April 27, 2024

Archives for August 2019

Where to Show Off Your $5 Million Horse

Notoriety seems to be short-lived here, too, to judge by the appearance of Matt Lauer, the former NBC co-anchor, at the Hampton Classic on Wednesday morning, a day of near Biblical rain. Despite having been, as Mr. Robbins said, “socially exorcised” from the Hamptons after his dismissal from NBC in 2017 amid allegations of sexual misconduct, there was Mr. Lauer grinning broadly beneath a Yankees cap as his ex-wife, Annette Roque, took photos of their 15-year-old daughter, Romy, in the show ring.

Contradictions, after all, are as essential an element of the Hamptons as sweet corn and farm stand tomatoes at $6 a pound. And the tales still told of talented but impecunious riders scrapping their way to the Classic on the back of some gifted nag discovered in a barnyard seem more than ever like myth.

“Everything about it is costly,” Kevin Babington, a leading rider said Thursday morning.

After schooling his award-winning Irish chestnut gelding, Mr. Babington dismounted in a tent set aside for top riders and handed him off to a groom. Son of the owners of a small department store in County Tipperary, Ireland, Mr. Babington expressed the same amazement a neophyte to the horse world might feel that one of humankind’s oldest pursuits has evolved into one of its costliest.

Bodily risks aside, Mr. Babington added, the sport is clearly not for the faint of heart. Consider, he said, the $4,000 monthly fees charged by some barns for boarding; the $1,500 Der Dau boots favored by many riders; an imposing list of tack-room essentials (bridles, saddles, martingales, girths, blankets, coolers, fly nets, galloping boots, spurs and crops for a start); the $300 fees required to enter certain show classes; the $100 it costs to braid a show horse’s mane and tail; and the fact that many horses require new shoeing almost as often as Sarah Jessica Parker.

There is, too, the steep price tag on the animals themselves. In the barn Mr. Babington shared this week with fellow professional riders there was more than one horse whose value exceeded $5 million.

“My kids are just starting to get into the sport,” said Mr. Babington, who recently swept the top three places at the Lake Placid Horse Show. “I asked them, ‘Couldn’t you take up tennis instead?’”

Article source: https://www.nytimes.com/2019/08/31/style/hampton-classic-horse-show.html?emc=rss&partner=rss

Tesla gets tax break in China, but it hardly makes it more attractive to customers – Boom Bust

On Friday, all Tesla vehicles sold in China were granted a tax exemption that could reduce the cost of its electric cars by up to 99,000 yuan (nearly $14,000). However, Tesla, which earlier announced it would raise the price of its cars to compensate for tariffs, has not lowered prices.

“That’s gonna be more profit, which is what they need,” Lauren Fix, an automotive analyst known as ‘The Car Coach’, told Boom Bust. She added that the company has been trying to quickly ship as many vehicles as possible to China, and now we can only hope that Tesla can sell some of them and they “don’t just sit there.”

However, there are other cars in the same luxury market, such as Jaguar, Audi, and BMW. And the narrow base of wealthy customers is not going to expand, while the competitors take Musk’s market share.

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“It’s a different marketplace, it does not hit the masses. And it won’t hit the masses as long as the prices are high and the time to charge is way too long and the distance between charges need to be twice what it is now in order for the masses to be interested,” Fix said.

She added that Tesla is missing one important thing, and it’s not about the design or technology features of their competitors. The problem is with the dealer networks which take care of and support the vehicles. When it comes to Tesla, Fix explained, people have to wait up to 12 weeks to get a spare part, which is “unacceptable” and just frustrates potential customers.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/467691-tesla-tax-break-china/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

India looks to import more LNG from Russia’s resource-rich Arctic region

“The LNG market will expand and our Indian partners are interested in increasing LNG supplies in the future, including from the new Arctic LNG 2 project and future project, Arctic LNG 3,” Novak said, commenting on the results of his talks with Indian Minister of Petroleum and Natural Gas and Steel Dharmendra Pradhan. The Russian minister added that the two sides are eyeing other joint projects and will continue cooperating on the matter.

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Since last year, Russia has been successfully shipping LNG to India as part of mounting exports of energy resources to the country. In the first half of 2019, exports of oil products jumped more than 17 percent to 1.3 million tons, while coal supplies rose 25 percent, exceeding 3 million tons, Novak said after the senior Russian and Indian energy officials met on Friday. 

Russia and India have long mulled joint development of the resource-rich Arctic region. On Friday, Russian presidential aide Yuri Ushakov said Moscow and New Delhi are looking at opportunities for joint oil and gas exploration in the Arctic shelf and in Russia’s Far East. 

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The Arctic LNG 2 project of major Russian gas producer Novatek is set to become operational in 2022-23, and will be able to produce 19.8 million tons of LNG per year. It is Novatek’s second plant for liquefying gas in the Arctic. The project has already drawn interest from foreign investors, including China, Japan, France, and Saudi Arabia.

Last year, the gas producer started drilling gas well in the North-Obskiy license area for its third facility in the Arctic, as the company plans to further boost LNG production in the region.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/467683-india-russia-lng-arctic/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

YouTube Said to Be Fined Up to $200 Million for Children’s Privacy Violations

In June, The New York Times published an investigation into how YouTube’s recommendation system automatically promoted videos of scantily clad children to people who had watched other videos of young children in compromised positions or sexually themed content.

The accusations against YouTube emerged last year after a coalition of more than 20 consumer advocacy groups filed a complaint to the F.T.C. saying that the video platform was violating a federal privacy law by collecting and exploiting the personal information of children.

That law, called the Children’s Online Privacy Protection Act, prohibits online services aimed at children under 13 from collecting personal details — like a child’s birth date, contact information, photos or precise location — without a parent’s permission. The law also prohibits children’s apps from using persistent identifiers to target youngsters with ads based on their behavior.

YouTube has long maintained that its platform is not intended for children under 13, even as some of its most popular channels — with names like Cocomelon Nursery Rhymes and ChuChu TV — are clearly aimed at youngsters, offering colorful animated videos that have been viewed more than a billion times.

People who set up accounts on YouTube must affirm that they are at least 13 and must agree to Google’s terms of service, enabling the company to track users’ video-viewing activities, internet browsing habits and other details. YouTube has said that it deletes accounts when it determines that a user is under 13.

YouTube maintains a separate app for younger users, called YouTube Kids, which says that it does not allow behavior-based ads.

But the children’s groups said in their complaint that YouTube was aware that millions of children were watching its main channel and collected the children’s personal details anyway, without parental consent.

Article source: https://www.nytimes.com/2019/08/30/technology/youtube-childrens-privacy-fine.html?emc=rss&partner=rss

Tensions Flare Between Trump and Fox News

Brit Hume, a senior political analyst for Fox News, echoed Mr. Cavuto’s comments and tweeted, “Fox News isn’t supposed to work for you.”

“We have tried to be fair to him in our news coverage,” Mr. Hume said in another tweet responding to someone who had asked why Mr. Trump thought Fox worked for him. “Best example: we didn’t fall for the Russia conspiracy theory that ended in such a fiasco for other outlets. Plus, some of our opinion hosts support Trump. (Others don’t.)”

Fox News declined to comment for this article. The White House declined to comment on Mr. Trump’s complaints about Fox News or Mr. Cavuto’s retort, preferring to leave the sparring to the president himself.

While in office, Mr. Trump has reserved his most cantankerous barbs for other news outlets. This week alone, he has attacked The New York Times, The Washington Post, Axios and NBC.

But the president has increased his criticism of Fox News in recent months. On Sunday, he said the network was “not what it used to be” when he expressed unhappiness with a poll. He has also attacked the Fox News contributor Donna Brazile, the anchors Shepard Smith and Chris Wallace, and the Fox analyst Juan Williams.

Early this month, Mr. Trump said that “watching Fake News CNN” was better than watching Mr. Smith’s show and that “whenever possible” he turned to the One America News Network. When Mr. Wallace interviewed the Democratic presidential candidate Pete Buttigieg in May, Mr. Trump said Fox News was “moving more and more to the losing side.”

By Friday afternoon, it appeared that Mr. Trump had other targets on his mind.

Over the course of two hours, he had tweeted four videos on the Justice Department’s critical inspector general report regarding the former F.B.I. director James B. Comey. All four clips featured guests criticizing Mr. Comey, and all four clips were from Fox News.

Article source: https://www.nytimes.com/2019/08/30/business/media/trump-fox-news.html?emc=rss&partner=rss

China Expels Wall Street Journal Reporter After Article on Xi’s Cousin

Nominally communist, China has seen the gap between rich and poor widen tremendously since Beijing opened up its economy to the world and embraced business, setting off its tremendous growth spurt. The families of China’s top leaders have often benefited from that rise. Officials in Beijing regularly summon foreign journalists to complain about articles and have repeatedly warned them that reporting on the wealth of the country’s top leaders and their families is a “red line” that the authorities would not tolerate.

After The Times reported in 2012 on the hidden wealth of the family of China’s premier at the time, Wen Jiabao, the newspaper was unable to secure accreditation for its other reporters, one of whom had to wait for close to three years. Bloomberg News also struggled to obtain approval of new visas for journalists after its reporters wrote about the wealth accumulated by the family of Mr. Xi, who became China’s leader a year later. Both services were blocked in China.

The Journal’s article, which quoted unnamed Australian officials, delved deeply into that sensitive area.

It said the authorities were scrutinizing Mr. Chai, an Australian national, as part of a broad money-laundering and organized-crime investigation. It described their interest in Mr. Chai’s high-stakes gambling sessions in Australian casinos, and said that “he often flaunted his familial link to Mr. Xi while chasing business opportunities.” It also described his business dealings and big real estate purchases made by him and his wife.

But the reporters noted that there was “no indication that Mr. Xi did anything to advance Mr. Chai’s interests, nor that the Chinese leader has any knowledge of his cousin’s business and gambling activities.”

China’s Foreign Ministry at the time called the accusations groundless. The Journal article followed similar coverage by Australian news outlets. Others, including The Times, also covered the investigation. The Times’s article said Mr. Chai was not the main target of the investigation.

Chinese officials have offered little indication that they will soften their tone.

In its 2018 annual survey of working conditions for foreign journalists in China, the Foreign Correspondents’ Club of China said the authorities had issued severely shortened visas and reporting credentials, including one for just two and a half months, to at least five correspondents. More than half of the respondents, the largest proportion since 2011, said they believed conditions had deteriorated in 2018, when foreign media coverage of pro-democracy protests prompted a government backlash.

“Survey results painted the darkest picture of reporting conditions inside China in recent memory,” the club said.

Article source: https://www.nytimes.com/2019/08/30/business/china-wall-street-journal-reporter.html?emc=rss&partner=rss

Will America Talk Itself Into a Recession? Trump’s Advisers Are Worried

But some forecasters agree that fear itself could become a problem. Consumers drive about 70 percent of economic activity in America, and if they become spooked and pull back on purchases, growth could slow more sharply. Stock market losses could unsettle Americans and cause them to clamp their wallets shut.

“If headlines about trade wars and currency wars dominate the media and the airwaves,” then “you could get in this spiral where people lose confidence and stop spending,” said Megan Greene, a senior fellow at the Harvard Kennedy School. Still, she does not expect an outright recession until 2021 in part because the labor market remains strong, making an imminent consumer pullback avoidable.

By several measures, the American economy continues to thrive, particularly when compared with other rich countries. Unemployment is hovering around its lowest level since 1969, the job market is growing faster than many economists had thought possible, and wage growth is picking up as companies compete for workers. That is leaving average Americans with more money in their pocket and greater wherewithal to spend.

Despite recession chatter, consumers are likely to remain strong as long as their paychecks are growing, said Seth Carpenter, the chief United States economist at UBS.

“If somebody gets a raise and their spouse gets a new job, they’re still going to be spending,” he said.

Households could keep the economy chugging along even as trade uncertainty drives companies to behave cautiously, if recent precedent holds. When growth slowed down in 2016, thanks in large part to an oil price slump that caused a drop-off in business investment, America kept shopping — and the expansion continued.

For all of its importance to growth, consumers’ behavior is historically a poor indicator of where the economy is headed. Shopping habits change quickly and often pull back only after a broader slowdown has taken hold.

Article source: https://www.nytimes.com/2019/08/30/business/economy/recession-trump.html?emc=rss&partner=rss

Pet Spa? Private Elevator? The Amenities Race Heats Up

“It has this exclusivity, but you’re not paying it,” he said.

What holds value is not a bonanza of amenities; it’s classic design and a sense of history.

The ultraluxury units that appreciated at the highest rates from 2007 to 2017 were in classic Manhattan buildings like the Dakota and the San Remo, said Nancy Wu, an economist at StreetEasy. New condos have appeared on the list but have dropped off.

But core amenities still matter. Ms. Wu said the top five — doorman, elevator, laundry, roof deck and gym — added about 20 percent to the purchase price and 20 to 30 percent to the rent an owner can charge.

Breaking out the value of other amenities, though, is difficult, Ms. Wu said. “It’s hard to say which amenity is adding or taking away value because there are often so many amenities bundled together,” she said. “If they have a climbing wall, they probably have a yoga studio, too.”

She said there was one exception: Private elevators, which let owners zip up to their penthouses without mingling with the masses, are highly sought after.

Other privacy perks are popping up. In the New Orleans development, Mr. Friedman added a private package room, so neither the pizza boy nor the FedEx delivery man would have a window into the lives of the residents.

But it’s worth noting that tastes change. Pools, while essential in Miami or Los Angeles, may be making less of a splash in New York. Ian Bruce Eichner, a Manhattan developer and the founder of the Continuum Company, said he had to choose between a pool and a parking garage for Madison Square Park Tower on East 22nd Street.

Article source: https://www.nytimes.com/2019/08/30/your-money/luxury-condo-amenities.html?emc=rss&partner=rss

Why Tamron Hall’s Role Model Is Rocky

There are a lot of people, including Kelly Clarkson and Drew Barrymore, clamoring after Ellen’s crown. Why should we watch you?

Right now in daytime television, which predominantly female viewers watch, there is no show about relationships, no show about fertility. Nothing like that. The only show that talks about relationships is “Dr. Phil.” And I jokingly say: “If you’re there, you’re in trouble. It’s already over.” Here, you have this daytime audience, and no one’s talking about the very first thing we ask anyone, which is: “Are you gay, straight, dating, want to date somebody? What’s going on?” We saw this opening to have these serious conversations that are just life.

What’s the first thing you did after leaving NBC?

I prayed, I talked to my friends and my family, and I went to sleep. I woke up the next morning, and my phone’s like, people calling, calling, calling. I gave away clothes to Housing Works because I wanted to shed a layer — I’m sure therapy might reveal why — and I gave them a shout-out. That was very calculating of me. I admit it, because guess what? We don’t own that often as women. By midday I was told that my departure was trending. [Housing Works began to trend, too.] And when the reaction came, that began a process of me owning my own life. Social media gave me a platform to show what I was doing. I had a voice still, which is very important as a black woman in this business.

Were you getting offers?

That was February. In June, I was in L.A., and it was the first major pity party that I had, realizing that the job offers I was getting — for a woman with 25 years experience in this business — were very much in line with somebody maybe their first year out of college. And it took me aback. I had this little moment of sadness because I realized that, even in 2017, how many spots are occupied by women? How many spots are occupied by women of color? And so it becomes a numbers game.

What situation had been laid out by NBC when you decided to quit?

I was told I could stay, but there was no defined role. I would be an anchor on the “Today” show, but we didn’t know when I would be on, and I could stay at MSNBC, but we didn’t know what time. So I was demoted. Period. I never imagined being demoted would end up being a blessing.

Was it a fast decision on your part?

No, because there were things that had happened over the course of a year, where I knew or believed that they wanted something else in that slot.

Article source: https://www.nytimes.com/2019/08/30/arts/television/tamron-hall-today.html?emc=rss&partner=rss

Bye-bye lowcosters? Merkel’s sister party calls for extra tax on cheap European flights

“I want climate protection instead of competitive prices,” Christian Social Union (CSU) leader Alexander Dobrindt told Bild newspaper. The official added that €9 tickets, offered for certain routes by low-cost carriers, “have nothing to do with a market economy” or protecting our planet.

To solve the problem, the CSU simply wants to make air companies pay for their low fares, effectively ruining their business model. In a paper expected to be presented next Tuesday, the party called for a “penalty price tax” to be introduced for flights costing less than €50.

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“There needs to be a minimum flight price and rail journeys need a VAT cut,” Dobrind said.

The ecological issue at the core of the CSU’s concerns is growing carbon emissions produced by airlines. One of the targets of the possible new tax, Ryanair, has recently been labeled one of the top 10 worst polluters. The Irish company defended its environmental record, saying that it is Europe’s “greenest and cleanest,” given that their passengers have the lowest CO2 emissions per kilometer.

The CSU’s demands could further hurt people who would bear the costs of the tax, but might do little for the environment, Thomas Jarzombek, CDU politician and federal aviation commissioner, warned. He added that the coalition agreement does not include increasing the taxes.

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“It must also be carefully examined whether such a regulation would not lead to aircraft simply flying empty and people with low incomes losing mobility without saving CO2,” he said.

Meanwhile, the German Aviation Association (BDL) said it would not object if lawmakers found “an adequate way to put a stop to uneconomical low prices and artificially inflamed demand,” according to its executive director, Matthias von Randow.

For more stories on economy finance visit RT’s business section

Article source: https://www.rt.com/business/467635-cheap-eu-flights-tax/?utm_source=rss&utm_medium=rss&utm_campaign=RSS