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Reminiscent of Great Depression? Here is a list of food & booze gone down the drain due to Covid-19

May 30, 2020 by Leave a Comment

When the pandemic just began to infect counties one by one, people rushed to hoard supplies – from toilet paper to food – fearing shortages in the future. After the initial shock faded and parts of those ‘doomsday’ stockpiles ended up in the trash bin untouched, another problem emerged – too much food was left in the hands of the producers, forcing them to dump perfectly good products.

Millions of liters of unconsumed booze

Restaurants, cafes, bars, and pubs were closed in most countries in Europe due to coronavirus restrictions, leaving producers of wine and beer with a huge surplus of supplies. As wine sales soured, the European wine trade group Comite Europeen des Entreprises Vins (CEEV) reportedly fears that 10 million hectoliters of wine are at risk of being lost. 

Coronavirus pandemic may throw 60 MILLION people into extreme poverty, World Bank warns Coronavirus pandemic may throw 60 MILLION people into extreme poverty, World Bank warns

Brewers have also lost substantial market shares amid the coronavirus lockdowns, with some complaining they had to pour beer down the drain. The German Brewers Association (Deutscher Brauer-Bund – DBB) recently told Russian media that even though most of their products can be reused, some already opened casks had to be disposed of. Their French peers were forced to discard 10 million liters of beer, while the Beer and Pub Association (BBPA) said that 70 million pints of beer were set to be poured away in a “heartbreaking” event for the industry.

Tons of meat wasted amid fears of shortages

The coronavirus outbreak has disrupted work at meat processing facilities after workers caught the infection. While some plants both in the US and Europe had to temporarily close, other processing facilities downsized capacity, enforcing precautionary measures. According to a recent YouGov poll, 60 percent of Americans are concerned about whether they’ll be able to buy the meat. 

The problem in the middle of the meat supply chain has left farmers no choice but to get rid of livestock. Tons of poultry was lost to US consumers in the midst of the outbreak last month after a large chicken processing company reportedly had to euthanize 2 million of its flock in farms in Delaware and Maryland. The same goes for pork, as thousands of pigs were said to be composted as farmers run out of space and some of the animals are getting too big to send to the slaughterhouse, according to Bloomberg. 

Dumped milk forces dairy farmers to turn cows into hamburgers

The Covid-19 crisis slammed sales of milk and other dairy products, which are highly dependent on purchases from schools and fast food chains, and cows cannot be stopped from producing milk, leaving farmers with a supply glut.

Also on rt.com Do Russian grain export limits threaten global food security?

To keep prices stable and cope with the drop in demand, dairy farmers were dumping out up to 3.7 million gallons of milk every day, according to Dairy Farmers of America estimates.

Some decided to reduce their herd size instead, and sent their milk cows to processing facilities. Despite hurdles at the meat plants, the number of cows sent away rose over two percent in April, Bloomberg earlier reported.  

Meanwhile, French cheese makers are worried that the product the nation is so proud of could be left to spoil. The president of the National Council of Appellations of Dairy Origin, Michel Lacoste, told Politico that 5,000 tons of cheese are at risk of being wasted.

Also on rt.com Covid-19 crisis could trigger global food shortage, UN warns

Potato diet for Belgians

In an effort to avoid food waste, Belgians were urged to eat more French fries. Most restaurants are closed in the country, which resulted in a huge surplus of spuds, putting 750,000 tons at risk of being thrown away.

“Every lost potato is a loss,” Romain Cools, the secretary general of Belgian association for the potato industry Belgapom, told CNBC. According to him, citizens can easily mitigate the problem for the industry by eating French fries, especially frozen fries, at least twice a week.

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

Article source: https://www.rt.com/business/490248-food-booze-wasted-coronavirus/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Filed Under: Global Business

Aviation industry better brace for ‘long haul’ to recovery as air traffic won’t pick up until 2023, S&P says

May 30, 2020 by Leave a Comment

In research cited by Bloomberg, the rating agency said that air passenger flows are set to more than halve this year, beating earlier estimates. The future of global air travel now depends on countries opening up and easing restrictions.

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

Most European countries are going to open borders in June, while a few have already done so albeit with restrictions. As the volume of flights remains low and airports are struggling for business, SP said air hubs can face more rating downgrades over the next few months.

“Airports will face increased exposure to volume risk and pressure on their aeronautical revenues, which generally represent over 50% of total revenues,” SP said, adding that one of the most lucrative sectors for airports’ revenues, retail, could be “even more heavily hit than aeronautical revenues.”

Also on rt.com Global tourism facing worst decline on record, UN agency warns

In March, the agency warned that it expects the air hubs to have “materially weaker cash flows and credit ratios,” and cut ratings of 11 airports since then, including UK’s Heathrow and Aeroports de Paris group, which operates Charles de Gaulle Airport, Orly and Le Bourget.

Another gloomy forecast for the aviation industry comes from the UN tourism agency, which warned that international tourism will suffer its worst decline on record as global travel is set to shrink 70 percent this year.

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

Article source: https://www.rt.com/business/490109-air-traffic-recovery-2023/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Filed Under: Global Business

US may introduce new sanctions against Russia’s Nord Stream 2 as gas project approaches final stage

May 30, 2020 by Leave a Comment

The new measures are set to be introduced by vocal opponents of the pipeline – Senators Ted Cruz, a Republican, and Jeanne Shaheen, a Democrat – on Monday, Reuters reported citing sources. While the lawmakers did not comment on the news that the bill could come to light early next week, Cruz earlier retweeted a previous report saying the senators were considering it.

While it is unclear what measures the two senators, who were behind the previous bill that created a hurdle for the Nord Stream 2 last year, have in mind now, they are believed to be targeting any vessel or owner who attempts to finish the project. Cruz’s spokesperson earlier said that “all options remain on the table” to stop it.

Also on rt.com EU court rejects Nord Stream 2’s complaint, insists it must share Russian gas pipeline to Europe with competitors

In a note updated on Thursday, the Congressional Research Service (CRS) said that members of Congress may consider additional sanctions in response to the construction or use of Nord Stream 2, among other measures.

Russia and its partners in the project, including Germany, have repeatedly blasted Washington’s attempts to block it. Earlier this week, Chancellor Angela Merkel had “heated disagreement” on various topics, including the Nord Stream 2, in a call with US President Donald Trump, Politico reported.

Russia has ships to complete Nord Stream 2 pipeline without European help Russia has ships to complete Nord Stream 2 pipeline without European help

Moscow has called the sanctions against the project a case of unfair competition and contradictory to international law. Earlier this week, Kremlin spokesman Dmitry Peskov said there are no changes in the plans for Nord Stream 2.

At the end of last year, work on the final section of the pipeline in the Baltic Sea was halted due to US sanctions meant to punish all companies involved in the construction of two major Russian gas pipelines, Nord Stream 2 and TurkStream. The threat was enough to scare away Swiss-Dutch pipelaying firm Allseas, which almost immediately ditched the project despite a 30-day wind-down period.

The move may have delayed the pipeline’s completion, but Russia pledged to finish it on its own. One of the options is using Gazprom’s Akademik Cherskiy pipelaying vessel, which has made the long journey from Russia’s Far East and has recently arrived at Germany’s port of Mukran. Another Russian vessel, the Fortuna, is also moored at the site.  

While both ships are capable of laying pipes, it is believed that only the Akademik Cherskiy has the necessary technical capabilities. While the Fortuna lacks the dynamic positioning required to work on the final kilometers of the pipeline in Danish waters, the Nord Stream 2 operator has reportedly offered to compensate for the lack of the feature by sending it on a mission with other vessels. 

The Nord Stream 2 project is 93 percent completed to date. After its launch, scheduled for the end of the year, the Nord Stream 2 will supply Europe with up to 55 billion cubic meters (bcm) of natural gas per year, on top of the 55 bcm already pumped through Nord Stream 1 every year since 2011.

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

Article source: https://www.rt.com/business/490211-nord-stream-new-sanctions/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Filed Under: Global Business

Wealthy Fliers Worried About Coronavirus Turn to Private Jet Service

May 30, 2020 by Leave a Comment

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 refilling their jet cards with more hours.

  • 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.

“We’re seeing members purchase larger increments, so someone at 50 hours is renewing at 75 hours,” said Mr. Tivnan of Magellan Jets. These fliers want to lock in availability for themselves and family members, should they need it, he said.

The prices are not cheap. Magellan’s entry-level jet card for a Hawker 400XP, which seats six to eight people, is $130,000 for 25 hours. For the 14-passenger Gulfstream 450, it’s $313,950.

But tax breaks are available. The CARES Act, the economic stimulus package passed in late March, waived the 7.5 percent excise tax on all private jet flights and hours bought this year. That savings adds up. The same 25 hours on the Gulfstream 450 would have been $25,000 more expensive before the tax break.

Owners who put their planes into chartered service can also take advantage of tax exemptions. The 2017 tax overhaul allows an owner who uses a plane at least 50 percent for business purposes to deduct the entire purchase price in the first year of owning the jet. But that business purpose could be putting the jet into the market for other fliers to use.

Experts caution, however, that the supply may catch up to the demand.

The price for chartering a plane to fly in the United States — as opposed to buying flight hours — is low now. A one-way chartered flight from New York to Los Angeles, for example, would typically cost around $30,000 for a jet that seats eight people, said Jean De Looz, head of Americas for MySky, which helps jet owners manage costs. But that has fallen to $12,000 to $17,000.

Article source: https://www.nytimes.com/2020/05/30/your-money/coronavirus-private-jets.html

Filed Under: Your Money

How to Get Your Money to Those Who Need It More Than You

May 30, 2020 by Leave a Comment

It is not actually legal for a nonprofit group to help you transfer money directly to specific individuals if you want the amount to be a tax deductible donation, though GiveDirectly does post videos from grateful recipients. Michael Faye, a co-founder and the president, who has a Ph.D in economics, said in an interview that the organization wouldn’t want to allow that anyway — research indicates that donors might choose people based on physical appearance rather than pure need.

Donors can, however, direct their money to specific hard-hit cities. So far, GiveDirectly has sent $1,000 each to about 82,000 people. Its goal is to reach 100,000, though it is likely to continue the efforts if donations keep coming in.

Modest Needs, a nonprofit organization, operates on a smaller scale, with a slightly different model. Recipients need to find their way to the group and apply for help paying particular bills. It requires documentation of the need and pays bills directly, without giving money to the applicant.

Keith Taylor, a former humanities professor, started the organization with the intent to help people cover a out-of-the-blue emergency expenses. In practice, he said, people often turn to Modest Needs after they’ve paid for the emergency and can no longer cover food or shelter or that month’s car payment.

Modest Needs posts requests for help on its website, but by the time they are there, the organization has verified that they are legitimate. All that’s left is for donors to give. In the last two months, requests for help have more than quadrupled: 539 people or families are currently waiting for $842,000 in donations.

More than half of the people who have received help in the past are now among the group’s donors. Some of them give as little as $2 per month, but those that do give regularly have often been doing it month-in, month-out since they received their own assistance.

The 1K Project sprang from the minds of two venture capitalists, Minda Brusse and Alex Iskold. In conversation and on their site, they speak of quick-scaling, self-organizing systems, complex networks and a sort of human blockchain.

Article source: https://www.nytimes.com/2020/05/30/your-money/philanthropy-charity-giving-coronavirus.html

Filed Under: Your Money

U.S. Personal Income Soared in April, Not Consumer Spending

May 29, 2020 by Leave a Comment

“You might see strong growth numbers on spending, but we’re coming out of a deep hole,” he said.

The rise in personal income shows how critical the huge stimulus package passed in March was as the pandemic devastated private-sector jobs. Without it, the economic damage would have been even worse, experts say.

“This is an unambiguous triumph of countercyclical government spending, which will save the U.S. economy a heap of trouble in the medium to long term,” said Troy Ludtka of Natixis CIB Americas, a corporate and investment banking firm. “If the private sector retrenches, government needs to pick up the slack. This is exactly what data for the month of April depicts.”

April represents the deepest point of the current economic downturn, said Michael Gapen, chief U.S. economist at Barclays. “The personal spending data was much weaker than we anticipated, and it spread across virtually all major categories,” he said.

But there were reasons for optimism in the report, namely in the income and savings data, he said.

“The potential good news is that there’s a large pool of savings that consumers can draw on to support spending as states reopen,” he said. “April should be the trough, and we expect May and June to look better, setting the economy up for a decent rebound in the second half of the year.”

In a separate report Friday, the University of Michigan reported that its gauge of consumer sentiment ticked up to 72.3 in May from 71.8 in April. The measure remains 20 points below its 12-month average.

  • 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 fact that sentiment stabilized is encouraging,” Mr. Daco said. “But once the stimulus from the federal government fades out, we will be left with depressed incomes. This is a large amount of money for many people.”

Allie Radice is one of the unlikely savers who has benefited from federal payments but worries about how long they will last. She successfully applied for unemployment insurance after her work as a dancer as well as a server in the catering industry in Manhattan dried up in March.

Article source: https://www.nytimes.com/2020/05/29/business/economy/coronavirus-consumer-spending.html

Filed Under: Economy News

529 College Plans Are Hit by Stock Market Turmoil

May 29, 2020 by Leave a Comment

It’s also important, advisers say, to understand the details of how your 529 portfolio shifts holdings from stocks to bonds over time. Some plans may move money relatively abruptly, often around a child’s birthday, which can hurt returns if the move comes when the stock market is down. It’s preferable, and common, for plans to make the shift more gradually to reduce the risk of locking in losses.

Despite roiling financial markets and economic woes, there hasn’t been an apparent rush to withdraw money from 529 accounts, plan representatives say. But it’s also because families still see a need to save for college, despite near-term uncertainty about a move to online classes because of the coronavirus. That’s partly because if people spend the money for a noneducational use, they face income taxes and a 10 percent penalty on the earnings portion of the withdrawal.

“Nothing, in my mind, has changed significantly to make me want to adjust our strategy,” said one investor, Steve Blackmarr, a senior manager with Amazon Business Professional Services. He considers college savings a long-term investment, he said, and intends to keep saving for his children, ages 9 and 11.

Peg Creonte, head of government savings at Ascensus, which administers 529 plans in 26 states and the District of Columbia, said that while one-time contributions had fallen compared with last year, scheduled contributions mostly weren’t affected. “We did not see any sort of panicked reaction,” she said.

Utah’s my529 plan saw new accounts increase in early May, to 29 per day this year from about 16 per day last year, said Bryn Ramjoue, the plan’s marketing director.

  • 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.

Alaska 529 has seen a “moderate” increase in people moving funds into less risky investments, said Lael Oldmixon, the program’s executive director. (Tax rules allow 529 participants to change their current investment options twice each year.) But she said people are not making major changes. “Families don’t want to touch that money.”

Here are some questions and answers about 529 accounts:

Cash is tight. Should I stop contributing to my 529 fund?

That depends on your circumstances. Andy Mardock, a financial planner in Bend, Ore., said clients typically placed a high value on college savings. But if someone has a loss of income, he said, and is faced with tapping emergency funds or using a credit card to cover basic bills, “the clear answer is to cut 529 contributions.”

Article source: https://www.nytimes.com/2020/05/29/your-money/college-529-plan-coronavirus.html

Filed Under: Your Money

CNN Crew Is Arrested on Live Television While Covering Minneapolis Protests

May 29, 2020 by Leave a Comment

In an on-air account of his detention, Mr. Jimenez, who joined CNN in 2017, said he had asked an officer for guidance on where the news media should be situated during the protests, which started in the wake of the death of George Floyd, a black man who died after being handcuffed and pinned by a police officer who pressed his knee onto his neck.

Mr. Jimenez said the officer told him: “Look, I don’t know man, I’m just following orders.”

The detention of the CNN crew sparked denunciations from press groups and prominent journalists.

Christiane Amanpour, CNN’s chief international anchor, wrote on Twitter that “arresting journalists is the kind of thing that happens in dictatorships and authoritarian regimes. We live in a democracy.” Bret Baier of Fox News wrote that “this should never have happened. Period.” The head of PEN America, Suzanne Nossel, called the proceedings a “dystopian spectacle.”

The arrest of Mr. Jimenez, who identifies as black and Latino, also prompted a discussion of whether he would have been detained by the police if he were white.

The presumptive Democratic nominee for president, former Vice President Joseph R. Biden Jr., weighed in on the incident in a Twitter post on Friday. “This is not abstract: a black reporter was arrested while doing his job this morning, while the white police officer who killed George Floyd remains free,” Mr. Biden wrote. “I am glad swift action was taken, but this, to me, says everything.”

Dorothy Tucker, the president of the National Association of Black Journalists, condemned the arrest, writing on Twitter, “It is unfathomable and upsetting to witness this structural racism in real time.”

A spokesman for the Minnesota State Patrol did not respond to a request for comment.

On Twitter, the state patrol said: “In the course of clearing the streets and restoring order at Lake Street and Snelling Avenue, four people were arrested by State Patrol troopers, including three members of a CNN crew. The three were released once they were confirmed to be members of the media.”

Article source: https://www.nytimes.com/2020/05/29/business/media/cnn-reporter-arrested-omar-jimenez.html

Filed Under: Media Business

Powell Says Federal Reserve Crossed Red Lines to Help Economy

May 29, 2020 by Leave a Comment

“We work very hard to explain ourselves to the general public,” Mr. Powell said, explaining that the Fed is disclosing information on its lending efforts, and discussing them regularly with lawmakers.

The programs come at a time of dire need. Economists are bracing for a deep plunge in economic output in the second quarter, which runs from April through June, and most predict only a gradual recovery over the remainder of the year. It could be months or years before output returns to its pre-crisis level, and the unemployment rate falls to the 50-year lows that prevailed before the coronavirus lockdowns precipitated a wave of layoffs.

More than 40 million people, about one of every four American workers, have filed for unemployment benefits since mid-March, based on data released this week. A report next Friday is expected to show that the unemployment rate jumped to 19.5 percent in May, based on the median estimate in a Bloomberg survey of economists.

Mr. Powell noted that the “burdens” of job loss are falling on those least able to bear them, in lower-paid service work, exacerbating economic inequalities.

“Those are the people being laid off, who have the least financial resources,” Mr. Powell said. “It’s falling on women to an extraordinary degree,” and “there’s tremendous inequality” in how the pandemic is affecting the population.

Article source: https://www.nytimes.com/2020/05/29/business/economy/powell-federal-reserve-economy-coronavirus.html

Filed Under: Economy News

Forget Swooshes and V’s. The Economy’s Future Is a Question Mark.

May 29, 2020 by Leave a Comment

Here are the possible shapes that economists are discussing and the caveats that have forecasters writing their predictions in pencil.

Since economists know that economic activity slowed sharply during the first half of 2020, the best possible outcome is a swift recovery, making for a “V” shape in which the economy is back to its 2019 output level within a few quarters.

Unfortunately, economists say that projection is probably a pipe dream. In a note entitled “V Is for Very Unlikely,” Michael Feroli, J.P. Morgan’s chief U.S. economist, described the trajectory as one in which the economy “is turned off and then on, like a light switch.”

Because economic variables like unemployment and output often face a lingering drag after a one-time shock, that sort of outcome is pretty dubious, he said. Lower business capital spending and state and local budget cuts are likely to weigh on growth for some time, alongside other factors, making it hard for the economy to get right back on track.

It is also worth noting that a sharp rebound in growth rate is distinct from a return to the previous level of economic output. For example, the economy is broadly expected to show a fast rate of growth in the third quarter, given the record contraction in the second quarter. But overall output will remain lower than it was pre-coronavirus for some time, most economists think.

“The initial bounce may feel pretty robust,” said Michelle Meyer, head of U.S. economics at Bank of America Merrill Lynch. Her team recently revised up its third quarter growth forecast; they see a 7 percent output gain following a 40 percent plunge in the second quarter. While stimulus checks may help spending, that is not going to make up for corporate insolvency and lost jobs. Full recovery could take until the end of 2022, she said.

“There’s quite a lot of residual damage,” she said.

Just as only strident optimists expect a perfect “V,” only outright pessimists are projecting an L, in which growth remains at or near the very-low levels it almost certainly hit during the second quarter. The economy is already showing a partial rebound, suggesting that such a formation is unlikely.

Article source: https://www.nytimes.com/2020/05/29/business/economy/economy-recovery-forecast-coronavirus.html

Filed Under: Economy News
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