FT research shows London and New York have suffered the most from the pandemic, but more substantial change lies ahead
Darkened storefronts adorned with “Closed” and “For Lease” signs have become common sights in both urban and rural areas.
Maryland is no exception. From my hometown in Takoma Park to the bucolic charm of Chestertown, many businesses have shuttered or are hanging on for dear life.
Those who are not vulnerable should immediately be allowed to resume life as normal. Simple hygiene measures, such as hand washing and staying home when sick should be practiced by everyone to reduce the herd immunity threshold. Schools and universities should be open for in-person teaching. Extracurricular activities, such as sports, should be resumed. Young low-risk adults should work normally, rather than from home. Restaurants and other businesses should open. Arts, music, sport and other cultural activities should resume. People who are more at risk may participate if they wish, while society as a whole enjoys the protection conferred upon the vulnerable by those who have built up herd immunity.
On October 4, 2020, this declaration was authored and signed in Great Barrington, United States, by:
Dr. Martin Kulldorff, professor of medicine at Harvard University, a biostatistician, and epidemiologist with expertise in detecting and monitoring infectious disease outbreaks and vaccine safety evaluations.
Dr. Sunetra Gupta, professor at Oxford University, an epidemiologist with expertise in immunology, vaccine development, and mathematical modeling of infectious diseases.
Dr. Jay Bhattacharya, professor at Stanford University Medical School, a physician, epidemiologist, health economist, and public health policy expert focusing on infectious diseases and vulnerable populations.
For the European Central Bank, which is meeting Thursday to discuss monetary policy, the stronger euro is yet another headache. The bank’s Governing Council is not expected to make any changes to its stimulus program, which is already enormous.
To review the situation: earlier this month, Bloomberg News reported that Biden’s “campaign rolled out a $3.5 trillion economic program over the past month” — one that “promises to invest in clean energy and caregiving, buy more made-in-America goods, and start narrowing the country’s racial wealth gaps.” This, said the news service, was proof that Biden no longer adhered to an ideology of austerity and deficit hawkery — which would be good news.
But then on the eve of Biden’s convention speech, the Democratic nominee’s top aide suggested to Washington reporters that, in fact, that’s not true.
The Prime Minister vowed to make “colossal investments” in infrastructure and skills as the latest Office for National Statistics data showed 730,000 fewer people were in paid employment in July than in March, when the UK’s coronavirus lockdown began.
U.S. lawmakers and the Trump administration are wrangling after enhanced unemployment aid for as many as 30 million jobless Americans expired. Democrats and Republicans are looking for common ground on the jobless benefits and other help for an economy sagging under the weight of pandemic-induced shutdowns.
Some businesses say they are protesting against pressure exerted on the government by ultra-Orthodox parties, others say their only goal is survival
Between April and June, U.S. gross domestic product (GDP) shrunk at a pace that would have wiped out roughly a third of the value of the economy if extended over 12 months, according to the Commerce Department’s advance estimate of second-quarter growth. It is the largest one-quarter plunge in economic growth since the federal government began reporting quarterly GDP data.
Despite the anti-American railings and innuendo from the political leadership, Iran is at best a mid-level power sharing a region home to states that are skeptical, if not downright opposed, to Iranian objectives. At $454 billion, its economy is nearly half the size of Florida’s.
The three independent oversight panels set up by Congress in the bipartisan CARES Act almost four months ago have all encountered serious obstacles — sometimes because of resistance from the White House, other times due to drafting oversights in the authorizing legislation.
As a result, lawmakers and the public may not have a full understanding of how coronavirus relief aid is being spent until after the election. In the meantime, Congress and the White House are moving toward another pandemic bill that’s expected to carry a price tag of at least $1 trillion.
For decades, large businesses have been taking market share from small businesses, and the corporations at the top of the pyramid have been consolidating into ever-bigger megacorporations. In the 1980s, half of retail shopping took place in independent stores; today, it is less than one-quarter. From 2002 to 2017, Home Depot and Lowes almost doubled their joint share of the home-improvement retail market, from 42 to 81 percent. Even before the coronavirus struck, in 43 metropolitan areas more than half of all groceries were bought at Walmart.
The message did not make clear what lies it was accusing the CDC of perpetuating. Trump and those around him have expressed skepticism in the organization and other government experts before.
Business Insider reached out to the White House for comment about the retweet of Woolery’s message but did not immediately receive a response.
A top official in Israel’s Health Ministry slammed a massive rally held in Tel Aviv on Saturday evening as a „health terror[ist] attack“ as a resurgent coronavirus pandemic sweeps across the country.
Deputy Health Minister Yoav Kisch (Likud party) expressed dismay over the event that saw more than 10,000 citizens in attendance, with protesters standing virtually shoulder to shoulder in Tel Aviv’s Rabin Square.
Self-employed from hospitality, tourism and arts industries stage apolitical protest in Tel Aviv ■ Five were arrested
TEL AVIV, ISRAEL – With curbs reimposed, unemployment soaring past 20 percent and aid packages falling short of demands, many Israelis are angry about what they see as the government’s inept response to their economic woes. T
The list of protesters is endless – an action committee for the performance and culture industry, the restaurateurs association, the nightlife and bars association, the student union, bus drivers, people working in the tourism industry, social workers, the self-employed, the unemployed. Young and old, employees and self-employed, women and men – all are calling for help, but no one is answering.
The protest is reportedly organized by NGOs representing self-employed Israelis, but it is expected to be attended by thousands of students, contract employees and business-owners who were financially impacted by the emergency regulations the first time around.
„The protesters do not intend to be nice,“ one of the organizers told the media outlet, adding that the demonstrators‘ plan for Saturday evening is „showing rage and blocking roads to make sure the protest will not be forgotten.“
While the national jobless rate has rebounded as many states started to reopen, New Yorkers continue to lose jobs and seek benefits.
The EU executive said the 19 nation single currency area would contract by a record 8.7% this year before rising by 6.1% in 2021. In early May, the Commission had forecast a downturn this year of 7.7% and a rebound in 2021 of 6.3%.
The 27-nation EU economy is predicted to contract by 7.5% this year, before growing by about 6% in 2021. The group of 19 nations using the euro as their currency will see a record decline of 7.75% this year, and grow by 6.25% in 2021, the European Commission said in its Spring economic forecast.
The June jobs report came following a massive upside surprise in May, during which the economy unexpectedly added payrolls, when a loss of more than 7 million jobs had been expected. Estimates for the June payrolls gain spanned a wide range, though none of the more than 70 economists polled by Bloomberg ahead of time expected to see net job losses for June.
Florida Gov. Ron DeSantis told reporters on Tuesday that the state will not reinstate restrictions or close businesses to mitigate the spread of the novel coronavirus.
Yesterday I heard from @PizzaPilgrims
staff about how they’re making their restaurant COVID-19 Secure so customers can enjoy their pizza safely.
The Labor Department does not include all of the people who have finished collecting benefits, but did not find a new job. Small business owners, who had to close their companies down, have said that they haven’t been able to collect unemployment even though they aren’t earning any money.
European stocks rose and U.S. equity futures eked out gains, trimming declines at the end of a week dogged by concern about a second wave of coronavirus infections and simmering tension between America and China. Oil climbed and Treasuries drifted.
A revision to Germany’s fourth-quarter performance means Europe’s largest economy is already in a recession. With restrictions to contain the pandemic only slowly being lifted, the economy is set to suffer much more in the three months through June.
The euro and German bunds barely reacted to the data.
The US economy lost 20.5 million jobs in April, the Bureau of Labor Statistics said Friday — by far the most sudden and largest decline since the government began tracking the data in 1939.
Thousands of workers, unemployed, self-employed and small business owners took part in demonstrations throughout the country Saturday night, May 2, against the economic and social policy of the far-right government, while demanding support in the wake of the economic crisis brought on by the coronavirus pandemic.
Saturday night, rallies were held in Tel Aviv, Jerusalem, Haifa, Beersheba, Eilat, Kiryat Shmone and Kufr Qassim, with demonstrators condemning as woefully inadequate the government’s limited economic support by means of unemployment stipends and grants.
The coronavirus pandemic has left the world facing an unprecedented hunger crisis. The United Nations World Food Program (WFP) has warned that by the end of the year, more than 260 million people will face starvation – double last year’s figures.
„In a worst-case scenario, we could be looking at famine in about three dozen countries,“ warned WFP director David Beasley. He said the world could face multiple famines „of biblical proportions within a few short months.“
Collectively, the ten largest U.S. banks expanded by more than $1.2 trillion in the first quarter of 2020. JPMorgan alone grew by nearly 20 percent, becoming the United States’ first bank with $3 trillion in assets. The bank took in $273 billion in new deposits in just three months. That’s equivalent to JPMorgan acquiring PNC Bank — the country’s seventh largest depository institution.
Stephens then compared the current „strategy“ to combat the coronavirus to the U.S. involvement in the Vietnam War.
„We’re trying to destroy the village in order to save it,“ Stephens told Maher, „and I don’t remember that ending very well.“
In March, Stephens declared the coronavirus outbreak was President Trump’s „Chernobyl,“ referring to the 1986 nuclear disaster in the former Soviet Union.
The U.S. economy shrank by an annualized rate of 4.8 percent in the first quarter of 2020 as the coronavirus pandemic forced millions of Americans out of work and thousands of businesses across the country to shutter, according to data released Wednesday by the Commerce Department.
Democrats asked for restrictions on how companies can use the money from the central bank’s bond purchases but were rebuffed by the administration during negotiations about the Cares Act, said a spokesman for Senate Minority Leader Charles E. Schumer (D-N.Y.).
In Tennessee, Gov. Bill Lee (R ) said on Monday that “the vast majority of businesses” will be allowed to reopen when the state’s stay-at-home order expires on April 30, and as of Friday state parks and dine-in restaurants were allowed to open with reduced capacity. Tennessee was one of the last states to issue a stay-at-home order.
European Union leaders are expected to clash over the size and scope of a coronavirus recovery fund as they stand on the precipice of an economic slump unparalleled since the 1930’s Great Depression.
Conservatives in the House are calling for the country to immediately reopen, raising concerns that the closure of nonessential businesses due to COVID-19 infringes on individuals‘ rights and could have detrimental long-term effects on the economy.
Mr. Navarro, a protectionist who has been known to engage in heated debates with the free traders in the administration, has had contentious exchanges with Dr. Anthony Fauci, the federal government’s top infectious disease expert, whose pronouncements about the measures needed to slow the spread of the virus have begun to frustrate Mr. Trump’s allies.
As the economy faces a deep recession and more than 16 million American workers have already lost jobs, Mr. Trump is deliberating when to call for an easing of the shutdown
New York Gov. Andrew Cuomo (D) told a briefing Sunday he’s coordinating with the governors of New Jersey and Connecticut on when to ease coronavirus restrictions, adding he wants to reopen nonessential businesses and public places „as soon as possible.“
– Only credit lines (#loans)
– No mutualised debt (#Eurobonds)
– No currency issued to countries (#monetary #sovereignty)
– Free money for financiers, not the real economy
– Skyrocket the #debt/#GDP ratio => more #austerity soon.
Congress and the Trump administration on Tuesday closed in on a massive $2 trillion stimulus package to address economic fallout from the coronavirus, as lawmakers reviewed final language and the Senate aimed for a swift vote.
“We’re looking at sending checks to Americans immediately,” Mnuchin said during a press briefing from the White House. “Americans need cash now, the president wants to get cash now. I mean now—in the next few weeks.”
“We’re looking at sending checks to Americans immediately,” Treasury Secretary Steve Mnuchin said Tuesday. “And I mean now, in the next two weeks.”
For Americans overall, the March 1-2 survey found 53 percent of registered voters said the U.S. economic system is mostly or somewhat fair while 47 percent said the opposite.
Commenting on the market reaction, Adam Seagrave, head of global sales trading at Saxo Markets, said: “The initial reaction has been weaker GBP but we are now seeing a rally to a new high. This is presumably the market interpreting the announcement as Boris wanting advisors who are more willing to back aggressive fiscal stimulus.”
Boris Johnson is preparing to impose full customs and border checks on all European goods entering the UK after Brexit, in a ramping up of pressure on the coming EU-UK trade talks, the Telegraph has learned.
Yet there is also an enormous danger in doing nothing. Imagine if Brexit does not reduce Britain to misery but instead leaves the country relatively unscathed. In that case, the very idea of Europe — that the combined power of many states results in more power for the individual state — could suffer another major blow.
And this time, it could be terminal.
Author Nathan Robinson makes the case for socialism.
Despite harsh language criticizing what Beijing calls U.S. interference in China’s domestic affairs, and a second summoning of the U.S. ambassador in a week, China’s leadership still wants a deal to help alleviate pressure on its fast-weakening economy.
Increasing wages increases consumption. Because 22% of consumption is imported in Germany – and because increasing wages doesn’t increase exports: if anything, the opposite – Germans having more money in their pockets will lead to them buying more foreign goods, reducing the current account surplus.
This won’t be easy to execute. There is a deep bipartisan consensus in Germany to maintain the status quo.
The version of the “unitary executive” put forth by Mr. Trump, the Justice Department and the shareholders would open the door for a president to fire for any reason — even personal reasons unrelated to the public interest or even for no reason at all — any head of an administrative agency, including the heads of “independent agencies” like the Consumer Financial Protection Bureau as well as the Federal Reserve, the Federal Trade Commission and the Nuclear Regulatory Commission. (These agency heads are nominated by the president and confirmed by the Senate.)
Top oil exporter Saudi Arabia has restored capacity to 11.3 million barrels per day after an attack on its processing facilities this month, sources told Reuters last week, although Saudi Aramco has yet to confirm it is fully back online.
The Federal Reserve makes its interest rate decision and also releases new versions of its dot plot and economic projections and Chairman Jerome Powell will address the media afterwards. Follow along as MarketWatch’s Rex Nutting, William Watts, and Jeffrey Bartash live-blog the action and watch the video of the press conference.
First, we learnt that the economy overall expanded by 0.3 per cent in July, significantly faster than the 0.1 per cent expected, and better than most of our main rivals. Next, we found out that the trade deficit narrowed slightly as imports fell. Finally, we learned that employment was at record highs and that wages were still growing at record rates.
A leaked shortlist for the next Governor of the Bank of England made its way from the highest levels of the Treasury to the pages of The Times last Saturday, and has now been followed up by an orchestrated letter signed by Remain supporting MPs. The letter is a not-so-subtle attempt to confirm the leak by making the Civil Service’s recommendation list public and therefore making it politically harder for the Chancellor to appoint a Brexiteer to the role.
How many times does this need to be restated? Germany desperately needs to change its economic model, now more so than ever as its own economy, that of the European Union, and the world as a whole, again teeter on the brink of recession.
Most of all, it needs to make itself more reliant on internal, domestic demand, and less on exports.
The New Zealand dollar rose after Reserve Bank governor Adrian Orr painted a rosy picture of the local economy and described the 50 basis point cut in the official cash rate earlier this month as „a pre-emptive double cut“ to reduce the need to cut more later.
Signalling the possibility of more interest-rate cuts, Federal Reserve Chairman Jerome Powell said the central bank will „act as appropriate“ to sustain the economic expansion as the trade war with China takes a toll on global growth and the U.S. economy.
As we look back over the decade since the end of the financial crisis, we can again see fundamental economic changes that call for a reassessment of our policy framework. The current era has been characterized by much lower neutral interest rates, disinflationary pressures, and slower growth. We face heightened risks of lengthy, difficult-to-escape periods in which our policy interest rate is pinned near zero. To address this new normal, we are conducting a public review of our mo netary policy strategy, tools, and communications—the first of its kind for the Federal Reserve.
EUROPE’S largest economy Germany could crash into recession as car manufacturing growth plummets and Brexit cripples exports, its central bank has warned.
Bundesbank said that lower consumer spending and softer overseas demand has caused the economic downturn.
New ONS methodology revealed today has shown the UK economy is actually £26 billion larger than economists previously thought, having revised up 2016 GDP growth by 1.3%. Surely the biggest #DespiteBrexit story of them all.
The Office for National Statistics added around 26 billion pounds to the size of the world’s fifth-biggest economy in 2016, a rise equivalent to around 1.3% of gross domestic product and bringing total output to just under 2 trillion pounds.
Some Britons may feel a touch of schadenfreude from seeing that the German industrial juggernaut is spluttering but its woes are a troubling symptom of a slowing world economy.
Investors are on edge because the German economy shrank in the second quarter, and the US-China trade war still looms large over markets, despite the latest truce. Industrial production in China grew at the weakest rate in 17 years.
Is Boris Johnson the luckiest prime minister ever? This week, the Government can borrow money for ten years at 0.48 per cent and for thirty years at 1.16 per cent. At these rates, it would irresponsible not to borrow more.
– The Prime Minister has created a list of British employers considered at risk
– It comes after the country’s economy shrunk for first time in seven years
– Economy is the lowest it has been in a decade, prompting fears of recession
The number of unemployed in Italy jumped by more than one million people between the start of the global economic crisis in 2008 and 2012, the national statistical agency Istat said Thursday.
But the new missiles are unlikely to be deployed to counter the treaty’s other nuclear power, Russia, which the United States has said for years was in violation of the accord. Instead, the first deployments are likely to be intended to counter China, which has amassed an imposing missile arsenal and is now seen as a much more formidable long-term strategic rival than Russia.
Global stocks fell sharply on Friday after Donald Trump threatened to impose tariffs on $300bn (£247.6bn) of Chinese goods in a rapid escalation of the trade war between the world’s two biggest economies.
Yet Germany, which has a budget surplus and which can borrow money at sub-zero rates, doesn’t see the problem even as its own manufacturing sector contracts. Finance Minister Olaf Scholz told Bloomberg Television on Thursday, minutes before Draghi’s press conference, that he has no plans to loosen the country’s purse strings because it’s not “necessary or wise to act as if we were in a crisis.”
Respondents expect the deposit rate, already at a record low, to be reduced by 10 basis points to minus 0.5% in September. HSBC predicts a second cut of the same magnitude in December, and ABN Amro sees a second reduction at the start of next year. Money markets are pricing a 10-basis point cut in September.
in theory, lower interest rates will:
– Reduce the incentive to save. Lower interest rates give a smaller return from saving. This lower incentive to save will encourage consumers to spend rather than hold onto money.
– Cheaper borrowing costs. Lower interest rates make the cost of borrowing cheaper. It will encourage consumers and firms to take out loans to finance greater spending and investment.
– Lower mortgage interest payments. A fall in interest rates will reduce the monthly cost of mortgage repayments. This will leave householders with more disposable income and should cause a rise in consumer spending.
It’s easier and cheaper to employ humans to behave like machines than it is to develop machines that simulate human behaviour. Of course, many technology companies would rather you didn’t know this. Venture capitalists invest in the idea of human obsolescence. To them, routine human labour is an ungainly truth – the future, after all, lies in intangible capitalism, where returns flow to platform owners unrestricted by organised labour.
Neither Ms. Warren’s campaign nor that of Mr. Sanders will say at this point that they are deliberately eyeing each other, even though they are the candidates — out of more than 20 — who most represent the Democratic Party’s left flank.
“If they can close up an American factory and ship jobs overseas to save a nickel, that’s exactly what they will do — abandoning loyal American workers and hollowing out American cities along the way.”
The senator then turns her fire on the politicians who abetted these betrayals — mocking their attempts to use “globalization” as an alibi. “Globalization isn’t some mysterious force whose effects are inevitable and beyond our control,” she notes. “No — America chose to pursue a trade policy that prioritized the interests of capital over the interests of American workers.”
The arguments against the tariffs — voiced internally by Kushner, Lighthizer and Treasury Secretary Steven Mnuchin — did little to dissuade Trump, and Kushner was asked to call Mexican officials to inform them of the impending threat.
After the Wednesday night meeting in the Oval Office, the tariff order was finalized by the White House counsel and the office of Stephen Miller, a senior White House adviser and immigration hard-liner who oversees domestic policy.
Yet you might think that hardened Remainers could just admit to a tiny of nugget of good news in that the economy has continued to defy the recession they so confidently predicted would result from a vote for Brexit. But not a bit of it. According to a Guardian news report on the story, the unexpectedly strong performance of the economy was “helped by unprecedented stockpiling by manufacturers fearful of the impact from a no-deal Brexit.”
Mr. Trump is now moving ahead with plans to impose 25 percent tariffs on all remaining Chinese imports. Those new tariffs could go into effect in a matter of weeks.
In a statement Friday evening, the United States trade representative said Mr. Trump had “ordered us to begin the process of raising tariffs on essentially all remaining imports from China, which are valued at approximately $300 billion.”
European stocks rose on Friday, recovering from a six-week low as investors hope the United States and China can still resolve their trade dispute, even as a planned increase in US tariffs on Chinese imports comes into effect.
Acknowledging that continued talks on Friday stateside will be „positive,“ Nick Marro, analyst at the Economist Intelligence Unit, said …
China will have to take necessary countermeasures, said the delegation, which is currently in Washington for the 11th round of China-U.S. high-level economic and trade consultations.
Mr. Trump’s decision to proceed with the tariff increase came after a pivotal round of trade talks in Washington on Thursday night failed to produce an agreement to forestall the higher levies. The White House said talks would resume again on Friday but it remains uncertain whether the two sides can bridge the differences that have arisen over the past week.
China’s chief trade negotiator will travel to Washington this week, according to the commerce ministry, tempering fears that talks to resolve a protracted trade war between the US and Beijing had been scuppered.
Liu He, a vice-premier, will hold negotiations in Washington on Thursday and Friday, according to the Chinese ministry, which did not elaborate on the agenda.
May.05 — President Trump is ramping up pressure on China to finalize a trade deal during talks in Washington this week. He’s threatening to more than double tariffs on $200B of Chinese sales to the U.S. and he posed new import taxes.
In March 1989 Tim Berners-Lee, a scientist working at CERN, submitted a proposal to develop a radical new way of linking and sharing information over the internet. The document was entitled Information Management: A Proposal. And so the web was born.
The first website at CERN – and in the world – was dedicated to the World Wide Web project itself. Last April CERN initiated a project to restore the first website, and to bring back the spirit of that time through its technical innovation and the founding principles of openness and freedom.
In 1993 CERN put the World Wide Web software in the public domain.
We find that the sanctions have inflicted, and increasingly inflict, very serious harm to human life and health, including an estimated more than 40,000 deaths from 2017–2018; and that these sanctions would fit the definition of collective punishment of the civilian population as described in both the Geneva and Hague international conventions, to which the US is a signatory. They are also illegal under international law and treaties which the US has signed, and would appear to violate US law as well.
As many as 40,000 people may have died in Venezuela as a result of US sanctions that made it harder for ordinary citizens to access food, medicine and medical equipment, a new report has claimed.
The report, published by the Centre for Economic and Policy Research (CEPR) a progressive, Washington DC-based think tank, says those deaths took place following the imposition of sanctions in the summer of 2017.
At the same time real wages have risen yet again by 1.5% after inflation, and the unemployment rate has fallen to just 3.9%. This is the first time it has been below 4% in 45 years. Guido is still waiting for those 800,000 job losses that the Remain Campaign promised us…
Conte told parliament that a Memorandum of Understanding to be signed with President Xi Jinping hooking Italy up to China’s Belt and Road infrastructure initiative “do not remotely put into doubt our euro-Atlantic alliance”.
Since last year Maduro’s government has been trying to repatriate gold from the Bank of England, fearing it could be caught up in international sanctions against his administration.
State aid is not permitted and nationalization is all but impossible under the rigorous competition law enshrined in the Lisbon Treaty of 2007. Sixteen of Labour’s core manifesto commitments would be illegal under EU Law. Labour campaigned in 2017 as if Britain was already out of the EU—and did far better than expected. Some commentators even filed the Labour Party under the dreaded heading of “populism.” The truth is that the EU makes democratic politics very difficult.