May 9, 2024

Archives for July 2021

Gold on course for best weekly gains in 2 months as US Fed shows no sign of changing its loose monetary policy

Spot gold was up 0.1% at $1,829.10 per ounce at 09:17 GMT, before dropping back to $1,827.74 an ounce. On Thursday, the precious metal reached the highest price since July 15, at $1,832.40. Meanwhile, US gold futures eased 0.16% to $1,832.80.

Also on rt.com Gold on track for best month since last summer amid weaker dollar inflation woes

On Wednesday, the Fed said benchmark interest rates would remain unchanged at 0-0.25%, providing no details on a potential tightening of its monetary policy introduced in 2020, when the world’s largest economy was forced to deal with the economic impact of the Covid-19 pandemic.

According to Fed Chairman Jerome Powell, the US job market still has “some ground to cover” before the time comes to pull back from economic support. Meanwhile, the US economy expanded at a 6.5% annualized rate in the second quarter, according to the latest figures, which still fell short of analysts’ expectations.

The news has predictably pushed the US dollar to a one-month low, putting it on track for its biggest down week in nearly three months, turning gold into one of the most appealing assets for other currency holders.

Also on rt.com Younger Indians prefer cryptocurrencies to traditional gold

“As the realization that the Fed is unlikely to tighten its policies anytime soon sinks in, the outlook for the US dollar turns into bearish territory,” Ricardo Evangelista, a senior analyst at ActivTrades, told Reuters, adding that gold could continue to find support in the short term.

Other precious metals saw mixed trading, with silver gaining 0.2% to $25.59 per ounce. Palladium was up by 0.2% to $2,651.85, while platinum slipped 0.8% to $1,052.14.

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

Article source: https://www.rt.com/business/530670-gold-gains-us-fed-prints/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Russia & China expanding yuan share in mutual trade, pushing out US dollar – Chinese Ambassador to Russia

The yuan’s share in the countries’ bilateral trade rose from 3.1% in 2014 to 17.5% in 2020, Chinese Ambassador to Russia Zhang Hanhui told news agency Interfax.

According to Zhang, Russia has been steadily following a policy of de-dollarization of foreign trade, expanding the use of Chinese currency for buying financial products denominated in the renminbi and using it as a reserve currency over recent years. He added that the yuan has been gaining recognition from the Russian government, enterprises, and investors.

Also on rt.com US dollar grabs bigger share in global currency reserves, but broader trend indicates shift away from greenback

“These changes show the yuan’s inherent advantage and usage potential in the Russian market, marking the impressive progress that China and Russia have made in the diversification of bilateral trade settlement,” the ambassador said.

Zhang highlighted that extending local currency settlements is one of the key aspects of financial cooperation between China and Russia, and is seen as conducive to shaping a more flexible and resilient international currency system.

The Chinese yuan accounts for 30.4% of Russia’s National Wealth Fund’s holdings, and 12.8% of Russia’s reserve assets, the ambassador said.

Also on rt.com Chinese yuan’s share of global currency reserves hits new high

In the first half of 2021, trade turnover between Russia and China totaled $63.08 billion, marking a nearly 30% growth year-over-year. Over the past three years, annual bilateral trade topped the $100-billion mark. The ambassador said he expects Russia-China trade to set a new record in 2021.

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

Article source: https://www.rt.com/business/530662-yuan-share-russia-china-trade/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

US imports from Russia surge 50% amid price rally in commodity markets

Commodity exports from Russia to the US in monetary terms totaled $11.5 billion, with purchases of oil and petrochemicals seeing a substantial growth of 78%. US imports of mineral fuels, oil, and petrochemicals nearly doubled from $3.8 billion to $6.7 billion.

Also on rt.com Modest trade turnover between Russia US manages to grow despite sanctions

US imports of precious and semiprecious metals and stones grew by nearly 50% from $1.1 billion to $1.6 billion, while purchases of Russian fertilizers increased by 35% to $500 million. Imports of iron and steel jumped up by 25% to $700 million.

Non-resource exports from Russia to the US also saw an increase, with sales of frozen crab growing from $263 million to $395 million. The US also purchased $126 million worth of space rocket engines from Russian state-run producers.

Also on rt.com US demand for Russian caviar surges by 640%

The increase in commodity imports is attributed to the latest price rally in the global commodity markets. Statistics from the US Census Bureau seen by Russian business daily RBK don’t match up with the data tracked by the Federal Customs Service of Russia, which reports that the number of US imports in monetary terms reached $6.1 billion, marking a growth of 26%.

The difference is attributed to contrasting methods of assessment, as Russian customs commonly calculate only direct shipments of Russian produce to the US, while the US Census Bureau includes all the Russian-produced goods entering the country.

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

Article source: https://www.rt.com/business/530647-us-russia-imports-surge/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

How Biden Got the Infrastructure Deal Trump Couldn’t

As Mr. Biden pushed toward a deal in recent weeks with a group of Republican and Democratic negotiators in the Senate — including Senator Mitt Romney, Republican of Utah, a longtime foil of Mr. Trump’s — the former president blasted out news releases, urging his party to walk away.

“Hard to believe our Senate Republicans are dealing with the radical left Democrats in making a so-called bipartisan bill on ‘infrastructure,’ with our negotiators headed up by super RINO Mitt Romney,” Mr. Trump wrote in a Wednesday statement, referring to the Utah senator with the acronym for Republican in name only. “This will be a victory for the Biden administration and Democrats, and will be heavily used in the 2022 election. It is a loser for the U.S.A., a terrible deal, and makes the Republicans look weak, foolish and dumb.”

Soon after, the agreement moved forward in the Senate. Seventeen Republicans voted to take it up, including the Republican leader, Mitch McConnell of Kentucky, who has taken pains to distance himself from Mr. Trump in recent months. It was not clear whether the minority leader, who has previously said he was “100 percent focused” on stopping Mr. Biden’s agenda, would ultimately support the bill.

Still, Mr. Biden — who once brokered deals with Mr. McConnell — was personally invested in pursuing a compromise, administration officials said, calling upon his experience as a deal-maker in the Senate.

“Biden and his team was willing to patiently work together with Republicans, and Trump and his team were not willing to do that with Democrats,” said Senator Tim Kaine, Democrat of Virginia. He added, “I give tremendous credit to the senators who’ve done this, but I will have to say, an ingredient that is necessary is a White House that really wants to do it, that will reach out across the aisle and will stay at the table.”

Mr. Biden also dispatched top legislative aides and members of his Cabinet to reach out to lawmakers in both parties. Senator Kevin Cramer, Republican of North Dakota, said he received repeated calls from Jennifer Granholm, the secretary of energy, and legislative staff members — “always very gently and respectfully” — to discuss the emerging deal and “take my temperature” before he voted to advance the measure.

Multiple senators said the president and his team spent hours with them in person on Capitol Hill and on the phone hashing out the details of the legislation, including thorny disagreements over how to finance billions of dollars in new spending.

Article source: https://www.nytimes.com/2021/07/29/business/economy/biden-infrastructure-deal.html

Who Discriminates in Hiring? A New Study Can Tell.

The Berkeley and Chicago researchers found that discrimination isn’t uniform across the corporate landscape. Some companies discriminate little, responding similarly to applications by Molly and Latifa. Others show a measurable bias.

All told, for every 1,000 applications received, the researchers found, white candidates got about 250 responses, compared with about 230 for Black candidates. But among one-fifth of companies, the average gap grew to 50 callbacks. Even allowing that some patterns of discrimination could be random, rather than the result of racism, they concluded that 23 companies from their selection were “very likely to be engaged in systemic discrimination against Black applicants.”

There are 13 companies in automotive retailing and services in the Fortune 500 list. Five are among the 10 most discriminatory companies on the researchers’ list. Of the companies very likely to discriminate based on race, according to the findings, eight are federal contractors, which are bound by particularly stringent anti-discrimination rules and could lose their government contracts as a consequence.

“Discriminatory behavior is clustered in particular firms,” the researchers wrote. “The identity of many of these firms can be deduced with high confidence.”

The researchers also identified some overall patterns. For starters, discriminating companies tend to be less profitable, a finding consistent with the proposition by Gary Becker, who first studied discrimination in the workplace in the 1950s, that it is costly for firms to discriminate against productive workers.

The study found no strong link between discrimination and geography: Applications for jobs in the South fared no worse than anywhere else. Retailers and restaurants and bars discriminate more than average. And employers with more centralized personnel operations handling job applications tend to discriminate less, suggesting that uniform rules and procedures across a company can help reduce racial biases.

An early precedent for the paper published this week is a 1978 study that sent pairs of fake applications with similar qualifications but different photos, showing a white or a Black applicant. Interestingly, that study found some evidence of “reverse” discrimination against white applicants.

Article source: https://www.nytimes.com/2021/07/29/business/economy/hiring-racial-discrimination.html

Scarlett Johansson Sues Disney Over ‘Black Widow’ Release

Disney, citing the ongoing coronavirus threat, ultimately decided to release several major movies simultaneously in theaters and on Disney+ Premier Access. It used the strategy in May for “Cruella,” which starred Emma Stone and took in $221 million worldwide. (Disney has kept Disney+ revenue for “Cruella” a secret.) On Friday, Disney will give the same treatment to “The Jungle Cruise,” a comedic adventure that stars Emily Blunt and Dwayne Johnson. It is not known if Ms. Stone, Ms. Blunt or Mr. Johnson renegotiated their contracts with Disney as a result.

In December, WarnerMedia kicked a hornet’s nest by abruptly announcing that more than a dozen Warner Bros. movies — the studio’s entire 2021 slate — would each arrive in theaters and on HBO Max. The decision prompted an outcry from major stars and their agents over the potential loss of box office-related compensation, forcing Warner Bros. to make new deals. It ultimately paid roughly $200 million to thwart the rebellion.

The deeper question is this: If old-line studios are no longer trying to maximize the box office for each film but instead shifting to a hybrid model where success is judged partly by ticket sales and partly by the number of streaming subscriptions sold, what does that mean for how stars are paid — and where they make their movies?

The traditional model, the one that studios have used for decades to make high-profile film deals, involves paying small fees upfront and then sharing a portion of the revenue from ticket sales. The bigger the hit, the bigger the “back end” paydays for certain actors, directors and producers.

The streaming giants have done it differently. They pay more upfront — usually much, much more — in lieu of any back-end payments, which gives them complete control over future revenue. It means that people get paid as if their projects are hits before they are released (or even made).

Ms. Johansson’s suit also took direct aim at Bob Chapek, Disney’s chief executive, and Robert A. Iger, Disney’s chairman, by citing the stock grants given to them as rewards for building Disney+, which has more than 100 million subscribers worldwide. “Disney’s financial disclosures make clear that the very Disney executives who orchestrated this strategy will personally benefit from their and Disney’s misconduct,” the complaint said.

According to the suit, Ms. Johansson’s representatives approached Disney and Marvel in recent months with a request to renegotiate her contract. “Disney and Marvel largely ignored Ms. Johansson,” the suit said.

Article source: https://www.nytimes.com/2021/07/29/business/media/scarlett-johansson-black-widow-disney-lawsuit.html

Activision, Facing Internal Turmoil, Grapples With #MeToo Reckoning

Other co-workers suggested she “hook up” with them, she said, and regularly commented on her appearance over the years. Ms. Welch, 52, also said she had been repeatedly passed over for promotions in favor of less qualified men.

She did not report the incidents, she said, partly because she did not want to admit to herself that her gender was a “professional liability” and she loved her work. But by 2016, she said, her doctor had persuaded her to leave because the stress was hurting her health.

Until the lawsuit came out, Ms. Welch said, she thought her experience was unique at the company. “To hear that it’s at this scale is just profoundly disappointing,” she said.

Addressing the former employees’ accusations, Activision said that “such conduct is abhorrent” and that it would investigate the claims. The company said it had distanced itself from its past and improved its culture in recent years.

California’s Department of Fair Employment and Housing, which protects people from unlawful discrimination, said it did not comment on open investigations. But its lawsuit against Activision, filed in Los Angeles Superior Court, also spared little detail. Many of the misconduct accusations focused on a division called Blizzard, which the company merged with through a deal with Vivendi Games in 2008.

The lawsuit accused Activision of being a “a breeding ground for harassment and discrimination against women.” Employees engaged in “cube crawls” in which they got drunk and acted inappropriately toward women at work cubicles, the lawsuit said.

In one case, a female employee died by suicide during a business trip because of the sexual relationship she had been having with her male supervisor, the lawsuit said. Before her death, male colleagues had shared an explicit photo of the woman, according to the lawsuit.

Article source: https://www.nytimes.com/2021/07/29/technology/activision-walkout-metoo-call-of-duty.html

Alden Closes Bowie Blade-News After Buying Tribune Publishing, Its Owner

“Sometimes I think about the list of things that the newspaper covered,” Mr. Rauck said. “Not necessarily in a story, but that it checked off — sharing local sports news, seeing little Janie’s name in the paper, pictures of local things.”

He added, “We didn’t have Nextdoor or Facebook.”

Even before Alden became its owner, The Blade-News endured significant cutbacks.

The austerity measures — which included moving its journalists to the office of The Capital Gazette, its sibling publication in Annapolis — were put into place as more readers chose to get their news online. That shift meant the industry could no longer rely on its traditional source of cash, print advertising.

Over the last 15 years, more than one quarter of newspapers, mostly weeklies like The Blade-News, have gone out of business, according to a University of North Carolina study. Alden and other hedge funds have bought struggling papers, seeing them as undervalued assets that can be made profitable after further cutbacks.

Donovan Conaway, the primary reporter at The Blade-News and the writer of the article on the Bowie police officer accused of theft, said in an interview that he would continue to report on Bowie whenever there was “a major crime, a big event.” His work will appear on the Capital Gazette site.

Three years ago, another Blade-News reporter, John McNamara, who worked out of The Capital Gazette’s office, was one of the five people killed in the shooting there. On July 15, Jarrod W. Ramos, a disgruntled reader who had pleaded guilty, was found to have been sane and therefore criminally responsible for the attack.

Article source: https://www.nytimes.com/2021/07/29/business/media/alden-tribune-newspapers.html

$1 Trillion Infrastructure Deal Scales Senate Hurdle With Bipartisan Vote

Democrats still must maneuver the bill through the evenly divided Senate, maintaining the support of all 50 Democrats and independents and at least 10 Republicans. That could take at least a week, particularly if Republicans opposed to it opt to slow the process. Should the measure clear the Senate, it would also have to pass the House, where some liberal Democrats have balked at the emerging details.

But Republicans who negotiated the deal urged their colleagues to support a measure they said would provide badly needed funding for infrastructure projects across the country.

“I am amazed that there are some who oppose this, just because they think that if you ever get anything done somehow it’s a sign of weakness,” said Senator Bill Cassidy, Republican of Louisiana.

Speaker Nancy Pelosi of California has repeatedly said she will not take up the bipartisan infrastructure bill in the House until the far more ambitious $3.5 trillion budget reconciliation bill passes the Senate.

Senator Kyrsten Sinema of Arizona, the lead Democratic negotiator of the infrastructure deal and a key moderate vote, issued a statement on Wednesday saying that she did not support a plan that costly, though she would not seek to block it. Those comments prompted multiple liberals in the House to threaten to reject the bipartisan agreement she helped negotiate, underscoring the fragility of the compromise.

“Good luck tanking your own party’s investment on childcare, climate action, and infrastructure while presuming you’ll survive a 3 vote House margin,” Representative Alexandria Ocasio-Cortez, Democrat of New York, wrote in a tweet. “Especially after choosing to exclude members of color from negotiations and calling that a ‘bipartisan accomplishment.’”

Reporting was contributed by Nicholas Fandos, Coral Davenport, Catie Edmondson and Lisa Friedman.

Article source: https://www.nytimes.com/2021/07/28/us/politics/senate-infrastructure-deal.html

Erik Larson Has a Scary Story He’d Like You to Hear

The growth of audio originals marks a shift in how authors and publishers view the form, which was once regarded as an appendage to print, rather than its own medium. But as audio sales have continued to grow year after year, publishing companies have found themselves scrambling to meet demand.

“Audio listeners are so voracious, they listen to so much, we have to keep supplying content for them,” said Lance Fitzgerald, vice president of content and business development at Penguin Random House Audio.

Publishers have also started to test the market for stand-alone audio. Penguin Random House, which Crown is an imprint of, has around a dozen original audiobooks in development. The company’s recent audio-only works include “All Rise,” Nick Offerman’s comedy special; “Getting Started With Sourdough,” by Chad Robertson and Jennifer Latham of Tartine Bakery; stories set in the Star Wars universe; and a project with Steven Rinella, the host of the Netflix series “MeatEater.”

Another major publisher, Hachette, has produced several successful audio originals, including works by the singer and songwriter Billie Eilish and the leadership coach Roger Flax. Macmillan has been experimenting with its own podcasts and is developing an audio original with the indie pop duo Tegan and Sara.

But the audio-only approach poses challenges, and most authors and publishers are proceeding cautiously. Without a print counterpart that’s displayed in stores, it can be hard to get such titles in front of consumers, unless the author has a large and loyal following.

“There is an advantage when there are multiple versions out at once. You’re going to get more people talking about it and evangelizing,” said Mary Beth Roche, the president and publisher of Macmillan Audio. “In general, we feel like unless there’s something uniquely aural about the experience, if it deserves to be in audio, it deserves to be in print.”

For Larson, the audio format offered a way for him to break into new territory. He said he’s open to releasing “No One Goes Alone” as a book, though there are currently no plans for a print edition.

“Right now, it is what it is,” he said. “I’m very pleased to call it a day with an audio original.”

Article source: https://www.nytimes.com/2021/07/29/books/erik-larson-audiobook-no-one-goes-alone.html