November 15, 2024

Archives for July 2021

Five countries interested in Russia’s state-of-the-art Su-57 fighter jet

This is one of the world’s best fighters based on its operational characteristics. It undoubtedly has various advantages. […] We expect high demand for this aircraft in the coming years. Five countries have already shown interest in this project. We are holding consultations,” Rosoboronexport’s CEO Alexander Mikheyev told reporters.

RT

He added that the air show will host a presentation of the fighter jet featuring the latest aircraft-launched weapons.

The Su-57 fighter has attracted great interest from potential buyers worldwide after a government contract was signed for the jet under Russia’s state armament program despite competition from American, European and Chinese firms.

RT

The Sukhoi Su-57 is a Russian-made fifth-generation multirole fighter equipped to destroy any type of air, ground and naval targets. The jet features stealth technology, it can develop a supersonic cruising speed and has the most advanced onboard radio-electronic equipment, including a powerful computer, a radar system spread across its body, and an armament placed within the fuselage.

The Ruselectronics Group, a subsidiary of Russia’s state tech company Rostec, announced it will present its latest innovations for the Su-57 at the air show, particularly the S-111 communications system.

RT

The equipment provides radio-telephone communications and an exchange of the plane’s data with other aircraft of various designation as well as with ground, aerial and naval command and control posts. The equipment incorporates the state-of-the-art technology of high-speed data transmission and features advanced network solutions,” the company’s press office said in a statement.

RT

The MAKS-2021 international aerospace show kicked off on Tuesday in Zhukovsky, Moscow Region, and will run through July 25. Over 250 companies from 50 countries will attend the air show, Russian President Vladimir Putin said at the opening ceremony.

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

Article source: https://www.rt.com/business/529718-russian-fighter-jet-su57-five-countries/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Global oil prices drop below $70 as OPEC+ reaches deal on output boost

US crude benchmark WTI fell nearly 8% and closed around $66 a barrel on Monday, marking the biggest one-day decline since September 2020. It now stands 13% below its peak high in over six years of $77 a barrel, reached in July.

Monday’s trading also saw international benchmark Brent crude plunging nearly 7% and settling below $69 a barrel.

Also on rt.com OPEC+ members agree to ramp up output by 400,000 barrels per day amid soaring oil prices

Oil prices dropped after OPEC+ reached an agreement on boosting oil production by 400,000 barrels a day each month starting in August amid increasing global demand. The deal was initially stalled by the United Arab Emirates when it demanded the cartel increase its baseline production quota, which is now to be raised.

OPEC+ nations are set to boost output gradually through September 2022, by which point oil production is supposed to settle back at pre-Covid-19 levels. The group is currently withholding some 6 million barrels of crude a day out of the 10 million barrels that were cut from the market during the worst of the pandemic.

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

Article source: https://www.rt.com/business/529701-oil-price-drops-opec-deal/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Bitcoin plunges below $30,000 amid broader cryptocurrency market sell-off

The top cryptocurrency lost more than 6% on Tuesday, trading around $29,700, with rivals ethereum and XRP losing 9% and 11% respectively, CoinDesk data shows. The drop in crypto prices followed a major sell-off on global stock markets, with the Dow Jones Industrial Average having its worst performance since October 2020.

Also on rt.com Will the digital dollar make bitcoin obsolete? RT’s Boom Bust has the answer

Furthermore, bitcoin investment products and funds registered outflows for a second consecutive week, according CoinShares, reaching $10.4 million on July 16, after outflows of $6.9 million the previous week. However, bitcoin inflows for the year still stand at a hefty $4.2 billion.

Still, experts predict a further drop in bitcoin prices until the bullish market returns.

“I am expecting a strong dip towards $22k,” Patrick Heusser, head of trading at Crypto Finance AG, told CoinDesk.

There’s been a broad sell-off in global markets, risk assets are down across the board,” Annabelle Huang from crypto services firm Amber Group told CNBC, explaining the overall drop in crypto prices with “concerns of the quality and strength of economic recovery” and “broader risk assets turned weaker including high yields.

Coupled with recent bitcoin weakness, this just sent the crypto market down further,” she concluded.

Also on rt.com Indian crypto exchanges say they’re not concerned about current bear market

Since bitcoin’s all-time high of nearly $65,000 in April, its price has slumped over 50%. Bitcoin has been going back and forth between $30,000 and $40,000 since mid-May, then briefly broke below the $30,000 mark on June 22, after the People’s Bank of China banned the country’s financial firms from offering crypto-related services to customers.

“All signals are red as bitcoin continues to be weighed down by China’s ultimate crypto ban and worsening macroeconomic conditions from a surge in Covid variants,” Jehan Chu, founder of crypto-focused trading firm Kenetic Capital, told CNBC.

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

Article source: https://www.rt.com/business/529686-bitcoin-plunges-lowest-month/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Twitter Suspends Marjorie Taylor Greene for Posting Coronavirus Misinformation

Twitter has long banned users from sharing misinformation about the coronavirus that could lead to harm. In March, the company introduced a policy that explained the penalties for sharing lies about the virus and vaccines.

“We’ve observed the emergence of persistent conspiracy theories, alarmist rhetoric unfounded in research or credible reporting, and a wide range of unsubstantiated rumors, which left uncontextualized can prevent the public from making informed decisions regarding their health, and puts individuals, families and communities at risk,” the company said in its policy against sharing Covid misinformation.

People who violate that policy are subject to escalating punishments known as strikes and could face a permanent ban if they repeatedly share misinformation about the virus. A 12-hour ban, like the one Ms. Greene is experiencing, is Twitter’s response to users who have either two or three strikes. After four strikes, Twitter suspends users for seven days, and after five strikes, Twitter bars the user altogether.

Other Republicans who have been suspended from Twitter have complained that the social media company is censoring them.

In January, Twitter barred President Donald J. Trump after the company determined that his social media posts played a role in inciting violence during the riot at the U.S. Capitol. Mr. Trump has argued that Twitter and Facebook, which also suspended his account, were censoring him and said the companies required government oversight.

Ms. Greene was previously suspended from Twitter in April, but the company said it was a mistake caused by one of its automated systems for detecting spam and abuse.

“Everyone knows that’s a LIE, and it was no mistake,” Ms. Greene tweeted after her suspension was lifted.

Article source: https://www.nytimes.com/2021/07/19/technology/marjorie-taylor-greene-twitter.html

White House Dispute Exposes Facebook Blind Spot on Misinformation

“The suggestion we haven’t put resources toward combating Covid misinformation and supporting the vaccine rollout is just not supported by the facts,” said Dani Lever, a Facebook spokeswoman. “With no standard definition for vaccine misinformation, and with both false and even true content (often shared by mainstream media outlets) potentially discouraging vaccine acceptance, we focus on the outcomes — measuring whether people who use Facebook are accepting of Covid-19 vaccines.”

Executives at Facebook, including its chief executive, Mark Zuckerberg, have said the company committed to removing Covid-19 misinformation since the start of the pandemic. The company said it had removed over 18 million pieces of Covid-19 misinformation, though it did not specify over what time frame.

Experts who study disinformation said the number of pieces that Facebook removed was not as informative as how many were uploaded to the site, or in which groups and pages people were seeing the spread of misinformation.

“They need to open up the black box that is their content ranking and content amplification architecture. Take that black box and open it up for audit by independent researchers and government,” said Imran Ahmed, chief executive of the Center for Countering Digital Hate, a nonprofit that aims to combat disinformation. “We don’t know how many Americans have been infected with misinformation.”

Mr. Ahmed’s group, using publicly available data from CrowdTangle, a Facebook-owned program, found that 12 people were responsible for 65 percent of the Covid-19 misinformation on Facebook. The White House, including Mr. Biden, has repeated that figure in the past week. Facebook says it is incorrect but has not provided details.

Renée DiResta, a disinformation researcher at Stanford’s Internet Observatory, called on Facebook to release more granular data, which would allow experts to understand how false claims about the vaccine were affecting specific communities within the country. The information, which is known as “prevalence data,” essentially looks at how widespread a narrative is, such as what percentage of people in a community on the service see it.

“The reason more granular prevalence data is needed is that false claims don’t spread among all audiences equally,” Ms. DiResta said. “In order to effectively counter specific false claims that communities are seeing, civil society organization and researchers need a better sense of what is happening within those groups.”

Article source: https://www.nytimes.com/2021/07/19/technology/facebook-misinformation-blind-spot.html

Garland Tells Prosecutors Not to Seize Reporters’ Records

Mr. Jaffer also flagged some issues that remain unanswered related to how broadly the department would define and interpret key terms in the new rules, like “news gathering.” He called them gaps that should be filled when the department issues its new regulation.

One ambiguity, he noted, is that the memo discusses a prohibition on compulsory legal tools that are listed in the old regulation — subpoenas, warrants and court orders — but does not mention another such tool the department sometimes uses to obtain records like logs of communications in national security inquiries, called a national security letter.

Still, the phrasing of Mr. Garland’s memo suggested an answer to one open question: whether the policy would protect reporters’ records in situations in which their source is suspected of being an outside hacker who stole information, as opposed to a government insider who leaked it.

Based on its wording, a reporter’s records would apparently still be protected. The memo said the prohibition would apply whenever “a member of the news media has, in the course of news gathering, only possessed or published government information, including classified information.”

The new limits apply only to reporters’ records. Mr. Garland noted that the government could still seize records of officials who are suspected of being the source of unauthorized disclosures.

In his memo, Mr. Garland noted that the Justice Department had previously operated under a “balancing test” that included some procedural limits on when prosecutors could seize reporters’ records, and required senior officials to weigh the interest in protecting a free flow of information to the press against the interest in gathering evidence that could solve crimes.

The attorney general wrote, however, that there were “shortcomings” to that approach and that the new policy was intended to better protect journalists’ ability to do their jobs.

Article source: https://www.nytimes.com/2021/07/19/us/politics/reporter-records-justice-department.html

Pandemic Recession Officially Lasted Only Two Months

The pandemic recession is officially over.

In fact, it has been over for more than a year.

The National Bureau of Economic Research, the semiofficial arbiter of U.S. business cycles, said Monday that the recession had ended in April 2020, after a mere two months. That makes it by far the shortest contraction on record — so short that by June 2020, when the bureau officially determined that a recession had begun, it had been over for two months. (The previous shortest recession on record, in 1980, lasted six months.)

But while the 2020 recession was short, it was unusually severe. Employers cut 22 million jobs in March and April, and the unemployment rate hit 14.8 percent, the worst level since the Great Depression. Gross domestic product fell by more than 10 percent.

The end of the recession doesn’t mean that the economy has healed. The United States has nearly seven million fewer jobs than before the pandemic, and while gross domestic product has most likely returned to its prepandemic level, thousands of businesses have failed, and millions of individuals are still struggling to get back on their feet.

To economists, however, recessions aren’t simply periods of financial hardship. They are periods of economic contraction, as measured by employment, income, production and other indicators. Once growth resumes, the recession is over, no matter how deep a hole remains. The recession that accompanied the 2008 financial crisis, for example, ended in June 2009 — four months before the unemployment rate hit its peak, and years before many Americans began to experience a meaningful rebound.

Article source: https://www.nytimes.com/2021/07/19/business/economy/pandemic-recession-over-coronavirus.html

John P. McMeel, Newspaper Syndicator With a Difference, Dies at 85

Cathy Guisewite, whose appealing and often befuddled cartoon avatar, Cathy, spoke to young women caught between the heady promises of second-wave feminism and the grind of everyday life, said that Mr. Andrews had been the heart and soul of the company and Mr. McMeel the fireworks.

“Cartoonists and their syndicates are typically at odds with each other,” Ms. Guisewite said. “But John created the opposite feeling for us. John opened up a new universe for different kinds of voices on the page. His insistence that there was room for our voices made room for others, too.”

John Paul McMeel was born on Jan. 26, 1936, in South Bend, Ind. His father, James, was the doctor for the University of Notre Dame’s football team; his mother, Naomi (Reilly) McMeel, was a homemaker. He earned a degree in business from Notre Dame in 1957.

Mr. McMeel spent a year in law school at Indiana University before dropping out to take a sales job at the Hall Syndicate. He had just started working there when he met Susan Sykes on a blind date. They married in 1966.

He met Mr. Andrews on a return visit home to South Bend; still a student at Notre Dame, Mr. Andrews was renting a room from Mr. McMeel’s mother.

In the early days of Universal, Mr. Andrews’s wife, Kathleen, kept the books, and Ms. McMeel, back in New York, read submissions. When Mr. Andrews died suddenly in 1980 at 44, Ms. Andrews returned to the company as chief executive of its publishing business. She later became vice chairman of the company. She died in April at 84.

Universal rebranded itself as Andrews McMeel Universal in the late 1980s. By then Mr. McMeel had signed up Dear Abby, Erma Bombeck, Mr. Larson, Roger Ebert and Pat Oliphant, the arch Australian-born political cartoonist.

Article source: https://www.nytimes.com/2021/07/19/business/media/john-p-mcmeel-dead.html

How to Cope With the End of Unemployment Insurance and Other Covid Safety Nets

Distressed homeowners with loans owned by private banks or investors should contact their mortgage servicer to see what options they’re offering. Some of them have followed a framework similar to federally backed loans, but others’ terms may be murkier.

No matter what type of loan you have, the most important action to take now is to reach out to your mortgage servicer to find out when your payments will resume and how much they will be. If you cannot afford them, the servicer can lay out your options. For more guidance, you can also seek out a housing counselor.

The changes made to food stamps — now largely known as the Supplemental Nutrition Assistance Program — during the pandemic were complicated.

But one significant change, a 15 percent bump in benefits for all recipients, runs only through Sept. 30. So if you currently receive SNAP benefits, they may go down then. (Congress is considering an extension, SNAP policy experts said, and other changes unrelated to the pandemic — including a regular inflation adjustment, along with a potential change to the basket of food that benefits are based on — could also help offset any potential cuts.)

A number of other temporary changes will remain in many states for several more months.

Those changes increased benefits for the program, which is federally funded but run through the states. Beneficiaries have received emergency allotments, which increased their monthly benefits to the maximum amounts permitted or higher. All told, the average daily benefit per person rose to $7 from $4 by April of this year, according to Ellen Vollinger, legal director at the Food Research Action Center.

Access to the program also became somewhat easier: Certain college students became eligible, unemployed people under 50 without children weren’t subject to time limits and there were fewer administrative hurdles to remaining enrolled, experts said.

The extra allotments can continue to be paid as long as the federal government has declared a public health emergency, which is likely to remain for at least the rest of the year. But the state administering the benefits must also have an emergency declaration in place, and at least six states — Arkansas, Florida, Idaho, North Dakota, South Dakota and South Carolina — have either ended or will soon begin to pull back that extra amount, according to the Center on Budget and Policy Priorities.

Article source: https://www.nytimes.com/2021/07/18/your-money/coronavirus-relief-expiration.html

Organizing a Union in the Disorganized World of Small Restaurants

During the pandemic, restaurant workers “were interested in organizing in a way they weren’t before,” said Sheigh Freeberg, the secretary and treasurer of Unite Here Local 17.

What’s distinct about many of these fledgling drives, Mr. Freeberg added, is that they are not taking on corporations worth millions of dollars. Most independent restaurants operate on slim profit margins. For those workers, “it is about respect on the job, or being able to have your schedule ahead of when it comes out,” he said. “Stuff that doesn’t cost any money.”

Still, many recent organizing efforts stalled or failed.

After working at N7, a French bistro in New Orleans, for more than three years, Luna Vicini was fired last October from her job as floor manager, with a note saying that the business needed a manager who prioritized profitability. She believes it was because she had organized workers around concerns about pay, transparency and safety protocols. (The company did not respond to requests for comment.)

Following Ms. Vicini’s exit, she said, nine employees went on strike; the restaurant shut down for several days before the owners, Aaron Walker and Yuki Yamaguchi, reopened with a mostly new staff. Ms. Vicini hoped to get her job back and help unionize N7, but the strike fizzled as some employees returned to work or took jobs elsewhere.

“I think that people left the strike because they couldn’t see what it would be like if it worked out,” said Ms. Vicini, 31. “And they could see what it would be like if it didn’t work out.”

At American Beauty, a steakhouse in the Venice neighborhood of Los Angeles, six servers and two former employees picketed the restaurant last March after the owners reduced the percentage of the tip pool allocated to servers and other front-of-the-house workers. The restaurant said the move was intended to give the kitchen staff a bigger share of that pool; the picketers said the business should simply raise wages for kitchen workers.

Article source: https://www.nytimes.com/2021/07/19/dining/labor-union-restaurants.html