Category Archives: Progress

With a deadline of Sept. 29 looming and Congress nearing their summer recess, the debt ceiling is primed to be a big issue when they return. Here's what you need to know. (Meg Kelly/The Washington Post)

Talks between the White House and the Senates top Republican and Democrat broke up Tuesday with no progress on raising the countrys debt ceiling, an impasse that threatens a financial crisis if left unresolved.

The Senate and House have 12 joint working days before Sept. 29, when the Treasury Department says it would no longer be able to pay all of the governments bills unless Congress acts. A default would likely set off a major disruption to the world financial system, witha stock market crash and surging interest rates that could send the economy into arecession.

Treasury Secretary Steven Mnuchin has urged Congress for months to raise the debt limit, but the White House has lacked a unified message and run into resistance on Capitol Hill, where Democrats and Republicans are at odds on key tax and spending issues.

During a hearing before the House Ways and Means Committee on May 24, Treasury Secretary Steven Mnuchin asked Congress to raise the debt ceiling before the summer. (House Ways and Means Committee)

Mnuchin met Tuesday morning with Senate Majority Leader Mitch McConnell (R-Ky.) and Senate Minority Leader Charles E. Schumer (D-N.Y.), searching for ways to raise the debt ceiling, but the gathering ended without any progress or even a clear sense of what the lawmakers need to deliver votes to raise the limit, according to three people briefed on the meeting who insisted on anonymity to speak candidly about the private discussions.

Several hours after the meeting, White House spokeswoman Sarah Huckabee Sanders implored Congress to act, illustrating how serious the Trump administration now believes this issue to be.

To ensure that we have robust economic growth and promote fiscal discipline, the Trump administration believes its important to raise the debt ceiling as soon as possible," she said at her daily press briefing. "Over the past two decades, members of Congress and presidents from both parties have raised debt ceiling 15 time and we look forward to working with Congress to ensure the full faith and credit of the United States government.

But lawmakers so far have shown little sign of engaging. The House of Representatives has already left town and will not return until after Labor Day.

The U.S. government spends more money than it brings in through revenue, creating anannual deficit. The Treasury Department borrows money to cover that gap by issuing debt, and it has always paid back the bondholders on time. According to one measurement, the government now has close to $20 trillion in debt.

Congress has established a cap on the amount of money the government can borrow, and Mnuchin has told Congress that this cap must be raised by Sept. 29 to ensure that the government can continue paying all of its bills.

After debt-ceiling talks with Treasury Secretary Steven Mnuchin on Aug. 1, Senate Majority Leader Mitch McConnell (R-Ky.) said "we all know" it needs to be raised "to make sure America continues to never, ever default." (The Washington Post)

Republicans often resist efforts to raise the debt ceiling, making GOP leaders rely on Democrats to help them get enough votes to pass the bill. But substantive talks on how to raise the debt ceiling have not yet begun, and the breakdown at the Mnuchin meeting on Tuesday suggests a vote on the measure could come down to the wire late next month.

A number of Republicans, and even some within the White House, have suggested that there should be spending cuts that accompany any agreement to raise the debt ceiling, a condition that many Democrats have said they will not accept. Democrats, meanwhile, have also signaled they will not agree to raise the debt ceiling if Republicans plan to then add trillions of dollars in debt through a large tax-cut package.

President Barack Obama's administration and Congress almost failed in their efforts to raise the debt ceiling in 2011, and the uncertainty roiled financial markets.They ultimately agreed to a series of budget caps and other changes in exchange for raising the borrowing limit, but the Obama administration later adopted a position that it would not negotiate any future changes to the debt ceiling.

President Trump's administration has not had to raise the debt ceiling yet, and Trump has ridiculed Republicans in the past for agreeing to lift the borrowing limits when Obama was in office.

-- David Nakamura contributed to this report.

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Debt-ceiling talks between White House, Senate break up with no progress - Washington Post

It is a nice looking car.

Tesla Inc.s new electric car has debuted to rave reviews; one writer called it the most important car in the world right now. In general, the commentary on the Model 3 has suggested the product delivers on its promise. Solar panels are falling exponentially in price, and there are periodic bursts of good news on the quest to develop a more durable and cost-effective battery. All of these developments would boost the prospects of green energy.

Tesla Delivers the New Model 3, Here's a First Look

You might think the U.S. productivity slowdown is finally ending, but unfortunately the news isnt as good as it first seems. Instead, we are specializing in a new and sadly necessary practice of what I call defensive innovation.

Defensive innovation is when you create a new product or capability to protect yourself against an impending disaster, such as the worst scenarios for climate change. Its important, of course, to practice defensive innovation, but dont confuse it with progress. The defense only stops your living standards from falling.

The military response to foreign threats is another example of defensive innovation. The risk and potential costs of cyberwarfare are escalating rapidly, and terrorist threats seem worse than they did in the 1980s or 1990s. The best case scenario is that we come up with better means of tracking and hindering cyber and terrorist attacks -- by cutting off funding or by tracing and halting potential perpetrators. Those too will be defensive innovations, aimed mostly at preserving capabilities we already have.

The American military might someday develop better protection against the new threat of North Korean intercontinental ballistic missiles, which might be capable of delivering nuclear weapons to U.S. cities, possibly even New York and Washington. Imagine something akin to Israels Iron Dome, but protecting a broader geographic area against a greater diversity of weapons. That would be an impressive achievement, but would be an essentially defensive innovation.

Sometimes defensive innovations are mixed in with positive advances. The aging American population faces a potential crisis of senility, dementia and Alzheimers disease. A very large number of nonfunctioning elderly people would impose a significant burden on the economy and on caretakers. If medical science miraculously eliminated those cognitive problems, that would be a very real gain in well-being and happiness for Americas elderly. But some of the gain would be defensive in nature, preventing millions of Americans from facing the burdens of caring for such individuals.

Similarly, the electric car is not entirely a defensive innovation. It may be zippier and fun to drive, with a new driver interface. Still, the truly exciting element of the electric car seems to be its potential for limiting carbon emissions and other forms of air pollution.

Driverless cars will save lives and ease commutes. But again they are a defensive product, as otherwise traffic congestion will be much worse.

The need for defensive innovation suggests that many observers overrate the true pace of technological progress. Too many exciting headlines are about cleaning up previous messes, and often those are messes we have made ourselves. Repair work is necessary, but its preventing a step backward rather than paving the way for higher living standards on a sustainable basis.

Note that in the earlier stages of economic growth, there is usually less defensive innovation, if only because there is less to defend. There are fewer resources to protect, and the pollution problems of poorer societies are either smaller-scale or simply intractable, short of having more prosperity. So when these poorer societies innovate, usually those are progressive developments. The relative paucity of defensive innovation does mean higher risk, of course, and that is a human cost. But if anything we are underestimating the progress those societies are making. They are accepting higher risks to move ahead more rapidly.

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These days, too many of Americas defensive innovations arent even about protecting actual social values at all. Homeowners seem to have gotten better at limiting nearby real estate developments, and defenders of the status quo have honed their skills at policy gridlock. More and more of the federal budget is frozen into place to pay for entitlements. That stultification of the role of government is what happens when you get too good at defensive innovation.

So dont be too easily impressed by even the truest and most reliable stories of tech advances. Instead ask yourself whether were playing offense or defense.

This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.

To contact the author of this story: Tyler Cowen at tcowen2@bloomberg.net

To contact the editor responsible for this story: Stacey Shick at sshick@bloomberg.net

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The New Tesla Is Great, But It Isn't Progress - Bloomberg

By Kelsey Bradshaw, mySA.com / San Antonio Express-News

Photo: Courtesy/San Antonio River Foundation

The top photo shows a rendering of what Confluence Park will look like when construction is finished, and the bottom photo shows park of a pavilion put up in July 2017.

The top photo shows a rendering of what Confluence Park will look like when construction is finished, and the bottom photo shows park of a pavilion put up in July 2017.

Photos show a crane placing part of a pavilion in Confluence Park in July 2017.

Photos show a crane placing part of a pavilion in Confluence Park in July 2017.

Photos show a crane placing part of a pavilion in Confluence Park in July 2017.

Photos show a crane placing part of a pavilion in Confluence Park in July 2017.

Photos show a crane placing part of a pavilion in Confluence Park in July 2017.

Photos show a crane placing part of a pavilion in Confluence Park in July 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

Throughout March 2017, 17 live oak trees were planted at Confluence Park in San Antonio.

Throughout March 2017, 17 live oak trees were planted at Confluence Park in San Antonio.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

San Antonio River Foundation photos show construction progress on Confluence Park on the South Side expected to open in December 2017.

Throughout March 2017, 17 live oak trees were planted at Confluence Park in San Antonio.

Throughout March 2017, 17 live oak trees were planted at Confluence Park in San Antonio.

Throughout March 2017, 17 live oak trees were planted at Confluence Park in San Antonio.

Throughout March 2017, 17 live oak trees were planted at Confluence Park in San Antonio.

Throughout March 2017, 17 live oak trees were planted at Confluence Park in San Antonio.

Throughout March 2017, 17 live oak trees were planted at Confluence Park in San Antonio.

Throughout March 2017, 17 live oak trees were planted at Confluence Park in San Antonio.

Throughout March 2017, 17 live oak trees were planted at Confluence Park in San Antonio.

Photos show progress made on $13M Confluence Park project

The first parts of the biggest pavilion to be constructed in Confluence Park as part of a $13 million project went up within the past week.

Photos show construction workers installing "petals," which are concrete pieces fitted together at the park on the city's South Side. The main pavilion will be 27 feet tall, roughly 10 feet taller than the three already-installed pavilions.

"Like, it's enormous," said Kelley Phillips, the program and outreach director for the San Antonio River Foundation.

RELATED:Behind-the-scenes photos show giant sculptures, progress at new Confluence Park

More than $10 million was raised for the construction of the park, which will include 17 rescued live oak trees and an interactive space for students to learn about ecology.

Part of the main pavilion was installed between July 25 and 28, according to a photo posted on the San Antonio River Foundation's Facebook page.

Putting up the pavilions takes about a week. Officials pour concrete into molds and after that sets, a "giant crane" lifts each "petal" of the pavilion into place, she said.

The completed park is set to open in December.

kbradshaw@express-news.net

Twitter: @kbrad5

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Photos show progress made on $13M Confluence Park project - mySanAntonio.com

BBC News

'Good progress' in isles child care services BBC News Good progress has been made on improving services for young people on the Western Isles, a watchdog has said. Care of children and young people on the islands came under scrutiny following the murder of vulnerable teenager Liam Aitchison in 2011. and more »

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'Good progress' in isles child care services - BBC News

With the status of WWE's plans in the United Kingdom still undefined, Pete Dunne hasn't had a ton of opportunities to defend his UK Championship since winning it at TakeOver: Chicago.

His first defenses came at NXT's house shows at Download Festival in June, then he defeated Trent Seven, Wolfgang, and BT Gunn to retain the title in ICW last Saturday. Next, he'll be putting it onthe line when PROGRESS Wrestling comes to New York later this month.

PROGRESS announced yesterday that Jack Gallagher would return to the promotion to challenge Dunne for the WWE UK title at their show in New York on August 12th. It will be the second time that the championship has been defended in PROGRESS, with Tyler Bate having previously retained against Mark Andrews over WrestleMania 33 weekend in Orlando.

WWE also posted a story about the Dunne vs. Gallagher UK title match on their website.

Like with the UK plans, WWE has yet to officially revealany updates about PROGRESS and ICW events being shown on the Network, but Dunne's title defenses are proof that the relationshipbetween the companies remains strong.

PROGRESS NYC will take place atElmcor Youth and Adult Activities in Corona, New York, which will also host an EVOLVE show earlier in the day. PROGRESS will then be in the Boston area for a doubleheader with Beyond Wrestling on August 13th.

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Pete Dunne to defend WWE UK title at PROGRESS NYC - Figure Four Online (blog)

Andre Ethier and Adrian Gonzalez, a pair of Dodgers veterans recovering from herniated disks, took batting practice on Sunday afternoon. Both are likely to begin rehabilitation assignments in August, with Gonzalez expected back from the disabled list before Ethier.

Ethier is likely to be activated when the rosters expand in September.

Manager Dave Roberts watched the session before Sundays game against San Francisco. Gonzalez also took part in a simulated game with nine at-bats. Ethier impressed Roberts with the intensity of his approach.

For Adrian and Andre, just seeing the aggressive swings, seeing pitches come at them for the first time live, that was a good step in the right direction for both those guys, Roberts said.

The Dodgers placed Gonzalez on the 60-day disabled list on Saturday. Gonzalez, who hasnt played since June 11, is eligible to return on Aug. 11. He has homered once this season. He is expected join triple-A Oklahoma City later this week for rehab games.

Ethier, who injured his back in late March, has not played for the Dodgers this season. He missed the first five months in 2016 after breaking his leg last spring. He returned as a pinch-hitter for the playoffs. Ethier will compete to play a similar role in 2017.

Kershaw plays catch again

Clayton Kershaw played catch for the third day in a row, as he increases activity while recovering from a lower back strain. Kershaw will not join the team on the road during visits to Atlanta and New York this week. Kershaw said he expected to meet the team in Arizona next week to continue his rehabilitation program.

Roberts declined to reveal the next step of Kershaws rehab. The team has not announced a timetable for his return.

What the next progression is, thats for the training staff, Roberts said.

andy.mccullough@latimes.com

Twitter: @McCulloughTimes

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Dodgers veterans Andre Ethier, Adrian Gonzalez making progress in rehab from back injuries - Los Angeles Times

Tom Szczerbowski/Getty Images

The New York Yankees and Oakland Athletics have reportedly made "zero progress" on their trade discussions regarding A's ace Sonny Gray.

Bob Klapischof theBergen Recordreported the potential deal could come down to the trade deadline wire.

The Yankees have focused for weeks on acquiring Gray, as they hope to bolster the front of their rotation for a playoff push.

Gray, 27, is 6-5 with a 3.43 ERA and 1.18 WHIP this season. He's in his fourth full season with the A's and has bounced back from a miserable 2016 campaign to regain his status among the AL's most promising young starters. The potential prospect haul for Oakland could be considerable, as Gray cannot become a free agent until 2020.

The Athletics pushed Gray's scheduled start from Sunday to Monday night, likely to avoid injury in case of a trade.Buster Olney andJerry Crasnickof ESPN.com reported Oakland general manager Billy Beane is willing to table Gray trade talks until the offseason if current offers do not improve by Monday's 4 p.m. ET deadline.

The Yankees are said to be unwilling to sendoutfielderClint Frazieror infield prospectGleyber Torres to Oakland in exchange for Gray.

Perhaps seeing their chances for Gray dwindling, the Yankees acquired Jaime Garcia from the Minnesota Twins over the weekend. Garcia should slot into the back of a New York rotation that has been inconsistent for most of the season.

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Yankees Trade Rumors: NY Made 'Zero Progress' in Sonny Gray Talks with Athletics - Bleacher Report

HONG KONG/LONDON (Reuters) - A third share buyback in a year by HSBC underlined progress in the turnaround plan for Europe's biggest bank, with profit also growing by 5 percent in the first half of 2017.

The news sent HSBC shares up three percent to a four-year high of 764 pence each in London, as the bank signaled further buybacks and confidence it can continue to improve revenues from growth in Asia.

Chief Executive Officer Stuart Gulliver and Chairman Douglas Flint are both retiring, leaving a legacy of improving revenue and returning more capital to shareholders, having focused on trimming the bank's empire and shifting its focus eastwards.

The latest share buyback, of up to $2 billion, comes as HSBC uses excess capital to offset the dilutive effect of shares paid out as dividends. It completed a previously announced $1 billion buyback in April.

The buybacks and sustained dividends show HSBC further ahead in its turnaround compared with British-based rivals including Barclays and Standard Chartered which have suspended payouts as they restructure.

"The return of capital comes from the fact that the business is very accretive, very profitable ... the dividend is 51 cents for the foreseeable future," HSBC Finance Director Iain Mackay told Reuters on Monday.

HSBC said its common equity tier 1 ratio -- a measure of financial strength -- was 14.7 percent at the end of June, the highest among major European banks.

The ratio is set to increase further as the bank repatriates about $8 billion stuck at its U.S. subsidiary, following approval last year from the U.S. Federal Reserve, potentially enabling further buybacks.

"I cannot tell you whether we'll do a further buyback this year, but we are using buybacks as a regular part of the toolkit to manage returns to shareholders," Gulliver told reporters on a conference call.

The latest buyback will take the total of HSBC share buybacks since the second half of 2016 to $5.5 billion.

HSBC's dividends totaled $10.1 billion in 2016, $10 billion in 2015 and $9.6 billion in 2014.

For the half-year through June, pretax profit rose to $10.2 billion from $9.7 billion in the same period a year earlier, a result that compared with the $9.5 billion average estimate drawn from analysts polled by the bank.

Gulliver, who is set to retire from HSBC next year, said he could be at HSBC as late as December 2018 if an external candidate is appointed by incoming Chairman Mark Tucker.

Former AIA Group Chief Executive Tucker, HSBC's first ever externally appointed chairman, is set to take up the role on Oct. 1.

Gulliver and Flint have bet on Asia, where the bank makes three quarters of its profits, to drive further returns.

The bank announced two years ago it would hire 4000 staff and lend more in China's southern Pearl River Delta region, a plan that has since encountered some setbacks as China's growth slowed, showing both the risks and opportunities.

"The key driver of the bank's performance will be the east, not the west, positioning the bank well to capitalize on the growth of developing Asian economies, though that of course comes with a risk warning attached," said Laith Khalaf, senior analyst at Hargreaves Lansdown.

HSBC on Monday said pre-tax profit in Asia rose 7 percent in the first half to $7.6 billion, mainly helped by stronger wealth management and insurance revenue in Hong Kong.

HSBC won approval last month in China to establish an investment banking joint venture with a state-backed fund, ending a 20-month wait, making it the first such venture in China to be majority-owned by a foreign bank.

The venture will allow HSBC to expand in the world's second-largest economy, and is central to its ambition to increase profits by allowing the bank to underwrite and trade corporate bonds in China's domestic market.

The venture will be opened in December and staffed at first by around 50 people, Gulliver told Reuters on Monday.

Reporting by Sumeet Chatterjee and Lawrence White; Editing by Christopher Cushing and Stephen Coates

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Buyback and profit rise show progress as HSBC looks east - Reuters

Visual effects studio Weta Digital has begun work on the four sequels to James Camerons Avatar, one of the highest-grossing films ever.

The Wellington, New Zealand-based shop was most recently in the limelight for its motion-capture work on War for the Planet of the Apes.

What Joe Letteri and Weta Digital bring to these stories is impossible to quantify, said Cameron, referring to Weta Digitals senior visual effects supervisor. Since we made Avatar, Weta continued to prove themselves as doing the best CG animation, the most human, the most alive, the most photo-realistic effects in the world.

He added, And of course, that now means I can push them to take it even further.

The depth of talent at Weta is impressive and the culture of excellence is one that matches how we do things at Lightstorm, said Jon Landau, producer on all the avatar movies. Lightstorm Entertainment is the production company behind Avatar and other Cameron-directed features, including Terminator 2: Judgment Day and Titanic.

Landau hinted at breakthroughs to come. We also know that these next films promise to be even more ambitious than the first film, he noted.

Avatar is the ideal type of film for us, said Letteri. Jims vision for the world of Pandora was always so much bigger than what we created for the first film. Helping him expand the language of cinema through new narratives set in such an expansive universe is the type of opportunity that rarely comes along twice. Projects like this allow everyone involved to push themselves to do their best work.

The excitement at Weta around Avatar is obvious and the fact is that we have already been working on it for a number of years, said Weta Digital executive producer David Conley. During that period we have grown the company to a size and model that allows us to expand beyond any one project. This enables us to find a mix of other films that can help us grow along with Avatar, as is the case with Alita: Battle Angel, Avengers: Infinity War and Mortal Engines, to name a few of the other films we are currently working on.

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'Avatar' Sequels Progress to Next Level as Weta Digital Begins Visual Effects Work - Variety

Some 20 million people around the world are victims of human trafficking, and nearly 70 percent of those are trapped in forced labor.The International Labour Organization reports that this dark web of modern day slavery generates roughly $150 Billion in profits.Law enforcement agencies lack deep data about trafficking patterns, specific sub-types, and locations, and victims rarely have access to channels of communication for help. Less than one percent of victims are identified globally each year. Its hard to wrap your mind around the scale of the problem and the avenues for solutions.

How can the progress of an intervention be measured when the dynamics and drivers of the problem are so difficult to determine? Polaris has pioneered an effort to map out the landscape and break it up into discernible segments, ensuring that interventions can be tailored to the specific context. Using aggregated data, Polaris has been able to create atypology of human trafficking, a first step in creating concrete action steps for combating the scourge. Seeing the problem in higher resolution allowslaw enforcement, border officials, service providers, and governments to be better equipped to identify trafficking in its various forms and then to take targeted action to prevent it.

Polaris reviewed more than 32,000 cases of human trafficking documented between December 2007 and December 2016 through its operation of the National Human Trafficking Hotline and BeFree Textlinethe largest data set on human trafficking in the United States. They analyzed the data and developed a classification system that identifies 25 distinct types of human trafficking in the U.S. Each has its own business model, trafficker profiles, recruitment strategies, victim profiles, and methods of control. This detailed typology brings the problem of human trafficking out of the shadows and into sharper focus.

This is a huge step towards better understanding the unique facets of the larger problem. The critical next step is to get all actors, now armed with this data, to collaborate on solutions and to create shared methodologies to track the effectiveness of interventions informed by the typology. Just as Polaris marshaled a sea of data in the U.S., on the international scale, theInternational Labour Organization and the Walk Free Foundationare working in collaboration to determine a baseline by which to measure the magnitude of the problem globally and map progress against target 8.7 of the SDGs to end modern slavery.

To turn the tide on the problem, we need accurate and actionable data that informs cross-sector collaboration. Polaris is showing that its possible to employ rigorous data science to unpack the ecosystems of modern slavery, now its time to put that science to work.

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Human Trafficking: Where's the Progress and What Comes Next? - Skoll Foundation