May 9, 2024

Archives for December 2020

Asian stocks on path to finish turbulent 2020 at record highs

While some markets of the region are already closed for holidays, like bourses in South Korea and Japan, most of the stock markets that were open on Thursday edged higher. 

Most of the gains were seen in China, the only major economy set to expand this year, with its benchmark Shanghai Shenzhen CSI 300 Index adding nearly two percent to reach its historic peak. Other major indices in China were also up on Thursday after official data showed that activity in the country’s services and manufacturing sector expanded again this month, although at a slower pace than in November. 

Also on rt.com Jack Ma loses nearly $11 billion as China tightens scrutiny on his business empire

Meanwhile MSCI Asia Pacific Index – the gauge of Asian Pacific shares outside Japan – rose 0.1 percent to its latest peak, according to Reuters.

Trading in Australia went against the trend, with All Ordinaries index losing more than one percent. The drop came as the government introduced harsher restrictions amid a rising number of coronavirus infections in some parts of the country. 

The rally in the region could have also been driven by the developments on a China-EU trade deal, which is meant to expand access to each other’s markets. After a year of talks, the two sides reached an agreement “in principle” on Wednesday.

Also on rt.com Gold hits one-week peak as dollar tumbles after Trump signs stimulus

While stock markets mostly bottomed out after the coronavirus pandemic caused a panic sell-off in March and have even hit new highs since then, the US dollar is finishing the year lower. The dollar index was 0.1 percent down on Thursday, while for the whole year it lost around eight percent against a basket of major currencies.

US stock futures were little changed before the last trading session of 2020, with investors waiting for data on initial jobless claims.

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

Article source: https://www.rt.com/business/511183-asian-shares-record-2020/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Stimulus Money Should Have Gone to the Jobless, Economists Say

But in terms of the multiplier effect, it’s likely to pale in comparison to the impact in the spring, when the unemployment rate was much higher and there were real fears the country could experience a second Great Depression.

“The more you hit the stimulus button, the less impact you see,” said Scott Anderson, chief economist at Bank of the West in San Francisco. And the hardest hit sectors — dining, entertainment and travel — are unlikely to see much of a boost now, since consumers are wary of going out or live in states like California and New York where restaurant dining and other activities are restricted.

Mr. Anderson said the stimulus could heighten some of the inequality that has become evident during the past year. Many white-collar employees are working from home and have largely been spared layoffs — the unemployment rate for college graduates is now just 4.2 percent.

But lower-paid service workers have been hit hard and the jobless rate stands at 7.7 percent for people with just a high school diploma. Better-off households, Mr. Anderson said, might spend the money on stocks or put it toward a home purchase, which could “aggravate a bubble forming in some assets like equities and housing.”

Julia Bald, a librarian who lives in Beverly, Mass., isn’t looking to bet on the stock market but she plans to put her stimulus check in the bank as a precaution. If the virus surges again and the library has to close down, she fears that she could be laid off. Ms. Bald also has $10,000 in outstanding student loans, and is trying to save as much money as she can.

“I haven’t had much financial difficulty, it’s not like I have to worry about back rent or anything,” said Ms. Bald, 30. “But my nervousness about where the economy could go from here makes me want to save it just in case.”

Dennis Helmstetter of Frederick, Md., also plans to save the $600 payment. He has managed to keep not one, but three jobs during the pandemic — as a real estate agent, a clerk at Fort Detrick and as a supervisor of the bar and restaurant at his local Elks Lodge.

Article source: https://www.nytimes.com/2020/12/30/business/economy/600-dollar-stimulus-check.html

US raises tariffs on French & German wines and aircraft parts over ‘unfair’ Airbus subsidies

The increased tariff will apply to imported cognacs, brandies and “certain non-sparkling wines,” as well as “aircraft-related parts,” Reuters reported on Wednesday, citing a statement from the Office of the US Trade Representative (USTR). 

The USTR did not specify the rate of the new tariff or when it would take effect, saying only that additional details will be “forthcoming.”

Also on rt.com US considering imposing billions in new tariffs on wide range of European goods

Washington has been accusing the European Union of unfairly calculating tariffs against the US-made Boeing aircraft and equipment, under a September ruling by the World Trade Organization. 

“The EU needs to take some measure to compensate for this unfairness,” the USTR said on Wednesday.

Boeing and Airbus have been embroiled in a dispute over subsidies that’s been going on for 16 years and shows no sign of resolution.

A tariff hike on aircraft parts produced in France, Germany, the UK, and Spain was proposed back in July, along with various food imports. Additional duties of up to 100 percent were contemplated against a range of goods including chocolate, coffee, and olives, and alcoholic beverages such as beer, gin, and vodka. The plans were met by protests from trade associations.

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

Article source: https://www.rt.com/business/511173-tariffs-cognac-wine-airbus/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

US raises tariffs on French and German wines & aircraft parts over ‘unfair’ Airbus subsidies

The increased tariff will apply to imported cognacs, brandies and “certain non-sparkling wines,” as well as “aircraft-related parts,” Reuters reported on Wednesday citing a statement from the Office of the US Trade Representative. 

The USTR did not specify the rate of the new tariff or when it would take effect, saying only that additional details will be “forthcoming.”

Also on rt.com US considering imposing billions in new tariffs on wide range of European goods

Washington has been accusing the EU of unfairly calculating tariffs against the US-made Boeing aircraft and equipment, under a September ruling by the World Trade Organization. 

“The EU needs to take some measure to compensate for this unfairness,” the USTR said on Wednesday.

Boeing and Airbus have been embroiled in dispute over subsidies that’s been going on for 16 years and shows no sign of resolution.

A tariff hike on aircraft parts produced in France, Germany, the UK and Spain was proposed back in July, along with various food imports. Additional duties of up to 100 percent were contemplated against a range of goods including chocolate, coffee and olives, and alcoholic beverages such as beer, gin and vodka. The plans were met by protests from trade associations.

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

Article source: https://www.rt.com/business/511173-tariffs-cognac-wine-airbus/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Rita Houston, WFUV D.J. Who Lifted Music Careers, Dies at 59

Ms. Houston majored in urban studies at Hobart and William Smith Colleges, in Geneva, N.Y., but was expelled for tripping fire alarms and tipping over vending machines. “I went out big,” she told Mr. Arthur on his podcast. “I was in the wrong place.”

She worked as a waitress before finding work as a D.J. at Westchester Community College’s radio station, then at another station in Mount Kisco, N.Y., for $7 an hour. She left for a job at ABC Radio as an engineer, and worked with the sports journalist Howard Cosell and the talk show host Sally Jessy Raphael. The pay was far better than her low-wage radio jobs, but she missed being on the air. In 1989 she was back behind a microphone at WZFM in White Plains.

“Someone said to me, ‘I want to introduce you to the voice of God,’” said Paul Cavalconte, who, as the WZFM program director, hired Ms. Houston. “She was so engaging and charismatic, which worked on the radio and in personal appearances.” (WZFM is now WXPK.)

When WZFM’s format shifted from adult album alternative to modern rock in 1993, Ms. Houston was told that she had to adopt on-air name with an X in it. She became Harley Foxx. But, seeking more diversity in the format, she sought refuge a year later at WFUV, of which she had been a fan for some time.

“I just called the station and was, like, ‘Hey, can I work here, please?’” she told Mr. Arthur.

She started hosting the midday show in 1994, then stepped away from it after a few years to become the full-time music director. She returned to the air in 2001 to host “The Whole Wide World.”

In addition to her wife, she is survived by her sister, Debra Baglio, and her brothers, Richard and Robert. Another brother, William Jr., died in October.

Ms. Houston recorded her final show from home on Dec. 5, with Mr. Cavalconte, also a D.J. at WFUV, as the co-host. It was broadcast three days after she died.

Article source: https://www.nytimes.com/2020/12/30/obituaries/rita-houston-dead.html

Amazon Buys Wondery as Podcasting Race Continues

Podcasts have been exploding in popularity, with nearly a third of Americans saying at the beginning of 2019 that they listened to at least one monthly. They offer media companies a fast-growing medium and an opportunity to build out their offerings without having to go through powerful interests, like publishers and labels, when licensing music, and studios when licensing films.

Efforts to turn podcasting into its own celebrity universe have attracted the likes of Meghan Markle and Prince Harry. Wondery’s founder, Hernan Lopez, a former Fox executive, has added Hollywood treatment to its podcasts, replete with tag lines, trailers and billboards. “Dr. Death” is set to be developed into a television series on NBCUniversal’s Peacock streaming service.

Mr. Lopez told The New York Times last year that he had “set out to create a company that could build on bringing to podcasting the skill set of television and movies, both in storytelling and production, as well as marketing.”

Mr. Lopez will step down as chief executive when the deal with Amazon closes, and Jen Sargent, Wondery’s chief operating officer, will take over management, according to an Amazon spokeswoman. In April, Mr. Lopez pleaded not guilty to federal charges accusing him of bribing soccer officials in South America in exchange for broadcasting rights when he was an executive at Fox Sports.

Amazon would not “predict” when the Wondery deal was expected to close, the Amazon spokeswoman said, noting it is subject to “customary closing conditions.”

Article source: https://www.nytimes.com/2020/12/30/business/dealbook/wondery-amazon-podcasts.html

This Year Was a Disaster. We Hope the Sequel Is Better.

The end of December usually brings a flurry of big releases and a blizzard of Oscar speculation. But with the Academy Awards postponed and many theaters shuttered or half-empty, this movie year closes with a shiver of existential anxiety in Hollywood and beyond. In 2020, Netflix expanded its reach, and two of the surviving legacy studios — Warner Bros. and Disney — beefed up their streaming platforms, the latest sign of a shift in business strategy that is likely to outlast the pandemic. As 2021 approaches, our critics examine the film industry in crisis, and wonder what the future might hold.

A.O. SCOTT Is this the end of moviegoing as we have known it? You and I are not in the business of making predictions, and since we are students of film history we know that the death of movies is old, fake news. Premature obituaries have been filed every decade or so, at least since the arrival of sound. The art form has been changing constantly, and so have the ways we consume it: “as we have known it” includes movie palaces, drive-ins, grindhouses and multiplexes; and also network television Movies of the Week, VHS, Blu-ray, and now streaming.

Still, the situation right now feels different, perhaps more cataclysmic. I don’t doubt that people will want to go back to movie theaters after the pandemic, as they will to restaurants, nightclubs, concert halls and bowling alleys. But a shift in the industry that was already underway before Covid-19 seems to have accelerated. We’ve sometimes used “the studios” as a slightly anachronistic synonym for Hollywood. Are we entering the age of “the platforms”?

MANOHLA DARGIS Well, good morning, sunshine! I’m hesitant to offer any grand divinations, but we know that the movies or, rather, the American film industry is in a state of perpetual crisis. In the past, the industry has always found a way of circumventing the latest calamity, often by taking advantage of (or even absorbing) perceived threats, like with television. The threat posed by streaming is on another order of magnitude: i.e., the internet changed everything, including how people watch entertainment. The rest is history, and another couple of gazillion bucks for Jeff Bezos.

Article source: https://www.nytimes.com/2020/12/30/movies/film-industry-future-streaming-2020.html

FAFSA’s Expected Family Contribution Is Going Away. Good Riddance.

Where I come from, teachers drilled passive verbs like “expected” right out of us. I can still hear the late Bill Duffy, in our 20th century British literature class, raising his voice in a tone both innocent and offended. “By whom?” he wondered.

Good question. A few years ago, I went to Washington and showed up for an appointment at the U.S. Department of Education with the intent of confronting the “expecter” doing the expecting, this destroyer of countless dreams of affordable college. But there is no such person, since the federal aid formula comes from statutes, not assistant secretaries acting on their own.

Still, it’s worth answering Mr. Duffy’s question. First and foremost, it’s the federal government doing the expecting here. Its demands carry a kind of psychic weight, according to Caitlin Zaloom, an economic anthropologist and professor at New York University and author of the book Indebted: How Families Make College Work at Any Cost.

“Policies like the E.F.C. are instructions to families and not simply numbers that have to be paid,” she said. “They are moral messages that the government is sending to mothers and fathers about what they are supposed to do to be good parents.”

In other words, kids need education. The government expects parents to pay for it. If you don’t, you just may hinder their success in life. And if any part of your identity is wrapped up in helping your children do better than you have done, well, here’s an advance look at the bill. Got that?

Those children may become expecters, too. After all, if the government is saying that parents are supposed to pay but they are unable or unwilling to do so, the kids could begin resenting their parents. And then, parental guilt. And some borrowing, or a lot of it.

The colleges have expectations, too. They see that E.F.C. figure and may want even more information. You fill out another form, and then comes more judgment about your supposed ability to pay.

Article source: https://www.nytimes.com/2020/12/30/your-money/fafsa-expected-family-contribution.html

Honda to quit Russian auto market in 2022 as demand slides

Honda’s presence on the Russian market will be limited to motorcycle and power equipment sales, the firm said in a statement on Wednesday, as quoted by Russian media. It will continue to provide after-sales services to Honda owners.

Russian car market becomes second largest in Europe Russian car market becomes second largest in Europe

Despite the year-end race that brought some relief to automakers after sales were crippled by the coronavirus pandemic in the first half of the year, purchases of Honda cars in Russia plunged by 50 percent in November year-on-year, according to the Association of European Businesses. The company sold just 79 vehicles in the country last month, while overall sales of new cars and light commercial vehicles increased by 5.9 percent to reach 157,580.

Over 11 months this year, Honda sold 1,383 vehicles in Russia – 15 percent less than it did over the same period of 2019.

However, the Japanese company’s sales on the Russian auto market began declining even before the coronavirus crisis. In 2019, they dropped 64 percent year-on-year and amounted to just 1,836 cars. More than 1.7 million new cars were sold in Russia during that period.

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

Article source: https://www.rt.com/business/511111-honda-halts-sales-russia/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Jack Ma loses nearly $11 billion as China tightens scrutiny on his business empire

Jack Ma’s net worth tumbled to $50.9 billion against a peak of $61.7 billion seen earlier this year, according to the Bloomberg billionaires index. The recent losses knocked him into 25th spot on the list of the world’s 500 richest people and he is now fourth among China’s billionaires. The 56-year-old businessman now lags behind Nongfu Spring founder Zhong Shanshan, the founder of online marketplace Pinduoduo, Colin Huang, as well as Tencent’s Pony Ma. 

Also on rt.com Alibaba stock slides after China cracks down on monopolies

The tech mogul’s troubles began as the massive listing of the fintech company he co-founded, Ant Group, was abruptly suspended in November. The failed dual-listing in both Shanghai and Hong Kong, which was meant to make history as the world’s largest IPO, sent shares of Alibaba plunging. Alibaba, which was also founded by Ma, owns roughly a 33 percent stake in Ant Group.

Both companies have faced tougher scrutiny since the sudden IPO suspension. Last week, China’s antitrust regulator opened an investigation into Alibaba over suspected monopoly practices that forced merchants selling their goods on Alibaba to avoid rival platforms. The company’s stock tumbled again following the news, but has managed to reverse some losses since then. It was trading six percent higher in Hong Kong on Wednesday. 

Also on rt.com Pandemic profiteers: Big Pharma Big Tech cash in on Covid-19

Ant Group, which runs Alipay, the largest mobile payments system in China, was simultaneously summoned by China’s central bank and other regulatory agencies. After the meeting that took place on Saturday, the central bank signaled that it wants the platform to overhaul some of its operations as it ordered the company to “return to its origins” as a payment services provider. It also said that the group must improve corporate governance and “strictly rectify illegal credit, insurance and wealth management financial activities.” The firm has already vowed to “fully implement” the regulator’s requirements.

Despite Beijing’s attempts to tighten control on the fintech industry and the coronavirus crisis, the country’s tech billionaires still won big this year. Even given the latest drop, Ma’s fortune got $4.3 billion bigger in 2020, while the net worth of China’s 21 tech billionaires included in the Bloomberg index jumped by $187 billion.

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

Article source: https://www.rt.com/business/511091-jack-ma-china-scrutiny/?utm_source=rss&utm_medium=rss&utm_campaign=RSS