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Time of India
3 days ago
- Business
- Time of India
Summers says Bessent right to question Fed on ‘overreach'
Lawrence Summers backed Treasury Secretary Scott Bessent 's questioning of the Federal Reserve 's non-monetary policy activities, saying that there were some areas that are distinct from the broader issue of central bank independence . 'History teaches that the Fed should be autonomous and independent' on setting interest rates and deciding how much fuel to inject into the economy, Summers, a former Treasury and White House National Economic Council chief, said on Bloomberg Television's Wall Street Week with David Westin. 'When the political process gets in their way, the result is more inflation, less economic stability, and ultimately higher interest rates. That lesson is clear.' 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On Monday, he also called for the Fed to conduct 'an exhaustive internal review of its non-monetary policy operations.' He said on Fox Business Tuesday that such an effort could become part of Chair Jerome Powell 's 'legacy.' Summers, a Harvard University professor and paid contributor to Bloomberg TV, said he didn't think there was 'a case for autonomy' with regard to the Fed's oversight of financial regulation and stability. 'Certainly, the judgments of political officials should influence those things,' he said. 'There's no basis for the Fed being entirely autonomous and separate in those areas,' Summers said. Live Events 'Real Question' That issue most recently came to the fore late last year and in early 2025, when former President Joe Biden's pick for the Fed's vice chair for financial supervision, Michael Barr, at first said he intended to keep serving as the central bank's top banking cop until his term was up in July 2026, then declared in January he'd relinquish that role — giving President Donald Trump room to name his replacement. Barr remains on the Fed board. With regard to a 'third set of areas — what you might call public policy' is something where 'there's a real question about whether the Fed should be using its moral authority in those areas and should be an important part of national debate,' Summers said. Republicans have for years criticized aspects of the Fed system's economic research undertakings, which have covered a wide array of public-policy topics, such as housing and education. District banks have also held conferences on particular topics. In 2022, the Fed tightened its code of conduct to bar the kind of advocacy engaged in by Minneapolis Fed President Neel Kashkari with regard to a state constitutional amendment on education. 'Concerns that there have, at some points, been overreach in what you might think of as public policy, liberal arts are quite legitimate,' Summers said. 'I think Secretary Bessent is right to be' raising a question there, he said. involved. 'The question of mission creep with independence is an entirely legitimate issue. That should be reviewed and debated.' An argument can be made that research on the economy in all dimensions can contribute to monetary policy, so 'line-drawing here isn't easy,' he said. But there should be a three-part distinction with regard to the Fed's activities, he said, with independence on monetary policy, 'shared responsibility' on financial regulation and a 'flashing yellow, bordering on red light' for non-financial policy. Earlier Tuesday, Bessent offered support for Powell amid pressure from some Republicans for the Fed chief to resign or be removed. Bessent said on Fox Business that 'there's nothing that tells me that he should step down right now.' Summers argued against any call for Powell to step down, saying, 'The idea that allowing himself to be forced out would somehow make Jay Powell be serving the interests of the independence of the Fed is, I think, very wrong.'
Time of India
4 days ago
- Business
- Time of India
Former Louisville officer sentenced to nearly 3 years in prison for excessive force in Breonna Taylor raid
Brett Hankison , 49, a former Louisville Metro Police officer, has been sentenced to 33 months in federal prison for using excessive force during the 2020 raid that resulted in the death of Breonna Taylor . No other officer involved in the now-infamous operation has served prison time. Taylor's killing, which occurred during a late-night no-knock drug raid, became a rallying cry in national protests against police brutality and systemic racism. 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During the botched raid, Hankison fired 10 bullets into Taylor's apartment, but none struck anyone. His bullets, however, penetrated several walls—including into a neighboring unit where a family with a young child was sleeping—placing lives at serious risk. Live Events Although Hankison was not directly responsible for Breonna Taylor's death—she was killed by bullets fired by other officers—his conduct during the raid was found to violate civil rights protections. Attorney Ben Crump, who represents Taylor's family and helped secure a $12 million settlement from the city in 2020, criticized the DOJ's stance during the hearing. Standing outside the courtroom, Crump led supporters in chanting, 'Say her name!' to which the crowd responded in unison, 'Breonna Taylor.' The DOJ's request for no prison time came as a surprise to many. Federal prosecutors argued that Hankison displayed 'heroic behavior' when he realized the danger of the situation and tried to protect his fellow officers and civilians. They also suggested that his actions, while reckless, stemmed from a chaotic environment. However, Judge Jennings pushed back, stating that even if Hankison hadn't meant to harm anyone, firing blindly into a home where residents were sleeping should not be ignored or diminished. After completing his 33-month sentence, Hankison will be subject to an additional three years of supervised release. The US Bureau of Prisons will determine the location and timing of his prison. The officers who fired the lethal bullets that killed Taylor during the raid have not been held criminally responsible. This sentencing comes more than five years after Taylor, a 26-year-old emergency medical technician, was killed in her own apartment while asleep. The warrant used to justify the raid has since been discredited and was part of broader investigations into misconduct within the Louisville Metro Police Department's narcotics unit.
Time of India
5 days ago
- Business
- Time of India
India on precipice of amazing, undeniable global soft power: Comedian Vir Das
India is on the precipice of an "amazing, undeniable" global soft power whose "guardians" in equal measure are both those living in the homeland as well as the Indian diaspora , Emmy-Award winning comedian and actor Vir Das has said. "I think something that the diaspora does really well is protect culture," Das said here during a special interaction hosted at Asia Society. Explore courses from Top Institutes in Select a Course Category Leadership Degree healthcare Technology PGDM Artificial Intelligence Healthcare Digital Marketing Cybersecurity Design Thinking Operations Management Data Science Finance Data Analytics others Public Policy Others CXO MCA Project Management Management Data Science MBA Product Management Skills you'll gain: Duration: 12 Months IIM Kozhikode Advanced Strategic Management Programme Starts on undefined Get Details Skills you'll gain: Duration: 12 Weeks IIM Kozhikode CERT-IIMK EPIS Async India Starts on undefined Get Details Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML SLP India Starts on undefined Get Details Skills you'll gain: Duration: 18 Weeks 109820388 Strategic Marketing for Leaders: Leveraging AI for Growth Starts on undefined Get Details Skills you'll gain: Duration: 12 Months IIM Kozhikode SEPO - IIMK CEO Programme India Starts on undefined Get Details Skills you'll gain: Duration: 22 Weeks Indian School of Business SEPO - ISB Venture Capital & Private Equity India Starts on undefined Get Details Skills you'll gain: Opportunities & Outlining Plans to use AI & ML Applying Data-Driven Business Innovation Best Practices Changing Culture to Integrate AI-Enabled Technologies Ethics, Privacy and Regulations in AI & ML Duration: 20 Weeks Indian School of Business ISB Leadership in AI Starts on May 14, 2024 Get Details Skills you'll gain: Critical Thinking & Decision-Making Skills Power of Emerging Technologies Innovation and Drive Organizational Change Fostering a Culture of Innovation Duration: 9 Months MIT xPRO MIT Technology Leadership and Innovation Starts on May 14, 2024 Get Details Skills you'll gain: Financial Accounting & Analysis Financial Instruments & Markets Corporate Finance & Valuation Investment Management & Banking Duration: 12 Months IIM Kozhikode IIMK Professional Certificate in Financial Analysis and Financial Management Starts on Mar 30, 2024 Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK-Women Leadership Programme INDIA Starts on undefined Get Details Skills you'll gain: Duration: 12 Months IIM Kozhikode Senior Management Programme Starts on undefined Get Details Skills you'll gain: Strategic Thinking & Planning Competitive Advantage & Market Positioning Strategic Leadership & Decision-Making Change Management & Organizational Transformation Duration: 1 Year IIM Kozhikode IIMK Advanced Strategic Management Programme Starts on Mar 30, 2024 Get Details Skills you'll gain: Duration: 10 Months IIM Indore Executive Programme in Business Management Starts on undefined Get Details Das, who won the 2023 International Emmy for Best Comedy for his comedy special 'Landing', said amid applause and laughter from the audience at the event that what he finds "lovely" about the Indian diaspora is that while they have an American accent and American values, but "at your shaadi, you (dance) to 'Mehendi laga ke rakhna'. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Senior Living Homes in Jigatala May Surprise You Senior Living | Search Ads Undo The Asia Society event on Thursday was presented in collaboration with global media platform, community and agency South Asian Trailblazers and was held on the eve of the premiere of Das's latest comedy special 'Vir Das: Fool Volume'. "India is on the precipice of an amazing, undeniable global soft power, and it only translates when the bridge happens from me to you. So we are both ends carrying that soft power," Das said, a message for the Indian diaspora settled across the world. Live Events "We are both guardians of India's soft power at an equal level." Citing the example of Indian actor and singer Diljit Dosanjh , who became the first Punjabi singer to perform at the popular Coachella Valley Music and Arts Festival in California in 2023, Das said, "When Diljit performs at Coachella, that is an amazing, undeniable thing." "The diaspora has to show up to pack Coachella. When he shows up in India, we'll pack it for him. But when he comes to Coachella, show up, for modern Indian culture," he said. Das, who was first nominated for the 2021 International Emmy for Comedy for his previous Netflix special 'Vir Das: For India', had hosted the prestigious global awards last year. Responding to a question during the interactive Q&A session with the audience on what are some of the things the next generation should adopt from the current one, Das said one would be to know "that India is far more open-minded than you think it is. I say this with all due respect to the diaspora. " Sometimes you are raised in a time capsule version of India, that is the last version of India that your parents left behind, and that India doesn't exist anymore," he said to applause from the audience. Das added that "You are raised in more conservative households than we are, many times. So, please come and visit modern India ." "Come and visit a place that does everything from Diljit to Mika to 'RRR' to 'Hanumankind'," Das said, referring to the popular Indian artists, the blockbuster movie which won the Oscar for Best Original Song at the 2023 Academy Awards for 'Naatu, Naatu' and the India-born rapper Sooraj Cherukat. Das underlined that there are things happening in India right now that kids of the Indian diaspora need to know. "The second thing is that it is okay to be flawed. I feel like children who are raised in the diaspora, you are under tremendous pressure to have model minority behaviour, more so than kids who are raised back home" because opportunities are far more scarce. "It is a smaller community here, but try and create the abundance mindset that you had when there were a billion jobs for you. I know that there are fewer jobs, that's a very tough mindset to create, but I think your child would be better served by creating that mindset," Das said.
Time of India
6 days ago
- Business
- Time of India
Astronomer CEO Andy Byron and Kristin Cabot were living the American dream before Coldplay kiss cam scandal exploded
At a Coldplay concert in Boston, the kiss camera, a routine segment at the British band's performances, caught a couple, sparking rumours of an affair. The only problem was that Astronomer CEO Andy Byron , who is already married with two children, was seen embracing the company's HR chief, Kristin Cabot , from behind. When the camera panned towards the, the couple hastily stepped and has since come under fire, facing allegations of infidelity. Astronomer CEO Andy Byron and the head of HR mistress Kristin Cabot whose 'affair' was exposed on a 'kiss camera' at a Coldplay concert both appeared to be living the American dream, sources told The New York Post. The duo lived their lives complete- with happy family photos and big suburban houses — before the cheating scandal sent shockwaves. Explore courses from Top Institutes in Select a Course Category Leadership Public Policy Finance MCA Management Operations Management Cybersecurity PGDM others Project Management Data Science Others Product Management Data Science Design Thinking Data Analytics CXO Degree Healthcare Digital Marketing MBA Artificial Intelligence Skills you'll gain: Financial Accounting & Analysis Financial Instruments & Markets Corporate Finance & Valuation Investment Management & Banking Financial Accounting & Analysis Financial Instruments & Markets Corporate Finance & Valuation Investment Management & Banking Duration: 12 Months IIM Kozhikode IIMK Professional Certificate in Financial Analysis and Financial Management Starts on Mar 30, 2024 Get Details Skills you'll gain: Duration: 12 Months IIM Kozhikode Advanced Strategic Management Programme Starts on undefined Get Details Skills you'll gain: Duration: 18 Weeks 109820388 Strategic Marketing for Leaders: Leveraging AI for Growth Starts on undefined Get Details Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML SLP India Starts on undefined Get Details Skills you'll gain: Opportunities & Outlining Plans to use AI & ML Applying Data-Driven Business Innovation Best Practices Changing Culture to Integrate AI-Enabled Technologies Ethics, Privacy and Regulations in AI & ML Duration: 20 Weeks Indian School of Business ISB Leadership in AI Starts on May 14, 2024 Get Details Skills you'll gain: Duration: 12 Weeks IIM Kozhikode CERT-IIMK EPIS Async India Starts on undefined Get Details Skills you'll gain: Critical Thinking & Decision-Making Skills Power of Emerging Technologies Innovation and Drive Organizational Change Fostering a Culture of Innovation Duration: 9 Months MIT xPRO MIT Technology Leadership and Innovation Starts on May 14, 2024 Get Details Skills you'll gain: Duration: 10 Months IIM Indore Executive Programme in Business Management Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK-Women Leadership Programme INDIA Starts on undefined Get Details Skills you'll gain: Duration: 12 Months IIM Kozhikode SEPO - IIMK CEO Programme India Starts on undefined Get Details Skills you'll gain: Duration: 22 Weeks Indian School of Business SEPO - ISB Venture Capital & Private Equity India Starts on undefined Get Details Skills you'll gain: Financial Accounting & Analysis Financial Instruments & Markets Corporate Finance & Valuation Investment Management & Banking Duration: 12 Months IIM Kozhikode IIMK Professional Certificate in Financial Analysis and Financial Management Starts on Mar 30, 2024 Get Details Skills you'll gain: Strategic Thinking & Planning Competitive Advantage & Market Positioning Strategic Leadership & Decision-Making Change Management & Organizational Transformation Duration: 1 Year IIM Kozhikode IIMK Advanced Strategic Management Programme Starts on Mar 30, 2024 Get Details Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML SLP India Starts on undefined Get Details Megan Kerrigan , wife of Astronomer CEO Andy Byron, 50, shared joyful family photos with him and their apparent sons on Facebook before he was exposed as two-timing with the company's Chief People Officer, Kristin Cabot, 52. — DerricGroves (@DerricGroves) ALSO READ: 'Make America Healthy Again': Trump admin revives baby boom agenda and is helping women get pregnant Andy Byron's wife shared wholesome family pictures Her Facebook photos showed the Byron gang grinning with arms around each other on a hike and at a graduation. Now, Kerrigan has deleted her married name and the entire social media account Thursday. Live Events In the hiking shots, the tight-knit family is posed in front of a creek with the married couple looking cozy and beaming, flanked by the two teenage boys. It wasn't immediately clear when the photos were taken or posted. But Kerrigan had used the outdoorsy image as her profile picture until her husband was caught in jumbotron footage canoodling with Cabot at the rock show outside Boston Wednesday, prompting a disastrous viral scandal for the pair. On the other hand, Kristin Cabot appears to be married to the CEO of a booze company, Andrew Cabot. The two even bought a sprawling $2.2 million abode in the seaside town of Rye just five months before the alleged affair came to light, The Post reported. ALSO READ: Trump signs landmark 'Genius Act': What are stablecoins? How new crypto law could transform your digital wallet? Kristin has also shared a second home in the same town with Andrew Cabot — the chief executive of Privateer Rum , a Massachusetts-based alcohol maker — since at least 2023, according to the records. Privateer Rum's website lists Andrew Cabot as its CEO and COO of the company. His bio says his 'ancestor, the original Andrew Cabot (1750-1791), was a merchant, rum distiller and successful American privateer during the American Revolution.' Kristin Cabot's now-deleted LinkedIn account showed that she has served as an 'advisory board member' at Privateer Rum since September 2020. What happened at the Coldplay concert? On Wednesday, Byron and Cabot scrambled to hide their faces when they were unexpectedly broadcast locked in an embrace on a 'kiss cam' at the rock show at Gillette Stadium Wednesday night. During the deer-in-headlights moment, Cabot covered her face and Byron quickly ducked out of view. 'Oh, what?' lead singer Chris Martin said, clearly confused. 'Either they're having an affair or they're just very shy. ' S–t…I hope we didn't do something bad,' he added. On Friday, Astronomer said it has launched an investigation into the embarrassing incident, suggesting the intimate relationship was unknown to the firm's board. ALSO READ: Stimulus payments worth $300 to $1,700 to hit bank accounts of Americans in days. Check eligibility and key dates 'Astronomer is committed to the values and culture that have guided us since our founding. Our leaders are expected to set the standard in both conduct and accountability,' the tech-and-data firm said in a statement. 'The Board of Directors has initiated a formal investigation into this matter and we will have additional details to share very shortly.' Astronomer confirmed Byron was on leave in an email to The Post late Friday night. 'Cofounder and Chief Product Officer Pete DeJoy is currently serving as interim CEO given Andy Byron has been placed on leave. We will share more details as appropriate in the coming days, the company said.
Time of India
7 days ago
- Business
- Time of India
China's dual aircraft carrier drills in Pacific rattle US and Japan
In an escalating display of military might and maritime ambition, China for the first time deployed two aircraft carriers—the Liaoning and the Shandong —in extensive, coordinated drills well beyond its coastal waters. The rare show of synchronized naval power sent shockwaves through Japan and the United States, heightening tensions in a region already teetering under geopolitical pressure. In June 2025, Japanese defense officials tracked both carriers conducting exercises east of Iwo Jima, about 1,200 kilometers south of Tokyo and roughly equidistant from the strategic U.S. base in Guam. The carriers were accompanied by an array of escorts, and their forces executed over 1,000 aircraft takeoffs and landings over the course of weeks, a much higher tempo than previously seen. Explore courses from Top Institutes in Select a Course Category Leadership Technology Healthcare Finance Others Product Management MCA Data Science healthcare others Management Degree CXO MBA Operations Management Cybersecurity Data Analytics Data Science Design Thinking PGDM Public Policy Project Management Artificial Intelligence Digital Marketing Skills you'll gain: Duration: 12 Weeks IIM Kozhikode CERT-IIMK EPIS Async India Starts on undefined Get Details Skills you'll gain: Duration: 10 Months IIM Indore Executive Programme in Business Management Starts on undefined Get Details Skills you'll gain: Opportunities & Outlining Plans to use AI & ML Applying Data-Driven Business Innovation Best Practices Changing Culture to Integrate AI-Enabled Technologies Ethics, Privacy and Regulations in AI & ML Duration: 20 Weeks Indian School of Business ISB Leadership in AI Starts on May 14, 2024 Get Details Skills you'll gain: Duration: 22 Weeks Indian School of Business SEPO - ISB Venture Capital & Private Equity India Starts on undefined Get Details Skills you'll gain: Financial Accounting & Analysis Financial Instruments & Markets Corporate Finance & Valuation Investment Management & Banking Duration: 12 Months IIM Kozhikode IIMK Professional Certificate in Financial Analysis and Financial Management Starts on Mar 30, 2024 Get Details Skills you'll gain: Duration: 10 Months IIM Kozhikode CERT-IIMK-Women Leadership Programme INDIA Starts on undefined Get Details Skills you'll gain: Duration: 12 Months IIM Kozhikode Advanced Strategic Management Programme Starts on undefined Get Details Skills you'll gain: Strategic Thinking & Planning Competitive Advantage & Market Positioning Strategic Leadership & Decision-Making Change Management & Organizational Transformation Duration: 1 Year IIM Kozhikode IIMK Advanced Strategic Management Programme Starts on Mar 30, 2024 Get Details Skills you'll gain: Critical Thinking & Decision-Making Skills Power of Emerging Technologies Innovation and Drive Organizational Change Fostering a Culture of Innovation Duration: 9 Months MIT xPRO MIT Technology Leadership and Innovation Starts on May 14, 2024 Get Details Skills you'll gain: Duration: 12 Months IIM Kozhikode Senior Management Programme Starts on undefined Get Details Skills you'll gain: Duration: 12 Months IIM Kozhikode SEPO - IIMK CEO Programme India Starts on undefined Get Details Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML SLP India Starts on undefined Get Details Skills you'll gain: Duration: 18 Weeks 109820388 Strategic Marketing for Leaders: Leveraging AI for Growth Starts on undefined Get Details While the Liaoning sailed close to Japan's exclusive economic zone near isolated islands such as Minamitorishima, both carriers remained in international waters. For Tokyo and Washington, this marked a clear effort by Beijing to test boundaries and assert operational capabilities well beyond China's immediate periphery. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Senior Living Homes in Bayanan May Surprise You Senior Living | Search Ads Undo 'This is the first time China has demonstrated its ability to operate two carriers simultaneously beyond the first island chain,' said Christopher Sharman, China Maritime Studies Institute Director at the U.S. Naval War College. 'It's a glimpse into their ambitions for a blue-water navy.' A strategic power play Military analysts and regional observers interpret the Chinese maneuvers as a calculated message. While the People's Liberation Army Navy (PLAN) has previously conducted drills near Taiwan and within the South China Sea, operating two carriers so far from the mainland demonstrates both growing confidence and capability. Live Events Narushige Michishita, a strategist at Japan's National Graduate Institute for Policy Studies, warned of the implications for Taiwan: 'Chinese aircraft carriers could be key in enforcing a blockade on Taiwan or deterring foreign intervention. These vessels are not just status symbols—they're instruments of coercion.' The fact that these drills occurred near Guam, a linchpin U.S. military hub, and Iwo Jima—where Japan and the U.S. fought a pivotal WWII battle—only adds to the symbolism. Naval might When compared numerically, China's carrier fleet still lags behind the United States. However, the progress is palpable, and narrowing the capability gap remains a clear focus for Beijing. As of 2025, China operates three aircraft carriers: Liaoning, Shandong, and Fujian. The Chinese carriers are mainly diesel-powered, although the newest ship, Fujian, features the advanced Electromagnetic Aircraft Launch System (EMALS). The United States deploys a fleet of 11 nuclear-powered aircraft carriers, including the renowned Nimitz and Ford classes. When it comes to onboard aircraft capacity, Chinese carriers like the Shandong can accommodate up to 36 aircraft, while American carriers can launch and recover more than 60 aircraft each. In terms of operational experience, China has accumulated over a decade of carrier operations, whereas the United States boasts more than 70 years of expertise in operating these powerful naval assets. China's newest carrier, the Fujian , is undergoing sea trials and is expected to join the fleet by late 2025. It represents China's leap toward modern aviation capabilities, featuring electromagnetic catapults (EMALS)—a tech the U.S. only recently deployed on its Ford-class carriers. Dangerously close encounters Amid the dual-carrier drills, Japanese defense officials raised concerns over airspace violations. Chinese fighters flew provocative maneuvers near Japanese reconnaissance aircraft. In multiple instances, these intercepts came within dangerously close range. Japan's Defense Minister Minoru Kihara emphasized, 'China's actions are escalating the security situation in the Indo-Pacific. We view these exercises as part of a larger pattern of coercion.' As a response, Japan has been bolstering its coastal defenses, expanding military bases on remote islands, and integrating more closely with U.S. forces under its revised national defense strategy. Washington on alert The United States, whose Indo-Pacific Command oversees military operations spanning Japan, Guam, the Philippines, and beyond, is closely watching these developments. The Pentagon emphasized that this marks a growing shift in China's global military outlook. The US Navy , while maintaining superior aircraft carrier tech and global logistics, must now contend with a Chinese navy that is both growing and increasingly active in contested maritime zones. What this means for the region The drills are not just about hardware or pilot training—they signal China's vision for itself on the world stage. Global military planners have long watched China's carrier program as a benchmark of how far it wants to go. Now, the message is clear: Beijing intends to rival—even challenge—the free operations of U.S. and allied forces in the Pacific. 'Politically, aircraft carriers are the ultimate status symbols,' says Timothy Heath, senior international defense researcher at RAND Corporation. 'China's leadership values them as tools of prestige, deterrence, and regional dominance.' For Japan, the U.S., and other Indo-Pacific democracies, the clock is ticking to ensure their strategic advantage holds.
