washingtonpost--2020-04-23--Analysis | Why It’s So Hard to Overthrow the Mighty U.S. Dollar

Because of its sheer prevalence .
The U.S. currency is on one side of almost 90 % of foreign-exchange transactions and accounts for two-thirds of international debt .
Virtually all international trades in oil are priced in dollars .
Jean-Claude Juncker , the former president of the European Commission , said it was “ absurd ” that 80 % of Europe ’ s energy imports are priced in dollars .
The greenback ’ s ubiquity makes nations beholden to fluctuations in its value , ties their economies to decisions made in Washington and serves to amplify dangerous shocks to the @ @ @ @ @ @ @ by the pandemic .
When the financial world is teetering , investors view the U.S. currency as the safest haven , even more so than gold , the yen or the Swiss franc .
As the grim economic implications of the virus outbreak strained markets in March , demand for the dollar soared , pushing other currencies lower .
Countries with significant debt denominated in dollars suddenly faced higher repayments just as they were confronted with looming recession .
Banks — wary of lending to other banks during the eye of a financial @ @ @ @ @ @ @ pushing gauges of funding stress to their highest levels in more than a decade .
It was the Fed ’ s actions that prevented dollar shortfalls turning into currency crises .
Ask Iran and Russia .
The central role that U.S. banks and the dollar play in the global economy means that American politicians can exert leverage by imposing sanctions on countries , people or companies .
Violators might see their American-based assets blocked or lose the ability to move money to or through accounts held in the U.S. A spate of such @ @ @ @ @ @ @ de-dollarization.
” As President Vladimir Putin put it : “ We aren ’ t ditching the dollar , the dollar is ditching us.
” The U.S. currency has dominated since the end of World War II , when world leaders met at Bretton Woods , New Hampshire , to establish a system to manage foreign exchange and linked their currencies to the dollar .
The push to dial back the greenback has its origins partly in the 1998 currency crisis , when Asian nations got caught borrowing too many dollars and were plunged @ @ @ @ @ @ @ , and Asia ’ s amassing of dollars to build currency reserves helped fuel a U.S. credit binge that triggered the sub-prime mortgage crisis .
Hardly .
The share of currency trades in dollars increased to 88.3 % in 2019 from 87.6 % in 2016 , according to the Bank for International Settlements .
The proportion of foreign reserves held in dollars has remained steady around 60 % over the past decade .
The currency ’ s usage in global payments tracked by financial institutions has risen since 2010 .
And credit extended @ @ @ @ @ @ @ over a decade to a record $ 12.1 trillion by September 2019 .
Any move away from the greenback involves bother and expense .
Shifting to the euro , yuan or ruble means higher costs and difficulty finding banks to handle business .
Faced with U.S. sanctions , Russia has succeeded in loosening the dollar ’ s grip .
The country now has a higher share of reserves in euros ( 30 % ) than in dollars ( 23 % ) .
The euro has also overtaken the dollar as Russia ’ s @ @ @ @ @ @ @ is close to doing the same in trade with the European Union .
But diversification comes with perils attached : When the dollar rallied in March , the value of Russia ’ s international reserves plunged by 5 % in a week .
There ’ s certainly a will .
Putin said using the dollar as an instrument of pressure was “ undermining its role as a global reserve currency.
” Chinese President Xi Jinping more obliquely described “ hegemonism ” as a global challenge .
Still , the yuan accounted for just @ @ @ @ @ @ @ after China shifted its focus from turning it into a freely convertible currency without government restrictions to promoting it as a reserve currency and stable asset in times of stress .
The euro , which was involved in 32 % of foreign-exchange transactions in 2019 , is the only currency that comes anywhere close to the dollar , but its allure was undermined by the region ’ s 2010 sovereign debt crisis and the European Central Bank ’ s use of negative interest rates .
Former Bank of England Governor Mark Carney says @ @ @ @ @ @ @ one dominant currency for another ; he advocates a global digital currency to supersede the dollar .

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washingtonpost--2020-03-17--Analysis | Macron and Merkel’s ‘War’ on the Coronavirus Will Bite

French President Emmanuel Macron declared “ war ” on Covid-19 Monday evening with a raft of measures to keep citizens in lock-down mode , including a ban on non-essential travel , just a few days after ordering business closures and shutting schools .
Germany ’ s Angela Merkel rolled out similar “ drastic ” moves to shut down bars , cinemas , gyms and more .
There has been nothing like it in living memory during peace time .
Europe ’ s visa-free Schengen travel area , a symbol of the region ’ s post-Cold War freedoms , is raising @ @ @ @ @ @ @ getting ahead of an infection curve that has Europe at its epicenter is admirable and necessary , as it aims to protect health services from overcrowding and also points to a more united regional approach .
Italy has had strict self-isolation measures for some time now , as a result of its high case count , and its economy has suffered disproportionately relative to its neighbors .
With the euro area as a whole now facing a likely recession , finance ministers have taken the welcome step of pledging emergency fiscal support worth @ @ @ @ @ @ @ are all Italians , ” European Commission President Ursula von der Leyen said recently .
This now rings true.Cutting off access to our loved ones hurts , but when it comes to public health , the upside to social distancing is clear .
Reducing human contact means fewer ways for the virus to spread — currently , each carrier of this novel coronavirus is estimated to infect on average two or more people .
Given France ’ s case tally has increased fivefold to over 5,000 in just over a week , slowing @ @ @ @ @ @ @ that currently has about the same number of intensive-care units nationwide .
It ’ s the Asian experience that gives the most comfort , with the Covid-19 infection curve having stabilized in Singapore and Hong Kong after similar tough measures .
Forecasts estimate it might peak in Europe by April or May.But draconian measures will leave deep economic scars , especially if they stay in place longer than expected .
Leaders are projecting an aura of calm and control , promising to preserve the free flow of manufactured goods and to protect services @ @ @ @ @ @ @ the reality is far messier .
Factories are closing their doors : Automaker PSA Group PSA has shut its European plants , as has tiremaker Michelin .
Unless the promises of fiscal stimulus get properly ramped up , the current size of what ’ s on offer isn ’ t going to cover all of the damage , which Bank of America Corp. economists estimate at north of 3 % of GDP .
Layoffs look inevitable at this point.The political and public willingness to mothball the economy and curtail freedom for an indeterminate @ @ @ @ @ @ @ a lot about 21st-century society .
The mood in 2020 is different to 1918 , when the Spanish flu struck a war-weary population from whom a lot of information was kept hidden .
Today , we track the spread of Covid-19 using data dashboards with up-to-the-minute knowledge ; seeing the global tally of deaths cross the 7,000 mark feels like a preventable tragedy .
As Yuval Noah Harari put it in Homo Deus , we view deadly epidemics not as an inevitable natural calamity but as an inexcusable human failure .
That may @ @ @ @ @ @ @ , which were often distrusted and ignored in the 1900s , are getting wider support.Yet this is precisely what makes the current situation so unprecedented .
Nobody really knows how long European countries will remain encased in the proverbial bell jar — that all depends on when Covid-19 ’ s infection curve peaks or starts to flatten .
Until then , stimulus promises are unlikely to cheer jittery markets , which have sent blue-chip euro-zone stocks down 36 % in one month .
The economic crisis is inseparable from the epidemiological one .
@ @ @ @ @ @ @ steps in the pandemic “ war , ” but nobody knows how soon the tough medicine will have its desired effect .


washingtonpost--2020-03-17--Analysis | The Coronavirus Fight From Social Distance to Shelter in Place

Reducing human contact means reducing the chances for the virus to be spread from one person to another and thereby from one community to another .
Social distancing is an approach to doing that while stopping short of a full-scale quarantine .
For example , in China , about 280 million students across the country from the elementary to university level have been at home for weeks watching their teachers live-stream classes , interacting online and submitting homework via apps .
Nightclubs livestream DJ sets on social media for at-home dancers , who can comment and even leave a tip @ @ @ @ @ @ @ delivery , even using self-driving vehicles , to spare customers direct contact with human couriers .
Large public gatherings were banned in many countries , including parades , theater performances and sporting events .
Schools and universities closed ; bars and restaurants in some cities closed or were restricted to deliveries or faced curfews .
Employers were encouraged to have as many workers tele-commute as possible .
It ’ s a concept adopted from protocols developed for extreme weather events or mass shootings , times when lethal danger can catch people unprepared .
@ @ @ @ @ @ @ place close at hand rather than moving to a more ideal or familiar location .
In terms of the coronavirus , it ’ s being used to emphasize a more extreme version of social distancing , akin to universal home quarantine .
In Italy and France , residents were ordered to stay inside unless carrying a pass showing them to be on essential business or seeking food or medical care , and police were enlisted to enforce the order .
In the U.S. , the six largest counties in California ’ s Bay @ @ @ @ @ @ @ a shelter-in-place order .
The moves reflect the calculation of authorities that caseloads will rise beyond the capacity of health care systems without drastic action to cut down on the interactions that permit transmission of the virus .
Expanded testing allows officials to determine how widely the disease , Covid-19 , has spread and where the risk of outbreaks is greatest .
Diagnosing individuals is not only important for arranging treatment , but for getting them out of contact with others to reduce their risk of spreading the virus .
Testing kits were @ @ @ @ @ @ @ the genetic fingerprint of the virus , though countries including China , Japan and the U.S. stumbled in providing enough of them quickly .
In some hard-hit places , testing more recently has taken a back seat to handling the deluge of cases presenting at health care facilities .
Patients infected with coronavirus who are at greatest risk of becoming gravely ill are put in special wards where health care workers use greater levels of protection .
Other patients are asked to isolate themselves at home –- something that was described as common @ @ @ @ @ @ @ China , where hospitals were initially unable to keep up with the patient load .
Health officials acknowledge that this practice can put family members in danger , and recommend precautions to reduce the risk of infection .
Some places are working to set up special areas for patients who don ’ t have a safe place to recover , whether by converting unused buildings or setting up tents .
Quarantines that restrict the healthy along with the sick in a given area are the oldest method of containment .
In China , @ @ @ @ @ @ @ in known history : more than 60 million people were largely confined to their homes in Wuhan and the surrounding Hubei province .
As a containment strategy it failed , but it had value as a mitigating tactic , slowing the virus ’ s spread around the country and the world by two to three weeks , according to the WHO .
Italy has attempted to quarantine the northern region of the country where its outbreak first began , but acknowledged that the purpose is more mitigation than containment , given the extent @ @ @ @ @ @ @ imposed a looser set of rules on the rest of the country , further blurring the line between quarantine and social distancing .
In containment efforts , health authorities try to track down everyone a new patient may have exposed , to break a nascent chain of transmission .
Once the virus has spread through a community , that can become impractical to do for all cases .
Instead , people who have been told or think they ’ ve been exposed -- exposure is defined as being within 6 feet ( roughly @ @ @ @ @ @ @ minutes -- are asked to “ self quarantine ” by voluntarily remaining at home or another isolated location for 14 days from the time of exposure .
In some cases , health workers are able to check in daily via telephone calls , texts or in-person visits .
Since most people self-quarantine at home , the risk to family members is highest .
Both they and the potentially infected person may be monitored for signs of a fever .
Several members of the U.S. Congress self-quarantined after being informed that they had been @ @ @ @ @ @ @ someone who later was diagnosed with Covid-19 , including two who had interacted with President Donald Trump .
Obstacles to entry have been rolled out in two waves .
The U.S. initially barred entry to non-American travelers from China , then later imposed the same restrictions on most foreign nationals who have been in Europe , the U.K. and Ireland .
Some countries inside Europe ’ s passport-free travel zone -- known as the Schengen area -- have reintroduced border checks for the first time since 1995 .
Italy , the biggest focus @ @ @ @ @ @ @ become increasingly cut off .
Russia and Norway joined more than 50 nations that were banning foreigners , halting flights or requiring travelers to self-quarantine .
India suspended most visas .
But many of the later steps were best seen as mitigation measures rather than containment -- since the virus had already established itself in the country , keeping out new cases was yet one more tool in slowing the pace of increase , rather than avoiding the virus altogether .
Health officials have struggled almost everywhere to get such steps put in @ @ @ @ @ @ @ point .
But deploying measures early , as places like Hong Kong and Singapore did , can have a dramatic effect .
Research on the 1918 influenza pandemic in the U.S. showed cities that had implemented multiple “ non-pharmaceutical interventions , ” including closing schools and churches , experienced death rates that were as much as 50 % lower -- as well as less severe outbreaks -- than those that did not .
Medical researchers estimated China could ’ ve reduced the number of confirmed Covid-19 cases by as much as 95 % @ @ @ @ @ @ @ from containment and isolation to social distancing -- just three weeks earlier than they did .
Even implementing them one week earlier would have reduced China ’ s cases by 66 % , while the number could ’ ve jumped 18 times if such measures came three weeks later , according to the study this month funded in part by the Bill & Melinda Gates Foundation .


washingtonpost--2020-06-10--Businesses Need a Safe Harbor From Covid-19 Lawsuits

In early May , Republicans declared that any new legislation would have to protect companies from lawsuits arising from their handling of the pandemic .
Democrats said no way .
Let ’ s hope the Democrats have just been staking out a bargaining position .
While Congress was able in early June to enact changes to earlier relief bills , Americans are likely to need more congressional action to reduce the economic damage from the pandemic and the response to it .
And that action ought to include some limits on liability .
Thankfully , though , those limits don @ @ @ @ @ @ @ issue .
What companies need is not immunity from all litigation related to Covid-19 , but a safe harbor .
They need to know , that is , what they have to do to avoid lawsuits .
To see why a safe harbor is needed , consider the argument that it isn ’ t .
John Culhane , a fellow at Delaware Law School , writes in Slate that “ current liability law is not going to pose burdensome difficulties on businesses that take reasonable action to keep their customers safe.
” Reassuring @ @ @ @ @ @ @ we learn that “ the issue of what ’ s reasonable quickly gets sticky.
” Well , yes .
That ’ s why companies would prefer to have some clarity on what they will be held responsible for .
Would a reasonable company take customers ’ temperature ?
Or what if a company reopens , but other companies don ’ t , and then cases of Covid-19 in the area surge ?
Would the speedier companies be deemed unreasonable after the fact ?
Legislation could settle these questions , for example , by @ @ @ @ @ @ @ held liable if it follows the guidelines of the Centers for Disease Control .
That way companies wouldn ’ t have to guess how a hypothetical jury would see things .
This kind of congressional guidance could also block lawsuits coming from the other direction : employees or customers who maintain that company safety policies such as temperature checks are too invasive .
“ A.C.L.U .
Warns Against Fever-Screening Tools for Coronavirus , ” the New York Times reported in May .
No wonder , then , that a recent survey found 68 @ @ @ @ @ @ @ legal liabilities related to Covid-19 .
A legal safe harbor would not eliminate all legal uncertainty .
Presumably it would leave businesses liable for intentional misconduct or gross negligence , as Senate majority leader Mitch McConnell promises , and what counts will be subjective .
But well-crafted legislation could significantly reduce the uncertainty and thus facilitate commerce .
States can take some of the needed action on their own .
But federal laws will intersect with the current needs of businesses in ways that nobody contemplated when they were written .
Those against @ @ @ @ @ @ @ disability may , for example , inhibit companies from taking precautions to avoid the spread of Covid-19 to vulnerable populations .
Federal action to protect businesses from state laws and state courts may also be warranted .
The Constitution put Congress in charge of regulating commerce among the states in order to prevent them from limiting the development of national markets .
Conservative lawyers Michael Carvin and Yaakov Roth have argued that federal limits on Covid-19 liability would be a legitimate exercise of this power — one that would satisfy even Clarence Thomas @ @ @ @ @ @ @ narrowest conception of it .
While Democratic leaders have not budged from their public opposition to liability limits , some of their followers are sounding open to the idea .
Senator Chris Coons of Delaware has said companies should be free from lawsuits if they follow national safety standards .
He wants the Occupational Safety and Health Administration to issue them .
Republicans and Democrats managed to work together quickly to pass large pieces of legislation responding to the coronavirus pandemic in the early stages of the crisis .
We ’ re about @ @ @ @ @ @ @ has passed before the crisis that occasioned it has .


washingtonpost--2020-06-11--Trump Defies Deepening Virus Alarm With Trip to Push Reopening

The trip is intended to underscore Trump ’ s commitment to reopening the nation as soon as possible in a bid to get the economy back on track .
But it ’ s unlikely to ease Americans ’ concerns about the pandemic .
A new spike in cases is emerging around the country as states ease restrictions , and public health officials are warning the outbreak is far from over .
But as if to highlight the notion that the U.S. has already moved past the outbreak , Vice President Mike Pence tweeted a photograph late Wednesday of his visit @ @ @ @ @ @ @ Virginia , in which dozens of staffers are shown crowded into the office , shoulder-to-shoulder , without wearing masks or observing any other obvious public health precautions .
“ His path to re-election is to convince voters that the economy is starting back and he can bring it all the way back , ” said Charlie Black , a top Republican lobbyist .
“ So , his moving around the country reinforces the message that it is safe to get back to business and work.
” From there , the president is expected @ @ @ @ @ @ @ Bedminster -- his first overnight visit to a Trump property since hosting the delegation of Brazilian President Jair Bolsonaro at his Mar-a-Lago resort in Palm Beach , Florida , in early March .
During that trip , the president was seen sharing a table with a member of the Brazilian delegation who later tested positive for coronavirus , forcing some top White House aides into quarantine .
“ For the last few weeks he ’ s been very much at the mercy of events , with news coverage dominated more by his critics @ @ @ @ @ @ @ Madden , a Republican strategist .
“ An accelerated travel schedule puts him back in his comfort zone , programming big events among his supporters where he ’ s the center of attention .
It helps him flip the script and gives him a platform to go on attack against his opponent.
” Biden , at the same time , has seen a surge of donations .
The former vice president and the Democratic National Committee banked more than $ 60 million in the first quarter , nearly matching the incumbet ’ s @ @ @ @ @ @ @ the party ’ s ActBlue platform during the demonstrations that followed Floyd ’ s death .
Between his fundraising events , the president is slated to visit West Point and give commencement remarks at the military academy ’ s graduation .
The announcement that he was attending the ceremony sparked concerns the event might expose cadets and staff to the coronavirus , particularly as New York State has struggled with the country ’ s worst outbreak .
Cadets had already been sent home before Trump ’ s announcement .
The president is likely @ @ @ @ @ @ @ the links over the long New Jersey weekend .
While he has frequently defended his trips to Bedminster – saying it ’ s a chance to reconnect with his native New York metro area without clogging the streets of Manhattan with his security entourage – he ’ s also ruefully noted in recent weeks that the coronavirus has limited his opportunity to engage in his favorite pastime .
While in Bedminster , the president will likely review planning both for his first rally in months and the Republican convention in August .
The @ @ @ @ @ @ @ hold a two-part convention in two separate locations , after North Carolina ’ s Democratic governor refused to sign off on allowing large crowds of delegates and supporters to convene in Charlotte .
The Tulsa rally is freighted with racial undertones that risk further inflaming tensions .
The event coincides with Juneteenth , a commemoration of the end of slavery largely celebrated within the African American community .
And Tulsa was the site of one of the worst massacres of black people by whites in the U.S. , the 1921 attack on the @ @ @ @ @ @ @ “ Black Wall Street.
” But the rallies also underscore one of the biggest political risks for the president : That his resumption of travel will coincide with a re-emergence of coronavirus infections .
Some states that have been more aggressive in reopening -- including Florida and Texas -- have seen an uptick in infections and hospitalizations , fanning concerns about a second wave of the virus .


washingtonpost--2020-06-11--Mnuchin Says Names of Small-Business Borrowers Won’t Be Released

But the applications for PPP loans , which are forgivable if borrowers meet certain criteria , say such data will “ automatically ” be released .
Moreover , the Small Business Administration , which oversees the lending program , told Bloomberg News in April that such loan-specific information would be made public “ in the near future.
” The apparent reversal on disclosure comes amid troubling signs for oversight of the $ 2.2 trillion pandemic relief package that Congress approved in March .
The Government Accountability Office , which is responsible for preparing a required report on the spending by @ @ @ @ @ @ @ loan data from both the PPP and a separate program for economic “ disaster ” loans , but has not yet been told when the request will be honored , according to spokesman Chuck Young .
“ We are extremely disappointed to learn that GAO has had the same problems that we have had , and has not gotten the information they need to carry out their oversight function in the executive branch , as well as the difficulties we have in the legislative branch , ” Senator Ben Cardin of Maryland , @ @ @ @ @ @ @ s Small Business & Entrepreneurship Committee , said during Wednesday ’ s hearing .
On Thursday , a Treasury spokesman said Mnuchin ’ s position reflected concern that publishing “ loan-level ” data with borrowers ’ identities would risk disclosing proprietary information about millions of small businesses , and the salaries of sole proprietors and independent contractors .
That ’ s because PPP loan amounts are calculated using the applicants ’ payrolls .
A spokesman for the SBA didn ’ t immediately respond Thursday to questions about the issue .
The SBA routinely @ @ @ @ @ @ @ programs , including one that Congress expanded to create the PPP .
But Mnuchin said Wednesday that the new program is different .
“ As it relates to the names and amounts of specific PPP loans , we believe that that ’ s proprietary information , ” he said .
“ And in many cases for sole proprietors and small businesses , is confidential information.
” The PPP loan application warns borrowers that “ subject to certain exceptions , ” their company names , loan amounts , and other information are public records @ @ @ @ @ @ @ under the federal Freedom of Information Act , or FOIA .
And the SBA ’ s website says that company names and loan amounts are public records .
Already , Bloomberg News and 10 other news organizations have sued the SBA in federal court in Washington , asking a judge to order the release of PPP loan records .
That lawsuit was filed after Bloomberg News requested such records under FOIA in April .
In response to Bloomberg ’ s request , an SBA administrator wrote on April 26 : “ In the @ @ @ @ @ @ @ turn our efforts to providing loan specific data to the public , but hope that all understand the need for the Agency to focus its efforts fulfilling the needs of the small businesses.
” By May 5 , in responses to subsequent FOIA requests , the agency had dropped any pledge of “ loan specific ” transparency .
The agency ’ s later responses merely noted its website provides some statistical information about the PPP .
More than 4.5 million small firms have been approved for loans totaling $ 511.6 billion , according @ @ @ @ @ @ @ only loan totals and amounts by state , certain industries , size of loan and size of lender .
The PPP has generated criticism after some relatively large , publicly traded companies such as Shake Shack Inc. and AutoNation Inc. disclosed that they ’ d received aid , while millions of smaller businesses were still waiting for loans .
Others questioned the program ’ s usefulness , saying federal rules about how to use PPP money were too restrictive .
Congress loosened the rules earlier this month .
The PPP was the centerpiece @ @ @ @ @ @ @ bill passed in late March .
That bill contains conflict-of-interest rules prohibiting aid to companies owned by top U.S. officials and family members , including the president , administration officials and members of Congress .
Those rules don ’ t apply to the PPP .


washingtonpost--2020-06-11--New Jersey Businesses Defy Lockdown After Murphy Violates Own Order

“ Executive orders should end for everyone when governors break their own rules for themselves , ” Webber said in a statement .
The legislation , of course , has virtually no chance of being signed by Murphy , a Democrat who stood by his decision to demonstrate and on Thursday urged the like-minded to continue to do so peacefully , using masks and other virus precautions .
But business owners and others are expressing their own frustration with the governor , with unsanctioned startups of indoor dining and other activities in a state whose death toll , 12,443 , @ @ @ @ @ @ @ s .
As Murphy , 62 , in recent days has relaxed some restrictions put in place to slow the virus ’ spread , he has warned that cases will jump when more people come in contact with one another .
A second U.S. coronavirus wave is emerging in states including Texas , Florida and California while New Jersey ’ s cases have slowed .
But throughout the Garden State , some say they ’ re willing to risk a swifter return to typical operations -- albeit with some precautions .
“ We @ @ @ @ @ @ @ orders from the governor , ” Asbury Park Deputy Mayor Amy Quinn , whose city has nonpartisan elections , said by telephone .
“ The council here is inundated with business owners on the brink of collapse.
” Asbury Park voted for Murphy 5-to-1 over Republican Kim Guadagno in the 2017 race for governor .
“ Black Lives Matter -- we believe so strongly in that cause , ” Quinn said .
“ But seeing the governor in large gatherings was one of the factors ” in the council ’ s re-opening decision @ @ @ @ @ @ @ citations for noncompliance with Murphy ’ s orders , with 319 of them indictable , according to state police Superintendent Patrick Callahan .
Car washes , bars , salons and pool stores are among businesses that have been cited for violations .
Murphy and his wife , Tammy , provoked more lockdown discontent on June 7 , when they attended demonstrations in Hillside and Westfield organized in response to the May 25 death of George Floyd , a black man , in the custody of white Minneapolis police officers .
Derek Chauvin , @ @ @ @ @ @ @ knee on Floyd ’ s throat as the man begged for his life , is facing charges including second-degree murder .
In Wayne , 22 miles ( 35 kilometers ) west of Manhattan , Mayor Christopher Vergano , a Republican , on June 8 seized oversight of commencements for two public high schools from the school board , saying the “ state-established guidelines make it virtually impossible to hold a meaningful graduation ceremony.
” The events will take place in a parking lot , with attendance limits , for 300 students from each @ @ @ @ @ @ @ rather than on July 6 or later , as Murphy has allowed .
“ They haven ’ t had much -- prom or senior trip , no spring sports , no spring musical , ” Vergano said by telephone .
“ I got a lot of phone calls from parents during the last two weeks : ‘ Isn ’ t there anything you can do ?
” ’ In Northfield , a suburb of the Atlantic City casino resort , the Tilton Square Theatre last week started offering limited $ 6 seating for @ @ @ @ @ @ @ s Day Off , ” the 2020 release “ Trolls World Tour ” and five other current and older films while such venues officially aren ’ t allowed to operate .
Murphy on March 21 ordered nonessential businesses to close and residents to practice social distancing to help slow the virus ’ spread .
With the peak almost two months past , Murphy has eased bans on automobile sales , outdoor dining and recreation , retail , daycare and elective surgery .
But the governor at his daily press briefings says “ we @ @ @ @ @ @ @ indoor dining , unrestricted shopping and other activities .
More than one in nine New Jerseyans , meanwhile , are newly unemployed and the state ’ s jobless rate in May hit 15.3 % , highest on record .


washingtonpost--2020-06-11--Analysis | The Ugly Side of Germany’s $1.5 Trillion Stimulus

And how .
Including the latest top-up and ancillary liquidity measures such as guarantees , Germany ’ s stimulus package to mitigate the economic hit from Covid-19 totals more than 1.3 trillion euros ( $ 1.47 trillion ) .
That ’ s by far the largest in Europe and even tops America ’ s , relative to gross domestic product .
Kudos to Chancellor Angela Merkel .
There ’ s no question that this “ bazooka , ” as Germany ’ s finance minister calls it , is necessary and good .
Nor are the Germans entirely wrong to gloat @ @ @ @ @ @ @ thanks to their previous thrift , for which they got so much grief .
Despite its current largess , Germany expects to exit the crisis with debt amounting to “ only ” 80 % of GDP , up from about 60 % .
But wherever medication is given in huge and sudden doses , there ’ s a risk of unpleasant side effects .
In Germany , and Europe generally , one of these may be a lasting shift in governing philosophy from market-friendly policies to state interventionism .
That needn ’ t @ @ @ @ @ @ @ going part of the way would mean buying relief today at the price of misery tomorrow .
The zeitgeist began changing before Covid-19 .
More than a year ago , Merkel ’ s economics minister , Peter Altmaier , drafted a “ National Industrial Strategy 2030.
” In it , he proposed to intervene massively in the economy to coddle national corporate “ champions ” — with laxer antitrust laws , government equity stakes and so forth .
As justification , Altmaier cited a mercantilist and economically rapacious China .
For intellectual and @ @ @ @ @ @ @ .
Altmaier ’ s idea , it seemed at first , was dead on arrival .
His brand of “ dirigisme ” may be exactly what you ’ d expect from the French .
But it ’ s completely alien to Germany ’ s postwar tradition of laissez-faire “ ordoliberalism.
” Business lobbies balked , as did the Mittelstand of medium-sized , family-owned companies , which often excel in their niches but wouldn ’ t be crowned as champions .
One think tank even warned of “ the return of economic nationalism in @ @ @ @ @ @ @ softened his plans , then shelved them .
But in March , as part of their coronavirus stimulus , Altmaier and Merkel just as discreetly pulled the plans out again .
There it all was , in the fine print : a fund of 100 billion euros to buy stakes in companies and rules to block some foreign takeovers .
State aid here , a leg up there .
The biggest bailout , at 9 billion euros , is that of Deutsche Lufthansa AG , but the list of others is long and @ @ @ @ @ @ @ now Germany ’ s “ champions.
” To be sure , there ’ s much to be commended in the way Merkel has intervened so far .
Her recovery package is probably the world ’ s greenest .
Money will flow to electric vehicles and renewable energy .
In contrast to the stimulus of 2008 , this one isn ’ t giving people “ cash for clunkers ” with combustion engines .
And the Germans seem ready to fund anything with the word “ digital ” in it .
But there ’ s @ @ @ @ @ @ @ the best of an unhappy situation and endorsing the underlying logic of letting the Leviathan allocate capital .
The arguments against state capitalism haven ’ t changed since I listed them in the distant pre-modern era — that is , this January .
First , governments tend to confuse a company ’ s size with strength .
Second , they ’ re usually worse than private investors at spotting winners , and always worse at pulling money out of losers .
Third , they turn the economy into a big lobbying competition for @ @ @ @ @ @ @ consumers .
Because the current paradigm shift from market to state is pan-European , moreover , there are also new problems with industrial policy that will increase tension within the European Union .
One premise of the EU ’ s single market was that aid by member states to “ their ” firms generally isn ’ t allowed , because it would skew competition .
That ’ s changed .
These days , owing to the pandemic , the European Commission waves through state aid , usually within hours .
But not all @ @ @ @ @ @ @ credit lines .
Spain , for example , suffered more from the epidemic than Germany did , and yet it can ’ t afford to prop up its companies nearly as much .
So about half of all state aid in the EU in the crisis goes to just one country : Germany .
As one think tank notes with understatement , this will lead not only to even greater divergence but also “ to clashes within the EU.
” None of this is meant to deny the need for decisive fiscal stimulus @ @ @ @ @ @ @ , which in this case is the German and European economy .
But like any wise doctor , Europe ’ s leaders , and above all Merkel , must ensure that emergency-room treatment doesn ’ t turn into chronic therapy .
Stimulus , in that sense , is like opioids : Necessary for relief in an emergency , addictive and ruinous if it continues any longer .


washingtonpost--2020-01-29--Analysis | Here’s How the Fight Against China Coronavirus Works

Within China : Officials said they would track down people who left Wuhan , a city of 11 million , ahead of the Lunar New Year holiday , especially the many migrant workers who headed back to the countryside to celebrate with their families .
They will be registered , visited frequently by medical personnel and taken for treatment if symptoms develop .
Xinhua reported that health officials in Beijing asked those returning to Wuhan from anywhere to stay at home for two weeks , record their temperature and seek treatment if they develop a cough or fever .
Elsewhere @ @ @ @ @ @ @ China have implemented monitoring systems including thermal scanners and questionnaires in an effort to catch cases early .
In the U.S. , the Centers for Disease Control and Prevention said it is now screening passengers from China at 20 airports , up from five initially .
The drawback to this approach , however , is that it does not catch people who have been infected but are still in the incubation stage , and it may miss those whose primary symptom is a cough , not a fever .
The passengers are given @ @ @ @ @ @ @ for .
Social media and traditional news outlets have also spread the word .
The first two patients identified in the U.S. sought medical attention on their own accord because they were concerned that they might be infected , showing that awareness levels are high .
When a new case is identified , the patient is put in isolation , often in a hospital , to prevent him or her from spreading the germs .
A medical worker takes a thorough history , trying to identify every person who has been within 6 @ @ @ @ @ @ @ patient since symptoms emerged .
According to the WHO , Chinese authorities place close contacts ( family members and others living in the patient ’ s home , co-workers , possible care-givers and others ) under medical observation , which may include isolation at home with regular temperature checks .
If there are no symptoms after 14 days , the contacts are released , the WHO said .
Other potential contacts could be neighbors , fellow passengers on public transportation , people who attended the same social events , shopped or visited doctors @ @ @ @ @ @ @ chain of transmission is what officials believe will ultimately curtail the outbreak and prevent a pandemic , which is an epidemic of global proportions .
Isolation is a tricky issue because it ’ s unclear how well it works or if it ’ s been put in place quickly enough .
The most critical time for isolation is when an infected person sheds the virus , essentially putting it out into the world .
Scientists are still trying to determine how this virus sheds .
Often it ’ s when the infected patient @ @ @ @ @ @ @ being spread via the droplets spewed from a cough or sneeze .
But Ma Xiaowei , the director of China ’ s National Health Commission , said on Jan. 26 that , “ from our observations , the virus can be contagious during the incubation period , ” which he said was “ very different ” from SARS , or Severe Acute Respiratory Syndrome .
He didn ’ t elaborate on the observations or mode of transmission .
The prospect is a frightening one , since asymptomatic carriers could be widely and unknowingly @ @ @ @ @ @ @ most vulnerable people are the health care workers caring for seriously ill patients ; 15 cases occurred among workers at a single hospital in Wuhan .
In the U.S. , people who are flagged for possible concern , including the close contacts of known patients and feverish airline passengers , aren ’ t being kept in formal isolation , though they are asked to limit their exposure to others .
China has imposed a draconian quarantine on Wuhan and more than a dozen other cities in the region , a travel ban covering @ @ @ @ @ @ @ The move came ahead of the Lunar New Year holiday period , when an estimated 3 billion trips are made , about 15 million in Wuhan alone .
The mayor estimated about 5 million residents left before the Jan. 23 lockdown , according to media reports .
Almost half of the more than 2,000 cases of 2019-nCoV reported before the holiday were found outside Hubei province , of which Wuhan is the capital .
Hong Kong , the international financial center that functions with some autonomy from China , announced travel restrictions from @ @ @ @ @ @ @ quarantines have yielded limited results .
Toronto ’ s use of quarantine wasn ’ t effective in slowing the SARS epidemic of 2002-2004 there , Richard Schabas , a former public-health physician who was Ontario ’ s chief medical officer from 1987 to 1997 , said in a study in 2004 .
An impoverished neighborhood in Liberia quarantined during an Ebola outbreak in 2014 responded with violent riots .
China sequenced the virus ’ s genome within days of detecting the outbreak and on Jan. 10 posted the information to public databases widely @ @ @ @ @ @ @ the months of delay seen with its response to the 2002 outbreak of SARS .
Speedy access to the new virus ’ s genetic fingerprint allowed health officials in Japan and Thailand to quickly confirm cases that had been exported from China , followed by the U.S. , France and other countries .
Still , the process isn ’ t easy .
Medical staff must take swabs from the nose and throat of potentially infected patients , along with blood samples , and send them to laboratories that are equipped to do genetic @ @ @ @ @ @ @ four to six hours , shipping the swabs to the laboratory can take much longer .
In the U.S. , the only facility currently conducting the work is at the CDC in Atlanta .
Researchers are working to develop a faster process that can be done closer to the patient ’ s bedside .
Antiviral drugs that have shown signs of helping control other types of coronaviruses , such as remdesivir and lopinavir/ritonavir , are being examined to see if they offer any help for those infected with 2019-nCoV .
Pharmaceutical companies including @ @ @ @ @ @ @ 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 .


washingtonpost--2020-01-29--Analysis | What’s Being Done to Limit the Spread of the China Virus


washingtonpost--2020-01-29--Analysis | Here’s How the Fight Against China Coronavirus Works: QuickTake


washingtonpost--2020-01-29--Analysis | The King of Luxury Is Armed for Uncertain Times

The world ’ s biggest luxury group hasn ’ t been immune from the unrest in Hong Kong and a slowdown in Japan after the country increased its consumption tax in October .
The backdrop could get worse , given the spread of the deadly coronavirus , which has claimed more than 130 lives .
LVMH ’ s chairman and founder , Bernard Arnault , said on Tuesday that if the outbreak was contained quickly — say in two to two-and-a-half months — the effect would be manageable .
If it lasted longer , it would be more serious , @ @ @ @ @ @ @ accounted for about 35 % of luxury purchases last year , according to Bain & Co. and Altagamma , all top end groups are exposed to the spread of the deadly virus .
It ’ s clearly too early to say how things will progress , and with China grappling with how best to stop the spread of a novel virus that ’ s infected thousands of people , now isn ’ t the time to worry about handbag sales .
But the uncertain outlook speaks to just how dependent many of the @ @ @ @ @ @ @ on China ’ s market and Chinese consumers wherever they are .
For example , on Tuesday Starbucks Corp. said that it would have upgraded its financial projections for the year had it not been for the outbreak in mainland China , its most important growth market .
While its high-end Roastery in Shanghai may look like a luxury temple , with queues to rival those at Louis Vuitton , it is just one of its 4,000 outlets across the country .
The group has closed more than 2,000 cafes in response to @ @ @ @ @ @ @ for LVMH , while it will be hit just like the other big brands , it may be better placed to weather any impact than most of its rivals .
Its exposure to Chinese consumers is around the industry average — about 30 % — according to analysts at UBS .
Thanks to both its geographic and product diversification , with sizable operations in the U.S. , for example , it is less dependent on Chinese shoppers than many of its rivals .
With sales about three times that of its nearest competitor @ @ @ @ @ @ @ its focus , for example by investing in marketing campaigns to attract domestic customers in the Europe and the U.S. , where it ’ s just bought diamond jewelry specialist Tiffany & Co .
It also has scope to cut costs in Asia , if the situation deteriorates further .
Consequently , LVMH would face a potential 3 % fall in this year ’ s earnings from a 20 % drop in Chinese consumption in the second quarter , according to UBS , which expects some other luxury groups would be hit harder @ @ @ @ @ @ @ from the sell-off in luxury shares over the past 10 days .
It ’ s down about 6 % since Jan. 17 .
Even with the recent dip , the shares are up about 60 % over the past year , and remain at a deserved premium to the Bloomberg Intelligence top luxury peer group .
It ’ s still early days in terms of establishing the toll the deadly virus might take on luxury and consumer groups .
But LVMH ’ s scale and financial strength should make it one of the @ @ @


washingtonpost--2020-01-29--Analysis | What You Need to Know About China’s Virus Outbreak

The virus 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 .
That ’ s likely to result in a large number of people becoming critically ill , although the fatality rate seems relatively low .
As of Jan. 29 , official reports put the number of cases above 6,000 in just two months -- the majority in the province of Hubei ( of which Wuhan is the capital ) .
More than 130 were fatal , for a current @ @ @ @ @ @ @ The number isn ’ t reliable in the early stages of an outbreak when many new cases are being added and those afflicted haven ’ t yet concluded their illness -- either recovering or dying .
The real number of infections and full disease spectrum aren ’ t known either .
Researchers have cautioned that in emerging viral infections the case-fatality ratio is often overestimated in the early stages because case detection is highly biased toward the more severe cases .
It ’ s very likely the virus has caused only mild or @ @ @ @ @ @ @ people .
Various studies have found that 2019-nCov is at least 70 % 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 the 8,096 reported cases died .
A related virus , known as MERS-CoV , that ’ s been spreading since 2012 , has led to death in 34 % of the 2,494 cases reported .
By contrast , an estimated 50 million people died in the 1918 influenza pandemic that @ @ @ @ @ @ @ 5 % but infected up to a third of the world ’ s population .
The 2019-nCoV virus has been shown to spread from person to person -- most likely by coming into contact with virus-containing droplets that could be spewed by an infected person ’ s cough and transferred to their hands .
It could potentially be shed in other ways , including through feces .
Chinese authorities have said it ’ s possible people who are still incubating the virus and are asymptomatic may spread the virus -- although infected individuals @ @ @ @ @ @ @ virus after they have developed fever or other symptoms .
One such case emerged in Germany linked to a company training event that was attended by a colleague visiting from China who had no symptoms of disease during her stay .
Also , doctors in southern China reported the case of a 10-year-old boy who was shedding the virus without any symptoms .
There have been cases reported where the virus has spread along a four-person chain , indicating that it ’ s more easily transmissible than earlier thought .
Epidemiologists try to @ @ @ @ @ @ @ new cases a person who is infected is likely to generate while infectious , in what ’ s termed a basic reproduction number .
These numbers represent the difference between epidemics that are controllable and those causing a significant number of illnesses and requiring intensive strategies to mitigate .
The World Health Organization said the preliminary reproduction number of 2019-nCoV is between 1.4 to 2.5 , meaning that every case could infect between 1.4 and 2.5 people .
Neil Ferguson , renowned for his work measuring the spread of emerging infectious diseases , @ @ @ @ @ @ @ estimated the number at 2.6 , making it similar to SARS , but more infectious than flu .
It also means that to control the outbreak , at least 60 % of cases would have to be prevented from spreading to another person .
Another research group estimated the number to be 3.11 , or possibly as high as 4.13 .
Infections appear to cause very mild disease in children , adolescents and younger adults , with severity increasing in older age groups .
Frequently reported early signs are fever , dry cough @ @ @ @ @ @ @ ailments common to a number of diseases , but different to the common cold , in which sneezing and runny nose are more apparent .
There have been a handful of reported cases in which sufferers experienced diarrhea , which afflicted relatively more SARS cases .
Studies suggest the virus invades cells in the lower respiratory tract .
From there , it can migrate down to the lungs and cause difficulty breathing and pneumonia .
In an early study of clinical features , more than a quarter of hospitalized patients developed a potentially @ @ @ @ @ @ @ syndrome .
Septic shock , respiratory failure and other organ failure have also been noted in severe cases .
Fatalities have mostly been reported in people older than 60 , many of whom have had chronic illnesses , such as cardiovascular disease or diabetes .
The outbreak emerged in Wuhan , an industrial city of 11 million , in early December .
A seafood market where live animals were also sold was initially implicated , but about 13 of the first 41 cases were found to have no link to it .
Maria @ @ @ @ @ @ @ 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 , so it ’ s unclear .
The viral genome has been sequenced , and these results in conjunction with other reports show that it is 75 % to 80 % identical to the SARS-CoV and even more closely related to several bat coronaviruses , making it likely that bats are the primary “ wildlife reservoir.
” There is always a concern when @ @ @ @ @ @ @ because people typically lack immunity to it , and there usually aren ’ t specific treatments or vaccines available .
Novel coronaviruses ( not seen in humans before ) represent a particular concern because they have been known to spark complicated outbreaks that have sickened thousands of people , like SARS did as it swept across the globe from southern China .
The WHO revised its global risk assessment to high on Jan. 28 , after acknowledging the virus has undergone at least four generations of spread .
The U.S. and other countries @ @ @ @ @ @ @ China .
Richard Horton , editor of The Lancet medical journal , said another challenge of 2019-nCoV is clinical capacity .
An early 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 , known as ECMO , in a last-ditch effort to keep them alive .
Six died .
Across Hubei , thousands of people have been hospitalized in isolation wards and hundreds are being treated in intensive care @ @ @ @ @ @ @ described as an “ extreme , severe and abrupt public health crisis.
” Chinese President Xi Jinping ordered resolute efforts to curb its spread ahead of the Lunar New Year holiday , which fell this year on Jan. 25 and for which many people typically travel .
The 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 Wuhan to help out at hospitals .
Patients have @ @ @ @ @ @ @ Health officials are looking for , screening and monitoring people the patients had contact with , and searching for current and past cases that may have been treated in medical institutions throughout the city .
Hong Kong , the international financial center that functions with some autonomy from China , announced travel restrictions from the mainland .
Outside China , airports have begun screening some arriving passengers for symptoms , including in the U.S. Doctors in China have started using a combination of AbbVie Inc. ’ s HIV drugs ritonavir and lopinavir at @ @ @ @ @ @ @ whether the combination , sold under the brand name Kaletra , is more effective than an antiviral medicine known as interferon-alpha 2b in treating patients .
Other medications , including some already on the market for fighting HIV and preventing organ rejection , show promise in lab studies against other coronaviruses and are thought to also be active against 2019-nCoV .
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 @ @ @ @ @ @ @ .
But developing an effective vaccine generally takes years .
SARS is thought to have spread indirectly from bats to humans via masked palm civets and other species in live-animal markets .
The outbreak began in late 2002 in Guangdong province and spread across the border to Hong Kong and beyond .
The WHO issued a global health alert in March 2003 and didn ’ t declare the outbreak contained until July 5 that year .
China ’ s tourism , transportation and retail sectors were heavily hit as people stayed home ; @ @ @ @ @ @ @ 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 $ 40 billion or more .
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 @ @ @ @ @ @ @ cases of pneumonia .
The WHO says that new coronaviruses emerge periodically in different areas globally , and several known versions are circulating in animals and haven ’ t infected humans .
They tend to morph and mutate a lot , which means the level of risk they pose can change the longer they circulate .
Diseases transmissible from animals to humans , sometimes referred to as “ zoonoses , ” comprise a large percentage of all newly identified infectious diseases .


washingtonpost--2020-04-21--Analysis | The Two Kinds of Virus Tests That Can Save Us. Or Not:

There are two main types .
The first tests whether you are actively infected with the virus .
Known as an antigen test , it looks for the presence of the virus , typically in your nose or throat .
The second type tests whether you were infected with the virus and beat it .
Known as an antibody test , it looks for evidence , generally from a blood sample , that your immune system has built up antibodies to fight off the virus .
While there are a couple of different types , most people are familiar with @ @ @ @ @ @ @ for the novel coronavirus in the middle of January after Chinese researchers published the genome sequence of the virus .
A molecular test looks for bits of the virus ’ s nucleic acids , or its genetic materials , in a sample of secretions from the nose or sputum from the throat .
The test generally requires several components , from swabs to chemical reagents to small plastic containers -- shortages of which have led to a shortfall of tests in many places , including the U.S. and the U.K .
It also @ @ @ @ @ @ @ equipment , including instruments that perform a process called reverse-transcription polymerase chain reaction , a method to amplify the virus ’ s genetic material enough to study it in detail .
Yes .
Another type of antigen test that is just starting to appear looks for bits of the virus ’ s protein armor in a sample from a person ’ s respiratory tract .
This technique is more difficult to get right initially but could offer a way to test people much more quickly and cheaply .
No one has yet shown @ @ @ @ @ @ @ akin to a home pregnancy test , is effective .
U.S. regulators in mid-April gave emergency authorization to a test that people take at home but have to send to a lab for processing .
If everyone in the world stopped interacting with anybody else for two weeks , the coronavirus would die out because it wouldn ’ t be able to infect anyone new .
But since that ’ s not possible , the goal is to reduce spread from person to person as much as possible .
To do that effectively @ @ @ @ @ @ @ who is infected , so that they can be quarantined and so that all their recent , close contacts can be identified , tested and quarantined as well .
This “ contact tracing ” slows the spread of the virus , since it lets people know when they ’ re most likely to be spreaders , even if they don ’ t feel symptoms .
They ’ re certainly imperfect .
Tests have been rolled out quickly , without undergoing rigorous validation for accuracy .
In a study published in February of 1,014 @ @ @ @ @ @ @ Wuhan , China , 88 % tested positive using CT scans of the chest whereas only 59 % did so using antigen tests .
Factors potentially undermining accuracy include a shortage of supplies and material for the tests , long incubation times for the infection and the challenge of getting an adequate sample from a patient .
When a virus infects you , your body summons antibodies specifically designed to latch onto and neutralize the proteins that form the bulk of the virus itself -- like keys designed to unlock a particular door @ @ @ @ @ @ @ or years after you recuperate , in case you encounter the virus again .
To make the tests , developers either grow in a lab -- or buy from a supplier -- copies of a particular virus ’ s proteins .
The proteins for the coronavirus can flag whether a blood sample contains antibodies designed to fight the virus .
To work well , the tests have to be highly specific , so they don ’ t say “ positive ” when , in fact , they have found similarly shaped antibodies that @ @ @ @ @ @ @ different coronavirus that causes the common cold .
In theory , those who have defeated the coronavirus and have built up immunity should be free to re-enter society for some period of time with little or no risk of getting sick with it again or spreading the virus .
There are growing calls for antibody tests to be rolled out on a wide scale to identify these individuals and let them get back to work to open up the economy as much as possible .
It ’ s unknown how strong immunity will @ @ @ @ @ @ @ coronavirus and how long it will last .
A 2007 study showed antibodies to the coronavirus responsible for severe acute respiratory syndrome ( SARS ) appear to dissipate after an average of two years .
Another report found those generated by infection with the coronavirus behind Middle East respiratory syndrome ( MERS ) tend to stick around a bit longer , but not in everyone .
And neither study demonstrated whether the presence of antibodies was protection against re-infection .
That ’ s another caveat .
Antibody tests for the novel coronavirus are @ @ @ @ @ @ @ .
A danger is that individuals who receive a false positive for coronavirus antibodies and stop social distancing will become infected and carry the virus back into their households .


washingtonpost--2020-04-23--Gulf Widens Between States Over When to End Virus Lockdown

The governors ’ statements made clear that , just as states made their own decisions to shut down public life at the start of the outbreak , they are likely to ease restrictions in much the same way .
While some have formed alliances to coordinate policies with neighbors , different regions are following very different paths .
And their choices are falling largely , although not entirely , along partisan lines .
Hard-hit coastal blue states are insisting on increased testing and tracking as a condition for reopening schools and businesses .
Many red state officials , emphasizing the @ @ @ @ @ @ @ push to lift them as soon as possible .
The lack of a unified approach could hinder efforts to deal with the current outbreak and prevent another .
Cuomo , a Democrat , announced plans to work with Connecticut and New Jersey to increase contact tracing -- a system in which health-care workers track down and contact people who may have been exposed to someone known to be infected .
Former New York City Mayor Michael Bloomberg volunteered to help the state implement its tracing program , and he and Bloomberg Philanthropies will @ @ @ @ @ @ @ .
( Michael Bloomberg is the founder and majority owner of Bloomberg LP , the parent company of Bloomberg News . )
In California , Democratic Governor Gavin Newsom said the state would retrain some of its own workers to join an “ army of tracers ” 10,000 strong .
At the same time , Newsom wants to be able to test 60,000 to 80,000 people per day , up from 16,000 now .
He said he spoke with Trump on Wednesday morning , and the president committed to sending at least 100,000 @ @ @ @ @ @ @ by 250,000 next week and even more two weeks from now .
“ That was a very good phone call , ” Newsom said .
Republican Kemp , meanwhile , defended his reopening plan as a measured approach that lets small-business owners and workers who are struggling financially earn a paycheck .
He said a downward trend in Georgia ’ s daily numbers of new cases , improved outlook for hospital capacity and growing availability of testing make him comfortable with his course .
“ There are a lot of people that are @ @ @ @ @ @ @ financial end of things , our hardworking Georgians , ” Kemp said .
“ And we ’ re trying to do all we can to allow them to start moving back into the workforce in a limited and safe way .
And we ’ ll continue to do that as the data and the situation drives that.
” He said he expected the reopening would be gradual , depending on the comfort level of business owners and customers .
Based on his conversations with the state restaurant association , for example , he @ @ @ @ @ @ @ for in-house dining next week while others aren ’ t .
Safety , social distancing , mask and density control should be taken into account , they said .
Representative Ryan Spain , whose father is a small retailer in Peoria , said eliminating confusion about which businesses are “ essential ” and not giving bigger businesses an advantage is key .
The legislators also called on Pritzker to let hospitals perform elective surgeries again , rather than reserving all their capacity for coronavirus cases .
California ’ s Newsom said Wednesday that @ @ @ @ @ @ @ and Cuomo had made a similar announcement in New York .


washingtonpost--2020-04-23--House Overwhelmingly Passes Aid Bill Amid Health Precautions

Trump said at a White House briefing he is likely to sign the bill Thursday night .
The measure would replenish funding to the Paycheck Protection Program for small businesses and provide other spending for hospitals and virus testing .
It ’ s the fourth coronavirus-related spending measure since early March , totaling almost $ 3 trillion .
“ This is really a very , very sad day , ” said Speaker Nancy Pelosi , giving a less-than-triumphant sendoff to the bill on a day when government figures showed about 4.4 million additional workers applied for unemployment benefits last week @ @ @ @ @ @ @ virus , a battered economy , ” and hundreds of thousands of ill people .
“ Some died , and millions out of work , ” she said .
The House had not convened as a group since March 27 .
The floor action was carried out with carefully choreographed movement and spacing of lawmakers to guard against spreading any infection .
Groups of 60 members entered the chamber in alphabetical order to vote , then exited on the opposite side .
Many members took the advice of Congress ’ attending physician to @ @ @ @ @ @ @ , the House took a short break so the chamber could be disinfected .
Four Republicans voted against the bill -- House Freedom Caucus Chairman Andy Biggs of Arizona , Ken Buck of Colorado , Jody Hice of Georgia and Thomas Massie of Kentucky .
Alexandria Ocasio-Cortez of New York was the lone Democrat to oppose it .
Justin Amash , an independent from Michigan , voted “ present.
” One of the most poignant moments came when Financial Services Chairwoman Maxine Waters of California told colleagues her own sister was dying from @ @ @ @ @ @ @ to 50,000 American lives so far .
“ I ’ m going to take a moment to dedicate this legislation to my dear sister , who is dying in a hospital in St. Louis , Missouri , right now , infected by coronavirus , ” said Waters .
Expressions of sympathy came from Democrats and Republicans .
Much of Thursday ’ s debate centered on GOP claims that Pelosi and Democrats needlessly delayed agreement on the bill , and Democratic arguments that Senate Republicans under Majority Leader Mitch McConnell refused for too long @ @ @ @ @ @ @ only to agree at the end .
The final bill includes $ 320 billion to make new loans under the Paycheck Protection Program , which provides forgivable loans to small business that keep employees on the payroll for eight weeks .
It sets aside $ 30 billion of the loans for banks and credit unions with $ 10 billion to $ 50 billion in assets , and another $ 30 billion for even smaller institutions .
The measure includes $ 60 billion in loans and grants under a separate Economic Injury Disaster Loan @ @ @ @ @ @ @ eligible for the loans .
Also , there is $ 75 billion for hospitals , with a significant portion aimed at those in rural areas , and $ 25 billion for virus testing .
The testing funds include $ 18 billion for states , localities , territories , and tribes to conduct Covid-19 tests , $ 1 billion for the Centers for Disease Control and Prevention , and $ 1.8 billion for the National Institutes of Health .
As much as $ 1 billion would cover costs of testing for the uninsured .
@ @ @ @ @ @ @ includes new aid for hospitals and virus testing , as well as stricter rules to send small-business aid to those with less access to bank loans .
Minority Leader Kevin McCarthy retorted to Pelosi ’ s explanation : “ Listening to it , the only thing I could think was what Shakespeare would say , ‘ The lady doth protest too much , me think.
” These tensions are already building as lawmakers begin eyeing the next stimulus package .
Pelosi has said a major package of aid for state and local governments @ @ @ @ @ @ @ them pay for first responders , police , health workers and others .
Democratic Representative Tom Suozzi of New York took a shot at McConnell during Thursday ’ s floor debate , saying , “ The Grim Reaper is telling my state and others to drop dead .
Well , I have a message for him : we ’ re going to fight you.
” Congress isn ’ t scheduled to return to Washington until May 4 , though negotiations and drafting of the next bill can take place without most lawmakers in @ @ @ @ @ @ @ will look at proposals for proxy or remote voting .


washingtonpost--2020-04-21--Big Investors Warn Hedge Funds on Tapping Small-Business Aid

“ It is ethically questionable and likely not in the best interest of the industry as a whole , long term , ” said Marcus Frampton , chief investment officer at Alaska ’ s $ 60 billion sovereign wealth fund .
“ Alternatives managers , from a fiduciary standpoint , should be exploring federal assistance for portfolio companies where it is needed to preserve value and help employees.
” Thousands of mom-and-pop firms are struggling to survive as the sudden halt to economic life because of coronavirus-spurred lockdowns takes an unprecedented toll .
More than 20 million Americans have filed @ @ @ @ @ @ @ and fears are growing of a deep and long-lasting downturn .
The government said on April 16 the $ 349 billion lending program was exhausted , within two weeks of its launch .
Shake Shack Inc. , one of more than a dozen publicly traded companies to tap the program , promised to return a $ 10 million loan amid criticism that smaller businesses were being frozen out .
The Senate passed $ 484 billion in new pandemic relief funds Tuesday to bolster the small business aid program , pay for coronavirus testing @ @ @ @ @ @ @ .
Jim Grossman , chief investment officer at the Pennsylvania school pension system , said in an April 14 letter to its managers that it agreed with consulting firm Aksia LLC , which had said managers applying for the program showed “ poor moral judgment ” and were “ probably crowding out struggling workers and businesses severely impacted by Covid-19.
” The Pennsylvania fund , which had about $ 60.5 billion in assets at the end of last year , will look at managers who take the Paycheck Protection Program money on a @ @ @ @ @ @ @ .
“ Most managers that we deal with are large and have substantial revenue streams that will go on without missing a beat through this crisis , ” he said .
“ We ’ ll have much less tolerance for any explanation of accepting PPP money from them.
” The sweeping lockdowns enacted last month didn ’ t prevent investment firms from operating as markets remained open for trading .
Unlike thousands of small businesses whose revenues have plummeted , hedge funds continued to earn management fees , even if they lost money @ @ @ @ @ @ @ and endowments may use the Freedom of Information Act to see if hedge funds applied for small-business loans , according to a person who works closely with hedge fund investors and asked not to be identified because the conversations are private .
In Ohio , the CIO and hedge fund team at the $ 13.5 billion School Employees Retirement System is “ unaware that any of its managers have applied to the program , ” according to spokesman Tim Barbour .
Ron Biscardi , former chief executive officer of Context Summits , said @ @ @ @ @ @ @ ’ re not tapping the government program , in part because they know it would keep money from businesses that desperately need cash .
Reputation issues may also be a factor .
“ Institutional investors have made it known that they would be very disappointed with any fund company found using the program that didn ’ t really need it , ” said Biscardi , whose former firm plans events for the alternative asset management industry .


washingtonpost--2020-04-23--Shake Shack, Then Harvard: Who’s Minding That $2.6 Trillion?

At some point today , Congress and the White House will sign off on a bill authorizing an additional $ 380 billion in federal emergency aid for small businesses .
The money will then begin making its way to banks and , ideally , find a home with tens of millions of shops unraveling amid the coronavirus pandemic.We aren ’ t living in an ideal world , of course .
This $ 380 billion follows a previous $ 349 billion lifeline Congress teed up for small businesses .
That earlier fund evaporated in just a couple of weeks , and @ @ @ @ @ @ @ nation ’ s 30 million small businesses — and possibly significantly less — got their hands on it .
Some of it went to more well-heeled enterprises , including Shake Shack and , as the Associated Press reported , 94 publicly traded companies that didn ’ t appear to be prime candidates for small-business rescues .
Shake Shack gave the money back .
Others haven ’ t.Upon learning that Shake Shack disgorged its $ 10 million in public aid , Treasury Secretary Steven Mnuchin , who stewards the small-business program , took to @ @ @ @ @ @ @ was “ glad ” the company did so .
Given that there are likely to be myriad companies and possibly many billions of dollars that wound up in the wrong hands , Mnuchin might stow his joy for the moment .
It was his team ’ s responsibility to make sure banks properly vetted and prioritized borrowers to avoid foul-ups before taxpayers ’ money went out the door , not after.Although Mnuchin has used selective data to spin the first round of aid as a success , he and the Small Business Administration @ @ @ @ @ @ @ exactly who was funded , and how much they received , to convince outside observers to agree with him .
The money was meant to support employees of small businesses , and it ’ s not clear yet whether workers received it or what impact it will ultimately have if the crisis is prolonged .
And the Treasury Department , like so many federal agencies these days , also may not be in fighting shape — which raises questions about its broader ability to manage the most sweeping financial rescue in history .
@ @ @ @ @ @ @ gone unfilled , and the agency ’ s lack of experienced leadership and expertise is particularly apparent in its domestic finance unit , which would normally handle the bulk of financial engineering needed in a rescue of this magnitude .


washingtonpost--2020-04-23--Cohn Says States Deserve Aid in Response to McConnell Reluctance

As states grapple with the coronavirus pandemic , many governors are struggling with the dual problem of soaring health-care costs and plummeting tax revenue .
The National Governors Association estimated that states and municipalities will need at least $ 500 billion in aid .
Congress on Thursday is expected to pass a bill that contains a $ 484 billion aid plan for small businesses and also gives additional funding for coronavirus testing and hospitals .
House Speaker Nancy Pelosi said Wednesday on Bloomberg Television that those “ interim ” measures would soon be followed by another stimulus bill that includes @ @ @ @ @ @ @ for state and local governments .
Yet Senate Majority Leader Mitch McConnell indicated he was reluctant to support that approach , suggesting in a radio interview Wednesday that he favors letting states use bankruptcy protection as a means to cutting fixed expenses such as public-employee pensions .
Cohn , who served as director of the National Economic Council during the first two years of the Trump administration , also disagreed .
“ All of a sudden they went from a very good operating environment to a very unusual or extraordinary operating environment , @ @ @ @ @ @ @ hope that states never have to file for bankruptcy.
” Cohn , 59 , favors the “ road map ” drafted by former Food and Drug Administration Commissioner Scott Gottlieb , which would rely on widespread testing for the virus and surveillance data to revive parts of the economy gradually .
It ’ s possible , he said , for services such as small retailers and hair salons to reopen .
While he favors stimulus for state economies , Cohn also has concerns about the aid programs that pay individuals more in benefits @ @ @ @ @ @ @ said he knows of fast-food restaurants and local retailers that can ’ t find employees for deliveries or preparing curbside pickups .
” We ’ re going to need people to re-engage and want to go back to work and not rely upon the government handouts , ” Cohn said .
• “ The financial markets around the world have actually held up quite well .
We ’ ve had relatively good liquidity , we ’ ve had very good price discovery.
” • Financial regulators should loosen bank capital and liquidity rules @ @ @ @ @ @ @ and cash are available .


washingtonpost--2020-05-01--Analysis | What’s Contact Tracing and How Can It Fight Covid-19?

Not really , although some mobile phone technologies can help with it .
( More on that later . )
Contact tracing has been a major public-health tool since the U.S. and U.K. first used it against sexually-transmitted infections in the 1930s .
It ’ s grunt work .
Trained staffers ask infected people detailed questions about where they ’ ve been and who they ’ ve met .
Everyone considered to be a contact -- a categorization that varies depending on how infectious the disease is -- is then informed and given guidance about what to do .
In @ @ @ @ @ @ @ means living with someone who has the coronavirus or , according to one definition , having been in a closed environment within 2 meters ( 6.5 feet ) of such a person for 15 minutes or more .
These contacts are usually then advised to self-quarantine at home for 14 days while watching for symptoms .
When you have enough resources to track cases .
The U.S. , U.K. and others tried to use contact tracing at the start of their coronavirus outbreaks but gave up in the face of too many cases @ @ @ @ @ @ @ of contact tracers in an effort to get started again .
Other countries , including South Korea , New Zealand and Germany , have used the strategy to good effect throughout their outbreaks .
A laundry list of infections , including childhood illnesses such as measles that are on the upswing again thanks to skipped vaccinations .
It ’ s used regularly in the World Health Organization ’ s effort to eradicate tuberculosis and to advise people who might not realize they ’ ve been exposed to sexually transmitted diseases .
It was @ @ @ @ @ @ @ and against Middle East respiratory syndrome ( MERS ) , which is also caused by a coronavirus .
Contact tracing also was an integral part of the successful fight to eliminate smallpox decades ago .
Speed is a major issue .
Between one-third and one-half of transmissions of the new coronavirus may happen before a person is aware that he or she is sick , a University of Oxford research team suggested in a study published in the journal Science .
Another is staffing and money .
In Wuhan , China , where @ @ @ @ @ @ @ worked to track down close contacts of virus patients .
The U.S. government is providing $ 1.3 billion to help pay for a “ contact tracing army ” for New York , the U.S. state hit hardest by the crisis .
Former New York City Mayor Michael Bloomberg , founder and majority owner of Bloomberg LP , the parent company of Bloomberg News , is donating $ 10.5 million to that effort together with Bloomberg Philanthropies .
Contact-tracing apps can help , if governments are willing to make them mandatory .
In South @ @ @ @ @ @ @ from three mobile carriers and transactions from 22 credit-card issuers to decrease the time it takes to track the movements of infected individuals , from one day to just 10 minutes .
China asks people to scan a QR code when entering public places such as shopping malls and offices , making it easier for investigators to later trace those who were in a place at around the same time as an infected person .
In countries where data privacy is paramount , it ’ s trickier .
“ Near-universal app usage and @ @ @ @ @ @ @ any voluntary app , the Oxford team said in its study -- meaning that for the U.S. and Europe , apps will probably be just one piece of the contact-tracing puzzle .


washingtonpost--2020-05-05--Analysis | India’s Reopening Is a Multicolored Mess

The metropolises — Mumbai , Delhi , Kolkata , Hyderabad , Pune , Bengaluru and Ahmedabad — are all classified as red .
Intercity movement of people remains suspended with no flights or regular train services .
Not being able to access demand in large consumption centers will further constrain production even in places where factories can restart .
With migrant workers from rural areas scrambling to get home , the supply chain in a mess , and working capital scarce , even a labor-surplus economy like India ’ s will struggle to fill pent-up demand .
India has identified @ @ @ @ @ @ @ to host factories leaving China , Bloomberg News reported Monday .
Getting ready to take advantage of shifting global supply chains in the post-coronavirus world makes sense as a strategy , but it won ’ t see the country through its more immediate challenge .
Nobody can predict if even the modest normalization of the economy will last .
With nearly 43,000 Covid-19 cases and the number doubling every 12 days , the country is still struggling to flatten the curve — even with the lockdown .
If loosening leads to new infections @ @ @ @ @ @ @ into orange .
Community outbreaks can quickly turn orange districts into red .
That uncertainty itself is enough to keep production down .
Manufacturing is already in dire straits .
The plunge in April in the purchasing managers ’ index to 27.4 came the same day as the tentative resumption of activity .
Even that record-low figure probably sugarcoats the actual situation .
As Capital Economics says , the index was lifted by suppliers taking longer to deliver , usually seen as an indication of capacity shortages and excess demand .
Last month @ @ @ @ @ @ @ disruptions .
Automakers couldn ’ t sell a single car in April .
Construction remains at a standstill .
In Mumbai , India ’ s most expensive property market , the government ’ s tax take from stamp duties on documents was less than $ 600 for the entire month — all from lease agreements .
Not a single change in ownership was registered .
The financial sector , which was facing a crisis of confidence even before the coronavirus , is imploding .
Even if the partial reopening doesn ’ t overwhelm @ @ @ @ @ @ @ it won ’ t prevent the economy from spiraling out of control .
Then what will ?
India ’ s $ 2.7 trillion economy has so far had to satisfy itself with a token $ 22.6 billion stimulus package when it requires at least 5 % of GDP — or $ 135 billion — in federal government support to firms and families , plus at least half as much in extra spending by state governments at the frontline of battling the pandemic .
Time is running out .
Any package of spending and @ @ @ @ @ @ @ to be tweaked and fine-tuned to actually work , but red zones can ’ t stay frozen for even another month .
The fiscal bill that the Modi government seems to be trying hard to compress by its color-coded reopening will only balloon .
Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services .
He previously was a columnist for Reuters Breakingviews .
He has also worked for the Straits Times , ET NOW and Bloomberg News .


washingtonpost--2020-05-05--Analysis | How Carl Icahn’s Hertz Car Rental Got Dented

Like most car-rental companies Hertz is massively dependent on air travel .
It gets about two-thirds of its revenue from airports .
With the Covid-19 travel restrictions , its sales have plunged and it ’ s burning though cash .
Furthermore , its huge vehicle fleet is exposed to a decline in the value of used cars .
Second-hand prices have tumbled because millions of consumers have lost their jobs and rental firms have a big surplus of vehicles they need to shift .
Doing that is difficult when car auctions are closed and social-distancing measures are in force .
@ @ @ @ @ @ @ tight spot , Hertz is particularly vulnerable because it has too much debt and too small a cash buffer .
Billionaire Carl Icahn ’ s big bet on car rentals — he first bought Hertz shares in 2014 following an accounting scandal and now owns 39 % of the company — is deeply underwater .
The shares have fallen 82 % this year .
This week Paris-based Europcar Mobility Group persuaded the French state to guarantee a 220 million-euro ( $ 239 million ) rescue loan , even though it too carries a @ @ @ @ @ @ @ Europcar ’ s big American rivals , Hertz , Avis Budget Group Inc. and Enterprise Holdings Inc. failed to persuade the U.S. Treasury to help them , as my fellow columnist Brian Chappatta noted recently .
This might seem unfair : The airlines shared $ 50 billion in taxpayer largess and not all were worthy recipients , but politicians don ’ t see car rental as equally important .
Plus , there ’ s the small issue of who owns them .
Privately-held Enterprise belongs to the billionaire Taylor family , and Avis @ @ @ @ @ @ @ fund , SRS Investment Management .
As for Hertz , Icahn is worth almost $ 18 billion , according to the Bloomberg Billionaires Index .
None could be described as needy .
When outlining cost-cutting measures last month , Hertz Chief Executive Officer Kathryn Marinello said it was a “ resilient company.
” But in financial terms , it has lacked a firm foundation .
The company has $ 19 billion of debt and lease obligations , according to Bloomberg data , or about 4.4 times last year ’ s Ebitda .
Cash @ @ @ @ @ @ @ billion at the end of December .
That ’ s a thin buffer considering Hertz ’ s vulnerability to sudden shifts in demand and car prices .
Many of its vehicles are financed by asset-backed lending .
If the value of those assets declines , lenders can force it to post more collateral .
Unlike in Europe , most of its U.S. fleet can ’ t be returned to the manufacturer if it becomes surplus .
And because almost all of its assets have been borrowed against , or are otherwise encumbered , @ @ @ @ @ @ @ 11 proceedings .
The $ 500 million of senior unsecured 6.25 % coupon bonds , maturing in 2022 , trade at less than 20 cents on the dollar .
In fairness , most of Hertz ’ s problems preceded Marinello ’ s tenure and she ’ s tried to put the business on a firmer footing .
It raised $ 750 million from Icahn and other shareholders last year .
Hertz ’ s borrowings have been a problem ever since Ford Motor Co. sold its former subsidiary to private equity in 2005 .
@ @ @ @ @ @ @ low-cost rival Dollar Thrifty in 2010 didn ’ t pay off , and Hertz ’ s sedan-heavy fleet was badly positioned when tastes shifted to sports-utility vehicles .
Later , ride-hailing companies such as Uber Technologies Inc. emerged as alternatives to rentals .
Hertz leases cars to ride-hailing firms , but it has struggled to generate cash because of heavy spending on its vehicle fleet .
Competition is intense despite the industry ’ s increasingly oligopolistic structure .
Hertz has made a loss in four or the last six years .
Icahn upped @ @ @ @ @ @ @ reluctance to throw more good money after bad is understandable .
Rental firms hope some nervous public transport users will rent cars until the pandemic wanes , but airlines are warning that flight demand could remain negligible until the end of this year .
The outlook is grim .
Enterprise has shown that it ’ s possible to run a rental company without leveraging it to the gills — its debt is still rated A- by Standard & Poors , albeit with a negative outlook .
Hertz shows what can happen when you @ @ @ @ @ @ @ can afford .


washingtonpost--2020-05-05--Behind the Numbers, Supply-Chain Chaos Masks Extent of Gulf Pain

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washingtonpost--2020-05-01--Analysis | Who Put the ‘S’ in ‘ESG’ (and What Does It Mean)?

There are many variations , but the common thesis is that capitalism has obligations that go beyond shareholders and return on equity -- investors and companies also need to consider their impact on customers , employees , local communities and society in general .
While different strands of the social investing movement may focus on labor standards , LGBTQ rights or corruption , they ’ re meant to send a common message : Businesses need the consent of people in society to operate , and a threat to this “ license ” can have an impact on their bottom line @ @ @ @ @ @ @ has now seen big investors , including KKR , Vanguard Asset Management and Columbia Threadneedle Investments , create funds focused on social concerns .
Such moves aren ’ t just do-goodism .
The claim is that long-term returns will be higher from investing in companies that pay attention to the social part of their business , whether that ’ s by taking better care of their staff or the environment .
Organized efforts at this kind of investing can be traced back decades , such as Swedish church-affiliated organizations in 1965 and the @ @ @ @ @ @ @ the U.S. in 1971 .
Strategies focused on avoiding companies seen as doing specific kinds of harm became known as socially responsible investing .
Later , amid increasing scrutiny of their business practices , many companies embraced an approach known as corporate social responsibility .
Meanwhile , some money managers advocated what became known as impact investing , which seeks to have a positive influence on the world .
ESG investing has brought these earlier efforts under a single umbrella , at the same time as policy makers and regulators have become increasingly @ @ @ @ @ @ @ s brought greater acceptance of those wider ESG concepts , most notably that companies should be held to account for all they do , not just their financial performance .
An ESG approach is also typically numbers-based , seeking to score a wide range of information about a firm , from its carbon emissions to safety at work and gender mix in the boardroom .
It ’ s prompted some ESG investors to redirect their efforts from climate toward social issues .
A group of more than 300 investors representing over $ 8.4 @ @ @ @ @ @ @ take steps to protect their workers and communities from the impact of the virus , including providing workers with paid leave and avoiding layoffs .
As investors zero in on social , they ’ ll likely focus in the short-term on what Covid-19 relief companies are providing for communities , consumers and other stakeholders , Kara Mangone , chief operating officer of Goldman Sachs Group Inc. ’ s sustainable finance group , said recently .
Over the longer term , investors will ask questions about companies ’ process and oversight , as well @ @ @ @ @ @ @ these topics , she said .
Facing widespread outrage , Ruth ’ s Chris Steak House and Shake Shack were among the publicly-traded restaurant chains that returned millions of dollars given out by the U.S. government to sustain small businesses .
Large banks also came under criticism for giving priority to larger customers in the handling of requests for government aid , with the effect of shutting out many smaller firms from the first-come , first-served program .
Sales of bonds to help fight the outbreak have surged .
Alongside a massive increase @ @ @ @ @ @ @ billions raised by companies to shore up their balance sheets , development banks such as the World Bank and the Inter American Development Bank have sold tens of billions of debt to tackle the impact of the virus .
Proceeds will be used to support the weaker health and economic systems of poorer countries , where it ’ s feared the pandemic will push more people into extreme poverty and could overwhelm medical facilities .
In the corporate market , Pfizer Inc has already sold bonds that ’ ll help fund greater access @ @ @ @ @ @ @ other companies and banks are likely to follow .
No .
Those were issued by the World Bank in recent years based on the model of catastrophe bonds that pay out in response to insurance claims for events like hurricanes .
The situation with coronavirus-related borrowing is so new , people haven ’ t agreed on a single name for these bonds .
Most of the securities related to the pandemic aren ’ t technically social bonds because they don ’ t follow principles set by the International Capital Markets Association on transparency @ @ @ @ @ @ @ Some issuers are using an alternative ICMA template , known as sustainability bonds , where proceeds can be used for green or social purposes , while yet others have invented new labels that don ’ t follow established guidelines .
Asset managers like Nuveen prefer bonds that follow ICMA frameworks as they provide greater accountability .
They may also result in cheaper borrowing costs says Herve Duteil , head of sustainable finance at BNP Paribas .
Social bonds have been the fastest-growing part of sustainable finance , with more already sold this year @ @ @ @ @ @ @ compiled by Bloomberg show .
Meanwhile , green bond sales have dipped as companies focus on shoring up their balance sheets .
Based on industry standards , this is how many people in the market break down the three main types of social bonds : Even before the pandemic , impact investing was a fast-growing sector , with over $ 500 billion in assets globally at the end of 2018 , according to the Global Impact Investing Network , though it remains only a fraction of the more than $ 30 trillion of @ @ @ @ @ @ @ the U.S. , KKR exceeded its $ 1 billion fundraising goal for its first Global Impact Fund in 2019 .
A recent Deutsche Bank report suggested “ the S in ESG will increasingly be the ‘ next big thing ’ when it comes to investor focus.
” Better data and definitions are two big things that need improvement for the movement to grow .
In a survey by BNP Paribas SA , 46 % of asset owners and managers found social to be the most difficult sector to analyze .
Academics at NYU @ @ @ @ @ @ @ there were bigger gaps in the data around social than environment or governance issues .
Efforts are being made : European authorities have said they aim to follow their classification of sustainable finance with another covering social , though that won ’ t be for some time .
And bodies such as the Sustainability Accounting Standards Board are seeking to get universal adoption of standardized reporting that would include social elements .
Meanwhile , there ’ s plenty of experimenting with new approaches , such as ETFs that design their holdings in conjunction @ @ @ @ @ @ @ cut of the fund ’ s investment fees .


washingtonpost--2020-05-05--Analysis | Covid-19 Spring Break Tests the Value of College

So it was only a matter of time before students began demanding their money back .
Class-action attorneys are pursuing lawsuits on behalf of hundreds of thousands of students .
Undergraduates have sued more than 50 schools so far for partial refunds of tuition , room-and-board expenses and fees .
The outcome will most likely be determined by technical legal considerations , such as whether courts grant students class-action status or how judges interpret explicit or implicit agreements between colleges and students .
But if fairness were the primary consideration , students would have a compelling case .
As Stephen @ @ @ @ @ @ @ University of Georgia and Bloomberg Opinion contributor , pointed out recently , students pay for more than classes .
“ They ’ re paying for the experience of college : dating , dorm life , fraternities and sororities , Frisbee on the quad — all the stuff that has come to define college for the past century or so , ” he wrote .
“ But when education moves online , all of that disappears .
Instead , you ’ re left with a haggard-looking professor on Zoom .
That ’ s worth @ @ @ @ @ @ @ ’ t worth paying anything close to full freight.
” And that may be overstating the value students assign to the education .
I ’ m lucky to have a big and close-knit group of college friends .
In one of our group chats — a regular feature of this lockdown — I asked them what they valued about college .
To a person , they cited the social interactions or the opportunities their degrees presented in the years just after college , either for employment or advanced degrees .
Not one mentioned @ @ @ @ @ @ @ sentiment is shared widely .
That raises an important question : If the value of college for most people is the social life or the ticket to employment or graduate school , why is college necessary at all ?
Surely there are better and more cost-effective ways to achieve the same result .
Much of the social aspect , for example , could be replicated by a mandatory two-year national service after high school .
The college experience could remain largely intact , except that young Americans would volunteer their time rather than @ @ @ @ @ @ @ for government-provided room and board .
They could make meaningful contributions in the process , such as bolstering public schools , furthering research or helping to rebuild the country ’ s crumbling infrastructure .
It would also have the benefit of allowing everyone to participate .
Employers could then pluck candidates fresh from their two-year service .
My guess is companies would find new hires to be at least as responsible and mature as newly minted college graduates , and certainly more experienced .
And whatever skills those new hires lacked on day @ @ @ @ @ @ @ , how well does college train anyone for their first job ?
— they would learn from superiors , not unlike an apprenticeship .
Graduate and professional schools could also admit candidates after their two-year service , supplementing the curriculum with classes they now rely on colleges to provide .
Premedical courses could be merged into medical schools , for instance , with the understanding that advancement would be conditioned on completing successive courses to the school ’ s satisfaction .
The same could apply to law , accounting , engineering , architecture @ @ @ @ @ @ @ effects would be significant .
Fewer Americans would be saddled with huge student debt , allowing them to launch their adult lives earlier and more easily .
Academic institutions would be enriched because their students will have made a deliberate choice to enroll in their chosen fields .
The country would be enriched , too , because national service would bring young Americans together across religious , ethnic and socioeconomic backgrounds , and perhaps rekindle a spirit of civic-mindedness .
Colleges won ’ t disappear .
There will always be some students who @ @ @ @ @ @ @ in a broad-based education or specialized programs such as music or theater .
But a system that offers no realistic alternative to college puts many on a path they might not otherwise choose , and at great cost .
None of this is to minimize the hardship colleges face or would face if enrollment dropped .
Peter McDonough , general counsel for American Council on Education , a college trade group , told Bloomberg News that colleges are facing a financial “ catastrophe.
” That may be , but protecting colleges from change @ @ @ @ @ @ @ perpetuate the system .
For now , colleges will need students ’ cooperation to safely reopen campuses , so they ’ ll have to make some reasonable accommodation around cost during the shutdown .
But the bigger issue will persist .
Many Americans will reflect during the break and in the years ahead about whether college is worth the enormous sacrifice , and they just might conclude that there must be a better way .


washingtonpost--2020-06-12--New Jersey Wins Injunction to Block Asbury Park’s Indoor Dining Plan