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Port Strike Averted As Longshoremen, USMX Reach Contract Agreement On Automation

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Port Strike Averted As Longshoremen, USMX Reach Contract Agreement On Automation

By FreightWaves

The International Longshoremen’s Association (ILA) and the United States Maritime Alliance (USMX) have reached a tentative agreement on a new six-year master contract. The agreement will replace the expiring contract which had been extended after a short strike in October 2024. 

The two groups issued a joint statement late Wednesday evening, saying “the two sides agreed to continue to operate under the current contract until the union can meet with its full Wage Scale Committee and schedule a ratification vote, and USMX members can ratify the terms of the final contract.”

The agreement covers approximately 25,000 union workers in container-handling at 14 ports and maritime cargo centers from Texas to Boston.

Workers in roll on-roll off vehicle handling, which was also shut down during the October work stoppage, are not included in the new deal.

In a classic compromise, both sides got what they had been seeking. A source with knowledge of the agreement told FreightWaves that terminal operators and ocean carriers get broader rights to introduce semi-automated rail-mounted gantry cranes and other technology they say are needed to improve efficiency in container-handling, while the union receives guarantees for new jobs linked specifically to each piece of equipment. Jobs associated with cranes are among the highest-paying among port workers.

The agreement came together quickly, the source said, after the sides fleshed out details in meetings ahead of formal negotiations.

The sides had previously agreed to a 62% pay increase following the October strike, but that was contingent on completing a new contract. Benefits and container royalties are among the details still to be worked out.

Had an agreement not been reached, dockworkers could have gone on strike Jan. 15, when the extension expired. President Joe Biden had previously refrained from stepping in during strike activity in October.

It was also a clear-cut victory for ILA President Harold Daggett, who publicly portrayed foreign-based ocean carriers as siphoning billions of dollars in profits out of the U.S. earned on the backs of underpaid American dockworkers, and that automation technology would eliminate union jobs.

The current longshore contract negotiated in 2018 specifically prohibits full automation technology.

The potential strike could have coincided with the start of President-elect Donald Trump’s second term; Trump had not made it clear whether federal action would have been taken this time around. In December he publicly backed the union in its anti-automation position.

In a separate statement Wednesday, the ILA said Trump’s support was key to securing a new contract. The union also revealed for the first time that when Daggett and his son, Dennis Daggett, also a union official, met with Trump at Mar-a-lago in December,  the President-elect spoke by phone with USMX officials to express his support for the ILA.

“You have proven yourself to be one of the best friends of working men and women in the United States,” the statement said in part.

Details of the tentative agreement will not be announced during the final negotiation and ratification process, which will likely stretch into the summer.

Trade groups welcomed news of the labor agreement.

“We are pleased to see the ILA and USMX come to a final agreement on a new contract, as U.S. ports on the East and Gulf Coasts play a critical role in the retail supply chain,” said National Retail Vice President Jonathan Gold, in a statement. “Providing certainty with a new contract and avoiding further disruptions is paramount to ensure retail goods arrive in a timely manner for consumers.

“The agreement will also pave the way for much-needed modernization efforts, which are essential for future growth at these ports and the overall resiliency of our nation’s supply chain.”

The International Association of North America (IANA), a trade group which represents hundreds of logistics providers across rail, road, and sea, hailed the announcement.

“We commend the dedicated and focused efforts of both parties in achieving an agreement that paves the way for a brighter, growth-focused future. This milestone is not only vital for fostering the economic growth of containerized freight but also for supporting and empowering the individuals who drive its daily operational movement.

“While we understand that the details of the agreement have not been made public yet, we still appreciate the collaboration shown by the two parties. Their cooperation underscores the importance of unity and shared vision in ensuring the continued strength and sustainability of the intermodal freight supply chain.”

Tyler Durden
Thu, 01/09/2025 – 15:30

Professor Walks Back Calling It “Karma” After Trump-Supporting Actor Loses Home In LA Wildfires

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Professor Walks Back Calling It “Karma” After Trump-Supporting Actor Loses Home In LA Wildfires

Authored by Garielle Temaat via The College Fix,

University of Missouri Professor Karen Piper touted the destruction of Trump-supporting actor James Woods’ house in the California wildfires, calling it “karma” in an X post on Tuesday, before walking it back in a statement to The College Fix, calling it a “joke.”

“James Woods’ house is burning down. It’s karma calling,” wrote the scholar, who is retired but will teach one online class this spring semester. She has since deleted her post after backlash.

In an email statement Wednesday to The College Fix, Piper said she does not “wish anyone any harm.”

“The situation in California is heartbreaking and devastating. As a Californian, I am particularly distraught by seeing the devastation of so many beloved places I used to call home,” she said.

“That tweet was before I learned how catastrophic the situation was becoming. I didn’t think it might actually happen! It was meant as a joke. My prayers are with all of the victims,” Piper said.

University spokesperson Christopher Ave told The College Fix via email that the school finds Piper’s statement “deeply offensive.”

“[I]t does not reflect the university’s viewpoint or values. We are reviewing this matter,” Ave stated.

“Piper is retired from the faculty. At this point, she is scheduled to teach one online, upper-level class in creative writing in the spring semester,” he stated.

The Fix also reached out to Piper via phone and email for clarification on her statement, but she did not immediately respond.

Piper’s faculty page on the university’s website now states users are “not authorized” to access the page.

According to a screenshot of the page posted to X, however, she has taught “environmental discourse and policy” and “climate change fiction” at the school.

She has also written a book, “Left in the Dust: How Race and Politics Created a Human and Environmental Tragedy in L.A.,” which “examines the environmental justice issues surrounding water pollution and scarcity in Los Angeles.”

Woods is an Oscar-nominated actor well-known for publicly supporting President-elect Donald Trump.

The actor has called Trump “a man who is willing to work for free to make his beloved country a better place” and “the voice of the American people,” Newsweek reported.

In a post on X, Woods stated, “I couldn’t believe our lovely little home in the hills held on this long. It feels like losing a loved one.”

Woods also posted videos of the flames approaching his house.

Numerous X users condemned Piper’s post, including Claremont Institute Senior Fellow Jeremy Carl.

“Hey @Mizzou are you okay with one of your faculty members tweeting this about James Woods?” Carl wrote. “I guarantee you [Republican Sen. Josh Hawley] isn’t.”

Additionally, novelist and screenwriter Roger Simon stated in a Substack post that he “agree[s] with the actor James Woods who lost his house and has blamed the extent of the L. A. fires on ‘liberal idiots.’”

He also commended Woods for exposing the L.A. police chief’s diversity, equity, and inclusion priorities.

“Woods again put it well, noting that refilling the reservoirs might have been a priority of hers in such a parched area while quoting the chief’s bio that exposes her real priorities that have nothing to do with fighting fires,” Simon stated.

Tyler Durden
Thu, 01/09/2025 – 14:40

Inferno Chaos: LA Fire Spreads To Hollywood Hills, 2,000 Buildings Destroyed, Over 130,000 Evacuated

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Inferno Chaos: LA Fire Spreads To Hollywood Hills, 2,000 Buildings Destroyed, Over 130,000 Evacuated

Watch LA Fire Live:

LA Fire Summary:

  • Palisades Fire burned 17,000 acres (0% contained), while Eaton Fire has expanded to 10,000 acres (0% contained)

  • Newest fire: Sunset Fire in the Hollywood Hills area 

  • Five dead, 180,000 people under evacuation orders 

  • Most destructive fire in LA history: Ten of billions of dollars in damage (early estimates) 

  • 2,000 homes, businesses and other buildings have been damaged or destroyed

  • Musk Says SpaceX will provide free Starlink terminals to areas hit by LA wildfires

  • AccuWeather Estimates $52 billion to $57 billion in preliminary damage and economic losses

  • Arson fears 

Fire Map 

Evacuation areas

 *   *   * 

Update (1436ET):

“I’ve never seen such destruction,” a reporter for ABC7 Eyewitness News said in a live broadcast earlier. 

 *   *   * 

Update (1350ET):

At a press briefing, LA County Sheriff Robert Luna said 180,000 people are under evacuation orders.

Meanwhile, a preliminary estimate from Morningstar DBRS points to insured losses in excess of $8 billion, and some scenarios could cost insurers more than $10 billion. This report was first cited by Bloomberg Intelligence analysts. 

 *   *   * 

Update (1300ET):

Comedian Adam Carolla goes on an epic rant claiming that Hollywood leftists will become so frustrated with the rebuilding process of their destroyed homes that they’ll refuse to vote Democrat. 

 *   *   * 

Update (1246ET):

LA County Sheriff Robert Luna told reporters that some wildfire-impacted areas “looked like a bomb went off.”

*   *   * 

The most destructive wildfire in Los Angeles history has burned over 17,000 acres with zero containment, scorching the seaside area between Malibu and Santa Monica. The inferno has destroyed at least 2,000 building structures (damage estimates in the tens of billions of dollars) and forced 130,000 residents to evacuate their homes. Meanwhile, a new fire ignited overnight in the Hollywood Hills area.

The California Department of Forestry and Fire Protection’s latest update on Thursday morning shows that the Palisades Fire has burned through more than 17,200 acres, while the Eaton Fire has expanded to 10,000. Both fires still have zero containment. 

Also, the Hurst fire has spread to nearly 900 acres, 10% of which are contained, while the Lidia Fire has burned 350 acres, 40% of which are contained. 

The newest, the Sunset Fire, was sparked on Wednesday night in Hollywood Hills and has grown to dozens of acres. 

According to Los Angeles County Sheriff Robert Luna, at least 130,000 people are under evacuation warnings or orders due to the Palisades and Eaton fires. 

A new shortwave infrared satellite image by Maxar Technologies shows burning buildings by the Eaton fire in northeast Los Angeles. 

Imagery from Maxar also shows areas of Palisades fire.

Map of Fires 

Over 338,000 energy customers were without power as of early Thursday morning, including 181,000 in LA County. 

Not one word from LA Mayor Karen Bass about the situation. 

Many call for her to be recalled immediately for slashing the fire budgets and lack of leadership. 

Joe Rogan’s LA fire warning six months ago…

There are mounting fears that some of these fires are intentional…

“The LA fires look like Terrorism … These places are miles apart. … Are you supposed to believe that wind teleports a fire miles away but no where in between?” one X use said.

*Developing… 

Tyler Durden
Thu, 01/09/2025 – 14:36

Islamic Terror Group Banned In Most Arab Nations And Vowing To ‘Defeat’ US To Hold Annual Meeting In Canada

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Islamic Terror Group Banned In Most Arab Nations And Vowing To ‘Defeat’ US To Hold Annual Meeting In Canada

So much for becoming our 51st state…

A designated terror group, Hizb ut-Tahrir, plans to host its annual Islamic supremacy conference in Mississauga, Ontario, on January 18, according to the Post Millennial. The event, focused on “eliminating obstacles delaying the return” of a global Islamic caliphate, was first reported by the Western Standard.

On Facebook, the group questioned, “Is America really so powerful that our Ummah can’t defeat it?”

The post reads: “There have been superpower states in the past too, like the Romans and the Persians; yet, they were defeated by the Ummah. Their great cities, like Constantinople, are now Muslim cities.”

It continues: “What steps do we need to take to become victorious against today’s Colononialist superpowers? Learn what it will take for our Ummah to overcome America, Europe, Russia, China and others from the position we’re in today. If you want to help create real change in our Ummah, then get this critical knowledge by attending, inshallah.”

The controversial Hizb ut-Tahrir, aiming to establish a global Muslim state under Sharia Law, is designated as a terrorist group in numerous countries, including the UK, Germany, India, and Russia.

A Facebook post promoting its upcoming conference featured a video depicting a Muslim conquest. The event’s location remains undisclosed, with details provided only to those registered via Eventbrite. The group is banned in most Arab and Central Asian nations, along with Indonesia, Pakistan, and several others.

Is Trudeau out of office yet? Asking for a friend. 

Tyler Durden
Thu, 01/09/2025 – 14:15

How Madoff’s Ponzi Beneficiaries Are Funding Climate Lawfare

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How Madoff’s Ponzi Beneficiaries Are Funding Climate Lawfare

Authored by Jason Isaac via RealClearEnergy,

The Picower family is forcing shoddy electric appliances into every American home to assuage their guilty consciences.

As the single-largest beneficiaries of Bernie Madoff’s Ponzi scheme, the Picowers have plenty to feel awkward about. One way they’re excising the guilt is by financing climate change lawsuits and leftwing judicial influence schemes that will strip Americans of conveniences they take for granted – say hot showers or efficient dishwashers.

As my organization, the American Energy Institute, explained in a recent report, leftwing city governments and blue states are suing energy providers over climate change, with the goal of forcing unpopular lifestyle products into every home. The plaintiffs could achieve that goal through government spending financed by legal awards. Alternatively, the terms of a settlement might require energy companies to change product offerings. A leftwing lobbying campaign disguised as judicial education is midwifing this effort. And the Picowers are paying for all of it, according to the Daily Wire.

The family chieftain, Jeffrey Picower, invested early with Madoff, and ultimately profited over $7 billion off of Madoff’s fraud. A court-appointed trustee in charge of recovering money for Madoff’s victims would later maintain Picower “knew or should have known” that Madoff was running a fraud. The returns Madoff generated for Picower were too incredible to be believed – as much as 950% in one year. More damning still, Picower never let his money ride with Madoff. He withdrew his earnings on a quarterly basis for years.

The Picower family paid back their ill-gotten gains – no real act of justice, considering that stolen wealth surely begat new opportunities to make money. Thereafter, they put their last $200 million toward endowing a new philanthropic organization, the JPB Foundation, to salvage the family name.

The JPB Foundation has given $4.45 million to an entity that pays for the lawyers litigating the climate change cases. The foundation gave another $2 million to the Climate Judiciary Project, the aforementioned liberal influence campaign passing itself off as” judicial education.”

None of this is too surprising. The climate change lawsuits are premised on a luxury belief par excellence – that ordinary Americans should forgo reasonable comforts in favor of products that cost more money or perform poorly (or both). There isn’t much demand for progressive lifestyle products among middle and working class families, as the upward distribution of wealth through federal environmental giveaways proves.

Take the $7,500 tax credit available for electric vehicle purchases, an Obama-era program better thought of as welfare for the rich. Almost 80% of EV tax credits were claimed by people making at least $100,000 per year, according to a 2021 study. Embarrassed Democrats revised eligibility rules through the Inflation Reduction Act by withholding the credit from the top 5% of wage earners.

It’s easy to understand why EVs aren’t popular with Americans of typical means. Whatever the savings in terms of maintenance or refueling, the upfront costs are high, even prohibitively so. Many are understandably reluctant to drive a vehicle with an effective range of 200 miles or so, particularly where charging stations are still uncommon. The climate plaintiffs don’t much care. Some are planning to invest climate lawsuit proceeds into charging infrastructure or create procurement consortiums with like-minded jurisdictions to manufacture demand for EVs.

A defining characteristic of liberal guilt is its insistence that penance is not a personal matter. Penance must be foisted without consent on all the rest of us. After all, there are no individual solutions to systemic problems. Such indifference to the preferences of others – psychopathy if you prefer – was at the heart of the Madoff fraud, and it animates climate lawfare too.

Jason Isaac is Founder and CEO of the American Energy Institute and a Distinguished Fellow for Life:Powered at the Texas Public Policy Foundation. He previously served four terms in the Texas House of Representatives.

Tyler Durden
Thu, 01/09/2025 – 13:50

Arson Threats A “Major Issue” In Wildfire-Ravaged Los Angeles County

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Arson Threats A “Major Issue” In Wildfire-Ravaged Los Angeles County

Five people have died, more than 2,000 building structures have been destroyed, and 29,000 acres have been scorched as wildfires rage out of control across Los Angeles County. With over 130,000 residents under evacuation orders, concerns are growing about the very real possibility of arsonists intentionally starting some of the fires. 

According to an LA County fire chief earlier this week, the Palisades Fire began “as a very small fire in a backyard,” then spread up a ridge, was carried by high winds, and created an ember cast that ignited fires throughout the Palisades. 

Some X users struggled to understand how other wildfires many miles away were ignited simultaneously by a single fire. Perhaps high winds were involved. If not, then arson has to be considered.

Let’s not forget: the Palisades have experienced fires before. In 2021, it wasn’t an accident—a homeless man was responsible for starting the fire. And thanks to radical Democrats in the imploding state, the homeless are everywhere. 

Some of the first evidence suggesting that arsonists may have played a role in expanding these fast-moving wildfires comes from Sequoia partner Shaun Maguire, who wrote on X: “This is Andrew Huberman first hand seeing arsonists light a fire in LA I have been told by the LAPD that arson is a major issue in LA right now.” 

Maguire also said, “Democratic leadership has been about style not substance And they have failed us.”

Riigght. 

More evidence of possible arson… 

“An arson suspect was reported on the Los Angeles County scanner prior to the Hollywood Hills fire starting,” News Rated wrote on X. 

Another X user posted audio from an LA police scanner that confirms at least one active arsonist was on the run. 

Other arson reports in the LA area:

Pyro-terrorism is not out of the question as well, given the elevated threat level of terrorism in the US. 

The days of blaming cow farts and Taylor Swift’s private jets are over. 

Tyler Durden
Thu, 01/09/2025 – 13:25

Zelensky Says Send Western Troops To ‘Force Russia To Peace’ In Last-Ditch Appeal Before Trump Inauguration

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Zelensky Says Send Western Troops To ‘Force Russia To Peace’ In Last-Ditch Appeal Before Trump Inauguration

During a meeting of Ukraine’s defense allies held at Ramstein Air Base in Germany on Thursday, Ukrainian President Volodymyr Zelensky tried to once again get his backers to escalate their entry into the war with Russia.

We can perhaps expect such desperate, harebrained appeals to be floated each day until Trump takes office on January 20. Zelensky wants as much commitment to the war from the West as possible ahead of a Trump administration which has repeatedly vowed to negotiate a swift end to the nearly three-year long conflict.

Zelensky’s newest pitch issued Thursday is for the deployment of Western troops in large numbers to Ukrainian soil. He called this one of the “best instruments” to “force Russia to peace.”

AFP/Getty Images

“Our goal is to find as many instruments as possible to force Russia into peace,” he told the meeting of defense representatives.

“I believe that such deployment of partners’ contingents is one of the best instruments,” he emphasized. “Let’s be more practical in making it possible.”

He further acknowledged that Europe is entering a “new chapter” of cooperation and would have “new opportunities” given Donald Trump’s return to the White House.

This was perhaps a way of sugar-coating what for many European officials is cause for deep anxiety and uncertainty. For this reason, Europe has spent many months trying to ‘Trump-proof’ aid to Ukraine in unison with the Biden administration.

“It’s clear that a new chapter starts for Europe and the entire world. Just 11 days from now, a time when we have to cooperate even more, rely on one another even more and achieve even greater results together,” Zelensky said. “I see this as a time of opportunities.”

While Zelensky didn’t get any immediate affirmations that Western troops will suddenly be sent to directly aid his forces in the war, US Secretary of State Lloyd Austin used the occasion to announce the very last aid package of the Biden administration: 

Austin on Thursday announced a $500 million in additional weapons and equipment for Kyiv, which officials say will be the final military aid package before Biden leaves office.

He said the package includes additional missiles for Ukrainian air defense, more artillery ammunition, more air-to-ground munitions and equipment to support Ukraine’s F-16 fighter jets.

This is unlikely to do much, when by all accounts the real most pressing problem remains manpower woes, and a consistently advancing Russian army in Donetsk.

Zelensky did try to find a positive concerning his war effort during the meeting in Germany, calling the Kursk offensive into Russia one of the “biggest wins, not just last year, but throughout the war.”

Russia confirmed as a last weekend that a new Ukrainian counterattack in the border territory was underway. In the last days the Kremlin has claimed to have significantly dented it while destroying many tanks, assets, and personnel.

Tyler Durden
Thu, 01/09/2025 – 11:45

Lebanon Has A President After 2-Year Gridlock, Vows Only State To Have ‘Monopoly’ On Arms

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Lebanon Has A President After 2-Year Gridlock, Vows Only State To Have ‘Monopoly’ On Arms

Lebanon finally has a new president of the nation on Thursday, after a years-long stalemated process which many Lebanese feared would never come to fruition. US-backed army chief Joseph Aoun has been elected after two rounds of voting by parliament, after which he immediately relinquished his military role and appeared in civilian clothing to be quickly sworn in.

Lebanon has been without a president since the tenure of Joseph Aoun (not related), which ended in October 2022. The small Mediterranean and Mideast country which sits West of Syria and north of Israel has been enduring a years-long financial and banking crisis, as well as a year-plus-long devastating war with Israel.

AFP/Getty Images

The past two years had witnessed no less that a dozen failed attempts to elect a new president, thwarted in large part by Hezbollah’s significant influence over the country.

CNN writes that “Hezbollah and its main Shia ally Amal are widely believed to have cast their ballots for Aoun in the second round after withholding their votes in the first round. Aoun won by 99 parliamentary votes out of 128 in the second round of votes.”

Parliament erupted in celebration as soon as enough votes were passed to secure Aoun as president of the country.

International pressure has been mounting for Lebanon to find way forward, given just 17 days remain in a 60-day ceasefire brokered with Israel which requires the deployment of Lebanese troops alongside UN peacekeeping forces in south Lebanon.

“No more mafias, no security hotbeds, no smuggling, no money laundering, no drug trafficking, no interference in the judiciary, no protections, no favoritism, and no immunity for a criminal, corrupt person, or perpetrator,” President Aoun said after being newly sworn in.

Crucially the new leader, who has the backing of the US and Saudi Arabia, has called for all militias, most notably including Hezbollah, to lay down their arms. He said only the state will have ‘monopoly’ on arms.

“My pledge is to exercise my role as the commander-in-chief of the armed forces and to affirm the right of the state to monopolize the carrying of weapons,” he stated. “Lebanon has remained the same despite wars, bombings and mismanagement of our crises,” he elsewhere added.

He stressed: “If we want to build a country, we must all be under the umbrella of the law and the judiciary.” The 60-year old Maronite Christian has long previously vowed he would “limit political interference” in the army.

The now former military chief’s election is seen as a hugely positive sign that the Israel-Hezbollah ceasefire agreement will hold. Without a president, there was waning confidence that key aspects of the arrangement would find implementation, given it required much of south Lebanon to be administered by national army troops.

Hezbollah has long been better armed than even the national military, given also its support from Iran via former President Assad’s Syria. Hezbollah’s leadership has since been decimated and Assad ousted, and Lebanon has been on its knees as it hopes to rebuild following many months of brutal Israeli attacks on Beirut and other parts of the country.

Tyler Durden
Thu, 01/09/2025 – 10:55

“Big Brother Is Watching You” – 150 EU Officials Expected To Monitor Musk-Weidel Chat, Possible Ban On Table

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“Big Brother Is Watching You” – 150 EU Officials Expected To Monitor Musk-Weidel Chat, Possible Ban On Table

Via Remix News,

The European Union’s outrage is only growing over a planned interview hosted by Elon Musk later today with Alternative for Germany (AfD) party co-chair Alice Weidel. Now, Politico is reporting that 150 EU officials are expected to attend the conversation between Musk and Weidel for the purpose of learning whether X is complying with EU rules. In addition, French politicians are already talking about an EU-wide ban.

The claim is that there are fears that Musk’s team will manipulate the algorithm to provide the interview more attention. However, Musk has over 200 million followers and nearly all of his posts receive millions and often tens of millions of views, which makes it certain that the interview, which has also been widely advertised, will receive significant attention.

Weidel has also taken to X about the surveillance of the upcoming interview.

“Big Brother is watching you: 150 EU officials are supposed to monitor my conversation with @elonmusk. An EU that uses its bureaucracy to exercise censorship on social media is instilling the spirit of unfreedom. The #dsa threatens democracy!” she wrote

The officials overseeing the interview are “given relatively extensive power,” according to Politico. They will be able to use, among other things, the Digital Services Act (DSA) to monitor how the algorithm works and how content is being displayed to users.

Politico writes that Musk allegedly pushed certain posts in the past, including one about the Super Bowl in the past. The alleged reason was that Musk was mad that one of President Biden’s posts were getting more attention.

The EU officials are working with experts from the European Center for Algorithmic Transparency” in Seville to determine if such an action will occur once again. However, they will not release this information immediately. Instead, it will like be added to a general procedure against X.

A wide range of EU leaders fear losing power due to shifting public sentiment, and Musk’s X represents their top threat. French Foreign Minister Jean-Noël Barrot, on Wednesday, called for a decisive stand against political influence. When asked whether a ban on X, in the same style as Brazil, was possible, he responded: “That is possible under our laws.”

Spanish Prime Minister Pedro Sanchez also claimed Musk was pushing “hate” and warned against the rise of fascism in Europe.

SPD General-Secretary Matthias Miersch said that Musk’s influence on Germany’s elections now “call into question the foundations of democracy.”

However, Musk is unlikely to manipulate the algorithm in favor of Weidel especially when enough people are already likely to watch the interview without any interference.

Absent some overt manipulation, it is unclear what could possibly be illegal about such an interview. Musk is allowed to interview Weidel.

That is his right and her right.

The bigger problem would be if he censored anyone who criticized such an interview or manipulated the algorithm to suppress this criticism, which is undoubtedly what the old Twitter regime did before his purchase — all of which the EU actively supported

The head of Germany’s Federal Network Agency, Klaus Müller, appeared to take a more measured approach to the issue.

“Not everything that you get upset about is also illegal,” said Müller on Thursday morning on Deutschlandfunk.

“In election campaigns, you also have to put up with things that you personally find inappropriate, indecent or unacceptable.”

Freedom of expression always means “the freedom of those whose opinion you do not share.”

He said that the excitement over the Musk interview was “understandable” but it must first be observed whether any laws are actually broken during the process. He noted, however, that people could choose simply not to listen to the interview.

Read more here…

Tyler Durden
Thu, 01/09/2025 – 10:30

Panic Hedge? Hershey Reportedly Asks CFTC Approval To Buy Huge Cocoa Pile On NY Exchange

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Panic Hedge? Hershey Reportedly Asks CFTC Approval To Buy Huge Cocoa Pile On NY Exchange

The worsening global cocoa squeeze has taken a new turn, with US chocolate giant Hershey Co. reportedly seeking approval from the Commodity Futures Trading Commission (CFTC) to purchase a massive amount of cocoa through the New York exchange. The move highlights that cocoa cost inflation will get even more extreme in 2025.

First reported by Bloomberg, the maker of Reese’s Peanut Butter Cups asked the CFTC for approval to purchase 90,000 metric tons of cocoa on ICE Futures US. Sources said this is equivalent to about 5,000 20-foot containers and more than nine times the amount the exchange allows. 

“The headlines on Hershey today suggest the outlook for confectionary (cocoa) cost inflation is getting even more extreme,” Goldman’s Natasha de la Grense told clients Thursday morning. 

In a note to clients, JPMorgan’s Ken Goldman suggested that Hershey might be attempting to replicate its 2020 strategy, leveraging price dislocations to manage and reduce cocoa costs. 

Still, the current hedge “don’t have to be for the same reason or have the same directional impact,” Goldman said. 

He added: “For all we know, Hershey may very well want to buy hard cocoa because of supply concerns. We also don’t necessarily believe all of 2025’s cocoa needs are hedged.”

In Hershey’s third-quarter earnings call, CFO Steve Voskuil told analysts that the company was “well hedged” in 2024. He said for 2025: “Now you flash ahead to current pricing and you look at pricing for next year, it’s a pretty significant step-up. And it’s not just the cocoa side. The cocoa beans, of course, the biggest piece, but there’s also cocoa butter, cocoa liquor and some of the other physical derivatives of cocoa that’ll be inside that inflation.” 

A Hershey spokesperson told Bloomberg that the company has a” rigorous” procurement process and is “well covered” on its cocoa needs for 2025. 

In markets, the most active cocoa contract rose more than 10% in early trading in New York. Prices nearly tripled in 2024 on tightening global supplies after the spread of disease and poor weather crushed harvests in West Africa. 

In mid-December, Goldman’s commodity derivatives analyst Hugo Fuentes told clients to “go long cocoa” as “prices are positioned for significant upside driven by structural supply deficits, under-hedged consumers, and historically low warehouse stocks.” 

Tyler Durden
Thu, 01/09/2025 – 10:05

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