General Business
The Latest on the coronavirus pandemic. The new coronavirus causes mild or moderate symptoms for most people. For some, especially older adults and people with existing health problems, it can cause more severe illness or death.
TOP OF THE HOUR:
— 3M says it has deal with Trump administration to keep sending masks to Canada, Latin America
— Nearly 1 in 5 NYPD officers out sick with flu-like symptoms
— Trump saddened to hear British Prime Minister Boris Johnson taken into intensive care.
— France’s health minister has reported the country’s highest 24-hour death toll recorded in the country since the COVID-19 pandemic began.
— World Health Organization urges caution in relaxation of lockdown strategies
— Ontario's Ford: 500,000 masks headed across the border.
— Italy’s day-to-day increase in COVID-19 cases dips again.
TORONTO — Manufacturing giant 3M says it has an agreement with the Trump administration that will allow the company to continue to send N95 protective masks to Canada and Latin America.
3M says the company has a plan to produce 166.5 million masks over the next three months to support healthcare workers in the U.S.
President Trump had used his authority under the 1950 Defense Production Act to stop exporting such masks, also known as respirators. The move to block such masks, which are crucial in protecting healthcare workers on both sides of the border from the virus that causes COVID-19, outraged many officials in Canada.
3M issued a statement last week saying that could have “significant humanitarian implications” for healthcare workers in Canada and Latin America. The company had said possible retaliation by other nations could actually lead to fewer of the masks being...
WASHINGTON (AP) — For years, personal trainer Amanda Tikalsky didn’t have to worry much about her job. The U.S. economy’s record-breaking 11-year expansion offered security to service workers like her.
Then came the coronavirus, which closed the Milwaukee athletic club where she worked for 15 years. She scrambled to organize online exercise sessions to keep money coming in. About 25% of her clients made the jump with her.
"It’s an adjustment for everybody,’’ she said. “We are used to being face to face."
But even when the virus threat is gone, Tikalsky predicts that many customers will continue to exercise from home. The shutdown is also likely to change her own shopping habits. She has a new appreciation for the ease of buying groceries online.
The pandemic is almost sure to leave a mark on the way people work, shop and socialize, perhaps permanently shifting the way many service industries operate. Consumers will think harder about the health implications of squeezing into crowded restaurants and movie theaters. More businesses will accept the effectiveness of employees who work from home, and the move to online shopping will accelerate.
“We’ve never had a crisis where we couldn’t socially gather with people,” said John Gordon, founder of Pacific Management Consulting Group in San Diego, which advises restaurants.
Until March, service workers — from dishwashers to real estate agents — had been enjoying a record winning streak in the job market. U.S. service jobs had risen for a decade.
The sector appeared almost immune to blips in the economy. Not even low-wage competition overseas or automation seemed to threaten service jobs that require direct contact with customers.
Then the virus arrived. It upended the service economy, which accounts...
The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments Monday related to the global economy, the work place and the spread of the virus.
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CENTRAL BANKS AND GOVERNMENT: The White House is considering coronavirus “war bonds” to fund the federal response to the pandemic.
Larry Kudlow, the director of the national economic council, says the federal government, like most Americans, should make the most of low interest rates.
The U.S. government has had little trouble finding people willing to lend it money so far, even without anything branded as “war bonds.” It’s been able to borrow at interest rates near record lows despite ballooning deficits, as investors around the world look for safe places to park cash.
Japanese Prime Minister Shinzo Abe is preparing to announce a 108 trillion yen ($1 trillion) economic package to help the country weather the coronavirus crisis. Abe said Monday he plans to disclose details of the package as early as Tuesday.
Abe is expected to announce a state of emergency Tuesday, at least for cities like Tokyo.
AIRLINES: American Airlines is suspending more flights at the city's three major airports, JFK, LaGuardia and Newark, in New Jersey.
American said late Sunday that it will run 13 flights daily from the three airports beginning this week, down from an average of 271 flights per day last April.
United Airlines over the weekend reduced its 157 daily flights, to 17. Spirit Airlines has completely cut off service to the city and JetBlue, which is based in New York City, has slashed operations in the city by about 80%.
Delta Air Lines, American Airlines, United Airlines and JetBlue applied for a share of the $25 billion in federal grants designed to...
NEW YORK (AP) — Small business owners hoping for quick loans from the government were in a holding pattern Monday — waiting on their bank to either take their application or, if it did, send them the money.
Business owners began submitting applications to banks, credit unions and other financial institutions late last week, or at least trying to. If successful, owners received notifications that their applications had been received, but for many, there was no further word by Monday afternoon.
Two of the nation's largest banks, J.P. Morgan Chase and Citibank, aren't yet set up to take applications. That leaves their small business customers to worry that the $349 billion the government has budgeted for the relief loans will run out before they can apply.
Lori Ames emailed Chase on Friday, the first day applications were being accepted for what’s called the Paycheck Protection Program, part of the government’s $2 trillion coronarvirus rescue plan. She was still waiting Monday for an opportunity to apply.
“In the meantime I’ve filed my application via (online loan marketplace) Lendio because at the rate Chase is going, by the time they accept applications the allocated money could be gone,” says Ames, owner of The PR Freelancer, a publicity firm located in Babylon, New York.
The loans are being approved and guaranteed by the Small Business Administration. While the agency released loan application statistics throughout the day Friday, it did not do so Monday; when asked for the reason, the agency did not immediately respond.
Banking industry officials have said the slowdown in getting funds to customers has mostly been on the SBA’s side, although they said the government was making progress. SBA Administrator Jovita Carranza tweeted Monday afternoon that Bitty & Beaus Coffee, a Wilmington, North...
The new coronavirus made Dr. Jag Singh a patient at his own hospital. His alarm grew as he saw an X-ray of his pneumonia-choked lungs and colleagues asked his wishes about life support while wheeling him into Massachusetts General’s intensive care unit.
When they offered him a chance to help test remdesivir, an experimental drug that’s shown promise against some other coronaviruses, “it did not even cross my mind once to say ‘no,’” said Singh, a heart specialist.
Coronavirus patients around the world have been rushing to join remdesivir studies that opened in hospitals in the last few weeks.
Interest has been so great that the U.S. National Institutes of Health is expanding its study, which has nearly reached its initial goal of 440 patients. The drug’s maker, California-based Gilead Sciences, is quickly ramping up its own studies, too.
“I would enroll my family in a heartbeat” if the need arose, said Dr. Libby Hohmann, who placed Singh and nearly 30 others in the NIH one at Mass General. To have no approved medicines for COVID-19 now is “kind of terrifying,” she said.
For most people, the new coronavirus causes mild or moderate symptoms, which can include fever and cough but sometimes pneumonia requiring hospitalization. The risk of death is greater for older adults and people with other health problems.
There are no medicines approved to fight the new coronavirus, which has already killed 74,000 people around the world. The crisis has sparked a race to find a vaccine to prevent the disease it causes, COVID-19, along with medicines and therapies to make the disease less deadly.
Remdesivir is given through an IV. It’s designed to interfere with an enzyme that reproduces viral genetic material.
In animal tests against SARS and MERS, diseases...
BILLINGS, Mont. (AP) — A Canadian company said Monday that it's started construction on the long-stalled Keystone XL oil sands pipeline across the U.S.-Canada border, despite calls from tribal leaders and environmentalists to delay the $8 billion project amid the coronavirus pandemic.
A spokesman for TC Energy said work began over the weekend at the border crossing in northern Montana, a remote area with sprawling cattle ranches and wheat fields. About 100 workers will be involved in the pipeline's early stages, but that number is expected to swell into the thousands in coming months as work proceeds, according to the company.
The 1,200 mile (1,930 kilometer) pipeline was proposed in 2008 and would carry up to 830,000 barrels (35 million gallons) of crude daily for transfer to refineries and export terminals on the Gulf of Mexico.
It's been tied up for years in legal battles and several court challenges are still pending, including one that's due before a judge next week.
TC Energy's surprise March 31 announcement that it intended to start construction came after the provincial government in Alberta invested $1.1 billion to jump start work. Montana's Department of Environmental Quality on Friday issued the final state permits the company needed, agency spokeswoman Rebecca Harbage said.
Leaders of American Indian tribes and some residents of rural communities along the pipeline route worry that workers could spread the coronavirus. As many as 11 construction camps, some housing up to 1,000 people, were initially planned for the project, although TC Energy says those are under review because of the virus.
TC Energy says it plans to check everyone entering work sites for fever and ensure workers practice social distancing.
Work on the pipeline is allowed under an...
WASHINGTON (AP) — The Federal Reserve said Monday it will support the government's $349 billion small business lending program, which had a rocky start Friday.
The Fed said that it will buy loans that banks make to small businesses as part of the program, which is being carried out by banks and the Small Business Administration and was set up under the $2.2 trillion economic relief package.
The loans can be forgiven if they are spent on payroll, to encourage firms to keep paying their employees or rehire workers they may have recently laid off.
By purchasing the loans, the Fed would create an incentive for the banks to engage in more lending. Buying the loans should free up more cash for banks to lend. Otherwise, when banks make a loan, they are typically required to hold some cash in reserve in the case of default.
The Fed's two-sentence announcement said further details will be provided this week.
Joseph Brusuelas, chief economist at RSM, an advisory firm that works with medium-sized companies, said the Fed's move is intended to encourage more banks to participate because many are reluctant to lend to small companies.
“This should help ... reverse risk aversion among potential lenders to provide bridge financing for small firms that otherwise would likely not survive the first phase of the crisis,” Brusuelas said.
The Independent Community Bankers of America, in a letter Saturday, urged Treasury Secretary Steven Mnuchin to work with the Fed to set up a purchase program for the small business loans. By taking loans off bank balance sheets, they argued that it would make it easier for smaller banks to participate.
“This program should not be limited by the balance sheet capacity of participating lenders,” Rebecca Romero Rainey, CEO of the ICBA, said in the...
NEW YORK (AP) — Investors grabbed hold of a few glimmers of hope Monday that the coronavirus pandemic could be slowing and sent stocks surging in a worldwide rally, capped by a 7% leap for the U.S. market.
The number of new coronavirus cases is dropping in the European hotspots of Italy and Spain. The center of the U.S. outbreak, New York, also reported its number of daily deaths has been effectively flat for two days. Even though the U.S. is still bracing for a surge of deaths due to COVID-19 and New York’s governor said restrictions should stay in place to slow its spread, the encouraging signs were enough to launch the S&P 500 to its best day in nearly two weeks.
“We’re running on raw optimism, maybe that’s the best way to put it,” said Randy Frederick, vice president of trading and derivatives at Schwab Center for Financial Research.
The S&P 500's gains accelerated throughout the day, and markets in Europe and Asia rose nearly as much. In another sign that investors are feeling a bit less pessimistic about the economy’s path, they sold bonds. The yield on the 10-year Treasury rose for the first time in four days.
Investors have been waiting anxiously for signs that the rate of new infections may hit its peak, which would give some clarity about how long the upcoming recession will last and how deep it will be. Without that, markets have been guessing about how long businesses will remain shut down, companies will lay off workers and flights remain canceled due to measures meant to slow the speed of the outbreak.
“The virus is not everything, it’s the only thing, and nothing else really matters” to the markets, Frederick said, particularly in a week that is relatively light on economic reports.
The S&P 500 climbed 175.03, or 7%, to 2,663.68, and nearly all the stocks in the index...
Stocks closed broadly higher on Wall Street Monday, propelling major indexes up more than 7%, as traders cheered glimmers of hope that the deadliness of the coronavirus outbreak could be slowing in some of the hardest-hit areas.
New York’s governor said the rate of increase of deaths could be approaching a plateau, but he cautioned it was far too early to say the worst had passed. European and Asian markets also rose. Bond yields rose as investors became somewhat less pessimistic about prospects for the economy. The price of oil fell after a meeting between big producers about cutbacks was postponed.
On Monday:
The S&P 500 index rose 175.03 points, or 7%, to 2,663.68.
The Dow Jones Industrial Average gained 1,627.46 points, or 7.7%, to 22,679.99.
The Nasdaq climbed 540.15 points, or 7.3%, to 7,913.24.
The Russell 2000 index of smaller company stocks picked up 86.72 points, or 8.2%, to 1,138.78.
For the year:
The S&P 500 is down 567.10 points, or 17.6%.
The Dow is down 5,858.45 points, or 20.5%.
The Nasdaq is down 1,059.37 points, or 11.8%
The Russell 2000 is down 529.69 points, or 31.8%.
BERKELEY, Calif. (AP) — Lawyers who negotiated a crucial $13.5 billion deal for the victims of deadly wildfires caused by Pacific Gas & Electric equipment are expressing serious doubts about whether the nation's largest utility will be able to pay the full amount as the economy sinks toward a recession.
The red flag raised in court documents filed Monday threatens to derail PG&E's plan to emerge from bankruptcy this summer before Northern California's wildfire season enters its most dangerous period.
The concern centers on the recent stock market tumult triggered by the coronavirus that has dramatically shifted the financial landscape since PG&E struck the $13.5 billion settlement with wildfire victims in December.
The deal calls for half the promised payments to be made in PG&E stock that would make wildfire victims major shareholders in the company responsible for upending their lives. The stock portion of the settlement has not been popular among many victims, and the steep downturn in the stock market during the past two months has escalated the concerns that the settlement is no longer worth $13.5 billion.
PG&E's shares have been hit especially hard, losing more than half their value since reaching a six-month high of $18.34 on Feb. 11. The company's stock rose 63 cents to close Monday at $8.56.
In previous court documents, some of the victims' attorneys asserted the PG&E stock pledged in the settlement is now worth $4.85 billion, a 28% reduction from the original amount. The estimate was based on the calculations of Eric Lowrey, a veteran investment banker who now focuses on financial restructurings.
Attorneys representing the victims' committee have asked U.S. Bankruptcy Judge Dennis Montali for permission to send out a letter...
NEW YORK (AP) — Stocks that moved heavily or traded substantially on Monday:
Wayfair Inc., up $20.87 to $71.50.
The online furniture seller reported strong demand and said it would meet or exceed its first-quarter revenue target.
Zoom Video Communications Inc., down $5.26 to $122.94.
The popular video conferencing company faces serious security and privacy problems.
SeaWorld Entertainment Inc., up $1.44 to $10.49.
The troubled theme park operator said its CEO resigned just five months after being named to the job.
American Airlines Group Inc., up 11 cents to $9.50.
American and other airlines suspended more flights at New York's major airports.
Peloton Interactive Inc., down 38 cents to $28.37.
The online workout company said it was canceling live cycling and running classes through the end of April.
Carnival Corp., up $1.72 to $10.21.
The cruise operator disclosed that Saudia Arabia's sovereign wealth fund has taken an 8.2% stake in the company.
Woodward Inc., up $8.37 to $59.62.
The maker of control systems said it was calling off a deal to combine with Hexcel Corp., a maker of composites.
Henry Schein Inc., up 79 cents to $47.14.
The maker of dental supplies said it was suspending its share buyback program and it withdrew its 2020 financial forecast.
NEW YORK (AP) — US stocks surge 7%, building on a global rally, on early signs that rate of increase in virus deaths could be slowing.
LOS ANGELES (AP) — Want to see Chance the Rapper prank Hollywood stars? Catch a new action thriller starring Liam Hemsworth and Christoph Waltz? How about a six-minute edition of “60 Minutes”? There’s an app for that, and more.
Quibi — a snappy amalgam of “quick” and “bite” — is a mobile phone-only platform that will release its snack-sized installments of movies and TV shows each weekday. There will be seven-day-a-week dollops of news, sports and weather, gathered under the umbrella name Daily Essentials, all adding up to a mind-boggling 175-plus programs planned for this year.
It launches Monday in the U.S. and Canada with a 90-day free trial and 50 programs, all in segments no longer than 10 minutes. They include “Punk’d,” with Chance the Rapper as host and executive producer; the Hemsworth-Waltz movie “Most Dangerous Game,” and “Chrissy’s Court,” with Chrissy Teigen administering justice in small claims cases a la Judge Judy.
Others who have signed on to either produce or appear (or both) in Quibi content include Reese Witherspoon, Joe Jonas, Jennifer Lopez, Lena Waithe and Sophie Turner.
But the biggest names attached to the project are its executives: entertainment industry heavyweight Jeffrey Katzenberg and former Hewlett-Packard CEO Meg Whitman. In the 1980s, Katzenberg revived the Walt Disney Co.’s movie studio and its animation division with hits including “The Little Mermaid,” and in 1994 co-founded DreamWorks SGK with Steven Spielberg and David Geffen. Quibi is Katzenberg’s brainchild, and he picked Whitman, also a onetime Disney executive, as the new platform’s CEO.
For Katzenberg, it's the product that will make Quibi a winner.
“In all my years, there is one rule that has never failed, ever,” he said. "Which is, when I had my hands on great content,...
This week's entertainment offerings have a decidedly familial feel to them, and not the Force Family Fun kind. On television, viewers have the chance to say goodbye to the Roses of “Schitt's Creek” and visit one last time with the “Modern Family” crew. “Parasite,” the Oscar best-picture winner, arrives on streaming this week, while “Trolls: World Tour” — which had its theatrical release quashed by the coronavirus pandemic — arrives for home rental. The Strokes are back with their sixth album, this one produced by Rick Rubin, while a host of friends including Christopher Guest helps Joe Satriani on his 18th record.
Here’s a collection curated by The Associated Press’ entertainment journalists of what’s arriving on TV, streaming services and music platforms this week.
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MOVIES
—“Parasite”: For the housebound, little could be more perfect than Bong Joon Ho’s best-picture winner. Two months back (or, emotionally speaking, roughly 80 years ago), “ Parasite” became the first foreign-language film to win the Academy Awards’ top honor. Bong’s sly and biting class satire, a cunningly engineered genre contraption, is set almost entirely inside the homes of two families — one poor, one rich. Now, you can stream it in yours, too. It debuts on Hulu on Wednesday.
—“Columbia Noir”: A year ago, the Criterion Collection, which puts out immaculate discs of many of the best art-house, foreign and classic films, launched its own streaming service, the Criterion Channel. To commemorate its anniversary, Criterion is bringing back this fabulous inaugural series that gathers some classic noirs (“In a Lonely Place,” “The Big Heat”) along with some less well-known but equally delicious titles (“My Name Is Julia Ross,” “Murder by Contract”). Beginning Wednesday, “Columbia...
Apologizing to its own fans, Liverpool on Monday reversed a decision to apply its furloughed non-playing staff for the British government's job retention scheme during the coronavirus pandemic.
Under the scheme implemented to help businesses survive the national lockdown, staff can be put on furlough and receive 80% of their salaries from the government, up to a maximum of 2,500 pounds ($3,000) a month.
Liverpool’s about-turn came after two days of fans and former players of the European champion expressing unhappiness with its furloughing plans.
“We believe we came to the wrong conclusion last week to announce that we intended to apply to the coronavirus retention scheme and furlough staff due to the suspension of the Premier League football calendar,” Liverpool chief executive Peter Moore said in a message to fans, “and are truly sorry for that.”
Players remain on full pay at the club, which is 25 points clear with nine games to go in a Premier League on hold as sporting events are banned in a bid to contain the spread of COVID-19.
Tottenham, which lost to Liverpool in last season’s Champions League final, has disregarded a backlash from its supporters and politicians by pressing ahead with plans revealed a week ago to furlough staff.
Manchester rivals United and City have said they would not use public funds to make savings on the wage bill despite much of the clubs' operations being paused.
Liverpool is one of the wealthiest clubs in world football, making a pre-tax profit of 42 million pounds ($52 million) on a turnover of 533 million pounds last year. The northwest English club has been owned for a decade by John Henry’s Fenway Sports Group, which also features the Boston Red Sox.
“Our intentions were, and still are, to ensure the entire...
President Donald Trump said Friday his administration will try to stop “profiteers” from exporting medical protective gear, shortly after picking a fight with manufacturing giant 3M, a major producer and exporter of face masks used to protect health care workers from the coronavirus.
3M argued that blocking exports will raise “significant humanitarian implications” abroad and lead other countries to retaliate by withholding much-needed medical supplies from the U.S.
Nearly all of 3M’s exports of high-grade N95 masks go to Canada and Latin America, and Canadian officials led by Prime Minister Justin Trudeau took the company’s side. They lobbied Trump administration officials not to cut off part of their supply.
That was not enough to persuade Trump.
Late Friday, the president announced that he will direct the Federal Emergency Management Agency to prevent the export of N95 masks, surgical gloves and other medical protective gear. He said exceptions might be made to help Italy and Spain, which have been hit hard by the coronavirus outbreak.
“We are not happy with 3M,” Trump added during a White House briefing.
The spat between the president and a leading American manufacturer started Thursday, after Trump used his authority under the 1950 Defense Production Act to direct the government to acquire the “appropriate” number of N95 respirators from Minnesota-based 3M and its subsidiaries.
The N95 masks, also called respirators, provide more protection against the virus that causes COVID-19 than do ordinary surgical masks. Governors and hospital officials around the country have warned of a dire shortage of masks and other protective gear for health care workers treating infected patients.
The president followed up his order with a barbed tweet Thursday...
BERLIN (AP) — Austria and the Czech Republic moved Monday to start relaxing some of their restrictions for curbing coronavirus infections, getting ahead of European counterparts with plans to restore elements of pre-pandemic life in coming days.
The Czech government will expand the kinds of retail stores that are allowed to do business starting Thursday to include shops selling construction materials, hobby supplies and bicycles, Industry and Trade Minister Karel Havlicek said. Only grocery stores, pharmacies and garden stores currently can open now.
The shuttered stores getting added to the list of those deemed essential will be required to make disinfectant and disposable gloves available at the entrance for customers and to enforce social distancing rules, he said. The government is set to consider this week whether to reopen more stores after Easter, Havlicek said.
In Austria, the government laid out a timetable for letting shops shuttered because of the virus pandemic to reopen in phases beginning a week from Tuesday. But Chancellor Sebastian Kurz cautioned that authorities could activate an “emergency brake” if the number of people with the virus accelerates again.
Speaking in Vienna, Kurz said the government's plan is to reopen small shops of less than 400 square meters (4,305 square feet), hardware stores and garden centers on April 14.
The number of individuals permitted inside will be limited, and all will have to wear face masks, as they already must do at Austria's supermarkets, he said. Individuals also will have to start wearing masks on public transportation.
Kurz said the next week “will be decisive in whether the resurrection after Easter that we all want can take place.” He said the government also is extending its three-week-old...
PHOENIX (AP) — Arizona caterer Pat Christofolo has been orchestrating high-end events for over a quarter-century: A lavish spread for a wedding dinner back-dropped by red rocks in Sedona, a holiday party for 1,000 in an airplane hangar, mezcal cocktails under the desert sky.
But all the events she was scheduled to host this spring have been cancelled as fallout from the coronavirus steamrolls the U.S. events planning industry, from a California firm that rents out Ferris wheels to a company that offers big tents in New York. Now, they are being forced to adapt and hope they survive.
“It has been complete devastation across the industry,” said Christofolo, who owns Artisan by Santa Barbara Catering, as well as The Farm at South Mountain, a Phoenix wedding venue that boasts a trio of popular farm-to-table restaurants. She's been forced to trim her staff from the spring seasonal high of 150 people to just a few.
Social distancing and stay at home mandates have shut down events across the United States and around the world as people strive to limit contact with others and slow the pandemic. The events industry, which exists to bring people together, has been hit particularly hard.
Some event planning and rental companies are trying to find creative uses for their equipment and services as they undertake the onerous process of applying for federal assistance, begging banks for loan extensions and quarreling with insurance companies. For many it's becoming increasingly difficult to survive with no firm end in sight to the social clampdown.
"Caterers are used to ups and downs, but there will be a fair number of companies that won’t make it through this,” said Paula Kreuzburg, executive director of the 1,200-member International Caterers Association in Baltimore.
Christofolo has adjusted by keeping two of her...
FRANKFURT, Germany (AP) — The virus outbreak is exposing cracks in the foundation of Europe's 21-year-old shared currency and festering animosities among its members, even as governments struggle to come up with a unified response where success or failure could mark the continent's politics for years to come.
Divisions between north and south, unhealed wounds from the 2010-2015 debt crisis and enforced budget austerity, as well as the lack of a powerful central treasury are haunting governments as they try to find a way to keep the economy afloat without blowing up national coffers.
Finance ministers from the 19 countries that use the euro will debate the issue in a teleconference Tuesday, following up on a conference two weeks ago that broke up without a strong signal of solidarity. A key point of dispute was the proposal by Italy, France, Spain and six other countries for a one-time plan to borrow together to ensure favorable terms and avoid trouble down the road for individual member countries. The so-called frugal four to the north however - Germany, Finland, Austria and the Netherlands - balked.
The idea for shared borrowing came up but was rejected during the 2010-2015 crisis over high public debt that saw Greece, Ireland, Portugal, Spain and Cyprus bailed out by the other members. The appeal of the proposal is that countries can borrow more cheaply together, as the likelihood that the money will not be repaid is low.
The bonds could also be repaid over long periods of time, such as 10, 20, or 30 years. That reduces the chance of a financial crunch for any one country later on. Some proposals envisage raising money that would be lent to countries and have to be paid back; others would more fully share the burden, perhaps with a caveat that some of the spending would go to projects benefiting all nations.
The...
WASHINGTON (AP) — After the first alarms sounded in early January that an outbreak of a novel coronavirus in China might ignite a global pandemic, the Trump administration squandered nearly two months that could have been used to bolster the federal stockpile of critically needed medical supplies and equipment.
A review of federal purchasing contracts by The Associated Press shows federal agencies largely waited until mid-March to begin placing bulk orders of N95 respirator masks, mechanical ventilators and other equipment needed by front-line health care workers.
By that time, hospitals in several states were treating thousands of infected patients without adequate equipment and were pleading for shipments from the Strategic National Stockpile. That federal cache of supplies was created more than 20 years ago to help bridge gaps in the medical and pharmaceutical supply chains during a national emergency.
Now, three months into the crisis, that stockpile is nearly drained just as the numbers of patients needing critical care is surging. Some state and local officials report receiving broken ventilators and decade-old dry-rotted masks.
“We basically wasted two months,” Kathleen Sebelius, health and human services secretary during the Obama administration, told the AP.
As early as mid-January, U.S. officials could see that hospitals in China's Hubei province were overwhelmed with infected patients, with many left dependent on ventilator machines to breathe. Italy soon followed, with hospitals scrambling for doctors, beds and equipment.
HHS did not respond to questions about why federal officials waited to order medical supplies until stocks were running critically low. But President Donald Trump has asserted that the federal government should take a back seat to states when it comes to dealing with the...
Buying an industrial washer is much different than buying a traditional residential model. Whereas a residential model will be in operation a few times per week, an industrial model in a retail laundromat could easily be running 10 to 12 hours daily. In larger operations that involve hotel services or other hospitality environments, washers could be running around the clock. Simply put, industrial washers have to be able to survive the wear and tear that continuous friction and heat put upon belts, bearings, and motors.
In terms of buying the best commercial-grade washer, you need to look at the features that determine how many loads a washer can do per year.…
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Business owners should never try to save money when they’re purchasing business insurance. Many situations, including accidents and non-functioning equipment, can spell disaster for a small business owner. If they don’t have the necessary insurance, they can easily lose the business.
Read the information below to learn about eight types of insurance that business owners should seriously consider.
1. General Liability Insurance
Business owners who purchase general liability insurance stay protected from lawsuits that pertain to bodily injury if someone sustains injuries while on the premises. Property damage coverage goes into effect if someone claims a business owner damaged or destroyed their property.…
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Successful businesses find a product or service niche and learn how to excel in it. Entrepreneurs should find their niche before even drafting a business plan, but those who are already getting a business off the ground and want to become more focused can still play catch-up.
photo credit: Koma Indo / Flickr
Read on to find out how to identify a business’ unique niche and learn how to target particular audiences.
What Is a Niche Market?
A niche market is a focused area of a general industry that targets a specific customer base and provides specialized products or services. Entrepreneurs should find a niche market that is currently underserved and find ways to provide much-needed products or services to that market, in particular.…
The post Truly Memorable: Does Your Business Have a Niche? appeared first on SMALL BUSINESS CEO.
The world of entrepreneurship is an exciting and dynamic one that involves quick thinking and determination. Competition is high, oversaturation of the market is common, and ample funding is necessary. In truth, we’re all just trying to make it.
photo credit: Traction Process
The official definition of entrepreneurship is the process of discovering new ways of combining resources. An entrepreneur is always in search of something new and exploits such ideas into gainful opportunities by accepting the risk and uncertainty with the enterprise.
In this article, we’re delving into the world of entrepreneurship from an operating system perspective. This is more than a simple CRM software.…
The post Entrepreneurial Operating System (EOS™) Recruiters appeared first on SMALL BUSINESS CEO.
By Tiffany Scott The Benton-Franklin Workforce Development Council is designated by Gov. Jay Inslee as a local/regional workforce development area. We are responsible for convening and coordinating local workforce development programs and activities through a certified American Job Center called WorkSource Columbia Basin. In addition, we oversee TC Futures, a youth and young adult outreach, in partnership with the local Educational Service District 123. The BFWDC is closely monitoring the impact of COVID-19 on our local community. We are committed to supporting those individuals and families…
The post Lost your job? Workforce council stands ready to help appeared first on Tri-Cities Area Journal of Business.
Motivated employees are the most productive kind. In order to get the best out of them, you have to keep them working efficiently by their own choice. It can be incredibly frustrating to find yourself with a group of employees that aren’t driven to get the job done. It’s enough to leave you feeling like you’re scrambling for ways to get through to them.
The good news is that even the most problematic employees can usually be inspired by applying the right strategies. Here are some of the best tips for motivating your employees and getting the most out of them.…
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Forex or Foreign Exchange is an over the counter marketplace for exchanging currency. It’s a marketplace that is decentralized around the globe. This is the largest global market worth 5 trillion dollars. This is where you can exchange currency and make a sizable profit. However, working this exchange in real time is not an easy task.. In fact, most people find it difficult to earn a profit from trading forex.
Most experts in the business of foreign exchange say that at least 90% of traders lack the knowledge and insight about forex trading and end up with their efforts all going in vain..…
The post How To Become a Successful Forex Trader In 2020 appeared first on SMALL BUSINESS CEO.
Starting a small business is a big commitment. You have to have passion and drive, and to a degree, you have to know what you’re doing in the business realm as well as in your product’s universe. It’s a lucky thing for you that in this day and age, there’s a tremendous amount of digital advice available to you, ripe for the picking.
Take four examples to get you started.
First of all, you are always going to want to start with a business plan. Without that plan, you are largely doomed to failure.
Second, you need to pay close attention to modern browsing techniques and technologies.…
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Managing a food service business effectively takes a creative balance of public relations, inventory management, human resources, communications, marketing, and more. Focusing on the food with all the other important elements floating around in your mind could become quite a task.
However, there is hope for your jumbled thoughts. Education is a powerful tool for production and efficiency. Take a moment to invest in your own professional development, and read through a few business management tips for food service.
Customer service is paramount
The old term, “The customer is always right,” still rings true in food service. No matter whether you’re a franchisor or a franchisee, excellent customer service will fuel the success of your business.…
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Online file sharing is convenient and lets users share large files quickly. In many cases, it’s desirable over sharing files via email. This is because emails limit the size of attachments that can be sent. Instead of fiddling with sharing files via email, you can simply send a collaborator a download link and you’re done.
There are lots of file-sharing services and it can feel like navigating through a maze on your journey to find one that works well. That’s why we’re here to help and will share 3 of the top services with you.
What to Look for in a File-Sharing Service
For most users, a few GBs of storage is essential.…
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Undertaking a new project can come up with a lot of challenging tasks. All from planning to directing the assigned venture, a team of proactive individuals can certainly help you in meeting your goal.
While on the other hand, even the slightest of remissness can nullify all your hard efforts. Hence it is necessary to ensure the equal contribution of each team member during the endeavor. Here’s how to bring your squad on the same page to get done with the job.
Communication is the key
Communication remains the most crucial element in bringing the members together as a team. Concerning this, make sure to provide accessible communication channels and address all sorts of inputs from the individuals.…
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Pasco’s storied Moore Mansion is starting a new chapter after being sold by the couple who saved it from demolition. Debra and Brad Peck, sold the historic mansion to a Kennewick couple who will run it as a residence and event center. The Pecks and the new owners will collaborate to ensure weddings and other events booked for 2020 go on as planned. Sandrine and Thomas…
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All construction in Washington, including both residential and commercial, was ordered to be shut down at midnight March 25 after Gov. Jay Inslee’s office clarified that it is nonessential. Inslee’s Stay Home Stay Healthy order initially seemed to suggest construction was essential. New guidance issued two days later clarified that it is not, with the…
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By TCAJOB Washington state earned a B in social distancing, a better grade than Benton and Franklin counties’. Benton earned a C. Franklin got an F. The March 24 scores come from Unacast, a company that collects and analyzes smartphone GPS location data to compile a “Social Distancing Scoreboard.” It scores state and county level performance…
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The much-anticipated Grocery Outlet Bargain Market has opened at Richland’s Vintner Square, 2901 Queensgate Drive. The store debuted March 24 with 30 employees. The newly built store joins the Target-anchored shopping complex at Queensgate and Duportail Drive. It is the third Grocery Outlet in the Tri-Cities, joining sisters in Kennewick and Pasco. The new location is independently owned and operated by Nikki and Mike Sims. “This partnership…
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Tri-City businesses and nonprofits are rallying the community to support hospitals, health care workers, seniors and families struggling to secure the resources they need to combat the spread of coronavirus, which causes the deadly COVID-19. Here are some of the ways to help. O’Brien Construction collects respirators O’Brien Construction is challenging contractors to donate N95…
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“Open for Business” is the battle cry of the Tri-City Regional Chamber of Commerce and Visit Tri-Cities. The two business entities have launched separate sites with the same branding, “Open for Business,” to give area businesses a place to tell customers how they are adapting to severe measures designed to slow the spread of coronavirus, which…
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The COVID-19 pandemic is exacerbating a health crisis that has claimed more than 120 rural hospitals in recent years. As Washington residents adapt to Gov. Jay Inslee’s Stay Home Stay Healthy order to stay home to contain the spread of coronavirus, the state is racing to add more hospital beds to handle the influx of patients. The Washington Department of Health…
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A Leadership Tri-Cities graduate is calling on his fellow grads to adopt a small business to help them survive the coronavirus outbreak and mandatory business closures. John Roach, a member of the 17th class, proposed that each of the program’s previous classes regroup to adopt a business that’s struggling to stay open in the face…
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The Washington Policy Center is encouraging Gov. Jay Inslee to waive all Business and Occupation taxes retroactively to March 1. If the governor has the legal authority, the research and watchdog group said, he should waive tax due dates, fees and penalties for the businesses severely impacted by Proclamation 20-13, which effectively closed restaurants, food courts…
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