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The United Kingdom should prohibit technology developers from working on advanced artificial intelligence tools unless they have a license to do so, according to the British Labour Party.

Lucy Powell, a spokesperson for Britain’s main left-wing political party, told the Guardian this week that much stricter rules should be imposed on companies regarding the training of their AI products on large datasets similar to those used by OpenAI to build ChatGPT.

‘My real point of concern is the lack of any regulation of the large language models that can then be applied across a range of AI tools, whether that’s governing how they are built, how they are managed or how they are controlled,’ said Powell, who suggested AI should be licensed similarly to both the medical field and nuclear power. Both fields are tightly regulated by British government bodies.

‘That is the kind of model we should be thinking about, where you have to have a license in order to build these models,’ she told the Guardian. ‘These seem to me to be the good examples of how this can be done.’

Powell emphasized that the government’s focus should be on regulating technological development rather than banning certain technologies outright, as the European Union as done with facial recognition tools.

‘This technology is moving so fast that it needs an active, interventionist government approach, rather than a laissez-faire one,’ she said. ‘Bias, discrimination, surveillance — this technology can have a lot of unintended consequences.’

Experts have expressed concern about the potential of AI being weaponized to manipulate information and promote certain ideologies. Another concern is the datasets themselves on which products such as ChatGPT are based containing biased or discriminatory information having downstream effects, such as if AI tools are used to help make hiring and firing decisions.

Powell’s comments came on the same day that Matt Clifford, an adviser to British Prime Minister Rishi Sunak, warned in an interview that AI could have the power to be behind advances that ‘kill many humans’ in just two years’ time. Clifford also cited the potential for AI to create dangerous cyber and biological weapons that could lead to many deaths.

‘It’s certainly true that if we try and create artificial intelligence that is more intelligent than humans and we don’t know how to control it, then that’s going to create a potential for all sorts of risks now and in the future,’ said Clifford. ‘So, I think there’s lots of different scenarios to worry about, but I certainly think it’s right that it should be very high on the policymakers’ agendas.’

Sunak recently met with leading AI researchers and acknowledged the potential ‘existential threat’ posed by AI.

‘The PM and CEOs discussed the risks of the technology, ranging from disinformation and national security, to existential threats,’ the participants said in a joint statement. ‘The PM set out how the approach to AI regulation will need to keep pace with the fast-moving advances in this technology.’

Weeks earlier, the outgoing British chief scientific adviser warned that AI could prove as transformational as the Industrial Revolution, urging politicians to act immediately to prevent significant job loss.

‘There will be a big impact on jobs, and that impact could be as big as the Industrial Revolution was,’ Sir Patrick Vallance told the House of Commons’ science, innovation and technology committee. ‘There will be jobs that can be done by AI, which can either mean a lot of people don’t have a job or a lot of people have jobs that only a human could do.’

Powell similarly told the Guardian that she believed the disruption to the British economy could be as drastic as the deindustrialization of the 1970s and 1980s. 

Sunak arrived in Washington, D.C. on Wednesday for a two-day visit. During their meeting, the British prime minister is reportedly hoping to pitch the United Kingdom as a world leader in artificial intelligence governance.

Meanwhile, the Labour Party is working to finalize its own policies on advanced technology. Keir Starmer, the Labour leader, is reportedly expected to give a speech on the subject next week.

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President Biden on Wednesday vetoed the bill that would have scrapped his $400 billion student loan handout and vowed he was not ‘going to back down’ when it came to forgiving the college debt of millions across the country.

‘Folks, Republican in Congress led an effort to pass a bill blocking my administration’s plan to provide up to $10,000 in student debt relief and up to $20,000 for borrowers that received a Pell Grant. Nearly 90% of those relief dollars go to people making less than $75,000 a year,’ Biden said in a video posted on Twitter. 

‘I’m not going to back down on my efforts to help tens of millions of working and middle class families. That’s why I’m going to veto this bill,’ he said. 

Amid his railing against Republicans, Biden made no mention of the two Democratic senators, Joe Manchin, D-W.Va., and Jon Tester, D-Mont., who joined all Republicans in voting to advance the bill last week. Independent Arizona Sen. Kyrsten Sinema also voted in favor with the final tally coming to 52-46.

Biden also made no mention of Rep. Jared Golden, D-Maine, and Rep. Marie Gluesenkamp Perez, D-Wash., who joined Republicans in voting for the bill in the House of Representatives. The final House vote tally was 218-203.

The president went on to say that some of the members who voted for the bill had ‘personally received loans to keep their small business afloat during the pandemic,’ and supported ‘huge tax cuts for corporations and the wealthy.’ 

‘But when it comes to hardworking Americans trying to get ahead, dealing with student debt relief, that’s where they drew the line. I think it’s wrong,’ he said.

‘Let me make something really clear, I’m never going to apologize for helping working and middle class Americans as they recover from this pandemic. Never,’ he added before signing his veto of the bill.

Biden’s veto of the bill marks his fifth veto since taking office.

Under the program announced last year, Biden said he would cancel up to $10,000 in student loans for people making less than $125,000, and up to $20,000 for students who received Pell Grants. That program was expected to cost the government more than $400 billion in lost debt repayment, but the program was put on hold after a court blocked it.

The resolution approved by the House and Senate was written under the Congressional Review Act, which lets Congress reject an executive branch policy as long as both the House and Senate pass a resolution disapproving of that policy.

Given the mostly partisan nature of the votes in the House and Senate, it’s unlikely Congress will be able to find the two-thirds majority needed in each chamber to override Biden’s veto.

Fox News’ Peter Kasperowicz contributed to this report.

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FIRST ON FOX: GOP presidential candidate Nikki Haley plans on cutting down President Biden’s ‘disastrous’ energy policies as well as bringing oil production back to the United States, if she is elected to the Oval Office in 2024.

Haley, who previously served as the governor of South Carolina, shared her energy plan with Fox News Digital ahead of her formal announcement in Texas on Thursday.

In her list of five main promises, Haley said she would work to ’empower American producers’ to boost oil production in the U.S. while fighting against the demonization of the oil and gas industry. She also said the government would have a more hands-off approach in energy production and spending while also ensuring the speedy permission and building of interstate pipelines. 

The former ambassador to the United Nations during the Trump administration honed in on the Environmental Protection Agency and ‘radical environmental groups,’ promising she would not allow them to halt any new energy projects on the horizon.

The GOP candidate also slammed Biden’s green energy policies, saying she would ‘roll back Biden’s wasteful green energy subsidies and regulations.’ Haley specified that a number of subsidies in the Inflation Reduction Act could cost as much as $1.2 trillion along with a number of ‘Biden administration rules and regulations that would hamstring our oil and gas industries,’ citing Biden’s power plant regulations and his crackdown on gas-powered cars.

Finally, Haley said she would ‘stand up to Russia and Iran’ in an effort to halt their energy imports and establish a strong foreign policy. 

Biden and his administration have come under fire for his energy and oil policies since taking office, including canceling the Keystone XL pipeline during his first week, the overall increase in gas prices, and his environmental, social and corporate governance agenda.

The president’s most recent energy crackdown comes as the administration is expected to finalize regulations that restrict which home gas-powered furnaces consumers are able to buy in the future. Some officials say the regulations would ultimately restrict consumer choice, drive prices higher and most likely have a low impact on greenhouse gas emissions.

Biden’s decision to revoke the Keystone XL pipeline’s permits in 2021, effectively shutting down the project, received much backlash from Republican lawmakers and energy industry representatives who argued it would have helped keep gas prices down and ensure energy security. However, a congressionally mandated report released in January says the Keystone XL project would have created between 16,149 and 59,000 jobs and would have had a positive economic impact of between $3.4 billion and $9.6 billion, citing various studies.

Likewise, the president has come under fire for touting low gas prices in the wake of record-high prices in 2022.

‘Gas prices are down around $1.60 a gallon from their peak this summer – and my Administration will keep working to lower costs for American families,’ Biden tweeted in late January.

The White House has repeatedly put blame on the COVID-19 pandemic, the supply chain crisis and Russia’s invasion of Ukraine for high gas prices. Many rushed to Twitter at the time to call the president out on his hastiness to claim credit.

Most recently, the debt ceiling deal – titled the Fiscal Responsibility Act – included a provision to fast-track a 303-mile West Virginia-to-Virginia natural gas pipeline project for approval. The pipeline, which is 94% complete, is projected to create 2,500 construction jobs, $40 million in new tax revenue for West Virginia, $10 million in new tax revenue for Virginia and up to $250 million in royalties for West Virginia landowners.

Fox News’ Thomas Catennaci contributed to this report.

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Instagram’s algorithms connect and promote a ‘vast network’ of pedophiles interested in ‘underage sex content,’ a bombshell new report found.

The Meta-owned social media company’s algorithms promote illicit content to accounts ‘openly devoted to the commission and purchase’ of the material, according to investigations by the Wall Street Journal and researchers at Stanford University and the University of Massachusetts Amherst.

‘Instagram connects pedophiles and guides them to content sellers via recommendation systems that excel at linking those who share niche interests,’ the WSJ and academic researchers found.

‘Though out of sight for most on the platform, the sexualized accounts on Instagram are brazen about their interest,’ the report says.

The researchers reportedly found that Instagram enabled people to search explicit hashtags such as #pedowhore and #preteensex and connected them to accounts that used the terms to advertise child-sex material for sale. Such accounts often claim to be run by the children themselves and use overtly sexual handles incorporating words such as ‘little slut for you,’ the report claims.

According to the WSJ, Instagram accounts offering to sell illicit sex material generally do not publish it openly, instead posting ‘menus’ of content.

Researchers at the Stanford Internet Observatory found that certain accounts invite buyers to commission specific acts, WSJ reported. Some menus include prices for videos of children harming themselves and ‘imagery of the minor performing sexual acts with animals.’ At the right price, children are available for in-person ‘meet ups,’ the researchers found.

The promotion of underage-sex content violates Meta’s own rules, in addition to being illegal under federal law. 

In response to questions from WSJ, Meta ‘acknowledged problems within its enforcement operations and said it has set up an internal task force to address the issues raised.’ ‘Child exploitation is a horrific crime,’ the company told the Journal, adding, ‘We’re continuously investigating ways to actively defend against this behavior.’

Meta said it has in the past two years taken down 27 pedophile networks and is planning more removals, according to the report.

Since receiving queries from the newspaper, the platform said it has blocked ‘thousands of hashtags that sexualize children, some with millions of posts, and restricted its systems from recommending users search for terms known to be associated with sex abuse.’ 

It said it is also working on preventing its systems from recommending that potentially pedophilic adults connect with one another or interact with one another’s content, the report states.

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FIRST ON FOX: Democratic Rep. Lisa Blunt Rochester, one of the Biden campaign’s national co-chairs and a likely Senate candidate, thanked Hunter Biden in 2016 for his ‘generous contribution’ to her campaign and asked if he could brief her ‘on the Ukraine,’ emails show.

Blunt Rochester, who was named co-chair along with several others, including Sen. Chris Coons, D-Del., previously served in the same role for Biden’s 2020 presidential campaign. She is expected to launch a run for the open Senate seat in Delaware this month, Politico reported.

Fox News Digital previously reported that Hunter served as an outside adviser to Coons during his successful 2010 Senate bid, making Blunt Rochester at least the second campaign co-chair with ties to the embattled first son.

Months before winning her election against Republican Hans Reigle, Blunt Rochester sent an email to Hunter thanking him for donating to her campaign.

‘I just told Brian that I saw your contribution online,’ she wrote Feb. 5, 2016. ‘I can’t thank you enough. You know that it’s not easy running for any office.  It means a lot to have you on my team.

‘By the way, I’m sure Brian will tell you that I will be in DC next Tuesday and Wednesday.’

Hunter replied less than an hour later, writing, ‘Let me know what more I can do- lets do a fundraiser in the second quarter down here in DC.’

Ten days later, on the evening of Feb 15, 2016, Blunt Rochester thanked Hunter again for the donation and asked if he could brief her ‘on the Ukraine.’

Hunter made four donations to Blunt Rochester’s campaign in 2016, totaling $3,000, according to FEC records.

‘Thank you again for your generous contribution to my campaign,’ she wrote. ‘Your support means so much to me. Brian suggested I reached out to you to see if you could brief me on the Ukraine. Is there someone who manages your calendar or should I give you a few times for a phone call?’

‘Let me know when you have time,’ Hunter responded.

‘Are you free tomorrow after 2:00 or anytime on Friday?’ Blunt Rochester asked Feb. 17, 2016.

Hunter replied an hour later, saying he’d be available to discuss Ukraine the following week.

‘I am at my World Food Program Board retreat through Friday,’ he wrote. ‘Let’s look for sometime next week. More than Ukraine I’d love to talk to you about the Syrian Refugee Crisis. I just returned from the refugee camps in Jordan and Lebanon and it is dire circumstances. Let me know.’

‘FYI,’ Blunt Rochester responded, ‘I worked in Jordan for three months in 2002 on a USAID funded project. I am very interested in what is happening in the region.’

Hunter then forwarded the email chain to Joan Mayer, an executive of Hunter’s now-defunct investment firm Rosemont Seneca Advisors, and asked her to schedule a call with Blunt Rochester.

The Biden and Blunt Rochester campaigns did not respond to Fox News Digital’s requests for comment.

The email thread with Blunt Rochester started one day after Hunter thanked the president of Ukrainian energy company Burisma Holdings for ‘extravagant’ birthday gifts. 

Fox News Digital reported Wednesday that, in addition to the more than $50,000 a month Hunter received while serving on Burisma’s board from April 2014 to April 2019, the then-vice president’s son apparently received lavish gifts from the company’s founder, Mykola Zlochevsky, less than two months before the top Ukraine prosecutor investigating Burisma was infamously fired.

On Feb. 4, 2016, Hunter wrote that he was thankful for the ‘beautiful birthday gifts’ that he described as ‘far too extravagant but much appreciated.’

The Obama administration pushed for the prosecutor investigating Zlochevsky at the time, Viktor Shokin, to be removed from his post. Less than two weeks after Hunter expressed gratitude for the gifts from Zlochevsky, the Obama White House released a readout of Vice President Biden’s call with Ukraine’s president at the time, saying, ‘The Vice President also commended President Poroshenko’s decision to replace Prosecutor General Shokin, which paves the way for needed reform of the prosecutorial service.’

On the same day as the readout, Hunter Biden’s longtime business partner, Eric Schwerin, emailed him an article that mentioned Poroshenko calling for Shokin’s resignation in his statement.

At the end of March 2016, Schwerin forwarded another article to Hunter with the headline ‘Ukraine’s parliament sacks corruption-tainted prosecutor,’ referring to Shokin. 

Shokin was fired in late March 2016, and the case was closed by the prosecutor who replaced him. Joe Biden later boasted on camera in 2018 that when he was vice president he successfully pressured Ukraine to fire Shokin.

‘I said, ‘I’m telling you, you’re not getting the billion dollars.’ I said, ‘You’re not getting the billion. I’m going to be leaving here in, I think it was about six hours.’ I looked at them and said, ‘I’m leaving in six hours.’ If the prosecutor is not fired, you’re not getting the money,’ Biden said, according to a transcript of Biden’s remarks at the Council on Foreign Relations. 

‘Well, son of a b—-. (Laughter.) He got fired. And they put in place someone who was solid at the time.’

Biden allies, though, maintained that his intervention had nothing to do with his son but was rather tied to the administration’s concerns of corruption in Ukraine. At the time, as vice president to former President Obama, Biden was running U.S.-Ukraine policy and anti-corruption campaigns. 

Fox News’ Haley Chi-Sing contributed to this report.

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It’s tempting to think of Bearish Engulfing patterns as the negative counterpart to the Bullish Engulfing pattern because, technically, they sort of are. But the Bearish Engulfing pattern also presents a trading opportunity that’s unique to the downside: Stocks tend to fall three times faster than they rise.

Why is that, exactly? Investors tend to prioritize the fear of loss over the pursuit of gains (according to trading psychology). What does that mean? For traders willing to short a stock, your chances of catching a short but significant plunge may be greater than catching a sharp upward spike.

And Bearish Engulfing patterns carry exceptionally favorable stats. But more on that soon. For now, let’s go over the basic characteristics of this pattern.

What are the Characteristics of a Bearish Engulfing Pattern?

A bearish engulfing pattern is a two-candlestick pattern that signals a potential reversal from a bullish trend to a bearish trend. Here are its key characteristics:

Existing uptrend. Before the bearish engulfing pattern occurs, there should be an existing uptrend. This pattern is a reversal pattern, so it needs an upward swing to reverse.First candle bullish. The first candle in the bearish engulfing pattern is bullish (white or green candle), which is part of the ongoing uptrend.Second candle bearish. The second candle is bearish (black or red) and “engulfs” the first candle’s real body. This means the opening price of the second candle is higher than the closing price of the first candle, and the closing price of the second candle is lower than that of the first candle.Second candle should be much larger. The bearish (second) candle must be larger than the previous bullish (first) candle. The larger the second candle, the more significant the reversal signal is.High trading volume to support the reversal. A higher trading volume during the session that forms the bearish candle could indicate stronger selling pressure, enhancing the reversal signal.

According to technical analyst Thomas Bulkowski’s studies, the Bearish Engulfing pattern is followed by a bearish reversal 79% of the time. Its best percentage of meeting its price target occurs during a bear market, at 76%. Overall, the Bearish Engulfing pattern presents some compelling stats, and if you want to take a deeper dive, check out Bulkowski’s book Encyclopedia of Candlestick Charts.

How To Scan for Bearish Engulfing Patterns

Go to Member Tools > Scroll Advanced Scan Workbench > New

Copy and paste the following code: 

[type = stock] 

AND [country is US] 

AND [[exchange is NYSE] OR [exchange is NASDAQ]] 

AND [market cap > 100] 

AND [Daily Bearish Engulfing is true] 

AND [Uptrend is true] 

AND [Daily SMA(20,Daily Volume) > 500000] 

Once the code is entered, click Run Scan.

The scan yielded several results. The most well-known stock on the list is Amazon (AMZN), so let’s take a look at that.

Bearish Engulfing Candlestick Signals AMZN Pullback

Take a look at the $104 to $106 price range in the chart below.

CHART 1: BEARISH ENGULFING PATTERN IN AMAZON STOCK CHART. A divergence between price highs and the stochastic oscillator indicates that AMZN may see a trend reversal. There’s also a Golden Cross in the 50- and 200-day moving averages.Chart source: StockCharts.com (click on chart for live version). For educational purposes only.

Notice the Bearish Engulfing candle pattern. The divergence between the consecutive price highs and the lower highs in the overbought region of the Stochastic Oscillator is a red flag that price is likely on the verge of a reversal. The MACD hasn’t confirmed this, but it tends to lag, so just keep an eye on it.

Should AMZN begin pulling back, what might it pull back to? Notice that the Golden Cross event at the end of May shows the extension of two moving averages—the 50-day SMA and 200-day SMA—that can serve as potential support levels. Underneath these averages is a thick and rising layer of Ichimoku cloud. In addition to indicating buying pressure, a bullish sign especially when thick, the green cloud also acts as potential support. Converging with this range of support (between $104 to $106) are the largest Volume by Price bars, indicating both heavy trading activity and potential support.

If you look at a 12-month chart (see chart below), you can see that the support range also coincides with the 50% to 61.8% Fibonacci Retracement levels starting from the second leg of AMZN’s uptrend, and that $105 has a long history as both support and resistance (fuchsia circles).

The Ichimoku cloud and 200-day SMA are on the chart for reference (to compare with chart 1).

CHART 2: ONE-YEAR CHART OF AMZN. Here, you see the horizontal line that represents historical support and resistance levels. The Fibonacci retracement levels, starting at the second leg of the most recent uptrend, show that the 61.8% retracement is close to $105.Chart source: StockCharts.com (click on chart for live version). For educational purposes only.

How Do You Trade a Bearish Engulfing Candle?

CHART 3: TRADING AMZN. Here you see the entry, profit target, and stop loss for a short position.Chart source: StockChartsACP. For educational purposes only.

On the following trading day (assuming the engulfing pattern remains intact), you would place a short entry right below the low of the engulfing candle;You’d place a stop loss at the top of the formation (either the engulfing candle of the candle before it, whichever is taller);Your profit target would either be a 100% measure of the entire formation (a one-to-one risk/reward approach); orYou would exit at the closest support level.

Say AMZN closed at $122.60 (see chart below). The high is $127.36 and the low is $121.70. The total risk would amount to $5.65. For the shorter-term trade, you would take the dollar-value measure of this pattern’s height and subtract it from the bottom, giving a price target of $116.05 to cover your short position.

The second, further target would be the near-term support at $115 and the $104-to-$106 range, as pointed out in the charts above.

Other Stocks in the Scan

Here are some other notable stocks and exchange-traded funds (ETFs) that showed up on the scan.

ProShares UltraPro QQQ (TQQQ)

Invesco QQQ Trust (QQQ)

Adobe Systems, Inc. (ADBE)

Shopify, Inc. (SHOP)

MetaPlatforms, Inc. (META)

Looking Back at Walmart’s Bullish Engulfing Pattern

Last week’s article discussed the bullish side of this same candlestick pattern. The stock in focus was Walmart (WMT). Similar to the trade setup above, the “measured” profit target had the best chance of succeeding. Let’s take a look at how it did.

CHART 4: A WMT TRADE. The profit trade was reached three trading days ago.

Set a profit target based on the formation height (147.31 – 145.01 = 2.30). Add the 2.30 to the top of the formation. This gives you $149.61, which was reached three sessions later.

The Bottom Line

Because markets tend to fall faster than they rise, trading the short side of the market can sometimes present sudden and dramatic opportunities. Bearish Engulfing patterns may not be surefire signals of a decline, but they come pretty close, as their stats—a 79% bearish reversal rate—seem pretty compelling. Good luck and happy trading!

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

Boeing on Tuesday warned about a new defect on its 787 Dreamliner planes and that it will delay deliveries of the wide-body aircraft, the manufacturer’s latest production issue.

“We are inspecting 787s in our inventory for a nonconforming condition related to a fitting on the horizontal stabilizer,” Boeing said in a statement. “Airplanes found to have a nonconforming condition will be reworked prior to ticket and delivery.”

The issue Boeing detected relates to tiny spacing in the horizontal stabilizer. Boeing said it isn’t related to flight safety and that planes in service can continue operating. Near-term deliveries will be delayed by about two weeks, Boeing said.

The problem is the latest in a spate of manufacturing issues on Boeing planes that have slowed if not paused deliveries of certain aircraft outright, just as airlines are clamoring for new planes to capitalize on the travel boom.

Boeing had paused deliveries of the planes for several weeks earlier this year because of a separate problem on a fuselage component on certain 787s. The latest issue currently doesn’t affect Boeing’s full-year outlook for Dreamliner deliveries, the company said. Boeing has estimated that it would deliver between 70 and 80 of the planes this year.

The company has also had to rework some of its bestselling 737 Max planes this year because of an issues with fittings in some planes’ aft fuselages, made by Spirit Aerosystems.

Boeing shares fell sharply on the news but largely recovered, and were recently down less than 1% in afternoon trading.

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The PGA Tour announced Tuesday it would merge with LIV Golf, a Saudi-backed men’s golf organization that formed last year to compete with the PGA.

News of the merger sent shock waves through the sports world and even reached the highest echelons of the U.S. government, after a reporter sought comment from the Biden administration about the Saudi government’s taking such a large stake in men’s golf. Biden spokeswoman Karine Jean-Pierre declined to comment.

Here’s what it all means.

What is LIV Golf?

LIV was created in 2022 by Saudi Arabia’s Public Investment Fund (PIF) alongside two of the world’s most prominent players, Phil Mickelson and Greg Norman, and others.

Norman was appointed CEO, but it was Mickelson who helped LIV come into existence. Mickelson accused the PGA Tour of not fairly compensating players for things like highlight clips and other media rights, accusing the organization of ‘obnoxious greed.’

Eventually, Mickelson helped persuade 48 players to abandon the PGA Tour for LIV.

The merger has shown that Saudi Arabia and its interests cannot be isolated, veteran U.S. diplomat Richard N. Haass said.

“It’s not as big as the Biden visit or agreement with Iran, and it doesn’t offset their recent failure to raise oil prices,” said Haass, the president of the Council on Foreign Relations. ‘But it does send the signal they are a player who cannot be ignored.’

Why did the PGA Tour initially bar players from participating in LIV?

The PGA Tour immediately viewed LIV Golf as a direct competitor — and many in the golf world agreed, often referring to it as a “breakaway league.”

So the Tour decided to force players to pick a side, creating harsh divisions in the golf world.

PGA Tour Commissioner Jay Monahan also seemed to disparage the presence of the Saudis in LIV, asking rhetorically in a June 2022 interview, “Have you ever had to apologize for being a member of the PGA Tour?”

And in response to a lawsuit from players who’d joined LIV and said the PGA Tour had retaliated against them, lawyers for the organization condemned LIV as “a strategy by the Saudi government to use sports in an effort to improve its reputation for human rights abuses and other atrocities.”

So why is the PGA Tour merging with LIV?

The two leagues ended up suing each other — but acrimony and lawsuits ultimately proved bad business for the PGA Tour, which made the calculated decision to endure the blowback of turning 180 degrees in exchange for a unified effort with its former rival.

Lawsuits filed by suspended players and a federal probe into possible antitrust actions by the PGA Tour against LIV may also be moot in the wake of Tuesday’s announcement.

‘We’ve recognized that together we can have a far greater impact on this game than we can working apart,’ Monahan told CNBC, seated next to his LIV counterpart, Yasir Al-Rumayyan, the governor of the Saudi sovereign wealth fund. ‘And I give Yasir great credit for coming to the table, coming to the discussions with an open heart and open mind.’

Despite the vast financial resources at its disposal thanks to its Saudi backing, LIV had failed to secure major TV deals to broadcast its events, which were often instead relegated to livestreams on YouTube.

With its commercial viability in doubt, LIV officials may have decided it was better to cut their losses and approach the PGA Tour with an offering of peace — and money.

How much money is involved? What are the financial incentives on both sides?

Terms of the merger haven’t been disclosed, but LIV Golf players were reportedly being promised eight- and nine-figure earnings to join the league, thanks to the Saudi Public Investment Fund, which is worth about $676 billion.

CNBC’s David Faber, who helped break Tuesday’s news with an exclusive interview with Monahan and Al-Rumayyan, said the PIF plans to invest ‘billions’ into the newly formed entity while it retains a minority stake.

How will major golf events be affected?

They won’t.

The Masters, the U.S. Open, the British Open (now known as The Open) and the PGA Championship (which, despite its name, isn’t actually owned by the PGA Tour) are all separate entities from the PGA Tour.

Nor does the Tour control the biennial team-based Ryder Cup tournament — though heading into this year’s event, there were questions about whether U.S. team captain Zach Johnson would forgo selecting LIV members.

Have there been mergers in professional sports before?

All four of North America’s major professional team sports leagues have some kind of merger in their histories, most notably the NFL-AFL union that led to the Super Bowl.

The first World Series in 1903, the 1976 NBA-ABA deal and the NHL’s 1979 takeover of the upstart WHA, though, all pale in comparison to the geopolitical stage where the PGA Tour-LIV drama played out.

What are people in golf saying?

As expected, reaction to the stunning deal ran the gamut — from LIV backers’ spiking the ball to 9/11 survivors’ criticizing the PGA Tour for merging with the Saudi-backed LIV, which they likened to “terrorists,” with others resigned to money’s simply ruling the day.

Former President Donald Trump typed in all caps on Truth Social, boasting that he predicted that the PGA Tour would have to come to terms with LIV.

A key Sept. 11 support group, 9/11 Families United, said it was ‘shocked and deeply offended’ and claimed the merger is ‘bankrolled by billions in sportswashing money from the Kingdom of Saudi Arabia.’ It added: ‘Saudi operatives played a key role in the 9/11 terrorist attacks, and now it is bankrolling all of professional golf.’

George Washington University sports marketing professor Lisa Delpy Neirotti verbally shrugged her shoulders and said the deal shouldn’t have been a shock.

‘I ask my students how to spell the word ‘sports?’ It’s m-o-n-e-y,’ she said. ‘Fans have a short memory. They really want to see their stars. They want to see a better product.’

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Special Presidential Envoy for Climate John Kerry celebrated the 79th anniversary of the D-Day invasion of Normandy by likening the historic event that resulted in the deaths of thousands of American and allied service members, and the eventual victory over the Nazi regime, to the fight against climate change. 

According to a report by Recharge, Kerry made the comparison in Norway on Tuesday during an appearance at a shipping exhibition in which he was the keynote speaker.

‘Today is June 6th. D-Day. One of the most singularly important moments of history,’ Kerry told those in attendance. ‘A moment that calls to mind every single thing that defined the past half of the 20th century and beginning of the 21st century.’

‘They were fighting for a set of values I would say to you are just as important today as they were then. They put their lives on the line to fight against fascism, tyranny and misinformation and the savage slaughter of innocent lives,’ he said.

‘Make no mistake, just as that was a fight for the future as much as anything we have ever faced, what we are seeing now is the same,’ he later added.

According to the report, Kerry argued that failure to address climate change could lead to greater consequences than what the world faced in 1944 when then-German leader Adolf Hitler still controlled much of Europe.

‘What is also clear right now is we can also win this fight, but it requires the same level of innovation and mobilization that was required back then by those in the greatest generation,’ he said. ‘Today’s threat comes from all of us. It comes from the result of the things we do or avoid doing.’

The report said that Kerry faulted modern generations for not acting decisively to address climate change, something he argued the generation who took on the Axis powers in World War II ‘rose to the occasion’ to do.

‘This is the fight of our times. A fight against greed, selfishness, disinformation and outright lies and a fight for that cleaner, healthier and more prosperous and safer world,’ he added.

Kerry recently came under fire for other controversial remarks he made earlier last month when he stated that ‘net-zero’ energy goals were impossible without addressing greenhouse gas emissions from the agriculture sector. He said the industry creates 33% of the world’s total carbon emissions and argued that reducing those emissions must be ‘front and center’ in the quest to defeat global warming.

He added that food emissions alone are projected to cause an additional half degree of warming by 2050, noting that the global population is increasing and recently surpassed eight billion people.

A group of Republican lawmakers later called on President Biden to disavow Kerry’s comments, referring to them as ‘deeply offensive,’ and ‘a blatant slap in the face to the hardworking individuals that spend their lives sustainably producing our world’s food, fuel, and fiber.’

Fox News’ Thomas Catenacci contributed to this report.

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Senators on Capitol Hill expressed concerns over the PGA Tour’s merger with Saudi-backed LIV Golf, particularly over human rights in the Middle Eastern nation.

‘I was really sickened by it. I thought the PGA was taking a principled stand,’ Sen. Tim Kaine told Fox News. ‘When I saw the news yesterday, I was really disappointed because it seems they set aside all the human rights objections that they had and just decided ‘okay, well, we can make more money if we go a different direction.”

WATCH: SENATORS SOUND OFF ON SAUDI ARABIA’S HUMAN RIGHTS RECORD AFTER PGA-LIV MERGER

‘Values don’t have price tags, and you out to stand for your values,’ the Virginia Democrat added.

Sen. Richard Blumenthal called ther merger ‘craven, blatant sportswashing.’

‘I am disappointed and even outraged by the PGA’s sellout,’ the Connecticut Democrat said. ‘The PGA out to be ashamed, and it’s leadership, frankly, has lost all credibility, certainly all moral authority.’

The PGA Tour, a nonprofit, and LIV announced the surprise merger Tuesday, ending months of intense litigation. Activists and a bipartisan swath of lawmakers criticized the agreement over Saudi Arabia’s human rights record, while others, including former President Trump and Phil Mickelson, praised the deal.

Sen. Josh Hawley, a Missouri Republican, said he wants to see the details of the agreement and ensure ‘there are no antitrust concerns.’ Blumenthal also questioned whether there was an antitrust violation and said Congress may have an oversight role.

Sen. JD Vance referenced how Trump predicted the LIV-PGA merger.

‘The real story here is that the PGA engaged in moral preening about Saudi Arabia for a year before eventually getting in bed with them because the money was good,’ the Ohio Republican said. ‘They probably cost their own players a lot of money, and they certainly made their brand look completely foolish.’

LIV has drawn criticism from human rights activists as well as 9/11 families over the golf organization’s backing from Saudi Arabia’s Public Investment Fund. 9/11 Families United Chair Terry Strada said ‘PGA Tour leaders should be ashamed of their hypocrisy and greed’ since the U.S.-based golf group aligned itself with victims of the Sept. 11 terror attacks while fighting with LIV.

‘The concerns I have are centered around all of the human rights abuses from the Saudis,’ Sen. Marsha Blackburn told Fox News. ‘That should concern everyone.’

Vance pointed out that, while he doesn’t ‘like the Saudi Arabians in a lot of ways,’ the U.S. government considers the Middle Eastern nation an important ally.

‘They own a lot of oil and we can’t deny that fact,’ he told Fox News. ‘If we want to completely prevent people from doing business with the Saudi Arabians, the U.S. government should maybe be first in line.’

Click here to see more interviews with lawmakers.

Isabelle McDonnell contributed to the accompanying video.

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