April 27, 2024

Archives for January 2021

Ghosts of 2009 Drive Democrats’ Push for Robust Crisis Response

To bring them along, Democrats proposed a market-based approach rather than the kind of government-run, single-payer program sought by many liberals. They even eschewed a limited public option to mollify Republicans and some moderate Democrats. Still, the talks dragged, and Republicans began pulling back amid a rash of raucous protests at congressional town hall events across the country.

Frustrated and believing Democrats were being strung along, Mr. Obama in September 2009 summoned Mr. Grassley to the White House along with Senator Max Baucus, Democrat of Montana, who was leading the Gang of Six.

Mr. Obama recounted the scene in his new memoir, writing that he had pressed Mr. Grassley on whether, “if Max took every one of your latest suggestions, could you support the bill?” Mr. Grassley was hesitant. “Are there any changes — any at all — that would get us your vote?” Mr. Obama asked, drawing what he described as an awkward silence from the Republican senator.

“I guess not, Mr. President,” Mr. Grassley eventually responded.

As they plunge forward this year, Democrats say they do not want to find themselves in a similar position, working with Republicans only to come up short with an insufficient response that does not draw bipartisan support.

Some Democrats still hold out hope of reaching bipartisan agreement on at least some elements of the administration’s coronavirus response and say the party must make a legitimate attempt to come together with Republicans.

“We ought to try to do what we can do in a bipartisan way,” Senator Joe Manchin III of West Virginia, a leading Democrat in the bipartisan talks, told reporters. He said it would then be appropriate for Mr. Schumer to use “other means to move things along” if progress could not be made.

Emily Cochrane, Luke Broadwater and Alan Rappeport contributed reporting.

Article source: https://www.nytimes.com/2021/01/31/us/politics/democrats-agenda-coronavirus-economy.html

Survey Says: Never Tweet

This often feels like a moral or ethical debate, sometimes played out in caricature on Twitter itself. But the question of how to get your readers to trust you, in my view, isn’t really moral; it’s tactical, and empirical. Part of the reason reporters use social media is about sources. Some reporters elicit information from sources by keeping their cards close to their chests. Others develop sources on social media by broadcasting their views and finding allies. But newsroom conversations about bias and trust tend, oddly, to leave out the audience. So last week, I persuaded a polling firm, Morning Consult, to survey Americans on, more or less, the question of whether we should all shut up on social media.

The findings were mixed. Asked directly whether “journalists have a responsibility to keep their opinions private, even on their personal social media,” a majority of those polled agreed, by a margin of almost 2-1.

But the details of the poll of 3,423 people, with a margin of error of 2 percent, show deeper division. Given the choice between two alternatives, 41 percent agreed with the statement, “I trust journalists more if they keep their political and social views private,” while 36 percent agreed with the opposite statement, “I trust journalists more if they are open and honest about their political and social views.”

The responses weren’t uniform across groups. More of those who identified themselves as Black than those in other groups said they’d trust journalists more if they knew what the journalists thought, while conservatives were more likely than liberals to trust journalists who keep their views private.

Other survey responses suggested that, perhaps, just perhaps, journalists are living on a more Twitter-obsessed planet than normal people. When the pollsters showed a version of a tweet from Ms. Wolfe that caused her Twitter trouble, the muddled response made it clear that ordinary Americans had no idea what the fuss was about.

Newsrooms might benefit from acknowledging that some of what appears to be debates about Twitter is more about their own corporate identities and choices. Ms. Wolfe told me that while she thought The Times had been unfair in how it characterized her dismissal, she also didn’t object to the paper’s choosing to have a social media policy. “The solution for me is to not work at a place where I have to pretend that I don’t have opinions,” she said.

The other, and perhaps more ominous, tension for the big newsrooms is the one that Mr. Carr spotted in 2012. Social media has shifted the balance of power in the same direction it has long been moving in everything from entertainment to sports: away from management and big brands, and toward the people who used to be called reporters, but now sometimes get referred to as “talent.” Reporters have every incentive to build big social media followings. It’s a path to television contracts, book deals, job offers and raises. And that can be in tension with what their employers want. (In case you’re interested, here are the Times reporters with more than 500,000 Twitter followers, ranked: Maggie Haberman, Marc Stein, Andrew Ross Sorkin, Jenna Wortham, Peter Baker and Nikole Hannah-Jones.)

Article source: https://www.nytimes.com/2021/01/31/business/media/journalists-twitter.html

Effort to Include $15 Minimum Wage in Relief Bill Poses Test for Democrats

Other lawmakers, including some Republicans, have argued that the pandemic relief package should be scaled down, with items like the minimum wage provision left for another legislative battle later in the year. Most House Republicans voted against a stand-alone minimum wage bill in 2019, pointing to a Congressional Budget Office report that estimated the provision would put an estimated 1.3 million Americans out of work. Senate Republicans, in control of the chamber, did not take it up.

“That’s an agenda item for the administration, so be it,” Senator Lisa Murkowski, Republican of Alaska, told reporters. “Should it be included as part of a Covid relief package? I think it takes the focus off the priority, which is what is the immediate need today.”

“Hey,” she added, “you get the keys to the car now. And so let’s get some legislation done, but you don’t need to think that you need to get it all in one package.”

Senator Lindsey Graham, Republican of South Carolina, bluntly told reporters in January that “we’re not going to do a $15 minimum wage in it” and that Mr. Biden was better off reaching out to Capitol Hill and negotiating a compromise.

Mr. Sanders and Democrats have argued that with jobless benefits set to begin expiring in mid-March, there is little time to win over their Republican counterparts, who embarked on similar reconciliation efforts in 2017 to repeal portions of the Affordable Care Act and pass a sweeping tax overhaul.

But to secure the first increase in the federal minimum wage since 2009, even under reconciliation Mr. Sanders and liberal Democrats can afford to lose little, if any, support from the rest of the caucus.

Several lawmakers, including Representative John Yarmuth of Kentucky, the chairman of the House Budget Committee, have voiced skepticism that the minimum wage provision can prevail through the rules of the reconciliation process, which imposes strict parameters to prevent the process from being abused. Under the so-called Byrd Rule, Democrats cannot include any measure that affects the Social Security program, increases the deficit after a certain period of time set in the budget resolution or does not change revenues or spending.

Article source: https://www.nytimes.com/2021/01/31/us/politics/minimum-wage-coronavirus-relief-bill.html

Melvin Capital loses 53% in January over bet against GameStop thanks to Reddit buying spree

Despite the loss, Capital received fresh cash from investors by the end of January after taking heavy losses due to the unexpected and record stock gains for companies like GameStop, according to a source cited by Reuters.

Melvin started January with $12.5 billion in assets, but is closing out the month with $8 billion, according to the Wall Street Journal’s report on the losses. It closed out its short position on GameStop in the wake of the massive surge. Other groups like Citron have also felt the squeeze by betting against GameStop and have closed their short positions with heavy losses.

Also on rt.com NY charity Robin Hood receives undue flak from people angry at Robinhood trading app, finds ‘silver lining’ in new supporters

GameStop became the center of controversy after motivated buyers sought to flood the market and increase its stock price aiming to upset Wall Street hedge funds. Trading at a mere $10 a share in October, GameStop closed out Friday at $325 a share. It has seen a total gain of over 1000 percent this year. 

Redditors also invested into other surprising companies like AMC leading to a frenzy on Wall Street as longtime investors found themselves trading in a quickly fluctuating and unpredictable market. 

Traders who bought into GameStop mainly did so through the app Robinhood, which controversially stepped in and halted trading on certain companies and then limited it, claiming this was a move to prevent market manipulation. Critics, from Republicans like Ted Cruz to Democrats such as Alexandria Ocasio-Cortez, have blasted the preventative measures and argued it is market manipulation in favor of hedge funds who suffered losses because of the individual buyers.

Also on rt.com Robinhood execs’ contributions to House Financial Services panel leaders under scrutiny as hearing over GameStop saga announced

The Security and Exchange Stock Commission (SEC) has promised to investigate the matter, and there will be congressional hearings this week. Some lawmakers have called for the SEC to possibly enact new trading rules, like Sen. Elizabeth Warren (D-Massachusetts) who has called for action from the SEC multiple times this week, urging them to have “clear rules about market manipulation” and the “backbone to enforce” those rules.

“To have a healthy stock market, you’ve got to have a cop on the beat,” she said.

It was reported earlier that short-selling mega-investors lost a staggering $70.8 billion this month. Their losses were partly driven by small traders pumping money into stocks like GameStop.

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Article source: https://www.rt.com/usa/514215-melvin-capital-gamestop-reddit/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

WallStreetBets coin listed atop bitcoin as battle between GameStop investors & Wall Street rages on

The website listed a coin dubbed WallStreetBets (WSB) above the world’s top cryptocurrency, bitcoin, earlier this week. As of Sunday, WallStreetBets still outranked major cryptocurrencies, as it gained nearly 130 percent in the past 24 hours and over 1,160 percent in a week. The price of the WallStreetBets token is $483, and its market capitalization amounts to $24.8 billion. 

Occupy Wall Street 2.0: ‘This time, activists intend to DESTROY the system from within’ – Max Keiser explains GameStop frenzy Occupy Wall Street 2.0: ‘This time, activists intend to DESTROY the system from within’ – Max Keiser explains GameStop frenzy

However, the price and the growth rate of the token on CoinMarketCap seem to have remained unchanged for at least two days. 

With the website even showing the number of tokens in supply as well as its market cap, like it does for all listed cryptocurrencies, WallStreetBets coin is not a real asset. The coin’s page features information about the subreddit it was named after as well as a brief history of the GameStop saga, when retail investors decided to beat big hedge funds at their own game. 

Earlier this week, WallStreetBets fever boosted the price of the not so popular token Dogecoin. At some point, the Shiba Inu-themed token rallied nearly tenfold, and it was still up over 200 percent over the past seven days as of Sunday, according to CoinMarketCap. Dogecoin surged as Tesla founder Elon Musk, who touted support for the WallStreetBets community, posted a ‘Dogue’ magazine cover on Twitter. While the world’s richest man did not explain the image, it was apparently perceived as a reference to Dogecoin.

The interest in the token was also driven by the ‘chairman’ of MainStreetBets, who took to Twitter asking about Dogecoin. As the currency started to tumble after gaining over 1,000 percent, users on the Reddit thread that describes itself as “the crypto version of WallStreetBets” – SatoshiStreetBets topic – called on fellow members not to ditch the coin. 

Investors united on Reddit as they saw that hedge funds were betting against American video game retailer, GameStop, and were short-selling its stock, basically capitalizing on the company’s demise. The users launched a flash mob, gobbling up the firm’s shares and driving their price to dizzying heights.

Also on rt.com GameStop investor clash will be won by Wall Street sharks because the game is rigged – analysts

However, the investors’ attempts to take on Wall Street stumbled upon restrictions imposed by trading app Robinhood, which imposed a ban on buying the stocks earmarked by the Reddit investors. The app also enforced restrictions on cryptocurrency trading, citing “extraordinary market conditions.” The app later was seen limiting buying of dozens of shares and found itself in hot water, with users accusing it of market manipulation.

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

Article source: https://www.rt.com/business/514178-wallstreetbets-coin-beats-bitcoin/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Russia expects oil between $45 and $80 by 2035

“Scenario conditions [imply] the range of oil prices from the lower to the upper limit – from $45 to $80 per barrel. This is a very significant range that allows us to see the boundary conditions in order to determine the measures, our actions in a particular scenario,” said the director of the Oil Refining and Gas Processing Department at the Ministry of Energy, Anton Rubtsov, as quoted by TASS.

Also on rt.com Russia to slash oil exports to curb rising domestic fuel prices – report

Oil prices are important for gas development plans of this sort because long-term gas supply deals are calculated based on international oil prices. Yet long-term oil price forecasts are notoriously unreliable because of the sheer number of unforeseen events that can occur during that time.

Right now, oil is once again on the rise, as the US Energy Information Administration reported a substantial crude oil inventory draw for last week and as new Covid-19 case numbers in the United States finally begin to decline. A move by President Joe Biden to temporarily ban oil and gas drilling on federal land contributed to the bullish sentiment. Yet the rally has been tempered by worry about the resurgence of the coronavirus in China, highlighting yet again the central importance of China for international oil markets.

Also on rt.com Russia’s oil output plunges to LOWEST in nearly a decade

Banks, meanwhile, are also getting optimistic about the oil industry: lenders expect further price improvement as the pandemic subsides this year, which would, in turn, boost oil and gas revenues and reduce the number of loans in distress, Natural Gas Intel reported earlier this week.

Of course, any further price recovery hinges on OPEC+ keeping the lid on production growth at least over the short term as much as it hinges on the hoped-for improvement in fuel demand after the pandemic.

This article was originally published on Oilprice.com

Article source: https://www.rt.com/business/514190-russia-oil-prices-expectations/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

China building digital Silk Road stretching from Asia through Africa to Europe

The fiber cable will link to the Pakistan East Africa Connecting Europe (PEACE) submarine cable in the Arabian Sea, to service countries participating in BRI, and Europe. It is currently being laid between Pakistan’s Rawalpindi city and the port cities of Karachi and Gwadar. The $240-million project, which is in partnership with China’s Huawei Technologies, was approved by the government last week.

The laying of sea cable in Pakistan’s territorial waters will begin in March, following government approval this month for Cybernet, a local internet service provider, to construct an Arabian Sea landing station in Karachi.

The Mediterranean section of the cable is already being laid, and runs from Egypt to France. The 15,000 kilometer-long cable is expected to go into service later this year.

Also on rt.com Silk Road trade on track: Freight train sets off from China to Russia, drastically cutting travel time

The PEACE cable will provide the shortest direct internet route between participating countries, and will drastically reduce internet data transfer speeds. It is expected to help reduce Pakistan’s exposure to internet outages from damaged submarine cables by providing an additional route for internet connectivity.

According to Eyck Freymann, author of ‘One Belt One Road: Chinese Power Meets the World,’ the BRI is evolving to place less emphasis on traditional heavy infrastructure, and more on high-tech cooperation and digital services.

READ MORE: China’s Belt and Road is the way for Europe and Asia to cut colonial Western ties and prosper

He told Nikkei Asia that “Beijing wants to dominate the physical infrastructure underlying global communications, particularly the internet,” adding: “This will give it an advantage in internationalizing its tech sector and pursuing future tech-related deals with partner countries.”

The ambitious multi-trillion-dollar BRI initiative (or the new Silk Road), announced by Chinese President Xi Jinping in 2013, aims to boost connectivity and cooperation between East Asia, Europe, and East Africa. It is expected to significantly boost global trade, cutting trading costs in half for the countries involved, according to expert estimates.

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

Article source: https://www.rt.com/business/513985-china-builds-digital-silk-road/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Bitcoin out, digital rupee in: India cracks down on private cryptocurrencies while seeking to launch its own digital coin

The ‘Cryptocurrency and Regulation of Official Digital Currency Bill’ was put on the government’s agenda, according to a bulletin, released by the lower house of parliament earlier this week. The proposed law could be discussed in several sessions, the first of which could be held as early as next week.

The legislation moves to prohibit what it calls “all private cryptocurrencies in India,” but allows “certain exceptions” to promote blockchain, the underlying technology of cryptocurrency and its uses. It also aims to provide a framework to set up an official digital coin, issued by the Reserve Bank of India.

Also on rt.com Regulators in Pakistan can do NOTHING to stop people from bitcoin mining, entrepreneur tells Keiser Report

The central bank previously said that the government has long been skeptical about the rising popularity of crypto assets and the risks associated with them. However, the regulator said it was considering whether there is the need for a digital version of fiat currency and the possible ways to use it.

The difference between national digital currencies and the likes of bitcoin is that the former are centralized – issued by central banks and pegged to fiat currencies, the rupee in India’s case. On the other hand, most popular cryptocurrencies such as bitcoin have no central bank or other government agent to hold customers’ funds.

Ray Dalio calls bitcoin ‘one hell of an invention,’ but a huge risk for investors Ray Dalio calls bitcoin ‘one hell of an invention,’ but a huge risk for investors

India has previously tried to ban virtual currencies, including bitcoin. In 2018, its monetary policy regulator alerted banks that they must stop dealing with them, citing “various risks associated in dealing with such virtual currencies.” However, the move was subsequently overturned by India’s Supreme Court.

The potential new restrictions on crypto assets comes as the market has started booming again in recent months, with major tokens showing massive growth. Some of India’s industry players have already voiced concern about the consequences of the move, while others noted that there is no such thing as “private cryptocurrency,” as they are decentralized and public by nature.

“We urge the government to take the opinion of all the stakeholders before taking a decision, which may affect the livelihood of the entire workforce employed in digital asset industry in India,” Shivam Thakral, the CEO of one of the largest exchanges in the country, BuyUcoin, said as cited by the Times of India.

The success of the proposed bill will depend on the details, particularly the definition of what it calls “private cryptocurrencies,” according to Rahul Pagidipati, the head of another leading exchange, ZebPay. The CEO noted that there are millions of crypto investors in India, and called on lawmakers to consult with crypto and blockchain companies before making decisions.

“Crypto assets and digital government currency can co-exist and together, they can bring tremendous benefits to the Indian economy,” Pagidipati said as cited by Indian media.

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

Article source: https://www.rt.com/business/514164-india-cryptocurrency-ban-law/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

UK wants to join $12 trillion Asia-Pacific trade deal after leaving EU

The British government announced on Sunday its intention to formally apply to become a part of the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP). UK International Trade Secretary Liz Truss will discuss Britain’s intention with ministers in Japan and New Zealand, which are parties to the pact, on Monday, while formal talks are set to start this year.

Also on rt.com UK strikes first major post-Brexit free trade deal with Japan

The trade pact stems from the Trans-Pacific Partnership agreement, talks of which were abandoned by the US. CPTPP members include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam, which together account for about 13 percent the world’s income.

China could join massive Asia-Pacific trade deal abandoned by US China could join massive Asia-Pacific trade deal abandoned by US

According to the British government, the annual volume of trade between the UK and the members of the group grew by eight percent since 2016 to £111 billion (over $152 billion) in 2020. London says that that domestic manufacturers, including food and drink producers, as well as the automotive industry, will benefit from the deal, but the UK won’t have to cede control of its laws, borders, and money like under EU membership.

“One year after our departure from the EU we are forging new partnerships that will bring enormous economic benefits for the people of Britain,” Prime Minister Boris Johnson said. He noted that the UK will be the first nation to officially apply to join the agreement since it came into force in 2018, which “demonstrates our ambition to do business on the best terms” with partners across the globe. 

While the intention was also welcomed by business groups, it still drew criticism. Labour’s trade policy chief, Emily Thornberry, said the UK’s “big decision” on membership in the mammoth agreement comes shortly after the country finally left a trade bloc with our closest neighbors, “only to join another one on the other side of the world with no public debate at all.” She called on the government to open public consultation on the matter, as most people even don’t know what the pact is.

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

Article source: https://www.rt.com/business/514159-uk-formally-applies-cptpp/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

They’re Flocking to America to Make a Fortune Playing Video Games

And salaries are growing in North America. The average for a player in a team’s starting five has climbed to $460,000 from $300,000 since 2018, Mr. Greeley said. The highest-paid players in the United States, Mr. Wolf said, might make up to $500,000 more than their elite counterparts in a country like South Korea.

Many of the League Championship Series’ 10 teams are backed by billionaires who also own traditional U.S. sports teams. But the sport has not yet become a cash cow. To get in on League of Legends, teams had to pay Riot $10 million to $13 million.

Riot declined to say how much it made from League of Legends, and analysts do not think it is profiting directly from e-sports. But SuperData, a research company, estimated that the game itself brought in more than $1.8 billion in revenue last year.

Just a few blocks from Riot’s headquarters in western Los Angeles — where matches are normally played — is Sawtelle Boulevard, where e-sports stars frequent ramen restaurants and boba shops. Korean transplants often spend their weekends in Koreatown, where they can find food that reminds them of home, said Genie Doi, an e-sports immigration lawyer.

The work-life balance in the United States is another draw for players who are weary of putting in 18-hour practice days and even developing wrist injuries, said Kang Jun-hyeok, a South Korean-born League of Legends player who has been Team Liquid’s coach and general manager. Though South Korea and China have made strides in recent years, he said, the culture is that of “working hard, grinding until you collapse,” Mr. Kang, 31, said.

North American teams pitch these benefits to prospective players as they engage in a delicate courtship to woo the best free agents before other teams do. Once a player decides to sign a contract, Ms. Doi helps the team apply for a visa, which she said was usually granted despite the unusual profession.

Article source: https://www.nytimes.com/2021/01/30/technology/esports-league-of-legends-america.html