Is the celebration over? New knowledge suggests revenge journey could also be ending quickly

The era of unabated “revenge travel” may be coming to a close.

New reports show that, after years of inflation and rising travel costs, travelers may finally be curtailing their travel plans.

A new report by the research company Morning Consult shows that travel intentions are increasing in several countries, but flatlining or falling in others, most notably in Europe.

Intentions to travel dropped 11 percentage points in France and six in Germany since 2022, according to Morning Consult’s “The State of Travel & Hospitality” report published in September.

Interest to travel also fell in Canada and Russia (-4 percentage points each), the survey showed.

Survey: Jan 2021-July 2023; 14,000 adults; margin of error +/-3%.

Source: Morning Consult

As to whether this suggests pent-up demand is ending: “Yes, our data suggests that is so,” said Lindsey Roeschke, travel and hospitality analyst at Morning Consult.

“That’s not to say that travel will decline significantly again, but … in short, the majority of those who were waiting to take their ‘revenge trips’ have already done so,” she said.

A slowdown may be more pronounced in Europe, said Roeschke.

“Much of this is related to the economy — inflation has eaten away at consumers’ savings in the past year and caused them to reprioritize how they spend,” she said.

An influx of North American tourists over the summer drove prices higher, making travel even more expensive for Europeans. Put together, this paints “a more pessimistic outlook on travel compared to other regions.”

‘Revenge travel likely to fade’

Pent-up demand was expected to have greater staying power in Asia-Pacific, where Covid border restrictions were kept in place longer than other parts of the world.

However, a new report by the economic advisory firm Oxford Economics says “short haul ‘revenge travel’ is likely to fade” in the region.

Pent-up demand fueled travel in Asia-Pacific in the first half of 2023, but since then, the trend is starting to reverse, it states, citing a drop in Singaporean visitors to Malaysia following a surge in late 2022.

“We expect similar, if less pronounced, dynamics for the rest of the region,” as an initial flurry of short-haul trips settles down, the report states.

The reports said arrivals from other parts of the world, especially the United States and Europe, are likely to wane too, as the delayed effects of tightening monetary policies hit travelers’ wallets.

“We are sticking with our call that the U.S. will enter recession around the turn of the year,” the report states. “Travel is for the most part a luxury good and among the first thing to be cut back when times get tougher.”

Chinese consumers ‘losing their gusto’

Pent-up demand in China is 'nowhere near as big' as it was in the U.S., says Nomura

But this level of fervor may not last, warns Oxford Economics.

“Chinese consumers are rapidly losing their gusto after the initial reopening spending spurt. High unemployment, negative wealth effects from the troubled property sector, and weak wage growth do not make a strong backdrop for splashing out on foreign holidays,” it states.

The report notes the risk that the longer Chinese tourists travel domestically, a permanent shift in travel preferences may occur among a population where international trips have lost some luster as a status symbol.

Most Chinese tourists are traveling within China and its special autonomous regions of Hong Kong and Macao. One week prior to Golden Week, standard rooms in 22 casino hotels in Macao were sold out for three of the eight-day holiday period, according to GGRAsia, a company that tracks Asia’s casino industry.

The boost purely from pent-up demand may soon run its course.

Moreover, interest among Chinese travelers to visit certain places is falling, according to Morning Consult’s report. Intentions to visit North America fell 23 percentage points from 2022 — far eclipsing a drop in interest from South Korea (12 percentage points) and Japan (9 percentage points).

“The drop in China is particularly concerning,” the report states. “While reasons are a mix of logistical (flight are scarce and expensive) and geopolitical (tensions are high between the U.S. and Chinese governments), the decline is a blow to destinations that were hoping for a more robust recovery.”

Fizzling pent-up demand

Outbound travel from China is set to continue growing, as flight and passport processing constraints ease. But it may not be enough to make up for the loss of travelers from other regions, according to Oxford Economics.

“The tourism boost to Asia has passed its peak,” the report states. “While mainland Chinese are very important to the region … growth in numbers is unlikely to be enough to stop the overall pace of the tourism recovery slowing in most places.”

“The boost purely from pent-up demand may soon run its course,” it states. “Consumers in advanced economies, particularly the U.S., will likely moderate their spending plans in the face of an uncertain economic environment. Others may follow as their home economies catch a cold.”

The travel industry remains bullish, however. A JLL survey published Thursday showed 77% of hotel owners and operators in Asia-Pacific anticipate a rise in occupancy levels in 2024.

Jake From State Farm Sits With Travis Kelce Mother and Cites Taylor Swift

Look what you made Jake From State Farm do.

Kevin Miles, who plays the character in the insurance commercials, sat next to Kansas City Chiefs tight end Travis Kelce‘s mom Donna Kelce as she cheered on her other son Jason Kelce at his team the Philadelphia Eagles’ home game against the Washington Commanders Oct. 1. And the actor could not help but make a reference to Taylor Swift, who has recently been spending time with Travis.

“In my red era with Mama MaAuto,” he tweeted alongside a photo of himself with Donna, referencing both the color of his State Farm-branded red jacket as well as the pop star’s 2012 album, plus part of a nickname given to Travis in a State Farm commercial that both men star in along with Chiefs quarterback Patrick Mahomes.

Kevin also posted a video of himself walking and talking with Jason, captioning the tweet, “We will not be discussing @JasonKelce’s Personal Price Plan. He did make me a great friendship bracelet tho!”—a reference to the accessories traded at Taylor’s Era Tour concerts this year.

Tips on how to purchase enterprise insurance coverage so monetary catastrophe would not strike

Many Main Street businesses could be playing with fire — literally — by not maintaining appropriate levels of business insurance coverage, especially given the spate of natural disasters affecting multiple areas of the U.S.

Skimping on property damage and business interruption coverage is understandable to some extent, given the cost. While the price of a business owner’s policy — designed for small businesses in low-risk industries — varies based on a variety of underwriting factors and optional coverages selected, generally speaking, a small business owner might pay somewhere between $500 and $3,500 per year for this type of policy, according to Pogo, which helps owners find insurance.

But pinching pennies can be foolhardy as climate change continues to impact the severity of weather-related events. As of Sept. 11, there had been 23 confirmed weather/climate disaster events this year with losses exceeding $1 billion each in the U.S., according to The National Centers for Environmental Information, which was above both the long-term and five-year annual averages. These events included two flooding events, 18 severe storm events, one tropical cyclone event, one wildfire event, and one winter storm event. 

Hurricanes don’t just happen in Florida and tornadoes don’t just touch down in Kansas, said John Hyland, who leads the Sentry Insurance unit that providers business insurance solutions. Especially with weather patterns changing, a natural disaster is “coming to your neighborhood more and more often,” he said. 

Consider Friday’s flash floods in New York as an example of this new reality.

Here’s what small businesses need to know about business insurance amid climate change:

Understand property damage exclusions and deductibles — the fine print matters more than ever.

There’s often a big disconnect between coverage business owners think they are getting and what they actually are getting, said Hubert Klein, partner and practice leader for the Financial Advisory Services Group at EisnerAmper. They should press for greater detail with insurance agents and know, for instance, what property damage is covered and what exclusions may apply. They should also know what their deductible is and when coverage kicks in. It’s also important to understand whether the policy covers the full cost of replacement cost and what limitations apply.

Owners also have to understand the nuances of business interruption coverage, which can include waiting periods, co-insurance requirements and provisions for civil authority bans, when certain areas are declared inaccessible after a disaster. 

The fine print matters, Klein said. He offers the example of a business with multiple locations and roughly $20 million of coverage. If there’s a $1.5 million per-location limit and the business suffers extensive damage to multiple facilities, the business may not be adequately covered. By contrast, a policy that has a blanket limit might be more favorable, even with a slightly lower limit overall, Klein said.

Don’t rely on a policy’s ‘summary’ info or opt for lower cost without a thorough understanding of coverages.

Many small businesses chase prices without understanding what they are giving up, Klein said. At renewal time, they may get sticker shock and ask for a premium reduction, but they don’t always understand there are trade-offs for a $300 or $3,000 policy reduction, he said. He recommends owners read their policy carefully, not relying solely on the summary of costs or summary of coverages. 

Run through likely weather scenarios and don’t expect to ‘beat the storm.’

To ensure they are appropriately covered, owners should perform a thorough evaluation of what could go wrong with respect to their business property, whether that’s fire, flood, hurricane or something else. This analysis should take into account how much cash the business owner has on hand in the event of a disaster.

Owners “tend to think they can outsmart the weatherman or beat the storm,” Klein said. 

Even businesses that aren’t directly affected by disasters can face unexpected issues. In the aftermath of Superstorm Sandy, for example, some businesses didn’t have direct damage to their facilities, but utility company issues left them without power for weeks, Hyland said. Businesses that were properly covered for this type of occurrence had a source of revenue to continue paying their employees and the other expenses, he said.

Decisions related to specific coverage, endorsements and deductibles will vary based on a particular business’s needs, but it’s important to understand the various exposures, Hyland said. Even if businesses decide not to purchase particular coverages, they shouldn’t be oblivious to the potential exposure, he said.

Conduct an annual review and include inflation in business valuation and property replacement cost estimates.

Inflation makes the cost of replacing property more expensive, and the coverage you planned for three years ago may no longer be appropriate given a changed price environment. Yet many businesses don’t re-evaluate their insurance needs and coverage yearly, Klein said. 

Most business policies build in inflation-adjustments, but they often aren’t enough to keep up with real-world scenarios such as supply issues, significantly higher labor costs and longer completion times, said Nancy Germond, executive director of risk management and education at The Independent Insurance Agents & Brokers of America.

Check if more emergency cash might be required in your geographic market.

In certain areas of the country, the deductible for perils related to fire, wind and hail are higher than deductibles for other covered events, said Jen Tadin, managing director of the global small business practice at Gallagher, an insurance brokerage and risk management consultant. Especially in riskier markets, business owners may have to keep more cash on hand than say 30 or even 45 days, especially when there are higher deductibles to consider. “We can’t change the fact that in Florida, you’ll have a higher deductible. But you have to plan for it,” Tadin said.

Home Republicans cancel deliberate recess as authorities shutdown looms

WASHINGTON — House Republican leaders Friday canceled a planned two-week recess as a government shutdown appeared more likely after they failed to pass a short-term spending bill with fewer than two days left to avoid the shutdown.

House Speaker Kevin McCarthy, R-Calif, informed the GOP caucus of the canceled break at a closed-door meeting after more than 20 Republicans embarrassed him by voting with Democrats to defeat the bill.

Republicans who joined Democrats voting against the measure included several of McCarthy’s most outspoken antagonists, Rep. Matt Gaetz, of Florida; Reps. Andy Biggs and Eli Crane, of Arizona, and other hardline conservatives.

Even if the bill had passed, it was doomed to failure in the Senate, where Democrats hold majority control.

The government is scheduled to shut down at 12:01 a.m. ET Sunday if a funding bill is not approved by both chambers of Congress and signed into law by President Joe Biden.

The Senate already advanced a bipartisan bill by a wide margin that would fund the government through Nov. 17.

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Senate Majority Leader Chuck Schumer, D-N.Y., on Friday blasted McCarthy for trying to placate conservatives in his caucus, rather than working with Democrats and moderates on a bill that could pass the Senate.

“Coddling the hard right is as futile as trying to nail jello to a wall, and the harder the speaker tries, the bigger mess he makes,” Schumer said. “And that mess is going to hurt the American people the most.”

“I hope the speaker snaps out of the vice grip he’s put himself in and stops succumbing to the 30 or so extremists who are running the show in the House,” Schumer said. “Mr. Speaker, time has almost run out.”

House Republican leaders advised members that there would be votes Saturday.

It was unclear what they would be voting on.

But on Friday evening, McCarthy suggested that his conference might be willing to back a bipartisan bill to fund the government, as long as it did not contain additional emergency funding for Ukraine — a key White House demand with broad support in the Senate.

“I think if we had a clean [funding bill] without Ukraine on it, we could probably be able to move that through,” McCarthy told reporters as he left the closed door conference meeting.

Several hours later, McCarthy walked back his apparent willingness to move the Senate bill.

“After meeting with House Republicans this evening, it’s clear the misguided Senate bill has no path forward and is dead on arrival,” he said around 9:30 p.m. ET. “The House will continue to work around the clock to keep government open and prioritize the needs of the American people.”

Nonetheless, the notice to members to be ready for Saturday votes had raised hopes among both moderate Republicans and Democrats that McCarthy might agree to hold a vote on a version of the Senate bill to fund the government. Such a bill which would almost certainly pass with broad support from moderate Democrats and moderate Republicans.

As the clock neared midnight Friday, with just 24 hours remaining before a shutdown, it was difficult to envision what McCarthy could do that would both fund the government and satisfy the conservative critics in his restive caucus,

The White House condemned House Republicans for engaging in fiscal brinksmanship.

“We’re doing everything we can to plead, beg, shame House Republicans to do the right thing,” Shalanda Young, director of the White House Office of Management and Budget, told reporters.

She scoffed at McCarthy’s suggestion that he would refuse his own paycheck during a shutdown.

“That is theater,” Young said.

“The guy who picks up the trash in my office won’t get a paycheck. That’s real.”

The White House said Biden would stay “in dialogue with Congress” over the coming days, but insisted the core elements of any spending bill had been agreed to as part of the debt ceiling deal earlier this year.

Across Washington on Friday, government agencies prepared their employees and the public for the effects of a shutdown.

The Smithsonian Institution said it would use existing funds from last year to keep its museums and the National Zoo open for at least the next week.

Merck, AstraZeneca, Bristol Myers in Medicare drug worth negotiations

In this photo illustration, Farxiga is made available to customers at the New City Halsted Pharmacy on August 29, 2023 in Chicago, Illinois.

Scott Olson | Getty Images

Merck, AstraZeneca, Bristol Myers Squibb and Boehringer Ingelheim on Wednesday told CNBC they will agree to participate in the first round of Medicare drug price negotiations, even after all four drugmakers sued to halt the process last month.

Merck’s Type 2 diabetes drug Januvia, AstraZeneca’s own diabetes drug Farxiga, Boehringer Ingelheim’s diabetes drug Jardiance and Bristol Myers Squibb’s blood thinner Eliquis are among the first 10 drugs selected for price talks with Medicare. 

The four companies appear to be the first manufacturers to indicate that they will comply with the negotiations, which seek to rein in the rising costs of prescription drugs for older Americans. 

Manufacturers of the other six drugs selected have until Oct. 1 to sign an agreement to participate in the process. Those companies did not immediately respond to CNBC’s request for comment about their intentions.

A spokesperson for Merck said in a statement that the company will sign the agreement to participate “under protest,” noting that it disagrees on “both legal and policy grounds” with the negotiations.

But “withdrawing all of the company’s products from Medicare and Medicaid would have devastating consequences for the millions of Americans who rely on our innovative medicines, and it is not tenable for any manufacturer to abandon nearly half of the U.S. prescription drug market,” the spokesperson said. “The choice between doing so and weathering the [Inflation Reduction Act’s] massive fines and taxes is no choice at all.”

If drugmakers decline to engage in the negotiations, they could be forced to pay an excise tax of up to 95% of their medication’s U.S. sales or to pull all of their products from the Medicare and Medicaid markets, according to the Centers for Medicare and Medicaid Services.

A spokesperson for Bristol Myers Squibb similarly said the company has “no choice other than to sign the ‘agreement'” due to the penalties outlined by CMS.

An AstraZeneca spokesperson said the company remains “committed to ensuring patients have access to FARXIGA and plan to participate in the process outlined by CMS to communicate the value of FARXIGA to people covered by Medicare.”

Boehringer Ingelheim, which is privately held, said in a statement it is “committed to engaging in open and transparent conversations” with CMS.

Merck, Bristol Myers, AstraZeneca, Boehringer Ingelheim and other drugmakers like Johnson & Johnson have filed at least eight separate lawsuits in recent months seeking to declare the negotiations unconstitutional. Another lawsuit from the Chamber of Commerce, one of the biggest lobbying groups nationwide, is seeking a preliminary injunction, which aims to block the negotiations before Oct. 1. 

The pharmaceutical industry fiercely opposes the process because it believes it will threaten its revenue growth, profits and drug innovation. However, analysts expect minimal financial losses for companies, at least initially, since most of the drugs selected already face upcoming patent expirations that will likely weigh on revenue.

For example, Farxiga will lose its market exclusivity in 2026, which will open up the market to generic alternatives. That’s the same year renegotiated prices are set to take effect.

The Inflation Reduction Act, which narrowly passed Congress last year along party lines, empowered Medicare to negotiate drug prices for the first time in the program’s six-decade history. The law is the central pillar in the Biden administration’s efforts to control rising drug prices and was a major victory for the Democratic Party.

The administration named the first round of drugs set to face price talks last month, kicking off a lengthy negotiation process that will end in August 2024.

Working ladies health-care prices far outpace males, examine says

Luis Alvarez | Digitalvision | Getty Images

High health care costs are hitting women in the U.S. workforce much harder than men.

Working women spend $15.4 billion more in out-of-pocket health expenses annually compared to their male counterparts, according to a new analysis of employer-sponsored health plans from Deloitte Consulting.

The study found women spend 18% more than men on co-pays and deductibles, on average. That’s after excluding costs associated with pregnancy and maternity, according to the new report, and despite total health expenditures for women that are just 10% higher than for men.

“This is a problem we’re identifying that business leaders can actually solve within their own organizations. The takeaway being that women get paid less, and that they pay more for health care,” said Dr. Kulleni Gebreyes, U.S. chief health equity officer at Deloitte Consulting.

The result, she said, is a disproportionate financial burden.

Women tend to utilize more medical care than men, in part due to annual gynecological exams and the high costs of breast cancer imaging.

While annual exams are often fully covered, follow-ups that can result from those visits incur co-pays and trigger deductibles. Many of those services are often more expensive than the typical deductible, leading to a higher cost-sharing burden.    

The Deloitte analysts say employers could close the $15.4 billion cost-sharing gender gap through enhanced benefits design, at an estimated cost of $133 per employee per year, or about $11 per month.

“Our ask is that companies look at their data; examine if and where the gaps exist and step back to have more of an equitable design process to come up with what are the health benefits that would meet the needs of their workforce,” said Gebreyes.

JPMorgan settles Jeffrey Epstein go well with by Virgin Islands

JPMorgan Chase said Tuesday it will pay $75 million to settle a lawsuit by the U.S. Virgin Islands alleging that the huge American bank facilitated and benefited from sex trafficking of young women by its longtime customer Jeffrey Epstein.

JPMorgan did not admit any wrongdoing in the settlement, which will give $55 million to Virgin Islands charities and the American territory’s anti-trafficking efforts.

The remaining $20 million will cover attorneys’ fees incurred by the Virgin Islands as part of the litigation in federal court in New York.

The Virgin Islands said the deal “includes several substantial commitments by JPMorgan Chase to identify, report, and cut off support for potential human trafficking, including establishing and implementing comprehensive policies and procedures.”

Jeffrey Epstein and Ghislaine Maxwell attend de Grisogono Sponsors The 2005 Wall Street Concert Series Benefitting Wall Street Rising, with a Performance by Rod Stewart at Cipriani Wall Street on March 15, 2005 in New York City.

Joe Schildhorn | Patrick McMullan | Getty Images

The territory said that $10 million of the money received would be used to create a fund to provide mental health services for Epstein’s victims.

JPMorgan also said Tuesday that it had reached a settlement with Jes Staley, a former executive at the bank who had been friends with Epstein, to resolve claims by JPMorgan that he was responsible for any civil damages and costs associated with Epstein-related litigation.

The terms of the agreement with Staley are confidential.

JPMorgan said that it “deeply regrets” its association with Epstein, who was a client from 1998 until 2013.

Virgin Islands Attorney General Ariel Smith said the agreement settles what was the first enforcement action against a bank for facilitating and profiting from human trafficking.

“As part of the settlement, JPMorgan has agreed to implement and maintain meaningful anti-trafficking measures, which will help prevent human trafficking in the future,” Smith said in a statement.

“This settlement is an historic victory for survivors and for state enforcement, and it should sound the alarm on Wall Street about banks’ responsibilities under the law to detect and prevent human trafficking.”

Jes Staley, former chief executive officer of Barclays Plc, arrives at the offices of Boies Schiller Flexner LLP in New York, US, on Sunday, June 11, 2023. Staley has faced his first day of testimony about his relationship with Jeffrey Epstein as part of lawsuits alleging the bank enabled the late financier’s sex-trafficking. Photographer: Stephanie Keith/Bloomberg via Getty Images

Bloomberg | Bloomberg | Getty Images

The deals come months after a separate $290 million settlement by JPMorgan with victims of the now-dead predator. That earlier deal ended a similar lawsuit by one of those victims in U.S. District Court in Manhattan.

As with that prior agreement, the new pacts let the bank avoid a trial on the Virgin Islands’ allegations in that same court, which was due to start Oct. 23.

The territory had said it would ask jurors at that trial to award it at least $190 million in damages from JPMorgan.

The Virgin Islands previously obtained a $105 million settlement from Epstein’s estate, and another $62.5 million from billionaire investor Leon Black to resolve potential claims related to Epstein.

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JPMorgan CEO Jamie Dimon and other top bank executives had been questioned by lawyers for the Virgin Islands as part of its suit against the firm.

Related court filings and hearings have led to a stream of embarrassing headlines about the bank since the case was filed in late 2022, more than three years after Epstein killed himself in a Manhattan jail following his arrest on federal child sex trafficking charges.

The Virgin Islands claimed JPMorgan effectively ignored repeated red flags that Epstein was trafficking women to his private island in the territory because it wanted to retain his business and that of his wealthy and powerful friends.

Among those red flags was Epstein’s 2008 guilty plea in Florida to a state charge of soliciting sex from an underage girl, a conviction that led to a 13-month jail stint.

In late August, a JPMorgan attorney told Judge Jed Rakoff that after Epstein died, the bank notified the Treasury Department that it since had identified more than $1 billion in transactions related to “human trafficking” by him dating back 16 years.

But the bank also had alleged in court filings that the Virgin Islands was complicit in Epstein’s crimes, saying he gave high-ranking territory officials money, advice, and favors in exchange for their allowing him to traffick women there unhindered.

NBC archive footage shows Trump partying with Jeffrey Epstein in 1992

In a press release announcing the new agreement with the Virgin Islands, JPMorgan said it “believes this settlement is in the best interest of all parties, particularly for those who can benefit from efforts to combat human trafficking, and for survivors who suffer unimaginable abuse at the hands of these criminals.”

“While the settlement does not involve admissions of liability, the firm deeply regrets any association with this man, and would never have continued doing business with him if it believed he was using the bank in any way to commit his heinous crimes,” the statement said.

“The firm will continue to work with law enforcement to combat human trafficking and help to identify improper money movement into the global payments systems.”

JPMorgan said that under the deal a large portion of the money will got to the Virgin Islands “to enhance the infrastructure and capabilities of law enforcement to prevent and combat human trafficking and other crimes in their territories.”

The bank said it will pay millions more”to support USVI charitable organizations whose work is aimed at addressing social ills, including fighting human trafficking and other sex crimes, and to support survivors on their paths to healing.”

With the remaining money going to attorneys’ fees, JPMorgan is paying the same amount, $75 million, that Deutsche Bank agreed to pay Epstein victims to settle a third Manhattan federal court lawsuit that alleged that bank facilitated his sex trafficking when he was a customer from 2013 through 2018.

Deutsche Bank had taken on Epstein as a customer after JPMorgan ended its relationship with him when Staley left the bank.

Epstein for years socialized with high-profile people such as former President Donald Trump and Bill Clinton, Britain’s Prince Andrew, and had business relationships with billionaires such as Black and former L. Brands CEO Les Wexner.

Ghislaine Maxwell, a British socialite who once was Epstein’s girlfriend, was convicted at a federal criminal trial in Manhattan in December 2021 of procuring underage girls to be sexually abused by him.

Maxwell later was sentenced to 20 years in prison.

Staley, the former JPMorgan executive has denied claims of wrongdoing, including an allegation that he sexually assaulted a woman identified as “Jane Doe,” whose class action suit led to the prior settlement with the bank.

In November 2021, Staley stepped down as CEO of Barclays after an investigation by British bank regulators into how he had characterized his relationship with Epstein.

This is breaking news. Check back for updates.

Pelosi Says Republicans Will not Have The Votes To Deliver Biden Impeachment To The Home Flooring

Former Speaker Nancy Pelosi (D-CA) thinks that House Republicans will never have the votes to bring Biden impeachment to the floor for a vote.

Pelosi said on MSNBC’s Inside with Jen Psaki:

The fact is they have no goods. You know, they’ve been for months and months and months trying to make some kind of a charge. The, I don’t think they’ll ever bring it to the floor. They don’t, they won’t have the votes. They’re members in districts that President Biden won. Oh, not that they’re so fond of President Biden. But they, uh, these voters will say that’s just not the right way to go. You know, everybody was on my case in 2007 when we, we got the majority and they wanted us to impeach President Bush for the misrepresent the war in Iraq, the misrepresentations going in, departing from Afghanistan too soon, all of that. But you, if you have a difference of opinion, you just can’t be impeaching, impeaching. On the other hand, as you said, this is a fake distraction, but they don’t even have the courage to bring it to the floor.

Video:

Very few people in the history of the House of Representatives have been as good at counting votes as former Speaker Pelosi. If she says that Republicans won’t have the votes for Biden impeachment, then it is a safe bet that they won’t have the votes.

Both Republicans and Democrats in the House have said that the votes aren’t there to actually impeach Biden. Part of the con that McCarthy is trying to pull is to drag out the impeachment investigation through the nominating conventions next year.

House Republicans seem more interested in creating a general election issue than they are invested in impeaching President Biden. The votes probably aren’t going to be there to impeach the President, but the nation should prepare for months of breathless MAGA political theater, as impeachment is being used as a gimmick to help Trump.

gamma. Expands To Africa & Unveils Larry Gaaga As VP, GM

Media and technology company gamma. has expanded to Africa and unveiled its newest Vice President and General Manager. As The Shade Room previously reported, gamma. was launched by former Apple executive Larry Jackson in March.

Additionally, the company allows artists and brands to work on projects in “music, films, merchandise, fashion, web3 and other areas,” as per Variety.

RELATED: We Love To See It! French Montana Partners With gamma. & Others To Donate 500 Canoes To Makoko Community In Nigeria

More Details Regarding gamma.’s Expansion & Appointment Of Larry Gaaga

According to Pulse Nigeria, the company features offices in “New York, London, Miami, Nashville, and Dubai.” However, gamma. is now expanding to Africa and stationing its headquarters in Nigeria.

Additionally, gamma. has unveiled Larry Gaaga as the company’s Vice President and “General Manager for West Africa.” Gaaga is reportedly expected to “oversee” the company’s operations “across the entire African continent.”

Furthermore, Gaaga will reportedly provide “strategic direction” and lead “initiatives to develop local talent.” Gaaga’s contributions to the company are expected to ensure talent success on both the domestic and “global stage.”

“gamma.’s mission is to both nurture talent local to Africa and the Middle East into global superstars, as well as to open the continent for Western artists to reach new fans and opportunities,” Sipho Dlamini, gamma.’s President of Africa and Middle East, explained as per THISDAYLIVE. “Larry has the historical background and cultural fluency critical to establishing the relationships and resources necessary for us to succeed.”

The company’s co-founder and CEO, Larry Jackson, credited Gaaga for his “deep understanding of the local music landscapes” and his “relentless passion for nurturing talent as welcomed additions.”

“Larry [has] extensive experience, deep understanding of the local music landscapes, and relentless passion for nurturing talent are welcome additions to the gamma. family,” said Jackson. “He will strengthen our market presence and drive significant growth across Africa and by extension, worldwide.”

Gaaga has since responded to his appointment, as per THISDAYLIVE.

“I am honored and excited to take on the role of Vice President/General Manager of Africa,” Gaaga explained. “This presents a unique opportunity to contribute to the growth of the entertainment industry across the continent, promoting local talent and showcasing the incredible creativity and diversity of our artistes to the world.”

According to the outlet, before Gaaga’s most recent appointment at gamma., he was the Vice President of Def Jam Africa. The outlet reports that there, he “led the label’s A&R division.”

gamma.’s Most Recent Project Alongside French Montana

As The Shade Room previously reported, gamma. most recently partnered with French Montana, Swae Lee, and SALXCO to donate 500 canoes to the Makoko Community in Lagos, Nigeria. The community was reportedly built atop coastal waters in the area. Additionally, the community experienced “critical flood threats” along with “pollution and sewage drainage complications.”

According to an exclusive press release, gamma. and the artists’ donation would “support the livelihood” of over 200,000 people in Makoko. The canoe donations would ultimately assist the “flow of goods and services.” Additionally, it would also help transport families and children to schools.

In addition to the group’s meaningful donation, the community was featured in French Montana and Saw Lee’s latest music video, “Wish U Well.”

In addition to French Montana, gamma. has reportedly worked with artists such as Snoop Dogg and Usher.

RELATED: Apple Veteran Larry Jackson Launches gamma., A $1BN-Backed Media And Music Company Financed By Apple And Eldridge!

CDC recommends Pfizer maternal shot for infants

A doctor vaccinates an infant against respiratory syncytial virus (RSV) in a treatment room of her paediatric practice.

Swen Pförtner | Picture Alliance | Getty Images

The Centers for Disease Control and Prevention on Friday recommended Pfizer’s maternal vaccine that protects infants from respiratory syncytial virus, putting the shot on track to be available in the U.S. this fall.

The agency specifically recommended that expectant mothers 32 to 36 weeks into their pregnancy receive the shot from September through January to protect their children from RSV, the leading cause of hospitalization among babies in the U.S.

CDC Director Mandy Cohen signed off on that recommendation hours after an independent panel of advisors to the agency voted 11 to 1 to pass it.

“This is another new tool we can use this fall and winter to help protect lives,” Cohen said in a statement. “I encourage parents to talk to their doctors about how to protect their little ones against serious RSV illness, using either a vaccine given during pregnancy, or an RSV immunization given to your baby after birth.”

Pfizer’s vaccine, called Abrysvo, is already approved and available in the U.S. for adults ages 60 and up.
The CDC’s recommendation comes as RSV and other respiratory viruses such as Covid begin to spread at higher levels in the U.S.

Public health officials hope Pfizer’s vaccine and other treatments will make the country more equipped to combat RSV this fall and winter, especially after the nation faced an unusually severe season of the virus last year.

RSV usually causes mild, cold-like symptoms. But younger children and older adults are particularly vulnerable to more severe RSV infections.

Each year, the virus kills a few hundred children younger than 5, and 6,000 to 10,000 seniors, according to the CDC. RSV also causes around 58,000 to 80,000 hospitalizations among children younger than 5 years old each year, the CDC said.

Pfizer has said its maternal vaccine could prevent up to 16,000 hospitalizations and more than 300,000 visits to the doctor due to RSV if the shot becomes available in the U.S. this fall and winter. 

“This fall marks the start of the annual respiratory infection season in the Northern Hemisphere, and we are prepared with vaccines against multiple infectious diseases and – for the first time in history – an available RSV vaccine to help prevent disease in two at-risk populations,” said Dr. Luis Jodar, Pfizer’s chief medical officer for vaccines medical development.

The company’s single-dose vaccine is the first RSV treatment to use maternal immunization: Expectant mothers get vaccinated with the shot, which triggers antibodies that are passed to the fetus. That provides infants with protection against the virus from birth through the first six months of life.

The Food and Drug Administration established the 32- to 36-week dosing timeframe when it approved the shot.

The FDA and CDC cleared an RSV antibody injection for infants from Sanofi and AstraZeneca over the summer, but that treatment is administered directly to babies. The CDC recommended the injection, known as Beyfortus, to all infants under 8 months of age and some older babies. 

A subgroup of the CDC advisory panel “felt strongly” that most infants won’t need both Beyfortus and Pfizer’s Abrysvo, CDC medical officer Dr. Jefferson Jones said during the advisory meeting Friday. That subgroup reviews published and unpublished data to develop recommendation options for the panel.

“The pregnant person and their prenatal care provider will need to make the decision during pregnancy regarding which RSV prevention product to use,” said Jones.

Weighing Abrysvo’s efficacy and safety data

The CDC panel’s recommendation of Pfizer’s maternal vaccine was based on data from a phase three trial on nearly 7,400 participants. But mothers received the shot 24 to 36 weeks into their pregnancy in the trial, which is a wider period than the approved dosing time frame.

During the first 90 days after birth, the shot was nearly 82% effective at preventing severe RSV disease in newborns and 57% effective at keeping babies from needing a doctor’s visit due to RSV-related breathing problems. 

That efficacy appeared to lower slightly over time: By six months after birth, Pfizer’s shot was about 70% effective at preventing severe disease and 51% effective at avoiding a trip to the doctor. 

A panel of advisors to the FDA generally praised the efficacy of Pfizer’s maternal vaccine but expressed concerns about potential safety risks. 

In the phase three trial, a slightly higher number of premature births occurred among mothers who took the shot compared to those who received a placebo: 5.7% versus 4.7%, respectively. 

Pfizer, the FDA and CDC staff have said the difference wasn’t statistically significant. 

Pfizer has also sent the CDC advisory panel unpublished data suggesting that the rate of preterm births decreased for women who only received the shot during the approved dosing time frame of 32 to 36 weeks into pregnancy, Dr. Katherine Fleming-Dutra, a pediatrician with the National Center for Immunization at the CDC, said during the advisory meeting on Friday. 

Fleming-Dutra said 4.2% of births were premature among mothers who took the shot during that time frame compared with 3.7% among those who received a placebo.

“The rate of preterm birth decreased as there’s less opportunity to be born preterm and also the imbalance between vaccine and placebo groups narrowed with the approved dosing interval,” Fleming-Dutra said.

Still, the prescribing label for Pfizer’s vaccine will come with a warning not to administer the shot before 32 weeks of pregnancy because of that “numerical imbalance” in premature births, the FDA said in its approval. 

The FDA is requiring Pfizer to examine the risk of premature births in a post-marketing study on the vaccine. Post-marketing refers to research conducted on a product after it receives FDA approval.

Pfizer’s examination will also involve evaluating any pregnancy-related complications following vaccination, Alejandra Gurtman, the company’s senior vice president of clinical research and development for vaccines, told CNBC last month.

That includes eclampsia, which refers to seizures that develop during pregnancy or shortly after birth. 

Pfizer will launch a pregnancy registry that will allow women and obstetricians to call and report any adverse events after patients receive the vaccine, according to Gurtman.