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Tag: Company

  • Poor most hit on fertility front due to lifestyle issues: IVF specialist | Company News

    Poor most hit on fertility front due to lifestyle issues: IVF specialist | Company News

    Baby

    Smoking/tobacco chewing stands as another lifestyle choice with major implications for reproductive health, Dr Murdia highlighted


    Infertility is not just a medical condition but a crisis fuelled by lifestyle choices, with infertility rates soaring particularly in lower-income groups and tier 2 and 3 cities where access to healthcare is limited, a top IVF specialist said.


    Dr Ajay Murdia, the man behind one of India’s largest fertility chain, Indira IVF, said while advancements in assisted reproductive technologies like In Vitro Fertilization (IVF) offer hope, it is a reality that the underprivileged who are hit hard.


    “Infertility rates are soaring, particularly in lower-income and tier 2 and 3 cities, where access to healthcare, nutrition, and education is limited,” Dr Murdia, founder and chairman of Indira IVF, told PTI.

     


    “Infertility is no longer just a medical issue; it’s a crisis fuelled by lifestyle choices that hit the underprivileged hardest. Without action, even advancements like IVF will remain out of reach for many,” he said.


    Lifestyle factors such as obesity, poor diet, smoking, and chronic stress, which are often exacerbated in marginalized communities due to lack of resources and awareness, are increasingly recognised as significant contributors to infertility.


    These issues go beyond personal health; they represent barriers to conception that have a more pronounced impact on those with fewer means, Dr Murdia stated.


    “Lifestyle choices in economically weaker sections, compounded by limited access to quality healthcare, are emerging as a central factor in the fertility crisis. The habits we often overlook, particularly in less affluent areas, are now influencing the capacity to conceive,” he noted.


    The scope of this crisis becomes evident when examining the startling statistics surrounding obesity and its impact on fertility.


    The World Health Organization reports that one in eight people worldwide is classified as obese,a condition that dramatically raises the risk of infertility.


    Obese women are three times more likely to struggle with infertility compared to those maintaining a healthy weight, while for men, every additional 9 kg beyond their ideal weight raises their risk of infertility by 10 per cent.


    These trends are often exacerbated in less affluent areas, where healthcare support and lifestyle interventions are scarce, he said.


    Smoking/tobacco chewing stands as another lifestyle choice with major implications for reproductive health, Dr Murdia highlighted.


    Studies show that female smokers have a 54 percent higher chance of delayed conception over a year compared to non-smokers, and men who smoke more than 20 cigarettes a day experience a 19 percent decline in sperm concentration, he said.


    This not only reduces the chances of natural conception but also complicates assisted reproductive technologies, such as IVF where smokers may require nearly twice as many cycles to achieve pregnancy, he said.


    These findings, published by the American Society for Reproductive Medicine and the National Library of Medicine, underscore the severe impact of smoking on fertility and the necessity of public health strategies to address this issue.


    “Late marriages and delayed family planning in tier 2 and 3 cities add to the fertility crisis. While technology helps, the natural decline in fertility with age poses challenges many are unprepared for,” Dr Murdia said.


    The consequences of these lifestyle factors in lower-income communities extend beyond physical health, he said adding infertility can place an enormous emotional and psychological burden on individuals and families, leading to anxiety, depression, and strained relationships.


    This burden is often magnified for those in underprivileged areas, where social stigma around infertility is more pronounced and mental health support is limited, he highlighted.


    Addressing this growing fertility crisis requires a comprehensive approach that integrates medical advancements with proactive lifestyle changes and targeted support for underprivileged communities.


    Dr Murdia advocated increased awareness and education, particularly in tier 2 and 3 cities, stating, “By making informed lifestyle choices and enhancing access to affordable healthcare, we can create a more supportive environment for natural conception, especially for those who need it most”.


    “It is crucial to act now to ensure that dreams of aspiring parents are not dictated by their economic or social status.The urgency to address lifestyle factors, particularly among the poor and underprivileged, cannot be overstated. Ensuring a hopeful future for all aspiring parents, regardless of their economic standing, begins with the choices we make to support and promote reproductive health in every community,” he said.

    (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

    First Published: Sep 22 2024 | 2:51 PM IST

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  • 23andMe directors resign as the CEO of the genetic-testing company seeks to take it private

    23andMe directors resign as the CEO of the genetic-testing company seeks to take it private

    NEW YORK — All of 23andMe’s independent directors resigned from its board this week, a rare move that marks the latest challenge for the genetic-testing company.

    The resignations follow drawn-out negotiations with 23andMe CEO and co-founder Anne Wojcicki, who wants to take the company private. In a Tuesday letter addressed to Wojcicki, the seven directors said they had yet to receive a “a fully financed, fully diligenced, actionable proposal that is in the best interests of the non-affiliated shareholders” from the chief executive after months of efforts.

    The directors said they would be resigning effective immediately — arguing that, while they still believed in 23andMe’s mission, their departures were for the best due to Wojcicki’s concentrated voting power and a “clear” difference of opinion on the company’s future.

    Wojcicki later responded to the resignations in a memo to employees, published in a securities filing, saying she was “surprised and disappointed” by the directors’ decision. Still, she maintained that taking 23andMe private and “outside of the short term pressures of the public markets” would be best for the company long term.

    Wojcicki added that 23andMe would immediately be identifying independent directors to join the board. Wojcicki, who holds 49% of the voting power at 23andMe, was the only remaining board member listed on the company’s website as of Thursday. A spokesperson had no further updates to share when reached by The Associated Press.

    23andMe, which went public in 2021, has struggled to find a profitable business model since. The company reported a net loss of $667 million for its last fiscal year, more than double the loss of $312 million for the year prior.

    Shares for 23andMe have also plummeted — with the company’s stock closing at 33 cents Thursday, down more than 97% since its 2021 stock market debut, according to FactSet.

    Wojcicki announced her intention to take 23andMe private, by way of acquiring all outstanding shares that she doesn’t own, in April. Wojcicki also said that she wished to maintain control of the company and was not willing to support alternative transactions from other bidders. She submitted a proposal in late July, but the board’s evaluating committee found it to be wanting.

    Beyond the resignations, 23andMe has made other a handful of other headlines in recent months — particularly around privacy concerns. Last week, 23andMe agreed to pay $30 million in cash to settle a class-action lawsuit accusing the company of failing to protect customers whose personal information was exposed in a 2023 data breach.

    23andMe has shared preliminary support of the settlement, which is set to be heard by a judge for approval next month. In a statement, a spokesperson said that the company looked forward to finalizing the agreement, which it believe is “in the best interest of 23andMe customers.” The $30 million payment would settle all U.S. claims, the spokesperson added, and $25 million of it is expected to be covered by insurance coverage.

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  • Mideast Tensions latest: Gold Apollo says a Budapest company made exploding pagers under its brand

    Mideast Tensions latest: Gold Apollo says a Budapest company made exploding pagers under its brand

    Taiwanese company Gold Apollo said Wednesday that it authorized its brand on the pagers that exploded in Lebanon and Syria but that another company based in Budapest manufactured them.

    Hundreds of handheld pagers exploded almost simultaneously Tuesday across Lebanon and in parts of Syria, killing at least nine people, government and Hezbollah officials said. Officials pointed the finger at Israel in what appeared to be a sophisticated remote attack. The Israeli military declined to comment.

    Hezbollah began striking Israel almost immediately after Hamas’ Oct. 7 attack that sparked the Israel-Hamas war. Since then, Israel and Hezbollah have exchanged fire daily, coming close to a full-blown war on several occasions and forcing tens of thousands on both sides of the border to evacuate their homes.

    Gaza’s Health Ministry says more than 41,000 Palestinians have been killed in the territory since Hamas’ Oct. 7 attack. The ministry does not differentiate between fighters and civilians in its count but says a little over half of those killed were women and children. Israel says it has killed over 17,000 militants, without providing evidence.

    Here’s the latest:

    JERUSALEM — The Israeli military says four soldiers were killed in southern Gaza and five others were wounded, with three of them in serious condition.

    The deaths on Tuesday came nearly a year into the war in Gaza, which was triggered by Hamas’ Oct. 7 attack. The army did not describe the circumstances, but Israeli media reported that the soldiers were killed by a hidden bomb that exploded inside a building.

    One of the four, Staff Sgt. Agam Naim, an army paramedic, was the first female soldier to have been killed in combat in Gaza, according to Israeli media.

    Hamas and other armed groups remain active across the territory despite months of heavy Israeli bombardment and ground operations that have destroyed vast areas and displaced most of the population.

    Israel says 346 of its soldiers have been killed since the start of ground operations last October. The military says it has killed over 17,000 militants, without providing evidence.

    TAIPEI, Taiwan — Taiwanese company Gold Apollo said Wednesday that it authorized its brand on the pagers that exploded in Lebanon and Syria but that another company based in Budapest manufactured them.

    Pagers used by hundreds of members of the militant group Hezbollah exploded near-simultaneously Tuesday in Lebanon and Syria, killing at least nine people, including an 8-year-old girl, and wounding more than 2,000. Hezbollah and the Lebanese government blamed Israel for what appeared to be a sophisticated remote attack.

    The AR-924 pagers used by the militants were manufactured by BAC Consulting KFT, based in Hungary’s capital, according to a statement released Wednesday by Gold Apollo.

    “According to the cooperation agreement, we authorize BAC to use our brand trademark for product sales in designated regions, but the design and manufacturing of the products are solely the responsibility of BAC,” the statement read.

    Gold Apollo chair Hsu Ching-kuang told journalists Wednesday that his company has had a licensing agreement with BAC for the past three years, but did not provide evidence of the contract.

    The AR-924 pager, advertised as being “rugged,” contains a rechargeable lithium battery, according to specifications once advertised on Gold Apollo’s website before it was apparently taken down Tuesday after the sabotage attack. It could receive text messages of up to 100 characters and claimed to have up to 85 days of battery life. That’s something that would be crucial in Lebanon, where electricity outages have been common as the tiny nation on the Mediterranean Sea has faced years of economic collapse. Pagers also run on a different wireless network than mobile phones, making them more resilient in emergencies — one of the reasons why many hospitals worldwide still rely on them.

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  • Pagers that exploded in Lebanon and Syria were made by a company in Budapest, Gold Apollo says

    Pagers that exploded in Lebanon and Syria were made by a company in Budapest, Gold Apollo says

    TAIPEI, Taiwan — Taiwanese company Gold Apollo said Wednesday that it authorized its brand on the pagers that exploded in Lebanon and Syria but that another company based in Budapest manufactured them.

    Pagers used by hundreds of members of the militant group Hezbollah exploded near-simultaneously Tuesday in Lebanon and Syria, killing at least nine people, including an 8-year-old girl, and wounding more than 2,000. Hezbollah and the Lebanese government blamed Israel for what appeared to be a sophisticated remote attack.

    The AR-924 pagers used by the militants were manufactured by BAC Consulting KFT, based in Hungary’s capital, according to a statement released Wednesday by Gold Apollo.

    “According to the cooperation agreement, we authorize BAC to use our brand trademark for product sales in designated regions, but the design and manufacturing of the products are solely the responsibility of BAC,” the statement read.

    Gold Apollo chair Hsu Ching-kuang told journalists Wednesday that his company has had a licensing agreement with BAC for the past three years, but did not provide evidence of the contract.

    At about 3:30 p.m. Tuesday, as people shopped for groceries, sat in cafes or drove cars and motorcycles in the afternoon traffic, the pagers in their hands or pockets started heating up and then exploding — leaving blood-splattered scenes and panicking bystanders.

    It appeared that many of those hit were members of Hezbollah, but it was not immediately clear if non-Hezbollah members also carried any of the exploding pagers.

    The blasts were mainly in areas where the group has a strong presence, particularly a southern Beirut suburb and in the Beqaa region of eastern Lebanon, as well as in Damascus, according to Lebanese security officials and a Hezbollah official. The Hezbollah official spoke on condition of anonymity because he was not authorized to talk to the press.

    Experts believe explosive material was put into the pagers prior to their delivery and use in a sophisticated supply chain infiltration.

    The AR-924 pager, advertised as being “rugged,” contains a rechargeable lithium battery, according to specifications once advertised on Gold Apollo’s website before it was apparently taken down Tuesday after the sabotage attack. It could receive text messages of up to 100 characters.

    It also claimed to have up to 85 days of battery life. That’s something that would be crucial in Lebanon, where electricity outages have been common as the tiny nation on the Mediterranean Sea has faced years of economic collapse. Pagers also run on a different wireless network than mobile phones, making them more resilient in emergencies — one of the reasons why many hospitals worldwide still rely on them.

    For Hezbollah, the militants also looked at the pagers as a means to counteract what’s believed to be intensive Israeli electronic surveillance on mobile phone networks throughout the country.

    “The phone that we have in our hands — I do not have a phone in my hand — is a listening device,” warned Hezbollah chief Hassan Nasrallah in a February speech.

    He later added: “I tell you that the phone in your hands, in your wife’s hands, and in your children’s hands is the agent. It is a deadly agent, not a simple one. It is a deadly agent that provides specific and accurate information. Therefore, this requires great seriousness when confronting it.”

    ___

    Jon Gambrell in Dubai, United Arab Emirates, contributed.

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  • Trump will soon be able to sell shares in Truth Social’s parent company. What’s at stake?

    Trump will soon be able to sell shares in Truth Social’s parent company. What’s at stake?

    NEW YORK — For all the debate about just how rich former President Donald Trump is, one thing is clear: His ownership stake in Trump Media & Technology Group makes him a billionaire.

    The company behind the Truth Social platform is worth more than $3.5 billion on Wall Street, and Trump owns more than half of it. So far, Trump and other insiders in the company known as TMTG have been unable to cash in because a “lock-up agreement” has prevented them from selling any of their shares since TMTG began trading publicly in March.

    Trump’s lock-up deal looks set to expire later this week. But if he sells, Trump risks sending a negative signal to other shareholders and prompting them to dump their shares. For now, Trump says he’s not selling.

    Here’s a look at what the end of the lock-up could mean and what Truth Social actually does:

    Trump on Thursday will be free to start selling his shares of TMTG as long as they don’t close below $12 before then. They closed Friday at nearly $18.

    Trump entered into the lock-up agreement in March, when TMTG merged with a shell company named Digital World Acquisition Corp. and took its place on the Nasdaq stock market.

    Trump does not run TMTG. Its CEO is Devin Nunes, the former Republican U.S. Representative from California. But Trump is the biggest draw for its Truth Social network, posting his “truths” on the social-media platform.

    Trump owned 57.3% of all the company’s shares, as of Aug. 15. Based on the company’s total market value of nearly $3.6 billion coming into the week, that made Trump’s stake worth a little more than $2 billion.

    Trump launched Truth Social, in February 2022, after he was banned from major sites such as Facebook and the platform formerly known as Twitter following the Jan. 6 attack on the U.S. Capitol. He’s since been reinstated to both — and endorsed by X owner Elon Musk — but he still mostly posts on his own platform.

    While the platform sought to capitalize on the outrage over Trump’s social media bans to attract a broad audience, Truth Social, much like fellow right-leaning social media platforms Gettr and Parler, has not been able to move much beyond an echo chamber of conservative political commentary.

    Truth Social is marketed as the antidote to mainstream social media apps, which Trump and his supporters say discriminate against their views and limit free expression, said Roxana Muenster, a doctoral student at Cornell University who studies the far-right and digital communication. Its audience, she added, is mainly Trump’s MAGA base. “There is also a lot of hate speech and extremism on the platform due to their lax approach to content moderation.”

    As part of an agreement that runs until February 2025, Trump has agreed to wait six hours after posting on Truth Social before he can post any “non-political communications” on other social media platforms

    However, this is at the former president’s sole discretion, and as the company notes in a regulatory filing, as “a candidate for president, most or all of President Trump’s social media posts may be deemed by him to be politically related.”

    The company said in a recent regulatory filing that it relies on advertising for all of its revenue. That revenue is miniscule — it took in just $836,900 in its most recent quarter, down 30% from $1.2 million a year earlier. For the three-month period that ended June 30, the company posted a loss of $16.4 million. About half of that was legal expenses related to its merger with Digital World.

    In its latest quarter, Trump Media said it also incurred $3.1 million of technology consulting and software licensing expenses, mainly related to its software licensing agreement to power its new TV streaming service called Truth+.

    Unlike more mainstream social media platforms, Truth Social does not release information about certain measures of performance, such as signups and average revenue per user. This can make it more challenging for investors to determine how the company’s business is doing.

    Poorly, for the most part. After sitting above $60 in March, it tumbled toward $16 before perking up a bit on Friday and closing at $17.97.

    A stock’s price is supposed to rise and fall with its prospects for making money, but critics say TMTG’s stock has instead tended to move with investors’ expectations for Trump’s re-election chances. It’s also been incredibly volatile, diving and soaring through pulse-raising swings day to day if not hour to hour. The stock has had 15 days since the start of April where it’s jumped or dropped more than 10%.

    At a press conference on Friday, he suggested it may be because of fears that he would sell his own shares. “It’s different if I leave,” he said.

    The stock market works on supply and demand, and if many shares of any stock were suddenly to become available because a shareholder wanted to sell, that would likely hurt its price.

    Beyond that, though, Trump is a huge draw for TMTG’s stock himself. A stock is generally worth whatever the latest and the next buyer will pay for it. Investors would likely be less willing to pay higher prices for TMTG stock if its main draw were selling his own shares of the company.

    At the Friday press conference, he said he would not sell when the lock-up lifts. He said he does not need the money.

    “No, I’m not selling,” he said. “No, I love it. I use it as a method of getting out my word.”

    That caused a mini-rally for the stock of 11.8%.

    Yes. Major investors who own more than 10% of a company must report their sales of its stock to the U.S. Securities and Exchange Commission within two business days.

    When there will be a lot of selling, companies often arrange for a follow-on offering, an organized sale where underwriters can find buyers for the shares rather than just dumping them into the market, according to Jay Ritter, an expert on initial public offerings at the University of Florida’s Warrington College of Business.

    “With founders or large shareholders, such as Donald Trump, it is common for them to sell a modest fraction of their shares in order to diversify,” Ritter said. “It is unusual for them to sell a large fraction of shares as soon as they can.”

    No, says Ritter, who believes TMTG’s stock price is too high relative to how much money the company is making and looks set to make.

    Ritter said the stock could drop more than 80%. “Because of this probable large percentage decline, existing shareholders have a greater incentive than usual to sell now rather than wait,” he said.

    That could push other big shareholders, such as CEO Nunes, “to sell a lot of their shares quickly, whether or not Donald Trump sells any of his shares.”

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  • A tech company hired a top NYC official’s brother. A private meeting and $1.4M in contracts followed

    A tech company hired a top NYC official’s brother. A private meeting and $1.4M in contracts followed

    NEW YORK — Ahead of the 2022 school year, the education technology company 21stCentEd was seeking to expand its presence in New York City’s public schools. So they turned to a man, Terence Banks, whose new consulting firm promised to connect clients with top government stakeholders.

    Banks wasn’t a registered lobbyist. His day job, at the time, was as a supervisor in the city’s subway system. But he had at least one platinum connection: His older brother, David Banks, is New York City’s schools chancellor, overseeing the nation’s largest school system.

    Within a month of the hire, 21stCentEd had secured a private meeting with the schools chancellor. In the two years since that October 2022 meeting, more than $1.4 million in Education Department funds have flowed to the company, nearly tripling its previous total, records show.

    The siblings — along with a third brother, Philip Banks, who serves as New York City’s deputy mayor of public safety — are now enmeshed in a sprawling federal probe that has touched several high-ranking members of Mayor Eric Adams’ administration.

    Federal investigators seized phones last week from all three brothers and at least three other top city officials, including Police Commissioner Edward Caban, who resigned Thursday.

    The exact nature of the investigation — or investigations — has not been disclosed. Among other things, federal authorities are investigating the former police commissioner’s twin brother, James Caban, a former police sergeant who runs a nightclub security business.

    On Wednesday, a city operations coordinator was fired after a bar owner in Brooklyn told NBC New York that he had been pressured by the aide into hiring the police commissioner’s brother to make noise complaints against his business go away.

    Federal investigators are also scrutinizing whether Terence Banks’ consulting firm, the Pearl Alliance, broke the law by leveraging his family connections to help private companies secure city contracts, according to a person familiar with the matter. The person spoke to The Associated Press on condition of anonymity because they were not authorized to disclose information about the investigations.

    All three Banks brothers have denied wrongdoing. David and Terence Banks have said they don’t believe they are the target of the investigation. But government watchdogs say the family’s overlapping work in the private and public sector may have run afoul of conflict of interest guardrails as well as city and state laws on procurement lobbying.

    “It has the appearance of Terence Banks using his family connections to help his client and enrich himself,” said Susan Lerner, the executive director of Common Cause New York, a good-government group.

    Timothy Sini, an attorney for Terence Banks, did not respond to specific questions about the consulting firm. But he wrote in an email, “We have been assured by the Government that Mr. Banks is not a target of this investigation.”

    Speaking at a news conference Friday, David Banks said FBI agents had not returned his phone, and he declined to answer questions about his relationship to his brother’s consulting firm. “We are cooperating with a federal investigation,” he said.

    City ethics rules ban relatives from lobbying each other. At minimum, David Banks would be required to secure a waiver from the city’s Conflicts of Interest Board before meeting with a company represented by his brother, according to John Kaehny, the executive director of the good-government group Reinvent Albany.

    “It’s surprisingly arrogant or obtuse that David Banks, one of the city’s top government officials, would ignore this basic, commonsense, conflict of interest rule,” Kaehny said in an email.

    Neither the Department of Education nor the Conflicts of Interest Board would say whether a waiver was requested.

    A spokesperson for the Department of Education, Nathaniel Styer, said all spending linked to 21stCentEd had come from individual schools and districts, which can make purchases of less than $25,000 without the agency’s approval.

    The Utah-based company trains teachers and provides curriculums focused on artificial intelligence, robotics, and automation.

    Dylan Howard, a spokesperson for the company, said Terence Banks was hired “to help 21stCentEd present our STEM solutions and services to decision makers within New York City public schools.” He said they learned of his consulting firm through a 21stCentEd employee who has since left the company.

    The spokesperson could not say how the meeting with the school’s chancellor came about or whether Terence Banks attended. He added that Terence Banks had provided “no value” to the company and that his contract was terminated last December.

    21stCentEd was one of several companies with city contracts that hired Terence Banks’ consulting firm, according to a website for the Pearl Alliance that was taken down after news of the federal investigations emerged last week.

    Another listed client, SaferWatch, sells panic buttons to schools and police departments. Since August of 2023, it has been awarded more than $67,000 in city contracts, according to city records.

    The third Banks brother, Philip Banks, maintains wide influence over the NYPD as deputy mayor for public safety. A spokesperson for SaferWatch, Hank Sheinkopf, declined to comment. The NYPD did not respond to email inquiries.

    In total, the Pearl Alliance listed nine clients with millions of dollars in city contracts, including a software business, a grocery delivery start-up, and a company that specializes in concrete. At least seven of the companies have past or current contracts with the city.

    It wasn’t clear whether the federal inquiry into the consulting firm run by Terence Banks was part of the investigation into the police commissioner’s brother.

    Ray Martin, the city official who was said to have pressured a bar owner to hire James Caban, was “terminated for cause” Thursday after the mayor’s office learned of the allegations, according to Fabien Levy, the deputy mayor for communications.

    The bar owner, Shamel Kelly, told WNBC-TV that Martin gave him what felt like an ultimatum last year to either pay James Caban or risk having his business shut down. Kelly said James Caban demanded an upfront fee of $2,500. He said he had been interviewed Thursday by federal investigators and the city’s Department of Investigation. Messages seeking comment were left with those agencies.

    Attempts to reach Martin were not immediately successful. A cellphone number listed in his name was no longer working.

    A lawyer for James Caban said he “unequivocally denies any wrongdoing” and has cooperated fully with law enforcement. Once the investigation is complete, lawyer Sean Hecker said, “it will be clear that these claims are unfounded and lack merit.”

    Both David and Philip Banks remain in their government positions. An attorney for Philip Banks, Benjamin Brafman, declined to comment.

    At a press briefing Tuesday, Adams noted his relationship with the Banks family dates back decades, to when he served in the police department under the brothers’ father. He said he never met with Terence Banks about city business.

    “I’ve known the Banks families for years,” Adams said. “And my knowing someone, I hold them to the same standard that I hold myself to.”

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  • Stakeholder in Trump’s Truth Social parent company wins court ruling over share transfer

    Stakeholder in Trump’s Truth Social parent company wins court ruling over share transfer

    DOVER, Del. — A federal judge in Delaware has ruled in favor of a firm seeking assurance that it will be able to sell its minority stake in the parent company of former president Donald Trump’s Truth Social platform.

    The judge on Friday granted summary judgment to Florida-based United Atlantic Ventures LLC in a lawsuit filed against Minnesota-based Odyssey Transfer and Trust Co., a business that handles securities transfers among registered shareholders.

    UAV is owned by Andrew Litinsky and Wesley Moss, former contestants on Trump’s TV show, “The Apprentice” who also helped facilitate a merger that took Trump Media public in March.

    Since then, UAV and Trump Media have been battling in courts in both Delaware and Florida over UAV’s stake in the company. Attorneys for Trump Media assured a state judge in Delaware earlier this year that UAV was entitled to an 8.6% stake and would suffer no merger-related dilution. They now contend, however, that UAV is not entitled to its shares because of pre-merger mismanagement by Litinsky and Moss.

    Friday’s ruling involves UAV’s concerns that it will not receive its Trump Media shares, currently valued at about $350 million, from Odyssey when a post-merger lockup period expires Sept. 19. According to court filings, Odyssey told UAV earlier this year that it would be taking direction from TMTG and its lawyers.

    After Odyssey filed a lawsuit, the parties appeared to have reached a resolution, with Odyssey saying it would remove transfer restrictions on the share after the lockup period expires “without preference to any TMTG shareholder.” After seeking approval from Trump Media, however, Odyssey tried to change that language to “on the same basis as other similarly situated TMTG shareholders.”

    Trump holds about 115 million TMTG shares, or roughly 60% of the company’s outstanding shares.

    U.S. District Judge Gregory Williams questioned Odyssey’s conduct, noting that it claimed the language change was “immaterial,” while allowing it to scuttle settlement negotiations.

    “Even outside settlement negotiations, Odyssey’s conduct has been elusive,” Williams wrote.

    Williams ordered that when Odyssey is notified by TMTG of the expiration of the lockup provisions, it must promptly notify UAV, remove transfer restrictions on all shares and not interfere with the delivery of the shares.

    TMTG’s share price hit a high of $79.38 on its first day of trading but is now hovering around $17, closing Friday at $17.10.

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  • Brazil blocks Musk’s X after company refuses to name local representative amid feud with judge

    Brazil blocks Musk’s X after company refuses to name local representative amid feud with judge

    SAO PAULO — Brazil started blocking Elon Musk’s social media platform X early Saturday, making it largely inaccessible on both the web and through its mobile app after the company refused to comply with a judge’s order.

    X missed a deadline imposed by Supreme Court Justice Alexandre de Moraes to name a legal representative in Brazil, triggering the suspension. It marks an escalation in the monthslong feud between Musk and de Moraes over free speech, far-right accounts and misinformation.

    To block X, Brazil’s telecommunications regulator, Anatel, told internet service providers to suspend users’ access to the social media platform. As of Saturday at midnight local time, major operators began doing so.

    De Moraes had warned Musk on Wednesday night that X could be blocked in Brazil if he failed to comply with his order to name a representative, and established a 24-hour deadline. The company hasn’t had a representative in the country since earlier this month.

    “Elon Musk showed his total disrespect for Brazilian sovereignty and, in particular, for the judiciary, setting himself up as a true supranational entity and immune to the laws of each country,” de Moraes wrote in his decision on Friday.

    The justice said the platform will stay suspended until it complies with his orders, and also set a daily fine of 50,000 reais ($8,900) for people or companies using VPNs to access it.

    In a later ruling, he backtracked on his initial decision to establish a 5-day deadline for internet service providers themselves — and not just the telecommunications regulator — to block access to X, as well as his directive for app stores to remove virtual private networks, or VPNs.

    The dispute also led to the freezing this week of the bank accounts in Brazil of Musk’s satellite internet provider Starlink.

    Brazil is one of the biggest markets for X, which has struggled with the loss of advertisers since Musk purchased the former Twitter in 2022. Market research group Emarketer says some 40 million Brazilians, roughly one-fifth of the population, access X at least once per month.

    “This is a sad day for X users around the world, especially those in Brazil, who are being denied access to our platform. I wish it did not have to come to this – it breaks my heart,” X’s CEO Linda Yaccarino said Friday night, adding that Brazil is failing to uphold its constitution’s pledge to forbid censorship.

    X had posted on its official Global Government Affairs page late Thursday that it expected X to be shut down by de Moraes, “simply because we would not comply with his illegal orders to censor his political opponents.”

    “When we attempted to defend ourselves in court, Judge de Moraes threatened our Brazilian legal representative with imprisonment. Even after she resigned, he froze all of her bank accounts,” the company wrote.

    X has clashed with de Moraes over its reluctance to comply with orders to block users.

    Accounts that the platform previously has shut down on Brazilian orders include lawmakers affiliated with former President Jair Bolsonaro’s right-wing party and activists accused of undermining Brazilian democracy. X’s lawyers in April sent a document to the Supreme Court in April, saying that since 2019 it had suspended or blocked 226 users.

    In his decision Friday, de Moraes’ cited Musk’s statements as evidence that X’s conduct “clearly intends to continue to encourage posts with extremism, hate speech and anti-democratic discourse, and to try to withdraw them from jurisdictional control.”

    In April, de Moraes included Musk as a target in an ongoing investigation over the dissemination of fake news and opened a separate investigation into the executive for alleged obstruction.

    Musk, a self-proclaimed “free speech absolutist,” has repeatedly claimed the justice’s actions amount to censorship, and his argument has been echoed by Brazil’s political right. He has often insulted de Moraes on his platform, characterizing him as a dictator and tyrant.

    De Moraes’ defenders have said his actions aimed at X have been lawful, supported by most of the court’s full bench and have served to protect democracy at a time it is imperiled. He wrote Friday that his ruling is based on Brazilian law requiring internet services companies to have representation in the country so they can be notified when there are relevant court decisions and take requisite action — specifying the takedown of illicit content posted by users, and an anticipated churn of misinformation during October municipal elections.

    The looming shutdown is not unprecedented in Brazil.

    Lone Brazilian judges shut down Meta’s WhatsApp, the nation’s most widely used messaging app, several times in 2015 and 2016 due to the company’s refusal to comply with police requests for user data. In 2022, de Moraes threatened the messaging app Telegram with a nationwide shutdown, arguing it had repeatedly ignored Brazilian authorities’ requests to block profiles and provide information. He ordered Telegram to appoint a local representative; the company ultimately complied and stayed online.

    X and its former incarnation, Twitter, have been banned in several countries — mostly authoritarian regimes such as Russia, China, Iran, Myanmar, North Korea, Venezuela and Turkmenistan. Other countries, such as Pakistan, Turkey and Egypt, have also temporarily suspended X before, usually to quell dissent and unrest. Twitter was banned in Egypt after the Arab Spring uprisings, which some dubbed the “Twitter revolution,” but it has since been restored.

    A search Friday on X showed hundreds of Brazilian users inquiring about VPNs that could potentially enable them to continue using the platform by making it appear they were logging on from outside the country. It was not immediately clear how Brazilian authorities would police this practice and impose fines cited by de Moraes.

    “This is an unusual measure, but its main objective is to ensure that the court order to suspend the platform’s operation is, in fact, effective,” Filipe Medon, a specialist in digital law and professor at the law school of Getulio Vargas Foundation, a university in Rio de Janeiro, told The Associated Press.

    Mariana de Souza Alves Lima, known by her handle MariMoon, showed her 1.4 million followers on X where she intends to go, posting a screenshot of rival social network BlueSky.

    On Thursday evening, Starlink, said on X that de Moraes this week froze its finances, preventing it from doing any transactions in the country where it has more than 250,000 customers.

    “This order is based on an unfounded determination that Starlink should be responsible for the fines levied—unconstitutionally—against X. It was issued in secret and without affording Starlink any of the due process of law guaranteed by the Constitution of Brazil. We intend to address the matter legally,” Starlink said in its statement. The law firm representing Starlink told the AP that the company appealed, but wouldn’t make further comment.

    Musk replied to people sharing the reports of the freeze, adding insults directed at de Moraes. “This guy @Alexandre is an outright criminal of the worst kind, masquerading as a judge,” he wrote.

    Musk later posted on X that SpaceX, which runs Starlink, will provide free internet service in Brazil “until the matter is resolved” since “we cannot receive payment, but don’t want to cut anyone off.”

    In his decision, de Moraes said he ordered the freezing of Starlink’s assets, as X didn’t have enough money in its accounts to cover mounting fines, and reasoning that the two companies are part of the same economic group.

    While ordering X’s suspension followed warnings and fines and so was appropriate, taking action against Starlink seems “highly questionable,” said Luca Belli, coordinator of the Getulio Vargas Foundation’s Technology and Society Center.

    “Yes, of course, they have the same owner, Elon Musk, but it is discretionary to consider Starlink as part of the same economic group as Twitter (X). They have no connection, they have no integration,” Belli said.

    ___

    AP writers Barbara Ortutay reported from San Francisco and David Biller from Rio. Savarese contributed from Sao Paulo.

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  • Watch: Zomato Agent Delivers Food Amid Heavy Rains, Company Responds

    Watch: Zomato Agent Delivers Food Amid Heavy Rains, Company Responds

    Social media is all praise for a Zomato agent who delivered food through the flooded streets of Ahmedabad. A widely circulated clip on X (formerly Twitter) shows the delivery agent wading through knee-deep water. Since the video went viral, there has been an outpouring of appreciation for the delivery agent’s unwavering and commitment. Social media users have urged Deepinder Goyal, CEO of Zomato, to reward the agent for his outstanding work. The text accompanying the video reads, “#ZOMATO delivering in Ahmedabad amidst extremely heavy rains!!” 

    Watch the video here:

    The official X handle of Zomato’s customer care responded to the viral post and thanked the user for sharing the video. They also asked for the order ID number so they could identify the delivery agent. Zomato wrote, “Hi Vikunj! Thank you for highlighting our delivery partner’s extraordinary efforts! They truly went above and beyond, braving extreme weather like a superhero. To help us recognize and celebrate their efforts, could you please share the order ID or details about the area and timing of the delivery? This will ensure our superhero delivery partner gets the recognition they deserve.” 

    As the video gained traction, it sparked a range of reactions online. While some praised the delivery agent for his commitment towards his work, others criticised the decision of the customers to place orders during such extreme weather conditions.

    One user said, “This person who works with his hard work and dedication should be rewarded like this from the company.” 

    Another added, “Excellent job and well done by Zomato delivery partner.” 

    A comment read, “These heroes deserve special recognition.” 

    Some users seemed upset with people for putting delivery agents’ lives in danger. They posted comments like, “This is inhuman and dangerous. He is risking his life for a Rs 500 order. He wouldn’t have done that if he had a minimum wage. Please instruct riders not to deliver in such conditions.”

    “The people who order, they should also think. How will someone deliver food through waterlogged streets. He is also human,” read a comment.

    What do you think about this viral video? Tell us in the comments.



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