Did Four Children Escape Unharmed After a Plane Crash in the Amazon?

For more than two weeks, search-and-rescue teams in Colombia have been scouring the Amazon rainforest for four children who were aboard a plane that crashed on May 1. On Wednesday night, Colombia’s president, Gustavo Petro, announced that the country’s armed forces had found the four children alive. However, the nation’s child-welfare agency, the Colombian Institute of Family Welfare, later confirmed that the military forces had not yet been able to establish official contact due to adverse weather conditions and difficult terrain.

Adding to the confusion, the director of the child-welfare agency said in an interview with local news media that the children were, in fact, “fine” and under the care of an Indigenous community that had helped with the search. A spokesperson for the child-welfare agency told The New York Times that the director and the head of the civil aviation authority were traveling to the remote area to investigate.

The discovery of the four children alive would raise a number of questions, including how children so young managed to drink, eat and take care of themselves alone for so many days. The Colombian air force and military, as well as Indigenous communities in the region, have been tirelessly searching for the children, members of the Huitoto Indigenous community, who had been traveling with their mother and an Indigenous leader from the tiny Amazon community of Araracuara, Colombia.

Founder of Startup Charged with Fraud Against JPMorgan Indicted

Javice, who was arrested in April, is accused of lying to JPMorgan about the financial health of her company, Frank, which she founded in 2014 to help students navigate the college financial aid process. She allegedly misled the bank into believing that Frank had more than $24 million in assets when it had less than $1 million.

JPMorgan had invested $25 million in Frank in 2017, but the company shut down in 2019 after the bank sued Javice for fraud. The indictment alleges that Javice used the money to pay for personal expenses, including luxury cars and vacations.

Javice has pleaded not guilty to the charges. If convicted, she faces up to 20 years in prison.

Citi Predicts Abercrombie & Fitch Q1 Earnings Miss and Guidance Reduction, But Believes Market Has Already Factored It In

Citi analysts have cut their price target for Abercrombie & Fitch Company (NYSE:ANF) to $24 from $32 per share, while maintaining a Neutral rating on the stock. They expect the firm to miss 1Q EPS estimates due to lower sales and gross margins, and anticipate a guidance cut for 2Q. Citi models 1Q EPS of ($0.13) versus consensus of $0.01, and 2Q EPS of ($0.20) versus consensus of $0.03. Despite the negative outlook, the analysts believe the stock’s risk/reward is balanced into the print as the weaker 1H/F23 guidance cut is largely anticipated.

Disney scraps plans to move 2,000 jobs to Florida – corporate communication

Walt Disney Co has scrapped plans to relocate 2,000 jobs to Florida due to “changing business conditions” in the state. The decision comes amid a widening legal battle between Florida Governor Ron DeSantis and the entertainment giant. Disney parks chief Josh D’Amaro said the company had reconsidered its 2021 plan to relocate employees, including its Imagineers who design theme park rides, to a new campus in Lake Nona.

The original decision to relocate employees to Florida from California had prompted complaints from many employees. Disney CEO Bob Iger had publicly questioned Florida’s interest in the company’s continued investment, noting that the company employed more than 75,000 people in Florida and had plans to invest $17 billion to expand the resort over the next decade.

The dispute between Disney and DeSantis started in March 2022, when Disney’s then-CEO, Bob Chapek, criticized legislation in Florida that would limit the discussion of gender identity and sexuality in elementary schools. DeSantis then moved to strip Disney of its long-standing self-governing power over Walt Disney World in Orlando. Disney called the move political retaliation over what should be protected free speech and sued the state last month to have the moves reversed.

Despite the setback, D’Amaro remains optimistic about the direction of the Walt Disney World business. “We have plans to invest $17 billion and create 13,000 jobs over the next ten years. I hope we’re able to do so,” he said.

WHO Suggests Vaccines for XBB Variants of COVID-19

The World Health Organization (WHO) has recommended that this year’s COVID-19 booster shots be updated to target one of the currently dominant XBB variants. Vaccine makers like Pfizer/BioNtech, Moderna and Novavax are already developing versions of their respective vaccines targeting XBB.1.5 and other currently circulating strains. WHO also suggested no longer including the original COVID-19 strain in future vaccines, as shots targeting the strain produce “undetectable or very low levels of neutralizing antibodies” against currently circulating variants. The U.S. Food and Drug Administration is set to hold a meeting of outside experts in June to discuss the strain compositions of COVID-19 shots for later this year. WHO’s advisory group also recommended that currently approved vaccines should continue to be used in accordance with the agency’s recommendations.

US Regulator Approves Repair of Recalled Peloton Treadmills

Peloton Interactive Inc (NASDAQ:PTON) shares rose 1.33% on Thursday after the U.S. Consumer Product Safety Commission (CPSC) approved a repair for the recalled ‘Tread+’ treadmill. The fitness equipment maker had announced a costly recall of its ‘Tread+’ treadmill in 2021 following reports of multiple injuries and the death of a child in an accident.

The approved rear guard repair eliminates the potential for entrapment near the rear roller of the treadmill and features a breakaway design that pivots away from the treadmill when it comes into contact with a person or object, shutting off power to the unit and decelerating the belt. To date, in addition to the reported death, Peloton has received a total of 351 incident reports of pull-unders, including 90 reports of injuries to consumers.

Peloton will offer the guard free of charge to all members who own a ‘Tread+’, the virtual workout company said in a statement on its website. The company is also offering a full refund to customers who purchased the Tread+ between November 2020 and May 2021.

Simmons Sued Over Thread Count in Bedding Products

Simmons Bedding Company LLC has been hit with a lawsuit from a consumer who accused the company of falsely inflating the thread count of their bedding and linens. The lawsuit, filed in a California federal court, alleges that certain Simmons Beautyrest products were deceptively marketed as having a “1,000 thread count” when the number of strands per square inch was actually 216.

The lawsuit, proposed by plaintiff Loriann Staples, claims that Simmons misled consumers into believing they were purchasing a product of higher quality and durability than what was actually being sold. The lawsuit seeks unspecified monetary damages and other relief, and estimates a potential class size of “hundreds of thousands” of members.

Simmons parent Serta Simmons Bedding LLC, based in Georgia, has yet to comment on the lawsuit. However, the Federal Trade Commission has warned that consumers could be deceived based on variations in industry practices about how to count threads.

In March, Macy’s Inc agreed to settle a similar class action in Ohio federal court for $10.5 million. The case is still pending a fairness hearing in September. Meanwhile, Serta Simmons Bedding filed for bankruptcy protection in January in a bid to eliminate most of its debt.

Plaintiffs’ lawyers have commissioned independent laboratory testing to examine thread count, and the case is ongoing.

UBS: Albemarle’s ‘2023 Reset Offers a Promising Starting Point

UBS analysts have upgraded Albemarle (NYSE:ALB) to Buy from Neutral, citing the 2023 reset as a good entry point for the best growth opportunity in chems. The analysts believe a lot of the risks are already priced into the stock and that the current inflection in China Lithium pricing and 2023 earnings reset will lead to increasingly positive sentiment on the stock. UBS estimates ALB is pricing in ~$20/kg lithium prices, which would be the high end of the cost curve, but not high enough to drive investments to close a potential 1 mil ton lithium supply gap by the end of the decade. Even in a scenario where Chile limits resource access, by 2030e ALB will likely have ~365K ton in resource capacity ex-Chile.

U.S. Air Force to Award Contract for Sixth-Generation Fighter Jet in 2024

The U.S. Air Force has released a classified solicitation to industry for its sixth-generation fighter jet, the Next Generation Air Dominance program. Lockheed Martin, Boeing and Northrop Grumman are expected to compete for the contract, which will replace Lockheed’s F-22 Raptor with a more capable fighter jet.

The Air Force has kept technical details about the program secret, but Secretary Frank Kendall said the new fighter would be able to “survive, persist, interoperate, and adapt in the air domain, all within highly-contested operational environments.”

The contract is expected to be awarded in 2024, and the three companies have yet to comment on the solicitation. The Air Force is hoping the new fighter jet will be able to team with drones and provide a more advanced capability than the F-22 Raptor.

Hyundai and Kia Reach $200 Million Settlement for Automobile Thefts – Attorneys

The settlement also includes up to $55 million for software upgrades to vehicles without anti-theft immobilizers, and up to $2.5 million for attorneys’ fees and costs.

rnrnThe settlement is subject to court approval and is expected to be finalized in the coming months.

rnrnThe lawsuit was filed in 2019 after a wave of car thefts of Hyundai and Kia vehicles, which were found to be vulnerable to a method of car theft popularized on social media. The method, known as “relay attack,” involves using two devices to amplify the signal from a key fob and unlock a car without the owner’s knowledge.

rnrnThe settlement is a major victory for consumers who have been affected by the car thefts. It is also a reminder to automakers to take steps to protect their vehicles from the latest methods of car theft.