Summerland Key Super-heated seawater off the Florida Keys has grown so perilous to the worlds third-largest barrier reef that scientists are now removing samples of coral from ocean nurseries to place in cooler land-based tanks.

Sea temperatures off Florida have risen to extraordinary highs this month, presenting a severe threat to the barrier reef.

Hot water is not good for any marine organism, whether it be coral, fish or lobster. So we run the risk of having massive fish die offs, sea turtle die offs, things like that, said Alex Neufeld, projects coordinator with the Coral Restoration Foundation.

Surface water temperatures rose above 90 degrees Fahrenheit (32.2 degrees Celsius) several days earlier this month, and on Monday hit a record 101.1F in Manatee Bay, a sound near Key Largo.

Coral can routinely survive sea temperatures between 70 and 84F (21 to 28.8C).

This is the worst that Ive seen. And I think many people would agree that it has the potential to be the worst one that the Keys has ever experienced, Neufeld said.

Neufelds nonprofit group, working with other local groups, has been collecting samples of genetic strains of coral from nurseries and pulling them into land-based facilities where the water parameters can be controlled, and where they can be safeguarded, he said.

As scientists race to ensure the survival of reef-based sea life, business owners despair over the possible impact on tourism to the Florida Keys.

Brian Branigan, a 65-year-old boat captain who rents launches to tourists from Big Pine Key (near Key West), says the warming has shaken him.

What has happened in the last two weeks is terrible, shocking. I wanted to cry myself, when I was in the water, snorkeling to see this, he said as he took AFP to Looe Key National Marine Sanctuary, some five miles (eight kilometers) off the coast.

Just a few feet below the boat, barracuda, blue tang surgeonfish and parrotfish dart around a reef populated with coral that is turning white, a sign of severe stress.

The bleaching of the reefs appears to be accelerated this year, and summer heat has barely passed its mid-point.

Bleaching occurs when stressed coral expel algae living in symbiosis with them, providing them with nutrients and giving them color.

Fallout from damage to the reef could definitely spill onto land.

Very sad

According to the National Oceanic and Atmospheric Administration, Floridas coral reefs generate $2 billion in local revenue and 70,400 full- and part-time jobs.

Brad Roberts traveled with his family from Fort Myers on Floridas Gulf Coast to Islamorada in the Keys to fish for lobster.

Whats happening is very sad to see. A lot of these people make their living off the reefs. And I dont thi...

Brisbane Australia paused a major military exercise with the United States on Saturday, after a defence helicopter taking part in the drills crashed into the Pacific leaving four aircrew missing.

Australias Defence Minister Richard Marles said the MRH-90 Taipan went down late Friday night in sub-tropical waters near Hamilton Island, Queensland.

It had been taking part in the vast Talisman Sabre exercise, which features 30,000 military personnel from Australia, the United States and several other nations.

As we speak to you now, the four aircrew are yet to be found Marles said after a nearly overnight search, which is set to continue Saturday.

AFP understands that all four of the crew aboard the helicopter are Australian.

The families of the four aircrew have been notified of this incident and our hopes and thoughts are very much with the aircrew and their families, Marles added.

We desperately hope for better news during the course of this day.

Officials have not yet said what caused the incident, which came as the Talisman Sabre excercise was entering its second week.

The drills are designed to test large-scale logistics, land combat, amphibious landings and air operations, and to signal the strength of Western military alliances.

Japan, France, Germany, and South Korea are also taking part.

US Defense Secretary Lloyd Austin is in Australia with US Secretary of State Antony Blinken for meetings which coincide with the drills.

Both men offered their support, as US personnel aided the rescue effort.

Its always tough when you have accidents, Austin said. But the reason you train to such a high standard is ultimately so you can protect lives.

It is not yet clear whether the military drills, which are due to end on August 4 will resume.

Flying hours

Australia is currently embarking on a major overhaul of its armed forces, pivoting towards long-range strike capabilities in an effort to keep would-be foes such as China at arms length.

Even before the incident, Canberra had announced it will replace its fleet of ageing Taipan helicopters with US-made Black Hawks. 

Australian officials have complained about having to repeatedly ground the European-made Taipans, citing difficulties with maintenance and in getting spare parts.

We just havent got the flying hours out of the Taipan that we need. We are confident we can get that from the Black Hawks, Marles said in January this year.

In March, an MRH-90 Taipan flying south of Sydney suffered engine failure during a nighttime training exercise, forcing the crew to ditch into the ocean.

They survived with only minor injuries, but the entire Taipan fleet was grounded for one month. 

The post...

Paris Juventus were kicked out of next seasons Europa Conference League on Friday for breaching financial fair play rules, UEFA announced.

The Italian giants were also fined 20 million euros ($22 million) with half that amount suspended.

Juventus violated UEFAs regulatory frameworkand it was decided to exclude Juventus from the 2023/24 UEFA mens club competition, said a UEFA statement.

European footballs governing body said the 10-million-euro additional fine will only be applied if the 2023, 2024 and 2025 financial years do not meet their accounting requirements. 

Juventus said in a statement that they accepted the decision and would not appeal the sanction.

Juventus, while continuing to consider the alleged violations insubstantial and its actions correct, has declared to accept the decision, the club said.

However, they insisted that this did not constitute admission of any liability against itself.

We regret the decisions of the UEFA Club Financial Control Body, said Juventus president Gianluco Ferrero who added the club preferred to put an end to a period of uncertainty. 

Ferrero highlighted the uncertainty about a possible participation in the 2024/2025 season of the Champions League that could weigh on an appeal procedure.

Fiorentina, who finished in eighth place in Serie A last season, are likely to replace Juventus in the Conference League.

In May, Juventus agreed to pay a fine of more than 700,000 euros ($751,000) for lying about players foregoing wages during the Covid-19 pandemic after a plea bargain approved by the Italian Football Federation tribunal.

The plea deal brought to an end a series of cases in Italys sporting courts involving the Turin club.

They were also handed a 10-point deduction in Serie A after a revision of their initial 15-point penalty inflicted on the club over illicit transfer activity.

The disciplinary tribunal of the Italian federation (FIGC) said it had fined the club 718,240 euros, while seven of its management figures were ordered to pay fines ranging from 47,000 euros to 10,000 euros. 

On Friday, UEFA also reached a settlement with Chelsea which will result in the English Premier League side paying 10 million euros for submitting incomplete financial information during the Roman Abramovich era.

A UEFA statement said the clubs new owners identified, and proactively reported to UEFA, instances of potentially incomplete financial reporting under the clubs previous ownership between 2012 and 2019.

Following its assessment, including the applicable statute of limitations, the CFCB entered into a settlement agreement with the club which has agreed to pay a financial contribution of 10 million euros to fully resolve the...

New York Procter & Gamble reported another quarter of solid profit growth behind price hikes on Friday as shares rallied on an earnings forecast that topped analyst expectations.

The company behind Bounty paper towels, Gillette razors and Tide detergent scored higher net sales across its five divisions in the fourth quarter of fiscal 2023. Revenues rose five percent to $20.6 billion.

However, overall volumes declined one percent while prices rose seven percent. 

Quarterly profits came in at $3.4 billion, up 11 percent from the year-ago period. 

P&G expects 2024 profits growth of between six and nine percent, with a midpoint of $6.34 per share, well above analyst expectations.

Chief Financial Officer Andre Schulten declined to detail specific planned pricing actions but signaled that the company expects a moderation in approach after several hikes over the last 18 months.

We assume pricing will still be there, but at a more moderate level, Schulten said.

The company expects overall revenue growth of about four percent in fiscal 2024, with higher volumes and price each contributing about one to 1.5 percent coming from price hikes.

Price increases are inherent in our business model because we are innovating and we are attempting to grow the market, he said.

Shares of P&G jumped 3.0 percent near midday to $156.71.

The post P&G shares jump as it forecasts profit growth appeared first on Iraqi News.

Spa-Francorchamps Alpine vice-president Bruno Famin on Friday said that differences of opinion about recent performances and future plans had led to the shock departures of team chief Otmar Szafnauer and sporting director Alan Permane. 

The departures were announced before Fridays qualifying session at the Belgian Grand Prix. They come as the French-owned team based at Enstone in England, undergoes upheaval as it tries to become more competitive. 

In a statement, the team said Szafnauer would continue his duties as normal for this weekends race in Belgium, before leaving the team ahead of the summer break.

The team would like to thank Otmar for his hard work over the past 18 months and for leading the team in achieving fourth place in the 2022 constructors championship. The team wishes him the best for the future.

Famin will take over as interim team leader after this weekends races.

Famin joined the team earlier this month in the newly-created role of vice-president of Alpine Motorsport. He had been head of Renault operations at Viry-Chatillon south of Paris after previous roles with Peugeot and the International Motoring Federation (FIA).

Permane leaves after 34 years service with the team in its many guises from Benetton to Renault and Lotus and more. 

He will be replaced as an interim sporting director by Alpine Academy director Julian Rouse.

The changes continue a shake-up initiated by Renault chief Luca de Meo, which included chief executive officer Laurent Rossi moving into special projects. 

Famin said: Otmar and Alan are great people and we thank them for what they brought to the team. It was a very long time, 34 years for Alan at Enstone and with Otmar we secured fourth place in the constructors last year, but we werent on the same timeline for how to recover and to reach the level of performance we are aiming for. We agreed to split ways.

It is a decision of top management and not something that has been decided one day to another. Weve been talking for a week and I was appointed vice-president two weeks ago and started working before so it is quite a long story.

Permane has been with the Enstone team since 1989 and his exit took many paddock observers by surprise. It follows the departures in recent years of four-time champion Alain Prost and last year two-time champion Fernando Alonso.

Szafnauer represented Alpine at a meeting of F1 Commission meeting earlier on Friday, shortly before another announcement that the vastly experienced Pat Fry is set to leave Alpine and join Williams as chief technical officer.

The post Struggling Alpine continues leadership shakeup appeared first on Iraqi...

Shanghai Against Shanghais glittering river skyline, Kenzo-clad models strutted down a breezy open-air runway on Friday for the French fashion brands first-ever show in China. 

The countrys vast pool of consumers is critical to the luxury market, and top brands like Kenzo are turning to wooing them on their own turf as domestic high-end shopping rises.

Kenzo already operates 40 stores in mainland China, and the show is part of its policy of reinforcing its strong commitment and growing presence in the Chinese market, a statement announcing the show said. 

Despite the slowing economy, China is sending positive signs (to design houses), said Lisa Nan, correspondent for Jing Daily, a publication which reports on the luxury sector in the country.

Consequently, brands are engaging with local consumers through their highest standard of presentation, runways Consumers really appreciate these exclusive events.   

On Friday, dozens of models in dark blues and pastels paraded down the riverfront catwalk that took Shanghais Oriental Pearl Tower as a backdrop, with bemused tourists scrambling to take pictures as they sailed past on LED-lit cruise boats.  

Creative director Nigos Spring/Summer 2024 collection which has already shown in Paris was presented with small changes to underscore a symbolic yet natural East Meets West bridge, Kenzo said. 

The Shanghai venue was chosen to match that of the Paris show, which took place on the footbridge that links to the Eiffel Tower over the River Seine in June. 

Kenzo is part of the LVMH group, which includes dozens of brands like Louis Vuitton, Dior and Tiffany. 

Its head, French billionaire Bernard Arnault, visited China in late June and has said he is optimistic about the Chinese market.

The Chinese clientele is much more important than it was in 2019, LVMHs financial director Jean-Jacques Guiony recently told journalists. 

Analysts at UBS, meanwhile, have said that 2023 will be the year of the Chinese consumer. 

Chinese consumers spending on personal luxury goods had already surpassed pre-pandemic levels by the end of 2022 and has continued to grow year-on year, according to market research company Euromonitor largely thanks to domestic shopping that took off while zero-Covid kept the country largely cut off from the world.   

The figure is projected to reach US$59 billion by 2023, with the growth set to continue, although at a slower rate, in the short to medium term.  

Post-pandemic repatriation of luxury spending is unlikely to budge any time soon, said Fflur Roberts, Head of Luxury Goods at Euromonitor.

These new-found shopping habits and major improvements in the local shopping options...

New York ExxonMobil and Chevron reported profits Friday that were much lower than last years due a drop in commodity prices, but still lofty enough to enable increased shareholder distributions.

The two US oil giants joined European rivals Shell and Total in seeing steep declines in their bottom-line results compared with the heady year-ago period when Russias invasion of Ukraine sent crude and natural gas prices sky bound.

ExxonMobil reported profits of $7.9 billion, down 56 percent on a 28 percent drop in revenues to $82.9 billion.

Chevron reported profits of $6.0 billion, down 48 percent, while revenues declined 28 percent to $48.9 billion.

US crude prices in the second quarter of 2023 were down more than 30 percent compared with the year-ago period, which was dominated by worries about the loss of Russian crude supply.

Natural gas prices are also down sharply following a mild winter, while the comparative weakness in refinery margins reflects sluggish economic conditions in some key markets.

ExxonMobil Chief Executive Darren Woods told CNBC that todays commodity prices were more in line with historic norms, adding were still in a fairly constructive market or positive market, with commodities either in line or above historic averages.

Woods also described demand as pretty robust.

Cash to shareholders

The oil giants raised capital spending somewhat in response to the windfall over the last year, but have also emphasized returning cash to shareholders.

In the second quarter, ExxonMobil spent $8 billion on share repurchases and dividends, five percent above the year-ago period.

Chevron spent $7.2 billion to shareholders, up 37 percent, an increase highlighted in its earnings press release.

Our quarterly financial results remain strong, and we returned record cash to shareholders, said Chief Executive Mike Wirth.

Although below the blowout profits of the year-ago period, the results still enabled ExxonMobil to score $19.3 billion in profits for the first half of 2023 and Chevron $12.6 billion.

Environmental NGO 350.org described the latest round of results as another obscene profit made at the expense of people and the planet. The group called for a renewable energy revolution.

The latest profit figures could also attract attention from officials such as President Joe Biden, who has often called on oil companies to steer excess cash towards new production rather than shareholder distributions.

In their press releases, both ExxonMobil and Chevron spotlighted increased investment in the United States, especially in the Permian Basin in Texas and New Mexico, an area with unconventional oil and natural gas deposits.

ExxonMobil said it achieved record quarterly production in the Permian and that it remain...

Washington A key indicator of US inflation cooled in June to the lowest annual rate in over two years, although this remains above the central banks target, according to government data released Friday.

The Federal Reserves preferred gauge of inflation, the personal consumption expenditures (PCE) price index, rose 3.0 percent last month from June 2022, down from a 3.8 percent jump in May, said the Commerce Department.

From May to June, the PCE price index ticked up 0.2 percent, a touch above the 0.1 percent rate in the prior month.

But spending climbed 0.5 percent between May and June, up from 0.2 percent previously, the report said, although growth in personal income slowed.

The economys main growth engine continues to hum, said Oren Klachkin, lead US economist at Oxford Economics.

Rising incomes, complemented with lingering excess savings, gave consumers the purchasing power to continue spending in June, he added, although warning that their ability to spend is not limitless.

Cutting back

With cost-of-living pressures escalating in the past year, the Fed lifted interest rates rapidly to tamp down demand and rein in prices and the effects have been rippling through the worlds biggest economy.

Inflation has come down from a peak and retail sales has weakened with consumers pressured by higher borrowing costs and still-elevated prices.

We believe the confluence of weaker incomes, tighter lending standards, and elevated interest rates will eventually leave consumers with little choice but to cut back, said Klachkin.

We see these conditions materializing toward the end of the year, he added.

For now, the labor market has remained strong with historically low unemployment, fueling hopes that the US economy can achieve a soft landing in which inflation eases as rates rise, without triggering a major downturn.

In June, prices for goods were seen slipping even as the costs of services picked up from a year ago, said the Commerce Department on Friday.

While the direction in which inflation is headed is positive news for policymakers, the figure remains above the Feds two percent target, raising the risk that officials may take more action.

Excluding the volatile food and energy components, the PCE price index rose 4.1 percent from a year ago last month, easing from Mays 4.6 percent rate.

Meanwhile, a measure of underlying services inflation excluding housing remains subdued, said Kieran Clancy, senior US economist at Pantheon Macroeconomics.

If this continues to ease and there are no sudden inflation surges in areas like healthcare services, it will be hard for the Fed to justify another hike in September, he said.

The post...

Paris Air France-KLM announced Friday it doubled its net profit in the second quarter, benefiting from high demand in air travel despite rising inflation which has increased costs. 

The Franco-Dutch group posted a net profit to 604 million euros ($662 million) between January and June.

Its sales rose by 13.7 percent compared with the same period in 2022 to 7.6 billion euros, boosted by an increase in passengers and higher ticket prices, achieving a record operational margin of 9.6 percent, it said in a statement. 

The results were reached despite seat capacity being down eight percent compared with 2019, before the pandemic.

Air France, KLM and Transavia transported a total of 24.7 million passengers between April and June, down 11 percent compared to the same period four years ago. 

Ticket prices have soared since the pandemic, driven by rising fuel costs, increased demand and capacity constraints. 

Despite high inflation putting a strain on consumers pockets, Air France-KLM said it expects bookings to be at the same or higher level compared with 2022 for the rest of the year. That includes the crucial summer vacation season underway.

The increased number of passengers is not causing problems like last year when airports had trouble rehiring enough staff and there were huge lines for security checks and mountains of lost and late luggage.

Amsterdams Schiphol airport, where KLM is based, was particularly hard hit, with the CEO resigning last year after it was forced to limit the number of flights.

But Air France-KLM chief executive Ben Smith said were pleased that the operational situation at Schiphol is stabilising this year.

Smith said that at Paris main Charles De Gaulle airport, the situation so far, its sensitive, fragile but moving, no major issues as authorities strive to ensure that infrastructure in the region is ready to handle the surge in traffic for the Olympic Games next year.

Meanwhile, inflation is affecting the groups costs, which have risen 5.6 percent in the second quarter of the year, compared to just 0.7 percent in the first quarter. 

These costs reduced operational profits by some 337 million euros, offsetting gains from lower fuel prices. Still, operational profits nearly doubled compared to the second quarter last year by 733 million euros. 

Air France-KLM turned a profit last year after having lost 11 billion euros during the pandemic, requiring the governments of France and the Netherlands to intervene. 

The companys debt has fallen by 1.4 billion euros since the end of December to 4.9 billion. 

With consolidation in the European airline industry continuing Lufthansa took a major stake in Italys ITA in May Smith indicated Air France-KLM was interested in the privatisation of Portugals TAP...

London Manchester City forward Riyad Mahrez has joined Saudi side Al-Ahli, the two clubs announced on Friday, becoming the latest big-name player to be lured to the cash-rich league in the Gulf state.

The 32-year-old Algerian winger joined Pep Guardiolas team in 2018 from Leicester, winning 11 major trophies at the club.

The wait is over: Riyad is real, the Saudi Pro League club said in a social media post.

City agreed a fee understood to be worth up to 30 million ($38.6 million) with Al-Ahli last week.

To play for Manchester City has been an honour and privilege, Mahrez told Citys website.

I came to City to win trophies and enjoy my football and I achieved all that and so much more.

I have had five unforgettable years with this football club, working with unbelievable players, fantastic supporters, and the best manager in the world.

Citys director of football Txiki Begiristain paid tribute to the Algeria star.

There are few wingers that possess his levels of skill and technique in world football, and he will be missed, but everyone will wish him all the best as he begins a new chapter in his career, he said.

Liverpool and Al-Ettifaq confirmed on Thursday that Reds captain Jordan Henderson was moving to the Saudi league.

France striker Karim Benzema left Real Madrid to join Al-Ittihad, following in the footsteps of his former Real team-mate Cristiano Ronaldo, who plays for Al-Nassr.

Other Premier League players who have moved to Saudi Arabia include Chelseas NGolo Kante and another former Liverpool team-mate of Hendersons, Roberto Firmino.

Saudi Arabias lavish spending on sport is often criticised as sportswashing an attempt to shift the focus from its record on human rights.

The conservative monarchy executed 81 people in a single day last year, outlaws homosexuality and triggered international condemnation when journalist Jamal Khashoggi was murdered in the Saudi consulate in Istanbul in 2018.

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London IAG, parent of British Airways, said Friday it returned to first-half profit as the aviation sector recovers from the Covid pandemic despite inflation lifting company costs and ticket prices.  

Profit after tax was 921 million euros ($1 billion) in the first six months as passenger demand rallied at IAG, owner also of Spanish carrier Iberia and Irelands Aer Lingus among others.

IAG had posted a net loss totalling 654 million euros one year earlier, it added in a statement.

Our strong profits since the start of the year are helping to fund investment for our customers, and to improve our balance sheet by reducing debt, said group chief executive Luis Gallego.

We are aiming to be back to pre-pandemic capacity at the end of this year, he added.

Group revenue surged 45 percent to 13.6 billion euros in the first half.

Customer demand remains strong across the group, particularly for leisure travel, with around 80 percent of passenger revenue for the third quarter already booked, Gallego added in the statement. 

Shares in IAG climbed 2.5 percent at the start of trading Friday following the results.

Sector-wide recovery

Elsewhere Friday, Air France-KLM said it had doubled year-on-year net profit in the second quarter to 604 million euros. 

The Franco-Dutch group saw sales rise almost 14 percent to 7.6 billion euros, boosted by an increase in passengers and higher air fares.

Ticket prices have soared since the pandemic, driven by rising fuel costs, increased demand and capacity constraints. 

Air France-KLM said it expects bookings for the current quarter which includes the crucial summer holiday season to be at the same or higher level compared with 2022.

However, inflation is affecting the groups costs, which have risen 5.6 percent in the second quarter, compared with less than one percent in the first quarter.

Airlines posted huge losses and laid off thousands of staff during the Covid pandemic that grounded planes worldwide for long periods.

IAG on Friday added it had converted options on six Boeing 787-10 long-haul planes into firm orders for British Airways, while taking on another six options.

It is also converting one Airbus A350-900 option into a firm order for Iberia.

The firm orders will be delivered in 2025 and 2026, IAG said.

These latest generation aircraft will contribute to restoring capacity to pre-pandemic levels, said Gallego.  

They will be among the most fuel-efficient aircraft in our long-haul fleet and will help towards our commitment to achieve net zero carbon emissions by 2050, he added.

The post British Airways parent IAG flies back to profit appeare...

Addis Ababa Ethiopian Airlines successfully weathered the Covid pandemic by shifting its strategy, but Africas only profitable carrier still faces real challenges in sourcing parts and staying competitive at a time of inflation, its CEO told AFP.

The 2022-2023 financial year ending June 30 was a very successful year, Mesfin Tasew said in an interview in Ethiopias capital Addis Ababa.

We carried 13.7 million passengers, which is a 57-percent growth compared to the previous year and 10 percent higher than pre-Covid. We also carried 740,000 tonnes of cargo, which is nearly double pre-Covid, he said.

The state-owned company generated $6.1 billion in revenue, up 20 percent compared to the previous year and nearly 50 percent more than pre-Covid earnings.

The airline turned to freight when passenger traffic fell, including converting some of its passenger aircraft to transport cargo.  

The figures indicate that we have fully recovered from the impacts of Covid, said Mesfin, who was appointed to the job in March 2022.

But, he said, the pandemics effects can still be felt in the form of high inflation which translates into high operating costs for us (and) high fuel price.

The disruption to the global supply chain caused by Covid-19 has also led to a shortage of spare parts required for repairs.

Sometimes we have difficulty flying all airplanes, we have to ground some of the aircrafts until we get the parts, he said.

He added that he expects the problem to be resolved within three years, but today it is a real challenge.

Court case  

As the industry recovers from coronavirus and more planes take to the skies, potential overcapacity may lead to a fall in airfares, he said.

The company will have to re-evaluate its cost structure and work very hard on our cost-saving initiative to stay still competitive, he said.

Ethiopian Airlines is also facing other challenges, including a lawsuit filed by a rights group that claims the carrier discriminated against travellers from the war-scarred region of Tigray.

The airline resumed air links between the capital Addis Ababa and Tigray after a peace deal was signed in November 2022 ending two years of conflict between the federal government and Tigrayan rebels.

Mesfin declined to answer any questions related to the case. The airline has previously denied claims that it had transported soldiers and weapons to Tigray during the war.

The controversies have not dented the carriers bottom line, with Mesfin saying the airline intended to attain certain key milestones by 2035.

The objectives include increasing its annual passenger traffic to over 60 million, expanding its list of international destinations from 130 to 20...

Delmont Around 5,000 Citroen 2CVs from across the globe are tootling into the Swiss countryside this week for a mass gathering celebrating the instantly recognisable French classic car.

The 24th World Meeting of 2CV Friends, in Delemont in the Jura region, has brought 2CVs of all shapes, sizes and colours to northwest Switzerland.

The 2CV which stands for deux chevaux, meaning two horsepower was launched in 1948 as French carmaker Citroens answer to Germanys Volkswagen Beetle.

Considered an economical choice for consumers, more than five million 2CVs rolled off the production lines until 1990, when Citroen had to stop producing them due to emissions standards.

The six-day event in Delemont began on Tuesday and ends on Sunday. 

2CVs from 30 countries are taking part, from neighbouring countries including France, Germany and Austria, elsewhere in Europe such as Greece and the Netherlands, and some from as far as Australia.

I think the magic of the 2CV, its iconically French. Its the perfect design. But its so simple, its so easy to maintain, its so easy to understand, said Matt Damper, who came from Britain with his son.

Its almost adopted as a member of the family.

Its a way of life; its not just a car.

Zen vibe

The event is taking place on a site covering 53 hectares, which includes 43 hectares of camping space.

Food trucks and concerts spanning alphorns to classic rock, ska to bell-ringing are laid on to keep the participants going, while spare parts stalls attract keen interest.

Here come a lot of people because my parts are rare. Its not many people in the world repairing complete parts. This is original Citroen parts but refurbished, said Miran, 42, a mechanic from Slovenia.

People like handmade, and personal contact.

The 2CVs need to follow a one-way route through the neighbouring villages, with itineraries designed to help visitors discover the Jura region.

Drivers honk horns at one other in a nod of recognition towards fellow enthusiasts.

Laurent Habran, 47, a cultural centre director from Belgium, said the vibe was pretty cool, pretty zen.

We come to have fun. Coming in a 2CV, you cant be in a rush because it doesnt go very fast anyhow, he said.

The first World Meeting of 2CV Friends a biennial event was held in Finland in 1975. 

It is being staged in Switzerland for the third time.

The events budget is 1.7 million Swiss francs ($2 million).

Umbrella on wheels

There are enthusiasts who have original vintage 2CVs, and there are 2CVs that have been totally transform...

Hsinchu Chip giant TSMC said it is determined to keep its roots in Taiwan, as it launched a massive new research and development facility in the northern city of Hsinchu on Friday. 

Taiwan Semiconductor Manufacturing Company (TSMC) controls more than half the worlds output of microchips, which are the lifeblood of the modern global economy, powering everything from coffee machines and smartphones to cars and missiles.

Much of its manufacturing base is in Hsinchu, where its state-of-the-art facilities are producing ever-smaller silicon wafers that have skyrocketed in demand, especially due to the recent boom in AI-related technology. 

At the Friday launch of its R&D facility, chairman Mark Liu said the centre will develop world-leading technologies in the semiconductor industry more actively to explore 2-nanometre and 1.4-nanometre technology. 

The company is racing to begin mass production of the 1.4-nanometre chip smaller than a fraction of a fingernail ahead of its rival Samsung, the worlds second-largest producer.

Its production lines have expanded beyond Taiwan as Western powers have raised concerns about the crucial industry being centred on an island that China claims as its territory having ramped up political pressures against it in the past year.

But CEO CC Wei said Friday that TSMC intends to keep the heart of its technological prowess in Taiwan. 

We want to use this opportunity to show Taiwanese people TSMCs determination to keep its roots in Taiwan, Wei said.

We have heard voices expressing concerns that whether TSMC is moving its focus abroad and whether TSMC is halting its development in Taiwan. We have to say no, he said. 

With the opening of the global R&D centre, we are telling Taiwanese people our roots will remain in Taiwan.

A planned Arizona plant one of the largest foreign investments in the United States is currently delayed until 2025 due to a shortage of skilled workers, a blow to the White Houses plans to bring more chip production to the US. 

TSMC has attributed the delay to the lack of skilled workers and said they are sending over Taiwanese technicians to help train the foundry staff. 

The company is facing similar issues as it explores the possibility of a plant in Dresden, citing concerns about the gaps in Germanys talent pool. 

TSMCs global profile has ballooned in the past year, much of it coming after the US unveiled sweeping curbs aimed at cutting off Beijings access to high-end chips, chipmaking equipment and software used to design semiconductors.

Beijing has reacted with similar moves, restricting the sales of chips of American giant Micron and announcing that exports of rare minerals vital in the production of semiconducto...

Tokyo The Bank of Japan on Friday eased its grip on its ultra-loose monetary policy in a small step towards normalisation as inflation accelerates and the yen comes under pressure against other major currencies.

The central bank has for years embarked on a process known as yield curve control (YCC) whereby it allows government bonds to move in a narrow band as part of a drive to boost the long-struggling economy.

However, after a closely watched meeting, it said it would allow greater flexibility in the market as it hiked its inflation forecast for the current fiscal year.

Still officials said it did not mean the bank was abandoning its monetary policy which analysts have warned was looking increasingly unsustainable saying it would maintain its massive asset-buying measures.

Ten-year JGB yields would be allowed to fluctuate in the range of around plus and minus 0.5 percentage points from the target level, the bank said in a statement. 

But it will conduct yield curve control with greater flexibility regarding the upper and lower bounds of the range as references, not as rigid limits, it said.

Market expectations fluctuated in the lead up to the meeting over whether the bank would tinker with its signature stimulus policies after the two-day meeting chaired by governor Kazuo Ueda, who took the helm in April.

The yen initially weakened to 139.95 per dollar after the announcement, from around 139.12 yen in the morning, before climbing to around 138.50.

The currency has been hammered for more than a year as the BoJ refused to shift from its policy, even as central banks around the world pushed up interest rates to fight surging inflation. 

The benchmark Nikkei index sank more than two percent at one point on the prospect of higher borrowing costs.

The BoJ took a similar measure in December when it expanded the YCC range to around plus or minus 0.5 percentage points, from a range of plus or minus 0.25 percentage points.

The central bank faces the challenge of balancing the need to shore up the economy and keep its monetary policy sustainable in the long term.

Analysts have said YCC is increasingly harming the economy by skewing the bond market and accelerating the yens weakness, prompting inflation of imported goods.

The latest tweak will work as a cushion of a shock (for the markets) when or if the BoJ abandons the YCC in the future, compared with a case if the YCC is abandoned without todays measure, NLI Research Institute senior economist Taro Saito told AFP. 

In its latest quarterly report, the bank said Japans recent inflation rates were higher than projected three months ago, while wages had increased, partly on the back of this years annual negotiations between trade unions and companies.

But it warned of extre...

Los Angeles This years Emmy Awards will be postponed due to the ongoing Hollywood strikes, US media reported Thursday.

Televisions equivalent of the Oscars was scheduled to take place in September, but could be pushed as far back as January, the Los Angeles Times reported.

Trade publication Variety said vendors, producers and others involved with the event have already been informed of the delay, which has not yet been officially announced.

A source familiar with the plans told AFP that a new date for the show has not yet been set.

Hollywoods actors and writers are both currently on strike, in the first industry-wide walkout for 63 years.

Stars would not be able to attend the Emmys if the actors strike was still in effect at the time of the ceremony a development that would be disastrous for television ratings.

Writers would also not be allowed to script a monologue or jokes for the telecasts host and presenters.

According to reports, Fox this years Emmy Awards broadcaster in the United States has been pushing to delay until January, giving the strikes longer to be resolved.

The Television Academy, who vote for and host the awards, preferred a shorter postponement, as January lands the Emmys right in the middle of Hollywoods packed film award season.

Neither Fox nor the Television Academy has commented.

The last time the Emmys were delayed was in 2001, when the ceremony was postponed in the wake of the 9/11 terrorist attacks.

The Hollywood strikes have essentially shut down all US movie and television productions, with limited exceptions such as reality and game shows.

Members of the Screen Actors Guild (SAG-AFTRA) and the Writers Guild of America (WGA) are barred from promoting their movies and series.

The unions demands have focused on dwindling pay in the streaming era, and the threat posed to their careers and future livelihoods by artificial intelligence.

Nominations for the 75th Primetime Emmy Awards were announced earlier this month, just hours before talks between studios and SAG-AFTRA collapsed.

Succession, the HBO drama about an ultra-wealthy family fighting for control of a sinister media empire, led the nominations with a whopping 27 nods, including best drama.

The Last of Us became the first live-action video game adaptation to earn major nominations, with 24, while satire The White Lotus earned 23 nods.

The post Emmys to be postponed due to Hollywood strikes: US media appeared first on Iraqi News.

Hong Kong The yen rallied and Japanese stocks fell after the countrys central bank tweaked its ultra-loose monetary policy on Friday, while other Asian stocks were mixed after forecast-beating US data revived concerns the Federal Reserve could hike interest rates further.

After a closely watched meeting, the Bank of Japan said it would allow greater flexibility in government bond markets, having allowed them to move in a tight band in a process known as yields curve control.

But on Friday it said that while it would maintain that range, its upper and lower limits would be used as references, rather than being rigid.

The move means rates in Japan would be allowed to rise more than previously. The yen fluctuated after the announcement before rising to around 138.30 per dollar, from 139.50 earlier in the day.

The currency has been hammered for more than a year as the BoJ refused to shift from its loose policy, even as central banks around the world pushed up interest rates to fight surging inflation. 

However, with prices picking up at home and the yen struggling, pressure has been growing on the bank to change tack.

The Nikkei 225 index sank more than two percent on the prospect of higher borrowing costs.

The BoJs decision to tweak their yield curve control was broadly in line with what the market had anticipated, but probably not as hawkish as previously feared, Khoon Goh, of Australia & New Zealand Banking Group, said.

Market reaction has been very choppy as it is not a straightforward decision to digest.

Traders had been on edge ahead of the announcement due to fears that tighter monetary policy would see Japanese investors the biggest foreign owners of US Treasuries with vast holdings of other global assets move their cash back home owing to better returns.

Stephen Innes, of SPI Asset Management, said: Its worth noting that Japanese investors have already sold a significant amount of foreign fixed income and have cash in dollars and foreign currencies that are waiting to be invested.

This means that Japanese investors are currently underweight in Japanese government bonds and yen. As a result, there is a high possibility of a significant flow of funds being repatriated back into yen and invested in fixed income.

A decision late last year by the BoJ to widen the band within which it allows bonds to move sent shudders through markets and sent the yen soaring.

World markets have enjoyed a broadly positive week on hopes the Federal Reserve and other central banks were at or close to the end of more than a year of monetary tightening as inflation comes down.

The Fed said Wednesday that future rate decisions would be determined by data, which was welcomed by investors who saw recent indicators pointing to an easing of price pressure...

Hong Kong Equities fell Friday following a sell-off on Wall Street where forecast-beating data revived concerns the Federal Reserve could hike interest rates further, while speculation swirled that the Bank of Japan could be preparing to shift from its era of easy money.

Traders have enjoyed a broadly positive week on hopes central banks were at or close to the end of more than a year of monetary tightening as inflation comes down and figures suggest the US economy is holding up.

The Fed said Wednesday that future rate decisions would be determined by data, which was welcomed by investors who saw recent indicators pointing to an easing of price pressure and softening of the labour market as giving it room to hold off more increases.

And on Thursday, European Central Bank boss Christine Lagarde left open the possibility of a pause.

However, news that US growth beat expectations in the second quarter while jobless claims slipped revived the possibility that there was still more work to do.

Adding to the unease was a report that the Bank of Japan was looking at tightening its monetary policy by loosening its grip on government bond yields, a process known as yield curve control.

That has fanned fears that Japanese investors the biggest foreign owners of US Treasuries while also having vast holdings across the globe could move their cash back home owing to the temptation of better returns.

The talk comes as inflation in the country continues to rise.

The prospect of more money flowing back into Japan sent the yen up against the dollar and euro, while stocks dropped.

And Asian markets sank in morning trade Friday.

Tokyo shed more than one percent, while Hong Kong, Shanghai, Sydney, Seoul, Wellington, Manila and Jakarta were also off.

Stephen Innes, of SPI Asset Management, said: Its worth noting that Japanese investors have already sold a significant amount of foreign fixed income and have cash in dollars and foreign currencies that are waiting to be invested.

This means that Japanese investors are currently underweight in Japanese government bonds and yen. As a result, there is a high possibility of a significant flow of funds being repatriated back into yen and invested in fixed income.

A decision late last year by the BoJ to widen the band within which it allows bonds to move sent shudders through markets and sent the yen soaring.

Shaun Osborne, chief foreign-exchange strategist at Scotiabank, added: While speculation of a policy tweak has been wrong before and reports suggest only that the BoJ will discuss a YCC tweak rising inflation, rising wages and the sheer scale of BoJ purchases suggests that the time for some adjustment is coming. 

Key figures around 0230 GMT

Tokyo Nikkei 225: DOWN 1.3 percent...

New York Ford lifted its full-year forecast Thursday after quarterly earnings nearly tripled on strong vehicle pricing in conventional autos that offset losses in electric vehicles (EV).

Shares of the big US automaker initially climbed on results flattered by higher auto sales in its internal combustion engine (ICE) vehicle business, but later retreated as the company signaled near-term losses in EVs would be bigger than previously thought.

Profits in the second quarter were $1.9 billion, nearly triple the year-ago level on revenues of $45 billion, 12 percent. 

Chief Financial Officer John Lawler described the period as a really strong quarter, saying the raised forecast reflected stronger than expected pricing through the first half of 2023.

But Ford also now sees operating losses in its EV business of $4.5 billion, up from the prior $3 billion.

The automaker slowed its timeframe for ramping up EV production, pushing back the timeframe to reach 600,000 per year in 2024 instead of this year. 

However, Ford reiterated the companys commitment to show positive EV profitability by the end of 2026.

EV adoption is not going to be a straight line, Lawler said at a briefing with reporters. We have flexibility. We are going to optimize.

On July 17, Ford announced it was temporarily shutting its Rouge electric plant in Michigan as part of a plan to boost production of the F-150 Lightning pickup. 

Ford also announced price cuts of as much as $10,000 on the vehicle, following several similar pricing actions at Tesla.

Fords EV experience shows we have to have very competitive products from a cost standpoint, said Lawler, who pointed to surveys that show 20-30 percent of consumers express interest in EVs but only seven percent end up buying.

Chief Executive James Farley predicted the EV market would remain volatile, noting that the pricing pressure has dramatically increased in the past 60 days.

Ford now expects 2023 earnings before interest and taxes a measure of profitability of between $11 and $12 billion, up from $9 to $11 billion.

Lawler said the company expects higher costs due to a new labor contract with the United Auto Workers, but did not release estimates.

Garrett Nelson, analyst at CFRA Research, said he remained cautious on Ford shares in light of risks related to the UAW talks, nothing that the companys EV production growth has also been disappointing.

Shares of Ford declined 1.0 percent to $13.59 in after-hours trading.

The post Ford raises 2023 profit outlook but sees bigger EV loss appeared first on Iraqi Ne...

San Francisco A fired Twitter product manager said Elon Musk  ran the company newly renamed X by instinct not data, surrounded by sycophants with his mood changing unpredictably.

Esther Crawford, whose picture sleeping in a Twitter office late last year made her a viral sensation, shared her thoughts on Wednesday in a lengthy post at X.

I disagree with many of his decisions and am surprised by his willingness to burn so much down, but with enough money and time, something new and innovative may emerge, Crawford said in the post.

Crawford joined Twitter when it bought her startup in 2020, before Musk bought the social media platform for $44 billion.

In person Elon is oddly charming and hes genuinely funny, Crawford said.

The challenge is his personality and demeanor can turn on a dime going from excited to angry.

Twitter employees feared being called into meetings with him or having to deliver negative news, according to Crawford.

At times it felt like the inner circle was too zealous and fanatical in their unwavering support of everything he said, Crawford wrote.

Product and business decisions were nearly always the result of him following his gut instinct, and he didnt seem compelled to seek out or rely on a lot of data or expertise to inform it.

Musk seemed to trust random feedback and Twitter polls more than employees working to solve problems at the company, according to Crawford.

His boldness, passion and storytelling is inspiring, but his lack of process and empathy is painful.

Musk has proven success tackling engineering problems, but a social networking platform requires emotional intelligence, Crawford said.

She did not spare the previous management, calling it bloated and soft and entitled where teams could spend months building a feature and then some last-minute kerfuffle meant itd get killed for being too risky.

Musk killed off the Twitter logo this week, replacing the world-recognized blue bird with a white X.

After buying Twitter, Musk had said that he wanted to create a super-app inspired by Chinas WeChat, which would function as a social media platform and offer messaging and payments.

Since Musk bought Twitter last October, the platforms advertising business has collapsed as marketers soured on Musks management style and mass firings at the company that gutted content moderation.

In response, the billionaire has moved toward building a subscriber base and pay model in a search for new revenue.

Many users and advertisers alike have responded adversely to the social media sites new charges for previously free services, its changes to content moderation, and the return of previously banned right-wing accounts.

The post...