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The CEO of Juul is out, as a growing number of vaping-related deaths and threats of federal regulation present a monumental challenge for the e-cigarette company.Juul announced Wednesday that CEO Kevin Burns will be replaced by K.C. Crosthwaite, who had been chief growth officer at tobacco company Altria, a major investor in Juul. In that position, Crosthwaite oversaw an expansion into alternatives to traditional cigarettes. He also played a key role with commercial and regulatory efforts related to the US launch of iQOS, a device that heats tobacco rather than burning it. 591
The Congressional Budget Office said Monday that the U.S. economy could be .7 trillion smaller over the next decade than it otherwise would have been if Congress does not mitigate the economic damage from the coronavirus.The CBO, which had already issued a report forecasting a severe economic impact over the next two years, expanded that forecast to show that the severity of the economic shock could depress growth for far longer.The new estimate said that over the 2020-2030 period, total GDP output could be .7 trillion lower than CBO had been projecting as recently as January. That would equal 5.3% of lost GDP over the coming decade.After adjusting for inflation, CBO said the lost output would total .9 trillion, a loss of 3% of inflation-adjusted GDP.CBO called this a “significant markdown” in GDP output as a result of the pandemic.“Business closures and social distancing measures are expected to curtail consumer spending, while the recent drop in energy prices is projected to severely reduce U.S. investment in the energy sector,” CBO Director Philip Swagel said in a letter.“Recent legislation will, in CBO’s assessment, partially mitigate the deterioration in economic conditions,” Swagel said in the letter to Sens. Chuck Schumer, D-N.Y., and Bernie Sanders, I-Vt. The two had requested the information as a way to pressure Republicans to follow the lead of the House and pass more economic relief.“Last week we learned that over 40 million Americans lost their jobs as a result of this horrific pandemic,” Schumer and Sanders said in a joint statement. “Today, the CBO tells us that if current trends continue, we will see a jaw-dropping trillion reduction in economic growth over the next decade.”Schumer and Sanders said Republicans should stop blocking legislation to provide more assistance given that 40 million workers have lost their jobs already.“In order to avoid the risk of another Great Depression, the Senate must act with a fierce sense of urgency,” Schumer and Sanders said.The CBO is forecasting that the GDP, which shrank at a 5% rate in the first three months of this year, will fall at a 37.7% rate in the current April-June quarter, the biggest quarterly decline on record.The CBO also issued a separate report detailing a cost estimate for a .4 trillion COVID-19 rescue bill that passed the Democratic-controlled House in mid-May. That legislation is built around 5 billion in aid to state and local governments, another ,200 payment to most American workers, and additional aid to colleges and local school districts. The price tag is slightly higher than a back-of-the-envelope figure provided by Democrats when the measure passed.Senate Republicans have dismissed the proposal as a wish list but have yet to unveil any proposal to counter it. 2817

The NCAA said on Monday that it has approved rules that allows conferences and universities to extend an additional year of eligibility for athletes whose season were cut short due to the spread of COVID-19. Earlier this month, the NCAA announced the cancellation of all spring and remaining winter championships. While most winter sports were just getting into postseason play, spring sports, such as baseball and softball, were just getting underway. Generally, the NCAA allows athletes four years that can be used over a five-year span. The ruling will allow athletes for spring sports to complete their four years of eligibility over six years. Teams will also be permitted to extend additional athletic scholarships to athletes to accommodate players opting to take advantage of an extra year of eligibility. Despite calls to also extend a year of eligibility for college basketball players, the NCAA opted not to add eligibility for those athletes. For many college basketball teams, their seasons had ended when most conferences decided on March 10 to suspend the rest of the season.“The Council’s decision gives individual schools the flexibility to make decisions at a campus level,” said Council chair M. Grace Calhoun, athletics director at Penn. “The Board of Governors encouraged conferences and schools to take action in the best interest of student-athletes and their communities, and now schools have the opportunity to do that.” 1457
Texas is cracking down on so-called porch pirates, who steal packages and other mail from people's doorsteps and mailboxes.Gov. Greg Abbott signed legislation last week that will increase punishment for stealing mail, which is defined as "a letter, postal card, package, bag, or other sealed article" addressed to an individual that has been dropped off by a common carrier or delivery service, or has been left by a customer for pickup.Under the new law, convicted mail thieves could be sentenced to between 180 days in jail and 10 years in prison, depending on how many people they have targeted. They will also face fines ranging from ,000 to ,000.Mail theft is a felony under federal law, but it had only been punishable as a misdemeanor with a ticket under state law."They're looking at time, so it's definitely a deterrent," 848
The heat of summer is still toasting much of the U.S., but the chill of winter is around the corner, and if you believe Farmers' Almanac's projection, parts of the U.S. could be blasted with cold weather this winter. The Farmers' Almanac said almost all of the U.S. is projected to have below average temperatures, with the coldest weather coming in the Midwest and Northeast. Not only will the winter be colder, but it is expected to go deeper into the spring for the Midwest and Northeast.For more info on Farmers' Almanac's projections, click 558
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