Month: June 2022

Elon Musk’s $44 Billion Twitter Deal Gets Board Endorsement

Twitter’s board has recommended unanimously that shareholders approve the proposed $44 billion sale of the company to billionaire and Tesla CEO Elon Musk, according to a regulatory filing Tuesday.

Musk reiterated his desire to move forward with the acquisition last week during a virtual meeting with Twitter employees, though shares of Twitter remain far below his offering price, signaling considerable doubt that it will happen.

Shares rose about 3% to $38.98 before the opening bell Tuesday, far short of the $54.20 per-share that Musk has offered for each share. The company’s stock last reached that level on April 5 when it offered Musk a seat on the board before he had offered to buy all of Twitter.

In a filing with the U.S. Securities and Exchange Commission detailing on Tuesday detailing a litter to investors, Twitter’s board of directors said that it “unanimously recommends that you vote (for) the adoption of the merger agreement.” If the deal were to close now, investors in the company would pocket a profit of $15.22 for each share they own.

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Investors Coping With Cryptocurrency Plunge 

“I’m in a cryptocurrency chat group at work,” software engineer Adam Hickey of San Diego, California told VOA.

Over the last few days, Hickey said, members of the group have been writing things like, “Bloodbath” and, “Are we still good?”

“It shook me, honestly,” he admitted. “I just had to stop looking at my balance. At one point, months ago, my investment in crypto had tripled. Now I’m down 40%.”

Hickey is far from alone. Serious and casual investors across the United States have seen the value of their investments in the publicly available digital asset known as cryptocurrency shrink dramatically in recent months, with steep plunges recorded in just the last week.

The value of bitcoin, the most popular form of cryptocurrency, has dropped more than 70% since its peak in November of last year, erasing more than 18 months of growth and causing many investors to wonder if this is the bottom, or if the worst is still to come.

“I have to remind myself that when I got into bitcoin in 2017, it was more of something I just kind of hoped would be the next Amazon.com,” Hickey said. Like many others, Hickey dreamed cryptocurrency could be a way to get rich in the long-term, or at least would be a part of his retirement savings.

“I’ve always seen it as a long-term investment. Still, this is the most nervous I’ve been about it,” he said. “You hear people on social media saying this is all a Ponzi scheme. Now I’m having thoughts like maybe those warnings are right – that the people pushing bitcoin so hard are the ones who bought it at the earliest low prices. Of course they want people to buy and drive the value back up. It’s good for them, but is it good for me?” 

Getting in 

Those skeptical of cryptocurrency point to its lack of regulatory oversight from government as a major reason for concern, making it susceptible to scams and wild price fluctuations.

“I’ve always seen it as a highly speculative investment,” said Marigny deMauriac, a certified financial planner in New Orleans, Louisiana. “This isn’t something any individual should have the majority of their wealth in unless they’re looking to take a significant amount of unnecessary risk.”

“I tell my clients to stay clear of investing any significant portion of their wealth in cryptocurrency, or any other highly speculative investment type,” deMaruiac told VOA. Many of the most ardent cryptocurrency supporters, however, invest precisely because it isn’t tied to governments as traditional currencies are. Digital currency’s demonstrated capacity for meteoric rises is a big part of its appeal. 

Steve Ryan, a self-employed poker player living in Las Vegas, Nevada, began investing in digital currency nearly a decade ago. “I’ve been in it for so long, I understand this stuff much better than your average person who only read about it on the internet a year or two ago,” he said.

Ryan invested on the advice of entrepreneurial friends; back when a single bitcoin sold for only a couple of hundred dollars as opposed to the tens of thousands they sell for today.

“Most of my money is in crypto, and I wish I had kept more in there rather than selling some of it,” he told VOA. “Even after this downturn, I’d be a multimillionaire had I kept it all in.”

Losing value 

U.S. inflation at 40-year highs has caused the Federal Reserve to raise interest rates, sending jitters throughout financial markets. At the same time, some Americans have lost their appetite for riskier investments.

Many have sold their cryptocurrency holdings and reinvested in safer, more stable assets. At the end of last week, the value of one share of bitcoin dropped below $18,000 from a high late last year of more than $64,000. The total crypto market value dropped from a peak of $3.2 trillion to below $1 trillion. 

“I’m definitely worried today,” Ryan said on Saturday as bitcoin reached its lowest point since December 2020. 

Still, Ryan maintained he still believes in bitcoin.

“I’m worried because we’ve got a war going on in Europe, huge amounts of inflation, we’re trying to recover from the impacts of a pandemic, and governments might try to regulate bitcoin,” he said. “But I’m not worried about bitcoin itself – I think it’s as solid as ever. That’s how cycles work and this could prove to be one of the best times in history to get into crypto.”

Casual cryptocurrency investors may not be so sure, but many seem willing to hold on to what they have in the hopes of a rebound. “Of course, when it rose to over $60,000, I had big dreams that I could earn enough money to go on a big trip or to make a down payment on a property,” said Joe Frisard, a semi-retired resident of Atlanta, Georgia.

The downturn has lowered Frisard’s ambitions, he acknowledged, but he still planned on hanging on to the cryptocurrency he hadn’t already sold when it was closer to its peak. “I’ve lost a good bit of money in the stock market, too,” he said, “but I’m not looking to dump my stocks. They’re a long-term investment and I see bitcoin in a similar way.”

Weathering the storm 

Gordon Henderson, a retired collegiate marching band director from Los Angeles, California, is also not panicking.

“I’m much more concerned about my stocks in my retirement fund than in my relatively small crypto holdings,” he said. Henderson remembers his father, at age 69 in 1987, converting his retirement fund to cash before a recession temporarily decimated the stock market.

“He was pretty proud of his timing,” Henderson recalled, “but in reality, he would have ended up with eight times more money if he had weathered the storm and kept his money in the stock market for another two decades. That’s how I look at cryptocurrency. I’ll hang onto it and maybe it will pay for college for my kids. If not, I was prepared for the loss.”

Colin Ash, an urban planner in New Orleans, Louisiana, has owned bitcoin for years, but said he thinks of it as “a fun gamble.”

“Of course, I wish I would have timed it perfectly and sold it all at the peak,” he said, “but it’s not realistic to think you can ever do that with any kind of investment. I think of it as something separate from the rest of my money. If something comes of it in the long run, then great. If not, at least I already sold some and paid off some debt.” 

For Hickey in San Diego, as well as many other investors, the key is to not invest more than you can afford to lose, particularly with an asset as speculative as cryptocurrency.

“Under the current circumstances, with everything falling so far down, I’ve decided to halt my weekly recurring purchase of bitcoin,” he said. “I think I’m done investing for now.”

He paused for a moment, and then said, “Now, that’s kind of hard, because if you want to make money you should buy low and sell high. Bitcoin prices are low, so I’ll probably be back in before you know it.”

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Oscar-Winning Director Paul Haggis Arrested in Italy on Sexual Assault Charges

Oscar-winning Canadian screenwriter and director Paul Haggis is under house arrest in southern Italy on charges of sexual assault and aggravated personal injury, accusations that Haggis denies, his lawyers said on Monday.

“Mr. Paul Haggis was detained on Sunday with an emergency measure issued by the Brindisi prosecutors and is now under house arrest in Ostuni. He will be questioned by Thursday by a judge who will have to decide whether or not to confirm the detention,” his Italian lawyer Michele Laforgia told Reuters.

Haggis was charged with forcing a young non-Italian woman to have sexual intercourse against her will the course of two days in Ostuni, Italy, public prosecutors in Brindisi said in a statement on Sunday.

“Under Italian Law, I cannot discuss the evidence. That said, I am confident that all allegations will be dismissed against Mr. Haggis,” Haggis’ personal attorney Priya Chaudhry said in a statement.

Both lawyers said Haggis was pleading innocent and would cooperate with authorities. 

“A young foreign woman was forced to seek medical care” following the sexual relations, the prosecutors said in the statement.

They said that on Sunday after the non-consensual relations that man accompanied the woman to Brindisi airport, where she was left despite her “precarious physical and psychological conditions.”

An investigative source told Reuters the unidentified young woman will be questioned in the coming 10 days in what is known in Italy as an evidentiary incident, setting out evidence for a possible future trial.

Haggis, 69, wrote “Million Dollar Baby” and co-wrote and directed “Crash,” both of which he won an Oscar for.

In 2018 he denied accusations of sexual misconduct made by four women, including two who accused him of rape.

Haggis was in Ostuni to hold several masterclasses at the Allora Fest, a new film event being launched by Los Angeles-based Italian journalist Silvia Bizio and Spanish art critic Sol Costales Doulton that is set to run from June 21 to June 26.

The Allora Fest said they “learned with dismay and shock the news,” adding that the festival’s directors “immediately proceeded to remove any participation of the director from the event.”

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BTS Break Sparks Debate on Activism, Military Exemptions 

The surprise announcement by BTS last week that they were taking a break to focus on members’ solo projects stunned their global fanbase, shaking their label’s stock price and leaving many questions about the K-pop supergroup’s future.

HYBE, the company behind the band, denied the group was taking a hiatus — a word used in a translation of the group’s emotional dinnertime video announcement. In the days since, band members have remained active on social media, continuing the stream of posts, photos and assurances that the band wasn’t breaking up.

Despite the immediate impacts — HYBE’s stock initially dropped more than 25% and has yet to fully recover — several factors may still affect BTS’ future. One is looming military enlistment for older BTS members, as well as how engaged the group and their devoted fans, known as ARMY, will continue to be in social issues.

In 2020, at the height of BTS’ success, the South Korean government revised the country’s military law that requires able-bodied South Korean men to perform approximately two years of military service. The revised law allows top K-pop stars — including Jin, the oldest member of BTS — to defer their military service until they turn 30 if they’ve received government medals for heightening the country’s cultural reputation and apply for the postponement. All BTS members meet the criteria as recipients of government medals in 2018.

“Obviously, there’s a looming military enlistment so they might have thought it’d be good to do something individually before it’s too late and that’s why I think military enlistment was the biggest factor,” said Lee Dong Yeun, a professor at Korea National University of Arts.

There have been calls — including from South Korea’s former culture minister — for an exemption for BTS because of their contribution to heightening South Korea’s international reputation. But critics say that such an exemption would be bending the conscription rules to favor the privileged.

Jin, 29, is expected to enlist this year unless he receives an exemption.

Military enlistment of members has always been a headache for HYBE; BTS once accounted for 90% of the label’s profit. Currently, the group makes up 50%-60% of the label’s profit according to a report from eBest Investment & Securities.

The eBest report noted that the rapid stock plunge might have resulted from an “anticipation that the activities as the whole group might be uncertain after being discharged from the military.”

HYBE has been attempting to diversify its portfolio by debuting new K-pop bands, making online games, and rolling out Korean language tutorials.

As the most successful K-pop band to date with hits like “Dynamite” and “Butter,” BTS has for years commanded tremendous attention on social media and with each new music release. They recently performed several sold-out shows in the United States, became the first K-pop act to get a Grammy Award nomination, released an anthology album, “Proof,” and channeled their global influence with an address at the United Nations and a trip to the White House to campaign against hate crimes directed at Asians.

“Once you achieve success like BTS achieved success, then it means there’s a constant expectation to continue doing something that is connected to what you’ve already done, where you’ve already been. In the most recent releases that BTS has brought out, also we can see how they continually reflect back on where they have been,” said CedarBough Saeji, professor of Korean and East Asian Studies at Pusan National University.

She said Tuesday’s announcement signaled the band’s intention to figure out “where they are going for themselves without interference from other people” and “being able to choose their own path forward as artists.”

Last week’s announcement also leaves in doubt the group’s social justice efforts, which have included vocal support for the Black Lives Matter movement and anti-violence campaigns. BTS’ legions of fans have embraced the causes, matching a $1 million donation to Black Lives Matter after George Floyd’s death.

But the group has faced mushrooming questions about why it isn’t as vocal about discrimination in their own country.

A leading South Korean newspaper recently published a column in which the author mused why South Korea, despite having BTS — “the ambassador of anti-discrimination and human rights” — has struggled to enact an anti-discrimination law for 15 years.

“It’s an irony,” the writer said. “South Korea needs their force for good.”

The country’s lack of an anti-discrimination law has led to unfair treatment against women and foreigners, among others.

Jumin Lee, the author of the book “Why Anti-Discrimination Law?” told the Associated Press that there’s a dire need for the anti-discrimination law in the country.

“South Korea is in essentially the same situation legally as America’s Jim Crow South. Equal protection exists as a constitutional concept, but there is no implementing legislation that allows the government to force private businesses to comply,” Lee said. “What that means in practice is that if I’m a business owner, I could post a sign on my door tomorrow that says, ‘no gays’ ‘no blacks’ or ‘no old people,’ and absent extraordinary intervention by the Constitutional Court, there’s very little the law can do to stop me.”

Lee recently expressed disappointment in the band for not speaking up about the important domestic issue.

“BTS and their business folks know that speaking up in the U.S. is profitable but doing the same back home would be more trouble than it’s worth. So, they don’t,” tweeted Lee after the band’s visit to Washington.

Despite that, Lee said the band’s silence is understandable, stating that BTS would be met with “indifference at best and hostility at worse” from politicians if they did speak up.

Some South Korean celebrities like singers Harisu and Ha:tfelt have been speaking out on touchy subjects such as the anti-discrimination law and feminism, despite backlashes.

After speaking out about the 2014 sinking of the Sewol ferry, which killed 304 people in one of the country’s worst disasters, Cannes-winning actor Song Kang-ho and director Park Chan-wook were blacklisted by the administration of the ousted President Park Geun-hye, noted Areum Jeong, a scholar of Korean pop culture.

“So, although many idols might be politically conscious, they might choose not to discuss social issues,” Jeong said.

Several BTS members said during last week’s announcement that they were struggling with the group’s successes and having trouble writing new songs.

“For me, it was like the group BTS was within my grasp until ‘On’ and ‘Dynamite,’ but after ‘Butter’ and ‘Permission to Dance,’ I didn’t know what kind of group we were anymore,” member RM said. “Whenever I write lyrics and songs, it’s really important what kind of story and message I want to give out but it was like that was gone now.”

While that clouds what BTS’ next steps might be, Saeji said their continued candor was necessary because of how much the group has impacted their fanbase.

“They’re meeting the fans with that same honesty and saying to them, ‘You had my help when I needed it. And now I need my help,’” she said. “‘I need to be on my own. To think for myself, to know what I want to write a lyric about, to understand my own mind, to become inspired on my own.’”

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South Korean Pianist, 18, Wins Van Cliburn Competition 

An 18-year-old from South Korea has won the 16th Van Cliburn International Piano Competition, one of the top showcases for the world’s best pianists. 

The competition held in Fort Worth, Texas, ended Saturday night with Yunchan Lim becoming the competition’s youngest winner of the gold medal. His winnings include a cash award of $100,000 and three years of career management. 

The silver medalist was Anna Geniushene, a 31-year-old from Russia, and the bronze medalist is Dmytro Choni, a 28-year-old from Ukraine. 

Lim told the Fort Worth Star-Telegram that he’ll discuss with his teacher what the next move for his career should be. 

“I am still a student and I feel like I have to learn a lot still,” Lim said. “This is a great competition and I feel the burden of receiving this great honor and award so I will just push myself to live up to the honor I received today.” 

The competition was founded in 1962 in honor of the celebrated pianist Van Cliburn, who lived in Fort Worth. Cliburn, who died in 2013 at age 78, played for U.S. presidents, royalty and heads of state around the world. He is best remembered for winning the first International Tchaikovsky Competition in Moscow in 1958, at the height of the Cold War. 

The competition is traditionally held every four years. This year’s competition was originally scheduled for last year but was postponed due to the pandemic.

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Magnitude 6.0 Earthquake Shakes Central Taiwan Coast 

A magnitude 6.0 earthquake shook Taiwan on Monday morning. There were no immediate reports of damage or injuries. 

The quake struck at 9:05 a.m. at a depth of 6.8 kilometers (4.2 miles) in Hualien county, halfway down the east coast of the island, Taiwan’s Central Weather Bureau said. 

It was felt across most of the island of 24 million people including to the north in Taipei, the capital. It was also felt across the Taiwan Strait in mainland China’s Fujian province, Chinese state broadcaster CCTV said.

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New York Pushes to Get Fired Workers Vaccinated, Rehired 

New York City is making a push to give city workers fired earlier this year for not getting the COVID-19 vaccine a chance to get their old jobs back — if they get fully vaccinated.

In February, Mayor Eric Adams fired more than 1,400 workers who failed to comply with the vaccine mandate put in place by his predecessor, Bill de Blasio.

Just short of 600 unvaccinated non-Department of Education workers are receiving a letter with details, and DOE employees are expected to receive a letter later in the summer, a city spokesperson said, adding that 97% of workers are vaccinated and that the goal has always been “vaccination rather than termination.”

The development was first reported by the New York Post.

It wasn’t clear how many workers would be affected and a timeline for returning to work was not disclosed.

The mandate required vaccinations as a workplace safety rule. In March, Adams was the target of criticism for exempting athletes and performers not based in New York City from the city’s vaccine mandate, while keeping the rule in place for private and public workers. 

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Swimming—FINA Votes to Restrict Transgender Participation in Elite Women’s Competition 

Swimming’s world governing body FINA on Sunday voted to restrict the participation of transgender athletes in elite women’s competitions and create a working group to establish an “open” category for them in some events as part of its new policy.

Transgender rights has become a major talking point as sports seek to balance inclusivity while ensuring there is no unfair advantage.

The decision, the strictest by any Olympic sports body, was made during FINA’s extraordinary general congress after members heard a report from a transgender task force comprising leading medical, legal and sports figures.

The new eligibility policy for FINA competitions states that male-to-female transgender athletes are eligible to compete only if “they can establish to FINA’s comfortable satisfaction that they have not experienced any part of male puberty beyond Tanner Stage 2 (of puberty) or before age 12, whichever is later.”

The policy was passed with a roughly 71% majority after it was put to the members of 152 national federations with voting rights who had gathered for the congress at the Puskas Arena.

“We have to protect the rights of our athletes to compete, but we also have to protect competitive fairness at our events, especially the women’s category at FINA competitions,” said FINA President Husain Al-Musallam.

“FINA will always welcome every athlete. The creation of an open category will mean that everybody has the opportunity to compete at an elite level. This has not been done before, so FINA will need to lead the way. I want all athletes to feel included in being able to develop ideas during this process.”

The issue of transgender inclusion in sport is highly divisive, particularly in the United States where it has become a weapon in a so-called “culture war” between conservatives and progressives.

The new FINA policy also opens up eligibility to those who have “complete androgen insensitivity and therefore could not experience male puberty.”

Swimmers who have had “male puberty suppressed beginning at Tanner Stage 2 or before age 12, whichever is later, and they have since continuously maintained their testosterone levels in serum (or plasma) below 2.5 nmol/L.” are also allowed to compete in women’s races.

Female-to-male transgender athletes (transgender men) are fully eligible to compete in men’s swimming competitions.

Advocates for transgender inclusion argue that not enough studies have yet been done on the impact of transition on physical performance, and that elite athletes are often physical outliers in any case.

The debate intensified after University of Pennsylvania swimmer Lia Thomas became the first transgender NCAA champion in Division I history after winning the women’s 500-yard freestyle earlier this year.

That followed New Zealand weightlifter Laurel Hubbard becoming the first transgender athlete to compete at the Olympic Games in Tokyo last year.

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American Actor Helps Ukraine, Gets In Touch With His Heritage 

American actor and director Liev Schreiber says events in Ukraine didn’t impact him much before the Russian invasion. Due to the war, he became deeply involved in charity work and rediscovered the Ukrainian part of his heritage. VOA’s Tatiana Vorozhko reports.

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Despite Ongoing Military Action, Ukrainians Continue to Get Married

Despite the ongoing war in Ukraine, couples there continue to get married. For many, the war itself prompted them to officially tie the knot – especially military couples. At least one jewelry store provides military couples with free wedding bands; wedding ceremonies are often held online, at times, literally from the front lines. Anna Kosstutschenko has the story.

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Bill Cosby Civil Trial Jury Must Start Deliberations Over

After two days of deliberations in which they reached verdicts on nearly all of the questions put before them, jurors in a civil trial who were deciding on sexual abuse allegations against Bill Cosby will have to start from scratch on Monday.

By the end of the court day Friday, the Los Angeles County jury had come to agreement on whether Cosby had sexually assaulted plaintiff Judy Huth at the Playboy Mansion when she was 16 in 1975, and whether Huth deserved any damages. In all they had answered eight of nine questions on their verdict form, all but one that asked whether Cosby acted in a way that should require punitive damages.

Judge Craig Karlan, who had promised one juror when she agreed to serve that she could leave after Friday for a prior commitment, decided over the objections of Cosby’s attorneys to accept and read the verdict on the questions the jury had answered. But he had to change course when deputies at the Santa Monica Courthouse appeared and required him to clear the courtroom. The courthouse has a required closure time of 4:30 p.m. because of no budget for deputies’ overtime.

Karlan refused to require the departing juror, who had been chosen as foreperson, to return on Monday, so jurors will have to begin again with an alternate in her place.

“I won’t go back on my word,” Karlan said.

It was a bizarre ending to a strange day of jury deliberations. It began with a note to the judge about what he called a “personality issue” between two of the jurors that was making their work difficult.

After calling them to the courtroom and getting them to agree that every juror would be heard in discussions, the jurors resumed, but had a steady flurry of questions on issues with their verdict form that the judge and attorneys had to discuss and answer. One question was on how to calculate damages.

After the lunch break, Cosby lawyer Jennifer Bonjean moved for a mistrial because of a photo taken by a member of Cosby’s team that showed a juror standing in close proximity to a Cosby accuser who had been sitting in the audience and watching the trial.

Karlan said the photo didn’t indicate any conversation had happened, and quickly dismissed the mistrial motion, getting assurances from the juror in question, then the entire jury, that no one had discussed the case with them.

The accuser, Los Angeles artist Lily Bernard, who has filed her own lawsuit against Cosby in New Jersey, denied speaking to any jurors.

“I never spoke to any juror, ever,” Bernard told the judge from her seat in the courtroom. “I would never do anything to jeopardize this case. I don’t even look at them.”

Karlan fought to get past the hurdles and have jurors deliberate as long as possible, and kept lawyers, reporters and court staff in the courtroom ready to bolt as soon as a verdict was read, but it was fruitless in the end.

Jurors had begun deliberating Thursday morning after a two-week trial.

Cosby, 84, who was freed from prison when his Pennsylvania criminal conviction was thrown out nearly a year ago, did not attend. He denied any sexual contact with Huth in a clip from a 2015 video deposition shown to jurors. The denial has been repeated throughout the trial by his spokesperson and his attorney.

In contentious closing arguments, Bonjean urged the jurors to look past the public allegations against Cosby and consider only the trial evidence, which she said did not come close to proving Huth’s case.

Huth’s attorney Nathan Goldberg told jurors Cosby had to be held accountable for the harm he had done to his client.

The Associated Press does not normally name people who say they have been sexually abused, unless they come forward publicly, as Huth and Bernard each have. 

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US Opens COVID Vaccine to Little Kids; Shots Begin Next Week

The U.S. on Saturday opened COVID-19 vaccines to infants, toddlers and preschoolers. The shots will become available next week, expanding the nation’s vaccination campaign to children as young as 6 months.

Advisers to the Centers for Disease Control and Prevention recommended the vaccines for the littlest children, and the final signoff came hours later from Dr. Rochelle Walensky, the agency’s director.

“We know millions of parents and caregivers are eager to get their young children vaccinated, and with today’s decision, they can,” Walensky said in a statement.

While the Food and Drug Administration approves vaccines, it’s the CDC that decides who should get them.

The shots offer young children protection from hospitalization, death and possible long-term complications that are still not clearly understood, the CDC’s advisory panel said.

The government has already been gearing up for the vaccine expansion, with millions of doses ordered for distribution to doctors, hospitals and community health clinics around the country.

Roughly 18 million kids will be eligible, but it remains to be seen how many will get the vaccines. Less than a third of children ages 5-11 have done so since vaccination opened to them last November.

Here are some things to know:

What kinds are available?

Two brands — Pfizer and Moderna — got the green light Friday from the FDA and Saturday from the CDC. The vaccines use the same technology but are being offered at different dose sizes and number of shots for the youngest kids.

Pfizer’s vaccine is for children 6 months to 4 years old. The dose is one-tenth of the adult dose, and three shots are needed. The first two are given three weeks apart, and the last at least two months later.

Moderna’s is two shots, each a quarter of its adult dose, given about four weeks apart for kids 6 months through 5 years old. The FDA also approved a third dose, at least a month after the second shot, for children with immune conditions that make them more vulnerable to serious illness.

How well do they work?

In studies, vaccinated youngsters developed levels of virus-fighting antibodies as strong as young adults, suggesting that the kid-size doses protect against coronavirus infections.

However, exactly how well they work is hard to pin down, especially when it comes to the Pfizer vaccine.

Two doses of Moderna appeared to be only about 40% effective at preventing milder infections at a time when the omicron variant was causing most COVID-19 illnesses. Pfizer presented study information suggesting the company saw 80% with its three shots. But the Pfizer data was so limited — and based on such a small number of cases — experts and federal officials say they don’t feel there is a reliable estimate yet.

Should my little one be vaccinated?

Yes, according to the CDC. While COVID-19 has been the most dangerous for older adults, younger people, including children, can also get very sick.

Hospitalizations surged during the omicron wave. Since the start of the pandemic, about 480 children under age 5 are counted among the nation’s more than 1 million COVID-19 deaths, according to federal data.

“It is worth vaccinating even though the number of deaths are relatively rare, because these deaths are preventable through vaccination,” said Dr. Matthew Daley, a Kaiser Permanente Colorado researcher who sits on the CDC’s advisory committee.

In a statement Saturday, President Joe Biden urged parents to get them for their young children as soon as possible.

Which vaccine should my child get?

Either one, said Dr. Peter Marks, the FDA’s vaccine chief.

“Whatever vaccine your health care provider, pediatrician has, that’s what I would give my child,’’ Marks said Friday.

The doses haven’t been tested against each other, so experts say there’s no way to tell if one is better.

One consideration: It takes roughly three months to complete the Pfizer three-shot series, but just one month for Moderna’s two shots. So, families eager to get children protected quickly might want Moderna.

Who’s giving the shots?

Pediatricians, other primary care physicians and children’s hospitals are planning to provide the vaccines. Limited drugstores will offer them for at least some of the under-5 group.

U.S. officials expect most shots to take place at pediatricians’ offices. Many parents may be more comfortable getting the vaccine for their kids at their regular doctor, White House COVID-19 coordinator Dr. Ashish Jha said. He predicted the pace of vaccination will be far slower than it was for older populations.

“We’re going see vaccinations ramp up over weeks and even potentially over a couple of months,” Jha said.

Can children get other vaccines at the same time?

It’s common for little kids to get more than one vaccine during a doctor’s visit.

In studies of the Moderna and Pfizer shots in infants and toddlers, other vaccinations were not given at the same time so there is no data on potential side effects when that happens.

But problems have not been identified in older children or adults when COVID-19 shots and other vaccinations were given together, and the CDC is advising that it’s safe for younger children as well.

What if my child recently had COVID-19?

About three-quarters of children of all ages are estimated to have been infected at some point. For older ages, the CDC has recommended vaccination anyway to lower the chances of reinfection.

Experts have noted re-infections among previously infected people and say the highest levels of protection occur in those who were both vaccinated and previously infected.

The CDC has said people may consider waiting about three months after an infection to be vaccinated.

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Bitcoin Drops Below $20,000 as Crypto Selloff Quickens

The price of bitcoin fell below $20,000 Saturday for the first time since late 2020, in a fresh sign that the sell-off in cryptocurrencies is deepening. 

Bitcoin, the most popular cryptocurrency, fell below the psychologically important threshold, dropping by as much as 9% to less than $19,000 and hovering around that mark, according to the cryptocurrency news site CoinDesk. 

The last time bitcoin was at that level was in November 2020, when it was on its way up to its all-time high of nearly $69,000, according to CoinDesk. Many in the industry had believed it would not fall under $20,000. 

Bitcoin has now lost more than 70% of its value since reaching that peak. 

Ethereum, another widely followed cryptocurrency that’s been sliding in recent weeks, took a similar tumble Saturday. 

It’s the latest sign of turmoil in the cryptocurrency industry amid wider turbulence in financial markets. Investors are selling off riskier assets because central banks are raising interest rates to combat quickening inflation. 

The overall market value of cryptocurrency assets has fallen from $3 trillion to below $1 trillion, according to coinmarketcap.com, a company that tracks crypto prices. On Saturday, the company’s data showed crypto’s global market value stood at about $834 billion. 

A spate of crypto meltdowns has erased tens of billions of dollars of value from the currencies and sparked urgent calls to regulate the freewheeling industry. Last week, bipartisan legislation was introduced in the U.S. Senate to regulate the digital assets. The crypto industry has also upped its lobbying efforts — flooding $20 million into congressional races this year for the first time, according to records and interviews. 

Cesare Fracassi, a finance professor at the University of Texas at Austin who leads the school’s Blockchain Initiative, believes Bitcoin’s fall under the psychological threshold isn’t a big deal. Instead, he said the focus should be on recent news from lending platforms. 

Cryptocurrency lending platform Celsius Network said this month that it was pausing all withdrawals and transfers, with no sign of when it would give its 1.7 million customers access to their funds. Another crypto lending platform, Babel Finance, said in a notice posted on its website Friday that it will suspend redemptions and withdrawals on products due to “unusual liquidity pressures.” 

“There is a lot of turbulence in the market,” Fracassi said. “And the reason why prices are going down is because there is a lot of concern the sector is overleveraged.” 

The cryptocurrency exchange platform Coinbase announced Tuesday that it laid off about 18% of its workforce, with the company’s CEO and co-founder Brian Armstrong placing some of the blame on a coming “crypto winter.” 

Stablecoin Terra imploded last month, losing tens of billions of dollars in value in a matter of hours. 

Crypto had permeated much of popular culture before its recent tumble, with many Super Bowl ads touting the digital assets and celebrities and YouTube personalities routinely promoting it on social media. 

David Gerard, a crypto critic and author of “Attack of the 50 Foot Blockchain,” said the recent meltdowns show a failure by regulators, who he believes should have put more scrutiny on the industry years ago. Many nascent investors — especially young people — invested in crypto based on a false hope that was sold to them, he said. 

“There are real human victims here that are ordinary people.” 

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Treatment Found Wanting for Growing Mental Health Disorders

The World Health Organization is calling for a radical change in the treatment of mental health disorders, saying existing care systems are largely ineffective and often abusive. 

Nearly a billion people were living with a mental disorder in 2019. That number has grown, with new data showing conditions such as depression and anxiety increasing by more than 26 percent in the first year of the coronavirus pandemic.

The World Health Organization recently released its largest review of world mental health since the turn of the century. The report finds 14 percent, or one in seven adolescents, is suffering from a mental disorder. It says suicides account for one in 100 deaths, with 58 percent occurring before age 50.

Head of the WHO’s mental health unit, Mark Van Ommeren, says mental disorders are the leading cause of disability. He says depression and anxiety alone cost the world economy nearly $1 trillion a year in lost productivity. Despite the enormous socio-economic consequences, he says many people with mental health problems do not seek help for a variety of reasons.

“They fear the stigma of seeking help could be one reason. Another reason can be that they do not trust the services that are available because there has not been enough investment in it,” Van Ommeren said. “Third, it could be that they do not recognize the problem because their knowledge about mental health problems is limited.”

The WHO says only a small fraction of people in need have access to effective, affordable and quality mental health care. It says the gap between developed and developing countries is huge, noting 70 percent of people with psychosis are treated in richer countries, compared to 12 percent in poorer countries.

Van Ommeren says the current mental health care system is broken and must change. He says governments invest around two out of three dollars for mental health in large custodial psychiatric hospitals. He says that money would be better spent  on community-based mental health facilities because they are more accessible.

“It is less likely that there are human rights violations … the atmosphere in large hospitals easily becomes that the hospitals warehouse people with very severe problems,” Van Ommeren said. “In community settings with open doors, it is much less likely. Also, in community settings, many more people can easily be treated. The hospital has so much stigma around it that many people would never seek care there.”

The WHO says countries can provide better, more affordable treatment by strengthening community health services. It recommends integrating treatment into primary health care, in schools and in prisons. It says mental health should be covered by insurance plans.

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Climate Change Could Intensify Violence Against Women, Study Says

Weather disasters that happen more often because of climate change create conditions in which gender-based violence often spikes, according to new research.    

The study, published in the journal The Lancet Planetary Health, reviewed research from five continents and found increased violence against women and girls in the aftermath of floods, droughts, hurricanes and other extreme weather events that are becoming more frequent as the planet warms. Humanitarian organizations that respond to weather disasters should be aware of this troubling trend when planning their operations, the study authors said.  

“When we think of climate change effects, we think of some very drastic and very visual things, things like floods, disruptions of cities, supply chain disruptions — which are all very valid and very real risks of climate change,” said study author Sarah Savić Kallesøe, a public health researcher at Simon Fraser University in Canada. “But there are also some more veiled consequences that are not as easily visible or easily studied. And one of those things is gender-based violence.”  

The researchers scoured online databases to find studies on rape, sexual assault, child marriage and other forms of gender-based violence following extreme weather events.  

The initial search, based on broad keywords like “violence,” “women,” and “weather,” yielded more than 20,000 results, each of which Savić Kallesøe and her colleagues screened individually to determine whether they were relevant.  

Only 41 studies that assessed links between gender-based violence and extreme weather made the cut. The researchers then graded the robustness of each study’s methodology using standard rubrics for grading data quality. Although many of the papers were flawed and a few contradicted each other, most studies — especially the higher quality ones — reported a rise in gender-based violence following extreme weather, Savić Kallesøe said.  

For instance, one study found that new moms were more than eight times as likely to be beaten by their romantic partners after Hurricane Katrina if they had suffered storm damage than before the storm hit. Five studies of good or fair quality linked drought in sub-Saharan Africa to upticks in sexual and physical abuse by romantic partners, child marriage, dowry violence, and femicide.  

And interviews with survivors revealed that seeking disaster aid can make women more vulnerable: “The shelter is not safe for us. Young men come from seven or eight villages,” said one survivor to researchers following Cyclone Roanu in Bangladesh in 2016. “I feel frightened to stay in the shelters. I stay at my house rather than taking my teenage daughter to the shelters,” she added.

Lindsay Stark, a social epidemiologist at the Brown School of the Washington University in St. Louis, said the pattern “is something that those of us who are working in the humanitarian space know intrinsically, because we see it all the time. So, it is very nice to see this distillation of the evidence.”  

Savić Kallesøe emphasized that climate change itself doesn’t directly cause gender-based violence. Instead, she and her colleagues found that gender-based violence is “exacerbated by extreme weather events because it’s a type of coping strategy at the expense of women, girls, and sexual and gender minorities,” she said.  

Extreme weather can place people under enormous stress, displace them, force them into crowded relief camps, destroy their livelihoods, and expose them to strangers who might do them harm. Layered over the gender roles that often drive gender-based violence, these risk factors make women especially vulnerable. For instance, a family might marry off a daughter early to have one less mouth to feed after a flood, or a man stressed after a hurricane might snap and strike his wife.  

Researchers widely recognize that humanitarian crises, like conflict or forced migration, tend to expose women and girls to violence. That climate disasters would have similar consequences isn’t surprising, said Lori Heise, an expert on gender equity at the Johns Hopkins Bloomberg School of Public Health.  

However, the exact ways in which climate disasters lead to gender-based violence still aren’t clear from the data. Few high-quality studies are available — and almost no data has been collected on the challenges faced by LGBTQ people following extreme weather events. The new study highlights the need for more and better research and for humanitarian organizations to engage with women and girls in climate-stressed areas about how best to protect them when disaster strikes, Savić Kallesøe said.

“Gender-based violence is happening all the time, everywhere,” Stark said. “We need to be preventing gender-based violence now … and to understand that if we don’t act now, the situation is going to increase exponentially with the impending climate crisis that we all know is upon us.”

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Towns Near Yellowstone Fear Impact of Lost Tourism Season

A gnawing uncertainty hung over the Yellowstone National Park gateway town of Gardiner this week following unprecedented flooding that shut down one of America’s most beloved natural attractions and swept away roads, bridges and homes.

Gardiner itself escaped the flooding but briefly became home to hundreds of park visitors stranded when the road leading into it was closed along the surging Yellowstone River. When the road reopened, the tourists vanished.

“Town is eerie right now,” said Katie Gale, who does booking for a company that offers rafting and other outdoor trips. “We had all those folks trapped in here, and then as soon as they opened the road … it was just like someone just pulled the plug in a bathtub.”

That draining of visitors has become a major concern for businesses in towns such as Gardiner and Red Lodge that lead to Yellowstone’s northern entrances and rely on tourists passing through.

Officials have said the park’s southern part, which features Old Faithful, could reopen as soon as next week. But the north end, which includes Tower Fall and the bears and wolves of Lamar Valley, could stay closed for months after sections of major roads inside Yellowstone were washed away or buried in rockfall. Roads leading to the park also have widespread damage that could take months to repair.

Red Lodge is facing a double disaster: It will have to clean up the damage done by the deluge to parts of town and also figure out how to survive without the summer business that normally sustains it for the rest of the year.

“Winters are hard in Red Lodge,” Chris Prindiville said as he hosed mud from the sidewalk outside his shuttered cafe, which had no fresh water or gas for his stoves. “You have to make your money in the summer so you can make it when the bills keep coming and the visitors have stopped.”

Yellowstone is one of the crown jewels of the park system, a popular summer playground that appeals to adventurous backpackers camping in grizzly country, casual hikers walking past steaming geothermal features, nature lovers gazing at elk, bison, bears and wolves from the safety of their cars, and amateur photographers and artists trying to capture the pink and golden hues of the cliffs of the Grand Canyon of Yellowstone and its thundering waterfall.

All 4 million visitors a year have to pass through the small towns that border the park’s five entrances.

The flooding — triggered by a combination of torrential rain and rapid snowmelt — hit just as hotels around Yellowstone were filling up with summer tourists. June is typically one of Yellowstone’s busiest months.

At least 88 people were rescued by the Montana National Guard over the past few days from campsites and small towns, and hundreds of homes, including nearly 150 in Red Lodge, were damaged by muddy waters. One large house in Gardiner that was home to six park employees was ripped from its foundation and floated miles downstream before sinking. Four to five homes could still topple into the Stillwater River, which already washed several cabins away, according to a spokesperson for Stillwater County.

No deaths or serious injuries have been reported.

Red Lodge remained under a boil-water advisory, and trucks supplied drinking water to half of the town that was without it. Portable toilets were strategically placed for those who couldn’t flush at home.

The Yodeler Motel, once home to Finnish coal miners, faced its first shutdown since it began operating as a lodge in 1964. Owner Mac Dean said he is going to have to gut the lower level, where 13 rooms flooded in chest-high waters.

“Rock Creek seemed to take in its own course,” he said. “It just jumped the bank and it came right down Main Street and it hit us.”

Dean had been counting on a busy summer tied to the park’s 150th anniversary. The Yodeler had the most bookings in the 13 years Dean and his wife have owned the business. Now he’s hoping to get some help, possibly from the Federal Emergency Management Agency.

“The damage is catastrophic,” he said. “We’re between a rock and a hard place. And if we don’t get some assistance, we’re not gonna make it.”

President Joe Biden declared a disaster in Montana, ordering federal assistance be made available.

The tourism season had started well for Cara McGary, who guides groups through the Lamar Valley to see wolves, bison, elk and bears. She had seen more than 20 grizzlies some days this year.

Now, with the road from Gardiner into northern Yellowstone washed out, the wildlife is still there, but it’s out of reach to McGary. Her guide business, In Our Nature, is suddenly in trouble.

“The summer that we prepared for is not at all similar to the summer that we’re going to have,” she said. “This is an 80% to 100% loss of business during the high season.”

Officials and business leaders are hoping Gardiner, Red Lodge and other small communities can draw visitors even without access to the park.

Sarah Ondrus, owner of Paradise Adventure Company, that rents out cabins and offers rafting, kayaking and horseback riding trips, was frustrated she was getting so many cancellations.

“Montana and Wyoming still exist. I don’t know how I can convince these people,” Ondrus said. “Once our water quality is good and our law enforcement thinks it’s OK, we’re good to go again. It’s still a destination. You can still horseback ride, go to cowboy cookouts, hike in the national forest.”

That could be a tall order for anyone coming from the south or east sides of the park who had hoped to exit in the north. After the southern portion of the park reopens, it would take an almost 200-mile (320 kilometers) detour through West Yellowstone and Bozeman to reach Gardiner. It would require a nearly 300-mile (480 kilometers) drive from Cody, Wyoming.

Montana Gov. Greg Gianforte, a Republican, has faced criticism from Democrats and members of the public for being out of the country during the disaster.

Spokesperson Brooke Stroyke said the governor had left last week on a long-scheduled personal trip with his wife and was due back Thursday. She would not say where he was, citing security reasons.

In his absence, Montana’s Lt. Gov. Kristen Juras signed an emergency disaster declaration Tuesday.

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WHO Meeting on Monkeypox Outbreak, Disease Name Change

More than 1,600 confirmed monkeypox cases and almost 1,500 suspected cases have been reported this year from seven countries where monkeypox has been detected for years and 32 newly affected countries, according to the World Health Organization director-general, Dr. Tedros Adhanom Ghebreyesus.

“Europe remains the epicenter of this escalating outbreak,” Dr. Hans Henri P. Kluge, WHO regional director for Europe, said, with “85% of the global total.”

WHO is convening an emergency meeting next week to discuss the mounting outbreak and whether the name of the disease should be changed.

A group of scientists said in a statement recently on virological.com, “In the context of the current global outbreak, continued reference to, and nomenclature of this virus being African is not only inaccurate but is also discriminatory and stigmatizing. The most obvious manifestation of this is the use of photos of African patients to depict the pox lesions in mainstream media in the global north. Recently, Foreign Press Association, Africa, issued a statement urging the global media to stop using images of African people to highlight the outbreak in Europe.”

Monkeypox, according to a description on WHO’s website, “is a zoonosis: a disease that is transmitted from animals to humans.”

Human-to-human transmission is limited, according to WHO, but can occur “through contact with bodily fluids, lesions on the skin or on internal mucosal surfaces, such as in the mouth or throat, respiratory droplets and contaminated objects.”

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Early Omicron Infection Unlikely to Protect Against Current Variants

People infected with the earliest version of the omicron variant of the coronavirus, first identified in South Africa in November, may be vulnerable to reinfection with later versions of omicron even if they have been vaccinated and boosted, new findings suggest.

Vaccinated patients with omicron BA.1 breakthrough infections developed antibodies that could neutralize that virus plus the original SARS-CoV-2 virus, but the omicron sublineages circulating now have mutations that allow them to evade those antibodies, researchers from China reported on Friday in Nature.

Omicron BA.2.12.1, which is now causing most of the infections in the United States, and omicron BA.5 and BA.4, which account for more than 21% of new U.S. cases, contain mutations not present in the BA.1 and BA.2 versions of omicron.

Those newer sublineages “notably evade the neutralizing antibodies elicited by SARS-CoV-2 infection and vaccination,” the researchers found in test-tube experiments.

The monoclonal antibody drugs bebtelovimab from Eli Lilly and cilgavimab, a component of AstraZeneca’s Evusheld, can still effectively neutralize BA.2.12.1 and BA.4/BA.5, the experiments also showed.

But vaccine boosters based on the BA.1 virus, such as those in development by Pfizer/BioNTech and Moderna, “may not achieve broad-spectrum protection against new omicron variants,” the researchers warned.

Previous research that has not yet undergone peer review has suggested that unvaccinated people infected with omicron are unlikely to develop immune responses that will protect them against other variants of the coronavirus.

“My personal bias is that while there may be some advantage to having an omicron-specific vaccine, I think it will be of marginal benefit over staying current with the existing vaccines and boosters,” said Dr. Onyema Ogbuagu, an infectious diseases researcher at Yale School of Medicine in New Haven, Connecticut, who was not involved in the new study.

“Despite immune evasion, the expectation can be that vaccines will still protect against serious disease,” Ogbuagu said. “If you’re due for a booster, get a booster. What we’ve learned clinically is that it’s most important to stay up to date with vaccines” to maintain high levels of COVID-19 antibodies circulating in the blood.

Adolfo Garcia-Sastre, a microbiology and infectious diseases researcher at the Icahn School of Medicine at Mount Sinai in New York City, suggested that better protection might be seen with vaccines that target multiple strains of the virus or with intranasal vaccines that would increase protection from infection and transmission by generating immunity in the lining of the nose, where the virus first enters.

Garcia-Sastre, who was not involved in the research, said by the time one variant-specific vaccine becomes available, a new variant may well have taken over.

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