Latest news with #Berger
Yahoo
an hour ago
- Business
- Yahoo
NIOSH head: Workers back at black lung program, efforts continue to restore services cut by DOGE
The NIOSH Coal Worker's Health Surveillance Program offered periodic black lung screenings at no cost to coal miners in the U.S. (NIOSH photo) A certification was entered in federal court this week proving that at least 50 employees at the National Institute of Occupational Health and Safety's Respiratory Health Division have had their terminations rescinded, meeting requirements set in a court order last month. Those returning to work include 'most' employees who worked within the RHD before April 1, which is when reduction in force notices were issued throughout multiple NIOSH divisions as a result of the new federal Department of Government Efficiency's cost-saving measures. Many of those workers were slated to be terminated on Monday, the same day NIOSH director John J. Howard signed and filed the certification in the U.S. District Court for the Southern District of West Virginia. The certification was entered to meet requirements in a preliminary injunction issued by U.S. District Judge Irene Berger last month. That injunction came from a class action lawsuit filed on April 7 against the federal government and led by Harry Wiley, a Raleigh County coal miner. In May, Wiley's attorneys argued in a hearing that the closure of the CWHSP by DOGE meant responsibilities mandated by congress for coal worker health and safety were illegally going undone, robbing Wiley and other coal miners of their hard-fought rights. The federal government argued that the stoppage at the CWHSP and other NIOSH divisions was only temporary as the federal Department of Health and Human Services worked through a 'reorganization.' Berger ruled in favor of Wiley and the other coal miners. She ordered that all RHD employees return to work and that the division — including the CWHSP — continue all work congressionally mandated by the federal Mine Safety and Health Act. If there are future moves to 'reorganize' the agency, Berger ordered that there must be 'no pause, stoppage, or gap in the protections and services mandated to be performed by the RHD.' That work includes providing free black lung screenings and certifying black lung x-ray results for miners like Wiley who have been diagnosed with black lung disease so they can exercise their Part 90 rights. Part 90 allows miners who have black lung to be transferred to a different, less dusty part of a coal mine without facing repercussions from their employers. NIOSH is the only agency that can certify test results for miners to receive a Part 90 transfer. In the certification declaration on Monday, Howard said that the agency is once again accepting test results necessary to certify Part 90 transfer requests. But other work, according to the certification declaration, has yet to return completely. Howard wrote that NIOSH was 'working through' the Centers for Disease Control and Prevention and the federal DHHS to 'fully restore' several of the RHD's functions. Those functions include reestablishing contracts necessary for RHD to offer, review and manage chest x-rays through its mobile clinic; promoting events to alert miners of the free testing opportunities and ensuring funding can be accessed and spent for the agency to meet its requirements. On Tuesday, according to WV MetroNews, Sam Petsonk — one of several attorneys representing the miners in the case — told 'Talk of the Town' on WAJR Radio that it's critical for all CWHSP services to return as soon as possible. 'They say they're trying. They say that they understand the court has ordered them to do this, but they have not restored the X-ray reading programs, the mobile unit that travels around the coal mines,' Petsonk said. '… We are experiencing hundreds of layoffs across the mining industry right now. This is just the moment where miners often look to see what kind of lung damage they have so that they can take stock before they find their next job. And we really need these programs right now, and we don't have them.' The CDC estimates that about 20% of coal miners in Central Appalachia are suffering from black lung — the highest rate detected in more than 25 years. One in 20 of the region's coal miners are living with the most severe form of the condition. And the resurgence of black lung is hitting coal miners at younger ages than ever before. This is due to miners, because of a lack of easily accessible coal, being forced to dig through more silica-rich sandstone than their predecessors in order to reach what little coal remains. While the RHD employees are back to work, other fights are continuing against the federal government's cuts. Workers and those affected by the services they provide have been decrying the cuts for weeks now, saying they'll leave people in certain industries — including mining, firefighting and more — vulnerable to preventable accidents and illnesses. Some of these fights, like that for the CWHSP, have already proven successful. Last week, following continued pushback from black lung organizations and other mining advocates, the Trump administration reversed its plan to close 34 Mine Safety and Health Administration offices nationwide. Those offices employ mine inspectors whose jobs are to ensure that coal mine operators are meeting industry standards known to lower the risks of accidents and injuries for coal miners. But other battles have proven more difficult. In Pennsylvania, workers at the Pittsburgh-based Mining Research Division within NIOSH — which studies the best ways to prevent injuries, illnesses and death in coal mines — are still slated to be terminated. Several of the services that are now going undone at NIOSH as well as the Centers for Disease Control and Prevention are congressionally mandated through the Occupational Safety and Health Act of 1970. Multiple labor unions — including the United Mine Workers of America — filed suit on May 14 against DHHS and the federal government. They're using similar arguments to Wiley's attorneys, which proved successful in getting services started back up: since the cuts are stopping work that is required by Congress, they say, they are illegal and should be reversed.
Euronews
10 hours ago
- Business
- Euronews
Key figure in Germany's largest tax fraud case avoids jail time
Kai-Uwe Steck, a key figure in a massive tax fraud scheme that plagued Germany until 2012, has been convicted for his role in the scandal. Steck, who has cooperated with the authorities in recent years, received a suspended jail sentence of one year and 10 months, far less than the three years and eight months demanded by the prosecution. The former lawyer was also ordered to repay €24 million, €11 million of which has already been returned. As a "central figure" in the fraud scheme Steck contributed to losses of more than €428 million to the German tax authorities, according to the presiding judge in the case at Bonn Regional Court. The 53-year-old was a tax lawyer who worked alongside Hanno Berger, the so-called "mastermind" of the scandal that became known in Germany as "Cum-Ex". Like Berger, Steck was accused of designing and implementing complex share transactions that allowed multiple parties to claim illegitimate tax refunds on dividend payments. Despite the significant role he played in the scandal between 2007 and 2011, Steck's cooperation with authorities and his role as a whistleblower in the case meant he avoided a stricter sentence. His former colleague Berger was convicted to eight years in prison in 2022. The "Cum-Ex" scandal — considered to be the biggest tax fraud case in German history — prompted an avalanche of lawsuits and cast a shadow on politicians, including former German Chancellor Olaf Scholz. Scholz was accused of protecting a local bank — during his time as the mayor of Hamburg — that was found guilty of participating in the scheme. The former German leader has always denied any wrongdoing, with prosecutors deciding to drop the case against him due to insufficient evidence. German authorities have so far recovered approximately €3.4 billion through several convictions and court cases. However, tens of billions of euros are still missing. Other investigations into the remaining lost funds are ongoing. The British government has threatened legal action against Russian oligarch Roman Abramovich to ensure that the £2.5 billion (€2.97bn) proceeds from his sale of Chelsea Football Club reach Ukrainian victims of Russia's all-out war, now in its fourth year. 'The government is determined to see the proceeds from the sale of Chelsea Football Club reach humanitarian causes in Ukraine, following Russia's illegal full-scale invasion," Chancellor Rachel Reeves and Foreign Secretary David Lammy said in a joint statement on Tuesday. 'We are deeply frustrated that it has not been possible to reach an agreement on this with Mr Abramovich so far,' they added. 'While the door for negotiations will remain open, we are fully prepared to pursue this through the courts if required, to ensure people suffering in Ukraine can benefit from these proceeds as soon as possible.' Abramovich, who has denied allegations that he is a close associate of Russian President Vladimir Putin, was sanctioned in the wake of Moscow's full-scale invasion of Ukraine in February 2022. The oil and gas tycoon sold Chelsea in May 2022 to a consortium led by US investor Todd Boehly and Clearlake Capital, after the British government allowed him to part with the club as long as he did not personally benefit from the deal. The £2.5bn net proceeds have been frozen ever since, but still legally belong to Abramovich. They cannot be moved without a licence from the UK Office of Financial Sanctions Implementation. Three years after Abramovich sold the London-based club, the UK government has threatened to sue him amid an ongoing dispute about how the money should be spent. While the British government insists that all the money must go to humanitarian causes in Ukraine, Abramovich has said it should be 'for the benefit of all victims of the war in Ukraine', including people in Russia. Since Putin's full-scale invasion of Ukraine, the UK has been one of Kyiv's closest allies. In January, London pledged to give it an extra £4.5bn (€5.34bn) in military support.
Yahoo
11 hours ago
- Business
- Yahoo
Key Cum-Ex witness given suspended sentence by German court
One of the key players in the so-called "Cum-Ex" scandal - Germany's biggest tax-fraud case - was convicted on Tuesday. Lawyer Kai-Uwe Steck was sentenced by the Bonn Regional Court to one year and 10 months' imprisonment, suspended on probation, for five counts of serious tax fraud. The court also ordered the confiscation of around €24 million (about $27 million). "Through his actions, the defendant contributed to tax losses of almost half a billion euros," said presiding judge Sebastian Hausen. The judge said Steck was "a central figure" in the tax scandal. Steck was formerly a partner in the law firm of Hanno Berger, described as the architect of the Cum-Ex scandal. While Berger remained convinced of the legality of his actions until the end, Steck appeared remorseful, cooperated with the public prosecutor's office, and acted as a key witness. The judge said that Steck's role as a key witness had a mitigating effect on the ruling. Berger was sentenced to eight years in jail by the Bonn Regional Court in 2022. The Cum-Ex scandal involved financial players shifting shares with (cum in Latin) and without (ex) dividend rights back and forth in order to obtain refunds for taxes that had not been paid. The scam was at its peak between 2006 and 2011. According to estimates, the tax authorities were defrauded of tens of billions of euros.
Mint
6 days ago
- Business
- Mint
Intense competition hurts paint companies' profitability; more pain in the offing
Competition in India's paints sector is becoming cut-throat amid subdued demand. To protect their market share, incumbent paint companies are enhancing brand visibility and distribution, hurting the sector's profitability. The aggregate Ebitda margin of five key listed paint makers fell year-on-year for the fifth consecutive quarter in Q4FY25, showed IIFL Securities data. The reading declined 123 basis points (bps) year-on-year to 15.9%. This means the benefit of benign input cost, which aided gross margin expansion, was offset by higher operating costs. Other expenses and staff costs in Q4FY25 increased almost 110bps and 50bps year-on-year, respectively, according to IIFL. Also read: LIC's growth perils curb stock's valuation Asian Paints Ltd led the decline in the sector's profitability. Its Ebitda margin eroded by 219 basis points year-on-year in Q4FY25, hurt by higher marketing expenses. Operating margins of Kansai Nerolac Paints Ltd and Akzo Nobel India Ltd also contracted. With competition expected to remain intense, Asian Paints has said it will focus on strengthening brand salience. New kid on the block Grasim Industries Ltd's Birla Opus is catching up quickly. Grasim's management claims Birla Opus has become the third-largest brand in the Indian decorative paints industry less than six months after it began pan-India operations. So far, Birla Opus has launched a range of 176 decorative products with more than 1,250 stock keeping units (SKUs) across categories. Also read: NTPC's project execution delays remain its Achilles heel With the launch of its fifth plant at Mahad in Maharashtra, Birla Opus's overall capacity has risen to 1,096 million litres per annum (mlpa) – representing a 21% share of the organised paints sector – of the planned total capacity of 1,332 mlpa. Grasim has maintained its revenue guidance of ₹10,000 crore within three years of full-scale operations – that is, by FY28. Birla Opus achieved its target of high-single-digit market share and is targeting double-digit market share in FY26. Besides, the recent acquisition of Akzo Nobel India Ltd by JSW Paints Ltd could fuel competition further. Some are bucking the trend – but for how long? On the other hand, Berger Paints India Ltd and Indigo Paints Ltd saw their Q4FY25 operating margins expand year-on-year. Cost control measures helped Berger, while Indigo's margin got a boost from a reduction in ad spends, but this is not sustainable in a dynamic industry. Berger's management acknowledged an increase in competitive intensity. Now, despite Birla Opus opening a plant in east India – a key market for Berger – the latter doesn't expect any major change in its market share. Grasim's sixth plant at Kharagpur in West Bengal will be commissioned in the first half of FY26, with trial production likely to commence in Q1FY26. Paint companies are defending their turf with price cuts, but more is required. 'Dealers' checks show that Grasim has priced products 5-10% lower than peers in some categories, so incumbents will need a lower pricing to beat that. Paint companies took around 5-12% price cuts in FY25 and we expect more price cuts in FY26," said Amit Agarwal, senior vice president, fundamental research, Kotak Securities. Profitability for the sector could remain under pressure in FY26 and FY27, with competition likely to peak in FY27, he cautioned. Also read: JK Cement beats peers on a critical parameter, but watch out for party poopers 'In FY25, operating margin of established paint companies at an aggregate level is estimated to have declined by 300 basis points year-on-year to around 17%," said Poonam Upadhyay, director, Crisil Ratings. She anticipates an additional compression of 100-150 bps in FY26. Another round of de-rating? Meanwhile, paint stocks have delivered mixed returns over the past year. Asian Paints and Berger stocks both trade around 50 times estimated FY26 earnings, showed Bloomberg data. Valuations have moderated, especially since Grasim's entry led to a de-rating in paint stocks. Demand for decorative paints is likely to remain muted in H1FY26, owing to an earlier-than-expected monsoon. If demand fails to improve in H2FY26 (the festive season), paint stocks could see another round of de-rating.
Business Insider
7 days ago
- Business
- Business Insider
Elon Musk said he's spent 'too much time on politics' this year, in an interview with Ars Technica
After months of White House meetings and appearances with President Donald Trump, Elon Musk found himself in a more familiar place on Tuesday: tucked comfortably into the SpaceX control room in Starbase, Texas. He was there to watch his company's vanguard mega-rocket, Starship, launch toward space for the ninth time. He also took the occasion to speak with a space reporter, Eric Berger, who has followed him closely for years and written two books about SpaceX. In a brief interview, which was mostly about SpaceX's plans and the technicalities behind Starship's two recent explosions, Berger asked Musk about his political projects. "I think I probably did spend a bit too much time on politics," Musk said, according to the interview published in Ars Technica, where Berger is the senior space editor. "It's less than people would think, because the media is going to over-represent any political stuff," Musk continued, adding, "It's not like I left the companies. It was just relative time allocation that probably was a little too high on the government side, and I've reduced that significantly in recent weeks." Musk told Tesla investors in April that he would be stepping back from the White House DOGE office. He also told the Qatar Economic Forum earlier this month that he would spend a "lot less" on politics going forward. Musk faced criticism earlier this year from Tesla investors, who questioned his commitment to the company. Tesla stock also cratered over the latest quarter, at one point reaching 35% below its opening price this year in April. However, they have been slowly recovering in May since Musk said he would roll back his political involvement. Tesla did not immediately respond to a request for comment. As for the Starship flight Musk was attending on Tuesday, things did not go according to plan. The spaceship reached space, but it failed its first-ever attempt to deploy a payload, which was a set of eight mock-up Starlink satellites. Then it spun out of control, fell toward the Indian Ocean without testing the engine firing and heat shield stressing that SpaceX had planned, and likely broke apart in midair.
