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De Blasio, the Board is close to a budget deal with a NYPD $ 1 billion cut

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De Blasio, the Board is close to a budget deal with a NYPD $ 1 billion cut

Mayor de Blasio and Board Chair Corey Johnson are finalizing a $ 87 billion budget agreement that will avoid city layoffs while cutting $ 1 billion from the Police Department’s budget through transfers and spending cuts, The Post has learned.

The agreement – which the City Council was briefing on Monday night – largely returned the cuts made by Hizzoner to the summer youth employment program, advisers for high-need schools and tuition assistance for low-income City University students.

But it also kept most of the other spending cuts proposed by de Blasio in April intact as officials sought to navigate the Big Apple deficit estimated at $ 9 billion, caused by a coronavirus pandemic outbreak and subsequent economic closure.

April Hizzoner’s budget – when the deficit was estimated at only $ 7 billion – continues the city’s tradition to save the NYPD from the budget ax even in difficult times.

Only a few weeks later, the brutal death of the police in the arrest of George Floyd in Minneapolis skyrocketed on social media, sending tens of thousands of New Yorkers to the streets in protest – the first in a series of imminent dominoes – making Hizzoner politically besieged and fully improving the debate the budget.

The latest spending plan hopes to answer calls from protesters to ‘thwart’ the NYPD by cutting and transferring $ 1 billion from its budget, four sources confirmed. However, City Hall uses accounting standards which critics call ‘tricks’.

This transferred school security officers back to the Department of Education, moving $ 307 million from the NYPD budget in the first year. He also asked the school’s security agent to be transferred to another agent that was still undetermined, accounting for $ 42 million.

Controversially, sources told The Post, City Hall also calculated $ 134 million in additional benefits – such as health, dental and eye care – related to the employee to another agency, and calculated the savings toward the $ 1 billion goal.

The NYPD should also cut its overtime expenditure by $ 352 million by 2021 – roughly half of its annual expenditure, which exceeds $ 700 million in each of the last three budgets completed.

Most of the remaining savings came from reducing the number of departmental employees through reductions and by delaying cadet classes, the source added.

However, several popular programs cut by de Blasio in April have seen their funds partially or completely recovered, three sources said:

  • The ‘Student Fair’ program that helps equalize funding between richer and poorer school districts in Gotham will keep funding flat, instead of facing a $ 100 million cut
  • The popular ‘Single Sheperd’ counseling program from the Ministry of Education for high needs schools faces challenges but now has a $ 11 million budget back
  • The ASAP CUNY assistance program for low-income students at community colleges also saw many of its deductions, returning funds to levels close to last year

And there was $ 100 million included to provide programming and jobs for urban youth during the summer, largely reversing one of the most controversial cuts from the April de Blasio budget.

In addition, sources say that the agreement between de Blasio and Johnson also avoids layoffs in the city workforce.

The mayor has publicly warned that 22,000 employees could be fired unless state lawmakers in Albany approve the emergency loan authority, only to see the state Senate reject his request twice.

However, the budget – which must be passed on Tuesday – will not be easy to sell.

One calculation seen by The Post shows that 15 out of 50 city MPs can oppose the agreement. The board has 51 seats, although currently one seat is empty.

“The Mayor has two objectives for this budget: maintaining security, and investing in the hardest-hit youths and our communities – all facing the toughest fiscal situation the city has seen in decades,” said City Hall press secretary Freddi Goldstein, who refused to comment on the details. “We believe that we have presented a plan that completes that mission and look forward to working with the Council to issue a budget that helps the city rebuild more strongly.”

Johnson’s office declined to comment.

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Lego made a 2,600-piece replica of participating in Mario on the NES

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Lego made a 2,600-piece replica of playing Mario on the NES

Lego and Nintendo are teaming up for a new Lego set that assembles into a blocky model of Nintendo’s 8-little bit gaming console, the Nintendo Leisure Technique, together with an interactive Television displaying Super Mario Bros. The two corporations collaborated previously this year to develop interactive Super Mario-themed sets.

Developed for grownup builders, this new set includes 2,646 pieces that blend to generate Nintendo’s to start with residence console as well as an NES controller, a recreation cartridge that can suit into the console, and a miniature retro Tv set. The Tv shows Mario traversing via a phase from the 1985 traditional, and a crank positioned on the remaining aspect of the Tv set allows you move the mustached plumber up and down among platforms.

Picture: Lego

Like the before Tremendous Mario sets, the Nintendo Enjoyment Process package will incorporate common creating with electronic technological innovation. Placing the Bluetooth-enabled Mario figurine from the Adventures with Mario Starter Course established on leading of the Tv set will make seems as if you were really participating in the primary 1985 classic.

The Nintendo Amusement Technique Lego established will launch on August 1st — the similar working day as the Super Mario Lego sets — for $300. The Super Mario kits incorporate various characters and obstructions for Mario to deal with, including an enlargement that allows him square off in opposition to his arch-nemesis, Bowser.

Update July 14th, 8:20AM ET: Lego has now declared pricing for the NES established.

Update July 14th, 8:37AM ET: Lego altered the listing rate to $300. It in the beginning listed the NES set as costing $200. We have achieved out to affirm the set’s pricing.

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China will sanction Lockheed Martin about arms product sales to Taiwan

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China will sanction Lockheed Martin over arms sales to Taiwan

“China firmly opposes US arms gross sales to Taiwan,” Foreign Ministry spokesman Zhao Lijian stated at a press meeting. Taiwan is a self-dominated island, but China has long vowed to unify it with the mainland.

The United States is a person of Taiwan’s primary arms suppliers. The US Condition Division last 7 days accredited a ask for by Taiwan to improve its Patriot Area-to-Air missiles at an approximated cost of $620 million, in accordance to Taiwan’s state-run Central Information Company.

In response, China is imposing “sanctions on the most important contractor of this arms sale, Lockheed Martin,” Zhao stated, devoid of heading into depth. The United States should “quit selling arms to Taiwan and slice its armed service ties to Taiwan, so it won’t do even further harm to bilateral relations in between China and the United States,” he extra.

Relations involving the world’s best two economies were by now approaching new lows.

After tightening sanctions on Huawei, Washington has threatened in modern weeks to ban more of China’s largest tech firms. Beijing has sanctioned US officers and lawmakers and explained to the United States to give up interfering in China’s international affairs. Meanwhile, there is rising criticism from the United States and other Western nations around the world more than Beijing’s crackdown on Hong Kong and China’s early dealing with of the coronavirus pandemic.
Offering arms to Taiwan “exhibits the US is advancing its programs to have the Chinese mainland irrespective of the issues it has with dealing with the coronavirus at residence, and it will direct to much more chaos and complexity to the area as a substitute of peace and security,” China’s point out operate tabloid the International Moments documented past week.
Following controversial national security law, TikTok is leaving Hong Kong

The arms sale is “symbolic, and only offers Taiwan secessionists untrue bravery, somewhat than boosts its army abilities,” Yang Chengjun, a Chinese specialist on missile engineering and nuclear strategy, instructed the newspaper.

Lockheed Martin did not instantly answer to a ask for for comment.

It is unclear how Chinese sanctions would influence the company’s enterprise. Lockheed Martin reported in a new submitting that missiles and firearms will account for a lot less than 20% of the firm’s estimated profits for 2020. It would make far more than two times as substantially earnings from aeronautics, which includes sales of the company’s F-35 fighter jets.

Beijing could prohibit Chinese companies from providing key technologies to Lockheed Martin, which would be similar to limits Washington has placed on Huawei. Very last year, Sky News documented that a Chinese-owned firm manufactures circuit boards for F-35 jets. Lockheed Martin instructed the British broadcaster at the time that it was not aware of any other Chinese-owned F-35 suppliers.

— CNN’s Isaac Yee contributed to this report.

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This is the most crowded trade ever, fund administrators say

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This is the most crowded trade ever, fund managers say

The logos of cell applications Instagram, Snapchat, Twitter, Fb, Google and Messenger shown on a tablet gadget.


denis charlet/Agence France-Presse/Getty Visuals

Fund managers states the know-how trade has in no way been additional crowded. But that hasn’t retained them from also betting massive on the sector.

Financial institution of America’s month to month fund manager survey finds 74% say prolonged U.S. tech shares is the most “crowded trade.” That is the highest reading considering that the query started off staying asked in Dec. 2013.

Crowded or not, they are nonetheless overweight the tech sector, alongside with the pharmaceutical sector. The tech-weighty Nasdaq Composite
COMP,
-2.13%

has noticed 27 report finishes this yr.

What could unwind the tech trade? A coronavirus vaccine, say the fund administrators.

Linked: Large Tech’s most recent reckoning is coming as it continues to rack up document valuations

The study also finds dollars degrees rose to 4.9% from 4.7%. That warning reveals up elsewhere — just 14% say the economic recovery will be “V”-shaped compared to 44% expecting a “U,” and 30% a “W” shaped restoration. In addition, 62% of buyers want corporations to improve balance sheets, compared to just 27% wanting increased funds expenditure, and only 9% contacting for bigger dividends and inventory buybacks.

The study also uncovered the allocation to commodities now at the optimum considering that July 201,1 and that there was a significant bounce in European fairness publicity. European leaders are because of to satisfy this 7 days to discuss the €750 billion European Union rescue fund proposal.

Bank of America’s strategists are expecting a choppy summer, and they say to acquire when the S&P 500
SPX,
-.93%

is under 2,950 and provide when it is over 3,250. The S&P 500 ended Monday at 3155.22.

The survey, performed amongst July 2 and 9, was of 210 members running $607 billion in assets.

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