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US ski star Mikaela Shiffrin said Wednesday that she's "starting to feel a little bit more human" after suffering a puncture wound in a giant slalom crash but confirmed she won't race at Beaver Creek, Colorado, this month. "This is another fairly ambiguous injury and really hard to put a timeline of when I'll be either back on snow or back to racing," Shiffrin said in a video posted on social media. "But I do know that I will not be starting in Beaver Creek." Javascript is required for you to be able to read premium content. Please enable it in your browser settings.

California will revive its own subsidy programs for electric vehicles if Donald Trump guts US federal tax breaks for such cars, the state's governor said Monday. The president-elect has said repeatedly he would scrap what he called the "electric vehicle mandate" -- actually a $7,500 federal rebate for anyone who purchases an EV. Gavin Newsom, who heads the solidly Democratic state and has pitched himself as a leader of the anti-Trump political resistance, said Monday California was not "turning back" towards polluting transport. "We will intervene if the Trump Administration eliminates the federal tax credit, doubling down on our commitment to clean air and green jobs in California," Newsom said. "We're not turning back on a clean transportation future -- we're going to make it more affordable for people to drive vehicles that don't pollute," he added. "Consumers continue to prove the skeptics wrong -– zero-emission vehicles are here to stay." If Trump scraps the tax credit, California could revive its own Clean Vehicle Rebate Project, which ran until November 2023, granting rebates of up to $7,500 for people buying battery-powered cars, a press release said. California leads the nation in electric vehicle adoption, and is the single biggest market in the country, representing around a third of all units sold in the United States. State figures show that more than two million so-called "zero emission vehicles" -- which include fully electric vehicles as well as plug-in hybrids -- have now been sold in the state, with one-in-four new cars in that category. On the campaign trail, Trump was frequently hostile to electric vehicles, which he has linked with what he calls the "hoax" of climate change. He vowed repeatedly that under his watch the United States would become "energy dominant," chiefly through expanded oil and gas extraction. For many in California, such pledges are anathema, with the state frequently battered by the tangible effects of climate change, from huge wildfires to droughts to furious storms. Newsom -- who many believe has White House ambitions of his own -- has positioned himself as a bulwark against the feared excesses of an incoming Trump administration on issues from climate change to immigration, vowing to be a check on its power. With 40 million people, the sheer size of California's market has for a long time helped set the national tone when it comes to pollution standards for automakers. Rather than make two versions of the same vehicles, Detroit giants have willingly adopted California's tougher rules on emissions and efficiency for nationwide sales. That de facto standard-setting power has angered Republicans like Trump, who say -- on this issue -- states should not be allowed to set their own rules. hg/aha

The board told Mr Pat Gelsinger he could retire or be removed, and he chose to step down, according to the source. SAN FRANCISCO - Intel chief executive Pat Gelsinger has been forced out less than four years after taking the helm of the company, handing control to two lieutenants as the faltering American chipmaking icon searches for a permanent replacement. Mr Gelsinger, who resigned on Dec 1, left after a board meeting last week during which directors felt Mr Gelsinger’s costly and ambitious plan to turn Intel around was not working and the progress of change was not fast enough, according to a person familiar with the matter. The board told Mr Gelsinger he could retire or be removed, and he chose to step down, according to the source. His departure comes well before the completion of his four-year roadmap to restore the company’s lead in making the fastest and smallest computer chips, a crown it lost to Taiwan Semiconductor Manufacturing Co, which makes chips for Intel rivals such as Nvidia. Under Mr Gelsinger’s watch, Intel, which was founded in 1968 and for decades formed the bedrock of Silicon Valley’s global dominance in chips, has withered to a market value more than 30 times smaller than Nvidia, the leader in artificial intelligence chips. Bloomberg earlier reported on the circumstances surrounding Mr Gelsinger’s retirement. Mr Gelsinger, 63, has assured both investors and US officials, who are subsidising Intel’s turnaround, that his manufacturing plans remain on track. But the full results will not be known until 2025, when the company aims to bring a flagship laptop chip back into its own factories. Shares of the company rose 4.1 per cent. The stock has lost more than half of its value in 2024, and it was replaced in November by Nvidia on the blue-chip Dow Jones Industrial Average index. The company named chief financial officer David Zinsner and senior executive Michelle Johnston Holthaus as interim co-chief executive officers while its board conducted a search for a new CEO. The moves come less than a week after US officials gave US$7.86 billion (S$10.52 billion) in subsidies to Intel. The board has formed a search committee for Mr Gelsinger’s successor. “While we have made significant progress in regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know that we have much more work to do at the company and are committed to restoring investor confidence,” Mr Frank Yeary, independent chair of the board, said in a release. Intel’s communications chief Karen Kahn is also planning to leave the company, according to two people with knowledge of the situation. Spending spree Mr Gelsinger announced his turnaround plan in July 2021, when the company was already troubled by years of missteps in its manufacturing operations, and then embarked on a spending spree. It started construction on a US$20 billion suite of new factories in Ohio and hiring a larger workforce - at 132,000 - than Intel had ever maintained even during its days as the biggest player in the chip business. But the spending coincided with a post-pandemic collapse in the market for laptops and PCs, which in turn sank Intel’s gross margins well below historical norms and depressed its stock price, sparking takeover interest in the company. The spending eventually forced Mr Gelsinger to come up with a menu of layoffs and potential sales and spinouts of assets. “The stock lost more than 60 per cent under his tenure, so this shouldn’t have come as a very big surprise,” said Mr Ryan Detrick, chief market strategist for investment advisory firm Carson Group. “New leadership is needed to turn things around and it is safe to say that any of his major strategic decisions are on the chopping board, including the move to focus on being a contract manufacturer.” Mr Gelsinger also failed to field an effective AI chip challenger to Nvidia, which began its march toward becoming a US$3 trillion company by powering services such as ChatGPT. “At the end of the day, you need leading-edge products, innovation, and execution, none of which we saw during Pat Gelsinger’s reign,” said analyst Hans Mosesmann at Rosenblatt Securities. Mr Gelsinger’s turnaround plan centred on Intel becoming a major player in contract manufacturing for others, a business model called a “foundry” in the chip industry. Intel has announced a handful of foundry customers such as Microsoft and Amazon.com, but neither would bring to Intel’s factories the huge volumes of chips needed to ensure the factories’ profitability. The spending spree, coupled with the lack of tangible progress in the company’s foundry, created tension on the board of directors, causing Lip-Bu Tan, a board member who himself had turned around a faltering firm in the chip industry, to leave over disagreements with Mr Gelsinger’s strategy. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you. Read 3 articles and stand to win rewards Spin the wheel nowWith a recession deepening and the 1982 midterm elections approaching, Federal Reserve Chair Paul Volcker was summoned to the Oval Office, where Ronald Reagan was sitting with his chief of staff, James Baker. When Baker said Reagan wanted to give Volcker an “order” about interest rates, the 6-foot-7 central banker immediately stalked silently from the room. He did not take orders. Donald Trump is determined to break institutions to the presidential saddle, so people wonder: Could he fire the head of the Fed? (Probably not. Besides, Chair Jerome H. Powell’s term expires in May 2026.) More interesting questions are: What is the Fed for? And is its “independence” a license for mission creep? John H. Cochrane and Amit Seru of the Hoover Institution think the hyperactive Fed has become too ambitious in its interventions in the economy and social policy. Their proposal is the title of their essay “Ending Bailouts, At Last” in the Journal of Law, Economics and Policy. The problematic behavior is a century old and bipartisan: When large financial institutions are in danger of failing, government bails them out by bailing out their creditors. The 1907 financial crisis led in 1913 to the Federal Reserve Act establishing the Fed, which did not prevent the 1933 bank collapse. This led to deposit insurance and many regulations, which did not prevent Continental Illinois Bank’s 1984 failure, the savings and loan crisis of the 1980s and many other bumps on the road to 2008. “Never again, we say, again and again,” wrote Cochrane and Seru. Bailouts multiply, larger each time, spreading to highly leveraged industrial companies, as in the auto bailout of 2009. “Too leveraged to fail,” they wrote, “might be the summary of our new regime.” Too leveraged is a consequence of interest rates too low for too long, combined with confidence that the bailout culture is forever and unlimited. During the pandemic, the market for Treasury bonds became fragile, so the Fed lent bond dealers money to buy the bonds, “then turned around and bought the Treasurys from the dealers a few days later.” Cochrane and Seru wrote that the Fed almost has an implicit policy of buying “whatever quantity” necessary to prop up corporate bond prices. They noted that the Biden administration’s “paycheck protection” program made “forgivable loans” — Washington-speak for gifts — “to small businesses with 500 or fewer employees to cover their business costs, including mortgage interests, rent, utilities and up to eight weeks’ payroll costs.” It is one thing for the accountable political institutions to do this, quite another for the Fed to lend “on lenient terms to the real economy, not just the financial sector.” Throughout the economy, Cochrane and Seru wrote, leverage has been rewarded: “If you saved and bought a house with cash, if you saved and went to a cheaper college rather than take out a big student loan, or if you repaid that loan promptly, you did not get money.” In today’s permanent central-bank-run credit system, “Borrow. Borrow especially if you are big or part of a big and politically influential class of borrowers. As with student loans, borrow from the government.” You might not have to pay it back. When Silicon Valley Bank accepted many large, uninsured deposits, then got in trouble, the Federal Deposit Insurance Corp. — the government — guaranteed all deposits. So now, wrote Cochrane and Seru, “effectively markets expect all deposits of any size to be guaranteed going forward, at least during any newsworthy event.” The Congressional Budget Office projects budget deficits of 5% to 8% of gross domestic product forever. And this, Cochrane and Seru correctly believe, is too unrealistic. CBO assumes no crises, recessions, wars, pandemaics or — most laughably — spending increases. But even this optimistic debt path “simply cannot happen.” “We have,” Cochrane and Seru wrote, “once-in-a-century crises every 10 years these days.” “Crisis” has come to mean “the possibility that someone, somewhere might lose money.” And “contagion” now denotes a vague fear that “any ripple anywhere might bring down the financial system.” Societies get what they incentivize. Moral hazards — incentives for perverse, risky behaviors — are now sown throughout American life. Cumulatively, they might break the government before Trump’s eccentric Cabinet nominees can. Will writes for The Washington Post. Get local news delivered to your inbox!

Liverpool boss Arne Slot talks up ‘special player’ Mohamed SalahFederico Chiesa finally returns to action in Liverpool under-21s match... as £120,000-a-week summer signing works to put an end to his injury nightmare since moving to Merseyside Italian joined the Reds for £10million in the summer but has played 78 minutes He scored for the youth squad while first team were drawing against Newcastle SOCCER A-Z: Listen now wherever you get your podcasts, or watch on YouTube. New episodes every Wednesday By SAM LAWLEY Published: 18:20 EST, 4 December 2024 | Updated: 18:20 EST, 4 December 2024 e-mail View comments Federico Chiesa has made a long-awaited return to action, featuring for Liverpool 's under-21s as the £120,000-a-week signing aims to build up his fitness after an injury nightmare since his arrival. The 27-year-old Italian international joined the Reds from Juventus for a bargain price of £10million, rising to a potential £12.5m. Liverpool believed they had signed a player to add further depth to a forward line that includes Mohamed Salah , Luis Diaz , Darwin Nunez , Diogo Jota and Cody Gakpo . But Chiesa has only played 78 minutes for Liverpool to date, with his sole start coming in Liverpool's Carabao Cup victory over West Ham last month. Arne Slot has insisted Chiesa's absence is due to the Italian having missed pre-season and continuing work to reach the intensity of the rest of the squad. Now the talented wide man looks to be inching ever closer to a comeback after turning out for the youth team against FC Nordsjaelland, bagging an equaliser in the clash after 10 minutes, The Sun reports. Federico Chiesa returned to the Liverpool fray, appearing for the under-21s on Wednesday The Italian (wearing no7) even scored an equaliser in the match against FC Nordsjaelland Chiesa has played just 78 minutes for Liverpool since completing his £12.5million summer move Slot's predecessor Jurgen Klopp had tried to land the Euro 2020-winning star in the summer of 2023 and also two years prior but failed on both occasions. It was something of a blessing in disguise as the Reds eventually signed their man for £41m less than the £51m quoted to them by Juventus. The Turin outfit had stuck firmly to their asking price even after Chiesa suffered a knee injury which prompted a sharp decline in form. He ended up moving to Anfield on a lucrative four-year deal having played 33 Serie A matches last campaign, ending up as Juventus's top scorer with nine. His bad track record with fitness stretches back to January 2022 when he picked up an anterior cruciate ligament injury which ruled him out for seven months. Chiesa's encouraging run-out for the under-21s comes after it emerged that Inter Milan were pushing to bring him in on a six-month loan deal in January. While the Italian was playing for the youth team on Wednesday, the senior squad were busy playing out a topsy-turvy Premier League clash which ended 3-3. Salah provided yet another reminder of his importance to Liverpool with two goals and an assist in an action-packed second-half before Newcastle's Fabian Schar slid in at the last-minute to secure a dramatic draw. Mohamed Salah provided a reminder of his class with two goals and an assist against Newcastle The Magpies had started the brighter, as Alexander Isak rifled home from outside the area Fabian Schar provided a late sting in the tail by sliding in for a last-minute equaliser Read More Newcastle and Liverpool produce a throwback classic 3-3 draw which neither side deserved to lose Isak had blown a tense encounter wide open within half an hour with a thumping effort from range to catch Caoimhín Kelleher completely off-guard and send the Magpies a goal up. The Reds then came out after the break determined not to cede any ground to their title rivals and Curtis Jones delivered the goods with a goal from out of nowhere. But the Magpies bounced back, this time with Isak turning provider. The centre-forward slipped Gordon through and the English star sharply turned Joe Gomez, leaving the centre-back on the turf, and slotted home. Then Salah turned the game around with a magnificent brace before Schar broke Liverpool hearts at the death. Liverpool Share or comment on this article: Federico Chiesa finally returns to action in Liverpool under-21s match... as £120,000-a-week summer signing works to put an end to his injury nightmare since moving to Merseyside e-mail Add comment

Fears for Gaza hospitals as fuel and aid run low