washingtonpost--2020-06-15--PPP Isn’t Enough for Black-Owned Businesses

At the same hearing last week , Jovita Carranza , the director of the Small Business Administration , said that 45 % of PPP funds went to businesses in “ low-income areas.
” It ’ s not clear how Carranza is defining “ low-income areas ” or whether what she said is even true because , again , she and Mnuchin aren ’ t disclosing enough public information to gauge their programs ’ effectiveness .
Early last month , the SBA ’ s inspector general released a report noting that of $ 659 billion that Congress has approved for PPP @ @ @ @ @ @ @ small businesses to keep workers on their payrolls instead of firing or furloughing them — about $ 425.8 billion had been disbursed .
The inspector general pointed out that the legislation authorizing PPP funding mandated that the SBA prioritize lending to rural , minority and women-owned businesses , but — surprise , surprise — that didn ’ t appear to have happened .
Why not ?
Because the SBA decided not to order private banks charged with disbursing the money to do so , according to the inspector general .
And , his @ @ @ @ @ @ @ not require demographic data to identify PPP borrowers in underserved markets , it is unlikely that SBA will be able to determine the loan volume to the intended prioritized markets.
” Denise Ford Sawadogo , an African-American entrepreneur who founded the Montclair Brewery with her husband , Leo Sawadogo , in Montclair , N.J. , almost two years ago knows what it ’ s like to be in an “ intended prioritized market ” — and to be passed over .
She applied for PPP funds during the first round of loans approved @ @ @ @ @ @ @ receive any .
“ All those big connected companies got it , ” she told me .
She managed to snare funds in the second round approved on April 24 , and it ’ s helped her retain the four part-time and one full-time workers she and her husband employ .
Without PPP , it would have been a “ real struggle ” to keep her doors open , she said .
Ford Sawadogo said her local government ’ s red tape has made it hard for her to maneuver through the crisis @ @ @ @ @ @ @ her ability to serve people on the sidewalk and other areas outside her small brewery , for example .
“ I was like , ‘ Guys don ’ t you know this is Covid-19 and we ’ ve been stripped bare , ’ ” she said .
“ They act like it ’ s business as usual.
” But , she allowed , “ we have beer , and everyone loves beer.
” She also pointed out that her master ’ s degree in business made her comfortable navigating the PPP application process @ @ @ @ @ @ @ don ’ t enjoy .
She also has employees .
“ Most black-owned small businesses don ’ t have payroll , ” she said .
The PPP requires businesses to have employees , so sole proprietorships such as black-owned beauty salons were shut out .
Ford Sawadogo is also operating in an affluent suburb .
Across the Hudson River in New York , the challenges are even greater for black-owned businesses in low-income neighborhoods .
The White House and Treasury Department were broadly criticized for not making funds more accessible to small businesses @ @ @ @ @ @ @ first PPP round ran dry , and they convened meetings to try to avoid the same problems after the second round was approved .
The government relaxed some of the requirements for how the funds could be used and made other adjustments so more businesses could qualify .
PPP funding was also channeled to more nonbank financial institutions in communities of color .
It had an effect .
Pat Stevenson , a former advertising executive , has been running a group of community newspapers in Harlem , Brooklyn , Queens and the Bronx @ @ @ @ @ @ @ Newspapers Inc. , for 25 years .
She also conducts networking events and publishes a newsletter for African-American women who are entrepreneurs .
She said a number of black-owned businesses that she advised were able to get PPP funding during the second round after coming up empty the first time .
A large swath of her neighborhood businesses was still ineligible for PPP , however .
“ There are a lot of people in our community like me .
Restaurant owners and beauty shop owners who don ’ t have payroll , ” @ @ @ @ @ @ @ than 100 of them .
But they have rent and they have other overhead costs and they can ’ t get PPP.
” Black-owned small businesses have also been more heavily ravaged by the pandemic .
A recent report by the National Bureau of Economic Research found that the total number of black-owned businesses in the U.S. fell 41 % , from 1.1 million in February to 640,000 in April , because of fallout from the coronavirus .
The report , which relied on census data , said that about 22 % of @ @ @ @ @ @ @ period .
( Small-business closings in the Latino , Asian , and female-owned small business community were about 32 % , 36 % and 25 % , respectively , according to the NBER . )
This exacerbated problems that already existed for black entrepreneurs .
According to the Center for Responsible Lending , a nonprofit advocacy group , about 46 % of white-owned businesses were able to get credit from a bank over the last five years — compared with just 23 % for black-owned businesses .
“ We have some businesses that @ @ @ @ @ @ @ ’ t get revolving lines of credit , ” said Smith , of the Harlem Business Alliance .
“ It ’ s very systemic , and it holds our businesses back.
” To be sure , the national protests following the death of George Floyd at the hands of a white police officer in Minneapolis has laid bare how severely — and uniquely — racism and abusive , oppressive policing have held back communities of color for generations .
But for real , long-term change to arrive , which the coronavirus pandemic and @ @ @ @ @ @ @ neighborhoods in need will also require better housing , health care , transportation , education and jobs .
And that will demand sustained funding that doesn ’ t take the shape of emergency stopgaps like PPP .
“ We know for a fact that that concentrated poverty and concentrated institutional decline have a profound impact on a person ’ s life outcomes .
We have to talk about community revitalization and economic growth , ” said John Lettieri , the president and chief executive of the Economic Innovation Group , a bipartisan research @ @ @ @ @ @ @ development .
“ The scale of the resources we ’ ve brought to this battle have been significantly less than the size of the problem.
” A pair of research reports EIG recently published are well worth reading .
Relying on granular , community-based data going back decades , the reports detail the extent to which “ persistent geographic inequality defined the record-long economic expansion that has just come to an end.
” The reports give context and texture to the disturbing growth of high-poverty metropolitan neighborhoods between 1980 and 2018 , and @ @ @ @ @ @ @ become barriers to economic development and personal liberation within major cities .
This has already surfaced in the data .
While the White House helped lead a round of huzzahs that greeted improved jobs numbers in May — a bump that was most likely due in part to the benefits of PPP funding that went predominantly to white-owned businesses — it managed to ignore the fact that the jobs landscape had actually worsened for black workers in the same period .
It would help matters if Mnuchin and others overseeing future aid bear @ @ @ @ @ @ @ in mind as policy discussions continue .
If they don ’ t , they shouldn ’ t expect the anger and resentment currently fueling mass protests across the country to simply evaporate .


washingtonpost--2020-06-15--Analysis | Is Now a Good Time to Spend Millions at Hugo Boss?

The interests in Boss , known for its sharp suiting , represents Ashley ’ s second foray into luxury goods in the past six months .
In February , Frasers , which includes the Sports Direct chain , House of Fraser department stores and Flannels luxury boutiques , spent about 20 million pounds acquiring a 12.5 % stake in upmarket accessories maker Mulberry Group Plc , best known for its iconic Bayswater bag .
The strategy for both investments is the same ; securing close commercial relationships with an investment interest .
They ’ re meant to buttress Ashley ’ @ @ @ @ @ @ @ into the “ Harrods of the high street.
” While this has been much maligned , the brash retail mogul may just have his chances if the company can position itself well coming out of the coronavirus lockdown , especially with rival Debenhams Plc significantly weakened .
Like Mulberry , Hugo Boss is an important brand for both House of Fraser and Flannels , which also sells Burberry and Balenciaga .
The companies have worked together as commercial partners for some time .
Hugo Boss shares have lost half of their value in @ @ @ @ @ @ @ Intelligence luxury peer group , and the company faces a management shake-up just as Chief Executive Officer Mark Langer ’ s sensible turnaround loses steam .
Langer , a long-serving executive who took the top job in 2016 , will leave on Sept. 30 .
The company said recently it was in talks with former Tommy Hilfiger Group CEO Daniel Grieder to be his successor .
If Grieder is appointed , it ’ s not clear how he will revive Hugo Boss ’ s fortunes .
One option could be to follow the @ @ @ @ @ @ @ to retailers not considered upmarket enough for one ’ s brands .
If Grieder were to seek to rationalize supply to House of Fraser , then Ashley , as a big holder , would be able to make his views known .
Meanwhile , the Marzotto Italian textile-manufacturing family , a long-time shareholder in Hugo Boss , increased its stake from 10 % to 15 % in February , sparking speculation the company could be taken private .
If this were to happen , Ashley would have a seat at the table too @ @ @ @ @ @ @ street retail , Ashley ’ s dabbling in luxury has been distinctly mixed .
I argued in February that he couldn ’ t lose with the stake in Mulberry .
But the British brand has since been hurt by the lockdown , and parted company with its star designer Johnny Coca , who has now joined Louis Vuitton .
Shares in Mulberry have fallen 17 % since Ashley took his stake .
While Ashley ’ s interest in Boss may be strategic , it is not without risk .
Hugo Boss still generates @ @ @ @ @ @ @ , not the best place to be in a pandemic as many consumers essentially skip a fashion season .
What ’ s more , demand for its smart tailoring in business attire may be permanently damaged by a shift to working from home .
Its new management and design teams will have to work hard to offset that by accelerating Langer ’ s push into younger , more casual clothing , and bolstering revenue from accessories , which are proving more resilient .
Ashley ’ s moves usually raise eyebrows , but he @ @ @ @ @ @ @ With his attention now focused on brands that are far from cut price , Burberry Group Plc has several potentially alluring characteristics : It ’ s in a turnaround , its shares have dipped and it ’ s a Flannels favorite .
The British luxury house could yet fit in Ashley ’ s shopping bag .
But for now , he will be hoping that his timing for striking at Hugo Boss suits him better than Mulberry did .

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washingtonpost--2020-06-02--Analysis | Don’t Only Bet on Fast Vaccines, Root for Covid Treatments

Dozens of approaches could serve as a valuable bridge , from repurposed drugs to bespoke antibody cocktails .
None can replace the value of a vaccine in getting the world back to normal , but the availability of more treatment options for sick patients could help to increase the chances of a faster and fuller recovery , and reduce the lethality of the disease .
Two of the most familiar treatments options — the malaria drug hydroxychloroquine and Gilead Sciences Inc. ’ s remdesivir — have recently run into issues over safety and degree of efficacy , but there are @ @ @ @ @ @ @ it comes to development , the pathway for treatments is generally smoother than the one for vaccines , which can run into bottlenecks that are fundamentally difficult to break .
For one , the fact that innoculations are aimed at healthy individuals means there is a higher safety bar .
And the large trials necessary for trying out vaccines would have to occur in places where Covid-19 is spreading substantially to get the random exposure required to test them properly .
With multiple candidates in development and ongoing precautions to avoid infection , @ @ @ @ @ @ @ issue .
Finding volunteers is also an issue for treatment trials , as case counts level off .
Still , many outcomes for infected patients can be determined comparatively rapidly .
Along with a higher tolerance for side effects in individuals at possible near-term risk of dying , this permits smaller and faster tests .
There are a few significant groups of possible treatments .
The first involves repurposing existing drugs such as hydroxychloroquine and remdesivir .
Because these types of medicines were originally designed to treat other conditions , they are less @ @ @ @ @ @ @ However , if one is useful , it can be deployed quickly .
One category within this group doesn ’ t aim at the virus , but the out-of-control immune response it can cause .
Roche Holding AG ’ s arthritis drug Actemra has shown some early promise and is in larger trials .
Researchers plan to test a variety of other medicines that target inflammation .
If successful , they could provide several avenues to improved outcomes in critically ill patients .
Another idea ?
Drug cocktails .
That ’ s the @ @ @ @ @ @ @ remdesivir and Actemra .
Several other repurposed combinations , existing flu drugs , and a host of other medicines have opportunities to prove their worth .
A second category of drug treatments involves a different type of recycling : using the blood of recovered individuals .
People who survive Covid-19 develop antibodies against the virus and their donated plasma is already part of treatment regimens for sick patients around the world .
Early results look promising , but they need confirmation from randomized trials that are now under way .
Scale and variability @ @ @ @ @ @ @ millions , so it ’ s worth boosting identification and collection efforts now even if the benefits of this type of treatment aren ’ t yet fully determined .
A concentrated version under development by Takeda Pharmaceutical Co. also could prove useful .
A related third group of medicines centers on artificially produced antibodies , which could be more effective and available than natural counterparts .
Companies including Eli Lilly & Co. , Regeneron Pharmaceuticals Inc. and Vir Biotechnology Inc. are pursuing this approach .
Lilly announced the start of its first trial @ @ @ @ @ @ @ successful antibody cocktail for an Ebola epidemic , is right behind .
While there ’ s no guarantee of success , these treatments have a better chance of autumn availability than even the fastest vaccines .
It would take additional trials to confirm , but this category has particular value as a bridge because it can function as both treatment and temporary protection .
Unless making and deploying hundreds of millions of inoculations is a lot easier than I expect and the fastest vaccines durably prevent both infection and transmission — a big @ @ @ @ @ @ @ be around in diminished form for a while to come .
That means treatments will remain valuable even after vaccines arrive .
The more tools doctors have , the better .


washingtonpost--2020-06-02--Some Nursing Homes Get Virus Aid But Don’t Pay Infected Workers

“ We ’ re here caring for somebody ’ s grandmother .
We ’ re front-line workers , too , ” said Morgan , who has worked at the facility for 19 years .
She earns a little more than $ 10 an hour plus one week of paid time off each year – time she ’ s already burned through .
She ’ s now into her third week without pay .
“ I hurt so bad because it ’ s not right.
” Many nursing-home workers around the country are losing pay after catching Covid-19 or being forced @ @ @ @ @ @ @ , nursing home operators and workers .
It ’ s an unwelcome development for people who earn little pay in some of the country ’ s most heavily infected workplaces .
Longterm-care facilities have been associated with at least 200,000 infections and more than 39,000 deaths , according to a Kaiser Family Foundation analysis of the data available from 39 states .
Meanwhile , some nursing-home operators that don ’ t pay sick workers have benefited from millions of dollars in taxpayer aid .
Government officials have attached few conditions to how those @ @ @ @ @ @ @ billion initiative to help health-care providers defray costs associated with the pandemic – must be spent .
And recent federal legislation requiring sick pay for many Covid-stricken workers contained an exemption for the health-care field that some nursing homes have been quick to use .
In the absence of universal testing for Covid-19 , federal guidance calls for ill nursing-home workers to stay out of work until they ’ re symptom free -- no fever , no cough -- for 72 hours before returning to work .
Cutting off their pay gives them @ @ @ @ @ @ @ early , while they may still be contagious .
Nursing assistants , the most common workers in nursing homes , make a median wage of $ 13.38 per hour , according to a 2019 study by PHI , a Bronx-based nonprofit that advocates for better caregiver jobs .
That ’ s less than half the average U.S. hourly earnings for workers in all industries , according to federal data .
Many nursing assistants don ’ t have enough savings to forgo weeks of income .
Workers from at least one NuVision facility , @ @ @ @ @ @ @ , have been quarantined without pay after contracting the virus .
The center , which normally houses 100 to 110 patients , now has about 60 , Weisman said , while other NuVision homes have seen occupancy fall by 25 to 50 % .
Meanwhile , costs are rising .
NuVision spent $ 250,000 more than usual in the last two months on protective equipment , including masks , he said .
Weisman said the company recently received more government aid -- a forgivable loan from the Small Business Administration in an amount @ @ @ @ @ @ @ will enable it to compensate staff members who miss work due to Covid-19 .
“ These are employees that we care about , ” he said .
“ We ’ ve been trying very hard to keep them whole.
” However , the company won ’ t be able to pay workers retroactively for missed time , he said .
Timothy Showman , a 20-year-old housekeeper who earns $ 8.70 an hour working six days a week at a nursing home in Geneva , Ohio , had to forgo two weeks of pay @ @ @ @ @ @ @ was exposed to a resident who tested positive for the virus , a supervisor instructed Showman to stay out of work -- without pay -- for the next 14 days .
The loss of almost $ 800 was “ really stressful , ” said Showman , who tested negative for the virus .
( Showman provided an email from his employer verifying his account , but asked that his company not be named for fear of retaliation . )
The federal government , meanwhile , has declined to put conditions on the billions @ @ @ @ @ @ @ given to health-care providers .
When officials delivered the first funds in April , about $ 2.6 billion went to nursing homes .
“ There are no strings attached , ” Seema Verma , administrator of the Centers for Medicare & Medicaid Services , said April 7 .
“ Health-care providers that are receiving these dollars can essentially spend that in any way that they see fit.
” When the Trump Administration delivered $ 4.9 billion more to the nation ’ s 15,000 nursing homes on May 22 , it required only that @ @ @ @ @ @ @ to prevent , prepare for , and respond to coronavirus , ” according to terms and conditions posted by the U.S. Department of Health & Human Services .
The conditions specifically allowed recipients to offset revenues lost due to the pandemic .
Like many nursing-home chains , Palm Garden offers workers a certain amount of paid time off , or PTO , in addition to their hourly wages .
For instance , a worker on the job from one to two years can accrue as much as 6.5 hours of PTO during a @ @ @ @ @ @ @ officials .
Workers can eventually cash the time in for vacations or use it when they ’ re sick .
Palm Garden has told workers that the same policies apply during the pandemic : “ Team members that are quarantined will be required to adhere to our policy and use PTO when they are out for any reason , ” wrote Rita Donovan , Palm Garden ’ s vice president of human resources , in an April email to union reps. Donovan suggested in that message that Covid-stricken workers who depleted their accumulated @ @ @ @ @ @ @ co-workers , or borrow from PTO that they ’ d earn in the future .
Workers who ’ ve already wiped out their PTO accounts question the fairness of that policy .
One housekeeper , who requested anonymity for fear of retribution , tested positive in early April after she cleaned the room of an infected resident .
To keep her $ 10-per-hour paycheck coming , she depleted more than 70 hours of PTO , leaving her little flexibility to take any time off this year .
“ I got the sickness working @ @ @ @ @ @ @ for it , ” she said .


washingtonpost--2020-06-02--Analysis | Japan’s Banking Minnows Swim in Risky Waters

Like the rest of Japan ’ s banking sector , the lenders are struggling with low interest rates and aging demographics that have depressed returns in their home market .
It ’ s questionable whether seeking better growth opportunities overseas offers a path out of their troubles , though , especially when coronavirus lockdowns have devastated economies across the globe .
Focusing on their domestic challenges may be a more sensible path .
For Shinsei , there ’ s the added concern that it may be overpaying .
The price Shinsei has agreed for UDC Finance Ltd. , New Zealand @ @ @ @ @ @ @ more than the $ 461 million that HNA Group offered in 2017 , before the country ’ s regulators rejected the bid because of the Chinese conglomerate ’ s opaque ownership structure .
Before its debt-fueled buying spree attracted the ire of Beijing , HNA had acquired a reputation for paying over the odds .
The UDC price equates to 1.2 times net tangible assets .
Anything above 1 gives rise to goodwill , exposing Shinsei to the risk of writedowns if anything goes wrong .
That ’ s a prospect that the @ @ @ @ @ @ @ 0.32 times forward book , can ill afford .
Bad loan costs are set to surge for Japanese banks , and Shinsei estimates the acquisition will pare its capital adequacy ratio by 0.4 percentage point .
At 10.8 % post-deal , the ratio will be well below that of Japan ’ s biggest banks , according to Bloomberg Intelligence analyst Shin Tamura .
Mitsubishi UFJ Financial Group Inc. booked a $ 1.9 billion one-time charge for the quarter ended Dec. 31 because of a drop in the share price of an Indonesian subsidiary @ @ @ @ @ @ @ Shinsei and a savvier international investor .
The ANZ unit purchase threatens to distract Shinsei from its strong consumer leasing franchise in Japan , where it ’ s one of the four big players alongside MUFG ’ s Acom , Sumitomo Mitsui Financial Group Inc. ’ s Promise , and Aiful Corp. Aozora ’ s strategy is open to similar objections .
The bank plans to help Vietnam ’ s Orient Commercial with risk management and compliance systems based on international standards , and they will work together on digital banking and investment @ @ @ @ @ @ @ reported in January .
While the report valued the deal at only about $ 139 million , the investment will suck attention from its main business .
Aozora has significant exposure to U.S. nonrecourse real estate lending , according to Michael Makdad , an analyst at Morningstar Inc. in Tokyo .
Both Japanese banks have been reconstituted by overseas investors after earlier failures .
Shinsei , formerly known as Long-term Credit Bank of Japan Ltd. , was the first to be taken over by foreign private-equity firms when a consortium including Ripplewood Holdings @ @ @ @ @ @ @ bought the lender in 2000 .
Aozora was known as Nippon Credit Bank Ltd. before being taken over by Cerberus Partners LP .
If the pair must do deals , perhaps they should consider reviving their merger that collapsed in 2010 .
At least that would keep their focus where it belongs .


washingtonpost--2020-06-02--Analysis | Why the South China Sea Fuels U.S.-China Tensions

Stretching from China in the north to Indonesia in the south , the waterway encompasses 1.4 million square miles ( 3.6 million square kilometers ) , making it bigger than the Mediterranean Sea .
To the west it touches Vietnam , Malaysia and Singapore , and the Philippines and Brunei to the east .
It ’ s a thriving fishing zone -- yielding some 10 % of the global catch -- and holds promising oil and natural gas reserves .
A vast amount of trade transits through its waters .
In 2016 , that amounted to some $ 3 trillion @ @ @ @ @ @ @ the global maritime crude oil trade .
There are conflicting claims to the rocks , reefs and islands therein .
China claims more than 80 % of the South China Sea and backs up its claim with a 1947 map that shows vague dashes -- the so-called nine-dash line -- - looping down to a point about 1,100 miles ( 1,800 kilometers ) south of its Hainan island .
Vietnam , the Philippines , Brunei , Malaysia and Taiwan claim parts of the same maritime area , and have sparred with China over @ @ @ @ @ @ @ Nations Convention for the Law of the Sea , known as Unclos .
The countries involved have been working on a code of conduct meant to resolve confrontations in the South China Sea , though talks have dragged on for more than a decade .
China has reclaimed some 3,200 acres ( 1,290 hectares ) of land on seven reefs or rocks in the Spratly archipelago .
On them it has constructed ports , lighthouses and runways , and installed missile batteries and other military equipment .
Chinese President Xi Jinping told then-U.S. @ @ @ @ @ @ @ had no intention to militarize the structures .
Whenever the installation of a new piece of equipment is revealed , China ’ s Foreign Ministry says it ’ s for defense purposes .
The U.S. takes no position on the competing claims .
But the U.S. Navy regularly carries out “ freedom-of-navigation operations , ” known as Fonops , by sending warships and aircraft near disputed waters to demonstrate the right to travel through what it considers international waters and airspace .
The U.S. carried out eight publicized Fonops in 2019 and four @ @ @ @ @ @ @ 2020 .
That compares with a total of four in eight years under Obama , according to Ian Storey , a senior fellow at the ISEAS-Yusof Ishak Institute in Singapore .
An international arbitration panel in The Hague refuted China ’ s claims in 2016 .
It ruled there was no legal basis for China to claim historic rights to resources within seas falling within the nine-dash line .
It also found that , under the United Nations Convention on the Law of the Sea , man-made islands -- such as those built @ @ @ @ @ @ @ maritime entitlements or zones of sovereignty .
The case was brought by the Philippines .
China refused to take part in the arbitration , saying the panel had no jurisdiction .
But it is Vietnam ’ s voice that has grown the loudest in recent years amid repeated alleged provocations , including the sinking of a Vietnamese fishing boat near the contested Paracel Islands in April .
The number of run-ins is rising .
A Pentagon official accused China in May of harrassing the destroyer U.S.S .
Mustin while it patrolled the South @ @ @ @ @ @ @ nine instances of Chinese fighter jets doing the same to U.S. reconnaissance aircraft .
China ’ s Defense Ministry said its navy expelled a U.S. guided missile destroyer from the sea on April 28 , saying it had violated Chinese territory .
With President Donald Trump months from an election , and President Xi Jinping rattling nationalistic cages at home to distract from a wounded economy , the mood is less conducive to the careful diplomacy needed to defuse a standoff at sea .
A White House report in May accused China of @ @ @ @ @ @ @ military activities in areas including the South China Sea and the Taiwan Strait .
U.S. Vice President Mike Pence has said the Navy would “ continue to fly , sail and operate wherever international law allows and our national interests demand.
” Before announcing his resignation in December , Secretary of Defense James Mattis said that Beijing would face “ larger consequences ” in the long term for militarizing the waters that could persuade it to change track .
China has responded to Fonops by saying the U.S. is violating its sovereignty , @ @ @ @ @ @ @ of muscle-flexing in an effort to sow discord between China and Southeast Asian nations .


washingtonpost--2020-06-02--Bank of America Pledges $1 Billion Over 4 Years to Fight Racial Inequality

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washingtonpost--2020-04-24--‘I Am in a Catch-22’: Main Street Is Ambivalent About Reopening

Ramese Long epitomizes the ambivalence between the urge to get back to business and the reality of Covid-19 .
He first opened his Atlanta fitness studio , Leg Daze , in January , weeks before Georgia ’ s shutdown orders .
His state allowed gyms , barbershops and other businesses to reopen Friday .
He decided to hold off .
“ I am in a Catch-22 , ” said Long , 47 , adding that he had a death in the family that was probably related to the coronavirus .
“ I am anxious to get open .
However , @ @ @ @ @ @ @ ’ t think is a good idea.
” The debate on when and how to reopen the U.S. economy is fraught with political bickering at the national and state levels and uncertainty about what it would take to keep people safe during the pandemic .
For small-business owners , it can come down to life-or-death decisions , for their firm , for their employees and for their customers .
The tasks at hand are concrete : how to rearrange a restaurant to allow for social distancing and where to buy noncontact infrared thermometers @ @ @ @ @ @ @ obtain financial aid and simply get by every day , they wrestle with daunting questions : Is my business model viable at half-capacity and will the customers come back ?
Hair salon owner Yvette Brown in Mississippi has spent the last few days doing the paperwork for financial aid .
Like many small business owners across the country , she missed out on the first federal stimulus package , which ran out in 13 days .
Brown needs the cash to cover the salon ’ s $ 6,000 in monthly expenses even though @ @ @ @ @ @ @ , like rent and loan payments .
Despite the financial hit , she isn ’ t planning to fully reopen her Studio 34 Hair Salon in Jackson until the state ’ s coronavirus cases show a marked decline .
That may well be in June , Brown said .
In the meantime , she plans to sell jewelery , skin care products and accessories .
Parts of the world are slowly reopening for business after imposing strict lockdowns -- from Wuhan in China , the first epicenter of the pandemic , to Central @ @ @ @ @ @ @ U.S. , where the disease spread later , decisions to lift restrictions placed on businesses are made state by state .
Georgia is reopening more aggressively than any state , after being one of the last to order a shutdown .
A few others , especially in the South , are also loosening up , with the rest of country remaining in lockdowns under a variety of rules on what kind of business is deemed essential .
In Oregon , there ’ s no timetable as to when business activities will resume .
@ @ @ @ @ @ @ Hospitality in the Portland area , is planning for the long term with a four-step approach that started with takeouts based on the combined menu of two of his restaurants and a pizzeria that was about to open when the crisis hit .
That may mean giving up on filling four venues with seating capacity that ranged from 75 to 150 seats before the shutdowns .
The business laid off 180 of its 200 workers , with the remaining staff handling takeouts out of a parking lot -- all wearing masks .
In @ @ @ @ @ @ @ orders , she has spent the past few weeks taking part in Zoom meetings giving sanitation advice , ordering masks and gloves online , and scouting for no-touch thermometers to check employees ’ temperatures for when they return .
And just this past Tuesday , she had a glass divider installed on her counter that set her back $ 500 .
Neither restaurant will reopen anytime soon , but she is following guidelines such as spacing tables 10 feet , or three meters , apart .
And she ’ s also got 20 @ @ @ @ @ @ @ when her eatery opens again .
The 39-year-old will resume takeouts , but one of his employees will ensure that only 10 customers are in the restaurant at one time and that they observe the floor markings designed to keep them spaced apart when picking up their orders .
“ I just want to be safe , ” said Smith , adding that he had closed the dining area of his 80-seat restaurant even before Georgia had mandated a statewide shelter in place .
Many of his dine-in customers are elderly , and @ @ @ @ @ @ @ them , he said .
For his part , Necco Nelson , said his clients are roaring to come in .
The owner of Ink Addicts Studio , a by-appointment tattoo and piercing parlor in Jackson , Mississippi , was already taking customers one at a time before the pandemic .
He was already wearing gloves , and his jewelry comes presanitized .
When he reopens , hopefully next week , the only difference might be requiring clients to wear masks .


washingtonpost--2020-04-24--Resentment Grows on Main Street Over Bailout Winners and Losers

Policy makers in Congress , the Treasury Department and the central bank have taken a lesson from the last financial meltdown , 12 years ago , when ordinary Americans were left to fend for themselves and millions lost their homes .
This time , they ’ ve included individuals and small businesses in their aid packages in a way they didn ’ t in 2008 , when bank bailouts , even as they saved the system from collapse , sparked outcry over tilted playing fields for the rich and ignited a backlash that altered the political direction of the country @ @ @ @ @ @ @ of 2008 is to help Main Street as well as Wall Street , the lesson seems to be only partly learned .
Americans live in two separate and unequal worlds , and the bailouts reflect this .
The clunky , slow rollout of help for small businesses comes as aid for the financial system flows freely .
In early March , the Fed under Chairman Jerome Powell reacted quickly to the seizing up of the market for U.S. debt , embarking on a buying spree that would add $ 1.25 trillion in Treasury @ @ @ @ @ @ @ next month .
That kept cash flowing -- and limited losses for some billion-dollar hedge funds that made wrong-way bets with borrowed money .
For some , what could be called the Fed ’ s triumph of efficiency could also be interpreted as a contrast in priorities .
The federal government and the central bank have committed more than $ 2.6 trillion to saving the U.S. economy from coronavirus fallout .
That includes the two PPP appropriations and $ 77 billion for SBA Economic Injury Disaster Loans .
Mid-size companies are targeted with @ @ @ @ @ @ @ s two Main Street Lending facilities , not yet in operation .
Neighborhood business owners , many of whom did the right thing by closing their doors to help stop the spread of the virus , have had to white-knuckle it for weeks .
Some of the 1.7 million applicants approved for PPP loans describe bureaucratic runarounds .
Those like Robyn Shultz sweat it out , waiting for the Treasury Department to calm the confusion and for Congress ’ s additional resources to arrive .
Small businesses are an anchor of the American @ @ @ @ @ @ @ country ’ s jobs , about 45 % of national production and almost all the employment growth .
So it was disappointing for Alex Steed , who co-owns a video-production company in Portland , Maine , when he couldn ’ t get through to the SBA help line after applying for a loan .
Melissa White has only one employee : herself .
She has owned and operated Extensions of You , a hair-extension salon in San Antonio , Texas , for 18 years .
Most of her clients are dealing with illnesses @ @ @ @ @ @ @ said no one has been able to give her clear answers on PPP .
Many small businesses say they are angry that bigger companies have gotten PPP loans and they haven ’ t , especially at a time when borrowing options are narrowing .
Restaurants and hospitality companies were able to divide their workforce into smaller units , as long as each location had fewer than 500 employees .
A big donor to President Donald Trump with three hotel chains got a total of $ 59 million from the program .
Companies receiving @ @ @ @ @ @ @ million include Hallador Energy Co. , a Terre Haute , Indiana-based coal company that had more than 900 employees at the end of last year ; San Jose , California-based Quantum Corp. , a tech firm with more than 800 workers in December ; and Potbelly Corp. , which operates 428 sandwich shops .
A Potbelly spokesman said Congress allowed funding for restaurants because their workers are “ vital to our economy.
” Hallador and Quantum didn ’ t respond to requests for comment .
Ruth ’ s Chris Steak House ’ s @ @ @ @ @ @ @ Inc. , received two loans , each for $ 10 million , because it has two holding companies .
Ruth ’ s owns 83 restaurants and has 5,740 employees .
It decided on Thursday to give back the money , a few days after Shake Shack Inc. , the national burger chain , said it would return the $ 10 million it received from the SBA .
“ When I think of small businesses , I think of mom-and-pop stores with a handful of employees , ” said Alex Gonzalez , an energy @ @ @ @ @ @ @ applied for but didn ’ t get an SBA loan .
“ You wonder how much of this money that was intended for companies with 3 , 4 , 5 , 6 , 10 or 20 employees were left off.
” Some billion-dollar hedge funds , too , have benefited from quick Fed action .
A number of them , including Millennium Management and ExodusPoint Capital Management , ply what ’ s called the relative-value or basis trade : buying cash Treasuries while betting against Treasury futures with borrowed money that dwarfs their @ @ @ @ @ @ @ times .
Such traders have become a significant share of Treasury-debt buyers , according to the Bank for International Settlements .
The profit and loss of highly leveraged hedge funds have little effect on the wider American economy , aside from the havoc they can cause in financial markets .
Shultz , the Alabama electrical contractor , has other things to worry about , such as staying employed , staying in business and staying alive .
The bailout has been an added source of unease for her and for many others , threatening @ @ @ @ @ @ @ society after 2008 .


washingtonpost--2020-04-24--House Overwhelmingly Passes Aid Bill Amid Health Precautions

The White House said that Trump would sign the legislation at noon on Friday .
The measure would replenish funding to the Paycheck Protection Program for small businesses and provide other spending for hospitals and virus testing .
It ’ s the fourth coronavirus-related spending measure since early March , totaling almost $ 3 trillion .
“ This is really a very , very sad day , ” said Speaker Nancy Pelosi , giving a less-than-triumphant sendoff to the bill on a day when government figures showed about 4.4 million additional workers applied for unemployment benefits last week .
“ @ @ @ @ @ @ @ a battered economy , ” and hundreds of thousands of ill people .
“ Some died , and millions out of work , ” she said .
The House had not convened as a group since March 27 .
The floor action was carried out with carefully choreographed movement and spacing of lawmakers to guard against spreading any infection .
Groups of 60 members entered the chamber in alphabetical order to vote , then exited on the opposite side .
Many members took the advice of Congress ’ attending physician to wear masks @ @ @ @ @ @ @ House took a short break so the chamber could be disinfected .
Four Republicans voted against the bill -- House Freedom Caucus Chairman Andy Biggs of Arizona , Ken Buck of Colorado , Jody Hice of Georgia and Thomas Massie of Kentucky .
Alexandria Ocasio-Cortez of New York was the lone Democrat to oppose it .
Justin Amash , an independent from Michigan , voted “ present.
” One of the most poignant moments came when Financial Services Chairwoman Maxine Waters of California told colleagues her own sister was dying from a condition @ @ @ @ @ @ @ American lives so far .
“ I ’ m going to take a moment to dedicate this legislation to my dear sister , who is dying in a hospital in St. Louis , Missouri , right now , infected by coronavirus , ” said Waters .
Expressions of sympathy came from Democrats and Republicans .
Much of Thursday ’ s debate centered on GOP claims that Pelosi and Democrats needlessly delayed agreement on the bill , and Democratic arguments that Senate Republicans under Majority Leader Mitch McConnell refused for too long to add @ @ @ @ @ @ @ agree at the end .
The final bill includes $ 320 billion to make new loans under the Paycheck Protection Program , which provides forgivable loans to small business that keep employees on the payroll for eight weeks .
It sets aside $ 30 billion of the loans for banks and credit unions with $ 10 billion to $ 50 billion in assets , and another $ 30 billion for even smaller institutions .
The measure includes $ 60 billion in loans and grants under a separate Economic Injury Disaster Loan program , @ @ @ @ @ @ @ the loans .
Also , there is $ 75 billion for hospitals , with a significant portion aimed at those in rural areas , and $ 25 billion for virus testing .
The testing funds include $ 18 billion for states , localities , territories , and tribes to conduct Covid-19 tests , $ 1 billion for the Centers for Disease Control and Prevention , and $ 1.8 billion for the National Institutes of Health .
As much as $ 1 billion would cover costs of testing for the uninsured .
Pelosi responded @ @ @ @ @ @ @ aid for hospitals and virus testing , as well as stricter rules to send small-business aid to those with less access to bank loans .
Minority Leader Kevin McCarthy retorted to Pelosi ’ s explanation : “ Listening to it , the only thing I could think was what Shakespeare would say , ‘ The lady doth protest too much , me think.
” These tensions are already building as lawmakers begin eyeing the next stimulus package .
Pelosi has said a major package of aid for state and local governments must be @ @ @ @ @ @ @ for first responders , police , health workers and others .
Democratic Representative Tom Suozzi of New York took a shot at McConnell during Thursday ’ s floor debate , saying , “ The Grim Reaper is telling my state and others to drop dead .
Well , I have a message for him : we ’ re going to fight you.
” Congress isn ’ t scheduled to return to Washington until May 4 , though negotiations and drafting of the next bill can take place without most lawmakers in town .
@ @ @ @ @ @ @ at proposals for proxy or remote voting .


washingtonpost--2020-04-24--Analysis | Sewing a Covid-19 Mask? You Need This Chart


washingtonpost--2020-04-24--Analysis | AT&T’s CEO Joins Disney’s in Stepping Aside Mid-Makeover

Stephenson , who took a prosaic phone brand and morphed it into a hulking media and internet conglomerate with an eye toward a data-intense , video-centric future , is retiring after 13 years as CEO .
He ’ ll be replaced on July 1 by John Stankey , another longtime AT & T executive who has served as Stephenson ’ s right-hand man , leading a series of gutsy acquisition efforts , including the DirecTV satellite business and Time Warner , an iconic Hollywood institution .
AT & T ’ s announcement on Friday comes just two months after Iger @ @ @ @ @ @ @ CEO for nearly 15 years , decided to retire , handing the reins to Bob Chapek , the head of its theme parks division .
Both Stephenson and Iger are staying on as executive chairmen through the rest of the year .
( Read more about Iger ’ s move here : “ Disney ’ s Next $ 180 Billion Won ’ t Come Easy.
” ) Neither retirement is a surprise , though they were both a tad sooner than expected .
There ’ s no telling what the lasting effects of @ @ @ @ @ @ @ company .
Stephenson , who celebrated his 60th birthday on Wednesday , was expected to remain CEO through 2020 , at least according to an agreement AT & T struck with an activist investor in October .
The shareholder , Elliott Management Corp. , had pushed AT & T to hit the pause button on its dealmaking and focus on streamlining the company toward a higher stock price .
That was before the coronavirus wiped out more than $ 60 billion of shareholder value .
Elliott said Friday that it supports Stankey as @ @ @ @ @ @ @ was involved in the “ robust ” search process , which included external candidates .
How active Stephenson will remain in management decisions as executive chairman is unknown , though Iger has reportedly reasserted his control at Disney as the company — with its theme parks , cruise ships , film and advertising businesses all taking a hit — manages its way through the pandemic .
For investors and employees , it may take a little adjusting to get acclimated with Stankey , 57 , who most recently served as chief operating officer @ @ @ @ @ @ @ division since that deal closed .
Stephenson , an affable Oklahoma native who still has a bit of that country lilt , often breaks into passionate mini-speeches marveling at the wonders of the digital future .
With a deep , basso voice , Stankey often comes across as comparatively all-business during earnings calls and interviews , and only in the last year or so has his profile been raised with investors and media .
But Stankey expressed to me during an interview last fall that he wants people to know he ’ s @ @ @ @ @ @ @ ’ s in the right place .
“ I want to do what ’ s right by the company and shareholders , and I ’ m not going to be working an agenda other than that , ” Stankey said at the time .
“ I think most people would say I ’ m pretty easy to read , and I will wholeheartedly engage in a robust debate.
” That ’ s good because there is a giant debate going on around AT & T right now .
The question : Do a @ @ @ @ @ @ @ build-out of a 5G network also have what it takes to win the streaming wars ?
And can they do it while tackling a mountain of debt and satisfying a dividend-hungry investor base ?
HBO Max launches May 27 , just a few weeks after Stankey will hand off the WarnerMedia CEO title to Jason Kilar ( formerly of Hulu ) , and a few weeks before Stankey steps into Stephenson ’ s shoes .
Their goal is that interest in HBO Max content will promote subscriber loyalty among AT & T ’ @ @ @ @ @ @ @ HBO Max is also a late entrant taking a chance on a higher subscription price than Netflix , Disney+ , Comcast Corp. ’ s Peacock , Apple TV+ and Quibi .
Both Stephenson and Stankey — along with Chief Financial Officer John Stephens — gave an eye-opening look during Wednesday ’ s earnings call at the various ways in which the national lockdown has already affected AT & T , its customers and its employees and how it ’ s trying to thoughtfully get through it .
Aside from paying down debt and @ @ @ @ @ @ @ top priorities are : 5G , broadband fiber and the success of HBO Max .
Stephenson ’ s vision is now Stankey ’ s to deliver .


washingtonpost--2020-04-24--Mnuchin Faces Tougher Tests After Praise for Opening Cash Spigot

“ That ’ s highly unlikely that this goes on for that period of time , ” the Treasury chief said in a Bloomberg News interview on Thursday .
“ You ’ re going to see an opening up in May and June .
You ’ re going to see a strong rebound in the economy in the end of the third quarter and the fourth quarter.
” As Trump ’ s point person on the economy , Mnuchin negotiated the biggest stimulus in American history last month and added to it this week , working side by side with @ @ @ @ @ @ @ Speaker Nancy Pelosi .
He ’ s also partnered with Federal Reserve Chairman Jerome Powell -- another frequent target of Trump ’ s criticism -- on programs to shore up small businesses and bolster families ’ checking accounts .
“ He gets that there ’ s an urgency in getting money out the door quickly , ” said Jared Bernstein , who served during the global financial crisis as chief economist to Vice President Joe Biden , the presumptive Democratic nominee to challenge Trump for the White House in November .
But the @ @ @ @ @ @ @ as the pandemic ’ s economic damage deepens and scrutiny grows of the administration ’ s handling of bailout programs , including a small business initiative that excluded many mom-and-pop firms .
Securing more stimulus -- including aid for states battered by the crisis -- will prove far trickier politically as top Republicans in Congress grow wary of the mounting price tag .
The growth of coronavirus infections and deaths has begun to stabilize , but more than 26 million Americans are out of work , and the country won ’ t return @ @ @ @ @ @ @ time soon .
And while Mnuchin has acted fast , Bernstein and others say his record is far from blunder-free .
While Mnuchin and his team worked rapidly , not everything has been smooth .
Some cash payments for families landed in the bank accounts of the deceased .
Many smaller concerns that make up half of America ’ s workforce and are desperate for a financial lifeline say they were shut out of the Paycheck Protection Program , the loan program intended for small businesses .
Still , his work so far @ @ @ @ @ @ @ of the aisle , including from some who questioned whether the banker-turned-Hollywood-producer was fit for the job -- even before it required navigating what is shaping up as the biggest economic calamity in the U.S. since the Great Depression .
Pelosi credited Mnuchin last month for his cooperation on the stimulus .
After wrapping up the small business loans , Mnuchin turned to the airlines , whose business had all but collapsed after Americans stopped traveling for fear of infection .
But he played hard ball with the industry , earning compliments from @ @ @ @ @ @ @ in exchange for taxpayer money .
The Trump administration cut U.S. taxes two years ago , driving up a federal deficit that hadn ’ t yet recovered from the last crisis .
It ’ s seen quadrupling this year to nearly $ 4 trillion , according to the Committee for a Responsible Federal Budget .
That estimate doesn ’ t count the additional $ 484 billion in spending that lawmakers approved on Thursday .
And while Mnuchin has suggested what ’ s been provided so far may be enough for the economy to @ @ @ @ @ @ @ need for yet more spending .
Mnuchin faces the added pressure of trying to chart a course for an economic revival with a boss whose re-election likely depends on it .
Before the pandemic , Trump ’ s key pitch to voters was the strength of the economy .

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washingtonpost--2020-04-24--Analysis | Those Mnuchin Fracker Loans Look More Like Equity

Knowing what you ’ re actually getting is important with any investment , of course .
Which brings us to Mnuchin ’ s musings about extending government loans to struggling oil and gas producers , as reported by Bloomberg News on Thursday evening .
Like USO owners , the lenders here — hello taxpayers — may find their collateral somewhat slippery .
Also like the USO , their mere presence could make things worse .
Details are scant ; there is talk of investment-grade firms maybe tapping a Federal Reserve lending program while “ alternative structures ” are considered for @ @ @ @ @ @ @ struck most by this line in the article : There ’ s a reason for that .
It is common for the riskiest exploration and production companies to only have one slug of secured financing in the form of reserve-based lending .
This is a credit line from a consortium of banks secured against the value of the company ’ s oil and gas reserves .
The value is typically reappraised twice a year , and energy prices are obviously a huge variable .
You can imagine even one day of negative oil @ @ @ @ @ @ @ warm and fuzzy meeting with your account manager .
The vast majority of respondents to a sector survey conducted by the law firm Haynes and Boone LLP expected borrowing bases to be cut by at least 20 % .
And that survey was conducted last month .
After a decade of applying the WeWork growth model to oil and gas , the industry has very little wiggle room .
A wall of debt maturities is imminent , kicking in just as most production hedges roll off .
So those credit lines may well @ @ @ @ @ @ @ a small cut could leave E & P firms exposed or in outright breach of covenants .
Such considerations lay behind Whiting Petroleum Corp. ’ s decision to file for bankruptcy at the beginning of the month , as analysts at CreditSights laid out in a recent report .
For many firms , once you get beyond reserve-based lending , there ’ s precious little else to lend against .
The capital stack is highly encumbered already .
At almost 80 % , energy high-yield issuers tracked by CreditSights have the highest proportion @ @ @ @ @ @ @ of any major sector .
You may notice things looked much better in 2016 .
Oil crashed that year , too , but investors still had hope then of oil prices coming back .
E & P companies took full advantage with a banner year for equity issuance .
Fast forward , and investors have been backing away from the sector , especially its most indebted members , way before Covid-19 went global and Saudi Arabia and Russia went postal .
A fresh source of capital must be found .
So it makes @ @ @ @ @ @ @ ” being touted around Washington look more like equity , because that ’ s what they would be , in practical terms .
And the feds would be taking a position in E & P companies at a particularly bracing juncture , with oil prices in the tank and debt maturities rolling in .
Exactly what they — I mean , we — would be taking on is something of a mystery , given the lack of clarity about oil demand , prices and production even six months out .
Moreover , loans @ @ @ @ @ @ @ would perpetuate the underlying condition afflicting the sector before Covid-19 hit : too much production and too little risk management .
If there ’ s too much oil , it ’ s less than optimal to put more money into the business of producing more oil .
How about a government debtor-in-possession facility instead ?
At such times , we are lucky to have Continental Resources Inc. to exemplify the industry chutzpah of which , unlike cash , there is seemingly never a shortage .
Having not bothered with boring stuff like hedging @ @ @ @ @ @ @ on the part of everyone from Saudi Arabia to “ a flawed new computer model.
” In the latest twist , Continental has reportedly invoked force majeure on a delivery contract for its oil — and honestly , caught on the wrong side of a price move , who hasn ’ t blamed God on occasion ?
Similarly , President Donald Trump ’ s administration has been throwing fistfuls of spaghetti at the wall to bail out oil and gas producers , ranging from threats of tariffs on foreign barrels to the notion @ @ @ @ @ @ @ keep oil in the ground and rebranding it as a strategic reserve .
Equity dressed up as loans would represent a further step down this path .
God knows if it will actually happen , especially if House Democrats have a say .
But like the hapless ETF investor , you may soon be the ( proud ? )
quasi-owner of something to do with oil .


washingtonpost--2020-05-05--Pelosi Wants Democrats to Move First in Devising Next Stimulus

She also laid out a few more details about one of the biggest priorities for Democrats -- and points of conflict with Republicans : state and local aid .
She wrote that the bill will have equal pots of money for county and city governments .
Every county would receive funds based on population .
“ Well run States should not be bailing out poorly run States , using CoronaVirus as the excuse !
” Trump wrote in a tweet Tuesday .
“ The elimination of Sanctuary Cities , Payroll Taxes , and perhaps Capital Gains Taxes , must be @ @ @ @ @ @ @ indemnification & business deductions for restaurants & ent.
” Pelosi and Senate Majority Leader Mitch McConnell have been negotiating through dueling media appearances , while the real work of fashioning a piece of legislation that can pass the GOP-controlled Senate and the Democratic-majority House is likely still weeks away .
Democrats want to change one key piece of the last stimulus bill , the Paycheck Protection Program , which provides small businesses with loans of up to $ 10 million that can become grants if proceeds are spent on payroll and certain expenses @ @ @ @ @ @ @ a webinar hosted by the Small Business Roundtable that Democrats are exploring extending the forgiveness period for PPP loans , as well as adding a set-aside for small firms of fewer than 25 people .
Small business owners and advocacy groups on the webinar called for other changes including allowing more than 25 % of proceeds to be spent on non-payroll expenses , letting more types of non-profits participate and requiring the release of more data about what companies are getting loans .
During negotiations on the last round of stimulus , Republicans @ @ @ @ @ @ @ Democratic priorities into the legislation to appease her party ’ s progressive wing .
Pelosi now wants to put down the first marker .
But that hasn ’ t quieted Republican criticism .
“ This is a pattern from Democrats : Instead of working to actually defeat this virus and get our nation back on track , they want to exploit the coronavirus emergency for their socialist agenda , ” a statement from House GOP leader Kevin McCarthy ’ s office said .
Several moderate House Democrats have expressed concern that Pelosi and @ @ @ @ @ @ @ only appeal to Democrats , according a senior House aide .
During talks on the $ 2.2 trillion aid package , Democrats drew scorn from Republicans by trying to insert provisions such as rental assistance and voting by mail late in the talks .
Those Democrats , who represent swing districts , want to keep the next bill focused on the coronavirus and limited to the duration of the pandemic , not making permanent changes to aid programs , the aide said .
According to Lowey ’ s letter , the aid for @ @ @ @ @ @ @ complex formula that is still being developed .
Seventy percent would be for cities with more than 50,000 people using a version of the Community Development Block Grant that takes into account population , poverty and housing levels .
The remaining 30 % would be set aside for smaller localities , be based on population.
“ “ Unlike the initial CARES Act , I think it is vital we have separate programs for state and local governments , so there is less competition between governors , municipal leaders , and county executives , @ @ @ @ @ @ @ Trump remains the wild card in any future negotiations .
He is adding some long-held priorities of his own into the mix , including restrictions on state aid , a payroll tax cut and other changes to the tax law .
For the Senate GOP majority , “ if there is any red line it ’ s on litigation , ” McConnell said .
The Kentucky Republican has said he will hold out for language protecting businesses and health-care workers from lawsuits by patrons and employees who may be exposed to the virus @


washingtonpost--2020-05-05--Amazon Wins Business From Reluctant Brands After Virus Closes Stores

Now many of those stores are closed .
With springtime orders tanking and bills piling up , Geckobrands has choked back its aversion to working with Amazon .
“ Our brand has to be more relevant on Amazon right now , ” says Geckobrands President Gabe Miller , whose company now sells 50 % more of its products through the e-commerce giant .
“ Store traffic , whether the retailer is open or closed , is just so suppressed.
” Consultants that help brands navigate Amazon ’ s marketplace say the company is attracting a broad range of vendors that @ @ @ @ @ @ @ gear and art supplies to clothing and beach totes at physical stores .
Brands and wholesalers assume that many of their retail partners won ’ t survive the pandemic , meaning Amazon will probably hang onto much of the new business .
Jeff Bezos is spending heavily—and willing to forgo profits—to keep his company running through the pandemic .
Amazon ’ s online sales soared 24 % in the first quarter , the fastest pace in four years .
Deemed essential , Amazon has a unique opportunity to grab market share while most @ @ @ @ @ @ @ Bezos , who has compared his warehouse workers and delivery contractors to Covid-19 first responders , is betting that strengthening Amazon ’ s position won ’ t provoke antitrust regulators already investigating the company .
“ This is one of those situations where the rich get richer , ” says Andrew Lipsman , analyst at EMarketer Inc. “ It ’ s not just Amazon .
The top 10 retailers that can remain open have a tremendous advantage and we ’ re going to see a lot of smaller retailers get washed out.
” @ @ @ @ @ @ @ of brands didn ’ t sell products on Amazon at all , according to a survey conducted by Feedvisor , which sells pricing software used by online retailers .
And more than one-third said they didn ’ t need Amazon to reach customers .
Many brands and wholesalers kept Amazon at arms length because they were concerned it would squeeze their margins , collect precious customer data and copy their most popular products .
Showrooming—when shoppers check out products in physical stores and later buy them online—made retailers reluctant to give shelf space @ @ @ @ @ @ @ ’ s retreat from Amazon last year highlighted brand frustration with Amazon.The pandemic has upended those verities and accelerated the ongoing stampede online .
What ’ s happening now echoes the Toys ‘ R ’ Us bankruptcy three years ago .
The chain shuttered hundreds of stores and left more than $ 1 billion in annual toy sales up for grabs , most of which went to Amazon , Walmart Inc. and Target Corp .
The difference this time is that multiple chains and categories have gone dark .
Under normal circumstances , @ @ @ @ @ @ @ based gun-accessory maker , would be selling plenty of rifle scopes and stocks through Dick ’ s , Bass Pro Shops and Cabela ’ s .
But with so many specialty retailers temporarily closed , Magpul is starting to put its wares on Amazon , according to Josh Cowan , a former Amazon executive who helps the brand and dozens of others sell products on the site .
“ Brands are absolutely terrified to be reliant on Amazon right now , but they have no other choice , ” says Cowan , an @ @ @ @ @ @ @ Amazon has been the one place where brands in all categories have said we have to double down.
” Ivory Ella , which sells “ save the elephants ” t-shirts and hoodies and donates proceeds to wildlife conservation , is considering putting inventory on Amazon , which it has traditionally avoided since it prefers online shoppers buy from its own website .
The company sells merchandise to hundreds of mostly mom-and-pop gift shops in tourist towns around the country that closed due to the pandemic , putting almost half of its sales in @ @ @ @ @ @ @ fit for the brand ’ s strategy , says CEO Cathy Quain , but now it has no other choice .
“ It ’ s a necessity for us to be where people can shop , ” she says .
“ If we have another surge of the virus come holiday season and retailers have to close in October , November and December , people will be doing most of their shopping on Amazon.
” Amazon has long enjoyed outsize power over small businesses that generate most of their sales on its site @ @ @ @ @ @ @ include bigger brands that could previously rely on physical stores for most of their sales .
Meanwhile , store closings and shelter-in-place orders have sped up consumers ’ stampede online , with Amazon emerging as one of the few remaining sales outlets .
Big-box chains like Walmart , Target and Costco Wholesale Corp. are also benefiting because they ’ re allowed to remain open to sell groceries , along with just about everything else .
But they face restrictions on what they can sell in some states while Amazon has eluded any such @ @ @ @ @ @ @ market power is already being scrutinized by the U.S. government , as part of a larger examination of the grip big technology companies have on the economy .
Last week , the chairman of the House Judiciary Committee investigating Amazon threatened to subpoena Bezos if he ignores a request to testify before the committee .
The demand followed a Wall Street Journal report that the e-commerce giant used data from third-party sellers on its site to develop competing products , contradicting testimony from an Amazon executive before the panel while under oath last @ @ @ @ @ @ @ also investigating the relationship between Amazon and its suppliers to determine if the e-commerce giant uses its market power to stifle competition .
Brick-and-mortar store closings only strengthen Amazon ’ s position .
Online sales growth doubled to 30 % in March and about tripled in April , according to Lipsman of EMarketer .
The pandemic puts Amazon in a unique position of being able to grow quickly even if overall consumer spending shrinks due to rising unemployment and a retrenching economy .
The losers are the mom and pops that have closed @ @ @ @ @ @ @ half of small businesses closed and 80 % percent have let go employees , according to a survey by the Main Street Alliance , a network of 30,000 small business owners .
“ One of our major concerns for the long term is the potential for massive corporate consolidation and monopolization of our economy , ” says Sarah Crozier , a spokeswoman for the group .
“ If Main Street is left to wither , the economy will look vastly different at the other end of this .
”


washingtonpost--2020-05-05--Analysis | Being a Sore Loser Doesn’t Make WeWork’s Neumann Wrong

What ’ s really important is whether Neumann , who was forced out of the office-rental startup last year when SoftBank bailed it out following a scrapped initial public offering , has any hope at all of extracting more money from the Japanese investment vehicle led by Masayoshi Son .
His chances of doing so are greater than zero , which makes even the most unlikely lawsuit a good bet .
Son ’ s reputation for being a savvy deal maker has been shattered by the disaster of WeWork , including a larger-than-expected loss at SoftBank for the year ending @ @ @ @ @ @ @ this multi-part deal were a $ 1.5 billion lifeline doled out in October , and a further $ 5 billion in debt financing .
That follow-on loan was predicated on SoftBank going through with a $ 3 billion purchase of stock from Neumann and other shareholders , which hit its deadline at the start of April .
The moment Son ’ s team saw an opportunity to back out , they took it .
SoftBank ’ s explanation last month was that WeWork failed to meet contractual obligations , such as rolling up @ @ @ @ @ @ @ SoftBank relied on legally faulty pretexts to renege on the deal , and tried to sabotage WeWork ’ s attempts to meet the requirements , according to a copy of the complaint reviewed by Bloomberg News .
Two independent WeWork directors , who filed their own lawsuit last month , were more blunt in their assessment : SoftBank had buyer ’ s remorse .
Any or all of the above may have merit .
Whatever the truth of the matter , the longer the words “ SoftBank ” and “ WeWork ” appear @ @ @ @ @ @ @ Son and his empire will take more of a battering .
For SoftBank , its Vision Fund and a planned Vision Fund 2 , maintaining the image of knowing how to pick winners and avoid losers is key to raising funds and investing in hot young startups .
Failing to put this singularly catastrophic deal behind it weighs on the chances of moving on .
SoftBank may want to hold firm and not be perceived as a soft touch .
Legally , the conglomerate probably feels that it has a solid case .
@ @ @ @ @ @ @ s some principle to uphold , or a message to be sent to other would-be litigants .
Investors may not care .
This is a one-time , extraordinary case .
What people will care about are the details that might come out in court , such as how exactly SoftBank got into this mess in the first place , what decisions were made and by whom .
None of that is likely to make Son and his team look any smarter .
Neumann has destroyed $ 10 billion of SoftBank ’ s money @ @ @ @ @ @ @ few hundred million dollars from this share-sale deal may help him let go of the company he built and lost .
Other shareholders and employees who were part of the now-scuttled transaction will be willing him to prevail , knowing that any legal victory would be one for them , too .
So , as icky as it sounds , Neumann is right to sue .
And as painful as it may be , SoftBank would be right to reach a settlement .
And then they ’ ll both be able to walk @ @ @ @ @ @ @ saga again .


washingtonpost--2020-05-05--Coal Snags $31 Million in U.S. Stimulus Loans for Small Business

“ The question is , is this a good use of taxpayer dollars when we have other businesses closing their doors ?
What is the long term viability of this industry ?
” said Jayson O ’ Neill , director of the Western Values Project , a Montana-based conservation group .
“ I would argue we should focus first on the small businesses that are in the most need.
” The stimulus program has drawn criticism for other awards , including loans to Shake Shack Inc. , Potbelly Corp. and the Los Angeles Lakers Inc. while millions of mom-and-pop firms @ @ @ @ @ @ @ out of money .
All three have since returned the money amid an outcry .
The coal company funding came after the industry successfully lobbied the Trump administration to add the sector to its list of essential industries related to Covid after being left off the original version , arguing coal was “ critical to supporting hospitals , health care providers and others on the front line.
” The industry , which also asked Congress for aid in March arguing that coal is “ absolutely critical ” and should be preserved for national @ @ @ @ @ @ @ reason why coal miners shouldn ’ t be recipients of stimulus funding .
In fact , the mining industry , which includes coal and other minerals as well as oil and gas extraction companies , tapped the first , $ 349 billion installment of the Paycheck Protection Program at a higher rate than other industries , a Bloomberg News analysis of payroll data found .
Approved PPP loans covered more than 78 % of the industry ’ s eligible payroll compared to an average for all industries of 52 % .
One possible @ @ @ @ @ @ @ and extraction companies as small even if they have more than 500 employees , the standard for most other industries .
Bituminous coal underground mining businesses , for example , can have as many as 1,500 employees and still qualify for PPP loans .
Overall , the mining sector got 1.14 % of Paycheck Protection Program loans , according to SBA data through April 16 .
“ The industry is experiencing many of the same challenges confronting so many other industries and deserves the same support , ” said Ashley Burke , a @ @ @ @ @ @ @ “ The program is intended to keep Americans employed and these funds will contribute to the industry ’ s efforts to safeguard the jobs of 116,000 Americans directly employed at our nation ’ s coal mines.
” Lexington , Kentucky-based Ramaco Resources received an $ 8.44 million loan on April 17 .
The company , which has 395 employees and didn ’ t respond to a request for comment , said in a filing it would use the funding to recall about one-third of its furloughed work force and reopen a mine May @ @ @ @ @ @ @ , Randall Atkins , serves as vice-chair of the National Coal Council , an advisory committee to the secretary of energy .
Rhino Resource Partners , which has 605 employees and is also based in Lexington , Kentucky , received a $ 10 million stimulus loan , the maximum allowed under the PPP program , according to a company filing .
President Donald Trump tapped the company ’ s former chief executive officer , David Zatezalo , to serve as head of the nation ’ s mine safety agency in 2017 .
The @ @ @ @ @ @ @ request for comment .
American Resources , an Indiana-based mining company , received a $ 2.7 million loan on April 22 , according to a filing .
The company , which has 147 employees , was vaulted into national news headlines earlier this year after workers at one of its mines in eastern Kentucky blocked a loaded coal train from moving by camping out on train tracks after claiming they hadn ’ t been paid for weeks .
“ During these unique and trying times , we are taking the opportunity to keep @ @ @ @ @ @ @ opportunity to advance our environmental efforts as well as maintenance of our existing operations to put us in a position to grow our infrastructure platform once we get past Covid-19 , ” Mark Jensen , the chief executive officer of American Resources , said in a statement .
“ The Paycheck Protection Program was set up to help working families keep the lights on and put food on the table , not enrich corporate shareholders , ” said Ryan Schleeter , a spokesman for environmental group Greenpeace USA , which has opposed using @ @ @ @ @ @ @ .
“ The coal industry stands out as the member of the fossil fuel herd that was uniquely sick before Covid ever hit and is even worse off after .
So this isn ’ t a bailout -- that would require strong economic fundamentals in the first place , ” said Justin Guay , director of global climate strategy for the Sunrise Project , an environmental group .
“ This is a bonfire -- we ’ re just literally lighting our taxpayer dollars on fire because they will go bankrupt regardless .
It @ @ @ @ @ @ @ .
”


washingtonpost--2020-05-03--Analysis | Live From Omaha, It’s Warren Buffett on Saturday Night

The current crisis “ is creating a huge amount of anxiety and changing people ’ s psyche and causing them to somewhat lose their bearings , understandably , ” the chairman and CEO of Berkshire told his virtual listeners , while peering out where some 40,000 of them would normally be sitting .
“ The American magic has always prevailed and it will do so again.
” While his unwavering confidence in the U.S. economy is hardly a new theme in Buffett ’ s lectures , they ’ re not normally so moving .
Like many of those watching , @ @ @ @ @ @ @ and acknowledged it , adding that he had grown used to wearing sweat suits — as opposed to the real suit and tie he donned on Saturday .
It was a humanizing moment .
Watching Buffett was like watching Dr. Anthony Fauci or New York Governor Andrew Cuomo , the two government leaders whose comforting words and realism have probably stuck with Americans most during the pandemic and helped to create a sense of hope and community .
Even so , going into the event , it wasn ’ t quite so clear @ @ @ @ @ @ @ , “ America ’ s best days lie ahead.
” He had been notably quiet in recent weeks , and Berkshire was selling stock and shunning acquisitions , a bearish signal for a company where the ethos is to buy when others are panicking .
After all , Buffett once wrote : Every decade or so , dark clouds will fill the economic skies , and they will briefly rain gold .
When downpours of that sort occur , it ’ s imperative that we rush outdoors carrying washtubs , not teaspoons .
@ @ @ @ @ @ @ has done neither , even with $ 137 billion of cash just sitting there .
As such , some say his optimistic outlook doesn ’ t align with his actions of late .
But Buffett explained that the panic hasn ’ t hit the stock and credit markets to the extent it did during the 2008 financial crisis — or not for as long , thanks to the extraordinary measures taken by the Federal Reserve .
His investing during that time “ was not designed to make a statement , it was designed @ @ @ @ @ @ @ were very attractive terms , ” he said .
He ’ s not finding as many enticing investments now , partly because of those Fed actions , which removed the need for many companies to seek a lifeline from a deep-pocketed savior like Buffett .
The complicated public-health aspect of this downturn also makes it impossible to predict how long it will carry on or how much worse it will get before it gets better .
“ The cash position isn ’ t that huge when I look at worst-case possibilities , ” @ @ @ @ @ @ @ some industries that may be permanently altered by the coronavirus , such as airlines , Buffett said .
Berkshire was a top-three shareholder in American Airlines Group Inc. , Delta Air Lines Inc. , Southwest Airlines Co. and United Airlines Holdings Inc. as recently as early April .
Buffett has since decided to completely exit those positions : “ The world changed for airlines and we wish them well.
” Even though Buffett is still a believer in the long-term prospects of the U.S. economy as a whole , his 180-degree turn on @ @ @ @ @ @ @ the virus changing at least some consumer behavior for good .
That will affect future dealmaking .
One of Buffett ’ s biggest takeovers was Precision Castparts , a supplier of airplane engine parts , which he bought for $ 37 billion in 2016 .
It was also his last major transaction .
As fascinating as Buffett ’ s commentary was , the Q & A wasn ’ t the same without his usual sidekick , Charlie Munger , who is known for his quips and comically curt responses compared to Buffett ’ @ @ @ @ @ @ @ s longtime vice chairman , is 96 years old and lives in California .
Though he is in good health , Buffett said , it didn ’ t make sense to have him travel to Omaha — a reminder of both their ages , even if they are as sharp as ever .
Instead of Munger , Buffett was joined by Greg Abel , who oversees all non-insurance operations under the Berkshire umbrella and is Buffett ’ s likely successor .
” When I talk to Greg , sometimes I wonder , am @ @ @ @ @ @ @ Cunningham , a professor at George Washington University Law School and author of books on Berkshire , said during the meeting pre-show .
It may be a while before others see him that way .
While Abel answered some questions Saturday , he mostly deferred to Buffett and stuck to high-level corporate-speak .
Buffett , who recently joked that his age puts him “ in the urgent zone , ” did have a message for whoever does replace him : “ I will bet on America the rest of my life , and @ @ @ @ @ @ @ ” He closed the evening with a smile and a laugh : “ We ’ ll see you next year and we ’ ll fill this place !
” Let ’ s hope .
But if it turns out that this virtual event was the Oracle ’ s last time as the master of ceremonies , it will stand as a fascinating and beautiful sermon that will be remembered .


washingtonpost--2020-05-05--Analysis | To Escape Lockdown, Don’t Be Creepy With Health Data

Unfortunately , Britain ’ s National Health Service seems to have gotten off on the wrong foot with the solution it started trialing on the Isle of Wight , off England ’ s southern coast , on Tuesday .
The app has caused concern about the centralized collection of information .
Even though it ’ s anonymized , and less specific than the location data that many happily share with Google Maps or running apps such as Strava ( the NHS app just asks you to identify your district ) , the fact it ’ s a central repository of @ @ @ @ @ @ @ who exactly holds it and for how long , has people in a tizzy .
Don ’ t get me wrong .
The app appears thoughtful , seeming to keep user anonymity and privacy in mind , while providing health authorities with useful data for the epidemiological models developed to manage the pandemic in the U.K .
But all of that becomes moot if people don ’ t use it .
Public opinion is fickle , and if people perceive this as a tool for government monitoring , then adoption will suffer .
@ @ @ @ @ @ @ will interact with other nations ’ approaches , affecting the prospects for international travel .
Here ’ s how it works : Once someone reports symptoms that suggest they have the virus , their phone will share anonymized data about who they ’ ve been in contact with and for how long ( it uses smartphones ’ Bluetooth chips to detect whether people have been within six feet of each other for 15 minutes ) with a central server operated by the NHS .
Those contacts are then alerted by the server , @ @ @ @ @ @ @ this way might help the NHS understand how many people the infected have crossed paths with and identify trends , making it easier to predict any new flareup .
By identifying those with symptoms , rather than simply those who have tested positive , it ’ s trying to get ahead of the infection curve .
I trust the NHS to use my data , which will be anonymized , responsibly .
But it ’ s possible not enough other people will .
An April survey of potential app users in the U.K. @ @ @ @ @ @ @ to download a contact-tracing app , short of the 80 % necessary .
Beyond the privacy concerns , however , there ’ s a technological weakness that may be more significant in denting the app ’ s efficacy .
The NHS solution seems to require that when two people are in close proximity with each other , at least one of the them has to either have the app open , or to have opened it in the past few minutes .
If that ’ s not the case , it won ’ @ @ @ @ @ @ @ for the health agency told the BBC last month it was satisfied that the solution worked “ sufficiently well.
” We ’ ll soon know : The Isle of Wight trial ought to reveal any shortcomings .
It ’ s reassuring that there ’ s an alternative solution available developed by privacy advocates as well as Apple Inc. and Google , who between them make the operating system for almost every new smartphone on the planet .
It takes a decentralized approach .
Rather than passing data up to a central server , @ @ @ @ @ @ @ identifiers of those who have the virus to the other phones using the app .
Those smartphones then tally the identifiers against the list of handsets with which they have crossed paths in the past 14 days , and alert the user .
The other advantage of the tech giants ’ approach is that phones will always be able to exchange identifiers in the background via Bluetooth .
I understand why the NHS is , like France , pursuing the centralized approach .
More data will help it manage the crisis better .
@ @ @ @ @ @ @ it can convince people to stomach their privacy concerns .
But if it doesn ’ t , and they don ’ t , then Britain ’ s health service needs to be prepared to pivot , and quickly , before public opinion is poisoned against any app .


washingtonpost--2020-05-05--Analysis | How Long-Feared ‘Monetary Finance’ Becomes Mainstream

It ’ s when a country increases spending and at the same time creates the money needed to pay for it .
That typically happens via central banks , which can either buy the bonds sold by a government to cover gaps in its budget -- or simply offer an overdraft , so that no bonds need to be issued in the first place .
In either case , it ’ s often said that the effect is to “ monetize the debt , ” because policy makers have turned what would otherwise have been debt into money instead .
@ @ @ @ @ @ @ , with governments everywhere spending record amounts of cash to bail out households and businesses , raising questions about whether private financial markets will be capable of absorbing an unprecedented deluge of sovereign debt .
It involves more explicit cooperation between treasuries and central banks -- the latter might buy government debt directly , for example , instead of picking it up on secondary markets .
In general , though , the dividing lines are blurry .
In principle , the programs of quantitative easing or QE launched after the 2008 crisis were @ @ @ @ @ @ @ in the economy as a whole -- not just for governments heading deeper into debt .
And the bonds bought by central banks were supposed to be sold back into private markets eventually -- not pile up on the public balance sheet .
But in practice governments have been the main borrowers in the low-rates world of QE .
And central banks now own so much of their debt -– especially in Japan , which launched the policy a decade before anyone else –- that few believe they can ever offload it all @ @ @ @ @ @ @ out where the Rubicon of monetary finance lies , and identify which countries have crossed it .
But it ’ s easy to see movement in that direction .
Central banks in the U.K. and New Zealand have extended overdrafts to their governments , while stressing that they ’ re temporary .
Emerging markets are usually reluctant to get too unconventional for fear of scaring investors away , but monetary authorities in countries like Indonesia and Poland have started buying government debt .
A debate is raging in India about whether policy makers @ @ @ @ @ @ @ road .
And the biggest developed economies have ramped up central-bank lending and government spending in parallel .
That ’ s especially true in the U.S. , where the Federal Reserve is buying Treasury debt on a scale that dwarfs 2008 and recalls the monetary-financing arrangements during World War II .
The virus brought private business everywhere to a standstill .
That ’ s changed the calculus for the officials in charge of public money , the only means available to plug a giant gap in demand and avert an even deeper depression @ @ @ @ @ @ @ s a once-in-a-lifetime emergency , and penny-pinching now represents a bigger risk : better to spend whatever it takes to keep businesses and households afloat , finance the relief effort by any means necessary , and worry about long-run consequences later .
History and economics say that governments aren ’ t like households , and don ’ t have to repay debt the same way .
Modern Monetary Theory , an emerging school of economics , argues that it doesn ’ t make much difference if public spending is financed by treasury bonds @ @ @ @ @ @ @ both are government liabilities in the end .
And the 2008 experience shows that governments and central banks can pump money into stalled economies without triggering inflation .
It can ’ t work forever .
The fear is that politicians handed this kind of money-creating power will eventually push it too far .
Driven by election timetables or other short-term goals , they ’ ll splash too much of what feels like free cash around the economy .
History is full of examples , from the Weimar Republic a century ago to Latin @ @ @ @ @ @ @ of losing monetary discipline .
To avoid such outcomes , modern developed economies keep elected politicians well away from the printing presses , handing the task to independent central banks instead .
That ’ s why their money has credibility , the argument goes , and it was hard-won -- but it could easily be lost .


washingtonpost--2020-05-05--Analysis | Dumb Conspiracy Theories Aren’t the Only 5G Headwinds

For now , telecoms companies insist the pandemic will only delay the rollout by several months .
That may be optimistic .
Problems with any one of the four factors above could throw things off course , and the current environment has elevated that likelihood .
Given their role in dividing up the spectrum and auctioning it , governments have a particular responsibility to ensure they don ’ t hold up the process any more than is necessary .
Much has been made of the conspiracy theories falsely suggesting 5G contributed to , or even caused , the virus ’ @ @ @ @ @ @ @ terse response from the U.K. ’ s telecommunications regulator Ofcom : “ This is wrong .
There is no scientific basis or credible evidence for these claims.
” The falsehoods may still permeate public opinion .
Research suggests that even if people don ’ t believe conspiracy theories per se , they can nonetheless influence their views .
So an underlying fear , however unwarranted , could persist that 5G is somehow detrimental to one ’ s health .
That could perpetuate popular opposition to the necessary proliferation of new antennas .
The @ @ @ @ @ @ @ chain , making it harder to source gear from China in particular .
Telecoms equipment maker Nokia Oyj said that such interruptions shaved 200 million euros ( $ 218 million ) from revenue in the first quarter , and they continue to be a risk .
Lockdowns are also making it harder to install that equipment .
Orange SA Chief Financial Officer Ramon Fernandez said last week that fiber deployment — whose wires connect not just homes but the antennas — will be delayed by the virus .
Telecoms operators are changing how @ @ @ @ @ @ @ The surge in people working from home has put huge pressure on their existing setup .
That means operators are having to reallocate capital in the short term toward making sure their fixed networks are reliable , rather than working to upgrade and install everything that ’ s needed for the next generation of mobile services .
Even with all that , Nokia CEO Rajeev Suri told me that he expects the delay will probably only be a “ couple of months , ” echoing comments from his peer at rival Ericsson AB @ @ @ @ @ @ @ risk to a fast rollout is the availability of spectrum , which is where governments come in .
They dedicate a particular tranche of frequencies to 5G and then auction it off .
A slew of those sales have been put on the back burner by the pandemic .
While Germany and Italy have all but finished theirs , other countries , including France , the U.K. and Spain , are unlikely to auction frequencies until later this year .
With national budgets stretched by efforts to counter the impact of the virus @ @ @ @ @ @ @ milk those auctions for all they ’ re worth .
That could create a pinch on companies ’ finances that makes rolling out the new networks even harder .
Italy managed to squeeze 6.2 billion euros out of its telecoms firms back in 2018 ; Germany wrung 6.6 billion euros from Deutsche Telekom AG , Vodafone Group Plc , Telefonica Deutschland AG and 1 & 1 Drillisch AG .
Economists generally classify networks as “ productive ” government investments , because they contribute positively to long-term economic output .
It would be better @ @ @ @ @ @ @ networks by not overcharging for them .
Otherwise they risk ceding more ground to China in the race for adoption .
In return for more generous auction terms , it would be fair for governments to request an accelerated rollout .
The virus is already reaping havoc on vast tracts of the economy .
Best not to let it damage any more growth .


washingtonpost--2020-05-11--Analysis | How Trump’s Tax Returns Could Become Public

His most consistent explanation has been that , at the advice of his lawyers , he won ’ t do so while they are being audited by the Internal Revenue Service -- and he says he has been audited constantly since 2004 .
On other occasions , he ’ s also said that there ’ s “ nothing to learn from ” his returns , that they are “ extremely complex ” so people “ wouldn ’ t understand them , ” and that Americans who aren ’ t reporters don ’ t “ care at all ” about what @ @ @ @ @ @ @ prevents him from releasing returns being audited by the IRS .
For the years before he became president , there ’ s no way to know -- or even to confirm that his returns really are under active audit .
It ’ s true that an audit , once begun by the IRS , can take several years to complete , particularly for wealthy individuals like Trump with stakes in many business entities .
So Trump could easily be under audit for the remainder of his presidency .
As for Trump ’ s @ @ @ @ @ @ @ and vice presidents are supposed to be audited annually during the years they are in office , but those audits are completed relatively quickly .
And House Democrats are questioning whether those mandatory audits are being carried out free of political interference .
Over the last four decades , only Gerald Ford -- who became president in 1974 , then ran unsuccessfully for a full term in 1976 -- also refused to release at least one of his annual tax returns , choosing instead to offer the public a summary of his tax @ @ @ @ @ @ @ have released one year ’ s worth ( Republican Ronald Reagan ) to 33 years ’ worth ( Republican Jeb Bush ) of returns for the public to review .
His unwillingness to release the documents has heightened speculation about what information about loans , business ties or his wealth they could contain .
There have been questions about what if any financial dealings he ’ s had with Russia , what conflicts of interest his business and political roles might pose , how philanthropic he is , how much he might benefit @ @ @ @ @ @ @ , perhaps most directly , how much or how little he ’ s paid in taxes .
The New York Times reported in 2018 that Trump “ participated in dubious tax schemes during the 1990s , including instances of outright fraud , that greatly increased the fortune he received from his parents.
” It ’ s by no means certain that Trump ’ s personal returns would answer any of those questions .
His administration has resisted all requests for his financial records , and his lawyers brought their objections all the way @ @ @ @ @ @ @ counting on the court ’ s conservative majority to block , or at least delay , those records from being turned over .
The high court will hear back-to-back arguments Tuesday -- by phone and live-streamed because of the coronavirus outbreak -- on Trump ’ s efforts to block his banks and accountants from complying with subpoenas they have received .
In one case , two House committees are trying to get information from Trump ’ s accountants , Mazars USA , and his bankers , Deutsche Bank AG and Capital One Financial @ @ @ @ @ @ @ District Attorney Cyrus Vance Jr. ’ s office is seeking Trump ’ s returns for an investigation into whether his company falsified business records related to hush-money payments to adult film star Stormy Daniels and former Playboy model Karen McDougal , who say they had affairs with Trump before he became president .
The chairman of the House Ways and Means Committee , Democrat Richard Neal , requested six years ’ worth of Trump ’ s returns from the IRS , citing a 1924 law that allows the chairmen of three tax committees @ @ @ @ @ @ @ secretary for the returns of any taxpayer .
Should it get the returns , Neal ’ s committee could vote to release them or a summary of their findings to all 435 members of the House , effectively making the information public .
That case is on hold , likely pushing a decision until after the November election , pending a ruling on Congress ’ s ability to sue to enforce a subpoena .


washingtonpost--2020-05-09--Analysis | The Hydrogen Economy’s Time Is Approaching

There are three sets of clean power technologies that policymakers can focus on , each at varying stages of development .
Most advanced are wind and solar , which are already cheaper to build than conventional energy almost everywhere in the world and in many places are even cheaper than operating existing fossil-fired generators .
The best way for governments to increase the share of wind and solar generation is probably to encourage the build-out of transmission networks and reform power markets to reduce the advantages of fossil fuels , while leaving actual financing and construction to private investors .
@ @ @ @ @ @ @ are at an earlier stage of development and not quite competitive with existing technologies .
In most places it still costs more to provide peaking power to the electricity grid with a back-up battery than with a gas turbine , and the cost of an electric car is substantially more than a gasoline-driven equivalent .
Even there , though , they ’ re making inroads : Electric vehicles are far cheaper to operate than conventional ones , and batteries big enough to capture peak evening power demand can already compete with gas when @ @ @ @ @ @ @ As a result , batteries are well on the way to undercutting conventional technologies by the middle of this decade .
If both sectors were fully switched to zero-carbon power tomorrow , we ’ d still have eliminated only about 40 % to 50 % of our carbon output .
Another 25 % comes from land use and agriculture — but the place where governments could make the biggest difference is the 20 % of emissions that come from industrial activities .
It ’ s the third technology that has the most potential @ @ @ @ @ @ @ splitting water molecules apart with a renewable-powered electric current — is at a similar stage of development to wind and solar in the mid-2000s .
BloombergNEF estimates that hydrogen could meet 24 % of the world ’ s energy needs by 2050 , with annual sales of $ 200 billion to $ 700 billion .
At the higher end , that ’ s almost half the size of the current oil market , where turnover is typically in the region of $ 1.5 trillion or more a year .
( 1 ) There @ @ @ @ @ @ @ vast amount of power needed to produce it .
BloombergNEF estimates it would take 31,320 terawatt-hours of electricity to hit its 24 % target .
That ’ s more than the roughly 26,000 TWh that the entire world generated from all sources last year , of which just 10,000 TWh came from zero-carbon sources .
Wind and solar make up less than 3,000 TWh .
If that seems impossibly ambitious , it ’ s worth remembering that renewables competing with fossil fuels on cost also seemed pie-in-the-sky until quite recently .
Economist Nicholas @ @ @ @ @ @ @ climate economics argued it shouldn ’ t be expected to happen until the 2030s at least .
What changed is the array of government-backed demand-inducing policies through the 2000s and 2010s , which gave strong incentives to build more wind and solar capacity , such as Germany ’ s feed-in tariffs for solar and the U.S. renewable portfolio standards for wind .
These were probably more important than research and development spending in getting renewables off the ground .
Once a technology is relatively mature , the best way to bring down costs @ @ @ @ @ @ @ , but to just build much bigger factories .
What would such a policy look like for H2 ?
Governments should provide subsidies to bring the cost of green hydrogen below conventional sources of energy .
The trucking , steel and cement industries should be given mandates forcing them to switch , say , 30 % of production to hydrogen power by 2030 .
Subsidies over the next decade will need to total $ 150 billion , according to BloombergNEF — but that ’ s relatively small in the context of trillions of @ @ @ @ @ @ @ set green hydrogen on the same virtuous circle of demand increases and cost declines , it will start making inroads into other sectors , such as fertilizer manufacturing , grid energy storage and shipping fuel .
It might even offer a way out for the world ’ s stricken oil companies , whose infrastructure and expertise could be transferred from a sunset industry to a new growth field .
Green hydrogen won ’ t solve all our problems .
In the short term , stimulus money is probably best spent on humdrum activities @ @ @ @ @ @ @ as insulating houses and installing them with solar panels .
In the long term , though , hydrogen offers a way out of our triple crisis of weak post-coronavirus demand , a foundering energy sector , and climate change .