Showing posts with label economy. Show all posts
Showing posts with label economy. Show all posts

Sunday, July 26, 2020

Hurricane Hanna downgraded to tropical storm as it lands in COVID-hit Texas


Texas, US: Hurricane Hanna battered the south Texas coast with blistering winds and crashing waves into the early hours of Sunday, July 26, leaving a large area badly hit by COVID-19 bracing for potential torrential rain and flash floods.

Hanna, the first storm of the Atlantic season, came ashore on Padre Island on Saturday, July 25 afternoon as a Category 1 hurricane on the five-step Saffir-Simpson scale, and later made a second landfall in Eastern Kennedy County, Texas. By Sunday morning, Hanna had weakened to a tropical storm and was about 40 miles (65 kilometres) west north west of Mcallen, Texas and about 65 miles (105 kilometres) from Monterrey, Mexico, the National Hurricane Center (NHC) said. At 0400 CDT (0900 GMT), Hanna was reaching maximum sustained winds of 60 miles per hour (95 km per hour), it said.

The NHC forecast that Hanna would lose force as it moved inland across Texas and northeastern Mexico overnight into Sunday. It cancelled an earlier warning of a storm surge it had issued for the Texan coast but warned that the storm could dump upward of 18 inches (0.45 metres) of rain in the area through Monday. That could cause life-threatening flash floods, while the storm could spawn tornadoes on the coastal plains.
The storm is not expected to affect offshore oil and gas production. Energy companies have not evacuated workers or shut down production from their Gulf of Mexico platforms. The Texas area struck by Hanna has struggled to contain outbreaks of COVID-19 in recent weeks. Cases along the state's coast have soared into the tens of thousands, and more than 400 people in Corpus Christi's city of 325,000 were hospitalized with the novel coronavirus on Friday, according to city data.

Saturday, July 25, 2020

US COVID-19 cases surpass 4.15 million: Johns Hopkins University



US: The number of COVID-19 cases in the United States surpassed 4.15 million to reach 4,154,361 as of 17:33 local time, Saturday, according to the Center for Systems Science and Engineering (CSSE) at Johns Hopkins University.

Meanwhile, the national death toll from the disease rose to 146,143, according to the CSSE. There were 63,299 new confirmed COVID-19 cases and 1,080 new deaths within the past 24 hours. The United States is the hardest hit by the novel coronavirus, with the most confirmed COVID-19 cases and deaths in the world. Investors increasingly worried that a continued spike in U.S. coronavirus infections would threaten the country's economic recovery.

An increasing number of U.S. states have reported record daily COVID-19 infections and businesses are being restricted again and unemployment is creeping up. 

The latest data showed the number of Americans filing for unemployment benefits rose last week for the first time in nearly four months. The U.S. initial jobless claims, a rough way to gauge layoffs, was 1.416 million in the week ending July 18, an increase of 109,000 from the previous week's revised level, the Department of Labor reported Thursday.
Flash U.S. Services Business Activity Index registered 49.6 in July as against 47.9 in the preceding month, London-based global information provider IHS Markit reported on Friday. The reading was below the analyst expectations of 50.4, according to Econoday.

Meanwhile, the IHS Markit flash U.S. manufacturing PMI (Purchasing Managers' Index) rose to 51.3 in July from 49.8 in the preceding month, weaker than the estimates of 51.4. "Growth was impeded, however, by an increased rate of decline of new orders, linked in part to renewed coronavirus disease 2019 (COVID-19) containment measures," said IHS Markit.

Staff and removal vans seen leaving U.S. consulate in Chengdu



Chengdu, China: Removal vans were seen outside the U.S. consulate in the Chinese city of Chengdu on Saturday, July 25 as staff inside prepared to leave, a day after China ordered it to close in response to a U.S. order for China to shut its consulate in Houston.

Police gathered outside and closed off the street to traffic in the southwestern Chinese city as a steady stream of people walked along the street opposite the entrance throughout the day, many stopping to take photos or videos before police moved them on. Plain clothes officers detained a man who tried to hold up a sign. It was not clear what the sign said.

Neither the consulate nor the U.S. embassy in Beijing have responded to requests from Reuters for comment on the closure.
Residents in Chengdu expressed mixed views on the closure of the U.S. consulate there, with one saying that he thought it was a reciprocal action and another saying the incident made him "a little uncomfortable."
The order to close came after the Trump administration had given China until 4 p.m. on Friday, July 24 to vacate its Houston consulate after U.S. Secretary of State Mike Pompeo said it had been "a hub of spying and intellectual property theft." The U.S. consulate in Chengdu was also given 72 hours to close, or until 10 a.m. on Monday, July 27, the editor of China's Global Times tabloid said on Twitter.

The consulate opened in 1985 and has almost 200 employees, including about 150 locally hired staff, according to its website. It was not immediately clear how many are there now after U.S. diplomats were evacuated from China because of the coronavirus pandemic.

Corona Crisis: over 150 US experts urge decision makers to shut down country to stop COVID-19 spread



More than 150 U.S. public health leaders and experts, including several based in the Bay Area, signed an open letter and issued it on Thursday calling on the U.S. government to shut the country down to stop the spread of the COVID-19 pandemic.

In the letter addressed to the Trump administration, members of Congress and state governors, the experts asked the U.S. decision makers to hit the "reset button" and bring back the self-quarantine orders nationwide. "Right now we are on a path to lose more than 200,000 American lives by November 1. Yet, in many states people can drink in bars, get a haircut, eat inside a restaurant, get a tattoo, get a massage, and do myriad other normal, pleasant, but non-essential activities," said the letter.

The best thing for the nation is not to reopen as quickly as possible, it is to save as many lives as possible. And reopening before suppressing the virus is not going to help the economy, the experts noted. Decision makers should also listen to the experts and provide enough daily testing capacity as the country only has 35 percent of the testing capacity needed for a safe economic reopening, said the letter.
"Shut it down now, and start over," the experts appealed. Non-essential businesses should be closed, and masks should be mandatory in all situations, indoors and outdoors, where people interact with others, they said. More than 4.1 million COVID-19 cases have been reported in the United States with the fatalities surpassing 145,000 as of Friday, according to a tally by Johns Hopkins University.

Friday, July 24, 2020

Corona Crisis: Covid-19 pushes New York rents to record lows



New York: Coronavirus pushed New York City's rent to record lows, according to StreetEasy economist, Nancy Wu. "A lot of renters have been moving out of the city temporarily or permanently," Wu said. "New hires are not moving into the city because they're working from home. And more apartments are coming onto the market as leases expire."

That means increased supply and weaker demand, and record high price cuts. Plus, renters tastes have changed. Pet-friendly apartment buildings used to be high on the popularity list. Now, backyards and washers and driers in the apartment are in high demand. "New Yorkers are staying and working from home longer than they've ever had in the past," Wu said. "They are looking for more space, greater affordability over a shorter commute time to their offices."

The U.S. government released two important real estate statistics this week, one showed that U.S. home sales increased by the most on record in June, boosted by historically low mortgage rates, the other said that sales of new U.S. single-family homes rose to a near 13-year high in June.
The reports also said that the housing market outperforms the broader economy amid record low interest rates and migration from urban centers to lower-density areas. But the outlook is being clouded by low inventory and high unemployment amid the COVID-19 pandemic.

Wednesday, July 22, 2020

New York power-washes dismantled City Hall protest encampment site



New York police officers power-washed the site of a month-long protest site outside City Hall Wednesday, July 22. Just hours earlier, New York Police Department (NYPD) officers cleared out all those present at the encampment.

The cleanup in lower Manhattan came after a protest against the NYPD and in support of "Black Lives Matter". The organized protest site was known as the "City Hall Autonomous Zone." The demonstrators were calling for a U$1 billion cut from the NYPD budget. Last month, the city passed its 2021 with a cut of nearly $484 million from the New York Police Department's $6 billion operating budget.

Activists on hand made clear their mission hasn't been realized."This is about Black lives and the demand for Black lives being erased. And it's not OK," Jawanza James Williams, a New York activist, told Reuters about the clearing. Chief Raymond Spinella of the New York Police Department told reporters several hundred officers moved in to remove the protesters at 3.40 a.m local time (0740 GMT). Seven arrests were made.


Spinella said a brick was allegedly thrown that struck an an officer but did not injure him. The protesters received a 10 minute warning before police moved in, Spinella told reporters. Spinella said the site of the encampment would be on lockdown for several weeks to be cleaned. 

"This morning, the city of New York has just decided to tear it down like it ain't nothing," activist Jonathan Lykes told Reuters. "And that's a problem. But it's OK because we know the power of the people is the power of the people and the power the people won't stop."

China: Remote Sichuan village prospers via tourism



Sichuan Province, ChinaA once impoverished remote village in southwest China's Sichuan Province has emerged as an idyllic retreat for urban dwellers, leading the villagers to prosperity.

Wulong Village is deep in mountains and some 20 kilometers away from the nearest city. One homestay run by two grannies in the village has become sort of an internet sensation. The two hosts, 85-year-old Wang Suqing and 76-year-old Du Yunzhen, were surprised to find the homestay a huge success, with travelers constantly coming from afar just to have a taste of country life and a close contact with nature.

"All the roads were dirt ones before. There was no tourist coming to us here. Where could we find income? Now we rent five rooms at 3,500 yuan (roughly 500 in U.S. dollars) a year. I also get paid 500 yuan a month for working here. All adding up, it comes to 10,000 a year," said Du.


"With the homestay opened, lots of outsiders have come,and it's bustling. This is the life I've wanted. The life is good, and I'm happy, and the happy life is quite satisfying," said Wang.
Travelers say sitting in the homestay, immersed in the rural scenery while tasting a cup of hand-ground coffee made by the two grannies is ultimately a fascinating experience.

"Drinking the coffee made by the grannies, breathing the fresh air and enjoying a beautiful view, what a wonderful feeling this is. Once we are hear we find it hard to leave," said a tourist. Behind the homestay's success is Wulong's poverty-eradication drive which began in 2017. Under a plan to develop the mountain village into a rural life tourism attraction, roads were paved and bike tracks were built, with flowers planted, and old houses renovated to give Wulong a fresh new look.


Villagers' traditional way of life and old craftsmanship have also been utilized to create the authentic rural experience for visitors. Miao Wenxing, a senior villager, used to make a living in an oil pressing workshop. With machines gradually replacing the ancient way of oil making, Liao's craftsmanship was outdated and he was in destitute. Yet things have changed when a rural culture experience hall opened in Wulong. Now many old rural craftsmen like Liao have a place to demonstrate and pass on their traditional skills, while making a good living from it.

"We get 30 yuan of subsidy from the company (every day), 20 yuan from the government. For instance, we extract cooking oil, if it is sold, the income from the sales belongs to us. Never could I imagine I'd be living the happy life I enjoy now with this old skillset," said Miao.


Since 2017, Wulong has received over 800,000 tourists and made an annul income of over 50 million yuan, significantly improving the living standards of the 584 households in the village. "Especially the environment here, the roads are clean, the farmers look cheerful. It has changed so much. That's why we'd come from very far away to enjoy ourselves in this place," said a tourist.

"Nowadays tourists are no longer satisfied with general sightseeing. They want to find solace to their souls in country life and feelings. So we try every means to make this idyllic nostalgia a productivity that helps alleviate poverty. We'd continue to tap on our rural culture tourism resources in the next step, building our beautiful village to materialize the general secretary's instruction of preserving clear waters and green mountains and bearing in mind the country feelings," said Zhang Jun, the village head.

India, US negotiating UAV co-development programme, says Pentagon official



Washington: The US and India are negotiating a co-development programme for the air-launched unmanned aerial vehicle (UAV), a top Pentagon official has said.


Addressing the India Ideas Summit organised by the US-India Business Council on Tuesday, the top Pentagon official said that the US Air Force research labs have signed a cooperative research and development agreement with an Indian startup to support the development of the air-launched UAV.

"I would like to highlight a very exciting project we are currently negotiating -- air-launched unmanned aerial vehicle or UAV will be a co-development programme between the US Air Force Research Labs, the Indian Air Force, India's Defense Research and Development Organisation, and ? an Indian startup company," said Ellen M Lord, Under Secretary of Defence for Acquisition and Sustainment.


The Pentagon's point person for the ambitious US-India Defence Technology and Trade Initiative (DTTI), Lord said that they were planning to hold the next DTTI group meeting in the week of September 14 and the second meeting of the DTTI industrial collaboration forum the week before.


Often described as the Pentagon's chief weapons buyer, Lord said that the US-India defence cooperation has made great strides in the last few years. This cooperation has led to closer relationships between the two governments and also increased stability in the Indo-Pacific region.

Noting that US defence sales to India have grown exponentially over the last 10 years, she said the US is striving to become India's first choice in defence solutions. The last year has seen many firsts in DTTI, she said, adding that the first project agreement for co-development is in negotiation.


The first industrial cooperation forum was held, she said. She also announced the release of the industrial guidance for the participation with DTTI. The industrial cooperation is a key focus area for the future of defence collaboration and we think that this industry guidance will increase industrial collaboration within the DDTI framework," she said.


"The United States welcomes any partnership that enhances US national security objectives, decreases defence procurement costs and leads to greater supply chain stability,? Lord said. Noting that the US government reviewed and commented on India's defence procurement procedure or DPP, Lord said they were encouraged to see the procedures for loans and leases added.

?The United States is aware that many countries, including India, use offset in defence sales. The US government will not take part in any negotiation concerning offsets between the industry and a foreign government. "We encourage all governments to ensure that offset processes are transparent and applied equally to all competitors,? Lord said.

Tuesday, July 21, 2020

Bolivian senate passes bill approving controversial COVID-19 treatment



Bolivia's Senate last Tuesday, July 14 approved a law permitting the production and use of chlorine dioxide to "prevent and treat the coronavirus."

Chlorine dioxide is a bleach-like substance various health authorities including the U.S. Food and Drug Administration have said is "dangerous" and has made people sick when ingested. On Tuesday, July 21, however, a long queue of people was seen outside a pharmacy in Cochabamba, Bolivia, many of whom were there to purchase chlorine dioxide solution.

The bill approved by Bolivia's Senate must still pass the lower chamber and survive a veto challenge before it becomes law, but the legislation is on track to continue to moving forward as both chambers are controlled by the MAS (Movement to Socialism) political party and Bolivia's president has only partial veto powers.


Bolivia's health ministry, however, has been vocal in its opposition to the substance, releasing a statement in June saying chlorine dioxide poses a "grave health risk" to those who consume it. Furthermore, Dr. Rene Sahonero, an official at Bolivia's health ministry, told Reuters on Tuesday that chlorine dioxide is "not appropriate for human consumption," and that it remained prohibited as a treatment.

Nevertheless, local residents lining up at the Cochabamba pharmacy seemed skeptical of the expert advise. "The authorities always say: you should consult a doctor. What doctor? The poor don't have doctors," said local resident Dionisio Flores who had just purchased a bottle of the substance.

Pompeo meets with UK's PM Boris Johnson in Downing Street



London: British Foreign Minister Dominic Raab said on Tuesday, July 21 the UK, the United States and other allies needed to stand up for their values on the international stage amid ratcheting tensions with both China and Russia.

Raab made the comments to reporters in London alongside his U.S. counterpart, Secretary of State Mike Pompeo. Pompeo took the opportunity to extend Washington's condolences for British deaths linked to the COVID-19 pandemic, which he pointedly highlighted as having originated in the Chinese city of Wuhan.
"The Chinese Communist Party's (CCP) exploitation of this disaster to further its own interests has been disgraceful," Pompeo added. He encouraged other nations to push back against the CCP and described China's leadership as a threat. 

Meanwhile, Raab rejected criticism that the government had failed to look into potential Russian meddling in the 2016 referendum on membership of the European Union following the delayed release of a parliamentary report earlier on Tuesday. The report cast Russia as a hostile power which posed a significant threat to Britain and the West across a range of fronts, from espionage and cyber to election meddling and laundering dirty money.


Stewart Hosie, a Scottish National Party member of the Intelligence and Security Committee, which published the report, had earlier accused the government of not even looking into the possibility of Russian actors interfering in the 2016 vote. "We are not for a second complacent about the threat Russia poses when it comes to cyber," Raab said in response.

Pompeo also mentioned that the United States and Britain still have more work to do on a free trade deal, adding that he hoped a deal could be finalised before too long, with a third round of negotiations scheduled for late July.