OPEC+ decides to keep oil production cuts through July – Russian energy minister
“OPCE+ have decided to maintain oil production cuts of 9.7 million barrels per day for July,” Novak announced following the online meeting of the 13 members of the oil alliance and 10 non-OPEC states. The OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis. Those cuts were due to taper to 7.7 million bpd from July to December, but for July the terms of the deal will remained unchanged.One of the reasons for prolonging the agreement were excessive oil reserves, despite supply shortages being expected in the near future, the minister pointed out.Mexico, which was earlier reluctant to play along and prolong production cuts, remains in the deal, Novak said.During the … [READ MORE...]
People Are Marching Against Racism. They’re Also Reading About It.
“These numbers are extraordinary for any children’s book, and in particular one that is in the board book format aimed at readers 0-3,” Elyse Marshall, executive director of publicity at Penguin Young Readers, said in an email. “It’s rare to see a board book hit and stay on a best-seller list weeks before it goes on sale, and the sustained presence reflects the moment that we are in.”The demand for some titles has been so high that stores are having trouble keeping them in stock. Miriam Chotiner-Gardner, a buyer for Three Lives Company bookshop in Manhattan, said she’s seen increased demand every which way. Some people are ordering just these books, while others are buying them along with unrelated novels or essay collections. There are customers purchasing just one title, and others … [READ MORE...]
Saying Goodbye to the Modist
“It was life changing,” Ms. Tagouri said. “I actually really mean that.”For Ms. Tagouri, who wears hijab, the Modist’s “effortlessly chic” styling ideas were just as important as its inventory of Valentino, Burberry and more. The images inspired her and made her feel proud.“I had never known of a marketplace or a store where I could wear every single thing, and I didn’t have to think about layering,” she said. “I don’t think anybody will understand that unless they’ve gone through the experience of seeing themselves fully represented for the first time.”While the Modist was one of the first companies to sell modest options from multiple luxury brands, major e-commerce retailers began adopting the same strategy around the same time, adding full-coverage categories to their websites.There … [READ MORE...]
Latest News
Minority Workers Who Lagged in a Boom Are Hit Hard in a Bust
“I am scared to death of coming back to work,” she said. “I don’t think I should have to make the choice between having a livelihood and having a life.”[How do you feel about going back to work? Share your story.]Ms. James knows that a spate of joblessness, especially during an economic downturn, can have a lifelong impact. She spent 13 years working for a government contractor, rising up the ranks, before losing her job in 2010. Ms. James was unemployed for six months before she took a job at a … [Read More...]
Coronavirus Shutdowns: Economists Look for Better Answers
In Europe, France and Spain have adopted versions of a plan put forth by Bary S.R. Pradelski, an economist at Oxford University, and Miquel Oliu-Barton, a mathematician at the Université Paris-Dauphine, to divide countries into dangerous red and safer green zones, and allow travel within and between the green while strictly curtailing it in the red. The researchers are pushing for the European Union to reopen the tourism business that is so critical for southern European countries by allowing … [Read More...]
What to Make of the Numbers in the May Jobs Report
For some demographic groups, the crisis is deeper. Early job losses were concentrated among low-wage workers in service jobs, many of them black and Latino. The unemployment rate for black workers rose slightly, to 16.8 percent, although mostly because more people were looking for work. The jobless rate for Latinos fell but was still the highest of any racial or ethnic group, at 17.6 percent.Even if they didn’t anticipate the May bounce, many economists had expected that unemployment would begin … [Read More...]
To Reach a Single A.T.M., a Line of Unemployed Stretches a Block
The state awarded a contract to KeyBank in 2015 to manage the distribution of unemployment claims in New York. The state gave the bank the highest score in a competitive bid and selected KeyBank over Bank of America.People getting unemployment benefits have another option to avoid fees, which can range from $1.50 to $3 per transaction, by using the card at other A.T.M.s in the Allpoint network, which has 1,000 locations in New York City, including a handful within walking distance of the KeyBank … [Read More...]
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Small Business
Saying Goodbye to the Modist
“It was life changing,” Ms. Tagouri said. “I actually really mean that.”For Ms. Tagouri, who wears hijab, the Modist’s “effortlessly chic” styling ideas were just as important as its inventory of Valentino, Burberry and more. The images inspired her and made her feel proud.“I had never known of a marketplace or a store where I could wear every single thing, and I didn’t have to think about … [Read More...]
A Spa’s Journey From Family Recipes to Whole Foods to ‘Survival Mode’
“One advantage a small-business owner has is the total freedom to change, adapt, pivot and completely rethink their businesses in order to suit them for now and the future,” said David Sax, author of “The Soul of an Entrepreneur: Work and Life Beyond The Startup Myth.”The initial step for Ms. Owens and her team was to dust off the Iwi Fresh virtual storefront. “We had a website and an online … [Read More...]
Your Money
Home Prices Are Rising, Along With Post-Lockdown Demand
Because the market tilts in favor of sellers, Mr. Rinehart advises buyers to ignore certain issues, like minor repairs, that they may have negotiated over in a less heated market. “This is an unusual time,” he said.Diana Ragland said she and her husband had started looking for a larger home for their family in Colorado Springs in February, but put their search on hold when in-person home tours … [Read More...]
Wealthy Fliers Worried About Coronavirus Turn to Private Jet Service
For travelers concerned about the environment, the private jet companies offer programs to offset carbon emissions. Terrapass, which has partnered with Magellan, can calculate carbon offsets based on the size and age of a plane and where its flying. Magellan includes carbon offsets in jet cards greater than 50 hours.New fliers may be driving some of the increase in sales, but existing clients are … [Read More...]