October 3, 2022
LIVE NEWS: Former Bill Clinton investigator Kenneth Starr dies at 76

Former Bill Clinton investigator Kenneth Starr dies at 76

Kenneth Starr, a former US solicitor general who led an investigation in the 1990s that resulted in the disclosure of Bill Clinton’s alleged sexual indiscretions, has died at the age of 76.

Solicitor General led by George HW Bush, Starr died Tuesday of complications from surgery at a hospital in Houston, Texas, according to a Statement Issued by his family.

He was a former federal judge with a high-profile legal career, which included serving as independent counsel in a 1990s investigation into Clinton’s whitewater real estate investments.

The investigation culminated with the Starr’s report on the former president’s relationship with Monica Lewinsky, who helped impeach Clinton.

In 2020, Starr joined the legal team that represented Donald Trump during his impeachment trial. He is survived by his wife and three children.

Schultz vows Starbucks rebound after coffee chain ‘lost its way’

Howard Schultz, who returned in April as interim chief executive. Predicted “Starbucks’ best days are ahead of us” © AP

Starbucks will spend another $450mn to overhaul its coffee machines and stores as it seeks to accelerate its growth, catch up with changing consumer tastes and repair relationships with troubled baristas.

The company has “lost its way” in recent years, said Howard Schultz, the founder who returned in April as interim chief executive. But, he predicted “the best days at Starbucks are ahead of us”.

Schultz said Starbucks would rebound faster in 2008 than it did after the earlier crisis. He said Tuesday at an investor meeting in Seattle that the company would deliver double-digit revenue growth with similar expansion, at the top end of previous estimates. in profits.

On top of a 2022 $1bn investment programme, the “reinvestment” plan will include a new $450mn investment in its North American stores next year.

Starbucks also revealed new devices that cut the time it takes to heat food and create the increasingly complex soft drink that now accounts for 70 percent of coffee sales.

The new machines are needed to handle rising demand in its US stores and to address frustrations with increasingly complex orders, which have raised employee concerns about pay and conditions.

Starbucks Workers United, a group of baristas who have unionized more than 200 stores across the US, protested outside Starbucks’ headquarters in what they called an “aggressive union-busting campaign”. Two Seattle stores went on strike for the day.

Read more about Schultz’s new approach to Starbucks here.

Wall Street suffers worst sell-off since June 2020 on inflation data

Wall Street suffered its worst sell-off since the early days of the coronavirus pandemic, when official data showed U.S. inflation spiked in August, prompting a growing audience for the Federal Reserve to counter rising prices. Will need to act more aggressively.

The benchmark S&P 500 stock index fell 4.3 per cent, its worst day since June 2020 with 99 per cent of companies slipping in value. The Nasdaq Composite fell 5.2 per cent as technology companies exposed to higher rates bore the brunt of the sell-off.

The yield on short-dated government debt tracking interest rate expectations rose to its highest level in nearly 15 years, as investors raised their bets that the Fed would have to do more to stamp out rising inflation.

According to data from CME Group, investors on Tuesday priced a one-in-three chance that the US central bank would raise a full percentage point this month, rather than the 0.75 percent increase that remains the consensus expectation.

Inflation figures put further pressure on US central bank policymakers, who have promised to do everything in their power to cushion rising prices. His apparent determination to abide by the pledge has given rise to fears that the economy is headed for a hard landing.

Tech stocks are particularly sensitive to changes in interest rate expectations because valuations are based largely on future growth prospects. Facebook owner Meta and chipmaker Nvidia were the biggest losers, both falling 9 percent, while Amazon lost 7 percent.

Read more about today’s market move here.

Heathrow Airport warns of disruptions during Queen Elizabeth’s funeral

The coffin of Queen Elizabeth II is moved by the royal corpse after arriving at RAF Northolt in west London from Edinburgh on Tuesday © Getty Images

Heathrow Airport has warned passengers that there is a risk of disruption due to changes in flight routes to keep noisy planes away from central London during the mourning of Queen Elizabeth II.

Britain’s busiest airport said it would make “appropriate changes” to its operations to “ensure silence over central London” during a ceremonial procession on Wednesday afternoon and the day of the Queen’s funeral on Monday.

Airport officials are struggling to estimate how much disruption there will be because their operations are based on the effect of wind direction and on the direction that the plane may land.

An easterly wind is forecast for Wednesday, meaning the plane should be able to land away from central London, with less disruption.

But bigger problems – potentially including cancellations and delays – are expected on Monday, when operations will be disrupted for most of the day during funerals.

US one step closer to avoiding rail strike after latest union deal

Freight rail carriers have reached an employment deal with nine of 12 unions representing US railroad workers, coming one step closer to avoiding a strike that ended the country’s supply chain early Friday. could.

Railroads and labor unions have been trying to negotiate a new employment contract for nearly three years.

The federal labor law that establishes the process of negotiation is designed to prevent stagnation of work. But arbitration, multiple cooling-off periods, and the help of a board of labor experts appointed by the White House have yet to completely resolve the impasse over scheduling processes.

Three of the 12 US railroad unions representing 60,000 workers are still set to strike unless Congress intervenes, ending the parties’ final cooling-off period after midnight on Monday.

Business leaders have warned that any disruption to freight rail service could be disastrous for manufacturers, retailers and food producers who depend on railroads to move goods across the country.

Freight rail accounted for an estimated 28 percent of US freight traffic in 2020, according to an analysis of Department of Transportation data by railroad operator Union Pacific.

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