Stephen Ross-funded PAC spent over $1 million going into NYC main election

A super PAC funded largely by real estate billionaire Stephen Ross spent just over $1 million to influence New York City’s primary race for City Council, with part of that investment going against progressives who are running for key council posts.

The organization, Common Sense NYC, has raised over $2 million. Ross, the chairman and founder of the real estate giant Related Companies, donated $1 million, and Ronald Lauder, also a billionaire and the youngest son of makeup legend Estee Lauder, contributed $500,000. Ross and Lauder have a combined net worth of over $12 billion, according to Forbes.

Ross, who is also the owner of the Miami Dolphins, came under fire in 2019 when he hosted a fundraiser in the Hamptons for former President Donald Trump. Equinox and SoulCycle, two luxury fitness brands owned by Related Companies, distanced themselves from the Trump event as customers threatened to boycott. In August, CNBC reported that Lauder, who has been a friend of Trump’s for years, had yet to start raising money for the then-president’s reelection campaign.

The financial might of the group was evident in the 24 hours before the official primary day. The New York City Campaign Finance Board shows that the organization spent over $100,000 and distributed at least nine mailers on Monday, the day before the election, opposing a group of progressive City Council candidates.

The PAC may not be done trying to sway voters away from various City Council contenders. A leader of the committee told CNBC they’re leaving open the possibility of continuing their efforts into the November general election.

“In the event that there are competitive NYC Council races in the general election, Common Sense NYC may be involved. I personally don’t anticipate more than two or three Council races being competitive in November,” Jeff Leb, the PAC’s treasurer, said in an email to CNBC on Tuesday.

The sheer amount raised and spent going into Tuesday’s primary by the group, officially labeled an independent expenditure committee, shows the importance to business leaders of influencing the lesser known City Council races. The PAC’s messaging has been focused, in part, on pushing back on the idea of defunding the police and other progressive causes.

The New York City Council is the legislative body responsible for creating and voting on proposed New York City laws. A group such as Common Sense can raise and spend an unlimited amount of money on the City Council races they deem important. Wall Street executives have already poured over $9 million into the race for New York’s next mayor, with most of the big money going to former presidential candidate Andrew Yang and Brooklyn Borough President Eric Adams.

Longtime New York Democratic strategist Hank Sheinkopf told CNBC that beyond the group being worried about New York in a post-pandemic world, the move by the Ross-backed PAC to spend a ton against progressive candidates for City Council represents a power play by the real estate community.

“This is an attempt to … prove how powerful they are,” Sheinkopf told CNBC in an interview on Tuesday. Sheinkopf noted that members of the City Council have publicly taken on New York’s big business leaders and said Common Sense’s campaign is a test of how much power New York executives have going forward.

“Well, let’s say if they don’t win those races, will people be afraid of them? The fact is people aren’t afraid of them now. If they win, people will be more afraid. Power is about fear and not friendship,” Sheinkopf said.

The political strategist said that the City Council has become more and more progressive over the years and business leaders have often been criticized by those politicians, which led to the creation of PACs such as Common Sense NYC. “Business interests have been attacked by this council and there’s been an attempt to constrain the business community, including pushback on the power of the real estate community,” Sheinkopf said.

Leb defended the candidates the group supported in a separate email to CNBC.

“Common Sense NYC supported a broad slate of candidates who are pragmatic in their thinking and who are demonstrably qualified to help New York recover from the pandemic,” Leb said on Tuesday. “We are highlighting which candidates are qualified for local office and which are not, in races that are getting little attention otherwise. None of our funders played an active role in the operation or direction of Common Sense and they did not pick the races we engaged in.”

Leb, who is also a managing partner at Capitol Consulting, is ranked by City & State as one of the top lobbyists in New York.

The PAC has spent over $540,000 supporting 18 local candidates for office and nearly the same amount opposing eight others.

Representatives for Ross and Lauder did not respond to requests for comment before publication.

One of the big targets of Common Sense NYC has been Michael Hollingsworth, who is running for Brooklyn’s 35th District on the City Council. The PAC has spent over $100,000 opposing him. Two mailers against Hollingsworth were delivered to voters on Monday. One of the mailers reviewed by CNBC takes aim at Hollingsworth wanting to cut back on New York policing.

“While crime continues to go up, Michael Hollingsworth wants police funding to go down,” the mailer reads. “We must stop Michael Hollingsworth from defunding the police!” the ad says. The Gotham Gazette reports that Hollingsworth is supported by New York City’s Democratic Socialists of America and has received an endorsement by former gubernatorial candidate Cynthia Nixon.

Hollingsworth responded to the campaign being waged against him in a tweet after this story was published.

“We are not beholden to the wealthy, real estate donors, or special interests. We’re with the people,” he said on Twitter.

Common Sense NYC has spent over $95,000 to oppose Jaslin Kaur, who running for District 23’s City Council spot. The district is located in Queens, and Kaur was recently endorsed by progressive Rep. Alexandria Ocasio-Cortez, D-N.Y. The City reported that Kaur was also endorsed by the Democratic Socialists of America.

Common Sense NYC spent just over $26,000 on two mailers against Kaur that were distributed on Monday.

Others seeing opposition from the Ross-backed effort include John Choe, who is running in a primary for District 20’s seat, and Alexa Aviles, a contender for New York City’s District 38 seat who also saw an endorsement from Ocasio-Cortez.

Choe responded to the moves being made by the Ross-backed PAC in a tweet Tuesday in response to this story.

“As the founder of our neighborhood Chamber that helps small businesses, I challenge the notion these super PAC vultures represent anything more than the rapacious greed and hubris of the billionaire oligarchs who are slowly destroying our country,” Choe said on Twitter.

‘It is uncontrolled.’ Airways and flight attendants are demanding harder penalties for unruly passengers

Flight attendants wearing protective masks walk through Hartsfield-Jackson Atlanta International Airport in Atlanta, Georgia on Wednesday, April 7, 2021.

Elijah Nouvelage | Bloomberg | Getty Images

A JetBlue Airways flight to New York returned to the Dominican Republic in early February after a passenger allegedly refused to wear a face mask, threw an empty alcohol bottle and food, hit one flight attendant’s arm and grabbed another’s arm.

The Federal Aviation Administration, which detailed the incident in a report, fined the passenger $ 32,750.

Reports of verbal abuse, non-compliance with the federal mask mandate and attacks by passengers are increasing. Airline corporations, flight attendants and lawmakers want the government to do more to stop this.

According to its own information, the Federal Aviation Administration has received around 3,000 reports of unruly passenger behavior from airlines since the beginning of the year. The agency introduced a “zero tolerance” policy earlier this year and threatened fines of up to $ 35,000 after a series of politically motivated incidents on flights and airports around the time of the U.S. Capitol’s May 6 uprising. January had taken place around. Passengers have 30 days to contest fines.

The FAA has recommended civil sanctions of over $ 360,000 so far, according to the aviation industry, although the agency’s latest releases describe incidents that allegedly occurred as early as February, which means there is likely to be more cases and fines to be disclosed.

Cabin crew unions say their members have received insults and shouts from passengers, some of them drunk, and in some rare cases violence.

That was the case on a Southwest Airlines flight last month after a passenger allegedly hit a flight attendant who, according to her union, lost two teeth.

“It’s gotten out of hand,” said Paul Hartshorn, spokesman for the Association of Professional Flight Attendants, which represents American Airlines’ more than 20,000 flight attendants. “It really gets to the point where we have to defend ourselves.”

Airline executives note that given the number of passengers they carry, the cases are rare. The Transportation Security Administration’s airport controls recently topped 2 million a day, the highest since the coronavirus was declared a pandemic in mid-March 2020.

But the problem adds to the stress of flight attendants after a year of job insecurity and health concerns from working in a pandemic, said Sara Nelson, a prominent union leader and international president of the Association of Flight Attendants-CWA, the largest flight attendants union with around 50,000 members in more than a dozen airlines.

“Even if there isn’t a physical altercation, just the constant bickering and verbal abuse and disrespect that wears people down,” she said.

Most of the cases are related to passengers ‘refusal to wear masks on board, ordered by the Biden government earlier this year, despite airlines’ requests to do so since the pandemic began. The administration extended it until mid-September.

A passenger on an Alaska Airlines January 7 flight from Washington, DC, to Seattle reportedly bumped into a flight attendant as cabin crew walked down the aisle to check whether travelers were wearing face masks, the FAA said, which fined the traveler of $ 15,000.

There is no single reason for the incidents, according to Ryan Martin, a psychology professor at the University of Wisconsin-Green Bay who has studied anger for about two decades. He said a sense of legitimacy is a common thread in outbursts of anger.

“What we do know is that entitlement correlates with anger. That is, the more you claim, the angrier you get, ”said Martin, author of Why We Get Mad: How to Use Your Anger for Positive Change.

Another factor in disruptive behavior could be readily available examples online of others acting.

“We have seen many, many examples of people losing their temper over the past year and what I would call tantrums, very publicly,” said Martin. “Some of these may have modeled a way of dealing with problems for people that is not really a healthy, sensible way of dealing with problems.”

Heightened fear of traveling again could also have increased tensions, he added, though he noted that one of the better indicators of whether someone is becoming violent is that they believe in violence in order to solve problems in the first place.

Ask for more

Senator Jack Reed, DR.I., plans to enact laws “covering abusive passenger behavior on board flights” and against TSA officials before the end of this month, spokesman Chip Unruh told CNBC.

On Monday, Airlines for America, which represents most of the major US airlines, and several industrial unions wrote to Attorney General Merrick Garland urging him to instruct the Department of Justice to “commit to the full and public prosecution of acts of violence on board.”

At a hearing last week, Rep. Bennie Thompson, D.-Miss., Chairman of the House Homeland Security Committee, and Rep. Sheila Jackson Lee, D-Texas, Homeland Security Minister Alejandro Mayorkas asked what the agency is doing to combat the attacks and other unruly behavior on airplanes and at airports.

“We have also prepared federal air posts to respond to any acts of violence that they themselves observe on flights,” Mayorkas said. “It is important that we work with law enforcement agencies to ensure that these acts are followed to the fullest extent of federal law. Those who commit these heinous acts will be prosecuted to the fullest extent of the law. “

Nelson, the union leader, says a currently voluntary TSA self-defense course for flight attendants should be part of their paid, compulsory training offered by airlines.

Limited tactics

Southwest Airlines and American Airlines last month delayed plans to resume alcohol sales for much of the cabin, while United Airlines scaled back plans to mainline flights over 800 miles. The changes came at the urging of the flight attendant unions following the attack on the Southwest crew member.

Brady Byrnes, American Managing Director of Flight Service, told staff, “We also recognize that alcohol can contribute to atypical behavior by customers on board, and we owe it to our crew who may not be appropriate for our already new and stressful situation to aggravate customers. “

A bar at Dallas / Fort Worth International Airport. May 28, 2021

Leslie Josephs | CNBC

Both Nelson and Hartshorn, spokesman for American Airlines’ flight attendants union, said it was important to keep drunk travelers off planes. Some gate agents remind travelers that they are not allowed to take their own alcohol on board before allowing travelers on flights.

“We can handle it at the gate, but at 35,000 feet it becomes a serious problem very quickly,” said Hartshorn. He said some of the incidents happen between passengers, forcing flight attendants to intervene.

Flight attendants are being trained to de-escalate disputes with passengers, unions say. Nelson, a 25-year-old flight attendant at United, noted that one challenge is that flight attendants have fewer than usual tools to respond to disruptive passengers.

One tactic for dealing with disruptive passengers can be to move them to another seat, but the planes fly fuller and leave fewer options, she said. Catering was also limited during the pandemic, so it is not always possible to offer passengers food or a drink to calm them down.

Clearer messages about the rules and consequences, from airport bars to officials, would help, she said.

FAA Administrator Steve Dickson, a former Delta pilot, has made several media appearances warning travelers of the consequences of bad behavior. Last week he spoke on TMZ about fines and possible prison terms. The FAA has also frequently posted on social media warning travelers to behave or face consequences.

An American Airlines flight attendant based at Dallas / Fort Worth International Airport told CNBC that the increase in unruly passenger behavior has deterred her from urging passengers to wear masks if they refuse.

“If I see that it is getting hot, I will withdraw,” said the flight attendant, who spoke on condition of anonymity because she feared it could jeopardize her job.

She said she hadn’t seen a recalcitrant traveler but added, “I think it’s a matter of when.”

Why Snooki Is “Involved” Over Co-Star Angelina Pivarnick’s Intercourse Life

“That was so freakin’ dramatic,” Snooki explained. “I was glad I let Angelina know that we didn’t do that intentionally, it backfired. We thought it was funny but clearly we’re not comedians. I’m glad everything died down so it wasn’t awkward and dramatic.” 

As for her big return to the series, Snooki kept it a secret from her co-stars. “I was shaking,” Snooki recalled. “I’ve done this show for like, 10 years, but I think I was so nervous because I wanted them to freak out.”  

Ultimately her decision to reunite with her roommates stemmed from her desire to be there for them during their milestone moments. “I just felt like me not going back because I didn’t want to film was very selfish,” Snooki admitted. “I had to be there for them and also I feel like the fans would love for me to come back and reunite. It was kind of an easy decision but I definitely needed the break so I’m glad I did it.” 

Her time away from the reality TV cameras also put things into perspective for the mother of three: “The break was definitely needed for me,” Snooki reflected. “Mentally, it was just draining with all the drama and everything. I don’t do drama well…Also I wanted time to be with my kids and just not worry about filming.”

Fauci declares delta variant ‘best risk’ to the nation’s efforts to get rid of Covid

Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, listens during a news conference in the James S. Brady Press Briefing Room at the White House in Washington, D.C., U.S., on Tuesday, April 13, 2021.

Leigh Vogel | Bloomberg | Getty Images

White House chief medical advisor Dr. Anthony Fauci said Tuesday the highly contagious delta variant is the “greatest threat” to the nation’s attempt to eliminate Covid-19.

Delta, first identified in India, now makes up about 20% of all new cases in the United States, up from 10% about two weeks ago, Fauci said during a White House news conference on the pandemic.

He said delta appears to be “following the same pattern” as alpha, the variant first found in the U.K., with infections doubling in the U.S. about every two weeks.

“Similar to the situation in the U.K., the delta variant is currently the greatest threat in the U.S. to our attempt to eliminate Covid-19,” he said.

Fauci’s comments come after CDC Director Dr. Rochelle Walensky on Friday urged Americans to get vaccinated against Covid, saying she expects delta to become the dominant coronavirus variant in the U.S.

Studies suggest it is around 60% more transmissible than alpha, which was more contagious than the original strain that emerged from Wuhan, China, in late 2019

“As worrisome as this delta strain is with regard to its hyper transmissibility, our vaccines work,” Walensky told the ABC program “Good Morning America.” If you get vaccinated, “you’ll be protected against this delta variant,” she added.

The United Kingdom recently saw the delta variant become the dominant strain there, surpassing alpha, which was first detected in the country last fall. The delta variant now makes up more than 60% of new cases in the U.K.

Health officials say there are reports that the delta variant also causes more severe symptoms, but that more research is needed to confirm those conclusions. Still, there are signs that the delta strain could provoke different symptoms than other variants.

Fauci said Tuesday the U.S. has “the tools” to defeat the variant, urging more Americans to get fully vaccinated against Covid and “crush the outbreak”

The Biden administration said earlier Tuesday that it likely won’t hit President Joe Biden’s goal of getting 70% of American adults to receive one vaccine shot or more by the Fourth of July.

“The effectiveness of the vaccines, in this case, two weeks after the second dose of Pfizer-BioNTech was 88% effective against the delta and 93% effective against alpha when dealing with symptomatic disease,” Fauci said, citing a study.

The World Health Organization said Friday that delta is becoming the dominant variant of the disease worldwide.

On Monday, WHO officials warned the variant is the fastest and fittest coronavirus strain yet, and it will “pick off” the most vulnerable people, especially in places with low Covid-19 vaccination rates.

It has the potential “to be more lethal because it’s more efficient in the way it transmits between humans and it will eventually find those vulnerable individuals who will become severely ill, have to be hospitalized and potentially die,” Dr. Mike Ryan, executive director of the WHO’s health emergencies program, said during a news conference.

Delta has now spread to 92 countries, Maria Van Kerkhove, the WHO’s technical lead for Covid, said Monday. She said, “unfortunately we don’t yet have the vaccines in the right places to protect people’s lives.”

The WHO has been urging wealthy nations, including the U.S. to donate doses. The Biden administration earlier Monday detailed where it will send 55 million vaccine doses, the majority of which will be distributed through Covax, the WHO-backed immunization program.

“These vaccines are highly effective against severe disease and death. That is what they are intended for, and that is what they need to be used for” Van Kerkhove said. “This is what Covax and WHO and all of our partners have been advocating for, that these vaccines reach people most at risk.”

Music venues and theaters are nonetheless ready for the SBA to assist with Covid

The North Park Theater in Buffalo, New York is a local landmark. With a single screen, 600 seats and ornate domed ceilings, it is an increasingly rare gem in a sea of ​​multiplex cinemas.

“This is the kind of place you want to see a movie – you will forget the outside world and flee for a few hours,” said Ray Barker, the theater’s program director. He has been with North Park since the 1990s when he started as a concession worker.

North Park has been around for a century and has survived major economic shocks like the Great Depression and the Great Recession of 2008. When the Covid pandemic struck, it got dark and now a lifeline is urgently needed.

The theater awaiting a $ 200,000 grant applied for under the Small Business Administration’s Shuttered Venue Operators Grant program, Barker said. North Park reopened after the pandemic restrictions were lifted, but help is vital in lifting the landmark out of a mountain of debt accumulated last year.

“The bleeding hasn’t stopped in 13 months. This program should and has not helped us,” he said. The theater’s application has been filed, but for more than six weeks, Barker said he had not received a word about the status.

The SBA’s SVOG program, a $ 16 billion fund, was created to support the industry until personal entertainment can resume. Music clubs, theaters, event organizers, and more can receive grants of up to $ 10 million based on 2019 gross revenues under the program included in the second Covid Aid Package, which was signed in December.

The North Park Theater in Buffalo, New York is a historic movie theater that has been in business for a century. It is awaiting support from the SBA’s Shuttered Venue Operators Grant Program.

CNBC

The program’s application portal was messed with technology bugs and opened and closed within hours of its April 8 debut with no applications submitted. It reopened weeks later after an uproar over the delay, and applicants like Barker rushed to resubmit in hopes of earning a much-needed grant.

But now it’s time to wait for him and thousands of others. On Monday lunchtime, more than two months after the SVOG first launched, the SBA reported that 1,445 grants totaling $ 833.4 million had been awarded. The agency said in its weekly report that 7,118 applications are in the submitted phase and 5,853 are under consideration. The combined applications represent $ 11.6 billion in grants.

One of these applications is from the Great American Music Hall in San Francisco. Dave Bruno, the venue’s general manager, said he was eagerly awaiting news on the status of a $ 2 million grant application. He has heard that the SBA’s application is “being examined”, but has not yet said anything about funding.

Waiting delays on reopening plans

Like North Park, the Music Hall has a rich history, starting as a burlesque house and then a restaurant in the early 20th century. It was converted into a concert hall in the 1970s. The aid will help pay off debts, bring staff back and prepare for reopening later this summer, Bruno said.

“We could have reopened earlier if we had the money, but right now we’re lucky if we can open when we’re supposed to,” he said. “By asking us to wait longer, you are asking all of our employees to wait until they get back to work.”

Other Covid recovery programs, like the Paycheck Protection Program and the newer Restaurant Revitalization Fund, received funds within days of submitting the application.

At a Senate hearing in May, new SBA administrator Isabel Guzman testified that money from the SVOG program would soon be flowing to businesses in need, adding that the agency was in regular contact with stakeholders. She also admitted early technical difficulties with the application portal.

“We are processing these applications as quickly as possible. It is a very complex program by law with different types of facilities that has created many different admission requirements … and requires intensive applicant-to-applicant screening,” Guzman said.

In response to questions about issues and the speed of application approvals under the program, the agency said in a statement to CNBC: “We have [a] a dedicated team of hundreds of reviewers working around the clock to process, approve and withdraw funds as quickly as possible to get the country’s venues back on track. Not least due to legal requirements – created in the last administration – the applications require a detailed examination. To shed even more light on the matter, applicants have included 30 to 100 documents with their applications to ensure that they meet the guidelines of the statutes and that all must be checked before proceeding with the award process. “

The agency added that its current pace does not reflect the high standards that the SBA is aiming for.

A person familiar with the agency’s efforts said they were working with the White House and other agencies to provide additional resources to get grants quickly, but manually reviewing applications slowed the process. The team that worked on the Restaurant Revitalization Fund are now helping to manage the program, fraud controls have been streamlined and a new Navigator program is being implemented to assist with IRS review, this person said. The person requested anonymity as they were not allowed to speak on behalf of the SBA.

“Options are exhausted”

For proponents, the pace of funding is unacceptable. The National Independent Venue Association, which was formed during the pandemic to help independent operators survive, has urged the SBA to resolve their cross-agency issues and release all funds immediately. The group, which has around 3,000 members across the country and campaigned for the SVOG program, said the venues cannot reopen without help.

The Anthem Washington, DC venue pleading with the Small Business Administration to open up aid to closed independent venues.

CNBC

Audrey Fix Schaefer, NIVA’s communications director, said there had been some changes in the past week and the agency had been more communicative over the past week, but the desperation among the applicants remained.

“The SBA is meant to help small businesses. Every day they don’t release that money, the corporations are helped,” said Fix Schaefer, who is also the director of communications for several independent venues in the Washington, DC area. “Our employees will go to them. … bands will go to them. It’s not just 2021, but for the next five to ten years.”

The venues need to bring workers back, settle debts and prepare to reopen, Fix Schaefer said. She explained that many operators have blown not only emergency aid but personal savings as well.

“These event venue operators have been without an income since March 2020. They have used up their savings. They put second mortgages on their homes. They have run out of their 401 (k) s and their children’s college funds on loans that they would normally never take out when they can, but they are exhausted – their options are exhausted, ”she said.

For workers and music lovers like Bruno, the past year has been a challenge both professionally and personally. Help cannot come soon enough.

“For someone like me and anyone who comes to shows and takes part in doing shows, this is our way of life. Our way of life is being stolen from us, ”he said of the pandemic’s impact on the live entertainment industry.

Back in Buffalo, Barker’s message is that the scholarship the theater needs is about a lot more than just keeping the business he runs running – it’s about the community.

“They don’t just watch a movie – they have a drink or coffee after the movie to talk about the movie,” he said. “That helps all these small businesses in the neighborhood. We’re kind of the tide that lifts all the boats, and when we’re not here people are drawn … then they are hurt. Everyone is connected in this economy.”

5 issues you need to know earlier than the inventory market opens on Tuesday June 22nd

Here are the top news, trends, and analysis investors need to start their trading day:

1. Wall Street looks stable after the comeback rally; GameStop pops

A view of the New York Stock Exchange building on Wall Street in downtown Manhattan in New York City.

Roy Rochlin | Getty Images Entertainment | Getty Images

US stock futures rose modestly on Tuesday, a day after the Dow recovered a large portion of its 3.5% decline from last week due to the shift in the Federal Reserve’s rate hike schedule. The 30-share average rose 586 points, or nearly 1.8%, earlier in the week. The S&P 500 gained 1.4%, within 1% of its record high. The Nasdaq was Monday’s relative underperformer, up 0.8%.

SELINSGROVE, PENNSYLVANIA, UNITED STATES – 01/27/2021: A woman walks past the GameStop store in the Susquehanna Valley Mall. An online group rocketed GameStop (GME) and AMC Entertainment Holdings Inc. (AMC) shares to suppress short sellers.

Photo by Paul Weaver / SOPA Images / LightRocket via Getty Images

GameStop shares rose 9% in the premarket after the video game retailer and Original Meme stock completed a previously announced sale of 5 million common shares that raised more than $ 1.1 billion. GameStop said it will use the proceeds for general corporate purposes, as well as investing in growth initiatives and maintaining a strong balance sheet.

2. Fed Chairman Powell will testify before the House of Representatives

Federal Reserve Chairman Jerome Powell speaks at a virtual press conference in Tiskilwa, Illinois on December 16, 2020.

Daniel Acker | Bloomberg | Getty Images

10-year government bond yields have rebounded since last week’s Fed-driven surge and brief decline to Monday’s February low. The 10-year yield ticked lower on Tuesday to around 1.47%. Fed chair Jerome Powell is going to a House panel this afternoon, and investors will be looking for more clues to policymakers’ rising inflation outlook and clues to two rate hikes in 2023.

In prepared testimony, Powell said the economy was growing but facing ongoing threats from the Covid pandemic. He also noted that inflation has risen noticeably, but the repeated price pressures will be temporary. The Fed has kept short-term lending rates near zero while buying at least $ 120 billion worth of bonds every month.

3. Bitcoin falls again, breaking below the important $ 30,000 level

This illustration from May 19, 2021 shows the virtual currency Bitcoin in front of a stock chart.

Given Ruvic | Reuters

Bitcoin fell more than 8% on Tuesday and was trading below $ 30,000. China’s renewed crackdown on the cryptocurrency industry has wiped nearly $ 300 billion in value from the entire digital currency market since Friday. As Beijing expanded its shutdown of Bitcoin mining operations, China’s central bank urged financial institutions not to offer any services related to crypto activities. Bitcoin is down more than 50% from its all-time high in April near $ 65,000.

4. EU opens antitrust investigation into Google’s advertising unit

A logo outside the Google Store Chelsea in New York, May 28, 2021.

Victor J. Blue | Bloomberg | Getty Images

The European Commission on Tuesday launched a new antitrust investigation into Alphabet’s Google to investigate whether the tech giant prefers its own online display ad technology services. As part of the investigation, the EU executive will assess the restrictions that Google places on the access of advertisers, publishers and other third parties to access data on user identity and behavior. Earlier this month, the French competition authority fined Google $ 262 million for abusing its market power in online advertising.

5. NYC Democrats will vote in Tuesday’s mayoral election

Mayoral candidates Eric Adams (L) and Andrew Yang

Getty Images

New York City Democratic voters go to the polls Tuesday to vote for their party’s mayoral candidate. Eight candidates – including the former presidential candidate Andrew Yang and the alleged top candidate Eric Adams – hope to replace the Democratic mayor Bill de Blasio, who can no longer run due to term restrictions. Tuesday’s Democratic primary, the winner of which is heavily favored against the GOP candidate in the November general election, is the first time the city has used a ranked selection. Voters will list their preferences in order for up to five candidates. Official results are not announced for weeks.

– NBC News contributed to this report. Follow the whole market like a pro on CNBC Pro. Get the latest on the pandemic with coronavirus coverage from CNBC.

Chris Brown is because of be investigated for battery after a girl claims he chopped off her tissue

Police are investigating Chris Brown for allegedly assaulting a woman at his Los Angeles home over the weekend. According to TMZ, Chris Breezy is under investigation on battery charges after a woman alleged he hit her on the back of the head so hard that her tissue was peeled off during an altercation.

Law enforcement sources told TMZ that police responded at Breezy’s home in the San Fernando Valley over the weekend, where police encountered the alleged victim.

The woman allegedly told police that Chris Brown’s slap brought out some of her tissue, prompting police to create a battery report with Chris Brown as a suspect.

Sources told TMZ that the alleged victim had no injuries other than the allegedly loosened tissue. There were no arrests during the investigation.

This battery box will most likely be sent to the Los Angeles City Attorney’s Office as it would be considered a misconduct charge should Breezy be arrested.

Chris Brown’s home has gotten a lot of movement during the pandemic and is a place the police know all too well.

This is the second time in so many months that the police have been called to Breezy’s mansion, the first being his big birthday party in early May, which the LAPD broke up in the early hours of the morning. No one was arrested in this incident either.

Chris’ team has yet to comment publicly on the latest attack allegations.

The last time we stopped by Chris, he let fans know they’d have to wait longer for his next album and said he wanted to give his fans a chance to miss him.

Would you like tea right in your text inbox? Call us at 917-722-8057 or Click here to take part!

Goal units sustainability targets: Internet-zero emissions by 2040

Target is known for its exclusive merchandise, with private label brands for everything from arts and craft supplies to apparel. Now, the retailer is pledging to make all those products more environmentally sustainable.

It said Tuesday it will design items that are more durable and will eliminate waste and encourage reuse by 2040.

Within that time frame, Target is planning to become a net-zero enterprise, which means it will create zero waste for landfills at its U.S. operations and have net-zero emissions across its operations and supply chain.

While these changes may not be apparent to consumers immediately, the retailer’s efforts are underway. Target said it has already launched a few products and initiatives with sustainability in mind. For example, its Universal Thread clothing uses sustainably sourced cotton and recycled polyester and its line of cleaning products, Everspring, uses 100% recyclable bottles and sprayers, compostable multisurface wipes and 100% recycled paper.

“These standards are being worked on as we speak. You’ll see them throughout today and in the future. And then, as we launch new brands, that will be more embedded in what that brand launch looks like. So more to come,” said Amanda Nusz, the retailer’s senior vice president of corporate responsibility.

As it works toward this goal, Target has other benchmarks to reach even sooner. By 2025, all of its brands will use plastic packaging that is either recyclable, compostable or reusable.

By 2030, its goal is to be the market leader for creating and curating inclusive, sustainable brands and experiences, the company said.

Starting this fall, the company will address single-use plastic bags as part of its Beyond the Bag initiative, which is looking to design retail bags that are less harmful to the environment.

Target said it is responding to growing consumer demand for more sustainable products and practices from companies.

Seventy-two percent of U.S. consumers said sustainability is somewhat important or important when making purchase decisions, according to the results from the EY Future Consumer Index. The survey gathered information from 1,001 U.S. respondents and more than 14,000 global respondents in May.

Consumers are so committed to sustainability that 30% said they are spending more on products that are sustainable and better for the environment and 31% said they plan to increase purchasing sustainable products in the next 12 months.

“We spent over a year gathering information and listening,” Nusz said. “It’s a new era of sustainability for our company. Although it’s not new work, we are aiming to co-create an equitable and regenerative future with our guests, our partners and community.”

The goals Target announced Tuesday build on its earlier efforts. For example, Target signed on to the New Plastics Economy Global Commitment in 2018 to commit to eliminating plastic waste by making it reusable, recyclable or compostable. The company also has begun reducing its emissions and sourcing more of its power from renewable sources.

Other retailers are responding to consumer demand for products that are less harmful for the environment. Walmart launched a partnership with ThredUp, a secondhand seller of apparel, shoes and accessories, to offer preowned items for women and children on Walmart’s website. ThredUp also has partnerships with Gap and Macy’s.

Adidas has set a goal to make nine of 10 products sustainable by 2025 and Lululemon piloted a resale program that allows customers to buy and sell used items. This month, it will expand the effort to its website. Levi’s launched a campaign encouraging customers to wear their jeans longer and avoid disposing of them.

“As a company and a member of the global community, it’s imperative for both the health of our business and of our planet that we embrace new ways to move forward,” Chairman and CEO Brian Cornell said in a statement. “We know sustainability is tied to business resiliency and growth, and that our size and scale can drive change that is good for all.”

Fox is advancing the FBI rebellion conspiracy concept to guard GOP lawmakers who could also be concerned

In the days following the January uprising, few Conservative MPs or media representatives were ready to defend the rioters. Over time, Republican officials and personalities from Fox News have urged them to downplay the day’s events.

Recently, Tucker Carlson suggested that the people arrested for their role in the riot were, in fact, undercover FBI agents. Frank Figliuzzi had a theory as to why Fox would allow this to happen.

The former FBI agent began by telling Nicolle Wallace, “To be clear, we are not talking about conspiracies that just arose spontaneously from the population, as they do – urban legends that need to be put down or develop a life of their own – we see conspiracy as a conscious strategy. “

Figliuzzi then said of Fox:

“I think they are afraid that the FBI is actually looking into the causes of this. And we have confirmation because NBC News received one of the FBI interview transcripts for one of the defendants on Jan. 6. Lo and behold, what was one of the questions they asked him? “Do you know anyone in Congress or a congressional staff? “If this becomes a standardized question in certain circumstances, you have every right to worry, and so we’ll see how you keep spreading this Cockamamy theory that the FBI did it.”

Check out a clip of the segment below, courtesy of the Fox News Network:

Frank Figliuzzi says Fox is advancing the FBI uprising conspiracy theory to protect GOP lawmakers who may be involved pic.twitter.com/scmvJouvPS

– PoliticusUSA (@politicususa) June 22, 2021

Todd Neikirk is a New Jersey-based policy and technology writer. His work has been featured on psfk.com, foxsports.com and hillreporter.com. He enjoys sports, politics, comics, and spends time with his family on the waterfront.

Austrian startup GoStudent turns into Europe’s first edtech unicorn

School children in the Netherlands are doing homework at home during the coronavirus crisis.

Robin Utrecht | SOPA pictures | LightRocket via Getty Images

LONDON – SoftBank, Tencent and other leading investors are betting that the next big online education company will come from Europe.

Vienna-based online tutoring start-up GoStudent said Tuesday it had raised 205 million euros ($ 244 million) in a record round of investments that raised the five-year-old company to 1.4 billion euros, or about 1.67 Estimated billions of dollars.

According to data from CB Insights, that means GoStudent is Europe’s first educational technology or edtech unicorn, a start-up valued at at least $ 1 billion. Although Norwegian rival Kahoot hit a billion dollar valuation last year, it doesn’t technically count as it has been listed on the stock exchange since October 2019.

GoStudent was founded in 2016 by the Austrian entrepreneur Felix Ohswald, who was inspired by his grandfather’s practical math classes even before he went to school.

“He had the ability to teach you this stuff in a very applicable way,” Ohswald told CNBC, referring to his grandfather.

“One of the biggest problems in education is lack of access to great teachers,” he added.

What is GoStudent?

GoStudent is an online service that connects students between the ages of six and 19 with private tutors. The company sells monthly tutoring subscriptions to parents and takes a portion of the tutor’s income as commission. The prices for GoStudent sessions range from 17.50 euros to 26.90 euros – between 20 and 32 US dollars – per month.

Ohswald, who completed his bachelor’s degree in math at the age of 18, said his company now sells 400,000 sessions per month and sales have increased 700% in the past 12 months. GoStudent plans to double the number of monthly sessions on its platform to 800,000 by the end of 2021.

The overall attitude towards online teaching has changed completely.

Felix Ohswald

Founder, GoStudent

Edtech companies like Coursera, 2U, and Chegg boomed during the coronavirus pandemic when lockdown restrictions forced 1.5 billion children around the world to learn remotely. However, Ohswalt said the closure of Covid-19 schools had actually reduced the demand for “complementary” teaching services like GoStudent.

“On the flip side, the overall mindset for online teaching has changed completely,” he added. “Suddenly, parents who were extremely skeptical of online learning before the pandemic are now at least giving it a chance and trying it out.”

GoStudent says it reviews all of the tutors on its website, with Ohswalt describing the application process as “pretty tough”. Only 8% of math teacher applicants manage to get admitted to classes on GoStudent, he said.

But GoStudent was embroiled in controversy earlier this year when it was discovered that a 60-year-old who was banned from teaching for selling naked pictures of himself to a teenager was teaching on the platform. GoStudent said the teacher gave a false name and was removed from service after the company became aware of it.

Expansion plans

The fresh injection of money from GoStudent was led by DST Global, an investor including retail app Robinhood and fintech firm Revolut. Vision Fund 2 from SoftBank, Tencent, Dragoneer and existing investors such as Coatue also supported the round.

After GoStudent has raised a total of 291 million euros so far, it plans to expand beyond Europe – where it is represented in 15 countries – into other markets such as Mexico and Canada by the summer.

Asia is another potential geographic expansion destination for the company, Ohswald said, highlighting the Philippines, Indonesia and Malaysia as “interesting” opportunities. However, he ruled out an expansion into countries such as China and India, which are already home to established e-learning players such as Yuanfudao and Byju.

GoStudent announced that it would increase its hiring and aim to almost double the global workforce from 600 to 1,000 employees by the end of the year. Some of the funding can also be used for acquisitions, the company said.