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  • Commerce Department to reduce Intel’s funding on semiconductors

    Commerce Department to reduce Intel’s funding on semiconductors

    LOS ANGELES — The Biden administration plans on reducing part of Intel’s $8.5 billion in federal funding for computer chip plants around the country, according to three people familiar with the grant who spoke on the condition of anonymity to discuss private conversations.

    The reduction is largely a byproduct of the $3 billion that Intel is also receiving to provide computer chips to the military. President Joe Biden announced the agreement to provide Intel with up to $8.5 billion in direct funding and $11 billion in loans in March.

    The changes to Intel’s funding are not related to the company’s financial record or milestones, the people familiar with the grant told The Associated Press. In August, the chipmaker announced that it would cut 15% of its workforce — about 15,000 jobs — in an attempt to turn its business around to compete with more successful rivals like Nvidia and AMD.

    Unlike some of its rivals, Intel manufactures chips in addition to designing them.

    Two years ago, President Biden hailed Intel as a job creator with its plans to open a new plant near Columbus, Ohio. The president praised the company for plans to “build a workforce of the future” for the $20 billion project, which he said would generate 7,000 construction jobs and 3,000 full-time jobs set to pay an average of $135,000 a year.

    The California-based tech giant’s funding is tied to a sweeping 2022 law that President Biden has celebrated and which is designed to revive U.S. semiconductor manufacturing. Known as the CHIPS and Science Act, the $280 billion package is aimed at sharpening the U.S. edge in military technology and manufacturing while minimizing the kinds of supply disruptions that occurred in 2021, after the start of the coronavirus pandemic, when a shortage of chips stalled factory assembly lines and fueled inflation.

    The Biden administration helped shepherd the legislation following pandemic-era concerns that the loss of access to chips made in Asia could plunge the U.S. economy into recession. When pushing for the investment, lawmakers expressed concern about efforts by China to control Taiwan, which accounts for more than 90% of advanced computer chip production.

    In August, the administration pledged to provide up to $6.6 billion so that a Taiwanese semiconductor giant could expand the facilities it is already building in Arizona and better ensure that the most advanced microchips are produced domestically for the first time. The Commerce Department said the funding for Taiwan Semiconductor Manufacturing Co. meant the company could expand on its existing plans for two facilities in Phoenix and add a third, newly announced production hub.

    The administration has promised tens of billions of dollars to support construction of U.S. chip foundries and reduce reliance on Asian suppliers, which Washington sees as a security weakness.

    _____

    Boak reported from Washington.

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  • O.C. Sheriff’s Department employee stole thousands from her grandma

    O.C. Sheriff’s Department employee stole thousands from her grandma

    For years, an Orange County Sheriff’s Department employee was living large, spending lavishly on Santa Ana dinners, West Hollywood bars and a nightclub in Las Vegas. But it wasn’t the department’s payroll footing the bill — it was her unsuspecting grandmother, authorities said.

    Roxana C. Laub, 33, of Santa Ana, recently pleaded guilty to two felony charges for forging checks and fraudulently using credit cards in her grandmother’s name, according to a U.S. Department of Justice news release.

    She faces up to 30 years in federal prison for the bank fraud count and up to 15 years in federal prison for the identity theft count, according to the DOJ. Her sentencing hearing is scheduled for April 9, 2025.

    Laub, whose employment with the department has included a stint as a uniformed correctional officer at the Orange County jail, is accused of stealing her grandmother’s identity and savings for more than five years, prosecutors said.

    From 2015 to 2017, she forged her grandmother’s signature on more than 20 checks in order to fraudulently deposit some $45,000 from her grandmother’s bank account into her own, prosecutors said.

    Her 75-year-old grandmother had no clue what was going on, prosecutors said.

    During this time, Laub attempted to pose as her grandmother on the phone with the bank to extract personal information about her grandmother’s account. After admitting she wasn’t the grandmother, she put her actual grandmother on the phone who told the bank employee she had no knowledge of the checks made payable to Laub, prosecutors said.

    Laub then took the phone away from her grandmother and told the bank employee that her grandmother was feeling ill and unable to talk any further, even though the employee requested that the grandmother be put back on the line, prosecutors said.

    Then from March 2020 to September 2022, Laub used her grandmother’s credit card to charge thousands of dollars for personal expenses such as meals at restaurants in Santa Ana and West Hollywood, bars in West Hollywood and a night club in Las Vegas, prosecutors said. She used her grandmother’s bank account to make more than $14,000 in payments for those credit card charges without her grandmother’s knowledge, prosecutors said.

    Laub has shown some remorse for her acts and, in a text thread uncovered by government agents, told a family member “I know what I did is unforgivable,” prosecutors said. Laub has also agreed to pay back all the money she stole from her grandmother, prosecutors said.

    The crimes were investigated by the Federal Bureau of Investigations and the Federal Deposit Insurance Corporation Office of the Inspector General with assistance from the Long Beach Police Department.

    Help for financial fraud victims age 60 and over is available through the National Elder Fraud Hotline at (833) 372-8311.

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  • University of Scranton Athletic Department Announces Wall of Fame Class of 2025

    University of Scranton Athletic Department Announces Wall of Fame Class of 2025

    The University of Scranton Athletics Department will induct six new members into its Wall of Fame on Saturday, Nov. 23. 

    The Class of 2025 is comprised of Julia Crilly ’15 (women’s volleyball), Ross Danzig ’15 (men’s basketball/baseball), Jennifer (Bostwick) Guglielmi ’06 (field hockey/women’s lacrosse), Meredith Mesaris ’15 (women’s basketball), Ryan Millard ’15 (men’s lacrosse) and Alyssa (Fania) Panayi ’15 (field hockey).

    An induction ceremony will take place between games of a men’s and women’s basketball doubleheader against Juniata in the John Long Center. The women’s game will tip-off at 1 p.m., followed by the men’s game at 3:30 p.m.

    The Wall of Fame was founded in 1970 to honor student-athletes, administrators and those in the community who have been instrumental in the overall development of the University’s athletics program. This year’s class brings the Wall’s membership to 292. 

    Julia Crilly – Women’s Volleyball, 2011-14

    A four-year member of the women’s volleyball team, Crilly became the first All-American in program history when she was named Honorable Mention All-America by the American Volleyball Coaches Association (AVCA). She was a first-team All-Region selection by the AVCA that same year. 

    A four-time All-Landmark Conference honoree, Crilly earned first-team accolades in 2013 and 2014 after being named to the second team in 2011 and 2012. She was also the conference Rookie of the Year in 2011. Crilly ranks third in Landmark Conference history in career kills (1,648), fourth in kills per set (3.55) and fifth in service aces (195).

    A dominant outside hitter, Crilly is one of only two players in Scranton women’s volleyball history to lead the program in kills in four different seasons. She ranks third in program history in career kills, third in career digs (1,572), and fifth in service aces. She was also a force defensively, ranking 22nd in Scranton history in solo blocks (41), 23rd in total blocks (154) and 24th in block assists (141).

    A standout in the classroom as well, Crilly was named the Landmark Conference Senior Scholar Athlete in 2014 and was a three-time member of the conference’s Academic Honor Roll.

    Crilly helped the Royals to Landmark Conference playoff appearances in all four of her seasons, and the Royals amassed 72 victories over those four years. She was a co-recipient of the University’s O’Hara Award in 2015, presented annually to the top male and female athletes in the senior class.

    Ross Danzig – Men’s Basketball & Baseball, 2011-15

    A standout all-around athlete, Danzig etched his name all over the men’s basketball record book during his four years at Scranton. He ranks fourth in career points (1,793), seventh in 3-pointers made (184), 10th in field goals made (621), 11th in assists (386), 13th in free throws made (367), 15th in steals (127), tied for 15th in blocks (89) and 16th in rebounds (727).

    Danzig earned five different all-region honors during his time on the hardwood. D3hoops.com named him to the All-Mid-Atlantic Region Third Team in 2012-13, Second Team in 2014-15, and First Team in 2013-14. He also earned first-team honors in 2013-14 and 2014-15 from the National Association of Basketball Coaches (NABC). 

    The Landmark Conference Player of the Year in 2013-14, Danzig earned all-conference first-team honors in his final three seasons after being named the conference Rookie of the Year in 2011-12. He ranks sixth in Landmark history in points and field goals made, eighth in assists and free throws made, and tied for ninth in rebounds.

    The Royals were a force nationally during Danzig’s time in purple and white. They won three Landmark Conference championships (2011-12, 2013-14 and 2014-15), and made three NCAA Tournament appearances, advancing to the Elite Eight of the NCAA Tournament in 2011-12 and the second round in 2014-15.

    On the baseball diamond, Danzig earned All-Landmark Conference second-team honors in 2014. He helped the Royals reach the Landmark Conference playoffs in 2013 and 2015, advancing to the championship series in 2013. The Royals won 76 games in his four seasons, including 39 in conference play.

    In 114 career games, Danzig hit .341 with 134 hits, including 22 doubles and seven home runs with 86 runs batted in and 80 runs scored. In seven career playoff games, he went 17-for-33 (.515) with four doubles, six RBIs, four runs and two stolen bases.

    Danzig was the 2015 recipient of the O’Hara Award, presented annually to the top male and female student-athletes in the senior class. He was also a three-time Landmark Conference Academic Honor Roll selection of his work in the classroom.

    Jennifer (Bostwick) Guglielmi – Field Hockey (2002-05), Women’s Lacrosse (2003)

    As a midfielder in field hockey, Bostwick made an impact on both ends of the field. Her all-around play earned her Freedom Conference First Team honors in 2003, 2004 and 2005 after being named Rookie of the Year in 2002.

    Bostwick had a knack for making the big play, scoring five game-winners among her 14 career goals. She also added five assists while making an impact on a defensive unit that posted 23 shutouts during her career.

    The Royals qualified for the playoffs three times during Bostwick’s career (2002, 2004, 2005), including a championship game appearance in 2004.

    On the lacrosse field, Bostwick helped Scranton go 13-4 and win the Middle Atlantic Conference championship in 2003. She finished the season with four goals, two assists and 18 ground balls.

    Meredith Mesaris – Women’s Basketball, 2011-15

    One of the most decorated athletes in Scranton history, Mesaris was named All-American by the Women’s Basketball Coaches Association (WBCA) in 2014-15 and honorable mention All-American in 2013-14. She also received third-team All-American honors from D3hoops.com in 2014-15. D3hoops.com also named her first-team all-Mid-Atlantic Region in 2013-14 and 2014-15.

    At the conference level, Mesaris was the Landmark Conference Player of the Year in 2014-15, and she earned first-team honors in 2013-14 and 2014-15, as well as second-team in 2012-13. She led the Lady Royals to the conference title in 2013-14 while earning tournament MVP honors. Mesaris is also the conference’s all-time leading scorer with 1,758 points. She also holds the conference record for field goals made (642) and ranks fifth in free-throw percentage (83.0).

    Mesaris is the Lady Royals’ all-time leader in free-throws made (400) and ranks third in points per game (17.9), fourth in scoring and field goals made, fifth in free-throw percentage and 16th in field goal percentage (48.3). She holds the program’s single-season record for free-throws made with 145 in 2013-14.

    The Lady Royals advanced to the NCAA Tournament three times during her career, including a Sweet 16 appearance in 2013-14. Mesaris led the team to 85 victories, including 14 in conference play. She was the co-recipient of the O’Hara Award in 2015, presented annually to the top male and female athletes in the senior class.

    Not to be outdone, Mesaris was a standout in the classroom, earning CoSIDA Second Team Academic All-America honors in 2014-15, as well as being named to the District IV All-Academic Team in 2013-14 and 2014-15. She was also a three-time Landmark Conference Academic Honor Roll selection.

    Ryan Millard – Men’s Lacrosse (2012-15)

    A standout defenseman, Millard became just the second men’s lacrosse player in Scranton history to receive All-American honors when he was named Honorable Mention All-American by the United States Intercollegiate Lacrosse Association (USILA) in 2015. 

    Millard also earned first-team All-Landmark Conference honors in 2014 and 2015 while anchoring a defense that posted the lowest goals-against average in the conference both seasons. He was second on the team in ground balls in both seasons, scooping up 59 in 2014 and 67 in 2015.

    For his career, Millard ranks 12th in program history in ground balls with 159. He also finished with 33 caused turnovers and added three assists from the defensive back line. 

    Millard helped the Royals advance to the Landmark playoffs in each of his four seasons, including a championship appearance in 2015. The Royals won 37 games during his career, including 17 in conference play.

    An academic standout as well, Millard was named USILA Scholar All-American in 2015 and was a three-time member of the Landmark Conference Academic Honor Roll. 

    Alyssa (Fania) Panayi – Field Hockey (2011-14)

    A dominant offensive force from the midfield, Fania earned All-South Atlantic Region First Team honors in 2014 from the National Field Hockey Coaches Association (NFHCA). She was also the Landmark Conference Offensive Player of the Year and a first-team selection that year and added second-team all-conference honors in her other three seasons.

    In that standout senior season in 2014, Fania finished with 18 goals, eight assists and 44 points, marking the second straight season she led the team in all three categories. For her career, she ranks tied for third in program history in assists (22), fifth in points (104) and tied for fifth in goals (41). She is also sixth all-time in Landmark Conference history in points and tied for sixth in goals.

    Fania helped the Royals advance to the conference playoffs in each of her four seasons, including a championship game appearance in 2013. The Royals won 50 games during her career, including 14 in conference play.

    An excellent student, Fania was a three-time selection to the Landmark Conference Academic Honor Roll.

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  • Department of Justice sues Visa, alleges the card issuer monopolizes debit card markets

    Department of Justice sues Visa, alleges the card issuer monopolizes debit card markets

    NEW YORK — The U.S. Justice Department has filed an antitrust lawsuit against Visa, alleging that the financial services behemoth uses its size and dominance to stifle competition in the debit card market, costing consumers and businesses billions of dollars.

    The complaint filed Tuesday says Visa penalizes merchants and banks who don’t use Visa’s own payment processing technology to process debit transactions, even though alternatives exist. Visa earns an incremental fee from every transaction processed on its network.

    According to the DOJ’s complaint, 60% of debit transactions in the United States run on Visa’s debit network, allowing it to charge over $7 billion in fees each year for processing those transactions.

    “We allege that Visa has unlawfully amassed the power to extract fees that far exceed what it could charge in a competitive market,” said Attorney General Merrick B. Garland in a statement. “Merchants and banks pass along those costs to consumers, either by raising prices or reducing quality or service. As a result, Visa’s unlawful conduct affects not just the price of one thing – but the price of nearly everything.”

    The Biden administration has aggressively gone after U.S. companies that it says act like middlemen, such as Ticketmaster parent Live Nation and the real estate software company RealPage, accusing them of burdening Americans with nonsensical fees and anticompetitive behavior. The administration has also brought charges of monopolistic behavior against technology giants such as Apple and Google.

    According to the DOJ complaint, filed in the U.S. District Court for the Southern District of New York, Visa leverages the vast number of transactions on its network to impose volume commitments on merchants and their banks, as well as on financial institutions that issue debit cards. That makes it difficult for merchants to use alternatives, such as lower-cost or smaller payment processors, instead of Visa’s payment processing technology, without incurring what DOJ described as “disloyalty penalties” from Visa.

    The DOJ said Visa also stifled competition by paying to enter into partnership agreements with potential competitors.

    In 2020, the DOJ sued to block the company’s $5.3 billion purchase of financial technology startup Plaid, calling it a monopolistic takeover of a potential competitor to Visa’s ubiquitous payments network. That acquisition was eventually later called off.

    Visa previously disclosed the Justice Department was investigating the company in 2021, saying in a regulatory filing it was cooperating with a DOJ investigation into its debit practices.

    Since the pandemic, more consumers globally have been shopping online for goods and services, which has translated into more revenue for Visa in the form of fees. Even traditionally cash-heavy businesses like bars, barbers and coffee shops have started accepting credit or debit cards as a form of payment, often via smartphones.

    KBW analyst Sanjay Sahrani said in a note to investors that he estimates that U.S. debit revenue is likely at most about 10% of Visa revenue.

    “Some subset of that may be lost if there is a financial impact,” he said. Visa’s “U.S. consumer payments business is the slowest growing piece of the aggregate business, and to the extent its contribution is affected, it is likely to have a very limited impact on revenue growth.”

    He added the lawsuit could stretch out for years if it isn’t settled and goes to trial.

    Visa processed $3.325 trillion in transactions on its network during the quarter ended June 30, up 7.4% from a year earlier. U.S. payments grew by 5.1%, which is faster than U.S. economic growth.

    Visa, based in San Francisco, did not immediately have a comment. Visa shares fell $13.53, or 4.7%, to $275.10 in afternoon trading.

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