April 27, 2024

Archives for January 2020

Anne Cox Chambers, Media Heiress and Ex-Ambassador, Dies at 100

“I think it’s too soon for us to have a black president, but even if it weren’t, I don’t think he should be it,” she told Vanity Fair. “He’s sleazy.” The nomination went to Gov. Michael S. Dukakis of Massachusetts, who lost to George Bush.

Some of her politicking was of the shoe-leather, door-to-door variety. In Mr. Carter’s 1976 campaign, she was part of the “peanut brigade” of volunteers that traveled to contested states. She did the same thing in later elections, including 2004, when she was 84, supporting Senator John Kerry’s bid to unseat President George W. Bush. She opposed the tax breaks — a substantial one in her case — that Mr. Bush had given rich people like her.

“It’s tainted money,” she said. “I don’t want it.”

In a 2011 interview with Atlanta magazine, which noted that she had a cardboard cutout of President Barack Obama in her living room, she credited her father for her lifelong affiliation with the Democratic Party. “I remember someone asked Daddy if he would ever think of voting for a Republican, and he said, ‘Sure I would, if I ever found one worth voting for,’” she said.

Anne Beau Cox was born on Dec. 1, 1919, in Dayton, Ohio. Her mother, the former Margaretta Parler Blair, used the baby as a way to avoid talking about political issues when appearing in New York the next year, during her husband’s presidential campaign.

“But please excuse me from talking politics,” she said. “Anne is very well, thank you. Baby Anne was born last winter.”

Mrs. Chambers attended Miss Porter’s School in Farmington, Conn., spent a year in Paris and graduated from Finch College in Manhattan, which closed in 1976. She liked to say she first went to Atlanta to attend the premiere of “Gone With the Wind” on Dec. 15, 1939, and never left.

She married Louis G. Johnson six months after the premiere. That marriage ended in divorce. She married Robert William Chambers in 1955. That marriage also ended in divorce.

Article source: https://www.nytimes.com/2020/01/31/us/anne-cox-chambers-dead.html?emc=rss&partner=rss

Your Credit Card Benefits Just Got Cut. What Do You Do?

In short, federal regulations exist to protect you from predatory practices, but not so much from changes to your Centurion Lounge access or your frequent flier miles.

But even when it feels like your card issuer is taking away the small things that bring you joy, you’re not exactly powerless.

First, decide whether your card is still worth keeping in its current incarnation, particularly if it has an annual fee. If you decide to break up with your credit card, you have three main options.

In some cases, you may be able to downgrade your card to a similar, no annual fee version offered by the same bank. (For example, because the $450 Chase Sapphire Reserve will now cost you $550, you could consider downgrading it to the $0 annual fee Chase Freedom Unlimited.)

With most banks, you can call customer service to make this request.

Pros of downgrading your card: Whether you don’t want to cancel your card and lose your line of credit, or you just don’t want to forgo the points or miles you’ve accrued, downgrading to another card from the same bank might mean you can keep your existing rewards, as well as your line of credit.

Typically, downgrading (or upgrading) your card keeps your card number and account history the same, and it usually won’t result in another inquiry on your credit report. But it does mean you get an updated C.V.V. (a three- or four-digit anti-fraud security code) and expiration date.

Cons of downgrading your card: Banks aren’t legally required to offer you the option to downgrade, so there’s no guarantee that you can do this. If that’s the case, you’re better off just canceling your card. Also, in some situations, downgrading could cause your points to lose some of their value. For example, if you hold the Chase Sapphire Reserve, your points are worth 50 percent more when you redeem them for travel in the Chase Ultimate Rewards portal, which means one point is actually worth 1.5 cents. But if you downgrade to the Chase Freedom Unlimited, you lose the ability to spend your points via Chase Ultimate Rewards, so each point is worth just 1 cent.

Article source: https://www.nytimes.com/2020/01/31/smarter-living/wirecutter/your-credit-card-benefits-just-got-cut-what-do-you-do.html?emc=rss&partner=rss

Why It’s So Hard to Make an Endowment More Socially Responsible

When Wilder McCoy, a senior, became involved with the Sewanee student group, it had the word “divest” in its name — which they worried could come off as combative. The students eventually renamed their group the Socially Conscious Investment Club, in hopes of signaling their desire for cooperation.

“We really bought into the ethos of trying to make change from inside rather than outside, or taking more of a rah-rah approach,” Mr. McCoy said.

Nevertheless, some school officials didn’t look kindly on their call for campus votes.

E. Douglas Williams, the school’s treasurer, asked to meet Mr. McCoy and another student, Jackson Campbell, early last year. In that meeting, according to the pair, Mr. Williams said that bringing a faculty resolution was “militant.” They said Mr. Williams, who is also an economics professor, had also made pointed remarks about how much they gained from being at the university and how their actions reflected back on them.

Mr. McCoy, who had a scholarship pending, said he had taken Mr. Williams’s words as a veiled threat about their status on campus. It worried him enough that he took his concerns to a dean.

When I asked Mr. Williams about that meeting, he told me that he would never threaten a student and that he had reached out to the pair afterward to apologize for the way they felt about the encounter. He also denied using the term “militant” — then called me back within an hour to say he had, in fact, used the word.

That was just one of several exchanges with Mr. Williams and other people associated with the university that signaled that they weren’t quite taking the students’ arguments seriously. And given the lack of progress so far, the students have started to wonder whether the school is running out the clock.

“They are very aware that we are here for four years, and there are maybe three where people are active enough to be able to fight for change,” Mr. McCoy said. “So I think they are very invested in a strategy of waiting for some people to graduate.”

Article source: https://www.nytimes.com/2020/01/31/your-money/sewanee-endowment-climate-divestment.html?emc=rss&partner=rss

The Future of BuzzFeed: Win or LOL?

“I’ve known Ben Lerer a long time,” Mr. Peretti said in the Thursday interview. “I had a conversation with him, and I’ve had conversations with C.E.O.s of a lot of other companies, and I think there’s value to being in the mix and talking to people and being open for the right deal at the right time.”

Mr. Lerer said the timing of the talks was not right, “or else we would have done something.”

Last year, Group Nine acquired PopSugar, a digital publisher focused on millennial women. Mr. Lerer left open the possibility that a BuzzFeed deal could still take place.

“I have immense respect for Jonah, and I will always have an open dialogue with him and others,” he said.

A month after the June walkout, BuzzFeed recognized the union, the NewsGuild of New York, which also represents Times employees. Mr. Smith was charged with handling the matter from the management side, and he was keen to come to an agreement with the staff.

He was also growing restless. In the past few months, he wrote more than a dozen articles, a change from the recent past, when his byline appeared a few times a year. In November he wrote a column analyzing the succession planning at The Times. Dean Baquet, the executive editor, will retire in a few years, and Mr. Smith offered a lengthy exegesis on who might succeed him.

In December, at the Lambs Club, a restaurant on West 44th Street, Mr. Smith met with Mr. Baquet and Sam Dolnick, an assistant managing editor of The Times and a member of the Ochs-Sulzberger family that controls the paper. They discussed the media-columnist job over lunch.

“I thought, ‘Wow that would be a lot of fun,’” Mr. Smith said. “I had been eager to get back to reporting for a while. This made sense.”

Mr. Smith, who starts March 2, won’t be a part of the Times union.

Article source: https://www.nytimes.com/2020/01/31/business/media/buzzfeed-news.html?emc=rss&partner=rss

European Economic Growth Slows Almost to Zero

The coronavirus is another big unknown. China is a major customer for German cars and other European products. A slowdown in China would spill over to the eurozone. Europeans are also nervous that President Trump could follow through on threats to put punitive tariffs on cars manufactured there.

Output in Italy, Europe’s most troubled big economy, unexpectedly shrank 0.3 percent in the fourth quarter compared to the third. For the full year, Italian growth was zero, signaling more of the stagnation that has plagued the country for more than a decade.

Brexit has already hurt trade between Britain and Europe. Germany missed out on about 16.2 billion euros, or $18 billion, in exports to Britain because of Brexit, according to the Ifo Institute for Economic Research in Munich, which measured how much more Germany would have sold to Britain if trade had remained as high as it was in 2015, before the Brexit referendum.

Some economists expressed optimism that the fourth quarter of 2019 was a low point and European growth will begin to recover. Only a few months ago it looked like Britain was headed for a disorderly exit from the European Union. That danger, at least, seems to be past.

France, where the economy unexpectedly shrank 0.1 percent in the fourth quarter, could bounce back now that the strikes that paralyzed transportation have largely ended.

Unemployment in the eurozone, at 7.4 percent in December, is at its lowest since before the financial crisis began in 2008, according to figures released Thursday. When people have jobs, they spend more money and contribute to growth.

“Our hope is that the fourth quarter marks the bottom,” Ms. Colthorpe of Oxford Economics said. “We are little bit positive about 2020. But with uncertainties about Brexit and so forth it’s not going to be a massive rebound.”

Article source: https://www.nytimes.com/2020/01/31/business/economy/european-union-eurozone-economy.html?emc=rss&partner=rss

Many Adults Are Helping Their Parents Financially Despite Strain

Here are some questions and answers about helping aging parents:

How can I keep my own retirement savings on track while helping my parents?

People tend to quickly say yes when a parent asks for help. But it’s important to examine your own budget and retirement plans, and calculate how much you can realistically spend over time. Adults should ask, “How much can I help without hurting myself?” said Brad Klontz, a financial psychologist. You may want to consult an online retirement calculator or a financial planner if you can afford one, to help analyze your situation.

If you decide you can help financially, be clear about how much you can provide and what the money is to be used for so boundaries are established upfront, said Julie Fortin, a financial planner in Windham, N.H.

If there isn’t much extra money to spare but you are determined to help, you may have to cut back in some way — say, postpone buying a new car — to free up cash. You could consider reducing what you contribute to your own retirement savings, but eliminating contributions is unwise.

“Don’t stop your own savings,” said Erin Wood, a planner and wealth adviser in Omaha. “You don’t want to end up in the same situation your parents are in.”

What if I’m reluctant to press my parents for details about their finances?

“Most people don’t feel confident talking to their parents about money,” Ms. Wood said. And parents may feel embarrassed or ashamed about asking for help, which can make a discussion even more difficult.

So accept that the conversation will be awkward — but have it anyway.

To avoid misunderstandings, it’s best to begin talking when parents first ask for help, Ms. Wood said. Don’t be shy about requesting details about their finances, she said. “No one should give an open checkbook to a parent, or to anyone.”

Pinpointing the reason for their cash shortage can help identify possible solutions. If it’s a costly medical prescription, you can help identify options like taking a generic drug or using a money-saving mobile app. If your parents are spending a lot of money on entertainment, they may be bored and need some structured activities — perhaps a part-time job or volunteer work, if they’re able.

Article source: https://www.nytimes.com/2020/01/31/your-money/finances-adult-children-parents.html?emc=rss&partner=rss

Shipments of smartphones halted to Russia as coronavirus epidemic spreads – media

The manufacturers, with factories based in China, have suspended shipments for at least two weeks, Russian business daily Kommersant reported on Friday. Firms such as Vivo, Realme, and Lenovo followed suit.

Also on rt.com US tariffs will remain no matter what coronavirus does to China’s economy – US trade advisor

The halt to supplies came as plants extended the Chinese New Year holidays for their employees until February 10 and could further prolong them further because of the outbreak.

Russian retailers have not faced any shortages and do not expect them so far, as they usually make larger orders before the New Year holiday season. However, if the supplies don’t return to normal for more than a month, it could take a toll on the smartphone market and drive prices up by 10 or 15 percent, according to analysts.

Also on rt.com Global stocks fall over investor uncertainty as deadly virus continues to spread

Although Moscow has already closed its Far Eastern border with China, the first two cases of coronavirus were confirmed in Russia on Friday. Both patients are Chinese citizens, one in the Far Eastern Zabaikalsky region, and the other in the Tyumen region in western Siberia.

On Thursday, the World Health Organization sounded the alarm over the epidemic, declaring it a “public health emergency of international concern.” The virus is spreading rapidly in China and beyond; more than 200 people have died and 10,000 cases have been reported.

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

Article source: https://www.rt.com/business/479736-russia-coronavirus-smartphone-supplies/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

France’s economy caves under pressure of massive protests

France’s real GDP fell 0.1 percent in the fourth quarter, a dramatic drop after an expansion by 0.3 percent in July-September, according to a report published by the French national statistics bureau, INSEE, on Friday. While the agency said that GDP slid just “slightly,” the results are well below the earlier projected 0.2 percent growth.

1 France wants to push reset button in economic relations with Russia

This brings the full-year economic growth to 1.2 percent in 2019, down from 1.7 percent a year earlier.

The unexpected slowdown comes due to a decline in both exports and imports, which fell 0.2 percent. One of the negative factors was changes in inventories, meaning that companies are using stocks rather than boosting production. If it had not been for the latter, the French economy would have grown 0.3 percent, analysts say, and it may even see growth in the first quarter of this year.

Massive rallies and protests across France could also take a toll on the economy. Strikes are estimated to cost the French economy 0.1 percent. Political uncertainty slashed the GDP by 0.2 percent, according to the chief economist at Allianz Group, Ludovic Subran.

Italy, the Eurozone’s third largest economy, also posted weak results for the last quarter of 2019 on Friday. Its GDP shrank by 0.3 percent during this period, marking the worst quarterly performance since early 2013.

The contractions of two of the EU’s biggest economies have raised concerns over Europe’s economic health on the day Britain leaves the bloc. Meanwhile, the EU’s official statistical office said that the Eurozone economy is only one percent larger than a year ago. The final quarter of 2019 was weak both for the 19 members of the Eurozone and the entire EU, as the GDP for both gained just 0.1 percent, down from 0.3 percent in July-September.

Also on rt.com France EU ready to respond with sanctions in trade rift with US over Airbus

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

Article source: https://www.rt.com/business/479681-france-economy-contraction-protests/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Feast in time of plague? Trump official says China coronavirus is good for US economy

“I think it will help to accelerate the return of jobs to North America – some to US, probably some to Mexico as well,” Ross said in an interview on Fox News.

He acknowledged the downside, saying, “I don’t want to talk about a victory lap over a very unfortunate, very malignant disease.”

Ross added that businesses need to take the risk into account and consider the virus when reviewing supply chains.

Also on rt.com US tariffs will remain no matter what coronavirus does to China’s economy – US trade advisor

Later, the US Commerce Department said in a statement: “As Secretary Ross made clear, the first step is to bring the virus under control and help the victims of this disease.”

The commerce department’s spokesperson added: “It is also important to consider the ramifications of doing business with a country that has a long history of covering up real risks to its own people and the rest of the world.”

The statements have been criticized by some economists and politicians, with Democrat congressman Don Beyer tweeting that Ross’ reaction to a “disease killing hundreds is to talk about ways to make money off it.”

“Somehow they always find a way to be worse,” he added.

White House trade advisor Peter Navarro said on Thursday that Washington will not make tariff concessions to Beijing, explaining that the tariffs are in place because China “engages in massive unfair subsidies.”

This week, the World Health Organization declared a global emergency as China’s coronavirus spread to 18 other countries.

Analysts say the virus could hurt China’s economy. It has already forced global companies including tech giants, auto makers, and retailers to temporarily shut down in China after the authorities extended the Lunar New Year holiday and imposed major travel bans across the country.

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

Article source: https://www.rt.com/business/479668-coronavirus-could-boost-us-jobs/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Boeing downgraded by Moody’s amid plane maker’s ongoing 737 MAX fiasco

Moody’s, one of the leading international agencies, downgraded its ratings for Boeing and Boeing Capital Corporation from A3 to Baa1 and warned that Boeing and its subsidiary “remain on review for downgrade.” However, the plane maker managed to keep its short-term rating at Prime-2, which the credit agency is not going to change at this time.

Also on rt.com Boeing’s troubles could drag down US dollar, Peter Schiff tells RT’s Boom Bust

“Boeing’s Q4 earnings indicate significantly higher cash burn in 2020 than previously anticipated, increasing reliance on debt for funding the impact of a lower-for-longer recovery of the MAX program,” Moody’s senior vice president and lead analyst Jonathan Root said in a statement on Friday.

The agency expects that it will take Boeing up to three years to restore the production system of its ill-fated 737 MAX jets and that this will require additional costs. Even if the plane manufacturer manages to get the greenlight from aviation regulators to get the aircraft back in the skies by mid-spring, the crisis will still result in “significant negative free cash flow near $10 billion in 2020,” according to Moody’s.

Also on rt.com Boeing stock crashes after plane maker halts production of troubled 737 MAX

“The review for downgrade mainly reflects the ongoing uncertainty of when the US Federal Aviation Administration (FAA) will unground the MAX and the potential financial impact of various associated risks,” the agency said. It added that financial costs linked to the worldwide groundings could lead to a rating downgrade to Baa2, as the US company could issue more debt.

On Wednesday, Boeing announced that it had lost $636 million in 2019 – the company’s first annual loss in 22 years – as its once-bestselling plane remains grounded after being involved it two crashes that left 346 people dead.

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

Article source: https://www.rt.com/business/479657-moodys-downgrades-boeing-crisis/?utm_source=rss&utm_medium=rss&utm_campaign=RSS