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President Biden on Monday will sign what the White House is calling a ‘landmark’ executive order that contains the ‘most sweeping actions ever taken to protect Americans from the potential risks of AI systems.’ 

Among them is requiring that artificial intelligence developers share their safety-test results – known as red-team testing – with the federal government. 

‘In accordance with the Defense Production Act, the Order will require that companies developing any foundation model that poses a serious risk to national security, national economic security, or national public health and safety must notify the federal government when training the model, and must share the results of all red-team safety tests,’ the White House says. ‘These measures will ensure AI systems are safe, secure, and trustworthy before companies make them public.’ 

‘The National Institute of Standards and Technology will set the rigorous standards for extensive red-team testing to ensure safety before public release,’ the White House continued. 

EXPERTS CALL BIDEN EXECUTIVE ORDER ON AI A ‘FIRST STEP,’ BUT SOME EXPRESS DOUBTS 

‘The Department of Homeland Security will apply those standards to critical infrastructure sectors and establish the AI Safety and Security Board,’ it added. ‘The Departments of Energy and Homeland Security will also address AI systems’ threats to critical infrastructure, as well as chemical, biological, radiological, nuclear, and cybersecurity risks.’ 

In response to concerns about AI putting people out of work, the White House says the executive order will ‘Produce a report on AI’s potential labor-market impacts, and study and identify options for strengthening federal support for workers facing labor disruptions, including from AI.’ 

BUSINESS LEADERS EXPECT AI INVESTMENTS TO PAY OFF, BUT IT MIGHT TAKE TIME: STUDY 

The White House also says the executive order is aimed at protecting Americans from AI-enabled fraud by establishing standards and best practices to differentiate between AI-generated and authentic content. 

‘The Department of Commerce will develop guidance for content authentication and watermarking to clearly label AI-generated content,’ it says. ‘Federal agencies will use these tools to make it easy for Americans to know that the communications they receive from their government are authentic—and set an example for the private sector and governments around the world.’ 

The moves by the White House come after the Senate hosted its first-ever bipartisan AI forum last month. 

‘More action will be required, and the Administration will continue to work with Congress to pursue bipartisan legislation to help America lead the way in responsible innovation,’ the White House says. 

This post appeared first on FOX NEWS

Like many booming metros, Tampa is finding that more people equals more garbage. In response, officials there are leaning into an approach popular in Florida: Set it on fire.

“All areas that are experiencing growth are going to find issues of capacity” for managing waste, said Jack Mariano, the commissioner of Pasco County, just north of Tampa’s Hillsborough County. “Everybody’s facing: Where are we gonna put the trash?”

In September, Pasco authorities approved a $540 million plan to add a fourth boiler to the county’s waste-to-energy facility, or WTE, boosting capacity at the incinerator complex by around 50% while feeding more power — from a turbine spun by steam heated through garbage burning — to the electric grid.

Authorities plan to tap Inflation Reduction Act funds to offset about $60 million of the project, targeted for completion in summer 2026, Mariano said. The plant is one of three in the Tampa area that process solid waste, but it currently can handle less than two-thirds as much as a nearby Hillsborough WTE and a third the volume of Pinellas County’s to the west, a facility official said.

The Pasco County Resource Recovery Facility is expected to burn 440,000 tons of waste this year, nearly 100,000 more than usual.Octavio Jones for NBC News

WTEs have been around for decades, but their technology is getting cleaner and safer, according to the U.S. Environmental Protection Agency and ongoing research. Regulators have required substantial upgrades over the years, including to the Pasco plant, built in 1989. Many of the facilities are eligible for tax credits expanded by the Inflation Reduction Act, an Energy Department spokesperson said.

Justin Roessler, Pasco County’s solid waste and resource recovery director, said the incinerator there already includes “rigorous air pollution controls” such as activated-carbon injection to filter harmful gases. The site’s emissions are monitored continuously for anomalies, which are reported to regulators if detected.

The expansion plan includes outfitting the boilers with new technology to reduce nitrogen oxide emissions, a local official said. When the project is finished, Pasco will boast “the first waste-to-energy facility in the country to have a CO2 limit in its permit,” Roessler said. “We are very proud of that.”

Still, waste-to-energy plants handle highly hazardous materials, and even the cleanest operations emit federally allowable levels of noxious chemicals formed during combustion. Lately, residents’ concerns over the potential health risks have drawn more scrutiny.

Ana Vale relocated her family from Atlanta last year to a home in Doral, Florida, about 20 doors down from Miami-Dade County’s incinerator. About two weeks after moving in, her now-14-year-old daughter began complaining about her skin itching and burning. Soon afterward, a dermatologist diagnosed her with eczema.

Then, on Feb. 12, the plant caught fire and burned down, raising Vale’s concerns even further.

This post appeared first on NBC NEWS

JERUSALEM — Allegations of recurring United Nations anti-Israel activity, including accusations that United Nations Secretary-General António Guterres seemed to rationalize Hamas’ murder of 1,400 people — illustrate the world body’s obsession with the Jewish state.

‘Of course, (Guterres) should resign,’ Sen. Ted Cruz, R-Texas, told Fox News Digital. ‘Many aspects of the U.N., like the Human Rights Council and UNRWA (United Nations Relief and Works Agency), are either antisemitic or give cover for terrorism or both. The behavior of the secretary-general this week was shameful even by the standards of the U.N.’ 

Israel’s Ambassador to the United Nations, Gilad Erdan, on Tuesday urged Guterres to resign, ripping into the U.N. secretary-general for ostensibly rationalizing Hamas’ murder of 1,400, including Americans, Oct. 7 in Israel. 

Guterres said Hamas’ attacks ‘did not happen in a vacuum,’ and the ‘Palestinian people have been subjected to 56 years of suffocating occupation. This is false. It was the opposite,’ Erdan said, describing Guterres’ words as ‘pure blood libel.’

Guterres responded to the criticism against him by noting in a statement outside the U.N. Security Council, ‘I am shocked by the misrepresentations by some of my statements yesterday in the Security Council. As if … as if I was justifying acts of terror by Hamas. This is false. It was the opposite.’

The U.N. has long faced accusations by critics of antisemitism and anti-Israel hatred. 

In 1975, a majority of U.N. member states passed a resolution equating the founding philosophy of the state of Israel — Zionism — with racism. Critics say significant damage has been done by the resolution since, even though member states overturned the antisemitic resolution in 1991. But severe injury had been inflicted on the reputation of the Middle East’s only democratic state, Israel. 

HAMAS LAUNCHES MASSIVE ROCKET BARRAGE AS ISRAEL DELAYS INVASION 

New York’s former Democratic Mayor Ed Koch in 1982 called the world body a ‘cesspool’ for passing an anti-Israel resolution against the Jewish state for annexing the Golan Heights.   

The late Israeli Ambassador to the U.N., Abba Eban, famously quipped, ‘If Algeria introduced a (U.N.) resolution declaring that the earth was flat and that Israel had flattened it, it would pass by a vote of 164 to 13 with 26 abstentions.’ 

Guterres’ move to blame the Jewish state for an alleged ‘occupation’ of the Gaza Strip omitted information regarding Israel’s withdrawal from the Hamas-controlled Gaza Strip in 2005.  

Erdan condemned Guterres, calling on him to resign. 

‘His statement that ‘the attacks by Hamas did not happen in a vacuum’ expressed an understanding for terrorism and murder,’ Erdan said. ‘It’s really (unfathomable).’ 

A spokesman for the secretary-general sent Fox News Digital a statement defending his speech and rejecting criticism. 

‘Nothing can justify the deliberate killing, injuring and kidnapping of civilians — or the launching of rockets against civilian targets,’ Guterres said in his statement.

‘Indeed, I spoke of the grievances of the Palestinian people, and in doing so, I also clearly stated, and I quote, ‘But the grievances of the Palestinian people cannot justify the appalling attacks by Hamas.’

‘And then I went on with my intervention referring to all my positions on all aspects of the Middle East crisis. I believe it was necessary to set the record straight, especially out of respect to the victims and to their families.’

When asked if Guterres believes the U.N. should sanction Hamas as a terrorist organization, Guterres’ spokesman declined to comment. 

‘The United Nations system — its secretariat from the secretary-general to its high commissioner for human rights, its bodies and agencies from the General Assembly and Human Rights Council to the Security Council — has systematically treated Israel differently than any other state for over half a century,’ Anne Bayefsky, president of Human Rights Voices and director of the Touro Institute on Human Rights and the Holocaust,  told Fox News Digital. 

‘Discriminated against Israel. Demonized Israel. That demonization is not an abstraction. It’s lethal, as should now be excruciatingly obvious,’ she said.

Bayefsky continued, ‘The U.N. has no definition of terrorism because Islamic states claim targeting the Jewish state and its people is not terrorism. Last week, Navi Pillay, head of a U.N. Commission of Inquiry, presented a U.N. report condemning Israel that put the word terrorism in quotation marks.’

‘She justified ‘armed struggle’ against Israel and backed the secretary-general’s contextualization — rationalization — of Hamas atrocities. She said, ‘The secretary-general made a correct statement … the attack (of Oct. 7) isn’t an isolated incident. It flows from all these violations on both sides.’ This is the face of modern antisemitism — a straight line from discrimination to death.’

‘This is a familiar circle of terrorists opposed to a Jewish state and steeped in antisemitism, expecting and finding the U.N. has their back. The secretary-general is a man who has smashed any pretense of a U.N. moral compass. He is a disgrace and lost any entitlement to head an organization theoretically dedicated to human rights,’ Bayefsky stated.’

Rabbi Abraham Cooper, the associate dean of the LA-based Simon Wiesenthal Center, told Fox News Digital he met last week with a U.N. diplomat in the secretary-general’s office ‘on all these roiling issues. When I saw the secretary-general’s statement, I was shocked and disappointed. My sense is that many seasoned professionals, journalists and, yes, diplomats just don’t get it.’

He continued, ‘They want to treat this as just another round of violence between Hamas and Israel. It isn’t, and the Jewish people will reject any efforts to do just that. Instead of berating Israel, the secretary-general should be telling the viciously one-sided UNHRC COI to wrap up their inquisition.’ 

The U.N. Human Rights Council commissioned a ‘commission of inquiry’ to investigate mainly Israel’s alleged human rights violations. The COI and its members have been accused of antisemitism by critics.  

Former U.S. Ambassador to the U.N. Nikki Haley in 2018 pulled the plug on U.S. participation in the U.N. Human Rights Council because of its alleged bias against Israel. She said at the time the council ‘has been a protector of human rights abusers and a cesspool of political bias.’ 

President Biden rejoined the body in 2021.

Haley also denounced the U.N.’s Paris-based UNESCO, which supports various educational and cultural projects around the world and has faced criticism for naming ancient Jewish sites as Palestinian heritage sites and granting full membership to the Palestrian Authority in 2011. 

‘UNESCO is among the most corrupt and politically biased U.N. agencies,’ Haley said after the U.S. announced it would quit the agency in 2017. 

The Biden administration rejoined UNESCO in 2023.

LIVE UPDATES: ISRAEL AT WAR WITH HAMAS  

‘The Jewish people will not be lectured to. They will not allow Hamas to commit more crimes against humanity. The speechwriters and special rapporteurs live in their bubbles. We live in the real world. It’s not 1943, but 2023,’ Cooper said.

The Wiesenthal Center is named after the legendary Nazi hunter, Simon Wiesenthal, who survived the death camps of the Hitler movement. 

Cooper took the U.N. specialized agency for Palestinian refugees, UNRWA, to task for ‘serving as staging areas for weapons and missile launches.’ 

The United Nations Security Council has also faced intense criticism for its efforts to sanction Israel. Germany’s former ambassador, Christoph Heusgen, equated Israel with the terrorist movement Hamas during one session, prompting the Wiesenthal Center to list Heusgen’s remarks as one of the worst outbreaks of antisemitism and anti-Israeli conduct in 2019.  

President Trump’s Middle East envoy, Jason Greenblatt, blasted the UNSC in 2019 for impeding peace between Israel and the Palestinians. He called the conduct of the Security Council ‘the constant drumbeat of tired rhetoric that is designed to prevent progress and bypass direct negotiations. It is time to retire that rhetoric.’ 

On Friday, the United Nations General Assembly failed to condemn Hamas in a non-binding resolution. The Jordanian-sponsored resolution calling for a ‘humanitarian truce,’ sailed through with some 120 nations voting for it. Erdan told delegates the vote ‘will go down in infamy.’

‘We have all witnessed that the U.N. no longer holds even one ounce of legitimacy or relevance,’ Erdan said. ‘This organization was founded in the wake of the Holocaust for the purpose of preventing atrocities, yet the spectacle we just saw proves beyond a doubt that the U.N. is committed, not to preventing, but ensuring, further atrocities.’

On Monday the United Nations Security Council scheduled an emergency session to discuss the initial ground invasion by the Israelis into Gaza. 

The Associated Press and Fox News staff contributed to this report. 

This post appeared first on FOX NEWS

Israel should take responsibility for protecting innocent civilians in Gaza even though Hamas is using them as human shields, Biden administration national security adviser Jake Sullivan said Sunday, as Israeli forces continue to bombard the Gaza Strip following the deadly terrorist attack more than three weeks ago.

Sullivan appeared on CNN’s ‘State of the Union,’ saying the Israeli government should take every possible action to distinguish terrorists from civilians during its ongoing operations.

‘Hamas is making life extremely difficult for Israel by taking civilians as human shields and putting their rocket infrastructure and terrorist infrastructure among civilians,’ Sullivan said. ‘That creates an added burden for Israel, but it does not lessen Israel’s responsibility under international humanitarian law to distinguish between terrorist and civilians and protect lives of innocent people.’

Sullivan added: ‘And that is the overwhelming majority of the people in Gaza.’

While Sullivan said President Biden will speak with Israeli Prime Minister Benjamin Netanyahu later Sunday about protecting Palestinian civilians in Gaza, he added that the U.S. has already been holding conversations behind closed doors about protecting civilians.

‘We have had conversations privately, as well as our public pronouncements, private conversations with Israel about the need to protect innocent civilians and be targeted in their military operations so that it’s focused on the terrorists and not on innocent people whose lives deserve to be protected,’ he said.

Netanyahu on Saturday announced that his forces have entered the ‘second stage’ of its war with the terrorist group Hamas, greatly expanding its ground operations in Gaza.

Since Hamas terrorists first infiltrated Israel on Oct. 7, as many as 8,700 people have been killed in the war on both sides, including at least 1,400 Israeli civilians and soldiers and 33 Americans. The Hamas-run Gaza health ministry claims more than 7,300 Palestinians have been killed in Gaza and 110 in the West Bank, although the Biden administration has looked at numbers coming from Hamas with a degree of skepticism. 

At least 10 Americans are feared to be among the 229 people held captive by Hamas.

This post appeared first on FOX NEWS

The selling in this market is accelerating, and some of it is in areas of the market which usually hold up during stressful periods. One of them is healthcare, where a changing financial picture and the effects of AI are creating a new landscape for investors to ponder. Of course, this could lead to a contrarian buying opportunity.

Preparation Leads to Success

Last week in this space, I noted the stock market had shifted to a new and “cautionary” gear, based on the deterioration of the market’s breadth, the dearth of up trending sectors, and the stealthy rise in the CBOE Volatility Index (VIX) above a longstanding resistance level at 20.

Unfortunately, instead of a hoped-for reversal, the sellers stepped on the gas pedal. All three members of the bearish triad got worse as VIX rose above 20, the New York Advance Decline line (NYAD) broke below the March 2023 lows, and the number of sectors in uptrends remained near the recent lows.

On the other hand, the stock market is increasingly oversold, so investors should prepare for a potential bounce before the end of the year, especially given the usual bullish seasonality which begins in November and can run through January.

Here’s what we’re doing at Joe Duarte in the Money Options.com:

Raising cash as positions get stopped out;Hedging portfolios via options and inverse ETFs;Keeping position size in long holdings small;Looking for relative strength in offbeat areas of the market; andBuilding a shopping list for when conditions improve.

Contrarian Alert: Healthcare Crashes and Burns as AI Reshapes the Playing Field

There are always unintended consequences when complex systems adjust. And the Federal Reserve’s aggressive rate hikes and talk of holding rates “higher for longer” is spreading throughout the stock market. Usually, the healthcare sector fares better than other areas during challenging periods, as it’s traditionally considered “recession-proof.”

Unfortunately, this time is different.

Aside from the negative effect of higher interest rates, the healthcare sector is facing significant secular headwinds through the combined effects of an aging population and changing budget priorities in Medicare and private insurers. Medicare is projected to run out of money just as the elderly population surges, while insurance companies are increasing their use of AI for data management and the creation of treatment plan algorithms for patient care. This use of AI is already impacting the bottom line for both insurers and providers.

Insurers are reaping the benefits of the cost cuts and efficiencies which have resulted from the use of AI. Hospitals and drug companies have been hit with, increasing numbers of small and rural hospitals closing their doors. Medical groups who bought private doctor practices are also struggling as their bills get trimmed by AI protocols and contracts.

Investors are facing the potential for a reduction in income for care providers. Check out the action in the Healthcare Select Sector SPDR Fund (XLV), where short sellers (falling ADI) are jumping for joy, while buyers are just plain jumping off the train (crashing OBV).

Aside from the fate of hospitals and medical practices (corporate and private), another concern is the future of drug prices. This may account for the sudden decline in the shares of anti-obesity drug giant Novo Nordisk (NVO), which have broken below their 50-day moving average and look set to test the $90 area. What makes the selling worse is that Novo continues to gain favorable press given the success of its Wegovy drug on weight loss and blood sugar control and its potential for being used in other conditions. In this case, OBV is drooping while ADI is holding up, which suggests that the selling is more due to investors bailing out than because of short sellers piling on.

Elsewhere, shares of the largest U.S. hospital operator HCA Inc. (HCA) are in freefall, despite a profitable quarter, in which it nevertheless missed analyst expectations due to problems with its physician staffing joint venture Valesco.  At the heart of the matter is an emergency room staffing group known as Emcare, which according to reports is encountering difficulties in receiving reimbursements from insurance companies and managing its costs as it struggles to find physicians willing to work in the current market.

According to HCA management, in comments during its earnings call, Emcare lost $100 million in the most recent quarter. HCA expects Emcare to lose $50 million per quarter going forward; even as HCA tries to renegotiate contracts with insurers. Emcare was an affiliate of Envision Healthcare, which filed for bankruptcy in May 2023 due to financial issues. HCA recently increased its stake in the company from 50 to 90%.

The bright light in the sector is shining on insurance. An example is United Healthcare (UNH) whose shares are near their recent highs. UNH delivered a sterling earnings report for Q3, featuring 14% year-over-year revenue and earnings growth.

A big part of UNH’s success comes from its Optum division’s focus on AI-derived data management and its use in designing algorithms, to which health care providers contracted to the company must adhere to remain under contracts with the insurer.  

I’ll be keeping a close eye on the healthcare sector, as the pessimism level is reaching a fever pitch; the potential for picking up blue chip bargains seems to be rising as the selling also reaches a fever pitch.

Join the smart money at Joe Duarte in the Money Options.com. You can have a look at my latest recommendations FREE with a two-week trial subscription. And for frequent updates on real estate and housing, click here.

Incidentally, if you’re looking for the perfect price chart set up, check out my latest YD5 video, where I detail one of my favorite bullish setups. This video will prepare you for the next phase in the market.  

Market Breadth Breaks Below March Lows; VIX Breaks Above 20

The NYSE Advance Decline line (NYAD) broke below its March and May 2023 bottoms last week. A sustained break below both these levels, as highlighted by the trend line, would be extremely bearish. Meanwhile, the RSI for NYAD is now well below 30, an oversold reading, which could lead to a reversal of the current bearish posture for the market.

The Nasdaq 100 Index (NDX) remained below its 50-day moving average, but did not make a new low. That’s a hopeful sign unless it’s reversed. ADI moved lower as short sellers increased their bearish bets, and OBV also turned lower as selling pressure builds. NDX remains oversold.

The S&P 500 (SPX) extended its break below its 200-day moving average while breaching the important support level at 4150. ADI and OBV turned lower again, signaling rising selling pressure. RSI is well below 30, signaling an oversold condition.

VIX Crosses Above 20, Signaling Rising Fear

The CBOE Volatility Index (VIX) has finally crossed above the important 20 level, which up to now had kept the bears in check. If this is not reversed, it will likely cause more trouble in the next few days to weeks.

When the VIX rises, stocks tend to fall, as rising put volume is a sign that market makers are selling stock index futures to hedge their put sales to the public. A fall in VIX is bullish, as it means less put option buying, and it eventually leads to call buying, which causes market makers to hedge by buying stock index futures. This raises the odds of higher stock prices.

To get the latest information on options trading, check out Options Trading for Dummies, now in its 4th Edition—Get Your Copy Now! Now also available in Audible audiobook format!

#1 New Release on Options Trading!

Good news! I’ve made my NYAD-Complexity – Chaos chart (featured on my YD5 videos) and a few other favorites public. You can find them here.

Joe Duarte

In The Money Options

Joe Duarte is a former money manager, an active trader, and a widely recognized independent stock market analyst since 1987. He is author of eight investment books, including the best-selling Trading Options for Dummies, rated a TOP Options Book for 2018 by Benzinga.com and now in its third edition, plus The Everything Investing in Your 20s and 30s Book and six other trading books.

The Everything Investing in Your 20s and 30s Book is available at Amazon and Barnes and Noble. It has also been recommended as a Washington Post Color of Money Book of the Month.

To receive Joe’s exclusive stock, option and ETF recommendations, in your mailbox every week visit https://joeduarteinthemoneyoptions.com/secure/order_email.asp.

Since the 2020 pandemic, we’ve seen many relative leaders come and go. I’ve found the most difficult part of trading/investing these past few years to be trusting the relative strength we see. Rotation is normal as we move through various economic cycles, but trying to zero in on which economic cycle we’re actually in hasn’t been easy. As a perfect example, look at Q3 GDP, which was just released last week. The first estimate of Q3 GDP was 4.9%, the highest quarterly GDP reading since late 2021. One major fear with regard to U.S. equities is that we were setting up for a “hard landing”, or a recession, due to the very hawkish Fed and an expected decline in consumer spending. But with inflation dropping sharply over the past year and GDP accelerating instead of declining, I believe it’s difficult at the moment to argue a hard landing. The U.S. consumer is very resilient, despite the series of rate hikes from the Fed. All of this may change the Fed’s anticipation of rate cuts in 2024 altogether. If you recall from their latest meeting, they announced only 2 expected rate cuts in 2024, down the previous 4. But now, with the consumer showing resiliency and GDP rising, the Fed will have less reason to cut rates. Let’s also keep in mind that inflation continues dropping and remains on a path headed towards the Fed’s 2% target. So the Fed could remain on pause, with the path to a soft landing becoming clearer and clearer.

Where does all of this leave us?

Well, a Fed pause in hiking rates combined with falling inflation and rising GDP, could be a catalyst to much higher U.S. equity prices in the weeks and months ahead. That’s speculation, however, and we must see the technical conditions of our key indices change for the better. While the soft landing proponents may grow in confidence after last week’s GDP, that same confidence has yet to appear in the charts. Here’s the S&P 500’s daily chart for the past year:

Volume has been accelerating to accompany a steep drop in price. Listen, nothing is bigger to me than the combination of price and volume. And it couldn’t be any clearer to me that short-term technical conditions are extremely bearish right now. BUT, I have several secondary signals that tell me to look for a bottom, which could be rapidly approaching. A capitulatory-type move could mark a major bottom, especially with the Volatility Index ($VIX) breaking above 20 and stubbornly remaining there. It’s never easy to predict where an ultimate top on the VIX might occur, but what IS clear is bottoms do occur when the VIX tops. That’s why I believe capitulation will likely be needed to mark that VIX top and S&P 500 bottom. The fact that we’re now at the bottom of the S&P 500’s current channel says that a market bottom could happen ANY day. I’m awaiting a big intraday reversal on heavy volume where a hammer, doji, bullish engulfing, or piercing candle appears. Until then, it’s difficult to risk capital on the long side. Also, a reversing candle then provides a level to keep a stop in place to help manage risk. A reversing candle should not be breached intraday, but especially on a closing basis.

I like to look ahead at upcoming earnings, searching for companies that might be overlooked as they approach their quarterly earnings dates. There will be one very interesting earnings report out this week in the consumer discretionary area. The strong GDP was, in large part, due to a strong consumer. I wouldn’t be surprised if there’s a HUGE earnings surprise in this discretionary stock and, quite possibly, a very bullish gap higher. I’m featuring this stock in our FREE EB Digest newsletter on Monday morning. If you’d like to receive it, simply SIGN UP here and enter your name and email address. There’s no cost and no credit card required.

Happy trading!

Tom

The United Auto Workers union and Ford have agreed in principle to the terms of a tentative agreement that could signal the end to the nearly six-week strike with the Big Three automaker, sources with knowledge of the discussions confirmed Wednesday to CNBC.

A tentative agreement could be announced as early as Wednesday night, pending approval of UAW leaders, according to two sources, who agreed to speak on the condition of anonymity because of the sensitive nature of the talks.

The agreement will need to be ratified by UAW members, thousands of whom have walked off the job at Ford factories throughout the U.S., including its Kentucky Truck Plant, the company’s largest factory worldwide.

United Auto Workers President Shawn Fain after a rally for striking workers at UAW Local 551 in Chicago on Oct. 7.John J. Kim / Chicago Tribune via Getty Images file

The automaker and the union participated in intense bargaining Tuesday and Wednesday in an attempt to finalize a record deal, the sources said.

Spokespeople for Ford declined to comment to CNBC on the negotiations earlier Wednesday other than to say talks were continuing. A UAW spokesman did not respond to CNBC’s request for comment.

The talks this week involved a proposal for wage increases of at least 25% over the term of the deal, as well as other improved benefits previously outlined by the union and company, two sources confirmed to CNBC.

Around 13,000 UAW members went on strike Sept. 15 in an action that hit Ford, General Motors and Stellantis at the same time. The union had never engaged in a simultaneous strike against all three companies.

The UAW gradually ramped up those strikes in subsequent weeks, and as of Wednesday, about 40,000 people had walked off the job. That slowly cut into vehicle production and supply lines.

In mid-October, the union told workers to strike at plants where highly profitable vehicles like full-size SUVs and trucks were made. They were Kentucky Truck, a Stellantis facility in Sterling Heights, Michigan; and a GM plant in Arlington, Texas.

The UAW said those three were the largest manufacturing plant owned by each company.

GM said days ago that the strikes were costing it about $200 million a week.

In another historic first, President Joe Biden became the first sitting president to walk a picket line when he visited UAW workers in Belleville, Michigan.

This post appeared first on NBC NEWS

The United Auto Workers union and Stellantis say they’ve reached a tentative agreement on a new contract, leaving General Motors as the only one of the Big Three automakers without a contract with the union.

The deal, which still has to be ratified by members, follows a six-week strike by more than 14,000 workers at Stellantis assembly plants in Michigan and Ohio, and at parts warehouses across the nation.

“Once again, we have achieved what just weeks ago we were told was impossible,” UAW President Shawn Fain said in a written statement. “At Stellantis in particular, we have not only secured a record contract, we have begun to turn the tide in the war on the American working class.’

The tentative agreement is patterned off a 4½-year agreement reached between the union and Ford on Wednesday, sources previously told CNBC.

Employees will return to work while the agreement goes through the ratification process, UAW said in a statement Saturday.

‘We look forward to welcoming our 43,000 employees back to work and resuming operations to serve our customers and execute our Dare Forward 2030 strategic plan to maintain Stellantis’ position at the forefront of innovation,’ Stellantis North America COO Mark Stewart said in a written statement Saturday.

In a statement Saturday night, GM said it was ‘disappointed by the UAW’s action in light of the progress we have made.’

‘We have continued to bargain in good faith with the UAW, and our goal remains to reach an agreement as quickly as possible,’ GM said.

United Auto Workers signs for a strike are shown at a Stellantis assembly plant in in Sterling Heights, Mich., on Monday.Paul Sancya / AP

Around 40,000 UAW members have gone on strike since their last contract with GM, Ford and Stellantis expired on Sept. 15. They shut down dozens of factories along the way, including GM’s full-size truck plant in Arlington, Texas, on Tuesday.

UAW President Shawn Fain said in a video statement Wednesday that the move was part of a step to get negotiations over the finish line.

The deal, according to UAW, includes 25% in base wage increases through April 2028, and the starting wage will increase to over $30 an hour.

Both the Ford and Stellantis deals include a right to strike over plant closures, according to the union.

‘The agreement reinstates major benefits lost during the Great Recession, including Cost-of-Living Allowances and a three-year Wage Progression, as well as killing divisive wage tiers in the union,’ the UAW said in a statement.

The agreement will need to be ratified by UAW members before it becomes binding, and that process will take time. On Wednesday night, Fain said a national committee will meet to review the Ford deal on Sunday. Local groups will review it after that, and then members will vote on the proposed contract.

Still, the proposal means Ford workers left the picket lines and will soon go back to work.

Talks between the union and Stellantis had appeared to be more contentious than those with GM and Ford. Fain repeatedly criticized Stellantis for what he called outsize profits and CEO pay, and on Friday he said on a livestream that the company was trying to ‘lowball’ the union before throwing a ream of pages, which he said were Stellantis’ proposal, in an office trash can.

On Monday, Fain called for workers at Stellantis’ Ram 1500 truck plant to go on strike. The company responded that it was ‘outraged’ by the move.

In a statement Saturday, President Joe Biden, who made history as the first sitting president to appear on a picket line, called the contract “groundbreaking.”

“This contract is a testament to the power of unions and collective bargaining to build strong middle-class jobs while helping our most iconic American companies thrive,” Biden said. “The final word on this tentative agreement will ultimately come from UAW Stellantis members themselves in the days and weeks to come.”

This post appeared first on NBC NEWS

As the world’s attention remains divided on the Israel-Hamas war and Russia’s invasion of Ukraine, a delegation from the Ronald Reagan Foundation visited Taiwan last week seeking to shore up U.S. support for the island that continues to be threatened by Beijing.

‘Taiwanese skepticism about America’s staying power and its ability to deter aggression is on the rise,’ Heino Klinck, former deputy assistant secretary of defense for East Asia, told Fox News Digital. 

‘The Biden administration’s precipitous Afghanistan withdrawal, piecemeal material support to Ukraine, inability to provide defense articles in a timely manner, as well as other foreign policy woes are the fodder for Chinese disinformation and propaganda that fuel this skepticism.’ 

The foundation’s trip recalls two visits President Reagan made while still serving as governor of California, first in 1971 and again in 1978. The delegation included members from the foundation and members of various groups, including former politicians, military experts and members from companies like Google and Citigroup.

Taiwanese President Tsai Ing-wen met with the delegation, thanking the group for its ‘hospitality and considerable support’ when she visited the Reagan Library earlier this year and highlighted the work done to ‘enhance Taiwan-U.S. relations.’ 

‘Taiwan and the U.S. share the values of freedom and democracy,’ Tsai said. ‘Together, we strive for peace and prosperity in the region. … Our other distinguished guests have continued President Reagan’s legacy and ideals in advocating for individual freedom, economic opportunity and global democracy.’

Reagan established himself as a ‘devoted defender’ of Taiwan, often calling for the establishment of ‘official’ or ‘government-to-government’ relations, according to an article from The Washington Post written during his first presidential campaign. 

‘I would not pretend, as [President] Carter does, that the relationship we now have with Taiwan, enacted by our Congress, is not official,’ Reagan said regarding the difference between him and the man he would eventually defeat. Reagan would later temper his language to align more with official U.S. policy, but his actions toward Taiwan remained those of a close friend and ally. 

When Reagan visited China in 1984, he sought to reassure Taiwan he would not agree to any deals that would hinder relations between Taipei and Washington, with assurances delivered verbally and in briefings to representatives from Taiwan, The New York Times reported at the time. 

The Foundation quoted Reagan, saying, ‘There are cultural differences making nations each unique in its own way, but at the same time I think all are bound together with a common heritage of a love of freedom,’ and ‘our destiny is democracy and the defense of that destiny is one that all of us share.’ 

Reagan Foundation President David Trulio told Fox News Digital the group undertook the trip because it is ‘strongly behind the long-standing bipartisan consensus supporting Taiwan.’ 

‘The Ronald Reagan Presidential Foundation and Institute was honored to lead this delegation to Taiwan, a vibrant democracy and an absolutely key economic partner in Asia, a region vital to America’s future,’ he said.

Klinck in his comments to Fox News Digital continued to focus on the growing Taiwanese public skepticism, arguing that the people worry that U.S.-Taiwan relations have regressed to ‘a sub-component of the U.S.-China relationship.’ 

‘The merits of Washington-Taipei relations in all domains must be emphasized outside of Washington-Beijing dynamics,’ Klinck said. ‘Leveraging opportunities such as completing a U.S.-Taiwan free trade agreement and U.S. leadership to internationalize peace, security and stability in the Taiwan Strait would be strong messages underscoring American commitment.’

Concern over U.S. commitment to Taiwan has accelerated following the Hamas terrorist attack on Israel, which has consumed global media and political minds and seemingly sucked the oxygen from other conflicts. Even Ukraine coverage has found diminished airtime in the face of the rapidly escalating situation in the Middle East. 

Former Sen. James Talent, R-Mo., told Fox News Digital Ukraine ‘is very much on the minds of Taiwanese leaders’ who ‘appreciate America’s policy of support’ for Ukraine because Taiwanese leaders ‘think it is important for the democracies of the world to make clear that unprovoked aggression is something they will resist.’

‘We need to strengthen deterrence, which means both Taiwan and the United States building up the kind of military capabilities that gives Beijing pause about blockading or invading Taiwan,’ Talent said. ‘That’s the big and most urgent challenge.’

He highlighted other challenges, such as the way China uses economic power to advance national objectives. But he praised Taiwan’s efforts to develop ‘self-sufficient’ defensive power and ‘a greater role in Asian affairs.’ 

Trulio stressed that America must keep in mind that ‘the world is watching’ how it handles these various crises, and the way Ukraine and Israel play out will have ‘impacts’ on ‘both sides of the Taiwan Strait.’

‘The Chinese Communist Party is attempting to use misinformation to make the Taiwanese people skeptical about America’s will to support its friends and allies,’ Trulio argued. ‘It was clear from our discussions in Taiwan that strong support for Ukraine counters that skepticism and would make China less inclined to initiate a crisis.’

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Former Vice President Mike Pence is out of the running. 

‘I came here to say it’s become clear to me this is not my time,’ the former vice president said in his surprise announcement at the Republican Jewish Coalition’s annual leadership meeting, which this year attracted all the major GOP White House contenders. 

‘So after much prayer and deliberation, I have decided to suspend my campaign for president effective today,’ Pence said.

The big question going forward is which contenders will follow Pence’s lead in suspending their campaigns for the 2024 Republican nomination in a race dominated by former President Donald Trump.

While four lesser-known candidates had already called it quits, Pence became the first of the major contenders to suspend his 2024 campaign. 

One thing’s for sure: More will follow

‘There’s no question others will follow suit. The question is one of timing,’ RJC chief executive officer Matt Brooks told Fox News.

Veteran Republican consultant and media strategist Ari Fleischer, a Fox News contributor, highlighted that ‘consolidation is inevitable. It happens in every cycle… this field will shrink.’

Longtime Republican strategist David Kochel, a veteran of numerous presidential and Iowa based campaigns, said that ‘this is the beginning of the winnowing of the field.’

The former vice president launched his 2024 campaign in early June. While he spent plenty of time over the summer and into the autumn on the campaign trail in the crucial early voting states of Iowa, New Hampshire and South Carolina, his White House bid never took off. 

Pence stood in the mid to low single digits in the latest surveys and his fundraising was meager. The former vice president struggled — but ultimately succeeded to reach the polling and donor thresholds to qualify for the first two Republican presidential nomination debates. But as of Saturday, he still remained short of hitting the criteria to make the stage at next month’s third debate.

Sources in Pence’s political orbit tell Fox News the final decision to drop out of the race came just in the past day or two, after recent fundraising didn’t alleviate concerns about reaching the donor threshold to qualify for the Nov. 8 debate in Miami.

Failure to make the stage at the next debate could lead others to drop out. 

Florida Gov. Ron DeSantis, former ambassador and former South Carolina Gov. Nikki Haley, biotech entrepreneur Vivek Ramaswamy, and former New Jersey Gov. Chris Christie have spotlighted that they’ve reached the polling and donor thresholds required by the Republican National Committee to qualify for the debate. And on Saturday, as first reported by Fox News, Sen. Tim Scott of South Carolina also said he’d hit the criteria.

But North Dakota Gov. Doug Burgum and former Arkansas Gov. Asa Hutchinson — who failed to make the stage at the second debate — have yet to qualify.

‘There will be more candidates who don’t get on the debate stage who fall off — whether formally or literally,’ longtime New Hampshire based national Republican consultant Dave Carney told Fox News. ‘I think you’ll see more consolidation.’

But Carney, who’s worked on presidential campaigns for more than three decades, said that ‘the money and the ego’ will keep some of the other candidates in the race.

Carney predicts four or five candidates will still in the race at the beginning of next year, ahead of the Iowa caucuses and New Hampshire primary, the first two contests in the 2024 GOP nominating calendar.

‘Iowa and New Hampshire will do the real weed whacking,’ he said.

Kochel concurred, saying most of ‘the attrition is going to take place between Iowa and New Hampshire.’

Pence has long been a champion to social conservative voters, and was trying to make inroads with Iowa’s evangelicals, who play an outsized role in Hawkeye State GOP politics.

‘When someone exits the race, that’s the natural question. Where do those supporters go?’ said Nicole Schlinger, a long time Iowa based conservative strategist who’s well-connected with evangelical groups.

‘If you are Nikki Haley, Ron DeSantis or Tim Scott, your team is trying to figure out how to appeal to Iowa voters who were leaning in Mike Pence’s direction,’ she told Fox News.

Schlinger, pointing to Scott’s push for social conservatives, said ‘Tim Scott has the most natural appeal with voters who were leaning towards Pence.’ But said that DeSantis also has ‘a solid record on life.’

Get the latest updates from the 2024 campaign trail, exclusive interviews and more at our Fox News Digital election hub.

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