May 8, 2024

Archives for March 2021

Bloomberg Employees Get Access to Hospital’s Vaccine Slots

“Given the complexities around vaccine supply and distribution, we still encourage you to do everything possible to obtain an appointment on your own if you wish to receive the vaccine and are eligible,” the email said. “It’s possible that these appointments could come through for you sooner than those that become available via N.Y.U.”

A Bloomberg spokesman declined to comment.

Mr. Bloomberg has given billions of dollars to environmental, education, public health and other causes, including gifts amounting to more than $3 billion to his alma mater, Johns Hopkins University.

His philanthropic arm has made at least two gifts to New York University. The university’s Robert F. Wagner Graduate School of Public Service announced on March 2 that it would receive a $25 million donation from Bloomberg Philanthropies. The gift was made for a fellowship in the names of Mr. Bloomberg’s daughter Georgina and his mother, Charlotte. In 2017, Mr. Bloomberg’s philanthropic arm gave nearly $6 million to establish an environmental law center at the New York University School of Law.

NYU Langone Health has “formal corporate partnerships with organizations, school districts and municipalities for whom we serve as a preferred provider and offer corporate wellness programs in addition to facilitated access to our services,” a spokeswoman for the hospital system said in a statement. “As part of this partnership, we have helped to secure vaccines for Bloomberg employees who are our patients and in accordance with New York State guidelines.”

“Philanthropy is not tied to NYU Langone’s vaccine programs,” the spokeswoman added. Of Mr. Bloomberg’s March 2 donation, she said: “It is important to note that the gift made was to N.Y.U.’s Wagner Graduate School. It wasn’t made to NYU Langone Health or N.Y.U. Grossman School of Medicine. It was completely separate from our institution.”

Article source: https://www.nytimes.com/2021/03/30/business/media/bloomberg-covid-vaccines-nyu.html

Cryptos stride further into mainstream as new PayPal feature lets users pay with bitcoin, ethereum & more

The online payments giant has added a new ‘Checkout with Crypto’ feature, which is set to become available for US users from Tuesday. The service will allow those holding bitcoin, ethereum, bitcoin cash, and litecoin in their wallets to convert their tokens into US dollars or other fiat currencies while making purchases, with no additional transaction fees.

Also on rt.com Visa settles 1st payment transaction with crypto in ‘milestone’ move for industry

The option is set to automatically appear in people’s PayPal wallets, but only one type of coin can be used for each purchase, according to the company. The fintech giant reportedly plans to enable the option at all of its 29 million merchants.

“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet,” the company’s president and CEO Dan Schulman told Reuters, which first reported the move.

Unmasking mysterious bitcoin inventor may send cryptomarket into tailspin, Coinbase warns Unmasking mysterious bitcoin inventor may send cryptomarket into tailspin, Coinbase warns

In another statement, he said that introducing cryptocurrencies as a payments tool globally marks “the next chapter in driving the ubiquity and mass acceptance of digital currencies.”

PayPal revealed its support for digital assets last year, when it moved to allow customers to buy, sell, and hold bitcoin, ethereum and other cryptocurrencies. The move from such a big player, which currently has 377 million accounts worldwide, helped to boost a massive crypto rally.

News of the new feature lifted the price of bitcoin and other main digital currencies on Tuesday. Bitcoin was up around 2%, trading at around $59,200, while ethereum gained nearly 4% to hit nearly $1,840.

PayPal’s move is not the only one driving cryptocurrencies higher this week. On Monday, Visa said that it has enabled payments in stablecoin USD Coin (USDC).

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

Article source: https://www.rt.com/business/519590-paypal-cryptocurrency-payments-feature/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Global banks bracing for losses amid US hedge fund collapse

The sudden liquidation of the New York-based billionaire Bill Hwang’s Archegos Capital Management ignited a fire sale of more than $20 billion in assets that has left some of the world’s biggest investment banks bearing billions of dollars of losses.

According to billionaire investor Mike Novogratz, the collapse of Hwang’s Archegos fund could turn out to be “the most spectacular personal loss of wealth in history.”

The problems started last week when a disappointing stock sale by media giant ViacomCBS triggered devastating bank margin calls for Archegos, three people familiar with the matter said. Shares in ViacomCBS plummeted 23% last Wednesday after the media company sold shares at a price that diluted its value. The shares continued to decline, setting off alarm bells at Archegos’ prime brokers and prompting them to offload stock in all of Archegos’ investments.

Also on rt.com Wall Street banks ditch $19 billion of stocks in ‘unprecedented’ block trade selloff – media

According to the sources, Goldman Sachs and Morgan Stanley were quick to offload shares on Friday, forestalling a material financial impact.

Meanwhile, investment banks Nomura and Credit Suisse warned investors that they were facing huge losses from their exposure to Archegos. Shares in Japan’s Nomura plunged 16% and Credit Suisse dropped 14% amid analyst speculations on how much money they could lose.

Nomura has already warned it faces a possible $2 billion loss while Credit Suisse said its losses would be “highly significant and material.” Analysts estimate the Swiss bank’s losses could amount to $4 billion. In a statement, Credit Suisse said that “a significant US-based hedge fund defaulted on margin calls made last week,” and that meant it and other banks were forced into “the process of exiting these positions.”

Deutsche Bank said it had significantly de-risked its Archegos exposure without incurring any losses and was managing down its “immaterial remaining client positions,” on which it did not expect to incur a loss.

Also on rt.com US suspects $1.3 TRILLION in dirty money may have been laundered through Deutsche Bank over two decades

The US Securities and Exchange Commission said on Monday it had been “monitoring the situation and communicating with market participants since last week” as panic spreads about the possible scale of the fallout from the forced liquidation of Hwang’s fund. Regulators in the UK, Switzerland and Japan also said they were following the developments. 

Investors are meanwhile raising concerns that the full impact of Archegos’ problem has not been realized. Market observers recalled that only in February, hedge funds took major losses on short positions during the run-up in GameStop stock. Hedge fund de-leveraging also contributed toward turmoil in the US Treasuries market in March 2020.

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

Article source: https://www.rt.com/business/519575-banks-losses-hedge-fund-collapse/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

OPEC+ leaders lean towards extending oil cuts as Covid-19 continues to bite – media

The Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers, known collectively as OPEC+, are set to meet on Wednesday and Thursday to decide if the existing production curbs should be prolonged further. According to a Reuters source, the de-facto leader of the OPEC, Saudi Arabia, may support keeping the overall production unchanged in May and June. The kingdom could also extend its own voluntary cuts, the report said.

The possibility of extending oil cuts for another month was also confirmed to RIA Novosti by a source from one of the delegations. It told the agency that Riyadh had been in talks with other partners, and they had signaled their readiness to keep existing output curbs in place.

Also on rt.com Venezuelan President Maduro offers ‘oil for vaccines’ as country sees spike in Covid-19 cases

One of the main non-OPEC parties of the deal, Russia, could also support keeping production in the alliance unchanged. However, it is reportedly set to ask for a small output hike for itself to meet the seasonal demand.

The same move – letting both Russia and Kazakhstan slightly boost production while keeping the overall curbs – was agreed during the last OPEC+ meeting on March 4. Back then the alliance decided to keep output cuts at around seven million barrels per day. Saudi Arabia is additionally withholding from the market around one million barrels per day through its voluntary curbs.

Also on rt.com Oil nosedives as concern over third wave of Covid-19 crushes demand

The decision not to put more oil into the market could be based on still-weak demand for the commodity, as Covid-19 is still triggering lockdowns across the world. “They don’t see demand as yet strong enough and want to prevent prices from falling,” Reuters reported on Monday, citing a source briefed on the matter.

Oil prices have seen wild swings since the previous OPEC+ talks in early March, with Brent prices falling from nearly $70 per barrel to just above $60 per barrel last week. On Tuesday, two days before 23 OPEC+ ministers meet again, oil was trading slightly lower, with both Brent and US West Texas Intermediate (WTI) down around 0.2%.

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

Article source: https://www.rt.com/business/519568-opec-oil-cuts-unchanged/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Democrats Look to Smooth the Way for Biden’s Infrastructure Plan

Current law reduces the taxes that heirs owe on assets that appreciate over time. Say a person buys $1 million worth of stock, and the value of that stock rises to $10 million before the person dies. If the person sold the stock before death, she would owe taxes on a $9 million gain. But if she died first, and her heirs immediately sold the stocks she gave them, they would not owe any capital gains taxes. Under the new proposal, which exempts $1 million in gains, the heirs would owe taxes on the remaining $8 million gain.

The full exemption reduces federal tax revenues by more than $40 billion a year. It was unclear on Monday how much the Democratic plan would raise in revenues to help Mr. Biden’s spending efforts.

Other Democrats pushed the president to include further tax cuts in his plan.

Mr. Suozzi of New York said in an interview on Monday that he would not support changes to the tax code without a full repeal of the so-called SALT cap, which limits the amount of local and state taxes that can be deducted from federal income taxes. That change largely hurt higher-income households in high-tax states like California, Maryland and New York.

House Democrats passed legislation in 2019 that would have temporarily removed the cap, but it stalled in the Senate and attempts to include it in pandemic relief legislation were unsuccessful.

“It has to be elevated as part of the conversation,” Mr. Suozzi said. “There’s a lot of different talk about going big and going bold and making significant changes to the tax code. I want to make SALT part of the conversation.”

Frequently Asked Questions About the New Stimulus Package

Buying insurance through the government program known as COBRA would temporarily become a lot cheaper. COBRA, for the Consolidated Omnibus Budget Reconciliation Act, generally lets someone who loses a job buy coverage via the former employer. But it’s expensive: Under normal circumstances, a person may have to pay at least 102 percent of the cost of the premium. Under the relief bill, the government would pay the entire COBRA premium from April 1 through Sept. 30. A person who qualified for new, employer-based health insurance someplace else before Sept. 30 would lose eligibility for the no-cost coverage. And someone who left a job voluntarily would not be eligible, either. Read more

This credit, which helps working families offset the cost of care for children under 13 and other dependents, would be significantly expanded for a single year. More people would be eligible, and many recipients would get a bigger break. The bill would also make the credit fully refundable, which means you could collect the money as a refund even if your tax bill was zero. “That will be helpful to people at the lower end” of the income scale, said Mark Luscombe, principal federal tax analyst at Wolters Kluwer Tax Accounting. Read more.

There would be a big one for people who already have debt. You wouldn’t have to pay income taxes on forgiven debt if you qualify for loan forgiveness or cancellation — for example, if you’ve been in an income-driven repayment plan for the requisite number of years, if your school defrauded you or if Congress or the president wipes away $10,000 of debt for large numbers of people. This would be the case for debt forgiven between Jan. 1, 2021, and the end of 2025. Read more.

He is among the Democrats who have requested a meeting with Mr. Biden to discuss repealing the cap, according to a letter obtained by The New York Times.

“No SALT, no dice,” declared another Democrat, Representative Josh Gottheimer of New Jersey.

“There’s plenty of ways, in my opinion, to raise revenue and reinstate SALT,” he said in an interview, adding that he wanted to see the full details of the proposal.

Article source: https://www.nytimes.com/2021/03/29/business/economy/biden-democrats-infrastructure-spending.html

Why H&M, Nike and Others Are Being Boycotted in China

Why is this such a big deal?

The issue has growing political and economic implications. On the one hand, as the pandemic continues to roil global retail, consumers have become more attuned to who makes their clothes and how they are treated, putting pressure on brands to put their values where their products are. One the other, China has become an evermore important sales hub to the fashion industry, given its scale and the fact that there is less disruption there than in other key markets, like Europe. Then, too, international politicians are getting in on the act, imposing bans and sanctions. Fashion has become a diplomatic football.

This is a perfect case study of what happens when market imperatives come up against global morality.

Tell me more about Xinjiang and why it is so important.

Xinjiang is a region in northwest China that happens to produce about a fifth of the world’s cotton. It is home to many ethnic groups, especially the Uyghurs, a Muslim minority. Though it is officially the largest of China’s five autonomous regions, which in theory means it has more legislative self-control, the central government has been increasingly involved in the area, saying it must exert its authority because of local conflicts with the Han Chinese (the ethnic majority) who have been moving into the region. This has resulted in draconian restrictions, surveillance, criminal prosecutions and forced-labor camps.

OK, and what about the Uyghurs?

A predominantly Muslim Turkic group, the Uyghur population within Xinjiang numbers just over 12 million, according to official figures released by Chinese authorities. As many as one million Uyghurs and other Muslim minorities have been retrained to become model workers, obedient to the Chinese Communist Party via coercive labor programs.

Article source: https://www.nytimes.com/2021/03/29/style/china-cotton-uyghur-hm-nike.html

Lara Trump Joins Fox News as a Paid Contributor

She is the second member of Donald Trump’s inner circle to join the Fox News payroll in recent weeks. Kayleigh McEnany, the former White House press secretary, signed on this month as a contributor.

If Ms. Trump does pursue a run for public office, Fox News policy would require that she and the network cut ties. Sarah Huckabee Sanders, another close ally of Mr. Trump who served as his press secretary, joined Fox News as a contributor in September 2019 after leaving the White House. The network terminated her contract in January after she announced that she would run for governor of Arkansas.

During her Monday appearance, Ms. Trump criticized the Biden administration for its handling of immigration policy and offered “100 percent complete credit” to her father-in-law for this year’s national vaccine rollout.

Her hiring was the latest example of the revolving door between Fox and Mr. Trump’s circle.

Larry Kudlow, a former CNBC anchor who directed Mr. Trump’s National Economic Council, was hired by Fox in January. He has since debuted a weekday Fox Business program and regularly appears as an analyst on Fox News.

Previously, Heather Nauert, a former “Fox Friends” anchor, and John R. Bolton, a Fox News commentator, accepted roles in Mr. Trump’s administration. So did Bill Shine, a former Fox News co-president, who served as Mr. Trump’s deputy chief of staff. Kimberly Guilfoyle, a former co-host of “The Five” on Fox News, worked as a top official on Mr. Trump’s 2020 campaign and is dating the former president’s eldest son, Donald J. Trump Jr.

Article source: https://www.nytimes.com/2021/03/29/business/media/lara-trump-fox-news.html

HarperCollins to Buy Houghton Mifflin’s Trade Publishing Unit

“Global demand for books — print and digital — has never been higher than it is now,” Brian Murray, the president and chief executive of HarperCollins Publishers, said in a statement. “We expect faster growth of the combined companies at a time of rapid growth in book consumption.”

Educational publishers haven’t fared as well, as the closing of schools across the United States cut off a critical revenue stream. Revenue for educational publishers fell 10.9 percent in 2020, the Association of American Publishers found.

Houghton Mifflin, the largest learning technology company in the kindergarten-through-12th-grade market, saw its sales fall last year because of a steep drop in its education division, though sales in its consumer publishing business were strong.

“Last year, and still to this day, the pandemic has really disrupted K-12 education,” Houghton Mifflin’s president and chief executive, Jack Lynch, said in an interview. “It was a forcing mechanism for the rapid adoption of technology.”

The company put its trade publishing division up for sale last fall, as it aims to focus on its core business of educational publishing and technology, and to pay down its debt. The deal is expected to close in the second quarter of 2021.

Erik Gordon, a professor at the University of Michigan Ross School of Business, said the deal could potentially strengthen both companies. By selling its trade publishers, Houghton Mifflin can strengthen its position in education, while HarperCollins will gain some 7,000 titles, including Tolkien’s “The Lord of the Rings” trilogy, which Amazon is adapting as a TV series.

But Mr. Gordon cautioned that unlike mergers and acquisitions in other industries, growing consolidation in publishing could have an unforeseen cultural ripple effect.

“It’s not that I’ll pay a dollar more for a book, it’s that control of the arena of ideas gets limited,” he said. “If the variety of ideas — if the venues for people who want to challenge the mainstream ideas — narrows, then in addition to something costing me a dollar more, we’re talking about something entirely different.”

Article source: https://www.nytimes.com/2021/03/29/business/media/harpercollins-houghton-mifflin-harcourt.html

Southwest orders 100 Boeing 737 MAX planes while air travel demand still erratic

The Dallas-based low-cost airline company said that under the deal it would convert 70 of its firm orders for MAX 8 planes to the smallest jets, the MAX 7s. It also added 155 options for 737 MAX 7 or MAX 8 airplanes through 2029.

“This cost-effective order book with Boeing allows the Company to maintain the operational efficiencies of an all-Boeing 737 fleet to support its low-cost, point-to-point route network,” Southwest said in a statement.

It expects to receive 30 of the 737 MAX 7 aircraft in 2022, in addition to 28 MAX 8s this year, totaling 69 units by the end of 2021. The airline said that 17 craft in the 737-700 series will be retired in the same period. It had firm orders for 281 of the jets before Monday’s announcement, including the planes it has already taken delivery of.

Also on rt.com Troubled Boeing 737 MAX returns to US skies after two deadly crashes

In January, Southwest reached an agreement with Boeing to delay deliveries of some of the 737 MAX planes it had ordered due to a plunge in air-travel demand from the Covid pandemic and its first annual loss in almost half a century.

“Southwest Airlines has been operating the Boeing 737 series for nearly 50 years, and the aircraft has made significant contributions to our unparalleled success. Today’s commitment to the 737 Max solidifies our continued appreciation for the aircraft and confirms our plans to offer the Boeing 737 series of aircraft to our Employees and Customers for years to come,” said Gary Kelly, Southwest’s chairman and CEO. “We are proud to continue our tradition of being the world’s largest operator of an all-Boeing fleet,” he added.

Also on rt.com Sharpest decline in aviation history: Passenger traffic plunged 66% last year due to pandemic, IATA says

Southwest’s order comes as the 737 MAX has just reentered service after two deadly crashes caused a nearly two-year global grounding that ended late last year. In November, the Federal Aviation Administration (FAA) cleared the 737 MAX to fly again, with FAA chief Stephen Dickson saying he was “100% comfortable with [his] family flying on it.”

Brazilian carrier Gol, which operates an all-Boeing 737 fleet, became the first airline to relaunch the jets in December. Later, American Airlines operated the first commercial flight of the jet in the United States. Southwest returned the plane to service on March 11.

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

Article source: https://www.rt.com/business/519487-southwest-boeing-737-max-order/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Bitcoin rallies to one-week high after Visa pilots crypto transactions

Bitcoin was up more than 4% to hit $58,353 on Monday afternoon, according to Coindesk data. It shed some gains later in the day, but was still trading near the $58,000 level as of 2pm GMT.

Also on rt.com Visa settles 1st payment transaction with crypto in ‘milestone’ move for industry

Other top cryptocurrencies were also trading higher on Monday, with the second largest token by market cap, ethereum, adding almost 5% and Ripple’s XRP jumping around 3%. 

The rally in digital currencies came on the heels of the news that Visa wants to use the cryptocurrency USD Coin (USDC) on its payment network, allowing it to settle transactions in the stablecoin without converting it to traditional money. The first transaction with USDC was made earlier this month, and Visa plans to allow more companies to use the option in the future. 

Also on rt.com Bitcoin jumps after Musk says crypto will be accepted as payment for Tesla cars

While Visa’s move marks another step in the broader acceptance of cryptocurrencies, stablecoins like USDC are much different from the likes of bitcoin. Stablecoins are pegged to more stable assets, usually a fiat currency like the US dollar, and are less volatile. 

Bitcoin returned to growth at the end of last year and has been breaking its own price records in recent months, setting a new all-time high of $61,556. The cryptocurrency has surged nearly 100% since the beginning of 2021.

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

Article source: https://www.rt.com/business/519496-bitcoin-rallies-visa-transactions/?utm_source=rss&utm_medium=rss&utm_campaign=RSS