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FORT WORTH, Texas — Grayson Murray, a two-time PGA Tour winner who battled alcohol issues and depression, has died, according to PGA Tour officials.

Murray played the first round and part of the second round in this week’s Charles Schwab Challenge, but withdrew from the event after 16 holes.

No cause of death has been listed, but PGA Tour commissioner Jay Monahan issued a statement to staff and players stating that grief counselors would be on hand but the tournament would continue as scheduled.

He attended Wake Forest University, East Carolina University, and Arizona State University, and later won the 2017 Barbasol Championship and the 2024 Sony Open in Hawaii.

‘We were devastated to learn – and are heartbroken to share – that PGA Tour player Grayson Murray passed away this morning,’ Monahan said in his note. ‘I am at a loss for words. The PGA Tour is a family, and when you lose a member of your family, you are never the same. We mourn Grayson and pray for comfort for his loved ones. I reached out to Grayson’s parents to offer our deepest condolences, and during that conversation, they asked that we continue with tournament play. They were adamant that Grayson would want us to do so.

‘As difficult as it will be, we want to respect their wishes. The PGA Tour has grief counselors available at both tournament sites, as well as virtually for those not in the field. I am en route to Ft. Worth and will share more information when we can.’

After capturing three straight IMG Junior World titles starting in 2006, he became the second youngest player to make the cut at a Korn Ferry Tour event when he did so at the age of 16. He also played in the 2013 U.S. Open at Merion as an amateur.

Murray showed great promise on the course, winning the 2017 Barbasol despite drinking during tournament week and admitting inn January that he played three days hungover when he won.

“Best thing and worst thing that ever happened to me was winning my rookie year,” he said. “I think the alcohol brought a side out of me that wasn’t me. It was kind of the monster in me in a way.”

PHOTOS: PGA Tour winner Grayson Murray through the years

But the early success proved to be short-lived. He struggled to make cuts and conceded he was jealous of the players he grew up competing against, who were having greater success. Along the way, he had a Twitter spat with a fellow player, suffered a scooter accident in 2022 in Bermuda, and threatened to quit on multiple occasions. Murray also dealt with anxiety and depression, and said there were days he didn’t want to get out of bed.

“I just thought I was a failure,” he said. “I thought I had a lot of talent that was just a waste of talent.”

It appeared his life turned around, however, as Murray had gotten sober in 2023.

“It was by choice,” he said. “It was time.”

He regained exempt status on the PGA Tour after winning twice on the Korn Ferry Tour last year and set out to treat his return to the big leagues as a new beginning.

“I was young and thought I was invincible. Wasn’t doing the correct stuff off the course to really give myself the best chance to succeed out here,” he said. “My scooter accident in Bermuda was really a low point in my life. You know, I’ve obviously been vocal about the alcohol use in the past. I’m over eight months sober now. I have a beautiful fiancée that I love so much and who is so supportive of me, and my parents are so supportive of me.”

This post appeared first on USA TODAY

Alabama softball kept its season alive behind a Kristen White RBI, defeating Tennessee, 3-2, in 14 innings in Game 2 of the Knoxville Super Regional at Sherri Parker Lee Stadium on Saturday. It was the longest NCAA super regional game of all time and the ninth to go 10-plus innings.

The 14-seeded Crimson Tide took an early 1-0 lead behind a Jenna Johnson RBI, but Tennessee was quick to tie the game in the second inning with a Laura Mealer RBI. The teams exchanged solo home runs in the fourth inning to tie the game 2-2, but White’s 14th-inning heroics with the bases loaded broke the tie as Alabama forced a winner-take-all Game 3, scheduled for Sunday.

The winner of the Knoxville Super Regional will punch a ticket to the Women’s College World Series. Alabama is looking to make its second straight trip to the WCWS and 15th in program history.

Here are observations and takeaways from Alabama (37-18) vs. Tennessee (44-11):

Kristen White RBI pushes Alabama softball past Tennessee in pitcher’s duel

After six scoreless extra innings, it was White who provided the winning play to score Lauren Johnson as Alabama claimed victory.

Pinch hitter Lauren Johnson hit a first-pitch leadoff single to start the bottom of the 14th inning off for Alabama. Riley Valentine then doubled down the left-field line to push Johnson to third. Tennessee intentionally walked Kali Heivilin to load the bases with the top of the order due up. White reached on a fielder’s choice as Johnson beat the tag at home plate and scored the game-winning run.

It was the first run scored since the fourth inning. Between both teams, a combined 28 runners had been left on base, 18 from Tennessee and 10 from Alabama.

Alabama’s first two runs came in the first and fourth innings. Jenna Johnson hit an RBI groundout to score White in the first, and Bailey Dowling hit a solo home run, her fourth of the season, in the fourth. Tennessee’s two runs came in the second and fourth innings behind an RBI single from Mealer and a solo home run by Sophia Nugent.

Jocelyn Briski, Kayla Beaver deliver from the circle

Freshman Jocelyn Briski got the nod in the circle after coming in for 1⅓ innings of relief for Kayla Beaver in Game 1.

Briski did not give up a run until the second inning, getting herself into some trouble by loading the bases with just one out behind Rylie West and Destiny Rodriguez singles and a five-pitch walk to Nugent. Koutsoyanopulos popped up to Dowling for the second out, but Mealer singled to left field to score West and tie the game. The one run was all Tennessee was able to score in the second after Heivilin tracked down a Kiki Milloy popup to end the inning.

Briski took Tennessee down in order in the third inning, but Nugent hit a solo home run in the fourth as Tennessee took its first lead of the day at 2-1. Briski finished the game going four innings, allowing two runs, both earned, off of five hits.

Beaver entered to pitch in the fifth inning, holding Tennessee scoreless over nine innings, giving up zero runs off of six hits, striking out four and walking four. Beaver threw 165 pitches after throwing 66 in Game 1 on Friday.

Kali Heivilin big defensive plays

Second baseman Heivilin came up with big plays for the Alabama defense.

In the top of the first inning, with Taylor Pannell on first with one-out, Heivilin fielded a McKenna Gibson groundout, tagging Pannell out on the basepath and getting Gibson out at first to turn the double play and end the half inning.

After Tennessee tied the game 1-1 in the top of the second and still had the bases loaded with two outs, Heivilin tracked down and caught a Milloy popup while colliding with Larissa Preuitt in the outfield to end the half inning and prevent anymore Lady Vols runs.

Heivilin nearly came up with another clutch play in the top of the ninth, diving to catch a Milloy single, but was unable to get the throw to first base in time.

LONGEST NCAA SOFTBALL GAMES: Tennessee-Alabama sets super regional record

What’s next?

With the win, Alabama forced a winner-takes-all Game 3 on Sunday. The winner punches its ticket to the Women’s College World Series.

This post appeared first on USA TODAY

Hillary Clinton had some tough words for her fellow Democrats for their failure to protect abortion rights in the years leading up to Roe v. Wade being overturned by the Supreme Court. 

In an interview with The New York Times, Clinton, 76, discussed her forthcoming book, ‘The Fall of Roe: The Rise of a New America’ and what she believed a second Trump administration will look like. 

The former Democratic presidential candidate accused her party of being too complacent by underestimating the formidable strength of the pro-life movement in the lead-up to the Dobbs v. Jackson Women’s Health Organization, when the Supreme Court overturned nearly 50 years of legalized abortion at the federal level. 

‘We didn’t take it seriously, and we didn’t understand the threat,’ Clinton said. ‘Most Democrats, most Americans, did not realize we are in an existential struggle for the future of this country.’

Clinton argued that Democrats failed to pass legislation codifying abortion rights into federal law — even when they controlled the Senate — because they could not fathom that abortion rights would ever be at risk. 

Clinton said she gave the right credit for never giving up. She lamented that Democrats lacked the organization and funding for institutions like The Federalist Society to counter the right’s influence.  

‘[The right is] relentless. You know, they take a loss, they get back up, they regroup, they raise more money,’ Clinton said. ‘It’s tremendously impressive the way that they operate. And we have nothing like it on our side.’ 

Clinton said she was dismissed as alarmist when she predicted in 2016, that a Trump presidency would lead to abortion rights being overturned. She predicted that many would dismiss her again this election cycle, which she described as ‘existential.’ 

‘I mean, if we don’t make the right decision in this election in our country, we may never have another actual election,’ Clinton said. ‘I will put that out there because I believe it. And if we no longer have another actual election, we will be governed by a small minority of right-wing forces that are well organized and well-funded and are getting exactly what they want in terms of turning the clock back on women.’

The interview’s publication comes days after former President Trump said he ‘will never advocate imposing restrictions on birth control,’ and vowed to ensure the Republican Party would not support a ban on any contraceptives. 

Last month, the GOP hopeful emphasized his support for states determining their own laws for abortion so long as there are exceptions for rape, incest, and the life of the mother. He also affirmed his support for in vitro fertilization. 

He qualified that Republicans ‘should always be on the side of the miracle of life and the side of mothers, fathers and their beautiful babies.’ 

President Biden and his re-election campaign have alleged that Trump will support a nationwide abortion ban and put restrictions on contraception. 

The latest Fox News Poll shows that the issue of abortion is the biggest single issue among self-described Democrats (24%), suburban women (24%), self-described very liberals (23%), Black voters (17%), those with a college degree (17%), and voters under age 30 (16%). 

Fox News Digital’s Brooke Singman contributed to this report.

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Donald Trump addressed the Libertarians’ National Convention on Saturday night in an effort to win over activists who are skeptical of the GOP frontrunner, and turn them away from independent candidate Robert F. Kennedy Jr.

The Libertarian National Convention is being held at the Washington Hilton hotel through Sunday with the tagline: ‘Become Ungovernable.’ 

The former president addressed a rowdy crowd, seemingly split 50-50 between his supporters and Libertarian skeptics. 

Trump tried to win over the crowd, saying: ‘In the last year, I’ve been indicted by the government on 91 different things. So if I wasn’t a libertarian before, I sure as hell am a Libertarian now.’ 

To win over the Libertarians, Trump said he would release ‘limited government so that the people can have an unlimited future.’ He promised that ‘United we will be unstoppable. If we unite, we are unstoppable.’

At times Trump mocked the Libertarians in the audience telling them: ‘Only endorse me if you want to win.’ 

‘If you want to lose, don’t do that. Keep getting your 3% every four years,’ Trump said, before pledging to include a Libertarian in his cabinet.  

Trump later promised to commute the sentence of Ross Ulbrict, the founder of the darknet marketplace Silk Road who was arrested in 2013 and remains in prison. 

Trump’s campaign said his appearance is part of an ongoing effort to reach would-be supporters in places that are not heavily Republican. For example, he held a rally Thursday in the Bronx during a pause in his New York hush money trial. His team was expecting some at the convention to oppose Trump, but hopes he will get credit for showing up and fighting for votes.

Libertarians will pick their White House nominee during the gathering in Washington that wraps up Sunday. Kennedy, who initially ran in the Democratic primary, addressed the convention Friday.

A significant number of attendees wore MAGA hats. The convention was dotted with booths promoting mutual aid organizations, Libertarian comic books, Libertarian-themed food and drinks. Another stall sold T-shirts that said: ‘F— the vaccine.’ 

The Libertarian Party has routinely invited both Republican and Democratic candidates to speak but this weekend marked the first time that an invite has been accepted. 

Tensions remained high leading up to Trump’s appearance. Supporters of the president showed up to the convention as the doors opened and took over areas reserved for Libertarian delegates – prompting Libertarian Party National Chair Angela McArdle to plead for civility. 

One attendee, retired attorney William Yeniscavich, walked between aisles handing out signs reading ‘FREE ROSS,’ a reference to Ross Ulbricht.

During his presidency, Trump considered intervening to release Ulbricht but ultimately decided against the pardon. 

Polls have shown for months that most voters, even a majority of Democrats, do not want a 2020 rematch between Trump and Democratic President Joe Biden. That dynamic could potentially boost support for an alternative like the Libertarian nominee or Kennedy, whose candidacy has allies of Biden and Trump concerned that he could be a spoiler.

One attendee told Fox News Digital that the party ‘is kind of fragmented.’ 

‘Some are furious, they don’t want Republicrats to be involved in the party,’ he said. ‘Another faction thinks it’s important for the press to have eyes on the Libertarian Party and discuss some grievances like ballot access.’

Tiffany Cianci, a pre-K music instructor and political TikTok creator, was attending the event to record the speech for her online followers. She told Fox News Digital that there was a distinct chance of disruption from the crowd during Trump’s speech.

Hundreds of attendees have been seen carrying rubber chickens capable of loud, sustained noise.'[American Values 2024] had the idea, then regular convention goers started buying a bunch of them, and they all started showing up,’ she said.

‘They’re not here to stop him from speaking, but they are here to let him know they feel very strongly that it’s an act of cowardice to avoid debating candidates and giving Americans choices.’

Seated in the front row was Manga Anantatamul, the Republican candidate for the 10th District of Virginia. Endorsed by the MAGA Caucus, she said was there to see Trump specifically. 

‘I think their fiscal conservativism is the best thing — small government,’ Anantatamul told Fox News Digital. ‘Those are some of the values we have to work with the Libertarians on.’

Before Trump began speaking, Libertarian delegates endorsed a variety of topics they hoped he would address including calls to liberate imprisoned WikiLeaks founder Julian Assange and promote ‘peace not war.’ Other topics they wanted to hear about overlapped with more traditional Republican rallying cries including ‘abolish the deep state’ and ‘defend the Second Amendment.’

Trump previously praised Kennedy and once considered him for a commission on vaccination safety, but has changed his tone now. He suggested on social media that a vote for Kennedy would be a ‘wasted protest vote’ and that he would ‘even take Biden over Junior.’

The Associated Press contributed to this report.

This post appeared first on FOX NEWS

Former President Trump on Saturday vowed to commute the prison sentence of Ross Ulbricht, the founder of the online drug-selling site Silk Road. 

The GOP frontrunner made the pledge while addressing the Libertarian National Convention in Washington, D.C., in a bid to win over skeptical party activists, many of whom held up signs that read: ‘FREE ROSS.’ 

‘If you vote for me, on day one I will commute the sentence of Ross Ulbricht, to a sentence of time served,’ Trump said, winning the largest cheers of the night. ‘He’s already served 11 years. We’re going to get him home.’ 

During his presidency, Trump considered intervening to release Ulbricht, but ultimately decided against the pardon. 

Ulbricht, now 40, was sentenced in 2015 to life in prison by a judge who cited six deaths that resulted from drugs bought on his website and five people he tried to have killed. 

Ulbricht operated the website between 2011 and 2013, when he was arrested. 

Trump also pledged that he would protect cryptocurrencies by stopping President Biden’s ‘crusade to crush crypto.’ 

‘We’re going to stop it. I will ensure that the future of crypto and the future of Bitcoin will be made in the USA, not driven overseas,’ Trump said. ‘I will support the right of self-custody. To the nation’s 50 million crypto holders, I say this: with your vote, I will keep [Senator] Elizabeth Warren and her goons away from your bitcoin. And I will never allow the creation of a central bank digital currency.’ 

Trump’s appearance was part of an ongoing effort to reach would-be supporters in places that are not heavily Republican. 

Independent candidate Robert F. Kennedy Jr. addressed the convention on Friday. 

The Associated Press contributed to this report.

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Editor’s note: This is the third in a series of profiles of potential running mates for presidential candidate Donald Trump on the 2024 Republican Party ticket.

A potential name on former President Trump’s running mate shortlist is being described by political insiders as a ‘powerhouse’ that could bring a major boost to his chances at retaking the White House.

The horse race among those hoping to be named Trump’s running mate continued this week with the names widely believed to be on the shortlist making the rounds on various media outlets and at public events to praise the former president, including House GOP Conference Chair Elise Stefanik of New York, who some say has a certain ‘attractiveness’ for the role.

‘Stefanik’s position as the fourth-ranking member of the House leadership provides valuable insight into navigating Capitol Hill, which Trump is not known for loving. Historically, Capitol Hill has served as a fertile ground for VP candidates,’ Republican strategist Erine Perrine told Fox News Digital.

Perrine praised Stefanik as ‘a prolific fundraiser,’ which she said could strengthen the campaign’s financial standing heading into the final stretch of the race, and argued her loyalty to the former president would help ensure cohesion among Republicans.

‘Stefanik’s presence also mitigates Democratic attacks on women’s issues,’ she said, alluding to Democrats’ attempts to make abortion a major factor in the race. ‘Her selection would bring a youthful and dynamic image for the Republican Party to help bolster the ticket.’

‘Stefanik built a reputation as a powerhouse in committee hearings, most recently highlighted by her questioning of university presidents. These strengths enhance her credibility and effectiveness as a campaigner,’ she added.

Republican strategist David Polyansky agreed, noting Stefanik, during her time in House leadership, has driven a number of critical fights, and did so despite the turmoil surrounding the role of House speaker.

‘She’s done a very effective job at elevating her profile, which is hard to do, not just from the House, but even from a House leadership standpoint,’ he said. ‘I think she’d be attractive to some of the large donor blocks who may be tentative in terms of how much money they invest.’

‘Having a female vice presidential pick is something I think would be attractive to the party, attractive to donors, attractive from a narrative standpoint. Outside of her gender, she’s a very strong conservative leader, so I think there’s some real value there for Trump,’ he added.

A source close to the Trump campaign also said Stefanik being a woman would be a ‘real positive,’ and that it was ‘a really big deal’ to the former president that she has been a ‘staunch supporter.’

‘I think she would be a very interesting pick. I think out on the campaign trail she would be very effective. I think she would be a net positive to the campaign,’ the source said.

Eric Koch, a Democrat strategist, gave a more critical view of Stefanik’s strengths for the Republican ticket.

‘The positive Elise Stefanik brings to a Trump ticket is obvious: she is willing to say and do anything to defend Donald Trump, no matter how absurd, ridiculous or embarrassing it may be,’ he said. 

‘There is quite literally no low that is too low for her — and this is a quality that Donald Trump not only needs, but demands, from his Vice President. Stefanik will gleefully debase herself in any way in support of Trump.’

Koch said two downsides to Stefanik’s selection, aside from the usual criticism from his party that she is ‘ultra MAGA,’ was that she ‘had almost no accomplishments,’ and that she ‘crumbles in debates and interviews’ when pressed on topics.

One such instance occurred last week on Fox News when Stefanik was pressed by host Shannon Bream about a New York Times report questioning her loyalty to Trump over the years.

‘If Trump was trying to win voters in the middle, there is hardly someone worse he could pick than Stefanik who carries water for the most extreme elements of the House Republicans,’ Koch said.

Perrine, like Koch, said the liberal media and others on the left would likely label her a ‘MAGA extremist,’ but also noted the ‘limited’ impact her selection could have on the electoral map, considering she is from deep-blue New York.

‘Losing her leadership role in the House could disrupt GOP cohesion,’ Perrine added.

Polyansky argued that elevating someone straight from the House into being the first person in the presidential line of succession was ‘a little bit of a stretch.’ He also argued her name recognition could be a problem.

‘She isn’t really well known, even in the base of the Republican Party, so I don’t know that there would be a massive wow factor, which could be major for Trump. I’m not sure that she necessarily gives him that.’

The source close to the Trump campaign agreed it would be ‘difficult’ for Stefanik’s name recognition alone to provide a big bump, but said that could be built up over time.

Stefanik’s office declined to comment for this story, but a source close to her told Fox that her flipping, and holding, a formerly Democrat-controlled district in New York was part of her appeal compared to the other potential names on Trump’s shortlist.

The source noted that Stefanik had more experience on Capitol Hill than Vice President Kamala Harris, and that she could have an immediate impact on implementing Trump’s legislative agenda if selected. 

They also argued that, as a young mom, she has been a strong supporter of IVF and a 15-week abortion ban, rather than the 6-week ban being pushed by other Republicans, a direct counter to Democrats’ focus on abortion.

A number of other big names have also been floated to join Trump on the Republican ticket, including South Carolina Sen. Tim Scott, Arkansas Gov. Sarah Sanders, Virginia Gov. Glenn Youngkin, North Dakota Gov. Doug Burgum, South Dakota Gov. Kristi Noem, Ohio Sen. JD Vance and Florida Sen. Marco Rubio.

Trump, who spent most of his week sitting on trial in a New York City courtroom while President Biden and Harris are free to hit the campaign trail, is still weighing his running mate options. He suggested earlier this month he might even wait until the July Republican National Convention in Milwaukee to name his pick.

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Former President Donald Trump is whittling down his list of potential running mates, and one lawmaker is moving up, according to a report from The New York Times.

Sources close to Trump claim Sen. Tom Cotton of Arkansas is quickly becoming a top contender for the role, according to a Friday report from the outlet.

The three sources — who remained unnamed in the report — said Trump values Cotton’s reliability and clear communication of policy.

Trump has kept his vice-presidential machinations close to his chest since the beginning of the 2024 campaign, offering a variety of names at different points in time. Cotton has been similarly unwilling to confirm or deny any rumors about his prospects in a hypothetical second Trump administration.

‘I suspect only Donald Trump knows who is really on his short list,’ the senator told Fox News on Monday. 

He continued, ‘When we do talk, we talk about what it’s going to take to win this election in November — to elect President Trump to another term in the White House and elect a Republican Congress, so we can begin to repair the damage that Joe Biden’s presidency has inflicted on this country.’

Many former foes and rivals of Trump now stand as key vice-presidential hopefuls, including Sen. Tim Scott of South Carolina, Sen. Marco Rubio of Florida, and former North Dakota Gov. Doug Burgum. Sen. J.D. Vance of Ohio is another name that has been circulated.

The campaign recently stated that former primary opponent Nikki Haley, a onetime South Carolina governor and former UN ambassador, is not under consideration.

Trump’s final selection will likely not be confirmed until the Republican National Convention in July.

Fox News Digital’s Paul Steinhauser contributed to this report.

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EcoHealth Alliance – the disgraced research firm accused of using taxpayer funds to conduct gain-of-function research at the Wuhan lab before the COVID-19 pandemic began – received nearly $100 million from the federal government over the past decade and a half.

From FY 2008 to FY 2024, the U.S. government provided EcoHealth Alliance an estimated $94.3 million in taxpayer funds through contracts, grants, direct payments, loans and other financial assistance, according to a Fox News Digital review of government spending data provided by USAspending.gov.

Fox News Digital reported last year that millions of dollars in federal research grants from the National Institutes of Health (NIH) were awarded to the nonprofit to study bat coronaviruses in China. The Department of Health and Human Services inspector general released a 64-page report in January 2023 that found NIH did not adequately follow its policies and procedures with respect to three grants to EcoHealth Alliance between 2014 and 2021, totaling about $8 million.

As for the total number of taxpayer dollars given by the federal government to EcoHealth Alliance since the start of the pandemic, Dr. Richard Ebright, a molecular biologist at Rutgers University and a harsh critic of NIH, placed the number at upwards of $50 million.

‘The U.S.-government has provided more than $50 million to EcoHealth just since the start of the pandemic, with most of that $50 million earmarked for the same kinds of reckless virus discovery and virus enhancement research that likely caused pandemic,’ Ebright said in a statement to Fox News Digital.

Government agencies who gave the most funding to EcoHealth, according to Ebright, are the United States Agency for International Development, the Department of Defense and NIH.

Last week, the Department of Health and Human Services implemented an immediate, government-wide suspension of all funds allocated to EcoHealth.

HHS made the decision, citing evidence included in the House COVID Select Subcommittee’s staff-level report on the nonprofit. According to HHS, EcoHealth willfully violated the terms of a multimillion-dollar NIH grant. 

At the time, a spokesperson for EcoHealth Alliance told Fox News Digital that it was ‘disappointed by HHS’ decision.’

‘We disagree strongly with the decision and will present evidence to refute each of these allegations and to show that NIH’s continued support of EcoHealth Alliance is in the public interest,’ the spokesperson told Fox News Digital.

That comment came prior to a decision by HHS to commence formal debarment proceedings against Dr. Peter Daszak, the president of EcoHealth Alliance, earlier this week.

In a Tuesday letter to Daszak, a suspension and debarment official for HHS wrote, ‘This is to provide notification that, on behalf of the United States Department of Health and Human Services, I have suspended you and proposed you for debarment, related to your respective roles as the President of EcoHealth Alliance, Inc. and as Program Director/Principal Investigator on the National Institutes of Health, National Institute of Allergy and Infectious Disease … from participating in United States Federal Government procurement and nonprocurement programs.’

In an action referral memorandum, which cited several examples of EcoHealth’s failure to comply with certain grant procedures, the same official wrote, ‘I find that the information in the record constitutes adequate evidence to demonstrate that the immediate suspension of Dr. Peter Daszak is necessary to protect the public interest provided his role as the President of EHA . . . .’

The memorandum also pointed to EHA’s work with the Wuhan Institute of Virology (WIV) as a reason for the proposal of debarment proceedings against Daszak.

A review of EcoHealth’s work, submitted two years late on August 3, 2021, showed that work at the Wuhan Institute ‘had possibly yielded a greater’ increase in viral activity, ‘in violation of the terms of the grant,’ the memorandum said.

Following the commencement of debarment proceedings, an EcoHealth Alliance spokesperson told Fox News that the U.S.-based nonprofit ‘did not support ‘gain-of-function’ research at WIV’ and that any ‘assertions to the contrary are based either on misinterpretation, or willful misrepresentation of the actual research conducted.’

‘Because the SARS-related research conducted by EcoHealth Alliance and the Wuhan Institute of Virology dealt with bat coronaviruses that had never been shown to infect people, let alone cause significant morbidity and/or mortality in humans, by definition it was not gain-of-function research,’ the spokesperson added. ‘The fact is that the bat coronavirus research conducted by EcoHealth Alliance and the Wuhan Institute of Virology could not have started the COVID-19 pandemic.’

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It was a truncated day for the markets; over the past four trading sessions, the Indian equities continued to edge higher and ended on a fresh lifetime high. The volatility too remained at elevated levels. As mentioned in the previous technical note, the markets are building up ahead of the General Election results on June 4th; this is one of the major external events that affect the markets. Over the past four sessions, the Nifty maintained a buoyant trajectory; it oscillated in a 621.85-point range. Volatility also continued spiking higher; India VIX surged by another 9.66% to 21.71. Following a strongly trending week, the headline index closed with a net weekly gain of 491 points (+2.19%).

Over the past weeks, we have seen the Nifty and the VIX rising simultaneously. Past instances have shown that such a phenomenon often ends up acting as a precursor to any impending corrective move. We had into the expiry of the current month’s derivative series; Nifty has built up fresh OI at 23000 and 23500 levels on the upside. On the lower side, 22500 has been seen building support as per the options data. The derivatives data show that the Nifty is gearing up for a volatile move on either side while it navigates the election outcome.

The coming week may see a stable start to the trade; the levels of 23200 and 23350 are likely to act as immediate resistance levels. The supports come in at 22700 and 23550 levels.

The weekly RSI is 67.29; it shows a mild bearish divergence against the price. The weekly MACD is bearish and trades below its signal line. A strong white-bodied candle shows a buoyant trend that existed throughout the week.

The pattern analysis of the weekly chart continues to show Nifty staying in a small rising channel; however, the nearest support in the form of a 20-week MA exists way below at 22179. So the slightest of the corrective bout has got significant downsides from the current levels. The 50-DMA is placed at 22342. So on a broader note, the immediate support zone for the Index exists at 22150-22350 levels. While the markets may stay in a broad range so long as they are above this zone, any violation of this support zone with inflict technical damage on the charts.

Overall, as we navigate the coming monthly derivatives expiry week and the general election outcome after that, it would be extremely important to prepare for the volatility that we are set to witness in the markets. It would be prudent to curtail leveraged exposures. Fresh buying should be kept limited to defensive and low-beta stocks; exposures in stocks with either strong or improving relative strength would be an added advantage. While enforcing strict protective stops and opting for hedges wherever possible, a very cautious approach is advised in the coming week.

Sector Analysis for the coming week

In our look at Relative Rotation Graphs®, we compared various sectors against CNX500 (NIFTY 500 Index), which represents over 95% of the free float market cap of all the stocks listed.

Relative Rotation Graphs (RRG) show that the Nifty Auto, Consumption, and Metal Index stays inside the leading quadrant. These groups are likely to continue to relatively outperform the broader markets.

While staying inside the weakening quadrant, both Realty and PSE indices are showing improvement in their relative momentum against the broader markets along with the Commodities and Midcap 100 index.  Besides this, the PSU Bank, Pharma, Infrastructure, and Energy index are also placed inside the weakening quadrant.

The Nifty IT Index continues to languish inside the lagging quadrant of the RRG. It is likely to relatively underperform the broader Nifty 500 Index. The Media Index is also placed inside the lagging quadrant. However, it is seen sharply improving its relative momentum and is on the verge of rolling inside the improving quadrant. The Nifty Services sector index has rolled back inside the lagging quadrant.

The FMCG index stays firmly placed inside the improving quadrant. The Nifty Financial Services and the Nifty Bank Index are also placed inside the improving quadrant.

Important Note: RRG™ charts show the relative strength and momentum of a group of stocks. In the above Chart, they show relative performance against NIFTY500 Index (Broader Markets) and should not be used directly as buy or sell signals.  

Milan Vaishnav, CMT, MSTA

Consulting Technical Analyst

www.EquityResearch.asia | www.ChartWizard.ae

Angry that your favorite Red Lobster closed down? Wall Street wizardry had a lot to do with it.

Red Lobster was America’s largest casual dining operation, serving 64 million customers a year in almost 600 locations across 44 states and Canada. Its May 19 bankruptcy filing and closing of almost 100 locations across the country has devastated its legion of fans and 36,000 workers. The chain is iconic enough to be featured in a Beyoncé song.

Assigning blame for company failures is tricky. But some analysts say the root of Red Lobster’s woes was not the endless shrimp promotions that some have blamed. Yes, the company lost $11 million from the shrimp escapade, its bankruptcy filing shows, and suffered from inflation and higher labor costs. But a bigger culprit in the company’s problems is a financing technique favored by a powerful force in the financial industry known as private equity.

The technique, colloquially known as asset-stripping, has been a part of retail chain failures such as Sears, Mervyn’s and ShopKo as well as bankruptcies involving hospital and nursing home operations like Steward Healthcare and Manor Care. All had been owned by private equity.Asset-stripping occurs when an owner or investor in a company sells off some of its assets, taking the benefits for itself and hobbling the company. This practice is favored among some private-equity firms that buy companies, load them with debt to finance the purchases and hope to sell them at a profit in a few years to someone else. A common form of asset-stripping is known as a sale/leaseback and involves selling a company’s real estate; this type of transaction hobbled Red Lobster.

In recent years, private-equity firms have invested heavily in all areas of industry, including retailers, restaurants, media and health care. Some 12 million workers are employed by private equity-backed firms, or 7% of the workforce. Companies bought out and indebted by private equity go bankrupt 10 times more often than companies not purchased by these firms, academic research shows. In a report this month, Moody’s Ratings said leveraged buyouts like those pursued by many private-equity firms drive corporate defaults higher and reduce the amounts investors recover when the companies are restructured.

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