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Grateful for Aid, but Worried About What Comes Next

May 31, 2020 by Leave a Comment

When Minnesota closed its schools on March 18, business plunged at Arubah Emotional Health Services, which works extensively with children and families.

“We lost about 40 percent of our clientele,” said Anissa Keyes, the group’s founder and president. “But then, the pandemic caused a different, larger population to need support.”

Because medical reimbursements typically have at least a month’s delay, Arubah’s cash-flow nadir came in mid-April. “There was 37 cents in my business account,” Ms. Keyes recalled. “It was right after payroll. The next day, the loan deposited, and I could breathe again.”

Arubah’s therapists had never done telehealth appointments, but virtual visits were soon the only option. As they adjusted, Arubah’s calendar began filling up again. Bookings are back to about 80 percent of what they were; Ms. Keyes thinks they’ll reach — and probably surpass — full capacity by July.

  • Frequently Asked Questions and Advice

    Updated May 28, 2020

    • My state is reopening. Is it safe to go out?

      States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.

    • What’s the risk of catching coronavirus from a surface?

      Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.

    • What are the symptoms of coronavirus?

      Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.

    • How can I protect myself while flying?

      If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)

    • How many people have lost their jobs due to coronavirus in the U.S.?

      More than 40 million people — the equivalent of 1 in 4 U.S. workers — have filed for unemployment benefits since the pandemic took hold. One in five who were working in February reported losing a job or being furloughed in March or the beginning of April, data from a Federal Reserve survey released on May 14 showed, and that pain was highly concentrated among low earners. Fully 39 percent of former workers living in a household earning $40,000 or less lost work, compared with 13 percent in those making more than $100,000, a Fed official said.

    • Is ‘Covid toe’ a symptom of the disease?

      There is an uptick in people reporting symptoms of chilblains, which are painful red or purple lesions that typically appear in the winter on fingers or toes. The lesions are emerging as yet another symptom of infection with the new coronavirus. Chilblains are caused by inflammation in small blood vessels in reaction to cold or damp conditions, but they are usually common in the coldest winter months. Federal health officials do not include toe lesions in the list of coronavirus symptoms, but some dermatologists are pushing for a change, saying so-called Covid toe should be sufficient grounds for testing.

    • Should I wear a mask?

      The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.

    • What should I do if I feel sick?

      If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.

    • How can I help?

      Charity Navigator, which evaluates charities using a numbers-based system, has a running list of nonprofits working in communities affected by the outbreak. You can give blood through the American Red Cross, and World Central Kitchen has stepped in to distribute meals in major cities.

The loan “was perfectly timed and gave us the perfect boost to sustain us,” she said.

She began working on her loan-forgiveness calculations this past week and is unsure if her debt will be fully erased. Some of her 15 employees had their hours reduced during the slow weeks. The paperwork is “a headache,” she said, and is full of imprecise and confusing language.

“Even if I have to pay some of it back, I’m grateful,” she said. “Our numbers are going back up. For the mental-health industry, this crisis has caused a really big boom — which is unfortunate.”

Article source: https://www.nytimes.com/2020/05/31/business/virus-ppp-loan-small-businesses.html

Filed Under: Economy News

Rogue Trip by Boris Johnson Aide Makes U.K.’s Spectator Part of the Story

May 31, 2020 by Leave a Comment

And yet, under Mr. Nelson, its Scottish editor who went to the University of Glasgow rather than Oxford, the magazine has tried to be more sober and balanced. It has published several tough articles about Mr. Johnson and the Cummings affair, including at least one commissioned by Ms. Wakefield, according to the writer, Anthony Horowitz, who is a critic of the government. And it published a piece by its Scotland editor, Alex Massie, that declared “Boris isn’t fit to lead.”

The Spectator sponsors a parliamentarian of the year award that has become a fixture in the political calendar. Mr. Nelson and his political reporters are well connected in political circles, and often break stories about the government. Current and former staff members say they doubt Mr. Nelson knew about Ms. Wakefield’s travels before publishing her column, though they have not discussed it with him.

“It’s a very serious professional operation pretending to be a bunch of champagne dilettantes,” said James Kirkup, a writer for the magazine. “If it were just a Tory mouthpiece, it wouldn’t be very interesting or successful.”

  • Frequently Asked Questions and Advice

    Updated May 28, 2020

    • My state is reopening. Is it safe to go out?

      States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.

    • What’s the risk of catching coronavirus from a surface?

      Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.

    • What are the symptoms of coronavirus?

      Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.

    • How can I protect myself while flying?

      If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)

    • How many people have lost their jobs due to coronavirus in the U.S.?

      More than 40 million people — the equivalent of 1 in 4 U.S. workers — have filed for unemployment benefits since the pandemic took hold. One in five who were working in February reported losing a job or being furloughed in March or the beginning of April, data from a Federal Reserve survey released on May 14 showed, and that pain was highly concentrated among low earners. Fully 39 percent of former workers living in a household earning $40,000 or less lost work, compared with 13 percent in those making more than $100,000, a Fed official said.

    • Is ‘Covid toe’ a symptom of the disease?

      There is an uptick in people reporting symptoms of chilblains, which are painful red or purple lesions that typically appear in the winter on fingers or toes. The lesions are emerging as yet another symptom of infection with the new coronavirus. Chilblains are caused by inflammation in small blood vessels in reaction to cold or damp conditions, but they are usually common in the coldest winter months. Federal health officials do not include toe lesions in the list of coronavirus symptoms, but some dermatologists are pushing for a change, saying so-called Covid toe should be sufficient grounds for testing.

    • Should I wear a mask?

      The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.

    • What should I do if I feel sick?

      If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.

    • How can I help?

      Charity Navigator, which evaluates charities using a numbers-based system, has a running list of nonprofits working in communities affected by the outbreak. You can give blood through the American Red Cross, and World Central Kitchen has stepped in to distribute meals in major cities.

Still, the magazine’s ties to the government are an undeniable part of its cachet, and Mr. Johnson’s rascally spirit animates both. The two “share a degree of stylistic and cultural affinity, through their unflappable confidence and their propensity for mischief,” said Sophia Gaston, director of the British Foreign Policy Group and a fellow at the London School of Economics.

Not everyone is beguiled.

Simon Jenkins, a former editor of The Times of London, said the influence of weekly magazines was waning in general, with the emergence of digital rivals like UnHerd, a website that has published provocative pieces about the pandemic. “The peculiarity of The Spectator is, quite simply, Boris Johnson,” he said.

Professor Garton Ash said the magazine had become more of a “house journal for Brexiteers” since the 2016 referendum on European Union membership, even if it has held on to its irreverent tone and good writing.

Article source: https://www.nytimes.com/2020/05/31/world/europe/dominic-cummings-spectator-magazine.html

Filed Under: Media Business

Corporate Voices Get Behind ‘Black Lives Matter’ Cause

May 31, 2020 by Leave a Comment

Mark Mason, the chief financial officer of Citigroup, wrote a public blog post on the company’s website that repeated Mr. Floyd’s pleas to the white officer kneeling on his neck: “I can’t breathe.” The advertising agency 72andSunny wrote on Instagram that “white people need to start carrying this burden” of combating racism. Reebok said in a message to “the black community” that it “stands in solidarity with you,” telling its social media followers: “We are not asking you to buy our shoes. We are asking you to walk in someone else’s.”

On Monday, Change.org will promote its largest petition ever — “Justice for George Floyd” — on taxi-top ads in New York and billboards there and in Minneapolis. The marketing campaign, funded by supporters, will be the most expensive effort of its kind for the company.

WarnerMedia brands, including HBO, TBS and the newly introduced HBO Max, changed their Twitter names to #BlackLivesMatter and quoted the black novelist James Baldwin: “Neither love nor terror makes one blind: indifference makes one blind.”

The hashtag also appeared in posts from retailers like Nordstrom, the ice cream maker Ben Jerry’s and media companies like TikTok. YouTube promised to spend $1 million on social justice initiatives, but it quickly faced criticism that its moderation efforts against racist content have historically been weak.

“Your hypocrisy knows no bounds,” wrote Sleeping Giants, a media watchdog group, in a reply to YouTube that echoed a similar complaint against Twitter. “As a platform that has done its very best to avoid having to remove any videos from racists, white supremacists and hate mongers, you should be ashamed of even tweeting about this. Too little, too late.”

Some companies were more cautious in their approach. Target, which is based in Minneapolis and was hit by looting at a store there last week, described “a community in pain” in a blog post but never mentioned the word “black.”

Several of the businesses that expressed support have had complicated relationships with race in the past. Starbucks, which conducted sweeping anti-bias training after two black men were arrested in a store in 2018, posted a public letter on Saturday encouraging “courageous conversations.”

Article source: https://www.nytimes.com/2020/05/31/business/media/companies-marketing-black-lives-matter-george-floyd.html

Filed Under: Media Business

Tenants Largely Stay Current on Rent, for Now

May 31, 2020 by Leave a Comment

Carline Chery, 50, owns three Boston duplexes. Two-bedroom units go for $1,800, more than what the lowest-income renters can pay but roughly $900 less than the typical rent in the metropolitan area, according to Zillow. Compared with a public company, Ms. Chery runs a shoestring operation, with no reserves and little capacity to absorb a missed month.

  • Frequently Asked Questions and Advice

    Updated May 28, 2020

    • My state is reopening. Is it safe to go out?

      States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.

    • What’s the risk of catching coronavirus from a surface?

      Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.

    • What are the symptoms of coronavirus?

      Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.

    • How can I protect myself while flying?

      If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)

    • How many people have lost their jobs due to coronavirus in the U.S.?

      More than 40 million people — the equivalent of 1 in 4 U.S. workers — have filed for unemployment benefits since the pandemic took hold. One in five who were working in February reported losing a job or being furloughed in March or the beginning of April, data from a Federal Reserve survey released on May 14 showed, and that pain was highly concentrated among low earners. Fully 39 percent of former workers living in a household earning $40,000 or less lost work, compared with 13 percent in those making more than $100,000, a Fed official said.

    • Is ‘Covid toe’ a symptom of the disease?

      There is an uptick in people reporting symptoms of chilblains, which are painful red or purple lesions that typically appear in the winter on fingers or toes. The lesions are emerging as yet another symptom of infection with the new coronavirus. Chilblains are caused by inflammation in small blood vessels in reaction to cold or damp conditions, but they are usually common in the coldest winter months. Federal health officials do not include toe lesions in the list of coronavirus symptoms, but some dermatologists are pushing for a change, saying so-called Covid toe should be sufficient grounds for testing.

    • Should I wear a mask?

      The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.

    • What should I do if I feel sick?

      If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.

    • How can I help?

      Charity Navigator, which evaluates charities using a numbers-based system, has a running list of nonprofits working in communities affected by the outbreak. You can give blood through the American Red Cross, and World Central Kitchen has stepped in to distribute meals in major cities.

So when tenants in one of her buildings recently stopped paying, she borrowed from family members to make the mortgage payment, then put the building up for sale. The strongest interest has come not from another landlord, but a first-time home buyer.

“I cannot afford it anymore,” Ms. Chery said.

Fearing a surge in homelessness, state and local governments spent March and April instituting triage measures, like bans on evictions and utility shut-offs, along with limited subsidies for struggling renters. The CARES Act also offered aid to public-housing providers and grants to state governments that could be used for rental assistance.

Since then, tenant activists have unified around a cry of #CancelRent, staging car rallies and roadside protests to demand that the government halt rent and mortgage payments — without the accrual of back payments — as long as the economy is battered by the coronavirus. Representative Ilhan Omar, Democrat of Minnesota, introduced a bill that roughly mirrors that desire.

Although the bill has little chance of passing, housing advocates and landlords’ groups have pressed for more direct help to renters. The CARES Act allotted $12 billion in housing grants to cities, homeless shelters, affordable-housing providers and states, but the money was largely directed to renters and landlords in public or subsidized housing. That leaves out most moderate- and low-income tenants who live in market-rate developments, and small landlords like Ms. Chery, whose loans are held by private lenders and not backed by the federal government.

The House of Representatives recently passed the $3 trillion HEROES Act, which in addition to more financial stimulus to households included $100 billion in rental subsidies for tenants affected by coronavirus-related job loss. That bill has no prospect of Senate approval, but landlord and tenant groups continue to push for expanded aid for tenants.

“Small landlords and renters depend on each other, and both need emergency assistance to stay afloat during this time,” said Diane Yentel, chief executive of the National Low Income Housing Coalition. “Without it, we will end this crisis having saddled low-income renters with more debt, and having lost more of our country’s critical housing stock.”

Article source: https://www.nytimes.com/2020/05/31/business/economy/coronavirus-rent-landlords-tenants.html

Filed Under: Economy News

Karen Blumenthal, 61, Dies; Journalist Turned Young-Adult Author

May 31, 2020 by Leave a Comment

Karen Frances Blumenthal was born on March 18, 1959, in Dallas. Her mother, Beverly (Brand) Blumenthal, was a social worker; her father, Robert, was a lawyer.

Karen grew up in Dallas and went to Duke University, where she majored in economics and graduated in 1981. She was editor of The Chronicle, the student newspaper, where she met Mr. McCartney. They married in 1983.

After college, she worked for The Dallas Morning News as a reporter before joining The Wall Street Journal’s Dallas bureau in 1984. She also took night business classes at Southern Methodist University while starting a family; she earned her M.B.A. there in 1990.

The Morning News hired her back in 1992 as business editor. This complicated things at home, because her husband by this time was working for The Journal’s Dallas bureau and they often competed on the same stories.

He found the situation untenable and eventually asked The Journal to move him to a different beat. But Paul Steiger, The Journal’s managing editor, had another idea: Rather than have Mr. McCartney cover something else, he hired Ms. Blumenthal back, making her deputy Dallas bureau chief.

In 1996 she became bureau chief, a job she held for eight years, overseeing a dozen reporters covering eight states. On Sept. 11, 2001, when The Journal’s main offices in Lower Manhattan were evacuated after the terrorist attacks, Ms. Blumenthal helped coordinate and edit the paper’s coverage, which won the 2002 Pulitzer Prize for breaking news.

She later wrote a personal finance column for The Journal called “Getting Going.”

She also started writing books for young adults. One of her daughters, then around 14, had become interested in the New Deal, and Ms. Blumenthal couldn’t find any good age-appropriate material about it. She saw this void as an opportunity to create nonfiction narratives about defining moments in modern American history for young teenagers.

Article source: https://www.nytimes.com/2020/05/31/books/karen-blumenthal-dead.html

Filed Under: Media Business

Coronavirus forces Americans to do something unheard of: Save money!

May 31, 2020 by Leave a Comment

Data published by the US Bureau of Economic Analysis on Friday showed that the savings glut soared around 20 percent in just one month and hit the highest levels since tracking began in the 1960s. The current rate is almost twice as high as it was during the 1973-75 recession, when the previous peak of over 17 percent was recorded.

Also on rt.com US billionaire wealth skyrockets to over $3 TRILLION during pandemic

The boost in savings, while obviously good for individual households, can have ripple effects on the economy as whole. As people hoard cash and spend less, it can be hard to revive economic activity, which has been severely crippled by the pandemic. With people stuck at home due to coronavirus restrictions, consumer spending was down over 13 percent in April.

The unprecedented saving comes despite jobless numbers hitting levels not seen since the Great Depression, as more than 40 million Americans have filed for unemployment benefits over the last 10 weeks. Despite massive layoffs caused by lockdowns and other measures to contain the virus, disposable personal income (funds available for spending or saving) increased 12.9 percent, according to the Bureau of Economic Analysis.

Also on rt.com US weekly jobless claims climb by 2.4 million despite easing of lockdown measures

The devastating impact of Covid-19 on the economy was already seen in the first quarter data released earlier this week. The US suffered the worst quarter since the 2008 financial crisis, as GDP decreased five percent in the first three months of the year.

“The decline in first quarter GDP reflected the response to the spread of COVID-19,” the bureau said on Thursday, adding that the full impact of the pandemic cannot be estimated by the first quarter results.

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

Article source: https://www.rt.com/business/490124-americans-stockpile-cash-coronavirus/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Filed Under: Global Business

Major Russian lowcoster back in the skies after coronavirus grounding

May 31, 2020 by Leave a Comment

The company earlier said that it will start carrying passengers on June 1, but according to flight information from Moscow’s Vnukovo Airport, where the carrier’s fleet is based, three flights were scheduled for takeoff on Sunday. They are bound for the southern city of Makhachkala, Volgograd and St. Petersburg.

Also on rt.com ‘Tsunami of job losses’: Airlines going bust firing HUNDREDS OF THOUSANDS of employees as pandemic crushes global travel

Starting on Monday, Pobeda will open other destinations, with over a dozen flights to different Russian cities scheduled. However, international flights won’t be resumed yet. The company started selling tickets in mid-May, promising big discounts. 

The low-cost carrier had to halt operations on April 1 as the Russian government imposed coronavirus-related restrictions, affecting the travel and aviation sector. Russia banned flights from abroad at the end of March, excluding those repatriating its own citizens.

Also on rt.com Russian aviation industry gets government lifeline to stay afloat during pandemic-related flight restrictions

As passenger flows decreased over 90 percent, crippling air carriers’ finances, the Russian government has pledged to support them. For this purpose, it recently allocated 23.4 billion rubles ($316 million). Three Aeroflot subsidiaries have already received financial help, while requests from other carriers are currently under consideration.

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

Article source: https://www.rt.com/business/490295-russian-pobeda-resumes-flights/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Filed Under: Global Business

A nightmare scenario for offshore oil

May 31, 2020 by Leave a Comment

Between low demand, soaring inventories, depressed prices, a global pandemic, and now, hurricane season, it seems a perfect storm is forming around the offshore oil industry. The world’s offshore oil market, responsible for 30 percent of all the world’s oil production, is facing an impossible set of challenges. With oil sitting at half the price of its yearly high, and doubts forming around the future of demand, in addition to the ongoing COVID-19 pandemic wreaking havoc on the global economy, companies are struggling to rein in capital spending and are beginning to rethink the future of key projects.

Also on rt.com Russia to drill new oil wells to be ready to go when current OPEC+ production cut deal expires in 2022

The crisis has pushed much of the world’s oil production onshore in favor of more flexible rigs and lower operational costs.

Many new offshore projects have even been put on hold as the new reality of the oil market sets in. Companies are now scrambling to suspend federal lease deadlines as the near-term looks increasingly uncertain.

COVID crisis could UNIFY world’s largest oil companies COVID crisis could UNIFY world’s largest oil companies

The industry’s growing troubles come just as Royal Dutch Shell was forced to airlift a number of coronavirus-infected employees from one of its offshore platforms, highlighting the risks associated with confining workers on offshore rigs during a pandemic.

And Shell isn’t the only company grappling with outbreaks.

In recent weeks, hundreds of workers at offshore rigs in the Gulf of Mexico, the North Sea, Mozambique, Canada, and Kazakhstan have been infected with COVID-19.

The outbreaks add to the growing list of trials and tribulations the offshore industry is grappling with.

Many firms operating offshore rigs have yet to recuperate from the last oil price collapse in 2014-2015 when prices fell from $100 to below $40, weighing on the entire industry.

“Offshore drillers and offshore vessel providers will generally be unable to pay their total outstanding debt of 2020 based on their cash flow from operating activities, unless they are able to make sufficient capital expenditure cuts,” Jon Marsh Duesund, a partner at energy research firm Rystad Energy explained, adding, “Otherwise, they will have to turn to capital markets for refinancing.”

And with the global economy teetering on the brink, the industry may not be able to secure the funds it needs to stay afloat.

This article was originally published on Oilprice.com

Article source: https://www.rt.com/business/490293-nightmare-scenario-offshore-oil/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Filed Under: Global Business

US govt wants to sell multimillion-dollar Hong Kong property as it revokes city’s special status

May 31, 2020 by Leave a Comment

The residential complex located in a high-end neighborhood – Shouson Hill, south of Hong Kong Island – was reportedly “secretly” put up for sale earlier this week. The price tag for the lot is huge, but estimated values vary in the media. According to new local website HK01, six homes at 37 Shouson Hill Road with beautiful views of the bay are worth HK$10 billion (US$1.3 billion). The outlet notes that the price per square meter in the luxury area can reach up to HK$200,000 (nearly US $26,000). 

Meanwhile, the South China Morning Post says that the property is valued at between HK$3.1 billion and HK$5 billion (US$645 million), citing a tender document. Valuers also told the outlet that souring relations between the US and China, as well as the economic situation, may lower the price for the lot. 

“Mainland Chinese used to be the buyers of luxury properties. Will they buy property from the US government now? That is a question in many people’s mind,” said Charles Chan Chiu-kwok, managing director of Savills Valuation and Professional Services Limited. 

The US government has owned the land for 72 years after buying it for an unknown price. Back then, in 1948, Hong Kong was still a British colony. 

Also on rt.com Would US shoot itself in the foot in imposing sanctions over Hong Kong? RT’s Boom Bust investigates

A State Department representative told media that the sale was part of its global reinvestment program, that includes property reviews. The funds from the real estate deal can be reinvested in other areas. 

“As part of that program, the State Department has decided to sell the Shouson Hill property, and at the same time, invest in enhancing other US government-owned assets in Hong Kong, including the US Consulate General’s office building,” a spokesman for the US consulate in Hong Kong said.

Earlier this week, US President Donald Trump announced that he wants to strip the Asian financial center of its trade and travel perks over Beijing’s new security law. Hong Kong is already bracing for different scenarios as a result of the move, but Financial Secretary Paul Chan Mo-po says it will have little impact as its services sector dominates the local economy.

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

Article source: https://www.rt.com/business/490285-us-sells-property-hong-kong/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Filed Under: Global Business

John Loengard, Life Photographer and Chronicler, Dies at 85

May 30, 2020 by Leave a Comment

The pictures never ran, but he got more assignments. He was hired by the magazine in 1961.

At Carnegie Hall that year, he took a dramatic photo of Judy Garland as she bent over to touch the hands of audience members. All eyes were riveted on her, including those of one man who seemed rapturous. It is an emotional picture, but Mr. Loengard said it was not a good one.

“I fudged details and relied only on strong form,” like her back and head and the open mouth of her ecstatic fan, he wrote in “As I See It” (2005), a retrospective of his work. “The camera’s veracity was not needed.” It might as well have been a painting, he added.

After leaving Life, Mr. Loengard became as renowned for his books as for his photography. He wrote about his own work in “Pictures Under Discussion” (1987) and “Moment by Moment” (2016); commented on evocative Life pictures of human expression in “Faces” (1991); paid homage to the photographic process in “Celebrating the Negative” (1994); and compiled his portraits of Annie Leibovitz, Richard Avedon, Henri Cartier-Bresson and other photographers in “Age of Silver: Encounters With Great Photographers” (2011).

When American Photo magazine ranked him 80th among the 100 most important people in photography in 2005, it described him as a “wonderful photographer” who had “turned his intimate knowledge and passion for Life into a remarkable career as a writer.”

In addition to his daughter Anna, Mr. Loengard is survived by another daughter, Jenna Loengard; his son, Charles; three grandchildren; and two step-grandchildren. His marriage to Eleanor Sturgis ended in divorce.

One of Mr. Loengard’s photographic heroes was Mr. Cartier-Bresson, the master of street photography, who had done his best for many years to avoid having anyone photograph him.

Article source: https://www.nytimes.com/2020/05/30/arts/john-loengard-dead.html

Filed Under: Media Business
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