washingtonpost--2020-05-04--Analysis | Quibi Needs a Better Pitch Than ‘Rotate Your Phone’

The technology at the center of the lawsuit is something Quibi calls Turnstyle and its CEO Meg Whitman has described as “ groundbreaking.
” When a user is watching a show , they can alternate between holding the phone vertically or horizontally to have different views of the same scene .
For example , in the beginning of the Quibi thriller “ The Stranger ” — don ’ t worry , no spoilers here — holding the phone in landscape mode would reveal a wider-angle shot of Clare , a taxi driver , as she sits beside her creepy passenger @ @ @ @ @ @ @ instead gives a close-up view of Clare ’ s face , better conveying the fear she ’ s feeling in that moment .
It kind of allows the viewer to be in the director ’ s seat .
A company called Eko ( pronounced “ echo ” ) claims that Quibi stole its trade secrets and is infringing on its patent for this rotating-video technology .
Eko also creates interactive videos in which the viewer can help decide what happens next .
Elliott Management Corp. , the hedge fund of billionaire Paul Singer @ @ @ @ @ @ @ through an agreement that would leave it with an equity stake in Eko , according to the Wall Street Journal .
This is the same Wall Street heavyweight that has gone toe-to-toe with AT & T Inc. , Twitter Inc. and even the country of Argentina — and now , of all companies , Quibi , the awkward new entrant to the streaming wars .
Quibi has said the suit is without merit .
It ’ s hard to know which way this case will go , but regardless , Quibi has other @ @ @ @ @ @ @ a neat feature that required a lot of thought .
At the same time , subscribers using another video app wouldn ’ t necessarily miss it .
In practice , it can also be tiring to keep turning your phone back and forth when you ’ re wanting to sit back and enjoy a quick show .
Therein lies the issue with Quibi launching in the midst of a national quarantine .
Quibi was originally intended for on-the-go viewers riding the bus or waiting at the airport .
Its name stands for “ @ @ @ @ @ @ @ the fact that all of its content is broken into episodes that are each seven to 10 minutes in length .
That ’ s not as appealing to consumers who are currently stuck home with plenty of time for binge-watching , and Turnstyle is useless if you ’ re doing it on a TV .
When Quibi entered the market last month , it was also offering 90-day free trials .
That means early July will be a crucial moment in revealing whether users simply took advantage of an overly generous trial in @ @ @ @ @ @ @ if Quibi has a viable business .
There ’ s also the question of whether there will even be anything left to watch on Quibi when those 90 days are up , with Hollywood in a production lull due to Covid-19 .
After the test period , the app will charge a monthly fee of $ 5 , or $ 8 if you want to eliminate ads — and the top end of that range is more than Disney+ .
I suggested in a column Saturday that in order to fix the broken @ @ @ @ @ @ @ will need to embrace ads .
Still , I ’ m not sure Quibi ’ s content rises to the level of being able to charge that much and serve ads .
There ’ s a lot of investor money riding on the startup , and faith in Quibi is partly a product of having two highly respected leaders who hail from Hollywood and Silicon Valley : Jeffrey Katzenberg , who once ran Walt Disney Studios and DreamWorks Animation , and Whitman , the former CEO of Hewlett-Packard .
But if Turnstyle is @ @ @ @ @ @ @ turns out that it may not be so unique or even much of a feature at all .


washingtonpost--2020-02-04--Analysis | Virus Forces the China Car Shutdown Beijing Couldn’t

Already , Toyota Motor Corp. has suspended production of cars in China until at least Sunday .
Tesla Inc. has been told to halt work at its Shanghai factory .
The disruption in auto parts forced Hyundai Motor Co. to interrupt making its Palisade sport-utility vehicle in South Korea last weekend and it ’ s considering breaks at other plants .
The impact will be significant .
If production stops for two weeks in China ’ s six major regions , output will drop around 8 % this quarter , Goldman Sachs Inc. analysts estimate .
But it ’ s @ @ @ @ @ @ @ a manufacturing industry that has been running on overdrive , with little incentive to rein in the daily churn.China ’ s factories have the capacity to make over 60 million vehicles a year .
Only a third of that number are sold .
Yet carmakers seem unable to , well , stop making cars .
Local and central governments have doled out hundreds of millions of dollars in subsidies to build up the industry , encourage different types of cars and incentivize purchases .
They have kept too many unsustainable local manufacturers alive @ @ @ @ @ @ @ , the utilization rate – the ratio of actual output to production capacity — in the last quarter of 2019 was 78.5 % , above the annual 77.3 % .
China ’ s auto dealerships were sitting on around $ 72 billion of unsold inventory last June .
That ’ s around 3 million cars .
Many didn ’ t comply with the latest emissions standards .
Dealers have steepened price discounts to reduce their backlog .
That isn ’ t a sustainable strategy .
In 2018 , over half of Chinese dealerships @ @ @ @ @ @ @ t meet manufacturers ’ sales targets .
An index of inventory levels has remained elevated and above the official warning threshold for two years .
A forced shutdown is what the industry needs , even though it employs millions .
Until now , mothballing factories hasn ’ t been an option .
Beijing has encouraged consolidation and set out rules to encourage electric vehicles by inhibiting new capacity for conventional cars .
Authorities have also imposed measures like restricting car ownership through a lottery-based license plate system .
The automotive sector has never @ @ @ @ @ @ @ the way that Beijing imposed them on industries like steel and coal .
The first step to any turnaround for automakers is to shut down excess operating capacity .
In the steel industry , reducing hundreds of millions of tons of capacity gave larger firms better pricing power .
Over the past three years , steel prices rose and profitability ticked up .
The coronavirus shutdown should force a rethink and prod carmakers to reassess investment and production decisions .
Earnings will hurt for the next couple of quarters , but they were @ @ @ @ @ @ @ thinning for years .
Upgrading plants alone won ’ t cut it .
One lesson from the steel industry is that bigger , better facilities can still mean oversupply .
Demand has also been weak .
A big turn upward isn ’ t on the horizon despite Beijing ’ s incentives for consumers to purchase cars .
What buyers there are in this maturing market want luxury vehicles or higher-end family cars ; more will be replacing vehicles over the next five years than getting their first car .
The virus won ’ @ @ @ @ @ @ @ will likely feel any aftermath the longest , accounts for almost a quarter of auto demand .
Parallels to earlier big epidemics are hard to draw .
During the crisis over Severe Acute Respiratory Syndrome in 2003 , China ’ s carmakers were selling 4 million vehicles a year .
Global automakers have a much larger portion of their sales volumes and profits exposed to China now.A shakeout has been overdue , and the virus may only trigger that .
Any impulse from Beijing to step in and bolster supply will be misguided @ @ @ @ @ @ @ what happens when markets are left to their own devices .

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washingtonpost--2020-01-30--Analysis | Here Is What a WHO Global Health Emergency Means

• It encourages nations to cooperate as much as possible by coordinating personnel , funds and other resources , with the WHO at the helm .
• By underlining the dangers , the designation can be used to help persuade citizens of infected countries to follow health and hygiene recommendations .
• A PHEIC gives the WHO ’ s Emergency Committee authority to recommend travel advisories for cities , regions and countries .
These are more often used in rapid , wide , aggressive disease outbreaks like the 2003 SARS epidemic that affected 29 countries , killing 774 people in @ @ @ @ @ @ @ PHEIC might hold implications for airlines , including Emirates -- the world ’ s largest long-hauler -- along with Etihad and Qatar airlines , which collectively have about 160 weekly flights to China and Hong Kong .
The Gulf carriers act as hubs , connecting passengers from China to Europe , Africa and the Middle East .
While other airlines have cut flights to China , these carriers have been reluctant , as the flights contribute a large portion of their profit .
• The WHO can review the public health measures put @ @ @ @ @ @ @ their scientific validity .
If a nation imposes travel or trade restrictions that go beyond its recommendations -- such as refusing entry to suspected patients -- the agency can demand scientific justification .
• Decisions on a PHEIC always involve politics , according to Devi Sridhar , a professor of global public health at the University of Edinburgh .
West African countries discouraged a declaration in 2014 after they were hit by the largest Ebola virus outbreak on record , mainly because of concern about the economic impact .
• While the recommendations @ @ @ @ @ @ @ s considerable pressure for countries to abide by the WHO ’ s advisories .
Member states are bound by the WHO ’ s 2005 International Health Regulations , and thwarting them may be a matter of international law , according to Rebecca Katz , professor and director of the Center for Global Health Science and Security at Georgetown University .
• QuickTakes explain what you need to know about the virus , and the work to rein it in .


washingtonpost--2020-02-04--Analysis | Starbucks Challenger Luckin Isn’t All Out of Luck

Shares in Nasdaq-listed Luckin Coffee plummeted 11 % Friday after Carson Block ’ s Muddy Waters Capital tweeted that it has a short on the stock , citing an unattributed 89-page report it had received that alleged the chain has accounting issues and a broken business model .
It could have been worse .
Luckin shares were down as much as 27 % before rival short-selling firm Citron Research defended the company , saying it was long the stock and the coffee chain ’ s business in China was “ on fire.
” Luckin called the allegations “ misleading and @ @ @ @ @ @ @ Its shares closed 3.5 % lower .
Whatever the merits or otherwise of the anonymous report — which Muddy Waters said it found credible and Andrew Left ’ s Citron said would “ fall short on accuracy ” — Luckin faces serious challenges from the coronavirus , which has caused some cities in China to impose travel restrictions , manufacturers to halt output and the government to extend the Lunar New Year holiday .
At the same time , the coffee chain has a couple of key advantages that should enable it to @ @ @ @ @ @ @ its delivery model .
Unlike Starbucks Corp. , which prides itself on its cozy seating areas , Luckin mostly sells coffee for consumption outside .
As of the end of June , 2,741 of 2,963 outlets were “ pick-up stores.
” Just 123 were so-called relax stores where buyers drink on the premises , and the rest were delivery kitchens .
In an environment where authorities are telling people to stay at home to avoid spreading the virus , such a business may prove more resilient than one like Starbucks , which sells @ @ @ @ @ @ @ Seattle-based Starbucks has closed more than half its 4,292 outlets ( 6 ) in China because of the viral outbreak .
Luckin , which overtook Starbucks with 4,500 stores across the country by the end of last year , hasn ’ t given comparable figures .
Second is Luckin ’ s financial position .
Founded less than three years ago , the company has been expanding at a furious pace , almost quadrupling its number of stores from 1,189 in the third quarter of 2018 .
Such a rapid build-out is financially draining @ @ @ @ @ @ @ strategy of sacrificing profits by offering discounts to lure customers .
That makes Luckin ’ s January fundraising look particularly fortuitous .
The coffee chain raised a combined $ 778 million from an additional share sale and a convertible bond offering , more than the $ 645 million it took in from its May initial public offering .
It sold shares at $ 42 each .
The stock reached a high of $ 50.02 on Jan. 17 , almost triple the IPO price , and has since dropped more than a third to @ @ @ @ @ @ @ The opportunely timed sale gives Luckin a war chest to survive the hit to consumption from the virus epidemic , which if it follows the same trajectory as the severe acute respiratory syndrome outbreak should be contained by summer .
To be sure , there are longer-term concerns hovering over Luckin , particularly the sustainability of a business model that appears to rest largely on offering near-permanent discounts .
While the advertised price of Luckin ’ s coffees is from $ 3.50 to $ 4 each , most customers pay as much as @ @ @ @ @ @ @ the company started selling tea in July , it drew business with a “ buy 10 get 10 free ” promotion .
Luckin ’ s third-quarter loss widened to 484.9 million yuan ( $ 69 million ) from 531.9 million yuan a year earlier .


washingtonpost--2020-02-04--Analysis | What You Need to Know About China’s Virus Outbreak

It has been described as “ insidious ” because a large portion of infected people are well enough to go about their daily business , potentially spreading it to others .
In just two months , the number of confirmed cases surpassed the 8,096 SARS cases recorded in that entire epidemic , which ran more than a year .
Some disease modeling experts project there are likely 75,000 or more actual cases , as accurate counts from overwhelmed areas -- especially Wuhan and the surrounding Hubei province -- are difficult to come by , partly due to a shortage of @ @ @ @ @ @ @ apparent mortality rate was about 2 % , lower than SARS , but such numbers are unreliable in the early stages of an outbreak .
While many patients have required intensive care , it ’ s likely the virus has caused only mild or no symptoms in many other people .
Coronaviruses are named for their crown-like shape .
There ’ s a large family of them .
Some transmit easily from person to person , while others do not .
There ’ s growing recognition of the role of coronaviruses in severe @ @ @ @ @ @ @ Organization says that new ones emerge periodically around the globe , and several known versions are circulating in animals and haven ’ t infected humans .
They tend to morph and mutate , which means the level of risk they pose can change the longer they circulate in a humans .
It ’ s similar in its genetic makeup to the SARS virus but “ appears clinically milder ” in terms of severity and fatality rate .
With SARS , about 9 % of reported cases died .
A related virus , known @ @ @ @ @ @ @ spreading since 2012 , has led to death in 34 % of the 2,499 cases recorded .
By contrast , an estimated 50 million people died in the 1918 influenza pandemic that had a case-fatality ratio of less than 5 % , but infected up to a third of the world ’ s population .
Most likely by coming into contact with virus-containing droplets that could be emitted by an infected person ’ s cough and transferred to their hands or surfaces and objects .
There ’ s a theoretical risk that it @ @ @ @ @ @ @ feces .
People who are still incubating the virus and show no symptoms may spread it .
One such case emerged in Germany linked to a company training event that was attended by an employee visiting from China who had no symptoms of disease during her stay .
There have been cases reported where the virus has spread along a four-person chain , indicating that it ’ s more transmissible than earlier thought .
Epidemiologists try to gauge contagiousness by estimating the number of new cases a person who is infected is likely @ @ @ @ @ @ @ a basic reproduction number , is one indicator of how difficult an epidemic is to control .
The preliminary reproduction number of 2019-nCoV is 1.4 to 2.5 , according to the WHO , meaning that every case could infect 1.4 to 2.5 people .
( For comparison ’ s sake , the reproduction number of SARS was 2.76 in Beijing and 3.01 in Guangzhou . )
Neil Ferguson , renowned for his work measuring the spread of emerging infectious diseases , and his colleagues at Imperial College London estimated the number for 2019-nCoV @ @ @ @ @ @ @ to SARS and more infectious than flu .
If that ’ s correct , controlling the outbreak would require preventing at least 60 % of cases from spreading to another person .
Another group from the Chinese Academy of Sciences in Beijing estimated the number to be 4.08 .
Infections appear to cause a mild illness in children , adolescents and younger adults , and more severe disease in older people .
Frequently reported early signs are fever , dry cough and tiredness -- but not the sneezing and runny nose typical of @ @ @ @ @ @ @ invades cells in the lower respiratory tract and migrates from there to the lungs , causing difficulty breathing and the inflammation and congestion associated with pneumonia .
In an early study , more than a quarter of hospitalized patients developed a potentially fatal complication known as acute respiratory distress syndrome .
Septic shock , respiratory failure and the failure of other organs have also been seen .
Many of the fatalities have been in patients with underlying illnesses such as cardiovascular disease .
The virus emerged in early December in Wuhan , an @ @ @ @ @ @ @ attention focused on a seafood market where live animals were also sold , but about 13 of the first 41 cases were found to have no link to it .
Maria Van Kerkhove , head of the Outbreak Investigation Task Force at the Institut Pasteur and an adviser to the WHO , said animal tests at the market came back negative , while some environmental samples were positive .
The viral genome has been sequenced , and these results in conjunction with other reports show that 2019-nCoV is 75 % to 80 % @ @ @ @ @ @ @ related to several coronaviruses found in bats .
Diseases transmissible from animals to humans , sometimes referred to as “ zoonoses , ” comprise a large percentage of all newly identified infectious diseases .
There is always concern when a new pathogen emerges in people because they typically lack immunity to it and there usually aren ’ t specific treatments or vaccines available .
Novel coronaviruses , those not seen in humans before , represent a particular concern because they have been known to spark complicated outbreaks that have sickened thousands of people @ @ @ @ @ @ @ across the globe from southern China .
The U.S. State Department advised people not to travel to China and said those already in the country should consider leaving .
The U.S. , Australia , India and other countries were denying or restricting entry for non-citizens arriving from China in an attempt to “ shut down ” the virus ’ s spread , although the WHO has called such measures unnecessary .
Relatively few cases have been reported outside China .
But in Hubei , thousands of people have been hospitalized in isolation wards @ @ @ @ @ @ @ care units , creating what officials there have described as an “ extreme , severe and abrupt public health crisis.
” Richard Horton , editor of The Lancet medical journal , said the outbreak could strain the capacity of health care systems .
A study of the first 41 hospitalized patients in China found 13 ( 32 % ) needed intensive care ; four required invasive mechanical ventilation and two were put on a heart-lung bypass machine in a last-ditch effort to keep them alive .
Six died .
The WHO has declared @ @ @ @ @ @ @ a designation that can help mobilize international responses , provide more resources and focus government attention .
China ’ s government imposed a quarantine on Wuhan and more than a dozen other cities in the region , a travel ban covering in excess of 50 million people .
Authorities dispatched medical personnel from the military to help out at hospitals -- and even built new ones from the ground up in days .
Patients were isolated to prevent any spread .
Health officials are looking for , screening and monitoring people the patients @ @ @ @ @ @ @ the international financial center that functions with some autonomy from China , announced travel restrictions from the mainland .
Outside China , airports began screening some arriving passengers for symptoms .
Doctors in China have started using a combination of AbbVie Inc. ’ s HIV drugs ritonavir and lopinavir at hospitals .
A clinical trial is assessing whether the combination , sold under the brand name Kaletra , is more effective in treating patients than an antiviral medicine known as interferon-alpha 2b .
Other medications , including some already on the market for @ @ @ @ @ @ @ show promise in lab studies against a number of coronaviruses .
Pharmaceutical companies including Moderna Inc. and Novavax Inc. say they have begun work on a potential vaccine .
Health officials say a version might be available for the first stages of human testing in as little as three months .
But developing an effective vaccine generally takes years .
That outbreak , which began in late 2002 in Guangdong province , is thought to have spread indirectly from bats to humans via masked palm civets and other exotic creatures in live-animal markets @ @ @ @ @ @ @ alert in March 2003 and didn ’ t declare the outbreak contained until that July .
China ’ s tourism , transportation and retail sectors were heavily hit as people stayed home ; domestic consumption fell sharply , as did real estate prices and financial markets .
The epidemic subtracted an estimated 0.8 percentage point from gross domestic product growth in China in 2003 , according to a China Daily report that cited a National Bureau of Statistics official .
A 2003 academic study estimated the global economic cost at close to $ @ @ @ @ @ @ @ were reassessing their economic-growth target for 2020 .


washingtonpost--2020-03-19--Analysis | Limit Travel to Fight Coronavirus? The Pros and Cons

Initially , countries including the U.S. , Australia , Japan , Singapore , and the Philippines limited entry for non-citizens who had been in mainland China and other virus hotspots .
Now , much of Europe is in a lockdown not seen since World War II .
Austria , Hungary , the Czech Republic , Denmark , Poland , Lithuania , Germany , Estonia , Portugal and Spain , as well as non-EU states Switzerland and Norway , have reintroduced border checks for the first time since 1995 even though they are members of Europe ’ s passport-free travel zone @ @ @ @ @ @ @ Italy , the biggest focus of the pandemic outside China , has become increasingly cut off .
The U.S. barred entry of most foreign nationals who have been in continental Europe , then widened the ban days later to include the U.K. and Ireland .
Russia and Norway joined more than 50 nations that were banning foreigners , halting flights or requiring travelers to self-quarantine .
India suspended most visas .
China imposed the most extensive quarantine in known history in response to its Covid-19 epidemic , and its apparent success curbing the @ @ @ @ @ @ @ .
In a lockdown affecting as many as 60 million people , Chinese officials sealed off Wuhan , where the outbreak began , and nearby cities in Hubei province .
Within these areas , people were largely confined to their homes .
Spain , France and Italy followed with restrictions that effectively locked down those countries -- shuttering all shops except grocery stores , pharmacies and a few others .
Many countries are closing schools and universities , canceling public events , barring gatherings or requiring residents to stop traveling unless they have @ @ @ @ @ @ @ addition to disrupting commerce generally , which hurts economic growth , travel restrictions can interrupt the flow of aid , technical support and goods that people need .
Bottlenecks at closed borders within the EU are putting food and medicine deliveries at particular risk .
Italy ’ s Coldiretti agricultural lobby said many truck drivers are reluctant to enter other countries to make their dropoffs for fear of not being able to return .
The Joint United Nations Program on HIV/AIDS said in February that a third of people living with HIV in @ @ @ @ @ @ @ of their medicine because of travel curbs .
Also , restrictions on movement can contribute to the stigmatization of people from communities affected by epidemics and create a false sense of security in unaffected areas , distracting officials from taking other measures .
The fear of having trade and travel limits imposed on an area can lead governments to conceal outbreaks .
With the number of new cases in China falling , the World Health Organization concluded in a Feb. 28 report that the country ’ s “ bold approach , ” including @ @ @ @ @ @ @ the course ” of the epidemic .
WHO officials have said China ’ s strict quarantine likely bought the rest of the world two to three weeks to prepare for the virus and prevented hundreds of thousands of people from becoming sick .
According to the WHO , evidence from previous outbreaks has generally shown that such restrictions are “ ineffective in most situations.
” A review of studies published in 2014 concluded that travel restrictions had limited effectiveness in preventing the spread of influenza .
Another in January found the same for @ @ @ @ @ @ @ acute respiratory syndrome , or SARS , which like Covid-19 is caused by a coronavirus .
Some of the studies that were reviewed concluded that travel restrictions , especially when implemented quickly , could delay the importation of a virus or the peak of infections -- by days , weeks or even two months .
This can give health authorities time to prepare for an outbreak , for example by preparing tests and training medical workers .
In a March 10 report , the WHO advised that measures restricting people ’ s movements @ @ @ @ @ @ @ to the public health risk .
They should be short in duration and reviewed regularly as more information about the virus becomes available .
The WHO advised on Feb. 29 that temperature screening at border points “ is not an effective way to stop international spread.
” A big reason is that monitoring for fever may miss infected passengers still in the incubation phase and asymptomatic , or those trying to hide symptoms by taking medication .
People suffering from other illnesses could also get caught up in the process .
What it @ @ @ @ @ @ @ people when they arrive .
These typically ask travelers to state any disease symptoms and recent trips to epidemic hotspots , and to give a seat number and contact details , in case it ’ s necessary to trace travelers later .
Airlines in Europe and the U.S. are pleading for government support to weather the most brutal downturn in the industry ’ s history .
Flight cancellations have skyrocketed , thousands of planes have been grounded and airport terminals have been shut .
Most international carriers have halted trans-Atlantic service and flights @ @ @ @ @ @ @ domestic travel is also grinding to a halt .
The International Air Transport Association has said the sector may need $ 200 billion from governments to survive the pandemic , and carriers are already shedding thousands of jobs.Cruise companies have also suffered and some ships have found themselves temporarily trapped at sea , as governments seek to keep cases away from their shores .
Market-share leader Carnival Corp. ’ s Princess Cruises unit halted all sailings for two months , affecting 18 ships .


washingtonpost--2020-03-19--Analysis | Bailout-Seeking CEOs Need to Give Up Something in Return

Underscoring the urgency of the sector ’ s needs , Delta Air Lines Inc. on Wednesday announced a stunning 70 % reduction in flying capacity .
Even that may not be enough : the current plans likely don ’ t reflect a closing of the U.S.-Canadian border that was announced earlier on Wednesday , nor any limits on domestic travel , which President Donald Trump has said are possible .
As a result , Delta is parking half of its fleet — more than 600 planes — and deferring nearly all capital spending , including new aircraft deliveries .
For @ @ @ @ @ @ @ both significantly less maintenance work on existing jets and a dramatic drop in demand for new planes , fueling their call — championed by Boeing — for assistance .
Everyone has an argument for why they need a hand , but only the airlines have publicly demonstrated a willingness to make changes to the way they run their business and compensate their leadership .
Delta suspended its buyback program earlier this month .
CEO Ed Bastian had already cut his salary to zero for the next six months and the board will now @ @ @ @ @ @ @ and mid-level managers will also take pay cuts .
United Airlines Holdings Inc. and Southwest Airlines Co. have also announced spending reductions that include salary cuts or freezes for their executives , while American Airlines Group Inc. CEO Doug Parker is paid only in stock .
“ We are having constructive discussions with the White House and Congress , and remain optimistic that our industry will receive support to help address this crisis , ” Delta CEO Bastian said in a note to employees on Wednesday .
“ That said , we have @ @ @ @ @ @ @ measures.
” I ’ m not going to argue that the airlines are some beacon of corporate responsibility , and the reality is these cash preservation measures aren ’ t going to be enough on their own to save some of these companies if the worst-case scenario for the coronavirus pandemic is realized .
But it ’ s better than doing nothing and the symbolism is important for anyone who has their eyes on government cash .
And the silence on this front from Boeing and its suppliers has been deafening .
Not @ @ @ @ @ @ @ has announced a pay cut to my knowledge .
That includes Boeing ’ s David Calhoun , who collected annual six-figure cash payouts during his decade on the board and then was awarded a $ 1.4 million salary , a regular bonus that will pay out at a minimum of about $ 2.5 million this year and the promise of a special $ 7 million payout if he hits certain strategic milestones when he became CEO earlier this year .
As a major engine supplier , General Electric Co. is likely to be @ @ @ @ @ @ @ bailout , even though it has access to $ 35 billion in bank lines .
CEO Larry Culp ’ s $ 2.5 million base salary is the highest for any CEO on the S & P 500 Industrials Index .
Including bonuses , pension and stock grants , aviation division chief David Joyce made nearly $ 24 million last year on an SEC reported basis , according to GE ’ s proxy filing .
Whether GE individually appeals for support or — as is more likely — just tags along for any broader @ @ @ @ @ @ @ to explain to the American taxpayers that are footing the bill.Notably , the airlines haven ’ t yet taken the ax to their dividends , but these pale in comparison to payouts from the aerospace suppliers .
Boeing paid nearly $ 5 billion in dividends to shareholders last year , while Delta paid less than $ 1 billion .
United Technologies Corp. doled out $ 2.4 billion in dividends , while United paid nothing .
GE already cut its quarterly dividend to a mere penny per share and halted share repurchases while it @ @ @ @ @ @ @ for its gas turbines .
But other big suppliers and Boeing have been mum on this front .
Bloomberg ’ s Dividend Forecasting model is currently projecting Boeing ’ s dividend falls by more than half .
Its buyback program was suspended in the wake of a global grounding of the 737 Max jet following two fatal crashes .
Boeing is also set to use debt to finance a $ 4.2 billion purchase of a majority stake in a joint venture with Embraer SA ’ s commercial-jet business .
Asked if the deal @ @ @ @ @ @ @ , a Boeing spokesperson said , “ We don ’ t comment publicly on discussions between the parties or market speculation .
We are addressing the regulatory approvals process and outstanding closing conditions.
” The venture is key to maintaining a competitive balance with Airbus SE , which has taken over Bombardier Inc. ’ s regional jet business .
But strategic M & A is the ultimate example of discretionary spending in times of need and that deal — already held up for more than a year by European regulators — should increasingly @ @ @ @ @ @ @ ’ s no such thing as a free bailout .


washingtonpost--2020-03-19--Italy Deaths Top China; U.K. Brexit Chief Isolates: Virus Update

The U.K. ’ s chief negotiator for its trade talks with the European Union , David Frost , is isolating himself after showing symptoms of coronavirus , a British official said .
It comes after Michel Barnier , Frost ’ s EU counterpart , announced on Twitter earlier on Thursday that he had tested positive for the disease .
The two men had not had contact since the first round of talks in Brussels two weeks ago .
While Africa has a younger population , the region has higher rates of HIV and many countries lack universal access to health @ @ @ @ @ @ @ also a bigger issue than in Asia and Europe .
Recently TV and radio have been talking “ virtually only about coronavirus , ” and authorities need to make sure messages are getting out about other health issues such as cholera , Moeti said .
The U.K. is contacting 15,000 retired and former doctors who have left the profession in the last three years to see if they are willing to help with efforts to fight the pandemic , the General Medical Council said in a statement Thursday .
A third of those @ @ @ @ @ @ @ .
Israel approved the import of a generic version of Kaletra , a patent-protected drug that is intended for treatment of HIV , for use in coronavirus cases , the Justice Ministry said .
This is the first time since the 1967 patent law came into force that the Attorney General is making use of an article in the law that permits approval of a generic version of a patent-protected drug .


washingtonpost--2020-03-18--Analysis | Private Equity Has the Cash, and It Is King

High valuations are the number one complaint of private equity firms devoted to the Asia-Pacific region , according to a Bain & Co. report last week .
Prices hadn ’ t budged significantly before the outbreak even as economic growth slowed in China , the region ’ s top destination for such investments .
That ’ s because owners and entrepreneurs have been spoiled for choice : More than 3,000 private equity firms are jostling to find opportunities in Asia .
Deal prices eased only slightly last year , to a median ratio of 12.9 times enterprise value to Ebitda @ @ @ @ @ @ @ Valuations remain above levels before 2017 , according to Bain .
The MSCI Asia-Pacific Index has slumped 23 % this year , opening up potential buyout targets in the public markets and dragging valuations of unlisted companies down in its wake .
While tightening dollar liquidity threatens the financing that private equity firms need to make deals work , shrinking availability of credit may also weaken the reluctance of startup founders to yield control , which has been a hindrance to transactions , particularly in Southeast Asia .
Another positive from the market @ @ @ @ @ @ @ pace of activity by Masayoshi Son ’ s SoftBank Group Corp. That would come as welcome relief to fund executives who see the conglomerate ’ s $ 99 billion Vision Fund as pumping up private valuations and crowding out other investors .
With SoftBank shares having fallen more than 40 % in Tokyo from its February high , Son ’ s focus has switched to shoring up his own company ’ s valuation via a $ 4.8 billion share buyback announced last week .
SoftBank is also grappling with challenges at portfolio companies @ @ @ @ @ @ @ , as my colleague Tim Culpan has noted .
Not all private equity firms are positioned to profit from the rout .
The biggest are in the strongest position .
New York-based Warburg Pincus , for instance , raised $ 4.25 billion for a China-Southeast Asia fund in five months last year , exceeding its target .
By contrast , smaller and newer funds spent an average of 22 months on the road and raised only 60 % of their goals , according to data from Bain and Preqin .
Baring Private Equity @ @ @ @ @ @ @ other firms with well-known names and track records that have successfully raised multibillion-dollar funds .
Blackstone closed a $ 7.1 billion real estate fund last year that was the biggest ever in that sector .
And few would bet against KKR & Co. being able to complete a $ 12.5 billion fundraising that it started for its fourth Asian buyout fund in November .
Meanwhile , sovereign wealth and pension funds started playing safe with their private equity investments a couple of years ago , leaving them with plenty of firepower .
The @ @ @ @ @ @ @ .
Less financially robust private equity firms may struggle to rescue cash-strapped portfolio companies as credit tightens .
Even bigger players are likely to reassess previously hot industries or regions .
Money has poured into Vietnam and Southeast Asian neighbors on bets that they would benefit as the trade war forced a supply-chain shift out of China .
The pandemic has put that thesis in doubt .
“ People are questioning the whole Southeast Asia-China nexus as a theme , ” said Winston Ma , a former executive sovereign wealth fund at China @ @ @ @ @ @ @ adjunct professor at New York University .
Chinese consumer companies , a magnet for private equity money in the past couple of years , are also likely to suffer a loss of favor .
Efforts to curb the coronavirus prompted restaurant chains from McDonald ’ s Corp. and Yum China Holdings Inc. ’ s KFC to shut outlets .
While giants such as Citic Capital Holdings Ltd. and Carlyle Group LP , which bought most of McDonald ’ s China business in 2018 , can ride out closures , other restaurants may not @ @ @ @ @ @ @ ’ t guarantee success .
As long as the pandemic lasts , it will be difficult for private-equity executives to visit potential investments , putting a damper on due diligence and limiting dealmaking .
For every great deal made by a cash-rich private equity firm during a financial crisis , there are others that came a cropper .
Finding the genuine bargains amid the rubble will be key .


washingtonpost--2020-03-19--Analysis | Trump Is Overhyping Unproven Coronavirus Drugs

“ Maybe not ” might be the most accurate part of that sentence .
Chloroquine , an older previously approved drug mostly used for malaria , hasn ’ t been approved for use in Covid-19 patients by the Food and Drug Administration .
The same goes for Gilead Science Inc. ’ s repurposed ebola treatment Remdesivir .
Neither are widely available to be prescribed to treat Covid-19 , and both require further testing before that will happen .
A treatment for the virus will be crucial to stopping its spread , but we aren ’ t nearly as close as @ @ @ @ @ @ @ These drugs are currently usable only under limited circumstances , via clinical trials , if a physician applies to the FDA for “ compassionate use ” for individual cases , and if physicians write a so-called off-label prescription in the case of chloroquine .
That ’ s as it should be .
Speed is essential in an outbreak , but shortcuts are dangerous .
These drugs are being discussed for a reason .
They ’ ve been around for a while , so their safety profile is better understood — or as Trump @ @ @ @ @ @ @ if things don ’ t go as planned , it ’ s not going to kill anybody .
When you go with a brand new drug , you don ’ t know that ’ s going to happen.
” That ’ s actually overstating things a bit ; negative effects can emerge when drugs are used more broadly or in different populations .
And while it ’ s true that the history of these drugs could justify a quicker approval , that won ’ t — and shouldn ’ t — happen until @ @ @ @ @ @ @ rigorous clinical trials .
Remdesivir is being tested in China right now , but those trials are still “ blinded.
” That means even the researchers involved haven ’ t seen data indicating the drug works , let alone shared it .
The proof that it works comes from essentially anecdotal evidence from a few patients .
Nothing more is due for at least a few weeks .
There have been positive news stories about the use of chloroquine in France , but they focus in large part on a tiny and poorly @ @ @ @ @ @ @ the limited evidence available is apparently enough to say that chloroquine “ could totally depress any time that we talk about ” referring to the length of the outbreak and that it “ is going to be available by prescription.
” Luckily , there were cooler heads in the room .
The guy who knows what he ’ s talking about , FDA Commissioner Stephen Hahn , clarified at the press conference that his agency is just taking a “ closer look ” at chloroquine and that a trial will be run .
@ @ @ @ @ @ @ and misleading statements , his message was that “ it ’ s important not to provide false hope , but to provide hope .
As a doctor , that ’ s how I come to this.
” That ’ s the right idea .
Everyone should hope that these drugs work , and they should be sped to market if they do .
But no one should be relying on them yet .


washingtonpost--2020-04-15--Analysis | Fastenal Is One Company That Got Pandemic Planning Right

Fastenal is little known outside of industrial circles , but it ’ s essentially in the business of supply-chain management , and it acted on the warning signs of the coronavirus crisis much faster than the federal government .
That ’ s partly a reflection of the nature of Fastenal ’ s supply chain , which is weighted heavily toward Asia , the first frontier of the outbreak .
Way back in January , as the spread of the virus forced China into lockdown , Fastenal began monitoring certain product lines to ensure a reliable flow of goods for its @ @ @ @ @ @ @ kicked off the earnings conversation .
This is around the time that an array of top government officials began warning of the risks the coronavirus posed to the U.S. , even as President Donald Trump publicly downplayed the threat and the prospect of upheaval to Americans ’ daily lives , according to a detailed report from the New York Times .
The initial focus of the administration ’ s coronavirus task force ( formally announced on Jan. 29 ) was on keeping infected Chinese people out of the U.S. , not on testing @ @ @ @ @ @ @ .
Procurement has since become the government ’ s biggest problem .
The federal stockpile of key medical equipment is woefully inadequate to address a pandemic on the scale of the coronavirus and governors across the country have been forced to compete against each other on the open market for masks and ventilators .
Fastenal , by contrast , has recent experience when it comes to a nimble rethinking of supply chains , thanks in part to Trump ’ s trade wars .
“ Quite frankly , after the tariffs became a thing @ @ @ @ @ @ @ for additional suppliers outside of China , ” CFO Holden Lewis said in a phone interview Tuesday .
“ I ’ d love to tell you we moved at lightning pace specifically related to the coronavirus , but we already had the platform in place that allowed us to react to this in the way that we have.
” The company ’ s Asian procurement and quality-control infrastructure has been in place for years .
Fastenal sounded internal alarms on Feb. 6 for all of its employees to prepare to marshal resources and @ @ @ @ @ @ @ protective-gear products it sells .
“ It ’ s an unforeseen problem , ” Trump said of the virus on March 6 as he signed an initial spending bill that included just $ 3.1 billion to stockpile medical supplies .
“ Came out of nowhere.
” Federal agencies largely waited until mid-March to begin placing bulk orders of N95 respirator masks , mechanical ventilators and other equipment needed by front-line health-care workers , according to a review of purchasing contracts by the Associated Press .
By that point , Fastenal had moved to @ @ @ @ @ @ @ and health-care products to critical industries to help ensure that the goods made it to the workers that needed them the most .
While the government has sporadically invoked the Defense Production Act to spur companies into ramping up the production of ventilators and masks , a concrete plan regarding the distribution of this vital equipment among the states was late in development and is still lacking .
Fastenal ’ s efforts to procure alternative sources of personal protective equipment and funnel goods to those most in need has meant that its supply @ @ @ @ @ @ @ CFO Lewis said on the earnings call Tuesday .
“ Right now we still have product that we ’ re going to be working through delivering throughout most of April.
” Ultimately , these efforts may even help the company bring in new business , CEO Florness said .
There are multiple examples of customers reaching out to the Fastenal ’ s sales team , saying “ ’ I get what your supply-chain resources are about more than ever from what I ’ ve seen firsthand over the last three weeks , ’ @ @ @ @ @ @ @ world would be like right now if governors were praising the Trump administration ’ s supply-chain resources rather than desperately pleading for needed goods and evaluating sending in the state national guard to protect shipments of masks from seizure by the federal government .
This is not the only front on which Fastenal has been ahead of the curve .
Like many other companies , it didn ’ t wait for federal government orders to implement social-distancing measures .
On March 6 , Fastenal canceled an annual sales event that was meant to @ @ @ @ @ @ @ deprived it of one of its biggest opportunities to ink new contracts for its onsite supply-chain services and vending machines — and it ’ s one reason why 2020 growth prospects are “ murky , ” Florness said .
But it was the “ prudent ” thing to do , he said .
The weekend of March 14 , the company closed off public access to its retail locations .
( 1 ) That Monday , March 16 , the Trump administration announced national guidelines to slow the spread of the coronavirus , @ @ @ @ @ @ @ people .
Fastenal has also expanded paid time-off for both full- and part-time employees to deal with coronavirus disruptions .
All of this hasn ’ t saved Fastenal from the coronavirus .
While sales of safety products jumped 31 % in March , revenue from Fastenal ’ s traditional fasteners business plunged 10.1 % as factories , amusement parks , retail outlets and schools shuttered .
On average , daily sales across the company increased 0.2 % in March , a marked drop from the 4.7 % pace in February .
And because @ @ @ @ @ @ @ contributed to the 110 basis-point drop in the first quarter in the percentage of sales Fastenal converts into gross profit .
Still , the coronavirus crisis is different than the 2009 recession because at least demand is increasing for some products .
April sales are down about 10.5 % to date , which is relatively mild in the scheme of things and encouraging ahead of results due later this month from companies such as 3M Co. and Honeywell International Inc .
While headcount may decline , Fastenal indicated that at this point , @ @ @ @ @ @ @ the magnitude they were back in 2009 .
The margin dislocation also will likely fix itself once demand for fasteners bounces back and the need for protective gear eases .
Fastenal may be leaving some money on the table when it comes to safety and cleaning products , but it put in strict pricing guidelines early on in the process “ because we ’ re more interested in getting through this and getting society through it and getting back to whatever the new normal is , ” Florness said .
In more ways @ @ @ @ @ @ @ that got pandemic planning right .


washingtonpost--2020-06-01--Analysis | Is the Worst of the Coronavirus Behind Us Now?

In France , the government is forging ahead with the reopening of bars , restaurants , museums , parks and cross-country travel after the first phase of “ deconfinement ” went much better than expected .
The daily increase in cases here averaged around 0.5 % last week , according to Bloomberg data , and the virus ’ s basic reproduction rate is below 1 , according to the French government and other estimates based on hospitalizations .
Elsewhere , Italy , Germany and Spain have also avoided serious flare-ups in cases and deaths as restrictions are eased .
It @ @ @ @ @ @ @ , which lifted lockdowns back in April .
Weekly confirmed cases show the continuation of a declining trend .
That ’ s despite people going out and about once again , albeit with face masks and hand gel , and a stay on big-crowd events for now .
Retail and recreational footfall in these countries , which was near zero during the lockdown , has recovered to around 50 % below the pre-crisis baseline , according to Google data .
In parks and public spaces , it ’ s back to normal .
@ @ @ @ @ @ @ Visions of a radically new society emerging from the rubble of Covid-19 may have to be rethought .
There ’ s no consensus yet on why things are going relatively well .
Some experts say the virus itself may have changed , possibly weakened by the summer heat or mutating into a more benign form .
Society has changed , too .
More social distancing , more handwashing and more testing and contact tracing are proving their worth .
Whatever the reason , doctors are increasingly voicing relief and optimism .
“ Of @ @ @ @ @ @ @ our guard , ” French medical professor Frederic Adnet said last week .
“ But right now , it ’ s as if the epidemic was behind me.
” On Friday , Christian Drosten , a virologist at the Charite University Hospital in Berlin , told Der Spiegel he was confident the outbreak could be kept under control without another lockdown : “ There is theoretically a possibility that we can forego a second wave.
” None of this means that the virus has disappeared .
Areas such as Latin America are still @ @ @ @ @ @ @ Organization says the strength of the virus in the developing world indicates we are globally still in the first wave , rather than past it .
Nor does it make sense for all countries to lift restrictions to the same extent .
Scientists in the U.K. , where daily case growth has been higher than in neighboring countries , have expressed concern about curbs being eased too fast .
It ’ s pretty unlikely we are anywhere near herd immunity , and if the virus is a seasonal one , a return in @ @ @ @ @ @ @ ruled out .
Still , countries in Europe are proving they can return to some semblance of normal life while containing the virus ’ s spread , and this is a very positive development .
We ’ re far better prepared to contain “ super-spreader ” events than at the beginning of the epidemic , when the virus thrived below the surface .
Earlier this month , more than 100 infections were traced to a service in a German church , which closed its doors as a result .
And economic activity is @ @ @ @ @ @ @ rational rally in financial markets .
Bank of America analysts expect key indicators to point to an expanding euro-zone economy by September at the latest .
If infections from the novel coronavirus or another one like it do spike again , we will have had more time to keep researching existing drugs for possible treatments , as well as working on the more distant goal of a vaccine .
The extra resources being poured into testing , medical research and hospitals should help us avoid the worst of both worlds — high excess @ @ @ @ @ @ @ — even if cases climb .
The scenario of this virus simply disappearing , perhaps in the way the 2003 SARS disease did , remains a dream .
Pandemics usually end when there aren ’ t enough people left to infect , or when human intervention — through vaccines , or brute-force measures such as isolation or quarantine — scores a decisive victory .
We ’ re not there yet .
But the feeling of getting closer is palpable , and worth relishing .


washingtonpost--2020-06-01--Analysis | We All Might Be Flying in Planes Again Soon

Happily for the industry , if not for the climate , the seemingly insurmountable barriers to air travel have begun to look less daunting .
“ We believe the worst is behind us , and we ’ re on the uptick , ” American Airlines Group Inc. ’ s boss , Doug Parker , said after a surge in travel over the U.S. Memorial Day holiday weekend .
But Parker is probably right to expect a continued recovery , at least on domestic and short-haul routes .
This won ’ t be enough to put debt-laden airlines on a secure @ @ @ @ @ @ @ probably won ’ t happen for a couple more years .
But , right now , a desperate industry will take any good news it can get .
The rigorous hygiene measures airlines have announced should go a long way toward restoring passenger confidence .
European budget carrier Ryanair Holdings Plc expects to operate at 40 % of normal capacity from July , and the way bookings are shaping up suggests those planes will probably be at least half full .
EasyJet Plc sees “ encouraging ” trends and notes that winter bookings @ @ @ @ @ @ @ of year , although part of that may be because people have refund vouchers to use and are rebooking cancelled trips .
Ryanair ’ s extensive summer flight schedule had seemed premature a couple of weeks ago , but the travel restrictions that kept Europeans from moving around the continent are being relaxed .
Starting in July , Spain is set to drop its requirement for international arrivals to quarantine for 14 days .
Britain imposed a similar rule but is under immense pressure to abandon it .
Travel between Europe and the @ @ @ @ @ @ @ , but even on this there are encouraging signs of political will to get people flying again .
Well , they will be soon .
It ’ s already possible to visit the Acropolis in Athens and St Peter ’ s Basilica in Rome .
Paris ’ s parks and museums are set to reopen from June .
The French capital is usually swamped with tourists at this time of year , so there ’ s an incentive for travelers to get there first .
Walt Disney World expects to reopen its Florida @ @ @ @ @ @ @ face masks and a ban on hugging your favorite Disney character .
I ’ ve written before about how things like wearing masks and having to ask permission to use the toilet will make flying even less enjoyable .
But these measures may make passengers feel safer .
For example , while the gowns and other personal protective equipment issued to Emirates ’ cabin crew are a little intimidating , they ’ re likely to put some nervous flyers at ease .
As with SARS almost two decades ago , there are understandable @ @ @ @ @ @ @ cabin , most likely from someone seated close by .
The evidence isn ’ t comprehensive or conclusive , but so far there are surprisingly few documented cases of this happening with Covid-19 .
Airline industry body IATA says it knows of only one case where a person transmitted the virus to more than one person on board .
Not surprisingly , plane manufacturers Airbus SE and Boeing Co. are studying the subject intensively .
There are other plausible reasons why flying might be safer than you ’ d think : The air @ @ @ @ @ @ @ , seats act as somewhat of a barrier and passengers don ’ t move around the cabin much .
Singing , yelling and talking loudly — contributors to so-called super-spreader infection events — are a big faux pas when you fly .
Many passengers would still prefer the middle seat to be empty , but as I ’ ve written before , unless ticket prices rise , that would severely hamper airlines ’ ability to break even .
Companies will probably take longer to get comfortable with the risk ( and potential liability @ @ @ @ @ @ @ .
About half the corporate clients American Airlines surveyed still have a travel ban , although that ’ s down from two-thirds at the peak of the crisis .
Millions of potential passengers have also lost their jobs and won ’ t feel able to splash out on holidays .
And then there are the psychological scars from the prolonged lockdown .
Being outside now feels a lot safer than being in any kind of confined space .
A staycation in a local Airbnb might feel preferable to getting on a plane .


washingtonpost--2020-06-01--Analysis | Covent Garden’s Owner Makes a Smart Move on Soho

Capital & Counties Properties Plc ( Capco ) is paying 436 million pounds ( $ 540 million ) for 26 % of Shaftesbury Plc , acquiring the stake from Hong Kong property tycoon Samuel Tak Lee .
For now , this is just a passive financial investment .
But there ’ s evident logic in a full merger of the two companies ’ estates covering London ’ s “ theater land ” and some of the city ’ s best-known retail and leisure districts .
The investment uses much of Capco ’ s carefully harvested borrowing capacity and could prove @ @ @ @ @ @ @ in particular , suffers further waves of the novel coronavirus .
That said , the price , 41 % below Shaftesbury ’ s share price in mid-February , already assumes a severe degradation in rents .
Social-distancing measures imposed by the pandemic will hit retail and leisure this year and probably next ; new remote-working habits may also stick .
But the idea that worker and visitor numbers in these prime London areas will fall lastingly looks pessimistic .
Meanwhile , Capco gains a blocking stake that could thwart the ambitions of any @ @ @ @ @ @ @ and other Soho landmarks .
If Capco tries to nab the rest of the company , Shaftesbury ’ s board will struggle to pull in friendly counterbidders to push the price up .
For Ian Hawksworth , Capco ’ s chief executive officer , the potential benefits appear to justify the risks .
But Capco ’ s gains come at the expense of Shaftebury ’ s minority shareholders .
True , the stake-seller Lee was suing the company over a fundraising in 2017 , and this dispute with the main shareholder was a @ @ @ @ @ @ @ main rival and potential merger partner , gaining a blocking stake is arguably worse .
Shaftesbury could have avoided this by snapping up Lee ’ s shares itself , effectively conducting a massive buyback — or stage-managing the distribution of all or part of the stake to its existing shareholders .
But that would have required a common approach between the seller and the company , which would have been hard with the backdrop of litigation .
The lawsuits have now been dropped .
A full merger is the logical next step .
@ @ @ @ @ @ @ is at least mitigated by the significant overlap in the two registers , with Norway ’ s Norges Bank acting as kingmaker with 15 % of Capco and another 26 % of Shaftesbury .
But Shaftesbury ’ s board has other investors to look after too .
This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners .
Chris Hughes is a Bloomberg Opinion columnist covering deals .
He previously worked for Reuters Breakingviews , as well as the Financial Times and the Independent newspaper @


washingtonpost--2020-03-04--Analysis | Starting to Feel Like China’s Got a Handle on Things?

In China , this is the sector most affected by the outbreak .
For one , these companies don ’ t have much sway over the supply chain , even for items as simple as face masks and hand sanitizer .
Large corporations such as Apple Inc. supplier Foxconn Technology Co. have started their own mask assembly lines just to meet its workers ’ needs .
That option simply isn ’ t available if you are sub-scale .
And while bigger companies are largely back in operation , two-thirds of smaller ones still couldn ’ t get their employees to @ @ @ @ @ @ @ to Beijing ’ s own government briefing .
The situation could be even more dire in the U.S. , where small and medium-size businesses are less profitable and more indebted .
In its latest global financial-stability assessment , the International Monetary Fund found that while Chinese SMEs remain highly profitable — and large , state-owned enterprises are economic drags — the situation is just the opposite in the U.S. American SMEs are in the worst financial shape among countries in the survey , which looked at more than 1.3 million companies across major @ @ @ @ @ @ @ SME corporate debt is issued by borrowers that don ’ t make enough profit to cover their annual interest payments .
In times of distress , it ’ s unclear that banks and the private-loan market will allow smaller businesses to refinance .
Welcome to China , where bureaucrats are now forcing their banks to extend loans to SMEs .
In addition to cutting the new benchmark rate , the People ’ s Bank of China has set up a re-lending facility aimed at smaller businesses , dictating that banks must not issue @ @ @ @ @ @ @ generous level considering the loan prime rate — that is , the rate banks offer to their best corporate clients — is 4.05 % .
Meanwhile , to get the financial plumbing going , Beijing is tweaking all sorts of rules , making it easier for companies to issue bonds and raise funds via equity follow-on offerings .
To prop up its credit markets , banks ’ wealth-management units no longer require first-time retail investors to go into local branches for in-person risk assessments .
You can just open accounts online and start @ @ @ @ @ @ @ and ETFs raised over 100 billion yuan ( $ 14.4 billion ) , the most since June , 2018 , which has helped China ’ s stock market stage a V-shaped rebound .
I ’ m not saying that China is doing everything right , and many of its emergency policies could become additional risks to financial stability .
But you ’ ve got to give Beijing credit for being creative and throwing the kitchen sink at the virus .
The Fed , meanwhile , comes across as ambiguous and hesitant .
At @ @ @ @ @ @ @ Powell described the current policy stance as “ appropriate , ” and that future changes depend on “ the flow of events ” and “ a range of things.
” Last September , when the Fed somehow botched a critical market rescue operation — its first overnight repurchase agreement operation in a decade — traders in China were perplexed .
Open market operations have become commonplace in the mainland , and the central bank is designing sophisticated , new tools to help its banks shore up capital and guide them to targeted lending @ @ @ @ @ @ @ kill the virus and are only likely to benefit the rich and powerful .
That ’ s probably why Bernie Sanders ’ s populist message is resonating with small business owners in the aftermath of the global financial crisis .
The Fed needs to get creative and more targeted in its market rescue .


washingtonpost--2020-03-04--Starting to Feel Like China’s Got a Handle on Things?


washingtonpost--2020-03-04--Analysis | What You Need to Know About the Spreading Coronavirus

It has been described as “ insidious ” because many infected people are well enough to go about their daily business , unwittingly spreading it to others .
In some people the coronavirus can cause much more serious illness than influenza , even if it doesn ’ t spread as easily , according to the head of the World Health Organization .
The coronavirus fatality rate is about 3.4 % based on globally reported cases , he said on March 3 .
The fatality rate for seasonal flu is far lower , about 0.1 % .
In general , such @ @ @ @ @ @ @ of an outbreak .
Some disease-modeling experts project as many as hundreds of thousands of people are actually infected , most of whom don ’ t even know they have it .
One study published Feb. 10 estimated a mortality rate of 1 % once all cases , including those with no or only mild symptoms , are counted .
A related coronavirus killed 9.5 % of patients in the 2002-2003 epidemic of severe acute respiratory syndrome , or SARS , and another known as MERS-CoV has led to death in 34 % @ @ @ @ @ @ @ .
In those outbreaks , however , the viruses didn ’ t transmit from one person to another as efficiently as this new one appears to do .
Certainly , they didn ’ t spread as widely as fast .
In the worst pandemic in recent history , an estimated 50 million people died in the 1918 influenza pandemic that had a case-fatality ratio of about 2 % but infected as much as a third of the world ’ s population .
Symptoms begin to appear on average five to six days after @ @ @ @ @ @ @ mild illness lasting about two weeks in children , adolescents and younger adults in most cases , and potentially more severe disease lasting three to six weeks in older people .
Frequently reported early signs are fever , dry cough , tiredness and sputum production -- but not the sneezing and runny nose typical of a cold .
In severe cases , studies suggest the virus invades cells in the lower respiratory tract and migrates to the lungs , causing difficulty breathing and the inflammation and congestion associated with pneumonia .
In an @ @ @ @ @ @ @ of hospitalized patients developed a complication known as acute respiratory distress syndrome .
Many of the fatalities have been in patients with underlying illnesses such as cardiovascular disease .
A Chinese study of 72,000 cases found most deaths occurred in patients over 60 years old .
Of all confirmed cases , 81 % were mild , 14 % were severe and 4.7 % critical .
By coming into contact with virus-containing droplets that are emitted when an infected person breathes , talks , coughs or sneezes , according to the WHO ’ s @ @ @ @ @ @ @ droplets can be transferred directly to someone else in close proximity or via hands and surfaces .
How long it survives on surfaces is still not known , but preliminary studies suggest coronaviruses may remain infectious from a few hours to a few days .
Simple disinfectants kill it .
There ’ s a theoretical risk the virus can spread through feces or farther through the air in tiny particles known as aerosols .
People who are still incubating the virus and show no symptoms may spread it .
Health authorities are increasingly @ @ @ @ @ @ @ community spread , where the virus begins circulating freely among people outside of known contacts with other patients .
Epidemiologists try to gauge contagiousness by estimating the number of additional people a person who is infected is likely to infect .
That measurement , called a basic reproduction number or r0 ( pronounced “ r naught ” ) , is one indicator of how difficult an epidemic is to control .
A study of an outbreak aboard a cruise ship concluded that the r0 for Covid-19 was 2.28 .
That would make it @ @ @ @ @ @ @ group from the Chinese Academy of Sciences in Beijing estimated the r0 at 4.08 in late January .
Coronaviruses are named for their crown-like shape .
There ’ s a large family of them , responsible for diseases that range in severity from the common cold to MERS .
Some transmit easily from person to person , while others do not .
The WHO says that new strains emerge periodically around the globe , and several known versions are circulating in animals and haven ’ t infected humans .
The virus emerged in @ @ @ @ @ @ @ city of 11 million and capital of Hubei province .
Early attention focused on a seafood market where live animals were also sold , but about a third of the first 41 cases were found to have no link to it .
The viral genome is closely related to several coronaviruses found in bats .
Diseases transmissible from animals to humans , sometimes referred to as “ zoonoses , ” comprise a large percentage of all newly identified infectious diseases .
There is always concern when a new human pathogen emerges because people @ @ @ @ @ @ @ usually aren ’ t specific treatments or vaccines available .
Novel coronaviruses -- those unseen in humans before -- represent a particular concern because they have been known to spark complicated outbreaks that have sickened thousands of people , as SARS did as it swept across the globe from southern China .
In Hubei , thousands of people have been hospitalized in isolation wards and hundreds are being treated in intensive care units , creating what officials there have described as an “ extreme , severe and abrupt public health crisis.
” While @ @ @ @ @ @ @ Korea , Italy , Iran and Japan , it still isn ’ t clear how deadly the disease will be .
The last pandemic , an outbreak of a new strain of H1N1 flu in 2009 , infected an estimated 61 million people in the U.S. alone and may have killed as many as 575,000 people worldwide in the first year it circulated , with about 80 % of them younger than age 65 , according to the U.S. Centers for Disease Control and Prevention .
In contrast , the risk of death @ @ @ @ @ @ @ as from seasonal flu , appears to be highest in the elderly .
China ’ s government imposed a quarantine on Wuhan and more than a dozen other cities in the region that ’ s keeping some 50 million people mainly at home .
New hospitals were built from the ground up in days , and the production of medical equipment ramped up .
The WHO declared the outbreak a global health emergency , a designation that can help mobilize international responses .
The U.S. , Australia , India and other countries were @ @ @ @ @ @ @ from China in an attempt to stop the virus ’ s spread .
Various countries have also restricted travel to and from other countries where the outbreak has accelerated , including South Korea , Italy and Iran .
President Donald Trump appointed Vice President Mike Pence to lead the federal response in the U.S. as local governments stepped up preparations .
The WHO asked donors for $ 675 million , mainly to help poor countries deal with the epidemic .
With Covid-19 showing up in more countries , health officials began to switch @ @ @ @ @ @ @ preparing for it .
Early praise for China ’ s response has ebbed .
The country did not immediately release genetic information about the virus and has struggled to explain changes in the way it counts new cases .
In a nation where the internet is heavily censored , there was a rare outpouring of social media fury over the death from the virus of a Chinese doctor who had waved an early red flag about the outbreak but was silenced by police .
The top officials in Wuhan and Hubei were later @ @ @ @ @ @ @ ’ s strict quarantine likely bought the rest of the world two to three weeks to prepare for the virus and averted many infections , according to the WHO .
Reductions in travel , business closures and disruptions in supply chains have slowed economic activity , especially in China and among its many trading partners .
The Organization for Economic Cooperation and Development warned that the Covid-19 crisis posed the “ greatest danger ” to the world economy since the financial crisis more than a decade ago .
With global growth already on @ @ @ @ @ @ @ , the group said a “ longer lasting ” outbreak could result in recession-like expansion of just 1.5 % this year .


washingtonpost--2020-03-04--Analysis | Do Masks Work? What We Know About Coronavirus Transmission

In its first major report on the Covid-19 outbreak , the WHO said the virus spreads in respiratory droplets -- spatters of liquid that are sometimes visible to the naked eye -- forcefully expelled from an infected person ’ s cough or sneeze .
These are usually heavy enough to fall immediately to the ground or surrounding surfaces .
Infection could occur if the droplets reach the mouth , nose or possibly the eye of someone nearby , perhaps from an unwashed hand that ’ s touched a so-called fomite -- an inanimate object or material , such as clothing @ @ @ @ @ @ @ avoiding close contact with anyone who has a fever and a cough or other respiratory symptoms .
That means keeping at least 1 meter ( 3 feet ) from a sick person and avoiding shaking hands , hugging and kissing people with the symptoms .
How long the Covid-19 virus survives on surfaces is not known , but preliminary studies suggest coronaviruses may remain infectious from a few hours to a few days .
Simple disinfectants kill it .
When people sneeze , cough or even breathe , they also emit particles so @ @ @ @ @ @ @ the ground , these aerosols can float for a time through the air .
When a virus is carried by such particulates , its odds of infecting people are higher because of the potential for them to be inhaled .
According to the WHO report , this method of transmission has not been reported for Covid-19 , though it “ can be envisaged ” in health-care facilities conducting procedures such as tracheotomy and airway suction that can generate aerosols .
This would suggest that in some circumstances medical workers require extra precautions .
@ @ @ @ @ @ @ face masks are for the hordes of regular people rushing out to buy them .
“ Masks will be of benefit only because they stop you from putting contaminated fingers in your mouth , ” said John Nicholls , a professor of pathology at Hong Kong University who was part of the research team that isolated and characterized the coronavirus responsible for the 2002-2003 epidemic of severe acute respiratory syndrome , or SARS .
The confusion has prompted shortages of protective gear from face masks to surgical gloves to hand sanitizer , and @ @ @ @ @ @ @ Another possible route of transmission is infected people improperly washing their hands after using the toilet , and then touching surfaces that come in contact with healthy people .
Some patients have been found to have live virus particles in their stool .
The WHO said in its report that the fecal-to-oral route does not appear to be a significant pathway for the novel coronavirus .
To the extent it is a means of transmission , sanitizing bathrooms , food-preparation and serving areas could help slow the virus , in addition to regular @ @ @ @ @ @ @ be a source of infection , especially if they have been contaminated by an infected person ’ s respiratory secretions or feces .
In recognition of that risk , Chinese health officials recommend measures to strengthen sanitation and hygiene in epidemic areas .
These include drinking boiled water , avoiding eating raw food , washing hands frequently , disinfecting toilets , and preventing water and food from being contaminated by patients .


washingtonpost--2020-03-04--Analysis | Hong Kong’s Helicopter Money Struggles for Lift

The liberal handout is seen by some analysts as a weapon that even large economies could deploy to fight the corrosive effects of the disease on supply chains and consumer demand .
Global interest rates are too low to cut much further .
And since governments never have enough shovel-ready projects to quickly ramp up spending , it ’ s perhaps best to give people cash to stimulate activity , especially when the virus itself can hinder mobilizing men and materials .
Even so , Hong Kong isn ’ t a global exemplar of a money-financed tax cut .
“ @ @ @ @ @ @ @ Friedman evocatively termed it , requires monetary and fiscal policies to work together .
But since Hong Kong pegs its currency to the U.S. dollar by forsaking its own monetary policy , it doesn ’ t have a chopper to send up .
People will expect the HK $ 71 billion bill of Chan ’ s largesse to eventually come to them , to be settled by drawing down the city ’ s HK $ 1.1 trillion of accumulated fiscal wealth .
That may see off the current challenge .
But what if @ @ @ @ @ @ @ a prolonged downturn ?
As one of the world ’ s top financial centers , Hong Kong can ’ t deplete its wealth and risk its high credit rating .
Hence , when transfers from the government start hitting their bank accounts this summer , the 7 million people who get them won ’ t be able to shake the feeling that they ’ re loans , to be returned one day via higher taxes .
Should they save some of the money , then , and defeat the whole point of Chan @ @ @ @ @ @ @ city doesn ’ t tax consumption , and charges a maximum rate of 17 % on incomes .
Its fiscal dependence on land premiums and stamp duties ( and hence , property prices ) is a millstone .
Rival Singapore is also opening its purse-strings to fight the coronavirus .
It has a better-diversified revenue stream , including a more progressive income tax ( top rate of 22 % ) ; a 7 % goods and services tax that ’ s set to rise to 9 % by 2025 ; casino levies ; @ @ @ @ @ @ @ and state investment firm .
Hong Kong is hemmed in .
Chan is predicting a record budget shortfall of HK $ 139 billion for the coming 12 months .
He expects deficits in the future , too .
The city ’ s accumulated reserves are projected to fall to HK $ 937 billion by March 2025 , enough to finance 15 months of government expenditure .
In March 2018 , it had dry powder for 28 months of spending .
But the economy , hit hard by anti-government protests , shrank last year @ @ @ @ @ @ @ recession , the coronavirus arrived .
This raid on past wealth can ’ t go on indefinitely .
In a post-budget Bloomberg Television interview , Chan said that revenue-raising measures including consumption taxes are up for discussion .
“ Hong Kong has been famous for a very simple and low tax system , ” he said .
“ I ’ m going to invite scholars , business sector and tax experts to work together with us as to the appropriate response.
” A Singapore-style GST is something Hong Kong has contemplated before .
@ @ @ @ @ @ @ levy on consumption will be regressive .
It will hit the poor more than the rich in a society plagued by income inequality .
Singapore , too , has a wealth divide , but it has put together an elaborate system of returning cash to the less affluent , a task made easier by the fact that , unlike Hong Kong , most Singaporeans live in public housing .
The apartment size becomes a tool for means testing .
Hong Kong , meanwhile , is just about managing to use some social transfers @ @ @ @ @ @ @ and housing — to mitigate the in-built disparity of earnings .
A regressive GST could see those gains vanish .
That ’ s bound to trigger fresh backlash .
Another idea could be to use investment returns on past surpluses to finance future giveaways .
The more than HK $ 90 billion of unspent balances tied up in special-purpose funds could also be deployed better .
In the absence of structural changes , the only way Hong Kong can sustain generous handouts without compromising tax competitiveness is to keep apartment prices high and @ @ @ @ @ @ @ Since there isn ’ t much more scope left in Hong Kong island and in Kowloon , attention will shift to controversial new projects like Lantau Tomorrow , a HK $ 624 billion plan that involves building artificial islands over 1,000 hectares of reclaimed land .
Unaffordable housing also breeds inequality and angst .
But once a government has decided to ride a property tiger , it can ’ t get off .
Larger economies can experiment with helicopter money .
Hong Kong can only throw down cash from condominium roofs , hoping @ @ @ @ @ @ @ will keep people dreaming of owning one .


washingtonpost--2020-06-13--Analysis | What to Know About Juneteenth

The holiday gets its name from June 19 , 1865 .
That ’ s the day the Union army arrived in Galveston , Texas , to announce that all African-American slaves in the state were free in accordance with President Abraham Lincoln ’ s Emancipation Proclamation .
The state was the last in the Confederacy to receive word that the Civil War was over and that slavery had been abolished , and the last where the federal Army established its authority .
As early as 1866 , freed African Americans in Texas held a celebration on the date to commemorate @ @ @ @ @ @ @ families emigrated from the southern U.S. after the Great Depression , observance spread throughout the country .
In 1968 , shortly after Martin Luther King Jr. ’ s assassination , his Poor People ’ s Campaign held a Juneteenth Solidarity Day , giving the holiday a new prominence in the civil rights movement .
In 1980 , the Texas legislature made it an official state holiday .
Currently , 46 states and the District of Columbia mark the occasion as a holiday or a day of observation .
But the holiday was still @ @ @ @ @ @ @ black community that the television show “ Black-ish ” could build an episode around how few of the show ’ s white characters had heard of it .
In recent years , a number of Juneteenth commemorations were tied to themes raised by Black Lives Matter , a protest movement that was founded in response to police killings of African Americans .
Black Lives Matter protests erupted around the nation in recent weeks after George Floyd died at the hands of police officers in Minneapolis on May 25 .
He announced plans to @ @ @ @ @ @ @ , on that day .
He hasn ’ t had an in-person rally since lockdowns were imposed to limit the coronavirus pandemic ’ s spread in March .
The move sparked an immediate reaction .
The choice of the date and the city riled both historians and African Americans for what they see as insensitivity to racial issues .
In 1921 white rioters attacked a predominately black district in the city , Greenwood , killing up to 100 black residents and destroying hundreds of buildings .
It ’ s considered the worst incident @ @ @ @ @ @ @ Trump said in an interview with Fox News on Thursday that his campaign didn ’ t intentionally choose Juneteenth as the date for the rally .
Late Friday night , he tweeted that “ Many of my African American friends and supporters have reached out to suggest that we consider changing the date.
” He said that “ out of respect for this Holiday , ” the rally would be moved to the 20th .
Paris Dennard , senior communications adviser for black media affairs at the Republican National Committee , had said @ @ @ @ @ @ @ discussed the Greenwood massacre with Trump at a White House meeting last week .
Trump told him he had recently read about the incident .
Dennard said that he raised Tulsa with the president as an example of economic destruction and how long it could take black communities to recover from riots and looting .
Jack Dorsey made both Juneteenth a formal company holiday at both Twitter Inc. and Square Inc. , both of which he leads .
Vox Media Inc. , Nike Inc. , the New York Times and the National Football @ @ @ @ @ @ @ Inc. said it plans to cancel meetings that day for a “ day of learning ” about the experience of black Americans .
MasterCard said it would give employees the day off and encouraged them to educate themselves about the history of racism in America or volunteer with a civil rights organization .
Twitter , in particular , has publicly leaned into the Black Lives Matter movement , changing the bio for its corporate Twitter account , where it has 58 million followers , to # BlackLivesMatter and changing its account photo to @ @ @ @ @


washingtonpost--2020-06-15--Analysis | What to Know About Juneteenth

The holiday gets its name from June 19 , 1865 .
That ’ s the day the Union army arrived in Galveston , Texas , to announce that all African-American slaves in the state were free in accordance with President Abraham Lincoln ’ s Emancipation Proclamation .
The state was the last in the Confederacy to receive word that the Civil War was over and that slavery had been abolished , and the last where the federal Army established its authority .
As early as 1866 , freed African Americans in Texas held a celebration on the date to commemorate @ @ @ @ @ @ @ families emigrated from the southern U.S. after the Great Depression , observance spread throughout the country .
In 1968 , shortly after Martin Luther King Jr. ’ s assassination , his Poor People ’ s Campaign held a Juneteenth Solidarity Day , giving the holiday a new prominence in the civil rights movement .
In 1980 , the Texas legislature made it an official state holiday .
Currently , 46 states and the District of Columbia mark the occasion as a holiday or a day of observation .
But the holiday was still @ @ @ @ @ @ @ Black community that the television show “ Black-ish ” could build an episode around how few of the show ’ s White characters had heard of it .
In recent years , a number of Juneteenth commemorations were tied to themes raised by Black Lives Matter , a protest movement that was founded in response to police killings of African Americans .
Black Lives Matter protests erupted around the nation in recent weeks after George Floyd died at the hands of police officers in Minneapolis on May 25 .
He announced plans to @ @ @ @ @ @ @ , on that day .
He hasn ’ t had an in-person rally since lockdowns were imposed to limit the coronavirus pandemic ’ s spread in March .
The move sparked an immediate reaction .
The choice of the date and the city riled both historians and African Americans for what they see as insensitivity to racial issues .
In 1921 , White rioters attacked a predominately Black district in the city , Greenwood , killing up to 100 Black residents and destroying hundreds of buildings .
It ’ s considered the worst @ @ @ @ @ @ @ .
Trump said in an interview with Fox News on Thursday that his campaign didn ’ t intentionally choose Juneteenth as the date for the rally .
Late Friday night , he tweeted that “ Many of my African American friends and supporters have reached out to suggest that we consider changing the date.
” He said that “ out of respect for this Holiday , ” the rally would be moved to the 20th .
Paris Dennard , senior communications adviser for Black media affairs at the Republican National Committee , had @ @ @ @ @ @ @ had discussed the Greenwood massacre with Trump at a White House meeting last week .
Trump told him he had recently read about the incident .
Dennard said that he raised Tulsa with the president as an example of economic destruction and how long it could take Black communities to recover from riots and looting .
Jack Dorsey made Juneteenth a formal company holiday at Twitter Inc. and Square Inc. , both of which he leads .
Vox Media Inc. , Nike Inc. , the New York Times , J.C. Penney Co. , @ @ @ @ @ @ @ Quicken Loans and the National Football League all followed suit , while Facebook Inc. said it plans to cancel meetings that day for a “ day of learning ” about the experience of Black Americans .
MasterCard said it would give employees the day off and encouraged them to educate themselves about the history of racism in America or volunteer with a civil rights organization .


washingtonpost--2020-06-15--Analysis | To Fight Covid-19, Get a Flu Shot

One essential strategy to minimize Covid-19 ’ s potential second wave and keep the economy going as much as possible until there is a Covid-19 vaccine is to boost the rate of flu vaccination in the U.S .
This can help build the infrastructure and experience that will be needed to inoculate millions of people against the coronavirus , once those vaccines become available .
More important , it can enable the U.S. health-care system to continue focusing on patients with Covid-19 .
Seasonal flu , after all , is one infectious disease that doctors are able to minimize through @ @ @ @ @ @ @ season , hundreds of thousands of people are hospitalized with the flu , and 12,000 to 61,000 die .
It ’ s always important to minimize this toll — but this fall , more than ever .
The nightmare scenario would be an exceptionally severe flu season arriving along with Covid-19 .
Normally , the U.S. fails to meet public-health goals for flu vaccination .
During the 2018-19 season , only 45.3 % of adults got a flu shot .
That is above average but below the 70 % target set by the @ @ @ @ @ @ @ 2020 .
The CDC ’ s immunization advisory committee recommends universal flu vaccination to cut individual and population risk , and sees 70 % in the general population as an “ ambitious but achievable ” goal .
Children and older adults are more likely than young adults to be vaccinated , but the U.S. misses its targets in those populations , too .
Rates are also lower among black and Hispanic Americans — populations that have been hit especially hard by Covid-19 .
Fortunately for public health , all the hand washing , @ @ @ @ @ @ @ are practicing to prevent Covid-19 will help reduce flu infections , too .
Boosting the flu vaccination rate would improve the picture much more .
As always , some people will worry that there are risks in getting the flu vaccine .
Or they will say it doesn ’ t work , so why bother ?
It ’ s true that the vaccine is never perfectly protective — and its efficacy varies year to year — but it consistently reduces the severity of flu infections , and thus hospitalizations .
And side effects @ @ @ @ @ @ @ the injection site are extremely rare .
An enduring misconception is that the flu vaccine causes influenza .
It doesn ’ t .
Efforts to communicate the value of vaccination — especially for health-care workers — should be made broadly , starting now .
This year , the case for vaccination is stronger than ever , and Americans need to hear it from the CDC , state and local public-health authorities , and political leaders .
Vaccines are especially important in risky environments such as classrooms .
School districts should require children to @ @ @ @ @ @ @ , just as they are required to be vaccinated against measles .
Employers , too , should institute vaccine mandates especially for those working in dense , high-contact environments .
Yes , some people would object , but a certain amount of controversy may be the price of protection .
People also need to be assured that they can be inoculated in places where they are safe from contracting Covid-19 .
State and local governments should open dedicated vaccination sites , perhaps coexisting with Covid-19 testing tents and drive-through centers , and advertise @ @ @ @ @ @ @ the internet , direct mail and telephone .
This would help accommodate people who have no primary-care doctor or easy access to vaccination at a workplace or college campus .
This infrastructure could be repurposed for the rapid distribution of Covid-19 vaccines when they exist .
Who will pay for all these shots ?
Federal law requires health insurers to pick up the cost of annual flu vaccination , as Medicare does .
But Medicaid vaccine coverage varies by state .
And as unemployment has shot up during the pandemic , millions have @ @ @ @ @ @ @ especially , it ’ s important for states and the federal government to work together to make shots free or at least very inexpensive for the uninsured .
( Given the urgency , it might even make sense to provide cash incentives for vaccination in some neighborhoods . )
There are many ways to prepare for an autumn surge in Covid-19 — from strengthening public-health efforts to track outbreaks to stocking up on personal protective equipment for health-care workers .
No strategy should be overlooked , especially not a tried-and-true approach to minimizing @ @ @


washingtonpost--2020-06-13--U.S. Cases Climbed 1.4%; Washington State Warning: Virus Update

The uptick is probably tied to Memorial Day activities and not recent protests , the department said .
However , The trend “ will lead to increasingly explosive growth in cases and deaths if not contained , ” according to the report .
The counties in the region may need efforts to expand hospital capacity and testing , it said .
Cases in the U.S. increased by 28,312 from the same time Friday to 2.06 million , according to data collected by Johns Hopkins University and Bloomberg News .
The 1.4 % jump was above the average daily increase of @ @ @ @ @ @ @ and the highest so far in June .
Deaths rose 0.8 % to 115,059 .
At Penn Station , the hub for the Long Island Rail Road and Amtrak , weekday traffic posted a similar gain to an average of 15,430 , down from the year ’ s high of about 166,000 in January .
Subway ridership at Grand Central Terminal , which serves points north of the city , rose 15 % from the week before , to an average of 13,248 , less than a 10th of its 2020 peak .
@ @ @ @ @ @ @ “ we won ’ t find ourselves in front of any surprises , in October we may have a vaccine , ” he said .
The aim is for pharmaceutical companies and the relevant authorities worldwide to be sure the vaccine is safe and effective when it ’ s ready , Bourla said .
Italy registered 346 new cases Saturday , compared with a daily average of 274 this month through Friday .
The country had a one-day peak of 6,557 on March 21 .
A total of 236,651 cases have been reported @ @ @ @ @ @ @ death toll rose to 34,301 with 55 fatalities on Saturday .
About 61 % of new cases were reported in Lombardy , the virus epicenter in Italy ’ s north that includes Milan .
Germany had 572 new cases in the 24 hours through Saturday , bringing the total to 187,263 , according to data from Johns Hopkins University .
That compares with 169 the previous day and almost 7,000 at the peak in late March .
The number of deaths was 16 after 20 the previous day .
The seven-day reproduction number @ @ @ @ @ @ @ Koch Institute .
It said the R-value should be interpreted with caution due to the low case numbers .


washingtonpost--2020-06-15--Analysis | Don’t Give Trump His Transatlantic Trade War

That ’ s led the European Union , which already has its hands full trying to rebuild trust among its own members , to give up pretending a positive trade breakthrough with the Americans is on its way .
After a year of fraught talks over a very limited trade deal , Phil Hogan , the EU ’ s top trade official , last week blamed the U.S. ’ s “ preelection phase ” for talks stalling .
While not a shock — the chances of a deal were once put at fifty-fifty — Hogan had been optimistic about “ @ @ @ @ @ @ @ January .
In the short term , the risk is that an already destructive relationship gets worse .
It ’ s surreal to wage a trade war when world trade volumes could fall by almost one-third in 2020 .
But that ’ s exactly what the U.S. and EU seem destined to do .
After the most recent salvo in a long-running spat over aircraft subsidies in which the Trump administration last year slapped tariffs on everything from Italian Parmesan to Spanish olives , it will be the EU ’ s turn to @ @ @ @ @ @ @ .
Even if the far bigger economic pain right now is virus-related , it ’ s still bad news for a transatlantic market that ’ s historically enjoyed the world ’ s deepest economic relationship , covering the equivalent of one-third of global GDP , according to Bart Oosterveld at the Atlantic Council , a think tank .
But as Europeans weigh how hard to hit back , depending on an expected go-ahead by the World Trade Organization , they should bear in mind the possibility that — judging by Joe Biden ’ @ @ @ @ @ @ @ of these tariff spats could be out of the picture in just a few months .
As bad as things look now , there is hope that ties can be repaired .
A tariff truce would be low-hanging fruit for any future U.S. administration wanting to reengage with European allies .
Trump ’ s taxes on European goods have done little to extract meaningful concessions or close the bilateral trade gap .
Beyond the risible language , his threat to hit German cars with tariffs in the name of “ national security ” @ @ @ @ @ @ @ perennial American trade demands such as opening up access to its agricultural market .
The menace has alienated allies while receiving no noticeable support from domestic automakers in the U.S .
If the bigger trade threat to the U.S. is China , and Biden ’ s own comments suggest that it is , it would surely make sense to work with Europe instead .
A common goal could be to reform the WTO to better tackle potential trade distortions from state-owned enterprises and intellectual property theft .
Brussels ’ s own grievances with @ @ @ @ @ @ @ “ systemic rival ” because of practices such as state subsidies , technology transfers and hefty protectionism — have put it on the same side as the U.S. on these issues , even if the bloc has taken a less hawkish path on topics such as fifth-generation wireless networks .
This isn ’ t to say that all trade tensions began with Trump and will end with his presidency .
Even under Barack Obama , Europeans and Americans found themselves in deep disagreement on trade norms , extra-territorial sanctions and the regulation of @ @ @ @ @ @ @ will probably want to protect , whoever ’ s in charge .
Voter consensus has shifted against free-market globalization in both continents , making a big trade deal less likely than ever .
Sino-American competition will likely keep pushing Europe to assert itself on the world stage .
Still , it would serve Europe to keep an eye on what could change for the better in its U.S. relationship .
Perhaps later this month , when the WTO is expected to approve tariffs that the EU can impose in the fight over aircraft @ @ @ @ @ @ @ hope for a thawing of relations by deferring punishment to a later date .
Covid-19 is the bigger emergency ; it makes no sense for Boeing Co. and Airbus SE to keep trading blows when the entire aerospace industry needs a lifeline .
It could be the first constructive step toward defusing trade tensions ahead of the potential arrival of a President Biden — or a new card to play if Trump wins reelection .