent Jeremy House reporting. The four-week moving average of claims, which smooths out some of the week-to-week volatility,rose by 8,500 to 255,750. That’s the highest level since November of 2021.

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VERBATIM: The Labor Department reports applications for jobless claims were 264,000 for the week ending June 17, the same as the previous week. It’s a possible sign that the Federal Reserve’s rate hikes are beginning to cool a still-strong labor market. The claims numbers for the past two weeks are the highest since October of 2021.

Bank of England rate hike is bigger than expected. That means pain for borrowers

( ) -q-23- UNDATED (Correspondent Jeremy House) “quarter-point hike.”

The Bank of England has raised borrowing costs for the 13th time in a row.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The bank says its nine-member Monetary Policy Committee decided to lift its main interest rate by half a percentage point to a fresh 15-year high of 5%. It’s the latest effort to combat stubbornly high inflation, which has failed to come down from its peak as quickly as expected. The decision was somewhat of a surprise, with most economists predicting a smaller quarter-point hike.

Yellen says it’s ‘critical’ to maintain U.S.-China ties after Biden’s ‘dictator’ remarks

( ) -q-26- UNDATED (Correspondent Jeremy House) “do have disagreements.'”

U.S. Treasury Secretary Janet Yellen says it’s “critical” the U.S. and China maintain a relationship so they can “work together” on global challenges.

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TAG: Correspondent Jeremy House reporting. Yellen is attending a two-day summit in Paris seeking a better global financial response to climate change and poverty.

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VERBATIM: Yellen’s comments come after President Biden’s remarks calling Chinese leader Xi Jinping a “dictator” drew condemnation from Beijing. Yellen says “President Biden and I both believe it’s critical to maintain communication … to clear up misperceptions, miscalculations.” She added that the countries “need to work together where possible” but “we are also forthright in recognizing we do have disagreements.”

Apple engaged in ‘coercive’ interviews and other anti-union tactics at New York store, judge rules

( ) -q-23- UNDATED (Correspondent Jeremy House) “will honor them”

A U.S. labor board judge has ruled that Apple illegally subjected employees to “coercive” interviews and interfered with distribution of union leaflets at a New York City Apple Store.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The ruling was the first time that an administrative law judge at the National Labor Relations Board has ruled against Apple. The ruling requires Apple to “cease and desist” from activities that the judge found to violate established labor protections. Apple must also post notices at the World Trade Center location informing employees of their labor rights and pledging that the company will honor them.

Foreign companies shifting investment out of China

( ) -q-26- UNDATED (Correspondent Jeremy House) “on reform promises.”

A business group says foreign companies are shifting investment and their Asian headquarters out of China.

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TAG: Correspondent Jeremy House reporting. Companies also are being squeezed by slowing Chinese economic growth, despite the country’s exit from its “zero-COVID” policies, and by rising costs.

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VERBATIM: The moves come as confidence plunges following the expansion of an anti-spying law and other challenges. The report by the European Union Chamber of Commerce in China is one of many signs of growing pessimism despite the ruling Communist Party’s efforts to revive interest in the world’s No. 2 economy. Companies are uneasy about the anti-spying law, government protection of Chinese rivals and lack of action on reform promises.

Paris summit aims to focus on climate, shake up the financial system

Heads of state, finance leaders and activists are converging in Paris. They’re gathering at a summit to seek ways to overhaul the International Monetary Fund and World Bank and help them weather a warmer and stormier world. The banks have been criticized for not factoring climate change into lending decisions and being dominated by wealthy countries like the U.S. The neediest nations have been left out of calling the shots.

China’s security industry sees the US, not AI, as the bigger threat

( ) -q-23- UNDATED (Correspondent Jeremy House) “cutting edge technology.”

China’s security and surveillance industry is now focused on shoring up its vulnerabilities to the United States and other outside actors.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: The industry is worried about risks posed by hackers, advances in artificial intelligence and pressure from rival governments. The renewed emphasis on self-reliance, combating fraud and hardening systems against hacking was on display at the recent Security China exhibition in Beijing. So were U.S. efforts to choke off China’s access to cutting-edge technology.

Ukrainian refugees push German population up 1.3% last year

Official statistics in Germany show that large numbers of refugees from Ukraine fleeing Russia’s war fueled a 1.3% rise in the German population last year.

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TAG: Correspondent Jeremy House reporting. All of Germany’s 16 states saw their populations increase. The biggest proportional increases were in Berlin and Hamburg. Germany’s two largest cities both saw rises of 2.1%.

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VERBATIM: That helped push up the number of inhabitants in the European Union’s most populous country to more than 84.4 million. The national statistics office said Germany’s population expanded by 1.12 million in 2022. That compared with an increase of just 0.1% or 82,000 people the previous year.

Intel to build $33 billion chip plant in Germany

Intel and the German government have signed a deal that will see the U.S. company spend 32.8 billion dollars to build a chip manufacturing site in the eastern city of Magdeburg.

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TAG: Correspondent Jeremy House reporting. Word of the agreement came as German Chancellor Olaf Scholz met Intel CEO Pat Gelsinger in Berlin.

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VERBATIM: The announcement was made after Germany pledged to cover a third of the investment required. Intel acquired the land for two semiconductor facilities in Magdeburg in November. The company says the first one is expected to start production in four or five years. The plan will need approval by the European Union’s executive branch.

Airbus wins record order for 500 jets from India’s IndiGo

India’s IndiGo airline is buying 500 passenger jets from European planemaker Airbus.

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TAG: Correspondent Jeremy House reporting. Indian airlines are racing to tap surging demand for travel from the nation’s growing ranks of middle-class consumers.

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VERBATIM: The record-setting order underscores surging demand for air travel fueled by India’s economic growth. The country’s dominant carrier is buying the A320 aircraft in what the companies say is the single biggest purchase agreement in commercial aviation history. Executives from both companies didn’t disclose how much the order was worth, but it would likely amount to tens of billions of dollars.

UN steps up criticism of IMF and World Bank

( ) -q-28- UNDATED (Correspondent Jeremy House) “and other issues.”

The United Nations secretary-general is pressing for major changes in the IMF and World Bank.

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TAG: Correspondent Jeremy House reporting.

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VERBATIM: Antonio Guterres says the International Monetary Fund has benefited rich countries instead of poor ones. And he describes the IMF and World Bank’s response to the COVID-19 pandemic as a “glaring failure” that left dozens of countries deeply indebted. Guterres’ criticisms were issued ahead of meetings called by French President Emmanuel Macron in Paris next week to address reforms of the multilateral development banks and other issues.

The first U.S. deep water port for the Arctic to host cruise ships, military

( ) -q-21- UNDATED (Correspondent Jeremy House) “in the Arctic.”

A $600 million-plus expansion will make the city of Nome on Alaska’s western coast the nation’s first deep-water Arctic port.

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TAG: Correspondent Jeremy House reporting. While Nome may be the first deep-water draft for the Arctic, Nome’s mayor says it likely won’t be the last because of global warming.

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VERBATIM: The expansion is expected to be operational by the end of the decade,. The port will accommodate larger cruise ships of up to 4,000 passengers. It will also accomodate cargo ships, as they deliver additional goods for the 60 Alaska Native villages in the region, and military vessels to counter the presence of Russian and Chinese ships in the Arctic.

Amazon, Marriott among companies vowing to hire refugees in Europe

( ) -q-27- UNDATED (Correspondent Jeremy House) “World War Two.”

Multinational companies including Amazon, Marriott, Hilton are pledging to hire more than 13,000 Ukrainian women and other refugees in Europe over the next three years.

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TAG: Correspondent Jeremy House reporting. The hiring push in Europe has been organized by the Tent Partnership for Refugees, a nonprofit founded by the CEO of Chobani.

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VERBATIM: Just ahead of World Refugee Day on Tuesday, more than 40 corporations said they will hire, connect to work or train a total 250,000 refugees. Of the total, 13,680 of them will get jobs directly in those companies. The U.N. says 110 million people have been displaced worldwide, with estimated 12 million from Ukraine in the largest movement of refugees in Europe since World War II.

Federal prosecutors want Elizabeth Holmes to pay victims monthly after prison

Federal prosecutors want Elizabeth Holmes to pay $250 each month to victims of her failed blood testing startup after she leaves prison. U.S. District Judge Edward Davila ordered Holmes and her former partner, Ramesh “Sunny” Balwani, to pay $452 million in restitution to victims last month. But her attorneys are pushing back, citing “limited financial resources” available to the disgraced founder of Theranos. Federal prosecutors argue that Holmes should be required to pay at least $250 each month in criminal monetary penalties upon supervised released.

Jobless claims remain elevated for second straight week

The number of Americans applying for unemployment benefits remained elevated last week. The Labor Department reports U.S. applications for jobless claims were 262,000 for the week ending June 10, more than analysts were expecting. It’s a possible sign that the Federal Reserve’s interest rate hikes over the past year may taking hold in what’s been a resilient job market. This week’s number mirrors last week’s, which was revised up by 1,000.

West Coast dockworkers, shippers reach tentative contract agreement

( ) -q-28- UNDATED (Correspondent Jeremy House) “state through California.”

The union for thousands of West Coast dockworkers has reached a tentative agreement on a new contract.

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TAG: Correspondent Jeremy House reporting. The dockworkers have been without a contract since last July. They were demanding higher wages, noting that shippers and terminal operators made record profits during the COVID-19 pandemic.

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VERBATIM: The deal comes after more than a year of negotiations and several work disruptions that snarled shipping traffic at some of the largest ports. The dockworkers union has announced a tentative deal for a new six-year contract with the Pacific Maritime Association, a trade group for cargo carriers and terminal operators. If ratified, the agreement will affect 22,000 dockworkers at 29 ports from Washington state through California.

Energy Sec. Granholm failed to reveal stock holdings; GOP calls for probe

A senior Republican on the Senate Energy panel is calling for an investigation of Energy Secretary Jennifer Granholm. Wyoming Senator John Barasso’s request comes after Granholm told the committee she mistakenly provided false information about her family’s stock holdings in testimony earlier this year. Barrasso asked the Energy Department’s inspector general to investigate Granholm after she sent a letter to the committee revealing she owned financial stocks as recently as May. That contradicts testimony she gave to the panel in April.