Economic effects of Coronavirus

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Suranis
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Re: Economic effects of Coronavirus

#201

Post by Suranis »

https://www.marketwatch.com/story/trump ... 2020-05-19
Trump signs executive order to cut regulations that 'impede economic recovery'
Published: May 19, 2020 at 3:45 p.m. ET
By Robert Schroeder


President Donald Trump on Tuesday signed an executive order he said was aimed at cutting regulations that hamper economic recovery, as the U.S. tries to emerge from the coronavirus pandemic. Speaking at a cabinet meeting at the White House, Trump said the order will instruct federal agencies "to use any and all authority to waive, suspend and eliminate unnecessary regulations that impede economic recovery." Trump told members of his cabinet that the order will give them "great authority" to slash regulations. The meeting followed Trump's lunch with Senate Republicans on subjects including the next round of coronavirus aid.
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Re: Economic effects of Coronavirus

#202

Post by AndyinPA »

There goes 40+ plus years of hard-gained regulations.
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Re: Economic effects of Coronavirus

#203

Post by RTH10260 »

AndyinPA wrote:
Wed May 20, 2020 10:30 am
There goes 40+ plus years of hard-gained regulations.
Sounds to me more like 40+ years of upcoming litigation. The reported wording sounds so unspecific that I can hardly believe it stands up to any lawyers scrutiny. But I seem to remember that any change of rule by any government agency needs to be published and pass thru a hearing before getting finalized in its new form. I understand that many agencies under individual-1 in the past had tried a short cut and were mired in law suits they lost for not following the red tape. I guess little to nothing will be put into effect prior to January 20, 2021 when one hopes this presidency expires.

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Re: Economic effects of Coronavirus

#204

Post by Volkonski »

NBC News
@NBCNews
·
14m
A couple waits to exchange their vows at one of six pop-up socially distanced marriage booths in the parking lot of the Honda Center in Anaheim, California.⁠


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Re: Economic effects of Coronavirus

#205

Post by Volkonski »

More than 240 U.S. energy bankruptcies forecast by 2021

https://www.houstonchronicle.com/busine ... socialflow
More than 240 U.S. oil and gas companies may be forced to file for bankruptcy protection over the next two years in response to low oil prices, according to a new report.

Some 73 energy companies may have to file for Chapter 11 bankruptcy this year with crude hovering around $30 a barrel. If prices remain low, another 170 companies are expected to follow in 2021, according to Rystad Energy, a Norwegian energy research firm.

If Rystad’s forecast holds true, the number of energy bankruptcies from the coronavirus-driven oil crash will eclipse the last bust, which claimed some 200 companies. Several energy companies have recently filed for bankruptcy, including Whiting Petroleum, Skylar Exploration, Diamond Offshore, Freedom Oil and Gas and Gavilan Resources. The coronavirus pandemic, which has forced businesses to temporarily close and consumers to stay home, has depressed the demand for oil and gas products, causing prices to plummet.


“The Covid-19 pandemic and the price crisis it has brought upon the oil and gas sector have hit the profitability of exploration and production (E&P) companies hard,” the Rystad report states. “Despite the recent relative oil price recovery, dozens of US operators are still threatened by bankruptcies even at a West Texas Intermediate oil price of $30 per barrel.”
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Re: Economic effects of Coronavirus

#206

Post by Volkonski »

Mark Zuckerberg: Half of Facebook may work remotely by 2030

https://www.nbcnews.com/tech/tech-news/ ... d_nn_tw_ma
Facebook CEO Mark Zuckerberg said Thursday that the social media giant will start allowing many of its 50,000 employees and new recruits to work from home on a permanent basis, adding to a small but growing number of tech companies that have embraced decentralized work during the coronavirus pandemic.

"We are going to be the most forward-leaning company on remote work at our scale, with a thoughtful and responsible plan for how to do this," Zuckerberg said in an interview. "We're going to do it in a measured way over time."

Within the next five to 10 years, Zuckerberg anticipates that about 50 percent of Facebook's workforce will work remotely. That would mean a significant shift in the concentration of personnel that could radically alter how the company operates, as well as have an impact on the San Francisco Bay Area.

That process will start with "aggressively opening up remote hiring" — first in the United States, then elsewhere — beyond the urban hubs where Facebook has offices.
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Re: Economic effects of Coronavirus

#207

Post by Volkonski »

Shell hoping voluntary severances will help weather oil crisis

https://www.houstonchronicle.com/busine ... m=referral
Royal Dutch Shell will use measures including voluntary severance for staff to bolster its finances as the coronavirus pandemic batters profits, according to people with knowledge of the matter.

In a note to staff, Chief Executive Officer Ben van Beurden wrote that the organization was being reshaped to make it leaner and more resilient, the people said. The company has already slashed spending and surprised investors with a two-thirds cut to its dividend.

Shell isn’t the only company making big changes to withstand the unprecedented oil-industry disruption caused by Covid-19. Most of its peers have made big spending reductions, while Norway’s Equinor ASA also cut its dividend.

BP Plc promised its employees their jobs were safe at least until the end of June, but companies including Chevron Corp., Marathon Oil Corp. and Halliburton Corp. are laying off employees.
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Re: Economic effects of Coronavirus

#208

Post by RTH10260 »

Volkonski wrote:
Thu May 21, 2020 12:04 pm
More than 240 U.S. energy bankruptcies forecast by 2021

https://www.houstonchronicle.com/busine ... 286181.php
... Freedom Oil and Gas ...
:crying: how do I now get my Freedom Fries :crying:

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Re: Economic effects of Coronavirus

#209

Post by tek »

"We are going to be the most forward-leaning company on remote work at our scale, with a thoughtful and responsible plan for how to do this," Zuckerberg said in an interview. "We're going to do it in a measured way over time."
a pile of zuckershit. A many large companies "at their scale" were already doing it (not just "forward-leaning"), and over the past couple months many more figured out how to do it.. and they're not going back. Hell, back at DEC in 1995 we had what was jokingly referred to as the "Home Alone" program.

But I guess if Zuck says it, it must be true.
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Re: Economic effects of Coronavirus

#210

Post by Addie »

Washington Monthly - Anne Kim: Trump Sabotaged America’s Recovery Even Before COVID-19 Began

The president’s pre-pandemic fiscal recklessness will slow the nation’s rebound.
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Re: Economic effects of Coronavirus

#211

Post by Bill_G »

Addie wrote:
Mon May 25, 2020 10:42 am
Washington Monthly - Anne Kim: Trump Sabotaged America’s Recovery Even Before COVID-19 Began

The president’s pre-pandemic fiscal recklessness will slow the nation’s rebound.
People have kinda forgotten his trade war with China.

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Re: Economic effects of Coronavirus

#212

Post by Volkonski »

Provincetown, MA

I’m a Chef in a Seaside Town. I’m Not an Epidemiologist.
Business owners like me face a summer of uncertainty, and I’m terrified.


https://www.theatlantic.com/ideas/archi ... gh/612058/
On weekdays during the spring, almost all of our patrons have accommodated our efforts to keep them and us safe from a deadly virus. We’ve put up signs and painted X’s six feet apart on the ground to help people visualize the appropriate buffer zone. But come weekends, things get dicey. As lines grow, and waits get longer, not everyone listens when we ask them to socially distance.

Cooped up in large towns and cities, many people heading into their third month of quarantine have been trying to decide whether they should visit their favorite summer destinations this year. My answer is an unsatisfying maybe. Instinctively, we want them to come; in fact, our livelihoods depend on them coming. Businesses like mine are the backbone of the cities and towns where we operate. As we prepare for the summer rush, we are struggling to find the line between helping and hurting our community, and we wonder how we’ll know if we cross it. And we are basing decisions on our own hunches—with little official guidance from authorities from which we could use a lot more help.

:snippity:

For a couple of weekends in March, pleasant weather brought unexpected crowds to town. Still, one of those Saturday mornings had been slow enough that Loic and I made a calculated decision: Our battled-hardened staff would be able to handle whatever came their way that afternoon. We left the restaurant to celebrate my mother’s birthday sitting in socially distanced lawn chairs in my parents’ garage 45 minutes away.

We returned later that night to an exhausted and shaken crew. In practice, the safety protocols we had agonized over had been hard for our team to enforce. While we had been away, the dining room filled with day-trippers, who crammed around our spaced-out tables. Our servers reported that, when they tried to deliver food from a safe distance, some customers had gotten in their faces. I feared that I had miscalculated gravely—and endangered my team—by stepping out for several hours.
Took this picture in Provincetown last September on a weekday. There were people everywhere, on narrow streets, in bars, bistros, boutiques and such.

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Re: Economic effects of Coronavirus

#213

Post by Volkonski »

U.S. passenger railroad service Amtrak says needs new $1.5 billion bailout

https://www.reuters.com/article/us-heal ... ce=twitter
U.S. passenger railroad service Amtrak told Congress in a letter made public Tuesday it needs a further $1.475 billion bailout or it will be forced to make sweeping service cuts and suspend some routes.

The company, which has been devastated by the coronavirus pandemic, in April received $1 billion in emergency funding. Amtrak said Tuesday it also plans reduce its operating costs by approximately $500 million, including by restructuring its workforce and controlling discretionary expenses.

Without the additional emergency funding, Amtrak said it would need to suspend some long-distance routes, and that others would operate on a thinned-down schedule. It would also need to greatly reduce its high-speed Acela service.

Amtrak said it now expects the massive travel demand fall-off due to the pandemic to result in a full year 50% reduction in system-wide revenue with current demand at around 5% of normal. It expects passenger demand will still fall from 32 million in 2019 to 16 million in the 2021 budget year.
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Re: Economic effects of Coronavirus

#214

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Cross-posting
New York Mag - Eric Levitz: Why Our Economy May Be Headed for a Decade of Depression ...


A decade later, “Dr. Doom” is a bear once again. While many investors bet on a “V-shaped recovery,” Roubini is staking his reputation on an L-shaped depression. The economist (and host of a biweekly economic news broadcast) does expect things to get better before they get worse: He foresees a slow, lackluster (i.e., “U-shaped”) economic rebound in the pandemic’s immediate aftermath. But he insists that this recovery will quickly collapse beneath the weight of the global economy’s accumulated debts. Specifically, Roubini argues that the massive private debts accrued during both the 2008 crash and COVID-19 crisis will durably depress consumption and weaken the short-lived recovery. Meanwhile, the aging of populations across the West will further undermine growth while increasing the fiscal burdens of states already saddled with hazardous debt loads. Although deficit spending is necessary in the present crisis, and will appear benign at the onset of recovery, it is laying the kindling for an inflationary conflagration by mid-decade. As the deepening geopolitical rift between the United States and China triggers a wave of deglobalization, negative supply shocks akin those of the 1970s are going to raise the cost of real resources, even as hyperexploited workers suffer perpetual wage and benefit declines. Prices will rise, but growth will peter out, since ordinary people will be forced to pare back their consumption more and more. Stagflation will beget depression. And through it all, humanity will be beset by unnatural disasters, from extreme weather events wrought by man-made climate change to pandemics induced by our disruption of natural ecosystems.

Roubini allows that, after a decade of misery, we may get around to developing a “more inclusive, cooperative, and stable international order.” But, he hastens to add, “any happy ending assumes that we find a way to survive” the hard times to come.

Intelligencer recently spoke with Roubini about our impending doom. ...
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Re: Economic effects of Coronavirus

#215

Post by Addie »

Foreign Policy: No, the Pandemic Will Not Bring Jobs Back From China

The Trump administration says manufacturing jobs are coming home. The facts tell another story.


No idea has been more central to U.S. President Donald Trump’s philosophy of “America first” than bringing jobs back home. In his 2017 inaugural address, he lamented that “one by one, the factories shuttered and left our shores, with not even a thought about the millions upon millions of American workers left behind.” Under his presidency, a newly elected Trump promised, “we will bring back our jobs.

More than three years later and in the most unlikely of scenarios—a pandemic that has killed 100,000 Americans and destroyed more U.S. jobs than any time since the Great Depression—the Trump administration finally believes its opportunity has come. The disruption caused by the coronavirus pandemic, U.S. Trade Representative Robert Lighthizer wrote earlier this month, has left U.S. companies with no choice but to “bring the jobs back to America.” Lighthizer cast the pandemic as an overdue comeuppance for U.S. companies that had offshored production to lower-wage countries in a “lemming-like desire for ‘efficiency.’” Lighthizer was echoing another top official, Commerce Secretary Wilbur Ross, who had said in January—when the new coronavirus still appeared to be confined to China—that it would “help to accelerate the return of jobs to North America.”

The administration seems to have been working overtime to make prophets out of these two men, and it has landed some big fish. Last week, Taiwan Semiconductor Manufacturing announced it would build a new chip fabrication plant in Arizona that will partially reduce U.S. dependence on Asia for advanced semiconductors that are critical for defense and industry. The federal government has also awarded $354 million to a Virginia start-up that will produce generic drugs and their ingredients, including those used to treat COVID-19, in the United States. Peter Navarro, the third member of Trump’s nationalist trade triumvirate, touted the production decision as “a great day for America. This has all of the elements of the Trump strategy. It’s made in the USA. It’s innovation that will allow American workers to compete with the pollution havens, sweatshops, and tax havens of the world.”
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Re: Economic effects of Coronavirus

#216

Post by Volkonski »

Bernie's Burger Bus permanently closing Bellaire restaurant due to COVID-19

https://abc13.com/6217071/?ex_cid=ShareNow
Another Houston-based restaurant that has been around for years is going out of business.

Bernie's Burger Bus is ending operations Sunday at its last remaining restaurant in Bellaire, owner Chef Justin Turner announced Thursday.

:snippity:

Bernie's had expanded to four locations, and Turner said business was growing until the COVID-19 shutdown.

"I was not going to be able to afford the remaining 10 of 114 staff I had left, and paying my team was more important to me than anything else," Turner said.
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Re: Economic effects of Coronavirus

#217

Post by Volkonski »

Chain restaurants have permanently closed over 500 locations so far in 2020. Here's the full list.

https://www.businessinsider.com/chain-r ... mic-2020-5
While independent restaurants have been hit much harder than many chains, chains aren't immune. Chains often rely on independent owner-operators to run restaurants, and these franchises often don't have the same robust financial resources of the brands they represent.

Even though much of America is opening up, most locales have implemented social-distancing guidelines that make it impossible for restaurants to generate a profit even if they reopen dining rooms. And early data has indicated that reopening isn't the fiscal cure-all some hoped it would be, especially for restaurants.

:snippity:

TGI Fridays: as many as 20% of the chain's 386 restaurants

Steak 'n Shake: 51 restaurants

Sweet Tomatoes/Souplantation: all 97 restaurants

Denny's: 16 restaurants

Brio Italian Mediterranean and Bravo Italian Cucina: 71 restaurants

Specialty's Bakery and Cafe: all 33 restaurants

Ruby Tuesday: 147 restaurants since January 23

Le Pain Quotidien: up to 63 out of 98 restaurants

IHOP: at least 49 restaurants in Virginia, North Carolina, South Carolina, and Tennessee
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Re: Economic effects of Coronavirus

#218

Post by Grumpy Old Guy »

Sixteen Denny’s closed! Where will Larry Klayman’s “Citizens’ Grand Juries”meet?
:panic: :panic: :panic:

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Re: Economic effects of Coronavirus

#219

Post by Volkonski »

Texas' favorite fast-food chain offers delivery for first time ever

https://abc13.com/6225107/?ex_cid=TA_KT ... ce=twitter
Good news stay-at-home diners: Whataburger will deliver directly to your door. That's right - Double Meat Whataburgers, Texas Toast, Dr Pepper shakes, etc. - can all be ordered up without leaving the couch.

Whataburger's new perk is a first for the 70-year-old chain, and it's offering delivery in Texas and the other nine states it services. Keeping with current safety precautions, the delivery is contactless and orders are packaged in sealed bags.

For delivery, users must place an order using the Whataburger app, select "delivery" at checkout, and input an address. Users may also include special delivery instructions and provide a tip. (Seriously — add a tip.)

:snippity:

The chain's new app is among the first innovations made following the Dobson family selling the majority share of their San Antonio-based company to the Chicago-based BDT Capital Partners. The deal, finalized in June 2019, came amid major expansion plans for the Texas chain.
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Re: Economic effects of Coronavirus

#220

Post by Volkonski »

Movie theater chain AMC warns it may not survive the pandemic
AMC says that 'substantial doubt exists about our ability to continue' its business. It does plan to reopen this summer, if states allow.


https://www.khou.com/article/news/healt ... 34abf7f158
Movie theater chain AMC warned Wednesday that it may not survive the coronavirus pandemic, which has shuttered its theaters and led film studios to explore releasing more movies directly to viewers over the internet.

All of AMC's theaters are shut down through June, which means the company isn't generating any revenue. AMC said it had enough cash to reopen its theaters this summer, as it plans to do. But if it’s not allowed to reopen, it will need more money, which it may not be able to borrow.

The company said that even when local governments allow theaters to reopen, AMC may still have problems if entertainment companies delay releasing new films.

“Due to these factors, substantial doubt exists about our ability to continue as a going concern for a reasonable period of time,” AMC wrote in a regulatory filing.
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Re: Economic effects of Coronavirus

#221

Post by RTH10260 »

‘People are looking at me’: For many who lost jobs in the coronavirus epidemic, hunger comes with shame local food bank to meet her needs.

Marc Fisher, Arelis R. Hernández and Frances Stead Sellers
June 5, 2020 at 12:16 a.m. GMT+2

The Robert Garcia that Robert Garcia always saw in the mirror was the Marine who jumped out of helicopters, the guy who built houses, rode a Harley and had plenty of buddies. Now, thanks to the coronavirus, his reflection shows a man alone in a single room in Santa Fe, N.M., out of work, looking outside and wondering what the neighbors are thinking when the food bank delivers his meals.

“People see them coming and I feel this anxiety that they look at me in a different way,” Garcia said. “Like, ‘What’s wrong with this dude that he’s getting food like that?’ ”

Until March, Fran Bednarek, a nurse in Santa Fe, traveled to the homes of people in need and helped them figure out how to keep it together. Now, she has lost all her income, is stuck inside, and depends on a charity’s weekly boxes of frozen dinners.

“I’ve been fiercely independent all my life,” she said. “I don’t ask for help. I keep thinking, ‘Are you sure I can have this?’ I get kind of a guilt feeling of not being able to pay my own way.”

Not knowing how they will get their next meal is an entirely new experience for Garcia, Bednarek and many others who have lost their jobs in the economic collapse triggered by the coronavirus pandemic. Thirty percent of American households where people have lost income because of the virus have missed meals or relied on food handouts in recent weeks, according to a Kaiser Family Foundation poll.


https://www.washingtonpost.com/national ... story.html

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Re: Economic effects of Coronavirus

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Post by Volkonski »

Image“If everyone fought for their own convictions there would be no war.”
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Re: Economic effects of Coronavirus

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Please don't bugger the Stable Genius with such details :!:

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Re: Economic effects of Coronavirus

#224

Post by Whatever4 »

RTH10260 wrote:
Sat Jun 06, 2020 2:14 pm
Please don't bugger the Stable Genius with such details :!:
He did say the numbers were incredible.

Definition of incredible
1 : too extraordinary and improbable to be believed
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Re: Economic effects of Coronavirus

#225

Post by Grumpy Old Guy »

RTH10260 wrote:
Sat Jun 06, 2020 2:14 pm
Please don't bugger the Stable Genius with such details :!:
His sharpie will correct it.

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