Securities and Exchange Commission Chair Gary Gensler, who was aggressive in his oversight of cryptocurrencies and other financial markets, will step down from his post on Jan. 20. Gensler pushed changes that he said protected investors, but the industry and many Republicans bristled at what they saw as overreach. President-elect Donald Trump had promised during his campaign that he would remove Gensler. But Gensler on Thursday announced that he would be stepping down from his post on the day that Trump is inaugurated. Bitcoin has jumped 40% since Trump’s victory. It hit new highs Thursday and was nearing $100,000. Bitcoin moved notably higher still after Gensler's resignation was announced. Gensler's stance on the rise of cryptocurrencies was captured during a speech he gave during the first year of his chairmanship in 2021 where he described the market as “the Wild West.” “This asset class is rife with fraud, scams, and abuse in certain applications,” he said in a speech at the Aspen Security Forum. “There’s a great deal of hype and spin about how crypto assets work. In many cases, investors aren’t able to get rigorous, balanced, and complete information.” Under Gensler, the SEC brought actions against players in the crypto industry for fraud , wash trading and other violations, including as recently as last month when the commission brought fraud charges against three companies purporting to be market makers, along with nine individuals for trying to manipulate various crypto markets. Yet access to cryptocurrencies became more widespread under Gensler. In January, the SEC approved exchange-traded funds that track the spot price of bitcoin. With such ETFs, investors could get easier access to bitcoin without the huge overlays required to buy it directly. Gensler, however, acknowledged the SEC had denied earlier, similar applications for such ETFs, including Grayscale Bitcoin Trust, among the first to eventually be approved by the SEC. “Circumstances, however, have changed,” Gensler said, pointing to a ruling by the U.S. Court of Appeals for the District of Columbia that said the SEC failed to adequately explain its reasoning in rejecting Grayscale’s proposal. Even there, Gensler made sure not to endorse the merits of bitcoin. He pointed to how ETFs that hold precious metals are tracking prices of things that have “consumer and industrial users, while in contrast bitcoin is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware, money laundering, sanction evasion, and terrorist financing.” Gensler was tested early in his tenure with the rise of the meme stock phenomenon that shocked the financial system in early 2021. Earlier this year, the SEC under Gensler pushed Wall Street to speed up how long it takes for trades of stocks to settle, one of the areas where the commission’s staff recommended changes following the reckoning created by GameStop , one of the first meme stocks. In the depths of the COVID-19 pandemic, hordes of smaller-pocketed and novice investors suddenly piled into the stock of the struggling video-game retailer. During the height of the frenzy, several brokerages barred customers from buying GameStop after the clearinghouse that settles their trades demanded more cash to cover the increased risk created by its highly volatile price. In May 2024, new rules meant broker-dealers have to fully settle their trades within one business day of the trade date, down from the previous two. Critics of the SEC under Gensler have called many of the agency's proposals overly burdensome. The investment industry, for example, is pushing against a proposal to force some advisers and companies disclose more about their environmental, social and governance practices, otherwise known as ESG. Critics say the proposal is overly complex and increases the risk of investor confusion, while imposing unnecessary burdens and costs on funds. On Thursday, Gensler stood by the SEC's track record under his direction. “The staff and the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors and issuers alike," Gensler said in prepared remarks. “The staff comprises true public servants." Gensler previously served as Chair of the U.S. Commodity Futures Trading Commission, leading the Obama Administration’s reform of the $400 trillion swaps market. He also was senior advisor to U.S. Senator Paul Sarbanes in writing the Sarbanes-Oxley Act (2002) and was undersecretary of the Treasury for Domestic Finance and assistant secretary of the Treasury from 1997-2001.Coimbatore: AMMK general secretary T T V Dhinakaran on Saturday said children of politicians entering politics was a common phenomenon across the world. "If people accept them through an election, how could it be wrong?" he asked. Speaking to reporters here on the day, he questioned VCK leader Adhav Arjuna's claim that someone could become chief minister simply by birth. "In electoral politics, people vote for a party that decides who the chief minister will be. Udhayanidhi Stalin has won the election and why his political entry should be criticised. Seniority is important in politics, but it is not the only criterion for party or administrative positions." T T V, however, clarified that his remarks were not in support of the DMK or dynasty politics. "I am just stating the fact." Responding to Vijay's comment about the DMK's claims to win the next assembly elections, he said, "It is natural for parties to assert they will win all 234 constituencies, and there seems to be no arrogance or pride in such statements." He, however, accused the DMK govt of corruption and mishandling the recent flood crisis in the state. "Despite having many senior ministers, this govt is anti-people and has failed to fulfil 90% of its election promises. The NDA will highlight these issues in the 2026 assembly elections." Stay updated with the latest news on Times of India . Don't miss daily games like Crossword , Sudoku , and Mini Crossword .
South Korea's president avoids an impeachment attempt over martial law
The Federal Government says the COVID variant — XEC, has not been detected in Nigeria. The Ministry of Health and Social Welfare said this in a statement issued by Mr Alaba Balogun, the Deputy Director, Information and Public Relations, in Abuja on Saturday. According to him, it has become imperative to correct the misinformation and fear of the public concerning the resurgence of COVID-19 in Nigeria. He added that the contents of a letter with Ref.No.DHS/INSPDIV/017/VOL.1/46 dated Dec. 5, implying that the variant was in the country and has been circulating on social media, should be ignored. He stated that “you may recall that a newly detected COVID variant, XEC, was reported in Australia and has spread to 29 countries globally, showing more virulence over other circulating strains with concern over its possible impact on service delivery in our federal tertiary hospitals. “However, the good news is that there is no evidence of COVID variant XEC in Nigeria. “In light of the above, the public is advised not to panic but to continue with the universal precautions of observing personal hygiene, including regular washing of hands.” Alaba noted that the ministry, through her agencies, stepped up surveillance, including at all entry points to Nigeria. He added that the federal government proactively upgraded its federal tertiary hospitals by establishing molecular laboratories, isolation centres, and intensive care units (ICUs) equipped with ventilators. The XEC variant is a sub-variant of the SARS-CoV-2 Omicron strain, first reported in May. The virus had been detected in 43 countries across Europe, Asia, and North America. However, in Africa, Botswana reported one XEC case from a hospitalised European traveller.Harry Kane 's miserable trophy drought at Bayern Munich continued on Tuesday night as his team-mates were dumped out of the German Cup last-16 by rivals Bayer Leverkusen . Bayern finished the game with 10 men after Manuel Neuer was shown a red card for the first time in his career after he clattered Jeremie Frimpong. Former Burnley star Nathan Tella came back to haunt his old boss Vincent Kompany by netting the winner in the 69th minute. Kane was not present at the Allianz Arena as he continues his recovery from a hamstring injury and could only watch on in frustration from the sidelines as Bayern were beaten by Leverkusen, the team that pipped them to the title last season in incredible fashion. Kane's failure to win a trophy last season prolonged his career-long silverware drought and meant that Bayern completed a season without winning a cup for the first time since 2012 and he will be devastated that another opportunity has gone begging. There is still a strong chance Bayern will win the Bundesliga after holding a four-point lead over Eintracht Frankfurt at the top of the table, though they had a much healthier advantage before being held to a 1-1 draw against Borussia Dortmund on Saturday. Bayern president Uli Hoeness is so confident the club will win the league he has promised the title to fans, so it would be a huge disappointment if the club were to falter next summer. "What I can promise is the championship title," Hoeness said. "We are currently in a fantastic position. We sit atop the league table, and our only real competitors, Bayer and Leipzig, are trailing significantly behind us." Bayern certainly missed the presence of Kane against Leverkusen after he limped out of their draw against Dortmund. The England captain has scored 20 goals in 19 games for the German giants this season, having scored 44 in 45 games in the last campaign. Kompany will be eager to have him back on the pitch as quickly as possible and this week revealed he was optimistic of a return before the end of the year. Bayern's winter break begins on December 22. "There's a chance he'll play again this year but he'll definitely miss a few games," he said. Kompany backed his squad to provide firepower in Kane's absence but admitted they could not replace his goals "one to one". "You cannot replace the goals or the player one-for-one - that's why he is a top player. We have talent in the team and need to solve it differently. We have many options. Obviously, Harry has scored 20 goals but we have other players who score goals." Join our new WhatsApp community and receive your daily dose of Mirror Football content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice. Sky has slashed the price of its Sky Sports, Sky Stream, Sky TV and Netflix bundle in an unbeatable new deal that saves £240 and includes 1,400 live matches across the Premier League, EFL and more.
NEW YORK (AP) — U.S. stocks tiptoed to more records amid a mixed Tuesday of trading, tacking a touch more onto what’s already been a stellar year so far. The S&P 500 edged up by 2 points, or less than 0.1%, to set an all-time high for the 55th time this year. It’s climbed in 10 of the last 11 days and is on track for one of its best years since the turn of the millennium. Javascript is required for you to be able to read premium content. Please enable it in your browser settings.
Rep. Ro Khanna (D-CA) swore his "support" to the new Department of Government Efficiency when it comes to the defense budget . In the weeks since President-elect Donald Trump won the Oval Office, he has named Tesla CEO Elon Musk and entrepreneur Vivek Ramaswamy the heads of DOGE . While they aren't government officials, it is their job to create "a lean team of small-government crusaders” to work closely with the White House Office of Management and Budget. Despite Khanna's disagreements with Ramaswamy, he confirmed on CNN Newsroom on Monday that there are some areas DOGE should fix. "Let me provide an area where there could be bipartisan collaboration. I mean, the defense budget, which is nearly $1 trillion, is dominated by five crimes. There has been tremendous reporting about the waste, fraud, and abuse in that budget. The Pentagon hasn‘t passed an audit and has failed the last six or seven audits. So, if they go to say there needs to be more open competition, not the monopolization in defense contractors, and propose recommendations, that's something that I think could be supported." "When it comes to cutting waste, fraud, and abuse and opening the 5 primes to more competition, there are Democrats on [House Armed Services Committee] who will work with @elonmusk and @DOGE," Khanna captioned the clip on X. "Cool!" Musk responded to the clip. Rep. Marjorie Taylor Greene (R-GA) will head the House DOGE subcommittee under the Oversight Committee. Sen. Joni Ernst (R-IA) will lead the DOGE Senate Caucus. Since they will be run by Republican members, Khanna issued a few warnings to avoid pushback from the Democratic Party. CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER "If they find areas of truly wasteful spending across the government, they would get support. But if they start to recommend cuts in Social Security or Medicare or Title I education funding, they'll face strong resistance. So it really just depends on what they recommend," Khanna said. Ramaswamy called to abolish the department as recently as last summer while running his own campaign for president. Khanna reacted to the news that he referred to as "horrifying" that the Education Department could be in Ramaswamy's crosshairs. According to Khanna, the investment into education between 1910 and 1940 made America the superpower it is.
Memphis vs. Mississippi State Basketball Tickets – Saturday, December 21OMAHA, Neb. (AP) — Creighton point guard Steven Ashworth likely won't play Tuesday in the No. 21 Bluejays' game against San Diego State in the Players Era Festival in Las Vegas. Ashworth sprained his right ankle late in a loss to Nebraska on Friday, and coach Greg McDermott said he didn't know how long he would be out. “He stepped on a guy's foot on a 3-point shot and you're defenseless in that situation," McDermott said after the game. "He torqued it pretty good.” An athletic department spokesman said Monday that Ashworth's status was doubtful for the game against the Aztecs. Ashworth is Creighton's second-leading scorer with 16 points per game and leads the team with 6.4 assists per game. He also is 23 of 23 on free throws. Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here . AP collegebasketball: https://apnews.com/hub/ap-top-25-college-basketball-poll and https://apnews.com/hub/college-basketball
NoneOppenheimer & Co. Inc. Has $263,000 Position in BlackRock New York Municipal Income Trust (NYSE:BNY)
British ambassador to the U.S. Karen Pierce joins ‘Cavuto Live’ to discuss meetings between President-elect Trump and other world leaders at the reopening of Notre Dame. Social media users erupted over President-elect Trump's "dominating" handshake with French President Emmanuel Macron at their meeting in Paris Saturday. Trump traveled to France to attend the reopening of the Notre Dame Cathedral in Paris, his first international trip since winning the 2024 presidential election. Ahead of the event, Trump met Macron, and the two shook hands in a gesture that quickly went viral online. "President Trump is back to dominating world leaders with his handshake," one user, George, wrote in a post on X. "Macron is going to need a hand massage after all that twisting and pulling Trump did to him." TRUMP MEETS WITH MACRON, ZELENSKYY AHEAD OF THE NOTRE DAME REOPENING CEREMONY IN PARIS French President Emmanuel Macron, right, shakes hands as he welcomes U.S. President-elect Trump before a meeting at the Élysée Presidential Palace in Paris Dec. 7, 2024. (Mustafa Yalcin) "President Trump manhandles French President Emmanuel Macron with one of the most dominating handshakes I’ve ever seen," said commentator Drew Hernandez. "We are so back." DAVID MARCUS: TRIUMPHANT TRUMP AT NOTRE DAME SIGNALS AMERICA AND THE WEST ARE BACK Colin Rugg wrote, "7 years later and the handshake battle continues between Donald Trump and Emmanuel Macron." During a meeting in 2017, during Trump's first term in office, the two world leaders had a 29-second handshake and appeared to be tugging back and forth as they walked with their wives. French President Emmanuel Macron meets with President-elect Trump at the Élysée Palace Dec. 7, 2024, in Paris (Oleg Nikishin) "The Trump-Macron handshake is hilarious," author John Lefevre said in a post on X. "Because it happened twice. And you know Macron was told to prepare and probably practiced and then still got dominated." Trump's handshakes with world leaders have gone viral over the years, including when he pulled in Russian President Putin's arm during a handshake at the G-20 Summit in 2019. CLICK HERE TO GET THE FOX NEWS APP Trump attended the reopening ceremony alongside political figures, including first lady Jill Biden and Prince William. Aubrie Spady is a Writer for Fox News Digital.This Emirati driver on verge of winning world title in self-created car
The connections are clear between the Tampa Bay Buccaneers and Carolina Panthers, longtime NFC South rivals. The teams get together for a meeting on Sunday in Charlotte and showed recent signs they can play with any team. "It's an NFC South battle," Buccaneers coach Todd Bowles said. "All of them are going to be hard, none of them (are) going to be easy. ... They're playing pretty good football. They missed some games here and there, but they're playing very good football. It's going to be a tough battle." Few introductions are needed on Sunday, as first-year Panthers coach Dave Canales came to Carolina after serving as Buccaneers offensive coordinator a season ago. Canales' prized pupil last season, Tampa Bay quarterback Baker Mayfield was with the Panthers for part of the 2022 campaign. "There's some familiarity," Canales said of his connection to the Buccaneers. "Knowing coach Bowles, he's got a really sophisticated system and he attacks each team with a specific game plan. There's some principles that carry over. I know that he's going to have some things up his sleeve." The Buccaneers (5-6) playing a division opponent for the first time since an Oct. 27 loss to the Atlanta Falcons. The goal will be notching back-to-back wins for the first time since the first two weeks of the season. Four different ball-carriers, including Mayfield, found the end zone on the ground during a 30-7 drubbing of the New York Giants last Sunday. Mayfield also completed 24 of 30 passes for 294 yards. "For me, the biggest thing was blocking and tackling," Bowles said of what his team did well last weekend. "We cleaned up the fundamental and technique part of it." Star wideout Mike Evans was back in action for Tampa Bay following a three-game absence due to a hamstring injury. He finished with five receptions for 68 yards against the Giants and now gets a crack at a Carolina team allowing a league-high 30.9 points per game this season. However, the Panthers have tightened up their play as of late, winning two games in a row before hanging with the two-time defending champion Kansas City Chiefs in a 30-27 setback last Sunday. The outing against Kansas City may have been the most efficient performance of Panthers quarterback Bryce Young's two-year career. Young completed 21 of 35 passes for 263 yards and one score without throwing a pick. "It's not all Bryce, it's the whole unit," Canales said. "It's a collective effort, but he certainly needs to be the voice and driver of that." Wide receiver Jalen Coker (quadriceps), tight end Ja'Tavion Sanders (neck) and safety Lonnie Johnson (personal) were all missing from practice on Wednesday for Carolina. Defensive end LaBryan Ray is dealing with a hand issue and was among those limited. Safety Jordan Whitehead (pectoral) was one of four Buccaneers to miss practice on Wednesday. Evans practiced in full. Carolina and Tampa Bay might as well get used to each other, as the two teams will collide again in Week 17. --Field Level MediaTrump Cabinet picks, appointees targeted by bomb threats and swatting attacksNEW YORK — President-elect Donald Trump’s lawyers formally asked a judge Monday to throw out his hush money criminal conviction , arguing continuing the case would present unconstitutional “disruptions to the institution of the Presidency.“ In a filing made public Tuesday, Trump’s lawyers told Manhattan Judge Juan M. Merchan that dismissal is warranted because of the “overwhelming national mandate granted to him by the American people on November 5, 2024.” They also cited President Joe Biden’s recent pardon of his son, Hunter Biden, who was convicted of tax and gun charges . “President Biden asserted that his son was ‘selectively, and unfairly, prosecuted,’ and ‘treated differently,’" Trump’s legal team wrote. The Manhattan district attorney, they claimed, engaged in the type of political theater "that President Biden condemned.” Prosecutors will have until Dec. 9 to respond. They have said they will fight any efforts to dismiss the case but indicated a willingness to delay the sentencing until after Trump’s second term ends in 2029. In their filing Monday, Trump's attorneys dismissed the idea of holding off sentencing until Trump is out of office as a “ridiculous suggestion.” Following Trump’s election victory last month, Merchan halted proceedings and indefinitely postponed his sentencing, previously scheduled for late November, to allow the defense and prosecution to weigh in on the future of the case. He also delayed a decision on Trump’s prior bid to dismiss the case on immunity grounds. Trump has been fighting for months to reverse his conviction on 34 counts of falsifying business records to conceal a $130,000 payment to porn actor Stormy Daniels to suppress her claim that they had sex a decade earlier. He says they did not and denies wrongdoing. Taking a swipe at Bragg and New York City, as Trump often did throughout the trial, the filing argues that dismissal would also benefit the public by giving him and “the numerous prosecutors assigned to this case a renewed opportunity to put an end to deteriorating conditions in the City and to protect its residents from violent crime.” Clearing Trump, the lawyers added, also would allow him to “to devote all of his energy to protecting the Nation.” The defense filing was signed by Trump lawyers Todd Blanche and Emil Bove, who represented Trump during the trial and since were selected by the president-elect to fill senior roles at the Justice Department. A dismissal would erase Trump’s historic conviction, sparing him the cloud of a criminal record and possible prison sentence. Trump is the first former president to be convicted of a crime and the first convicted criminal to be elected to the office. Trump takes office Jan. 20. Merchan hasn’t set a timetable for a decision. Merchan could also decide to uphold the verdict and proceed to sentencing, delay the case until Trump leaves office, wait until a federal appeals court rules on Trump’s parallel effort to get the case moved out of state court or choose some other option. Prosecutors cast the payout as part of a Trump-driven effort to keep voters from hearing salacious stories about him. Trump’s then-lawyer Michael Cohen paid Daniels. Trump later reimbursed him, and Trump’s company logged the reimbursements as legal expenses — concealing what they really were, prosecutors alleged. Trump pledged to appeal the verdict if the case is not dismissed. He and his lawyers said the payments to Cohen were properly categorized as legal expenses for legal work. A month after the verdict, the Supreme Court ruled that ex-presidents can’t be prosecuted for official acts — things they did in the course of running the country — and that prosecutors can’t cite those actions to bolster a case centered on purely personal, unofficial conduct. Trump’s lawyers cited the ruling to argue that the hush money jury got some improper evidence, such as Trump’s presidential financial disclosure form, testimony from some White House aides and social media posts made during his first term. Prosecutors disagreed and said the evidence in question was only “a sliver” of their case. If the verdict stands and the case proceeds to sentencing, Trump’s punishments would range from a fine to probation to up to four years in prison — but it’s unlikely he’d spend any time behind bars for a first-time conviction involving charges in the lowest tier of felonies. Because it is a state case, Trump would not be able to pardon himself once he returns to office. Presidential pardons apply only to federal crimes.
How the revolving door at FAA spins Boeing’s wayWashington, Nov 25 (AP) Federal prosecutors moved on Monday to abandon the classified documents case against President-elect Donald Trump in light of longstanding Justice Department policy that says sitting presidents cannot face criminal prosecution. The announcement in an appeals court filing in Florida came shortly after a similar filing was made by prosecutors in Washington, DC, where they asked to dismiss the case accusing Trump of plotting to overturn the 2020 election. The move amounts to a predictable but nonetheless stunning conclusion to a criminal case that just one year ago had been seen as the most perilous legal threat that he faced. It reflects the practical consequences of Trump's victory, ensuring he enters office free from scrutiny over his hoarding of top secret documents and conduct that prosecutors said had jeopardised national scrutiny. The dismissal had been foreshadowed in recent weeks by the revelation that special counsel Jack Smith was evaluating how to wind down both that case and a separate pending prosecution he brought charging Trump with plotting to overturn the results of the 2020 election. Justice Department legal opinions dating back decades say sitting presidents cannot be indicted or prosecuted while in office. Special counsel Jack Smith asked a federal judge on Monday to dismiss the case accusing President-elect Donald Trump of plotting to overturn the 2020 election, citing longstanding Justice Department policy shielding presidents from prosecution while in office. The move announced in court papers marks the end of the Justice Department's landmark effort to hold Trump accountable for what prosecutors called a criminal conspiracy to cling to power in the run-up to his supporters' attack on the US Capitol on January 6, 2021. Justice Department prosecutors, citing longstanding department guidance that a sitting president cannot be prosecuted, said the department's position is that “the Constitution requires that this case be dismissed before the defendant is inaugurated”. “That prohibition is categorical and does not turn on the gravity of the crimes charged, the strength of the Government's proof, or the merits of the prosecution, which the government stands fully behind,” the prosecutors wrote in Monday's court filing. The decision was expected after Smith's team began assessing how to wind down both the 2020 election interference case and the separate classified documents case in the wake of Trump's victory over Vice President Kamala Harris. The Justice Department believes Trump can no longer be tried in accordance with longstanding policy that says sitting presidents cannot be prosecuted. Trump has cast both cases as politically motivated, and had vowed to fire Smith as soon as he takes office in January. The 2020 election case brought last year was once seen as one of the most serious legal threats facing the Republican as he vied to reclaim the White House. But it quickly stalled amid legal fighting over Trump's sweeping claims of immunity from prosecution for acts he took while in the White House. The US Supreme Court in July ruled for the first time that former presidents have broad immunity from prosecution, and sent the case back to US District Judge Tanya Chutkan to determine which allegations in the indictment, if any, could proceed to trial. The case was just beginning to pick up steam again in the trial court in the weeks leading up to this year's election. Smith's team in October filed a lengthy brief laying out new evidence they planned to use against him at trial, accusing him of using “resorting to crimes” in an increasingly desperate effort to overturn the will of voters after he lost to President Joe Biden. (AP) PY PY (This story has not been edited by THE WEEK and is auto-generated from PTI)
British ambassador to the U.S. Karen Pierce joins ‘Cavuto Live’ to discuss meetings between President-elect Trump and other world leaders at the reopening of Notre Dame. Social media users erupted over President-elect Trump's "dominating" handshake with French President Emmanuel Macron at their meeting in Paris Saturday. Trump traveled to France to attend the reopening of the Notre Dame Cathedral in Paris, his first international trip since winning the 2024 presidential election. Ahead of the event, Trump met Macron, and the two shook hands in a gesture that quickly went viral online. "President Trump is back to dominating world leaders with his handshake," one user, George, wrote in a post on X. "Macron is going to need a hand massage after all that twisting and pulling Trump did to him." TRUMP MEETS WITH MACRON, ZELENSKYY AHEAD OF THE NOTRE DAME REOPENING CEREMONY IN PARIS French President Emmanuel Macron, right, shakes hands as he welcomes U.S. President-elect Trump before a meeting at the Élysée Presidential Palace in Paris Dec. 7, 2024. (Mustafa Yalcin) "President Trump manhandles French President Emmanuel Macron with one of the most dominating handshakes I’ve ever seen," said commentator Drew Hernandez. "We are so back." DAVID MARCUS: TRIUMPHANT TRUMP AT NOTRE DAME SIGNALS AMERICA AND THE WEST ARE BACK Colin Rugg wrote, "7 years later and the handshake battle continues between Donald Trump and Emmanuel Macron." During a meeting in 2017, during Trump's first term in office, the two world leaders had a 29-second handshake and appeared to be tugging back and forth as they walked with their wives. French President Emmanuel Macron meets with President-elect Trump at the Élysée Palace Dec. 7, 2024, in Paris (Oleg Nikishin) "The Trump-Macron handshake is hilarious," author John Lefevre said in a post on X. "Because it happened twice. And you know Macron was told to prepare and probably practiced and then still got dominated." Trump's handshakes with world leaders have gone viral over the years, including when he pulled in Russian President Putin's arm during a handshake at the G-20 Summit in 2019. CLICK HERE TO GET THE FOX NEWS APP Trump attended the reopening ceremony alongside political figures, including first lady Jill Biden and Prince William. Aubrie Spady is a Writer for Fox News Digital.(TNS) — Crawford Central School Board members officially pulled the plug Monday on a major infrastructure project meant to generate years of energy savings for taxpayers while also cutting greenhouse gas emissions. Instead, just 13 years after it began operation, the Biomass District Heating System is set to be disassembled and sold for parts while taxpayers continue footing the bill for the plant’s construction at a rate of about $181,000 per year for another 12 years. Board members on Monday voted unanimously in favor of an addendum to the original agreement that will allow Crawford Tech to convert the biomass building to classroom space once the high-pressure steam system has been removed. With the notable exception of the ongoing debt payments, the move brings to an end a multimillion-dollar effort at alternative energy production. “I think it’s time to move on,” board President Kevin Merritt said after the meeting. “It was costing us more money to operate the biomass than if we just went back to natural gas.” While the choice to pursue the biomass did not pay off, Merritt declined to point fingers at his predecessors on the board. “It’s not a fault of the people that made the decision back when they started it,” he said. “Things just didn’t materialize to what was expected or anticipated from the original agreement. Gas prices were supposed to skyrocket. They never did.” First conceived 16 years ago, the biomass plant proposal came in direct response to natural gas prices that had remained high for several years before spiking even higher for much of 2008. Looking back, the plan still sounds like a good one, Matt Barnes, a certified energy manager with Erie -based Rabe Environmental systems, suggested in separate presentations to board members at Crawford Central and Crawford Tech earlier this year: Find a cheaper source of fuel and use it to heat the Meadville Area Senior High-Meadville Area Middle School complex, Crawford Tech and the Meadville Area Recreation Complex (MARC). “It was extremely high,” Barnes said of the cost of natural gas when the plant was being planned, “making the viability of the biomass a good, cost-effective source of energy at the time. I believe the district made a good-faith decision to build and operate the plant but would not have been able to predict the amount that natural gas prices would have dropped over the subsequent years.” A biomass plant burns renewable and biodegradable energy sources, such as switchgrass or wood chips, to generate heat or electricity, and the possibility of an energy fuel with a stable and relatively low price that was readily available in the region proved appealing to federal and state officials at the time as well. According to Meadville Tribune reporting at the time, Crawford Central secured $3.6 million in financing for a project that ultimately cost about $3.2 million. The financing included $1.1 million in state and federal grants and a $2.4 million loan from the U.S. Department of Agriculture Rural Development. After multiple refinancings and years of payments going almost exclusively toward interest, nearly $2.3 million in total debt remains: $2.1 million of the original principal and $230,300 in interest. Based on a 2008 agreement, payments are split between the three entities that partnered on the biomass project: Crawford Central is responsible for 42 percent; the authority that oversees the MARC, 34 percent; and the Career and Technical Center, 24 percent. However, since at least 2016, Crawford Central has paid the MARC’s share in an agreement reached after the district slashed its annual funding for the facility. Since Crawford Tech receives its funding from Crawford Central, Conneaut and PENNCREST school districts, with the districts splitting the annual budget based on the percentage of students they send to the school, Crawford Central ends up funding nearly 85 percent of the debt payments. Board members at the time had no way of knowing it, but when natural gas climbed to $12.69 per 1 million British thermal units (Btu) in June 2008, it was by far the highest price that natural gas would reach for the next 16 years. As demand plummeted in the wake of the Great Recession, the price fell to $5.82 per 1 million Btu by the end of 2008, according to the U.S. Energy Information Administration, the statistical and analytical agency for the U.S. Department of Energy. Increased production has kept prices low in the years since. In fact, since 2008, the price has climbed over $5 per 1 million Btu in just 21 of 190 months. In the last two years, the monthly average price has fluctuated between $5.53 and $1.49 per 1 million Btu. In retrospect, the dropoff in price was so steep — and so perfectly timed following the decision to proceed with the biomass — it appears “almost comical,” Crawford Central Business Manager Austin Stofferahn told board members in September. As the plant neared completion in late 2011, district officials were still projecting that it would save taxpayers $1.5 million over 25 years. Thirteen years later, the savings estimate seems naive. Operating the biomass last winter cost at least $61,000 more than heating with natural gas-fueled conventional boilers would have cost, according to a report from Barnes. Stofferahn’s skepticism regarding savings extended even further. “I’d almost be willing to bet that the savings were extremely minimal, even from the first year, second year, third year,” he told the board in September. “After that, I’d be willing to bet there was no savings.” In addition to lower fuel costs, the biomass plant was originally projected to generate its own electricity, which would be used to offset the cost of operating the plant. That never happened, according to Merritt. According to a presentation on the biomass plant this spring, electricity for the facility cost $32,000 last winter. “The electric generator — that went offline shortly after it started,” he said. “Nobody ever repaired it.” Like the savings projections, the original agreement between the school district, the recreation complex and Crawford Tech seems naive from today’s vantage point. “Biomass has historically been a stable, low-cost energy source and modern equipment to burn biomass for hot water heat is reliable, efficient and clean,” the 2008 agreement stated. Despite that optimism, reliability has been an issue for Crawford Central’s biomass plant almost from the start. The plant began operating in the winter of 2011-12. By the summer of 2013, Crawford Central was raising taxes and slashing its annual funding to the MARC, largely as the result of state funding cuts to education that resulted from the Great Recession. Following an outpouring of community concern to save the MARC, Crawford Central slashed but continued its annual funding for the MARC. Doug Lang, one of the leaders of the effort to save the MARC, told The Meadville Tribune at the time, “Now that we’ve stabilized things, we can get on with trying to market the MARC to the community, which should lessen the financial burden on all the community — and figuring out how to make the biomass work right.” By the middle of the decade, Crawford Central was replacing 10 to 15 of the steel tubes at the heart of the plant due to corrosion each year. In 2021, that number jumped to 40, resulting in $52,000 in repairs. By the end of last winter, the biomass was no longer being used to heat the MARC due to a ruptured hot water supply line that occurred about a month before the end of the October to April heating season, according to Matt Tarr, director of buildings and grounds for Crawford Central. In addition, a feasibility study revealed early this year that the biomass boiler’s refractory material, the heat-resistant brick lining in the interior of the boiler, was failing and needed to be replaced. The news came just before the retirement of the longtime district employee who was the only person qualified to operate the plant. Repairs needed to get the plant running for this fall were estimated at $240,000, but to convert it from high pressure steam to hot water, find appropriate staffing and address other long-term concerns would likely have cost more than $500,000, according to the HHSDR consultants who conducted the study. The original biomass agreement also called for the formation of a Biomass Operating Committee with members from the board for each of the partner entities. It’s not clear if such a committee ever met, according to Merritt, who was elected to the Crawford Central board in 2019. While the biomass plant will soon be disassembled, the partnering entities behind its construction continue to work together. Crawford Central still sends students to Crawford Tech, of course, and continues to lease the use of the MARC’s facilities. The decision to let Crawford Tech use the biomass building for classes will require extensive renovations following the removal of the biomass equipment. It also comes after Crawford Tech earlier this year purchased the former location of Integrity Complete Auto Repair for $545,000 in a move also intended to enable the school to expand its classes. Like their counterparts on the Conneaut and PENNCREST boards, Crawford Central members also approved the Integrity purchase; at the time, Crawford Central members were still determining their plans for the future of the biomass. Merritt, who chairs the joint committee that oversees Crawford Tech in addition to presiding over the Crawford Central board, said that “ultimately we could probably use both” buildings. Discussions earlier this year called for the school’s automotive technology and diesel technology classes to be moved to the Integrity location. The biomass building has been touted as a possible location for welding classes. Crawford Central efforts in recent months to persuade Conneaut and PENNCREST, its partners in the technical school, to pick up an increased share of the biomass debt payments proved unsuccessful. Recent meetings have suggested a possible fraying of the partnership between the school district and the MARC. Where the district once contributed as much as $260,000 to the MARC’s budget each year and sent all of its fourth graders to the facility for swim lessons, today it pays $45,000 and has not offered swim lessons in nearly a decade. The addition of the MARC’s share of the biomass debt payments brings the total annual contribution to about $105,000, still well short of what it was paying 15 years ago. At the school board’s work session last week, several members questioned an agreement that would continue the district’s annual payments to the MARC at the same rate, with Merritt saying he couldn’t support the arrangement and another saying he “actually started laughing” as he read the contract. Like Merritt and other current Crawford Central board members, Aaron Rekich, the executive director of the MARC, was not involved in the development of the biomass plants and its early years of operation, but he was optimistic about the working relationship between the district and the complex despite what he characterized as recent confusion regarding both the expenses associated with the annual facilities usage agreement and the evolution of the biomass. “There was an agreement back when this first started that we’re trying to iron out and figure out exactly where the information is. Apparently right now there’s a lot of miscommunication on what happened back when the biomass was made and why they’re paying for the bonds,” Rekich said. “We’ll end up putting something together and talking to (Superintendent) Jenn Galdon about it.”
The Federal Government says the COVID variant — XEC, has not been detected in Nigeria. The Ministry of Health and Social Welfare said this in a statement issued by Mr Alaba Balogun, the Deputy Director, Information and Public Relations, in Abuja on Saturday. According to him, it has become imperative to correct the misinformation and fear of the public concerning the resurgence of COVID-19 in Nigeria. He added that the contents of a letter with Ref.No.DHS/INSPDIV/017/VOL.1/46 dated Dec. 5, implying that the variant was in the country and has been circulating on social media, should be ignored. He stated that “you may recall that a newly detected COVID variant, XEC, was reported in Australia and has spread to 29 countries globally, showing more virulence over other circulating strains with concern over its possible impact on service delivery in our federal tertiary hospitals. “However, the good news is that there is no evidence of COVID variant XEC in Nigeria. “In light of the above, the public is advised not to panic but to continue with the universal precautions of observing personal hygiene, including regular washing of hands.” Alaba noted that the ministry, through her agencies, stepped up surveillance, including at all entry points to Nigeria. He added that the federal government proactively upgraded its federal tertiary hospitals by establishing molecular laboratories, isolation centres, and intensive care units (ICUs) equipped with ventilators. The XEC variant is a sub-variant of the SARS-CoV-2 Omicron strain, first reported in May. The virus had been detected in 43 countries across Europe, Asia, and North America. However, in Africa, Botswana reported one XEC case from a hospitalised European traveller.
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