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Howie: From bad to worse in Corner Office

And so farewell, Charlie Baker, worst governor in the history of the Commonwealth of Massachusetts.

Granted, he’s not likely to hold that worst-ever title for long. Maura Healey is more than likely to continue the downward spiral – these days that’s the way everything rolls in Massachusetts, downhill, from bad to worse to still worse yet.

For the last few days, you’ve had to wade through (or more likely, just avoid) all the slobbering puff pieces about “the most popular governor in America.”

Give me a break. Oddly, none of these hagiographies could cite one concrete accomplishment of these last eight benighted years, other than the one they refused to bring up — his son A.J. beating the rap on his alleged groping of a young woman on that infamous Jet Blue flight back in 2018.

You already know how dreadfully mismanaged just about every public agency in the state has been run on his watch, and not just the MBTA. The Baker-era rot has permeated every corner of Massachusetts government, from the RMV-caused massacres of motorcyclists to the endless scandals in the State Police and so on.

But all pale in comparison to his catastrophic mismanagement of the Panic of 2020. In those fawning farewell interviews, Charlie’s alibis have been that no one could have known, or that hindsight is 20-20, or that you don’t get do-overs etc. etc.

In other words, everybody was going to the same party. Of course, that’s what you told your parents about the post-prom all-nighter, and why you needed Dad’s car keys, because all the cool kids were going.

And dear old Dad shook his head and said, “Son, if Andy jumped off a cliff, would you follow him?”

Charlie watched Andy (Cuomo) jump off the cliff, and then he followed right behind him. And all of Baker’s calamitous missteps have devastated the state, for generations to come.

It was all so avoidable. Govs. Ron DeSantis and Brian Kemp didn’t fall for Fauci’s folderol. Even Jared Polis of Colorado – a Democrat – was less hysterical than Charlie.

Baker claimed he was just following “the science.” Yeah, the political science. Just like all Democrats, he was willing to do anything to get rid of Trump, by whatever means possible.

Charlie had to make all sorts of impactful decisions at the height of the hysteria. And in every one of his imperious executive orders — lockdowns, school and church closings, shutting down Main Street mom-and-pops while the big-box chains remained open, those preposterous curfews (an extra hour on weekends!), firing state employees who refused the untested vaccinations – he got everything exactly 100 percent wrong.

He ruined a generation of school kids, for no reason whatsoever given that they weren’t going to die from the virus. At least a third of the state’s restaurants are gone. The flight of taxpayers now rivals those of California and New York.

And in those COVID-related areas where his intervention might have saved lives, he was totally MIA.

For instance, would it have been too much for him to have appointed someone to run the Holyoke Soldiers Home who wasn’t an unqualified hack, who hadn’t given him and his dreadful lieutenant governor Karyn “Pay to Play” Polito a total of $1950?

If Charlie was so appalled by what was happening in the nursing homes his own Department of Public Health (DPH) had neglected to regulate, what didn’t he give back that $52,000 the long-term-care fat cats had lavished upon him?

Instead, all he did was have the DPH finagle the stats on nursing-home deaths, to make himself look slightly less incompetent.

The reality is, Charlie’s COVID insanity beggared the working people of this state, forcing them to flee the economic ruin he’d inflicted on them. And at the time he was simultaneously enriching the Democrat hackerama with what amounted to a two-year paid vacation, complete with big pay raises for staying home and not working.

Thanks Charlie.

You can argue that the Panic was beyond Baker’s power to control, but there’s one disaster that could have totally been avoided, and that’s the utter destruction of the Massachusetts state Republican party.

As you’re aware, the state GOP just suffered through its worst elections since 1854. This GOP debacle was engineered by two bust-out ex-state reps, Jim “Jones” Lyons and Geoff “DoorDash” Diehl.

They both retired from elective politics in 2018 due to ill health – the voters got sick of them.

Charlie’s been around the State House his entire adult life, so he understands better than most that almost everyone who’s been a rep for more than three terms is pretty much unemployable.

Charlie’s mistake was not taking care of these two loafers. I’m sure DoorDash could have been bought off with a $150,000 coat holder’s job in say, Labor. Labor’s always a nice dumping ground for hacks who need a job, as opposed to work. Consider the career of Marty Walsh.

Or Charlie could have interred Lyons and Diehl in some deserted courthouse, doesn’t matter which one. Outside the cities, nobody ever goes to work in any of them anymore, especially since the Panic.

Look at Ed Teague, former rep on Cape Cod — $174,532 a year as clerk magistrate. Hey, I’ll bet either Jones or DoorDash would have been happy to settle for being a first assistant clerk magistrate. Like, for instance, Charlie King – and he was never in the legislature, just on the GOP state committee, like them. Forgotten, but not gone, for $145,734 a year.

Charlie’s defense could be that no state party committee has ever been considered more than a legal apparatus for moving money around among party factions, benefactors and candidates.

Until Jim Jones Lyons, nobody had ever dreamed of using a state committee in the same way a terrorist uses a suicide-bomb vest – on their own party no less. But that nightmare has occurred and now the state GOP is on life support, and the income tax has been raised 80 percent.

And the fact is, Charlie does – did — know how to play the patronage game. On his way out the door he took care of two GOP state reps who lost their races in the wake of the Lyons-Diehl putsch.

Alas, ex-Rep. Shawn Dooley will make a mere $10,688 on the Civil Service Commission, and Tim Whelan gets zero on the Mass DOT board of directors.

Thanks Charlie!

Now Charlie moves on to his $3-million retirement sinecure as NCAA president. Those same simpering valedictories all asked the question, What will Charlie do at the NCAA?

What will he do? For God’s sake, he’s a hack. What will Charlie do? He’ll cash his $60,000-a-week paycheck and laugh all the way to the bank.

While everyone who voted for him cries all the way to the poorhouse. Unless they’ve fled, or soon will flee, to Florida. Which, thankfully, is most of us.

 

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Analysis: Deutsche Bank“s rollercoaster ride towards more stability

2023-01-04T09:38:08Z

(This Dec. 16 story has been refiled to correct currency unit to cents in paragraph 33)

In 2019, Deutsche Bank set out on a journey to cut dependence on its volatile investment bank and rely instead on more stable businesses that serve companies and retail customers as a way to restore profitability.

It didn’t quite turn out that way.

Germany’s biggest bank is back in profit and on course to meet some key targets pledged to shareholders, but that is thanks to the investment bank.

Deutsche’s bottom line has benefited from a surge in securities trading and dealmaking – the very businesses that the bank was trying to rely less on after years of scandals and fines.

A long period of low interest rates and the pandemic complicated Deutsche’s plan of making more money from the bread and butter business of lending to companies and individuals.

But the tide, buoyed by rising interest rates, is turning.

Higher interest rates are fattening profits from regular banking, while there has been a decline in M&A deals.

The bank said it is starting to see a rebalancing away from the investment bank to its other businesses.

“We do not expect that the majority of the bank’s growth between now and 2025 will come from investment banking,” board member Fabrizio Campelli said in an interview. He previously managed Deutsche’s overhaul process and now oversees the corporate division and investment bank.

The bet in 2019 was for the investment bank to make up 30% of revenues at Deutsche’s key divisions, as the company exited equities trading, with the focus more on corporate and retail banking.

But when the pandemic hit in 2020, this created volatile markets that favoured the bank’s bond trading business, where it is one of the world’s biggest players. This made the investment bank the group’s biggest profit engine. In 2021, a wave of global dealmaking gave it another boost.

In both those years, the investment bank made close to 40% of revenue and more than 75% of pre-tax profit.

The bank’s corporate and retail businesses, meanwhile, stagnated under ultra-low interest rates that lasted longer than expected.

“It would have been better if the stable areas had grown more than the investment bank,” said Andreas Thomae, a portfolio manager at Deka, a big Deutsche investor.

“Overall, however, the bank is on track to earn good money on a sustainable basis. Now the stable areas have to take on a greater role again in the future,” he said.

A collapse in dealmaking this year and central banks’ moves to raise rates to combat inflation have helped Deutsche’s other divisions.

Deutsche’s businesses outside the investment bank show “good momentum”, UBS said in a report this week that noted “upside potential” for the shares, which are down nearly 10% this year.

Deutsche, which ranks as one of the world’s most systemically important banks, had embarked on its four-year, nearly 9 billion euro ($9.59 billion) turnaround plan in 2019 after years of losses.

CEO Christian Sewing recalled the scale of Deutsche’s crisis at a conference last month in Berlin. “When I took over in 2018, we knew that we were in dire straits,” he said. “We knew that things had to change.”

Deutsche has hit or exceeded some of the targets in its turnaround plan as the deadline for its completion approaches with the end of 2022.

Deutsche, which lost about six billion euros over the past decade, has chalked up nine consecutive quarters of profit.

Regulators say the bank is on firmer footing than in 2016, when it became public that Deutsche would have to pay a multibillion dollar fine for its role in the U.S. mortgage crisis.

Bankers at Deutsche are relieved that for once the bank is mostly out of the headlines. They privately say they feel the pain of Swiss rival Credit Suisse (CSGN.S), which is facing its own crisis after losses and scandals.

Olivier Panis, analyst with Moody’s, said bank restructurings take time.

Deutsche’s management “took the right decisions, probably at the right time, benefiting also from favourable market conditions,” he said.

Ratings agencies, including Moody’s, have been upgrading Deutsche’s ratings in a sign of confidence that earnings are sustainable.

Regulatory issues have not entirely gone away. Deutsche Bank is under scrutiny for its controls to prevent money laundering, said a person with direct knowledge of the matter.

In November, Germany’s banking regulator BaFin said it had told Deutsche it would face fines if it did not meet specific measures to improve safeguards.

Deutsche said at the time that it has and will continue to invest the resources and management attention necessary to improve its controls and to meet regulatory expectations.

Deutsche’s asset management division, DWS, is under investigation by U.S. and German authorities for alleged “greenwashing”, allegations DWS has denied.

And the bank has said it would defend itself “vigorously” against allegations that it may have mis-sold risky investment bank products to customers in Spain and elsewhere, a matter the bank has investigated internally.

Deutsche Bank has also been under pressure from regulators to rein in its leveraged finance business, where credit is extended to already indebted borrowers.

Looking ahead, Deutsche has set new targets for 2025, including a cost-to-income ratio of less than 62.5%, meaning 62.5 cents spent for every euro earned.

With soaring inflation and high regulatory costs, analysts believe Deutsche will miss the goal. They predict a ratio of 69% in 2025, down from 73% this year.

Deutsche executives have said they see room for further cost savings.

For rivals JPMorgan (JPM.N) and Goldman Sachs (GS.N), analysts forecast a cost-to-income ratio of around 62% this year, based on Refinitiv data.

“Execution risk remains high…on the bank’s 2025 cost cutting plan,” Fitch analyst Marco Diamantini said, citing high inflation and a strong dollar.

The next phase of Deutsche’s plan comes as inflation and high energy prices take their toll on the German economy, raising questions over how its corporate and retail businesses will fare if loans turn sour.

($1 = 0.9382 euros)

Related Galleries:

Deutsche Bank building in Frankfurt, Germany, February 2, 2018. REUTERS/Ralph Orlowski

Logo of Deutsche Bank AG in Frankfurt, Germany January 30, 2020. REUTERS/Ralph Orlowski

Christian Sewing, CEO of Deutsche Bank AG in Frankfurt, Germany January 30, 2020. REUTERS/Ralph Orlowski


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How a Video Game is Fuelling Misinformation About Russia’s Invasion of Ukraine

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Clips from the war-themed Arma 3 have appeared multiple times in fake videos.

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Biden names Phillips acting head of energy regulator

2023-01-04T08:57:01Z

U.S. President Joe Biden speaks with people as he boards Air Force One at Rohlsen Airport to depart after a New Year holiday visit to Christiansted, St. Croix, U.S. Virgin Islands, U.S. January 2, 2023. REUTERS/Jonathan Ernst

President Joe Biden has named Willie Phillips, a Democrat, acting chairman of the Federal Energy Regulatory Commission, FERC said on Tuesday.

Phillips joined the commission in December, 2021 after being appointed by Biden and approved by Congress. Phillips will be the first Black person to take the reigns at FERC.

Before coming to FERC Phillips served as the chairman of the Public Service Commission of the District of Columbia, starting in 2018, where he championed issues of environmental justice and equity. He was also a regulatory attorney with nearly 20 years in public and private practice.

The independent panel of the Department of Energy long had a low-key profile and was mainly known for approving natural gas pipelines and export terminals for liquefied natural gas, or LNG. After Phillips joined FERC, that began to change as Democrats had a 3-2 majority and the Biden administration pursued policies to transition to low-carbon energy.

But now Phillips is acting chairman, FERC will be locked at a 2-2 because the former head, Richard Glick, left FERC after Senator Joe Manchin, a conservative Democrat, did not hold a confirmation hearing to consider Biden’s re-nomination of Glick. Analysts said FERC may not take up many issues beyond power transmission rulemakings during the deadlock.

Phillips will serve as temporary chief of the commission as the Biden administration considers nominating a permanent chair.

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South Korea“s Yoon warns of ending military pact after North drone intrusion

2023-01-04T09:06:50Z

South Korean President Yoon Suk-yeol speaks at an interview with Reuters in Seoul, South Korea, November 28, 2022. REUTERS/Daewoung Kim

South Korean President Yoon Suk-yeol said on Wednesday he would consider suspending a 2018 inter-Korean military pact if the North violates its airspace again, his office said, amid tension over a recent intrusion by North Korean drones.

Yoon made the comment after being briefed on countermeasures to North Korean drones that crossed into the South last week, calling for building an “overwhelming response capability that goes beyond proportional levels,” according to his press secretary, Kim Eun-hye.

“During the meeting, he instructed the national security office to consider suspending the validity of the military agreement if North Korea stages another provocation invading our territory,” Kim told a briefing.

The 2018 deal, sealed on the sidelines of a summit between North Korean leader Kim Jong Un and South Korean President Moon Jae-in, calls for ceasing “all hostile acts”, creating a no-fly zone around the border, and removing landmines and guard posts within the heavily fortified Demilitarised Zone. The government has not said how many mines and posts were removed, citing security concerns.

Abandoning the pact could mean the return of the guard posts, live-fire drills in the former no-fly zone and propaganda broadcasts across the border – all of which drew angry responses from Pyongyang before the pact.

Inter-Korean relations have been testy for decades but have grown even more tense since Yoon took office in May pledging a tougher line against Pyongyang.

During the election campaign last year, Yoon said Pyongyang had repeatedly breached the agreement with missile launches and warned he might scrap it. He said after taking office that the pact’s fate hinges on the North’s actions.

Yoon has criticised the military’s handling of the drone incident, in part blaming the previous administration’s reliance on the 2018 pact.

He has urged the military to stand ready to retaliate, even if that means “risking escalation.”

Yoon ordered the defence minister to launch a comprehensive drone unit that performs multi-purpose missions, including surveillance, reconnaissance and electronic warfare, and to set up a system to mass-produce small drones that are difficult to detect within the year, Kim said.

“He also called for accelerating the development of stealthy drones this year and quickly establishing a drone killer system,” she said.

South Korea’s army operated two drone squadrons within its Ground Operations Command since 2018, but they were primarily designed to prepare for future warfare.

The defence ministry has said it plans to launch another unit focusing on surveillance and reconnaissance functions, especially targeting smaller drones.

“The upcoming unit would carry entirely different tasks, conducting operations in various areas,” Defence Minister Lee Jong-sup told parliament last week.

To boost its anti-drone capability, the ministry announced plans last week it would spend 560 billion won ($440 million) over the next five years on technology such as airborne laser weapons and signal jammers.

($1 = 1,273.9000 won)

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Inflation of Food Prices Climbs to a Record High in the U.K.

Food inflation in U.K. stores jumped to a record high last month with retailers warning of another year of elevated prices.

The British Retail Consortium said Wednesday that food inflation accelerated to 13.3% in December, from 12.4% the previous month, reaching an all-time high for the index, which started in 2005.

Shoppers spent over £12 billion ($14 billion) on groceries as a result of higher prices, according to separate numbers published by Kantar — the first time the threshold has been breached. The data company said sales by volume fell 1% compared with December 2021 but inflation drove up revenue.

[time-brightcove not-tgx=”true”]

“2023 will be another difficult year for consumers and businesses as inflation shows no immediate signs of waning,” said BRC Chief Executive Officer Helen Dickinson. She cited ongoing pressures from the war in Ukraine pushing up the cost of animal feed, fertilizer and energy.

The cost of fresh food rose 15% from a year earlier, also a record high for the BRC, up from 14.3% in November.

While the BRC said food inflation accelerated, Kantar’s data found it had slightly eased — to 14.4% in December, down from a peak of 14.7% in October.

Furthermore, the BRC said that overall inflation in U.K. stores dipped in December, marking the first decline in over a year. It said shop-price inflation decelerated to 7.3%, down slightly from November’s record high of 7.4%.

The leveling off in prices overall was due to retailers heavily discounting stock in the run-up to Christmas to shift excess inventory. Many stores ordered products earlier in the year, when supply-chain problems still meant long waiting times and before rising inflation began to hurt spending.

The BRC was quick to warn that the dip in prices doesn’t signal an end to spiraling inflation and that retailers may have to put their prices up even more from April once the government’s support on energy costs expires.

Bleak Start

The first months of the year are likely to be bleak as shoppers face credit card bills for their December spend and as energy bills come due. Consumers will prioritize spending on groceries, which are rising in price, while non-essentials like fashion and homewares are likely to suffer, according to Mike Watkins, head of retailer and business insight at NielsenIQ, which produces the data for the BRC.

“The increase in food inflation is going to put further pressure on household budgets and it’s unlikely that there will be any improvement in the consumer mindset around personal finances in the near term,” he said.

Kantar found that shoppers are still adapting to higher grocery prices, buying more own-label goods rather than branded options. Sales of the former category rose 13.3% through to Dec. 25 compared with 4.7% for the latter.

The traditional grocers captured most of the Christmas purchasing, with Tesco Plc, J Sainsbury Plc, Asda and Morrisons accounting for more than two-thirds of all spending. Still, German discounter Aldi recorded the biggest increase in sales at 27%, while Lidl grew almost 24%.

Inflation is “still a painfully high figure at the current rate, impacting how and what we buy at the shops,” said Fraser McKevitt, head of retail and consumer insight at Kantar.

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Fed minutes and US jobs data might drive the first major market moves of 2023. Here’s what you need to know.

The Fearless Girl, a bronze sculpture by Kristen Visbal, stands across from the New York Stock Exchange in the Financial District of New York on December 30, 2022. - Wall Street stocks marked a gloomy end to 2022, slumping to close lower in their worst annual showing in years. Surging inflation and steep interest rate hikes to cool demand have battered markets and investor sentiment this year, on top of global shocks like Russia's invasion of Ukraine.Stock markets suffered in 2022 as surging inflation and steep interest rate hikes battered investor sentiment.

Timothy A. Clary/AFP via Getty Images

  • Two key economic releases could influence investors’ outlook this week.
  • Federal Reserve minutes and US jobs data could fuel the first major market moves of 2023.
  • Here’s how they could spark a much-needed rally – or lead to further declines for stocks.

As 2023 gets going, investors are keenly searching for clues that could offer some insight into how stocks could perform over the first few months.

Red-hot inflation and rising interest rates hammered equities last year, with the benchmark S&P 500 index tumbling 19% and the tech-heavy Nasdaq plummeting 33%.

This week, two events could set the tone for January by showing whether the Federal Reserve wants – and will be able to – press ahead with its monetary tightening campaign without crushing the US economy.

Here’s why the release of December’s Fed minutes Wednesday and the latest US jobs report Friday could fuel the first major market moves of the year.

Fed minutes

The US central bank raised interest rates aggressively last year in a bid to bring soaring inflation under control, boosting its benchmark rate to between 4.25% and 4.5% from nearly zero in March. The institution lifted its benchmark rate by 50 basis points in December, slowing its pace after four previous increases of 75 basis points each.

The steep rise in borrowing costs over the past year has weighed heavily on stocks, because they make holding cash in a bank account more attractive and erode companies’ future cash flows, lowering their valuations.

The Fed is set to release the minutes from its December meeting at 2PM Eastern Time Wednesday, which could offer investors some insight into whether it’ll look to press ahead with its rate hikes – or ease up on monetary tightening as inflation starts to cool toward its 2% target.

Traders shouldn’t expect any major policy shifts just yet, according to Wedbush Securities – with US inflation coming in at 7.1% in November  and a strong labor market giving the central bank scope for further rate hikes.

“The inflation genie is out of the bottle and the Fed is scrambling to get it back in by continuing its rate-hiking crusade,” strategists David Chiaverini and Henry Coffey said in a research note published Tuesday. 

“While we’ve seen a slowdown in the pace of rate hikes, it does not appear a rate cut will be on the table until we start to see a significant rise in unemployment,” they added.

US jobs data

In 2022, the US’s white-hot labor market tended to be bad news for investors.

To recap: the Fed has a “dual mandate” to keep inflation close to 2% while also maximizing employment, and the labor market’s continued strength has given it a license to raise interest rates aggressively without having to worry about the latter objective.

The release of non-farm payrolls data at 9AM Eastern Time Friday will show how many jobs the economy gained in December – and could set the direction of travel for financial markets for the next few weeks.

Should there be any weakening of jobs data in the coming months, it could become one of the defining stories for investors in 2023 – potentially increasing the likelihood that the Fed will have to pivot from its current policy bias to support the labor market.

“Despite remaining strong in 2022, the labor market is poised to weaken in 2023, as it’s a lagging indicator of which medicine takes the longest to cure,” Interactive Brokers senior economist José Torres said Monday.

Economists expect Friday’s labor report to show that the US economy gained around 200,000 jobs last month, according to Refinitiv. That’d represent a decline from November’s 263,000 figure – but suggest that the Fed still has some scope to carry on tightening without crushing the jobs market.

Read more: The market chaos sparked by Russia’s invasion of Ukraine may finally be over, according to these 5 charts

Read the original article on Business Insider
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Benedict’s admirers keep streaming to Vatican to honor him

VATICAN CITY (AP) — For a second day, lines of people wanting to honor Pope Emeritus Benedict XVI ’s service to the Catholic church snaked around St. Peter’s Square on Tuesday to view the late retired pontiff’s body.

Benedict died on Saturday at age 95 after 10 years of retirement from the papacy and after increasingly frail health. His body lies in state in St. Peter’s Basilica, where thousands of faithful and curious came for the viewing.

On Monday, the first day the general public could view the body, around 65,000 people paid their respects — about double what Italian security had predicted. A third day of viewing is set for Wednesday.

On Thursday, Pope Francis will lead the funeral Mass at St. Peter’s Square for his predecessor, the first pontiff in 600 years to resign.

The basilica’s doors opened before dawn on Tuesday and among those paying respects was 6-year-old Miriam Groppelli, who is an altar server in her parish in Milan.

She and her father, Giuseppe Groppelli, 40, traveled by train in the early hours to offer their homage, along with the child’s grandparents, and older brother and sisters.

“I told her his story and she was really excited to come to Rome to say goodbye,” the father said. “Benedict has been very important for the Church, his speeches were so clear and beautiful, he leaves a great legacy of knowledge.”

“We came here to express our gratitude to him but also to God who send him to us,” he said.

Like other faithful, Groppelli offered his take on the unusual, nearly-decade-long arrangement that saw Benedict’s retirement in the Vatican City monastery where he died on Saturday, and Francis, who was elected in 2013 by fellow cardinals to succeed him.

“I believe there’s no real war or competition within the church and between popes. The church lives and grows every day, also thanks to their words,” he said.

Benedict, who as German Cardinal Joseph Ratzinger had served for decades at the Vatican as the church’s guardian of doctrinal orthodoxy, was known for his theological knowledge as well as for eloquent speeches, which — unlike like many of his predecessors — would write himself.

Francis will eulogize his predecessor at the funeral, which the Vatican has said would be marked by the simplicity that Benedict requested.

Since Benedict was no longer head of Vatican City State, as opposed to funerals of previous popes, who died when they were reigning, only two countries — Italy and his native Germany — will send official delegations.

Political leaders and royalty, especially of predominantly Catholic countries, will attend in a private role.

With no need to elect a new pontiff following this former pope’s death, cardinals who attend the funeral won’t be staying on to meet in a secret conclave to pick the man who will help shape the Church’s direction.

In a possible reflection of the absence of immediate intrigue that usually builds before a conclave, Francis largely conducted business as usual. On Tuesday, he was set to meet with the cardinal who heads the Italian bishops conference, bid farewell to South Korea’s ambassador to the Holy See in a courtesy visit and greet a delegation of an organization promoting brotherhood.

Also on Francis’ schedule was a meeting with the basilica’s archpriest, who on Monday, after Benedict’s body was transferred in a pre-dawn procession from the monastery to the basilica, sprinkled holy water and incense by the bier.

___

Follow AP’s coverage of Pope Benedict XVI at https://apnews.com/hub/pope-benedict-xvi

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US. rail and locomotive company Wabtec hit with Lockbit ransomware

US. rail and locomotive company Wabtec Corporation disclosed a data breach after it was hit with Lockbit ransomware attack.

Wabtec Corporation is an American company formed by the merger of the Westinghouse Air Brake Company (WABCO) and MotivePower Industries Corporation in 1999. It manufactures products for locomotives, freight cars and passenger transit vehicles, and builds new locomotives up to 6,000 horsepower.

The company employs approximately 25,000 people and has 50 plants all over the world.

According to a statement published by Wabtec, threat actors breached the company network and infected internal systems as early as March 15th, 2022.

The unusual activity was detected by the company on June 26th, then the rail giant launched an investigation into the security incident.

“The forensic investigation did reveal that certain systems containing sensitive information were subject to unauthorized access, and that a certain amount of data was taken from the Wabtec environment on June 26, 2022. The information was later posted to the threat actor’s leak site. On November 23, 2022, Wabtec, with the assistance of data review specialists, determined that personal information was contained within the impacted files.” reads the announcement published by Wabtec Corporation. “On December 30, 2022, Wabtec began notifying affected individuals, per relevant regulations, with a formal letter, to let them know their data was involved.”

The company never mentioned the nature of the attack in the announcement, it only stated that the forensic investigation revealed that certain systems containing sensitive information were subject to unauthorized access, and that a certain amount of data was exfiltrated on June 26, 2022. The only reference to an extortion attack is the confirmation that the stolen data was later posted to the threat actor’s leak site, which is a site used by ransomware groups and extortion gangs to announce the availability of stolen data from the victims. On November 23, 2022, Wabtec determined that personal information was contained within the files exfiltrated by the attackers.

Compromised information varies by individual and includes a combination of the following data elements: First and Last Name, Date of Birth, Non-US National ID Number, Non-US Social Insurance Number or Fiscal Code, Passport Number, IP Address, Employer Identification Number (EIN), USCIS or Alien Registration Number, NHS (National Health Service) Number (UK), Medical Record/Health Insurance Information, Photograph, Gender/Gender Identity, Salary, Social Security Number (US), Financial Account Information, Payment Card Information, Account Username and Password, Biometric Information, Race/Ethnicity, Criminal Conviction or Offense, Sexual Orientation/Life, Religious Beliefs, Union Affiliation.

In August, the LockBit ransomware group added Wabtec to the list of victims on its Tor leak site and published samples of stolen data as proof of the hack.

wabtec lockbit ransomware

At the time, the ransomware gang fixed the deadline on August 20, 2022 and after the failure of an extortion attempt it published the link to the stolen data.

On December 30, 2022, Wabtec started notifying impacted individuals and encouraged t them remain vigilant against incidents of identity theft and fraud by reviewing their financial account statements and credit reports for any anomalies. 

“While there is no indication that any specific information was or will be misused, considering the nature of the incident and of the affected personal data, we cannot rule out that there may be attempts to carry out fraudulent activity.” concludes Wabtec.

Follow me on Twitter: @securityaffairs and Facebook and Mastodon

Pierluigi Paganini

(SecurityAffairs – hacking, Wabtec)

The post US. rail and locomotive company Wabtec hit with Lockbit ransomware appeared first on Security Affairs.

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É urgente tirar a família do foco dos ministérios das Mulheres e dos Direitos Humanos

vozes-damares-ministerio-mulheres-foco

Enfrentar o legado anti-mulher da ex-ministra Damares Alves será um desafio do novo governo frente à ala conservadora do Congresso que a apoiava – e de que ela agora participa como senadora..

Foto: Bruno Santos/Folhapress

Desde 1º de janeiro, contamos com um Ministério das Mulheres; um dos Direitos Humanos; um da Igualdade Racial; e um dos Povos Originários no lugar da amálgama bolsonarista que foi o Ministério da Mulher, da Família e dos Direitos Humanos de Damares Alves. Com filiação religiosa pentecostal, ela colocou a família no centro de suas políticas. A retirada do termo do nome dos ministérios é bom sinal, e o governo Lula indica que vai mudar a rota perigosa em que a ex-ministra nos colocou – já que é justamente no seio familiar que mulheres, crianças e adolescentes mais sofrem violência.

Os rumos tomados por Damares desdobraram-se de dois fatores, um local e outro mais amplo, ligado à ascensão da direita global. Começo pelo segundo, sua filiação à agenda antigênero internacional. Surgida nos anos 1990 nos debates católicos conservadores, ela é uma reação do Vaticano e de pensadores religiosos diante das propostas de acordos e tratados internacionais – firmados por meio da ONU e em torno das Conferências do Cairo e Beijing – que faziam uso do termo “gênero” na defesa de direitos das mulheres e minorias.

O movimento antigênero questionava certas ideias feministas e de igualdade de direitos entre homens e mulheres. Particularmente, aquelas ligadas à tentativa de se construir direitos reprodutivos e o reconhecimento do aborto enquanto uma questão de saúde pública. A partir dessa visão impulsionada pela igreja, o conceito de gênero seria uma “ideologia” que visaria destruir as famílias e o casal heterossexual. Aqui, a família nuclear heteronormativa aparece como “família natural”, por oposição ao gênero como algo falso e artificial.

Essa agenda se alia a um discurso muito promovido no Brasil, que costuma responsabilizar as famílias supostamente “desestruturadas” pela violência urbana ou pela rebeldia de alunos no ambiente escolar, culpando muitas vezes o divórcio ou a emancipação das mulheres trazida pelo feminismo. O fato de que muitas famílias são chefiadas por mulheres – no censo de 2010, era o caso de 37,3% dos lares, quase nove a cada 10 deles sem a presença de um cônjuge – aparece como um suposto problema social. No entanto, os arranjos familiares no Brasil sempre foram mais variados do que o ideal de família urbana fundada no casal heterossexual, como tantos estudos históricos já demonstraram.

O modelo ideal de família heteronormativa formada por casal e filhos, vivendo em um domicílio independente, foi promovido no antigo governo como se a família fosse o sujeito dos direitos a ser defendido. Vista como unidade básica da sociedade, a manutenção das famílias foi privilegiada pelos serviços de atendimento à violência doméstica, que passaram a insistir na conservação do núcleo familiar em lugar da proteção efetiva às vítimas de violência doméstica, reforçando que elas devem buscar a harmonia e a recomposição familiar mesmo em contexto de abusos, com o fim de evitar uma separação.

É resultado dessa perspectiva a proposta feita pelo governo Jair Bolsonaro de um corte de 94% da verba destinada a políticas de combate à violência contra mulheres em 2023 – assim como o esforço de Damares para que crianças estupradas não tivessem acesso ao aborto legal, em casos que ganharam destaque na imprensa nos últimos anos.

Vem também daí o reforço de estereótipos de gênero que aprisionam mulheres à função de mães e cuidadoras do lar, dedicadas aos filhos e ao marido, enquanto o homem mantém maior poder, assumindo o papel de autoridade e a responsabilização pelo sustento. “Meninas vestem rosa, meninos vestem azul” foi, afinal de contas, o mote do governo, inspirado pelo movimento antigênero internacional.

O maior desafio será enfrentar o tanto que o foco na família agrada ao Congresso conservador.

Ao analisarmos os dados de violência doméstica e feminicídios, fica claro que esses estereótipos estão imbricados às agressões. Ou seja, muitas vezes, uma mulher é agredida ou mesmo assassinada por seu companheiro por não cumprir o ideal de esposa imaginado por ele – e promovido oficialmente nos últimos quatro anos pelo governo. É no espaço doméstico, lembremos, que essas duas formas de violência mais acontecem. Segundo o último Anuário Brasileiro de Segurança Pública, 65,5% dos feminicídios foram cometidos na residência da vítima. Essa ênfase na família e a redução da verba para políticas de atendimento às vítimas de violência tende, no médio prazo, a gerar um aumento dos casos de agressões e feminicídios.

O modelo ideal de família, no entanto, não é aquele que realmente protege as crianças, como quis fazer crer a ex-ministra. O mesmo anuário aponta ainda para cerca de meio milhão de estupros por ano, 75,5% deles cometidos contra menores de 14 anos – ou seja, estupros de vulnerável – e apenas 10% efetivamente denunciados. Praticamente nove a cada 10 vítimas de até 13 anos são meninas, e 80% de seus agressores são conhecidos delas – são pais, padrastos, parentes, vizinhos, amigos, conhecidos da família.

A verdadeira pauta de direitos humanos não é a defesa da família. Se os dados apontam que as relações familiares são geradoras de conflitos e agressões contra mulheres e crianças, é preciso retomar a defesa das mulheres, das crianças e adolescentes – o que, muitas vezes, passa por protegê-las de núcleos familiares marcados pela desigualdade e pela repetida violência.

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A nova ministra da Mulher, Cida Gonçalves, criticou o foco dado pelo Ministério da Mulher, da Família e dos Direitos Humanos à família patriarcal em detrimento das mulheres em seu discurso de posse na última terça-feira.

Foto: Eduardo Anizelli/Folhapress

O maior desafio para essa mudança é o quanto o foco na família agrada a amplos setores conservadores que tomaram o Executivo por quatro anos e seguirão presentes no Congresso, onde o discurso antigênero vem ganhando espaço desde o início dos anos 2000 e mantém sua força. Encampado por amplos setores das bancadas religiosas, ele permitiu inclusive a coalizão entre evangélicos e católicos conservadores.

Essa aliança continua atuando e já vinha marcando sua posição em diversas propostas legislativas desde o governo Dilma – algumas delas, projetadas em torno de figuras de grande poder político, como Eduardo Cunha, Silas Malafaia, ou Marco Feliciano. Sua força política foi materializada, por exemplo, na retirada do termo “gênero” do Plano Nacional de Educação, em 2014, e no domínio que conseguiram em postos chave, como a Comissão de Direitos Humanos da Câmara dos Deputados.

Com um Congresso repleto de expoentes do bolsonarismo – como a própria Damares Alves, agora senadora pelo Distrito Federal – retirar da unidade familiar o foco que ganhou nos últimos quatro anos será um desafio. Mas os direitos das mulheres, estejam eles no campo do enfrentamento à violência ou da autonomia sexual e reprodutiva, só avançarão se o governo Lula entrar nesta batalha, como indica fazer ao recompor o Ministério das Mulheres, comandado por Cida Gonçalves, com novas pastas e secretarias voltadas à promoção de direitos humanos.

Outro sinal positivo veio da nova ministra Cida Gonçalves, que destacou em seu discurso de posse na terça-feira, dia 3, que o antigo Ministério da Mulher, da Família e dos Direitos Humanos levou a cabo um “projeto de destruição” em que “a mulher como sujeito de direitos só foi vista e pensada dentro de uma construção determinada de família patriarcal”. Ela prosseguiu: “A família no singular apaga a diversidade brasileira e a centralidade da mulher enquanto foco de elaboração e implementação das políticas. Há famílias plurais e no plural. Este é um ministério que as reconhece e que as acolhe”.

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Agradeço à Jacqueline Moraes Teixeira e à Marília Moschkovich, que me auxiliaram nessa reflexão.

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