Elon Musk’s $44 Billion Twitter Deal Gets Board Endorsement

Twitter’s board has recommended unanimously that shareholders approve the proposed $44 billion sale of the company to billionaire and Tesla CEO Elon Musk, according to a regulatory filing Tuesday.

Musk reiterated his desire to move forward with the acquisition last week during a virtual meeting with Twitter employees, though shares of Twitter remain far below his offering price, signaling considerable doubt that it will happen.

Shares rose about 3% to $38.98 before the opening bell Tuesday, far short of the $54.20 per-share that Musk has offered for each share. The company’s stock last reached that level on April 5 when it offered Musk a seat on the board before he had offered to buy all of Twitter.

In a filing with the U.S. Securities and Exchange Commission detailing on Tuesday detailing a litter to investors, Twitter’s board of directors said that it “unanimously recommends that you vote (for) the adoption of the merger agreement.” If the deal were to close now, investors in the company would pocket a profit of $15.22 for each share they own.

Glencore UK Subsidiary Pleads Guilty to Bribery in Africa 

A British subsidiary of mining and trading giant Glencore on Tuesday formally pleaded guilty to seven counts of bribery in connection with oil operations in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria and South Sudan.

At a Southwark Crown Court hearing in London, Glencore Energy admitted to paying more than $28 million in bribes to secure preferential access to oil and generate illicit profit between 2011 and 2016. The company will be sentenced on Nov. 2 and 3, the U.K. Serious Fraud Office, or SFO, said.

Glencore, a Swiss-based multinational, has already said it expects to pay up to $1.5 billion to settle allegations of bribery and market manipulation and three subsidiaries in the United States, Brazil and Britain have now pleaded guilty to criminal offenses.

U.S. authorities will see the bulk of those funds after Glencore agreed to a $1.1 billion U.S. settlement last month to resolve a decade-long scheme to bribe foreign officials across seven countries — and separate charges alleging a trading division manipulated fuel oil prices at U.S. shipping ports.

But the guilty plea by a corporate heavyweight in London is a much-needed boost for the SFO, which has faced sharp criticism and awaits the outcome of a “forensic” government-ordered review after senior judges overturned two convictions in its Unaoil bribery investigation because of disclosure failings.

“The SFO’s success with Glencore will certainly not protect it from any flak that comes its way,” said Syed Rahman, a partner at Rahman Ravelli. “But the result it has in this case is an indicator of what the agency is capable of when it does not make mistakes.”

Helen Taylor, a legal researcher at pressure group Spotlight on Corruption, urged the SFO now to investigate and prosecute senior executives who had condoned the wrongdoing.

The SFO said only that its Glencore investigation was ongoing.

Glencore is also paying $29.6 million directly to state-run Brazilian oil company Petrobras in compensation for defrauding the company and roughly $10 million to authorities in civil penalties, prosecutors have said.

Investors Coping With Cryptocurrency Plunge 

“I’m in a cryptocurrency chat group at work,” software engineer Adam Hickey of San Diego, California told VOA.

Over the last few days, Hickey said, members of the group have been writing things like, “Bloodbath” and, “Are we still good?”

“It shook me, honestly,” he admitted. “I just had to stop looking at my balance. At one point, months ago, my investment in crypto had tripled. Now I’m down 40%.”

Hickey is far from alone. Serious and casual investors across the United States have seen the value of their investments in the publicly available digital asset known as cryptocurrency shrink dramatically in recent months, with steep plunges recorded in just the last week.

The value of bitcoin, the most popular form of cryptocurrency, has dropped more than 70% since its peak in November of last year, erasing more than 18 months of growth and causing many investors to wonder if this is the bottom, or if the worst is still to come.

“I have to remind myself that when I got into bitcoin in 2017, it was more of something I just kind of hoped would be the next Amazon.com,” Hickey said. Like many others, Hickey dreamed cryptocurrency could be a way to get rich in the long-term, or at least would be a part of his retirement savings.

“I’ve always seen it as a long-term investment. Still, this is the most nervous I’ve been about it,” he said. “You hear people on social media saying this is all a Ponzi scheme. Now I’m having thoughts like maybe those warnings are right – that the people pushing bitcoin so hard are the ones who bought it at the earliest low prices. Of course they want people to buy and drive the value back up. It’s good for them, but is it good for me?” 

Getting in 

Those skeptical of cryptocurrency point to its lack of regulatory oversight from government as a major reason for concern, making it susceptible to scams and wild price fluctuations.

“I’ve always seen it as a highly speculative investment,” said Marigny deMauriac, a certified financial planner in New Orleans, Louisiana. “This isn’t something any individual should have the majority of their wealth in unless they’re looking to take a significant amount of unnecessary risk.”

“I tell my clients to stay clear of investing any significant portion of their wealth in cryptocurrency, or any other highly speculative investment type,” deMaruiac told VOA. Many of the most ardent cryptocurrency supporters, however, invest precisely because it isn’t tied to governments as traditional currencies are. Digital currency’s demonstrated capacity for meteoric rises is a big part of its appeal. 

Steve Ryan, a self-employed poker player living in Las Vegas, Nevada, began investing in digital currency nearly a decade ago. “I’ve been in it for so long, I understand this stuff much better than your average person who only read about it on the internet a year or two ago,” he said.

Ryan invested on the advice of entrepreneurial friends; back when a single bitcoin sold for only a couple of hundred dollars as opposed to the tens of thousands they sell for today.

“Most of my money is in crypto, and I wish I had kept more in there rather than selling some of it,” he told VOA. “Even after this downturn, I’d be a multimillionaire had I kept it all in.”

Losing value 

U.S. inflation at 40-year highs has caused the Federal Reserve to raise interest rates, sending jitters throughout financial markets. At the same time, some Americans have lost their appetite for riskier investments.

Many have sold their cryptocurrency holdings and reinvested in safer, more stable assets. At the end of last week, the value of one share of bitcoin dropped below $18,000 from a high late last year of more than $64,000. The total crypto market value dropped from a peak of $3.2 trillion to below $1 trillion. 

“I’m definitely worried today,” Ryan said on Saturday as bitcoin reached its lowest point since December 2020. 

Still, Ryan maintained he still believes in bitcoin.

“I’m worried because we’ve got a war going on in Europe, huge amounts of inflation, we’re trying to recover from the impacts of a pandemic, and governments might try to regulate bitcoin,” he said. “But I’m not worried about bitcoin itself – I think it’s as solid as ever. That’s how cycles work and this could prove to be one of the best times in history to get into crypto.”

Casual cryptocurrency investors may not be so sure, but many seem willing to hold on to what they have in the hopes of a rebound. “Of course, when it rose to over $60,000, I had big dreams that I could earn enough money to go on a big trip or to make a down payment on a property,” said Joe Frisard, a semi-retired resident of Atlanta, Georgia.

The downturn has lowered Frisard’s ambitions, he acknowledged, but he still planned on hanging on to the cryptocurrency he hadn’t already sold when it was closer to its peak. “I’ve lost a good bit of money in the stock market, too,” he said, “but I’m not looking to dump my stocks. They’re a long-term investment and I see bitcoin in a similar way.”

Weathering the storm 

Gordon Henderson, a retired collegiate marching band director from Los Angeles, California, is also not panicking.

“I’m much more concerned about my stocks in my retirement fund than in my relatively small crypto holdings,” he said. Henderson remembers his father, at age 69 in 1987, converting his retirement fund to cash before a recession temporarily decimated the stock market.

“He was pretty proud of his timing,” Henderson recalled, “but in reality, he would have ended up with eight times more money if he had weathered the storm and kept his money in the stock market for another two decades. That’s how I look at cryptocurrency. I’ll hang onto it and maybe it will pay for college for my kids. If not, I was prepared for the loss.”

Colin Ash, an urban planner in New Orleans, Louisiana, has owned bitcoin for years, but said he thinks of it as “a fun gamble.”

“Of course, I wish I would have timed it perfectly and sold it all at the peak,” he said, “but it’s not realistic to think you can ever do that with any kind of investment. I think of it as something separate from the rest of my money. If something comes of it in the long run, then great. If not, at least I already sold some and paid off some debt.” 

For Hickey in San Diego, as well as many other investors, the key is to not invest more than you can afford to lose, particularly with an asset as speculative as cryptocurrency.

“Under the current circumstances, with everything falling so far down, I’ve decided to halt my weekly recurring purchase of bitcoin,” he said. “I think I’m done investing for now.”

He paused for a moment, and then said, “Now, that’s kind of hard, because if you want to make money you should buy low and sell high. Bitcoin prices are low, so I’ll probably be back in before you know it.”

Stoppage is country’s largest rail strike in decades

British rail workers launched their biggest strike in decades on Tuesday. 

Last-minute talks to avoid the stoppage failed Monday, with the rail management and the Rail, Maritime and Transport Workers union unable to resolve a dispute about pay and job security. 

Union leaders say pay has failed to keep pace with inflation. 

British Transport Secretary Grant Shapps warned the strike would cause “mass disruption.” 

The union of more than 40,000 workers plans to strike on Thursday and Saturday as well. 

Some information for this report came from The Associated Press, Agence France-Presse and Reuters.

IMF Delegation Visits Crisis-hit Sri Lanka With Time Running Out 

An International Monetary Fund (IMF) team arrives in Sri Lanka on Monday for talks on a bailout program, but time is short for a country just days from running out of fuel and likely months from getting any relief money. 

Sri Lanka is battling its worst financial crisis since independence in 1948, as decades of economic mismanagement and recent policy errors coupled with a hit from COVID-19 to tourism and remittances, shriveling foreign reserves to record lows. 

The island nation of 22 million people suspended payment on $12 billion debt in April. The United Nations has warned soaring inflation, a plunging currency and chronic shortages of fuel, food and medicine could spiral into a humanitarian crisis. 

The IMF team, visiting Colombo through June 30, will continue recent talks on what would be Sri Lanka’s 17th rescue program, the IMF said on Sunday. 

“We reaffirm our commitment to support Sri Lanka at this difficult time, in line with the IMF’s policies,” the global lender said in a statement. 

Colombo hopes the IMF visit, overlapping with debt restructuring talks, will yield a quick staff-level agreement and a fast track for IMF board disbursements. But that typically takes months, while Sri Lanka risks more shortages and political unrest. 

“Even if a staff-level agreement is reached, final program approval will be contingent upon assurances that official creditors, including China, are willing to provide adequate debt relief,” said Patrick Curran, senior economist at U.S. investment research firm Tellimer. “All considered, the restructuring is likely to be a protracted process.” 

Waiting for guess, for 

But the crisis is already overwhelming for average Sri Lankans, like autorickshaw driver Mohammed Rahuman, 64, who was recently standing in line for gasoline for more than 16 hours. 

“They say petrol will come but nothing yet,” he told Reuters. “Things are very difficult. I cannot earn any money, I cannot go home and I cannot sleep.” 

Snaking lines kilometers long have formed outside most fuel pumps since last week. Schools in urban areas have closed and public workers have been asked to work from home for two weeks. 

Bondholders expect the IMF visit to give clarity on how much debt Sri Lanka can repay and what haircuts investors may have to take. 

“This IMF visit is very important – the country will need every help and support it can get,” said Lutz Roehmeyer, portfolio manager at Berlin-based bondholder Capitulum Asset Management. “For many international bondholders, this will be a key requirement to ensure they come to the table and talk about a debt restructuring in the first place.” 

Prime Minister Ranil Wickremesinghe said this month an IMF program is crucial to access bridge financing from sources such as the World Bank and Asian Development Bank. 

Representatives from Sri Lanka’s financial and legal advisers, Lazard and Clifford Chance, are in Colombo.

Magnitude 6.0 Earthquake Shakes Central Taiwan Coast 

A magnitude 6.0 earthquake shook Taiwan on Monday morning. There were no immediate reports of damage or injuries. 

The quake struck at 9:05 a.m. at a depth of 6.8 kilometers (4.2 miles) in Hualien county, halfway down the east coast of the island, Taiwan’s Central Weather Bureau said. 

It was felt across most of the island of 24 million people including to the north in Taipei, the capital. It was also felt across the Taiwan Strait in mainland China’s Fujian province, Chinese state broadcaster CCTV said.

New York Pushes to Get Fired Workers Vaccinated, Rehired 

New York City is making a push to give city workers fired earlier this year for not getting the COVID-19 vaccine a chance to get their old jobs back — if they get fully vaccinated.

In February, Mayor Eric Adams fired more than 1,400 workers who failed to comply with the vaccine mandate put in place by his predecessor, Bill de Blasio.

Just short of 600 unvaccinated non-Department of Education workers are receiving a letter with details, and DOE employees are expected to receive a letter later in the summer, a city spokesperson said, adding that 97% of workers are vaccinated and that the goal has always been “vaccination rather than termination.”

The development was first reported by the New York Post.

It wasn’t clear how many workers would be affected and a timeline for returning to work was not disclosed.

The mandate required vaccinations as a workplace safety rule. In March, Adams was the target of criticism for exempting athletes and performers not based in New York City from the city’s vaccine mandate, while keeping the rule in place for private and public workers. 

US Treasury Chief: Biden Considering Gas Tax Holiday, Chinese Tariff Cuts  

U.S. President Joe Biden is considering declaring a federal gas tax holiday and curbing some tariffs on imported Chinese goods to help Americans cope with the surging cost of consumer goods, Treasury Secretary Janet Yellen said Sunday. 

“President Biden wants to do anything he possibly can to help consumers,” Yellen told ABC’s “This Week” show. “Gas prices have risen a great deal and it’s clearly burdening households.” 

U.S. gasoline prices are at an all-time high of about $5 a gallon (3.8 liters), up more than 48% over a year ago. She said eliminating the 18.4-cent-per-gallon federal gas tax for a time was “an idea that’s certainly worth considering” and that Biden was willing to work with Congress to enact it. 

Biden last week called on major oil refinery companies to take “immediate actions” to increase supply, telling them in a new letter that “historically high” profit margins were unacceptable as prices at service station pumps for Americans continued to soar. 

American Petroleum Institute Chief Executive Mike Sommers rebuffed Biden’s complaint, saying, “The administration’s misguided policy agenda shifting away from domestic oil and natural gas has compounded inflationary pressures and added headwinds to companies’ daily efforts to meet growing energy needs while reducing emissions.” 

‘Caught unaware’

Yellen, on ABC, said, “What’s happened is production has gone down. Refinery capacity has declined in the United States and oil production has declined. I think producers were partly caught unaware by the strength of the recovery in the economy.  High prices should induce them to increase supply.” 

But she called the higher prices “a medium-term matter,” stressing the need to continue to move to renewable energy sources. 

Food prices, monthly rental payments, airline fares, housing and other costs of daily life in the United States have risen sharply, up 8.6% in May compared with a year ago, the fastest increase in 40 years.  

Analysts point to a variety of causes for the inflation: strong consumer demand, Russia’s invasion of Ukraine, worldwide supply chain disruptions and sizable government payments to most American consumers that put extra cash in their pockets as the coronavirus pandemic swept into the country.  

Yellen said Biden was also reviewing the tariff policy toward China because some tariffs imposed by the previous administration of former President Donald Trump served “no strategic purpose and raise costs to consumers.” 

“Inflation really is unacceptably high,” Yellen said. Part of the reason, she said, is that Russia’s war on Ukraine has boosted gas and food prices. 

She said American consumers cannot expect immediate relief, but “over time, I would certainly expect inflation to come down.” 

Yellen said she expected the American economy, the world’s largest, to slow in the coming months, but added, “I don’t think a recession [two successive three-month periods of declining growth] is at all inevitable.”

US Opens COVID Vaccine to Little Kids; Shots Begin Next Week

The U.S. on Saturday opened COVID-19 vaccines to infants, toddlers and preschoolers. The shots will become available next week, expanding the nation’s vaccination campaign to children as young as 6 months.

Advisers to the Centers for Disease Control and Prevention recommended the vaccines for the littlest children, and the final signoff came hours later from Dr. Rochelle Walensky, the agency’s director.

“We know millions of parents and caregivers are eager to get their young children vaccinated, and with today’s decision, they can,” Walensky said in a statement.

While the Food and Drug Administration approves vaccines, it’s the CDC that decides who should get them.

The shots offer young children protection from hospitalization, death and possible long-term complications that are still not clearly understood, the CDC’s advisory panel said.

The government has already been gearing up for the vaccine expansion, with millions of doses ordered for distribution to doctors, hospitals and community health clinics around the country.

Roughly 18 million kids will be eligible, but it remains to be seen how many will get the vaccines. Less than a third of children ages 5-11 have done so since vaccination opened to them last November.

Here are some things to know:

What kinds are available?

Two brands — Pfizer and Moderna — got the green light Friday from the FDA and Saturday from the CDC. The vaccines use the same technology but are being offered at different dose sizes and number of shots for the youngest kids.

Pfizer’s vaccine is for children 6 months to 4 years old. The dose is one-tenth of the adult dose, and three shots are needed. The first two are given three weeks apart, and the last at least two months later.

Moderna’s is two shots, each a quarter of its adult dose, given about four weeks apart for kids 6 months through 5 years old. The FDA also approved a third dose, at least a month after the second shot, for children with immune conditions that make them more vulnerable to serious illness.

How well do they work?

In studies, vaccinated youngsters developed levels of virus-fighting antibodies as strong as young adults, suggesting that the kid-size doses protect against coronavirus infections.

However, exactly how well they work is hard to pin down, especially when it comes to the Pfizer vaccine.

Two doses of Moderna appeared to be only about 40% effective at preventing milder infections at a time when the omicron variant was causing most COVID-19 illnesses. Pfizer presented study information suggesting the company saw 80% with its three shots. But the Pfizer data was so limited — and based on such a small number of cases — experts and federal officials say they don’t feel there is a reliable estimate yet.

Should my little one be vaccinated?

Yes, according to the CDC. While COVID-19 has been the most dangerous for older adults, younger people, including children, can also get very sick.

Hospitalizations surged during the omicron wave. Since the start of the pandemic, about 480 children under age 5 are counted among the nation’s more than 1 million COVID-19 deaths, according to federal data.

“It is worth vaccinating even though the number of deaths are relatively rare, because these deaths are preventable through vaccination,” said Dr. Matthew Daley, a Kaiser Permanente Colorado researcher who sits on the CDC’s advisory committee.

In a statement Saturday, President Joe Biden urged parents to get them for their young children as soon as possible.

Which vaccine should my child get?

Either one, said Dr. Peter Marks, the FDA’s vaccine chief.

“Whatever vaccine your health care provider, pediatrician has, that’s what I would give my child,’’ Marks said Friday.

The doses haven’t been tested against each other, so experts say there’s no way to tell if one is better.

One consideration: It takes roughly three months to complete the Pfizer three-shot series, but just one month for Moderna’s two shots. So, families eager to get children protected quickly might want Moderna.

Who’s giving the shots?

Pediatricians, other primary care physicians and children’s hospitals are planning to provide the vaccines. Limited drugstores will offer them for at least some of the under-5 group.

U.S. officials expect most shots to take place at pediatricians’ offices. Many parents may be more comfortable getting the vaccine for their kids at their regular doctor, White House COVID-19 coordinator Dr. Ashish Jha said. He predicted the pace of vaccination will be far slower than it was for older populations.

“We’re going see vaccinations ramp up over weeks and even potentially over a couple of months,” Jha said.

Can children get other vaccines at the same time?

It’s common for little kids to get more than one vaccine during a doctor’s visit.

In studies of the Moderna and Pfizer shots in infants and toddlers, other vaccinations were not given at the same time so there is no data on potential side effects when that happens.

But problems have not been identified in older children or adults when COVID-19 shots and other vaccinations were given together, and the CDC is advising that it’s safe for younger children as well.

What if my child recently had COVID-19?

About three-quarters of children of all ages are estimated to have been infected at some point. For older ages, the CDC has recommended vaccination anyway to lower the chances of reinfection.

Experts have noted re-infections among previously infected people and say the highest levels of protection occur in those who were both vaccinated and previously infected.

The CDC has said people may consider waiting about three months after an infection to be vaccinated.

Bitcoin Drops Below $20,000 as Crypto Selloff Quickens

The price of bitcoin fell below $20,000 Saturday for the first time since late 2020, in a fresh sign that the sell-off in cryptocurrencies is deepening. 

Bitcoin, the most popular cryptocurrency, fell below the psychologically important threshold, dropping by as much as 9% to less than $19,000 and hovering around that mark, according to the cryptocurrency news site CoinDesk. 

The last time bitcoin was at that level was in November 2020, when it was on its way up to its all-time high of nearly $69,000, according to CoinDesk. Many in the industry had believed it would not fall under $20,000. 

Bitcoin has now lost more than 70% of its value since reaching that peak. 

Ethereum, another widely followed cryptocurrency that’s been sliding in recent weeks, took a similar tumble Saturday. 

It’s the latest sign of turmoil in the cryptocurrency industry amid wider turbulence in financial markets. Investors are selling off riskier assets because central banks are raising interest rates to combat quickening inflation. 

The overall market value of cryptocurrency assets has fallen from $3 trillion to below $1 trillion, according to coinmarketcap.com, a company that tracks crypto prices. On Saturday, the company’s data showed crypto’s global market value stood at about $834 billion. 

A spate of crypto meltdowns has erased tens of billions of dollars of value from the currencies and sparked urgent calls to regulate the freewheeling industry. Last week, bipartisan legislation was introduced in the U.S. Senate to regulate the digital assets. The crypto industry has also upped its lobbying efforts — flooding $20 million into congressional races this year for the first time, according to records and interviews. 

Cesare Fracassi, a finance professor at the University of Texas at Austin who leads the school’s Blockchain Initiative, believes Bitcoin’s fall under the psychological threshold isn’t a big deal. Instead, he said the focus should be on recent news from lending platforms. 

Cryptocurrency lending platform Celsius Network said this month that it was pausing all withdrawals and transfers, with no sign of when it would give its 1.7 million customers access to their funds. Another crypto lending platform, Babel Finance, said in a notice posted on its website Friday that it will suspend redemptions and withdrawals on products due to “unusual liquidity pressures.” 

“There is a lot of turbulence in the market,” Fracassi said. “And the reason why prices are going down is because there is a lot of concern the sector is overleveraged.” 

The cryptocurrency exchange platform Coinbase announced Tuesday that it laid off about 18% of its workforce, with the company’s CEO and co-founder Brian Armstrong placing some of the blame on a coming “crypto winter.” 

Stablecoin Terra imploded last month, losing tens of billions of dollars in value in a matter of hours. 

Crypto had permeated much of popular culture before its recent tumble, with many Super Bowl ads touting the digital assets and celebrities and YouTube personalities routinely promoting it on social media. 

David Gerard, a crypto critic and author of “Attack of the 50 Foot Blockchain,” said the recent meltdowns show a failure by regulators, who he believes should have put more scrutiny on the industry years ago. Many nascent investors — especially young people — invested in crypto based on a false hope that was sold to them, he said. 

“There are real human victims here that are ordinary people.” 

Treatment Found Wanting for Growing Mental Health Disorders

The World Health Organization is calling for a radical change in the treatment of mental health disorders, saying existing care systems are largely ineffective and often abusive. 

Nearly a billion people were living with a mental disorder in 2019. That number has grown, with new data showing conditions such as depression and anxiety increasing by more than 26 percent in the first year of the coronavirus pandemic.

The World Health Organization recently released its largest review of world mental health since the turn of the century. The report finds 14 percent, or one in seven adolescents, is suffering from a mental disorder. It says suicides account for one in 100 deaths, with 58 percent occurring before age 50.

Head of the WHO’s mental health unit, Mark Van Ommeren, says mental disorders are the leading cause of disability. He says depression and anxiety alone cost the world economy nearly $1 trillion a year in lost productivity. Despite the enormous socio-economic consequences, he says many people with mental health problems do not seek help for a variety of reasons.

“They fear the stigma of seeking help could be one reason. Another reason can be that they do not trust the services that are available because there has not been enough investment in it,” Van Ommeren said. “Third, it could be that they do not recognize the problem because their knowledge about mental health problems is limited.”

The WHO says only a small fraction of people in need have access to effective, affordable and quality mental health care. It says the gap between developed and developing countries is huge, noting 70 percent of people with psychosis are treated in richer countries, compared to 12 percent in poorer countries.

Van Ommeren says the current mental health care system is broken and must change. He says governments invest around two out of three dollars for mental health in large custodial psychiatric hospitals. He says that money would be better spent  on community-based mental health facilities because they are more accessible.

“It is less likely that there are human rights violations … the atmosphere in large hospitals easily becomes that the hospitals warehouse people with very severe problems,” Van Ommeren said. “In community settings with open doors, it is much less likely. Also, in community settings, many more people can easily be treated. The hospital has so much stigma around it that many people would never seek care there.”

The WHO says countries can provide better, more affordable treatment by strengthening community health services. It recommends integrating treatment into primary health care, in schools and in prisons. It says mental health should be covered by insurance plans.

Climate Change Could Intensify Violence Against Women, Study Says

Weather disasters that happen more often because of climate change create conditions in which gender-based violence often spikes, according to new research.    

The study, published in the journal The Lancet Planetary Health, reviewed research from five continents and found increased violence against women and girls in the aftermath of floods, droughts, hurricanes and other extreme weather events that are becoming more frequent as the planet warms. Humanitarian organizations that respond to weather disasters should be aware of this troubling trend when planning their operations, the study authors said.  

“When we think of climate change effects, we think of some very drastic and very visual things, things like floods, disruptions of cities, supply chain disruptions — which are all very valid and very real risks of climate change,” said study author Sarah Savić Kallesøe, a public health researcher at Simon Fraser University in Canada. “But there are also some more veiled consequences that are not as easily visible or easily studied. And one of those things is gender-based violence.”  

The researchers scoured online databases to find studies on rape, sexual assault, child marriage and other forms of gender-based violence following extreme weather events.  

The initial search, based on broad keywords like “violence,” “women,” and “weather,” yielded more than 20,000 results, each of which Savić Kallesøe and her colleagues screened individually to determine whether they were relevant.  

Only 41 studies that assessed links between gender-based violence and extreme weather made the cut. The researchers then graded the robustness of each study’s methodology using standard rubrics for grading data quality. Although many of the papers were flawed and a few contradicted each other, most studies — especially the higher quality ones — reported a rise in gender-based violence following extreme weather, Savić Kallesøe said.  

For instance, one study found that new moms were more than eight times as likely to be beaten by their romantic partners after Hurricane Katrina if they had suffered storm damage than before the storm hit. Five studies of good or fair quality linked drought in sub-Saharan Africa to upticks in sexual and physical abuse by romantic partners, child marriage, dowry violence, and femicide.  

And interviews with survivors revealed that seeking disaster aid can make women more vulnerable: “The shelter is not safe for us. Young men come from seven or eight villages,” said one survivor to researchers following Cyclone Roanu in Bangladesh in 2016. “I feel frightened to stay in the shelters. I stay at my house rather than taking my teenage daughter to the shelters,” she added.

Lindsay Stark, a social epidemiologist at the Brown School of the Washington University in St. Louis, said the pattern “is something that those of us who are working in the humanitarian space know intrinsically, because we see it all the time. So, it is very nice to see this distillation of the evidence.”  

Savić Kallesøe emphasized that climate change itself doesn’t directly cause gender-based violence. Instead, she and her colleagues found that gender-based violence is “exacerbated by extreme weather events because it’s a type of coping strategy at the expense of women, girls, and sexual and gender minorities,” she said.  

Extreme weather can place people under enormous stress, displace them, force them into crowded relief camps, destroy their livelihoods, and expose them to strangers who might do them harm. Layered over the gender roles that often drive gender-based violence, these risk factors make women especially vulnerable. For instance, a family might marry off a daughter early to have one less mouth to feed after a flood, or a man stressed after a hurricane might snap and strike his wife.  

Researchers widely recognize that humanitarian crises, like conflict or forced migration, tend to expose women and girls to violence. That climate disasters would have similar consequences isn’t surprising, said Lori Heise, an expert on gender equity at the Johns Hopkins Bloomberg School of Public Health.  

However, the exact ways in which climate disasters lead to gender-based violence still aren’t clear from the data. Few high-quality studies are available — and almost no data has been collected on the challenges faced by LGBTQ people following extreme weather events. The new study highlights the need for more and better research and for humanitarian organizations to engage with women and girls in climate-stressed areas about how best to protect them when disaster strikes, Savić Kallesøe said.

“Gender-based violence is happening all the time, everywhere,” Stark said. “We need to be preventing gender-based violence now … and to understand that if we don’t act now, the situation is going to increase exponentially with the impending climate crisis that we all know is upon us.”

WHO Meeting on Monkeypox Outbreak, Disease Name Change

More than 1,600 confirmed monkeypox cases and almost 1,500 suspected cases have been reported this year from seven countries where monkeypox has been detected for years and 32 newly affected countries, according to the World Health Organization director-general, Dr. Tedros Adhanom Ghebreyesus.

“Europe remains the epicenter of this escalating outbreak,” Dr. Hans Henri P. Kluge, WHO regional director for Europe, said, with “85% of the global total.”

WHO is convening an emergency meeting next week to discuss the mounting outbreak and whether the name of the disease should be changed.

A group of scientists said in a statement recently on virological.com, “In the context of the current global outbreak, continued reference to, and nomenclature of this virus being African is not only inaccurate but is also discriminatory and stigmatizing. The most obvious manifestation of this is the use of photos of African patients to depict the pox lesions in mainstream media in the global north. Recently, Foreign Press Association, Africa, issued a statement urging the global media to stop using images of African people to highlight the outbreak in Europe.”

Monkeypox, according to a description on WHO’s website, “is a zoonosis: a disease that is transmitted from animals to humans.”

Human-to-human transmission is limited, according to WHO, but can occur “through contact with bodily fluids, lesions on the skin or on internal mucosal surfaces, such as in the mouth or throat, respiratory droplets and contaminated objects.”

Early Omicron Infection Unlikely to Protect Against Current Variants

People infected with the earliest version of the omicron variant of the coronavirus, first identified in South Africa in November, may be vulnerable to reinfection with later versions of omicron even if they have been vaccinated and boosted, new findings suggest.

Vaccinated patients with omicron BA.1 breakthrough infections developed antibodies that could neutralize that virus plus the original SARS-CoV-2 virus, but the omicron sublineages circulating now have mutations that allow them to evade those antibodies, researchers from China reported on Friday in Nature.

Omicron BA.2.12.1, which is now causing most of the infections in the United States, and omicron BA.5 and BA.4, which account for more than 21% of new U.S. cases, contain mutations not present in the BA.1 and BA.2 versions of omicron.

Those newer sublineages “notably evade the neutralizing antibodies elicited by SARS-CoV-2 infection and vaccination,” the researchers found in test-tube experiments.

The monoclonal antibody drugs bebtelovimab from Eli Lilly and cilgavimab, a component of AstraZeneca’s Evusheld, can still effectively neutralize BA.2.12.1 and BA.4/BA.5, the experiments also showed.

But vaccine boosters based on the BA.1 virus, such as those in development by Pfizer/BioNTech and Moderna, “may not achieve broad-spectrum protection against new omicron variants,” the researchers warned.

Previous research that has not yet undergone peer review has suggested that unvaccinated people infected with omicron are unlikely to develop immune responses that will protect them against other variants of the coronavirus.

“My personal bias is that while there may be some advantage to having an omicron-specific vaccine, I think it will be of marginal benefit over staying current with the existing vaccines and boosters,” said Dr. Onyema Ogbuagu, an infectious diseases researcher at Yale School of Medicine in New Haven, Connecticut, who was not involved in the new study.

“Despite immune evasion, the expectation can be that vaccines will still protect against serious disease,” Ogbuagu said. “If you’re due for a booster, get a booster. What we’ve learned clinically is that it’s most important to stay up to date with vaccines” to maintain high levels of COVID-19 antibodies circulating in the blood.

Adolfo Garcia-Sastre, a microbiology and infectious diseases researcher at the Icahn School of Medicine at Mount Sinai in New York City, suggested that better protection might be seen with vaccines that target multiple strains of the virus or with intranasal vaccines that would increase protection from infection and transmission by generating immunity in the lining of the nose, where the virus first enters.

Garcia-Sastre, who was not involved in the research, said by the time one variant-specific vaccine becomes available, a new variant may well have taken over.

Hundreds of Millions of People Affected by Drought, Desertification

In marking the World Day to Combat Desertification and Drought, the United Nations is calling for better land management and regreening initiatives to tackle the twin disasters. 

Europe is struggling with an unusually early and intense heat wave, which has spread from North Africa. That has been preceded by a prolonged heat wave in India and Pakistan in March and April. 

Spokeswoman for the World Meteorological Organization, Clare Nullis, said European countries are experiencing scorching temperatures in mid-June that are more typical of those in July or August. She added that temperatures more than 10 degrees higher than average are combined with drought in many parts of Europe. 

“As a result of climate change, heat waves are starting earlier. They are becoming more frequent and more severe because of concentrations of greenhouse gases in the atmosphere, which are at record level,” Nullis said. “What we are witnessing today is, unfortunately, a foretaste of the future.” 

Heat waves can exacerbate drought and wildfires, and trigger desertification. Droughts are increasing in frequency and severity, the WMO says, adding that they have gone up by 29 percent since 2000, affecting 55 million people a year. 

The World Health Organization calls drought an urgent, global issue. It says droughts are getting more frequent and fiercer in all regions, affecting the health and well-being of millions of people. WHO spokeswoman Carla Drysdale said a particularly hard-hit region is the greater Horn of Africa. 

“In the past 10 years, the region has endured three severe droughts,” Drysdale said. “The frequency and severity of droughts in recent years, linked to the changing climate, has made it harder and harder for families to recover from these shocks. … Millions in the greater Horn of Africa are facing acute hunger.” 

U.N. agencies agree early action can avert a crisis, lessen the impact of drought, and reverse desertification. They say measures such as rainwater harvesting, drip irrigation systems, and crop engineering that increases resilience to dry conditions can ward off some of the worst effects of drought. 

They recommend better land management, tree planting and other regreening projects to combat desertification and restore the land to what it was. They also point to the Great Green Wall of the Sahel project in Africa, which has restored millions of hectares of land and created thousands of jobs, from Dakar, Senegal, to Djibouti. 

 

Funeral Alternative Turns Corpses to Garden Soil

Many people are trying to live more eco-friendly lives. But what about more eco-friendly deaths? For VOA, Svitlana Prystynska introduces us to the business of corpse composting. First, a caution: Some may find the subject matter disturbing.

WTO Ministers Reach Deals on Fisheries, Food, COVID Vaccines

After all-night talks, members of the World Trade Organization early Friday reached a string of deals and commitments aimed at limiting overfishing, broadening production of COVID-19 vaccines in the developing world, improving food security and reforming a 27-year-old trade body that has been back on its heels in recent years.

WTO Director-General Nzogi Okonjo-Iweala, after a pair of sleepless nights in rugged negotiations, concluded the WTO’s first ministerial conference in 4 1/2 years by trumpeting a new sense of cooperation at a time when the world faces crises like Russia’s war in Ukraine and a once-in-a-century pandemic that has taken millions of lives.  

“The package agreements you have reached will make a difference to the lives of people around the world,” said Okonjo-Iweala, landing what she called an “unprecedented package of deliverables” after 15 months in the job. “The outcomes demonstrate that the WTO is in fact capable of responding to emergencies of our time.”

The agreements could breathe new life into a trade body that faced repeated criticism from the administration of former U.S. President Donald Trump, which accused the WTO of a lack of fairness to the United States and was caught in a growing economic and political rivalry between the U.S. and China. In recent years, Washington has incapacitated the WTO’s version of an appeals court that rules on international trade disputes.

The WTO operates by consensus, meaning that all of its 164 members must agree on its deals — or at least not get in the way. The talks at times took place in backrooms or inside chats because some delegates didn’t want to be in the same space as their counterparts from Russia — as a way to protest President Vladimir Putin’s invasion of Ukraine, which has had fallout far beyond the battlefield, such as on food and fuel prices.

Among the main achievements Friday was an accord, which fell short of early ambitions, to prohibit both support for illegal, unreported and unregulated fishing and for fishing in overtaxed stocks in the world’s oceans. It marked the WTO’s first significant deal since one in 2013 that cut red tape on treatment of goods crossing borders — and arguably one of its most impactful.

“WTO members have for the first time, concluded an agreement with environmental sustainability at its heart,” Okonjo-Iweala said. “This is also about the livelihoods of the 260 million people who depend directly or indirectly on marine fisheries.”

The WTO chief said the deal takes a first step to curb government subsidies and overcapacity — too many operators — in the fishing industry.

More controversial was an agreement on a watered-down plan to waive intellectual property protections for COVID-19 vaccines, which ran afoul of advocacy groups that say it did not go far enough — and could even do more harm than good.

“The TRIPS waiver compromise will contribute to ongoing efforts to concentrate and diversify vaccine manufacturing capacity so that a crisis in one region does not leave others cut off,” Okonjo-Iweala said of the waiver of intellectual property protections.

U.S. Trade Representative Katherine Tai hailed a “concrete and meaningful outcome to get more safe and effective vaccines to those who need it most.”

“This agreement shows that we can work together to make the WTO more relevant to the needs of regular people,” she said in a statement.  

Her announcement a year ago that the U.S. would break with many other developed countries with strong pharmaceutical industries to work toward a waiver of WTO rules on COVID-19 vaccines served as an impetus to talks around a broader waiver sought by India and South Africa.

But some advocacy groups were seething. Aid group Doctors Without Borders called it a “devastating global failure for people’s health worldwide” that the agreement stopped short of including other tools to fight COVID-19, including treatments and tests.  

“The conduct of rich countries at the WTO has been utterly shameful,” said Max Lawson, co-chair of the People’s Vaccine Alliance and head of inequality policy at Oxfam.  

He said the European Union, United States, Britain and Switzerland blocked a stronger text.

“This so-called compromise largely reiterates developing countries’ existing rights to override patents in certain circumstances,” Lawson said.  

Indian Commerce Minister Piyush Goyal, whose tough negotiating stance had frustrated some developed countries during the talks, said the ministerial meeting was a “big boost for multilateralism” and showed progress on issues — like fisheries — that have been lagging for decades.

“India is 100% satisfied with the outcome,” he told reporters in Geneva. “I am not returning to India with any worries.”  

The meeting also agreed to lift export restrictions that have weighed on the U.N.’s World Food Program, which is trying to offset the impact of rising food prices and fallout from the war in Ukraine on shipments of wheat, barley and other food staples from the country that is a key producer.

Some US Clinics Halting Abortions While Bracing for Roe’s Fall

Abortion providers in some places where the procedure could be banned if the U.S. Supreme Court overturns Roe v. Wade are bracing for a ruling by halting scheduling for the procedure, transitioning staff to help patients travel to other states and creating networks of clinics that will span across regions of the country.

Planned Parenthood of Wisconsin, which operates three clinics that provide abortions in the state, is not scheduling the procedure beyond June 25 as it anticipates a late June decision reversing the landmark 1973 decision that guaranteed abortion rights nationwide. The organization in recent weeks has dedicated two staff members to help patients book appointments and figure out how to get to clinics.

Whether clinics in Wisconsin will be able to provide abortions, though, has turned into a day-to-day question.

“One of the hardest aspects of this is not knowing what day this decision will come down and what it will be,” said Michelle Velasquez, the director of legal advocacy and services at Planned Parenthood Wisconsin. “The unknown has been difficult.”

It’s a window into what abortion providers and access funds are planning in more than a dozen other states across the South and Midwest. In South Dakota this week, the state’s only abortion clinic, also operated by Planned Parenthood, announced it had “paused” scheduling abortions beyond the end of the month. In Oklahoma, providers already stopped the procedure after a law was enacted to ban it.

In Wisconsin, a law banning abortion has been on the books since 1849, but Roe v. Wade overrode it. While Roe’s fall would likely spark a legal tussle over whether it is valid, Planned Parenthood does not want to put its staff at risk of prosecution.

Velasquez said clinic staff wanted to provide abortions in Wisconsin up until the last minute it was legal, but also had to consider that scheduling appointments for dates when it could become illegal could create uncertainty and be “distressing” for patients.

Velasquez acknowledged that the Supreme Court could release its decision as soon as next week, even while Planned Parenthood has appointments on the books. She said if that happened, Planned Parenthood would help those patients book appointments for abortions in nearby states, such as Minnesota and Illinois. Patients could still get counseling, lab work and ultrasounds in Wisconsin in the meantime.

“We wouldn’t leave patients, like, ‘You’re on your own,'” Velasquez said.

“Even if we can’t provide the medications or we can’t do a procedure, we are absolutely able to help people find the care they need,” she added.

The strategy will inevitably put more pressure on providers in states in the region where abortion will still be legal, said Caitlyn Myers, an economics professor at Middlebury College who studies abortion access.

“As hundreds of thousands of women flood out of these states, it is going to enormously tax the resources of these providers,” she said. “I don’t think they are prepared for this huge influx.”

It comes as the number and rates of U.S. abortions is on the rise after a long decline. Abortions increased from 2017-20, according to figures from the Guttmacher Institute, a research group that supports abortion rights. It counted more than 930,000 abortions in the U.S. in 2020.

Clinics shuttering, like one did in Idaho recently, or halting scheduling show that a post-Roe reality has already arrived in many places. Myers said getting an appointment for an abortion may soon become “critical” across the country.

Wall Street Tumbles on Fears for Economy as More Rates Rise

Fear swept through financial markets Thursday, and Wall Street tumbled as worries roared back to the fore that the world’s fragile economy may buckle under higher interest rates. 

The S&P 500 fell 3.3% in a widespread wipeout to more than reverse its blip of a 1.5% rally from a day before. Analysts had warned of more big swings given deep uncertainties about whether the Federal Reserve and other central banks can tiptoe the narrow path of hiking interest rates enough to get inflation under control but not so much that they cause a recession. 

The Dow Jones Industrial Average lost 2.4% and was briefly down more than 900 points, while the Nasdaq composite sank 4.1%. It was the sixth loss for the S&P 500 in its last seven tries, and all but 3% of the stocks in the index dropped. 

Wall Street fell with stocks across Europe after central banks there followed up on the Federal Reserve’s big interest-rate hike on Wednesday. The Bank of England raised its key rate for the fifth time since December, though it opted for a more modest increase of 0.25 percentage points than the 0.75-point hammer brought by the Fed. 

Switzerland’s central bank, meanwhile, raised rates for the first time in years, a half-point hike. Taiwan’s central bank raised its key rate by an eighth of a point. Japan’s central bank began a two-day meeting, though it has held out on raising rates and making other economy-slowing moves that investors call “hawkish.” 

Such moves and expectations for plenty more have sent investments tumbling this year, from bonds to bitcoin. Higher interest rates slow the economy by design, in hopes of stamping out inflation. But they’re a blunt tool that can choke off the economy if used too aggressively. 

“Another concern is that with the change in policy, there’s been weakening economic data already,” said Bill Northey, senior investment director at U.S. Bank Wealth Management. “That raises the odds of a recession in the latter part of 2022 into 2023.” 

The worries dragged the S&P 500 into a bear market earlier this week, meaning it had dropped more than 20% from its peak. It’s now 23.6% below its record set early this year and back to where it was in late 2020. That effectively erases 2021, which was one of the best years for Wall Street since the turn of the millennium. 

The S&P 500 fell 123.22 points to 3,666.77. The Dow lost 741.46 to 29,927.07, and the Nasdaq dropped 453.06 to 10,646.10. Thursday’s biggest losses hit the stocks of the smallest companies, a signal of pessimism about the economy’s strength. The Russell 2000 index of smaller stocks sank 81.30, or 4.7%, to 1,649.84. 

Not only is the Federal Reserve hiking short-term rates, it also this month began allowing some of the trillions of dollars of bonds it purchased through the pandemic to roll off its balance sheet. That should put upward pressure on longer-term interest rates. It’s another way central banks have been ripping away supports they earlier propped underneath markets to juice the economy. 

The U.S. economy is still holding up, driven in particular by a strong jobs market. Fewer workers filed for unemployment benefits last week than a week before, a report showed on Thursday. But more signs of trouble have been emerging. 

On Thursday, one report showed homebuilders broke ground on fewer homes last month. Rising mortgage rates resulting directly from the Fed’s moves are digging into the industry. A separate reading on manufacturing in the mid-Atlantic region also unexpectedly fell. 

“Corporate earnings estimates have not yet changed to reflect some of the softening economic data and that could lead to the second leg of this repricing,” Northey said. 

Treasury yields swung sharply on Thursday, with the 10-year yield down to 3.23% from 3.39% late Wednesday. It had climbed as high as 3.48% in the morning, near its highest level since 2011. 

Higher rates have been delivering the hardest hits this year to the investments that soared the most through the easy, ultralow rates of earlier in the pandemic, which now look to be among the most expensive and risky investments. That includes bitcoin and high-growth technology stocks. 

Big Tech stocks were among the heaviest weights on the market Thursday, but the sharpest losses hit stocks whose profits depend more on the strength of the economy and whether customers can keep up their purchases amid the highest inflation in decades. 

Cruise operators Norwegian Cruise Line Holdings, Royal Caribbean Group and Carnival all lost more than 11%. 

It’s all a sharp turnaround from a day earlier, when stocks rallied immediately after the Fed’s biggest hike to rates since 1994. Analysts said investors seemed to latch onto a comment from Fed Chair Jerome Powell, who said mega-hikes of three-quarters of a percentage point would not be common. 

Powell said Wednesday the Fed is moving “expeditiously” to get rates closer to normal levels after last week’s stunning report that showed inflation at the consumer level unexpectedly accelerated last month, which dashed hopes that inflation may have already peaked. 

The Fed is “not trying to induce a recession now, let’s be clear about that,” Powell said. He called Wednesday’s big increase “front-end loading.”