November 14, 2024

Archives for July 2021

Senators and Biden Aides Struggle to Save Bipartisan Infrastructure Deal

Still, on Monday evening Senator Chuck Schumer of New York, the majority leader, set up a procedural vote to begin moving toward debate on the bipartisan deal, even without the text of the plan, on Wednesday. Mr. Schumer said that if senators agreed to consider infrastructure legislation, he would move to bring up either the bipartisan deal, should one materialize this week, or a series of individual infrastructure bills that have been approved on a bipartisan basis by Senate committees.

The plan was an effort to force negotiators to move toward finalizing details and a critical mass of Republicans to commit to advancing the deal, with Democrats eager to advance the legislation before the Senate leaves for its August recess. Mr. Schumer said he had support from the five main Democratic negotiators involved in talks.

“It is not a deadline to determine every final detail of the bill,” he said. A vote of support on Wednesday, he added, would signal that “the Senate is ready to begin debating and amending a bipartisan infrastructure bill.”

On Monday, Mr. Biden pushed for passage of the agreement during remarks at the White House, where he promoted his administration’s economic progress. But administration officials made clear later in the day that their patience for the finalization of the bipartisan agreement was running thin.

“We believe it’s time to move forward with this vote — with congressional action,” Jen Psaki, the White House press secretary, said at a news briefing. Asked what the administration’s backup plan was if the plan failed to clear the test vote, Ms. Psaki demurred.

Article source: https://www.nytimes.com/2021/07/19/business/economy/bipartisan-infrastructure-deal.html

Russian Helicopters to ink deal at MAKS 2021 Air Show to sell civilian choppers to UAE

“Today, we will sign [the agreement] with our colleagues from the UAE for the delivery of the first Mi-171A2 civilian helicopter,” Russian Helicopters Group CEO Andrei Boginsky said in an interview with the Rossiya-24 TV channel.

“The helicopter will be delivered in its passenger configuration,” Boginsky noted, adding that he hopes to see the aircraft at the upcoming Dubai Airshow.

Also on rt.com Rossiya Airlines signs deal for 15 Russian-built SSJ 100 aircraft at MAKS 2021 Air Show

Russia’s latest Mi-28NM attack helicopter also came into the spotlight at the MAKS 2021 Air Show, with a number of potential foreign customers having shown interest in its purchase, Russia’s military cooperation chief Dmitry Shugayev told reporters. He stated, however, that no official requests for delivery have been made so far.

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

Article source: https://www.rt.com/business/529822-russian-helicopters-maks-airshow-uae/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Global carmaker Stellantis to produce Fiat vans in Russia

The world’s fifth-biggest automotive group, with 14 brands in its portfolio, plans to make Fiat vehicles at a car plant in the Russian city of Kaluga. The plant is a joint venture between Stellantis, which has a 70% stake, with Mitsubishi Motors owning the remaining 30%.

The plan is to turn the Kaluga plant into an export hub, producing engines and cars for export to Europe, Latin America, and North Africa.

Also on rt.com Fiat Chrysler Peugeot say ‘yes’ to creating the world’s fourth-largest automaker in $58bn merger

I am pleased to announce that, in addition to the Peugeot, Citroën, and Opel brands produced in Kaluga, Fiat Professional cars will also be added next year,” Stellantis’ Senior Vice President for Eurasia Xavier Duchemann said, as cited by Reuters. He added that he saw the prospect as “the beginning of a long history of the new brand in Kaluga.” 

Ten years ago, the Kaluga plant produced Fiat vehicles – namely, Fiat Ducato – but production ceased with the end of the partnership between Fiat and the Sollers group. Currently, the plant produces the Peugeot 408, Citroën C4 sedan, Opel Zafira, Mitsubishi Outlander, and Mitsubishi Pajero Sport, as well as several Peugeot and Citroën vans. The plant is equipped with two assembly lines, allowing it to produce up to 125 thousand vehicles a year.

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

Article source: https://www.rt.com/business/529804-stellantis-fiat-russia-production/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Rossiya Airlines signs deal for 15 Russian-built SSJ 100 aircraft at MAKS 2021 Air Show

The airline will receive the planes, developed by United Aircraft Corporation (UAC), later this year, TASS reported on Wednesday.

Also on rt.com Five countries interested in Russia’s state-of-the-art Su-57 fighter jet

UAC Director General Yury Slyusar told reporters the developer is set to supply airline companies with another 30 SSJ 100 planes by the year’s end, adding to some 150 UAC aircraft already in operation.

SSJ 100 is a short-haul passenger plane with 103 seats and a cruising speed of 830 kilometers per hour. It is capable of landing on short runways of under two kilometers.

A modified version of the aircraft, the SSJ 100 LR, has a longer flying range of over 4,000 kilometers.

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

Article source: https://www.rt.com/business/529789-rossiya-airlines-buys-superjet/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

China buys less Saudi crude as it slams the brakes on oil imports

In June 2021, China imported 1.75 million barrels per day (bpd) of Saudi crude oil, China’s General Administration of Customs said on Tuesday. This volume was higher than the 1.62 million bpd crude oil imports from Russia, keeping the Kingdom ahead of Russia as China’s top oil supplier for an eight month running, according to the data quoted by Reuters.

The customs data in China showed local refiners didn’t import any crude from either Iran or Venezuela, the two OPEC members under US sanctions that restrict their oil exports.

Unofficially, however, China continues to import oil from Iran, often disguised as coming from other countries, including from the United Arab Emirates (UAE), according to previous Reuters reports.

Also on rt.com Chinese drillers announce two MASSIVE oil gas discoveries in Northwest China

China has put the brakes on overall crude oil imports in recent months, due to rising oil prices and a government crackdown on operations of some independent refiners.

China’s crude oil imports fell to around 9.77 million bpd in June, down by 2% on May and the lowest monthly level since the start of the year, customs data cited by Reuters showed last week.

Over the first half of the year, China imported 260.66 million tons of crude, or 10.51 million bpd per Reuters estimates. This was a 3% drop compared to the first half of 2020. The first-half figure was boosted by increased imports by independent refiners.

Since the first quarter, however, Beijing has begun cracking down on the teapots, as production of fuels both at independent refiners and state-owned majors was rising faster than demand, undermining refining margins and creating a glut.  

This article was originally published on Oilprice.com

Article source: https://www.rt.com/business/529790-china-buys-less-saudi-crude/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

How Disney is Chipping Away at Netflix’s Dominance

Netflix, he said, is really competing against traditional television, and the “shakeout” won’t happen until streaming makes up the majority of viewing. He cited the latest study from Nielsen, which showed that streaming accounts for about 26 percent of television viewing in the United States, with Netflix making up about 6 percent. Disney+ is far behind at 1 percent.

In other words: If Disney+ is hurting us, we haven’t seen it.

The argument that Netflix has been competing with regular television and other streamers for a long time overlooks the fact that new rivals like Disney+ and AppleTV+ are much cheaper than Netflix (and subscription television). And although those services produce far fewer originals than Netflix, they appear to be getting more bang for their buck.

In the second quarter, Disney+ got a big boost of demand interest from “The Falcon and the Winter Soldier,” a series based on the Marvel Cinematic Universe, which has thoroughly dominated the box office in recent years. “Loki,” another Marvel spinoff, also helped, according to Parrot.

Amazon Prime Video got a boost in the period with “Invincible,” an animated superhero series for adults. And AppleTV+ attracted new customers with three originals: “Mosquito Coast,” a drama based on the 1981 novel; “For All Mankind,” a sci-fi series; and “Mythic Quest,” a comedy series that takes place in a game developer studio.

Speaking of, Netflix said this month that it planned to jump into video games. It has hired a gaming executive, Mike Verdu, formerly of Electronic Arts and Facebook, to oversee its development of new games. It’s a potentially significant move for the company, which hasn’t strayed far from its formula of television series and films.

The company called gaming a “new content category” that will be a “multiyear effort” and said it would be included as part of a subscribers’ existing plans at no extra cost. Games will first appear on its mobile app, an environment that already allows for interactivity. The vast majority of Netflix’s customers watch on big-screen televisions.

Gaming isn’t meant to be a stand-alone or a separate element within Netflix. “Think of it as making the core service better,” Mr. Hastings said. “Really, we’re a one-product company with a bunch of supporting elements.”

Article source: https://www.nytimes.com/2021/07/20/business/media/netflix-earnings-disney.html

On Fox News, Vaccination Pleas Intensify, but Skepticism Persists

Aides to Mr. Biden say they are wary of criticizing Fox News directly, reasoning that it would be counterproductive to promoting a pro-vaccine message to Fox News viewers.

“We need every media platform to step up and ensure their coverage provides accurate, objective information,” a White House spokesman, Kevin Munoz, said in a statement that avoided an aggressive attack against Fox News. “As with any misinformation, we don’t shy away from calling it out.”

Some right-wing media outlets have generated mixed coverage in recent days about vaccines. Breitbart News, for instance, still features articles on its website grouped under the category “Mask/Vax Cult.” But Newsmax, a cable network whose opinion shows run further to the right than Fox News, ran an essay on Tuesday by its chief executive, Christopher Ruddy, that praised Mr. Biden’s vaccination efforts.

“I myself have gotten the Pfizer vaccine,” Mr. Ruddy wrote in the piece, which was published on the Newsmax website. “There’s no question in my mind, countless lives would have been saved if the vaccine was available earlier.”

In an interview, Mr. Ruddy said the White House had not contacted Newsmax regarding its coronavirus coverage. He said he wanted to credit Mr. Biden for “doing a good job,” though he also cautioned that his network would not censor alternative views. “I don’t want to be the thought police,” he said.

Fox News has produced its own 30-second vaccine public service announcement, featuring the hosts and anchors Mr. Doocy, Harris Faulkner, Dana Perino and John Roberts. “If you can, get the vaccine,” Ms. Faulkner says in the ad. The anchor Bret Baier said in April that he was “grateful” to be vaccinated. Mr. Hannity and Mr. Doocy have previously told viewers to consider whether a vaccination would be beneficial to their lives and their families.

On Monday’s “Fox Friends,” Mr. Doocy echoed government officials in noting that nearly all coronavirus deaths now involve unvaccinated people. After acknowledging that some people, such as pregnant women, might be hesitant, he said: “Everybody else, if you have the chance, get the shot.” Mr. Doocy also cited examples of online disinformation claiming the vaccine is “killing lots of people” or “changes your D.N.A.” or comes with “little microchips.”

Article source: https://www.nytimes.com/2021/07/20/business/media/fox-news-covid-vaccines.html

John Veronis, Who Helped Start Psychology Today, Dies at 93

Over the next decade, the firm arranged the sale of Diamandis Communications, which published Women’s Day and Car and Driver, to Hachette Publications for $712 million; Details, the fashion magazine, to Condé Nast Publications; and Walter Annenberg’s Triangle Publications, the owner of TV Guide and Seventeen, to Mr. Murdoch’s News Corporation for $3 billion.

“John Veronis was very much the entrepreneur and outward-facing partner, with many key relationships with the important media leaders and owners from around the world,” said Jeffrey Stevenson, managing partner of what is now Veronis Suhler Stevenson, which is no longer involved in media but invests in information, business services, health care and education industries.

The firm was also involved in the sale of Capital Cities’ television station in Buffalo and the acquisition of two TV stations by the Telemundo Group, the operator of Spanish-language networks that is now part of NBCUniversal.

In 1990, Mr. Veronis helped broker the merger between two nascent satellite services in Britain — Mr. Murdoch’s Sky Broadcasting and British Satellite Broadcasting, which had accumulated total losses of more than $1.5 billion in a short time — by easing tensions between Mr. Murdoch and Peter Davis, the chief executive of Reed International, a key British Satellite shareholder.

“The two men were not just fierce competitors,” Mr. Veronis wrote in his memoir, “they despised each other.”

During dinner at Claridge’s in London, Mr. Veronis wrote, he advised the rivals that if they continued to compete, “they were doomed to fail.”

The merger, announced in November 1990, created British Sky Broadcasting, also known as BSkyB. Mr. Veronis earned $1 million from Mr. Murdoch — a cut-rate fee, Lauren Veronis said in a phone interview, “because Rupert was busted.”

Article source: https://www.nytimes.com/2021/07/17/business/media/john-veronis-dead.html

Kurt Westergaard, 86, Dies; His Muhammad Cartoon Sparked Outrage

He was born Kurt Vestergaard on July 13, 1935, in Jutland, Denmark, the peninsula flanked by the North and Baltic Seas. His parents ran a grocery store.

Raised in a conservative Christian family, he experienced what he described as a religious liberation as a high school student. He later enrolled at the University of Copenhagen to study psychology and then taught German and worked in a school for disabled students in Djursland. Fellow journalists said that he had always wanted to be an illustrator. He worked briefly for the newspaper Den Ny Demokrat, then joined Jyllands-Posten in 1983. He retired in 2010, when he was 75.

His survivors include his wife, Gitte; their five children; 10 grandchildren; and one great-grandchild.

In 2008, Mr. Westergaard won the Sappho Award from the Free Press Society of Denmark. In 2010, he received the M100 Media Award from Chancellor Angela Merkel of Germany for his contributions to freedom of opinion.

“I want to be remembered as the one who struck a blow for free speech,” he once said. “But there is no doubt that others will instead remember me as a Satan who insulted the religion of a billion people.”

Mr. Westergaard and his wife lived under tight security after the authorities foiled the first assassination attempt against him, although it was difficult to hide a man so often nattily attired in red trousers, a broad-brimmed black hat and giraffe-headed walking stick.

In recent years he chose to live openly in Aarhus, with bodyguards.

“I do not see myself as a particularly brave man,” he told The Guardian in 2010, adding: “But in this situation I got angry. It is not right that you are threatened in your own country just for doing your job. That’s an absurdity that I have actually benefited from, because it grants me a certain defiance and stubbornness. I won’t stand for it. And that really reduces the fear a great deal.”

Jasmina Nielsen contributed reporting.

Article source: https://www.nytimes.com/2021/07/19/world/europe/kurt-westergaard-dead.html

Low-Wage Workers Now Have Options, Which Could Mean a Raise

Some of the more lasting changes brought about by the pandemic could work against low-wage workers. Restaurants, taxi fleets and hotels in big cities are likely to see less business as companies cut back on business travel and people working remotely cut back on downtown lunches and happy hours.

More job losses should be expected if fast food joints and other service businesses decide to replace their face-to-face workers with robots and software. Yet there are signs that the country’s low-wage labor force might be in for more lasting raises.

Even before the pandemic, wages of less-educated workers were rising at the fastest rate in over a decade, propelled by shrinking unemployment. And after the temporary expansion of unemployment insurance ends, with Covid-19 under control and children back at school, workers may be unwilling to accept the deals they accepted in the past.

Jed Kolko, chief economist at the job placement site Indeed, pointed to one bit of evidence: the increase in the reservation wage — the lowest wage that workers will accept to take a job.

According to data from the Federal Reserve Bank of New York, the average reservation wage is growing fastest for workers without a college degree, hitting $61,483 in March, 26 percent more than a year earlier. Aside from a dip at the start of the pandemic, it has been rising since November 2017.

“That suggests it is a deeper trend,” Mr. Kolko noted. “It’s not just about the recovery.”

Other trends could support higher wages at the bottom. The aging of the population, notably, is shrinking the pool of able-bodied workers and increasing demand for care workers, who toil for low pay but are vital to support a growing cohort of older Americans.

“There was a work force crisis in the home care industry before Covid,” said Kevin Smith, chief executive of Best of Care in Quincy, Mass., and president of the state industry association. “Covid really laid that bare and exacerbated the crisis.”

Article source: https://www.nytimes.com/2021/07/20/business/economy/workers-wages-mobility.html