Categories
Business

Robinhood Recaps Are a Meme for a Risky Yr

In 2020, wild fluctuations in stock markets caused by the pandemic turned millions of people into opportunistic investors. After stocks fell in March, veteran traders and Nasdaq newbies poured their dollars into buoyant tech companies like Tesla and Zoom, as well as companies hit by Covid restrictions, including airlines, restaurants and cruises.

To reflect a year of volatility and impulsive investing, Robinhood, the popular trading app that has created controversy by marketing it to the young, released a year-end data dump for its users. A press release promised that the Robinhood round-up will be “a special personalized experience that will guide you through your investment journey this year – from views on trades, your most memorable investing moments, big or small and other milestones along the way.”

Robinhood’s summary – available to anyone with an active account prior to December 15th – showed stocks bought, dividends and interest, which stocks in their portfolio they clicked the most, and other data.

Some people praised the abstract’s aesthetic and said they enjoyed figuring out how early they would adopt Robinhood. “We were thrilled to hear from many clients who enjoyed taking a peek at their investment year, from saving screenshots of their recaps to sharing them on social media,” a company spokesperson wrote in an email.

Robinhood is one of several popular consumer apps that include shareable, data-driven annual summary lists, like Spotify Wrapped, a round-up of the upbeat or appropriately depressing songs people heard in 2020, and Strava’s year in the sport that got the miles its users ran and cycled. These packages use upbeat language and engaging graphic design to encourage their users to share on social media.

But for most people, personal financial decisions are not as easy to share as, say, the most played artist of the year. They are private by nature.

Kareem Rahma, 34, a comedian and entrepreneur, wrote in an email that he “would never share this information publicly as it is much more sensitive than my listening habits on Spotify”.

Even so, many people posted screenshots of their round-up on social media. Many were impressed with the number of times they checked the price of certain stocks.

“Tesla has grown like crazy in general, and obviously its inventory has improved. So it was kind of weird how many times I apparently checked it,” said Eric Milligan, an information technologist.

The 29-year-old Jordan Bishop was also surprised by this slide in his summary. “Before you know it, you’ve checked it 10 times a day and it gives you a little dopamine boost each time,” he said.

“Robinhood Wrap made me realize that I was very obsessed with every dollar up or down in the market and it was just very unhealthy,” wrote Rajat Kamboj, a 20-year-old student, in an email. His recap told him that he had checked the value of his Tesla stock 18,656 times in 2020, averaging more than 50 times a day. (“They’re just a little connected,” was his summary.)

“As a self-directed brokerage company, we do not give investment advice,” a Robinhood spokesman said in a statement. “The goal of Robinhood Recap was to celebrate milestones and give people a broader view of their activities over the year so they can shape their behavior over the long term.”

The round-up became a meme on the snappy finance-focused subreddit WallStreetBets; A user created a parody version of a repeat item that revealed extensive losses. (“You made some risky calls …”)

“This year has seen an unprecedented surge in retail investment,” the Robinhood spokesman wrote. “We have welcomed millions of new customers to Robinhood, approximately half of whom are first-time investments. With Robinhood Recap, we wanted to remind both new and long-time customers of their investment journey. “

Robinhood added three million users this year for a total of 13 million. The app has become a favorite of young and inexperienced investors, attracted by free trading, free stock offers, and an engaging user interface that uses a July New York Times report dubbed the Silicon Valley Playbook of Behavioral Nudges and Push “Means notifications. “

The Times article states that Robinhood users trade risky products faster than clients of large brokerage firms. For example, Robinhood users bought and sold 88 times as many risky options contracts as Charles Schwab’s clients.

Several people said the round-up seems to fit into the company’s broader strategy of positioning itself as a lifestyle experience rather than just another boring trading platform to appeal to less sophisticated investors.

“Their bright and colorful user interface, easy access to margin accounts and options, and Robinhood Recap give me the idea that they are trying to appeal to younger people,” wrote Luke Thornburg, 19, in an email . “These younger people, who are generally inexperienced and more risk tolerant, might choose Robinhood because of these things.” He said that he lost money trading risky options when he first used the app.

“Spotify seems to be a clear comparison there,” said Bishop, the founder of a personal finance website that focuses on air travel. “I just find it fascinating and a little dangerous how personal finance and social media converge in this way.”

Gina Fuchs, 24, a community coordinator for a not-for-profit coding camp for young women, wrote in an email: “The app does a great job of making it accessible to small traders or people who dip their toes into the world of stocks (I!). and because of this, it is attractive to millennials. If the data had been captured more creatively, this would have been an interesting feature for them. “

While this year has been good for Robinhood from a business standpoint – a $ 200 million round of funding in August raised its valuation from $ 8.6 billion to $ 11.2 billion – the company has also been an intense one Subject to scrutiny of its practices.

After a 20-year-old user killed himself in June after mistakenly believing he had a negative $ 730,000 balance on the app, Robinhood faced a round of critical press about the app’s appeal to youngsters , inexperienced investors turned.

Last week, the Securities and Exchange Commission accused the company of “misleading customers about sources of revenue” and citing “repeated misrepresentation of failure to disclose receipt of payments from trading companies for forwarding customer orders to them.” Robinhood agreed to pay a $ 65 million fine. And on Wednesday, Bloomberg News reported that a complaint filed in San Francisco against Robinhood Financial could become a class action lawsuit.

“The deal relates to historical practices that do not reflect Robinhood today,” said Dan Gallagher, Robinhood’s chief legal officer, in a statement. “We recognize the responsibility that comes with helping millions of investors make their first investments and we are determined to continue developing Robinhood as we grow to meet our clients’ needs.”

Brett Robinson, a 28-year-old who works in film development, saw abstract as a cultural artifact of late capitalism. “It accidentally reminded me of the truism ‘if something is free, you are the product,'” he wrote in an email. “Of course, Robinhood is more interested in our involvement than in my piddly return.”

Categories
Health

How Midwives Have Stepped in in Mexico as Covid-19 Overshadows Childbirth

Rafaela López Juárez was determined that if she ever had another child, she would try to give birth at home with a trusted midwife who is surrounded by family. Her first hospital birth had been a traumatic ordeal, and her perspective changed drastically afterwards when she trained as a professional midwife.

“What women want is a birthing experience that is centered on respect and dignity,” she said. She believes low risk births should take place outside of hospitals, at home, or in dedicated birthing centers where women can choose how to give birth.

In late February, Ms. López and her family awaited the arrival of their second child at their home in Xalapa, Mexico as they followed the threatening news of the coronavirus pandemic invading. She gave birth to Joshua, a healthy boy, on February 28, the day Mexico confirmed its first case of Covid-19. Ms. López wondered how the pandemic would affect her job.

About 96 percent of births in Mexico occur in hospitals, which are often overcrowded and poorly equipped. Many women describe being treated badly or disrespectfully. The pandemic outbreak raised concerns that pregnant women in hospitals could be exposed to the virus, and women’s health advocates in Mexico expressed hope around the world that the crisis could become a catalyst for lasting changes to the system.

A national movement has made determined but uneven progress in integrating midwives into Mexico’s public health system. Some authorities argue that well-trained midwives would be of great value, particularly in rural areas, but also in small non-surgical clinics across the country. However, until now there has not been enough political will to provide the regulation, infrastructure and budgets necessary to employ enough midwives to make a significant difference.

In the first few months of the pandemic, there was isolated evidence that midwives were gaining importance in the country. Midwives across Mexico have been inundated with requests for home births. The government encouraged state agencies to set up alternative health centers that focus exclusively on childbirth and could be staffed with nurses and midwives.

As the outbreaks of Covid spread, health officials across the country saw a sharp drop in prenatal consultations and hospital births. At Acapulco General Hospital in the Mexican state of Guerrero, Dr. Juan Carlos Luna, the director of maternal health, found a 50 percent decrease in births. Since skeleton workers sometimes worked in double shifts, doctors and nurses were enforced under difficult conditions. “Almost everyone on my team has tested positive for the virus at some point,” said Dr. Luna.

In the intensive care unit Covid-19 in Acapulco General, doctors treated María de Jesús Maroquín Hernández. She had developed breathing problems in the 36th week of pregnancy and asked her family to drive her to the hospital for four hours. Doctors isolated Ms. Maroquín while her family waited outside as funeral directors carried away the dead Covid patients, worrying that she would be next. She was released five days later and soon gave birth via a caesarean section in a hospital near her home. She and her husband decided to name their little girl Milagro – miracle.

In Mexico’s indigenous communities, women have long relied on traditional midwives, who are becoming even more important today. In Guerrero, some women have given birth to midwives in special indigenous women’s centers called CAMIs (Casas de la Mujer Indígena o Afromexicana), where women can also seek help with domestic violence, which according to CAMI staff has increased. However, austerity measures in connection with the pandemic have deprived the centers of essential funds from the federal government.

Other women have chosen to quarantine themselves in their communities for help from midwives like Isabel Vicario Natividad, 57, who continues to work despite their own health conditions making them vulnerable to the virus.

As Covid-19 cases in Guerrero increased, state health officials reached out to women and midwives in remote areas with potentially high maternal and child mortality rates.

Updated

Apr. 24, 2020, 8:33 am ET

“If the women are too scared to come to our hospitals, we should look for them where they are,” said Dr. Rodolfo Orozco, director of reproductive health in Guerrero. With the support of a handful of international organizations, his team recently started visiting traditional midwives for workshops and handing out personal protective equipment.

In the capital Chilpancingo, many women discovered the Alameda Midwifery Center, which opened in December 2017. In the early stages of the pandemic, the center’s birth rate doubled. In October, Anayeli Rojas Esteban, 27, traveled to the center for two hours after her local hospital was unable to admit her. She was pleasantly surprised to find a place with midwives who actually allowed her to give birth in the company of her husband, José Luis Morales.

“We’re especially grateful that they weren’t cut like they were when they were first born in the hospital,” said Morales, referring to an episiotomy, a surgical procedure that is routine in hospital settings but is increasingly viewed as unnecessary.

While Mexico’s state health authorities battled to contain the virus, the situation in the country’s capital highlighted the dangers and frustrations women felt.

In the spring, health officials in Iztapalapa, Mexico City’s most densely populated neighborhood, got mixed up as the area became the center of the country’s coronavirus outbreak. The city government converted several large public hospitals in Iztapalapa into treatment facilities for Covid-19 patients, leaving thousands of pregnant women desperate for alternatives. According to Marisol del Campo Martínez, the clinic’s manager, many have sought refuge in maternity clinics such as Cimigen, where the number of births doubled and the number of prenatal visits quadrupled.

Other expectant mothers joined the growing number of women seeking a home delivery experience for safety reasons and to avoid potentially unnecessary cesarean sections. In Mexico, around 50 percent of babies are delivered by caesarean section, and pregnant women are pressured by their peers, family members and doctors to perform the procedure.

In July, 30-year-old Nayeli Balderas, who lived near Iztapalapa, reached out to Guadalupe Hernández Ramírez, an experienced perinatal nurse and president of the Association of Professional Midwives in Mexico. “When I started doing research on humanized childbirth, breastfeeding, etc., a whole new world opened up to me,” said Ms. Balderas. “But when we told our gynecologist about our plan, her whole face changed and she tried to scare us.” Undaunted, Mrs. Balderas proceeded with her birth plan.

Their work was long and increasingly difficult. After 12 hours, Ms. Balderas and her husband discussed with Ms. Hernández and decided to activate their plan B. At 3 a.m., they rushed to Dr. Fernando Jiménez, a gynecologist and colleague of Ms. Hernández, where it was decided that a caesarean section was needed.

Across Mexico City, 26-year-old Maira Itzel Reyes Ferrer had also screened home births in September and found María Del Pilar Grajeda Mejía, a 92-year-old certified traditional midwife who works with her granddaughter Elva Carolina Díaz Ruiz, 37 , trained obstetrician. They guided Ms. Reyes through a successful home birth.

“My family admitted that sometimes they were concerned during childbirth,” Ms. Reyes said. “But in the end they loved the experience so much that my sister is now taking a midwifery course. She has already paid and started! “

At the start of winter, Mexico faces a devastating second wave of the coronavirus. The hospitals in Mexico City are quickly running out of space. The much-discussed birth centers run by state midwives have not yet come into being, and medical staff in renowned hospitals such as the National Institute of Perinatology or INPer work around the clock.

At the beginning of the pandemic, INPer employees found that around a quarter of all women admitted to the hospital tested positive for the coronavirus. The administrators set up a separate Covid-19 ward, and Dr. Isabel Villegas Mota, head of the hospital’s epidemiology and infectious diseases department, managed to ensure adequate personal protective equipment for staff. Not all front-line workers in Mexico were so lucky. The Covid-19 death rate for medical workers in Mexico is among the highest in the world.

When Grecia Denise Espinosa learned that she was pregnant with twins, she planned to give birth in a well-known private clinic. But she was shocked at the high cost and decided to see doctors at INPer instead. To her surprise, when she got to the hospital in November, she tested positive for the virus and was sent to the Covid-19 department, where doctors performed a c-section.

Maternal health advocates have long said that Mexico’s model of obstetrics needs to change to focus on women. If ever there was a moment for health officials to dedicate themselves fully to the midwife, now is the time to argue that the thousands of midwives across the country could help ease the pressure on an overburdened and often suspicious healthcare system and provide quality care to women.

“The model we have in Mexico is an outdated model,” said Dr. David Meléndez, technical director of the Safe Motherhood Committee Mexico, a non-profit organization. “It’s a model where we all lose. The women lose, lose the land, and lose the health system and medical staff. We are stuck in the middle of a global pandemic with a bad model at the worst possible moment. “

picture

Janet Jarman is a Mexico-based photojournalist and documentary filmmaker and director of the documentary “Birth Wars”. It is represented by Redux Pictures.

Categories
Politics

Congress sends Covid aid invoice to Trump, unclear if he’ll signal it

Congress officially began on Thursday to send a massive Covid-19 aid deal and state funding package to President Donald Trump, who has not yet said whether he will sign it.

The Covid relief effort includes roughly $ 900 billion in spending on programs to help businesses and individuals suffering from the recession caused by the public health crisis, as well as spending on measures to contain the virus.

The state funding aspects of the bill are about $ 1.4 trillion and are necessary to keep the government from shutting down from Monday.

“The bipartisan COVID relief and collective bill has been enrolled,” House spokeswoman Nancy Pelosi, D-Calif., Wrote in a post on Twitter. “The House and Senate are now sending this important piece of #ForThePeople legislation to the White House for the President to sign. We urge him to sign this bill to bring immediate relief to hard-working families!”

The bill will be flown to Palm Beach, Florida and is due to depart around 4 p.m. ET, a senior Republican Senate adviser told NBC News.

Located at his Florida resort, Mar-a-Lago, the legislature’s month-long efforts to reach an agreement on the Covid-19 on Tuesday, the day after the legislature passed both houses of Congress Help to get in control.

Trump said the $ 600 direct payments approved by the bill were too small and called for the size of the checks to be increased to $ 2,000. The president also questioned parts of the state funding law related to foreign aid. He did not explicitly threaten a veto.

These comments surprised lawmakers on both parties. It was widely expected that Trump, who did not take part in recent talks leading up to the bipartisan deal, would sign the bill. Treasury Secretary Steven Mnuchin led negotiations for the White House on aid from Covid.

To save the deal at the last minute, House Democrats tried Thursday to increase direct payments to $ 2,000 in line with Trump’s demands. Republicans in the chamber tried to get Congress to reconsider the foreign aid aspects of the spending package. Both steps, which took place in a short pro forma meeting, failed.

Coronavirus legislation would be Congress’s second major effort to provide a lifeline to those economically affected by the downturn after the laws passed in March.

In addition to paying $ 600 to most Americans, the bill would increase unemployment by $ 300 a week, extend the federal eviction moratorium, and allocate nearly $ 9 billion to ongoing vaccine distribution efforts.

While Congress could potentially override a presidential veto, it is not clear whether it would. And some provisions are designed to maintain programs that could end in the coming days while Trump decides whether to approve the legislation. For example, up to 12 million people will currently lose unemployment benefits on Saturday, the day after Christmas.

Democrats have announced they will be pushing for a third auxiliary bill, and President-elect Joe Biden has announced that he will come up with his plan early next year. It will be inaugurated on January 20th.

The White House did not immediately respond to a request for comment.

Subscribe to CNBC Pro for the TV livestream, deep insights and analysis of how to invest over the next president’s term.

Categories
World News

Covid resurgence in Japan, South Korea may hit Asia’s financial restoration

Snow falls as people wearing face masks walk through the Asakusa district on March 29, 2020 in Tokyo, Japan.

Tomohiro Ohsumi | Getty Images

SINGAPORE – Towards the end of 2020, many investors are viewing Asia as the region with one of the best economic prospects for the next year as the coronavirus outbreak can be relatively better controlled.

However, a recent surge in Covid cases in some countries threatens to dampen the region’s economic outlook, some analysts have warned.

“For some of the Asian giants, this year’s problems with Covid-19 are unlikely to get better when the clock strikes 12 noon on New Year’s Eve,” said research firm Pantheon Macroeconomics.

However, many parts of Asia – where the virus first appeared – remain lower than in Europe and the US, data from Johns Hopkins University showed.

For some of the Asian giants, this year’s Covid-19 problems are unlikely to get better when the clock strikes 12 noon on New Year’s Eve.

But some countries are now struggling with a far worse resurgence than they did earlier in the pandemic. Even areas that have made great strides in containing the virus may not be spared. Taiwan this week reports its first locally transmitted case since April 12 – underscoring the difficulty in eradicating Covid.

Here’s a look at the Asian economies grappling with a renewed spike in coronavirus infections and how that would affect their economic prospects.

Japan

  • Covid-19 balance sheet: 207,007 cumulative confirmed cases and 2,941 deaths as of Wednesday, according to Hopkins data.

The number of daily reported coronavirus infections in Japan rose again in November and topped 3,000 for the first time last week, Hopkins data showed.

According to Reuters, medical groups in the country warned the pandemic will put a significant strain on the health system. However, Japanese Prime Minister Yoshihide Suga has failed to declare a state of national emergency – although he said he was suspending a travel subsidy program to slow the spread of the coronavirus, the news agency reported.

Economists at Pantheon Macroeconomics wrote in a Wednesday report that the Japanese government’s “relatively soft” rules on social distancing don’t appear to be working and that this could lead to tougher measures in the coming months.

“Therefore, a second and more effective nationwide state of emergency in Japan early next year cannot be ruled out,” the economists said. That would weigh on Japan’s economy in the first quarter of 2021, they added.

South Korea

  • Covid-19 Record: According to Hopkins, there were 53,533 cumulative confirmed cases and 756 deaths on Wednesday.

As in Japan, the daily incidence in South Korea reached unprecedented levels this month – above 1,000 for the first time since the outbreak.

But unlike in Japan, the government in South Korea has taken a tougher stance in response to the new wave of Covid cases.

The government on Tuesday announced a nationwide ban on gathering five or more people and ordered the closure of tourist attractions such as ski slopes and other winter sports facilities, Yonhap news agency reported.

This move, according to Pantheon Macroeconomics, would allow most of South Korea’s economic damage to be contained, for the most part, in the fourth quarter of this year.

Malaysia

  • Covid-19 balance sheet: 98,737 cumulative confirmed cases and 444 deaths on Wednesday, according to Hopkins data.

The Southeast Asian country kept Covid cases to a minimum before the recent surge from October, Hopkins data showed. This prompted the government to impose a new round of partial closure measures in some parts of the country.

Economists with consulting firm Capital Economics said the outlook for the Malaysian economy had become “less optimistic” this quarter, particularly in the area of ​​consumer spending.

“A second wave of the virus and the reintroduction of many restrictions on movement have reversed the sharp recovery in home consumption in the third quarter. Google’s high-frequency mobility data suggests social distancing continues to weigh on activity,” a report said Tuesday.

But the other parts of the economy – like exports – should continue to perform strongly, so the macroeconomic success of the recent resurgence is likely to be “much less” than the previous wave, the economists said.

Categories
Entertainment

5 Issues to Do This Christmas Weekend

In the fantasy version of a December evening, we would dive from West 54th Street up the stairs into the cozy, enveloping glamor that Feinstein’s / 54 Below always gives the feeling of being ready for its close-up. We slipped into a cabin and ordered something nice. Then the long-standing cabaret series “Sondheim Unplugged” would begin – another advantage for the holidays in New York.

Fortunately, the pandemic version of “Sondheim Unplugged” is also quite nice: elegant, comforting, peppered with dead humor. Recorded with five cameras and streaming on Saturday at 8 p.m. Eastern Time (and then available on request from Sunday through January 9th), it’s an hour full of Sondheim hits and obscurity sung by Broadway performers with only piano accompaniment. Highlights include Telly Leung’s heartbreaking “Being Alive” and Lucia Spina’s sizzling “Could I Leave You?” and T. Oliver Reid’s extremely sorry “Good Thing Going”. Tickets to access the performance are $ 25 at 54below.com. Pour something bubbly into a glass and enjoy.
LAURA COLLINS-HUGHES

To dance

When you need a break from vacation activities or some space to reflect on the past year, spend time watching Jordan Demetrius Lloyd’s dreamy short film “The Last Moon in Mellowland”. Lloyd, a Brooklyn-based dance artist, began working for the screen when the theaters closed in March. As part of Issue Project Rooms “soft bodies in hard places”, a series organized by curator Benedict Nguyen and tailored to planetary events (such as new moon or solstice), “Mellowland” draws the viewer into a 20-minute meditation that loosely is tracing the arc one day. Lloyd describes this world as a place “the viewers already remember,” and its rhythms and repetitions are comfortably familiar as the camera rests on a spinning ceiling fan or two dancers at the edge of the ocean.

With appearances by Lloyd, Breeanah Breeden, Ariana Speight and Demetries Morrow as well as dramaturgy by Stephanie George, the film, which was released in November, is available free of charge until December 31 at issueprojectroom.org/event/last-moon-mellowland.
SIOBHAN BURKE

Gospel

On the birthday of Rev. Dr. Martin Luther King Jr. next month, the Harlem Gospel Choir will celebrate 35 years as one of the leading contemporary gospel groups in the country and a globally recognized ambassador for the genre. During a normal year the choir toured the world at least once, and when not out the group played a Sunday brunch every week at Sony Hall near Times Square, along with a full band who brought the sounds to praise one Mixture of supporters and tourists.

The group will return to an (empty) Sony hall on Friday for the first time since March to give a special performance on Christmas Day at 5 p.m. East Coast time, which will do its part to maintain the spirit of community at social distance. Tickets for the live stream are $ 25 and can be purchased from sonyhall.com. The archived video of the performance will remain available to ticket holders until January 1st.
GIOVANNI RUSSONELLO

Forget magic and good fairies. The title character of “Hip Hop Cinderella” needs rap and rocket science.

Charmingly played by Alexis Aguiar, she masters both in this 35-minute adaptation of the Space Age, which will be broadcast on-demand on Stellar through January 31st. (Tickets are $ 15-25.) Presented by Amas Musical Theater in association with HipHopMusicals.com, Cinderella still competes against a scheming stepmother (Lexy Piton) and step-sisters (Cassandra Barckett and Emily Lang) on ​​the show, however the price is not a royal marriage. Instead, a prince (Jamiel Tako L. Burkhart) wants to crown the winner of a hip-hop ball and rap competition. With the help of her trusty robot (Brian Criado), Cinderella, also known as Ella C, could get the groove of the galaxy back.

This production was conceived by Linda Chichester and David Coffman and directed by Christopher Scott. It has clever graphics and even some space shuttle material. The show, which includes a book by Scott Elmegreen and music and lyrics by Rona Siddiqui, will amuse adults too when the stepmother files a familiar complaint: “This competition has been rigged!”
LAUREL GRAEBER

comedy

For the first time in its 28-year history, Kung Pao Kosher Comedy, also known as “Christmas Jewish Comedy in a Chinese Restaurant,” is online, meaning you don’t have to go to San Francisco to enjoy the shows.

The headliner is Judy Gold, who appears regularly on “The Drew Barrymore Show” and is releasing a book this year: “Yes, I can say that if they come for the comedians we are all in trouble.” Alex Edelman also appears , whose article about attending a neo-Nazi gathering in New York, “Just for Us”, earned him a 2018 nomination for Best Show at the Edinburgh Festival Fringe.

The founder of Kung Pao Kosher Comedy, Lisa Geduldig, will host the events, which will be broadcast on Zoom and YouTube Live on Thursday and Friday at 8 p.m. Eastern Time and on Saturday at 5 p.m. Eastern Time. Tickets to access the show cost $ 25 to $ 50 and are available from cityboxoffice.com.
SEAN L. McCARTHY

Categories
Business

Vacation gift-card shopping for might assist enhance retail gross sales in 2021: Invoice Simon

This holiday season, gift card spending could spike, and that could help boost retail sales over the next year, former US President and CEO of Walmart Bill Simon told CNBC on Thursday.

Payment service Blackhawk Network found in a survey that shoppers spent an average of around $ 313 on gift cards during the holidays. This is an increase of 19% from the 2019 average. In addition, 52% of respondents said they would likely buy more gift cards in 2020 than in the past.

In a Closing Bell interview, Simon said the increased spending on gift cards could initially have a negative impact on retailers already grappling with the disruption caused by the coronavirus pandemic.

“Gift cards are shaky … because you don’t see the sale when the customer buys the card. You see the sale when it’s actually exchanged,” he said. “So if you try to measure Christmas sales, you will have this liability on the balance sheet, which is not a sale even though the sale was closed.”

However, the impact of gift card purchases could be much more beneficial with a view to the next year, explained Simon, who was President and CEO of Walmart US from 2010 to 2014.

One reason for this is that recipients tend to spend more than the face value of the gift card when shopping. “In general, you see about 20 to 30% more than the gift card,” he said.

The second reason is that, according to Simon, there may be “3% to 5% breakage, which means that cards are not redeemed”. “It’s a bit of a godsend for retailers, but it will also take time for them to finish.”

There could be fluctuations as retailers realize the benefits of buying Christmas gift cards over the next year, Simon said, pointing to the ongoing uncertainty surrounding Covid-19. When asked if retailers could have above-average sales in the first quarter, Simon replied, “They could and should.”

“If people still don’t want to get out, they may not be able to redeem their cards until the second quarter and it can happen later in the year,” said Simon. “But I think what we’re seeing in the increase in gift card shopping seems likely.”

Categories
Politics

Democrats Try to Fail to Jam $2,000 Stimulus Funds By means of Home

WASHINGTON – The fate of the $ 900 billion pandemic aid will remain in the limelight over the Christmas break after House Democrats tried and failed Thursday to more than triple the size of relief checks and then adjourned the House through Monday until they try again.

President Trump’s implicit threat on Tuesday to reject an auxiliary compromise that both houses overwhelmingly passed unless lawmakers agreed to raise the law’s $ 600 direct payment checks to $ 2,000 has continued to mess up Congress and at the same time an already volatile economic recovery shattered. Mr Trump retired Wednesday for his Florida home in Mar-a-Lago without saying another public word about the fate of the relief bill, leaving both parties to guess whether he really intended to oppose the long-belated move who also owns the pandemic aid, vetoed and funds to keep the government open last Monday.

The Democrats’ Christmas Eve gambit on the floor of the house was never going to pass, but party leaders hoped to bond Republicans – choosing between the president’s desires for far more and their own propensity for modest spending.

Republicans rejected the motion of Majority Leader of the House of Representatives, Maryland Representative Steny H. Hoyer, for unanimous consent to pass a measure that meets Mr. Trump’s demand for $ 2,000 checks. Without the support of both Republican and Democratic leadership, such inquiries cannot be answered on the floor of the House. Republicans then failed to make their own request to review the foreign aid provisions of the spending legislation, which Mr Trump had also objected to, although most of the items came almost dollar for dollar from his own budget request.

California spokeswoman Nancy Pelosi issued a statement Thursday promising to hold a roll-call vote on the direct payments law on Monday, saying that voting against it would “deny families’ financial plight and deny them the necessary relief. ”

With government funds set to expire at the end of the day on Monday, House lawmakers are also considering the possibility of another emergency bill – which would be the fifth such spending measure this month – to prevent a shutdown, Hoyer said.

On Thursday, the Government Publishing Office was due to finish printing the nearly 5,600-page package and send it to Capitol Hill for congressional signatures. The legislation was due to be flown to Mar-a-Lago by the afternoon for Mr. Trump to sign, according to a person familiar with the plan.

Meanwhile, Republican leaders wondered aloud why Congress was still grappling on Christmas Eve with a matter they believed had finally settled on Monday night.

“There’s a long list of positive things we’d talk about today if we didn’t talk about it,” Missouri Senator Roy Blunt, a member of the Republican leadership, told fellow Republicans on Capitol Hill. “And I think it would be to the president’s advantage if we talked about his performance instead of questioning decisions made late in the administration.”

The law on pandemic and government spending, passed in both chambers this week with overwhelming support from both parties, contains the first significant federal aid since April. If the president doesn’t sign it, millions of Americans will lose access to two federal unemployment programs on Saturday that were expanded by $ 2.2 trillion under the $ 2.2 trillion stimulus bill passed in March.

Updated

Apr. 24, 2020 at 1:58 am ET

A number of additional relief efforts, including an eviction moratorium, expire later this month, and other temporary relief efforts that are protecting millions of Americans from the brunt of the economic fallout from the pandemic will expire with no action shortly after the New Year.

Ahead of two runoff elections in Georgia’s Senate, Mr Trump also forced a difficult situation for his party and instituted yet another loyalty test for his most dedicated voters, which depends on a $ 2.3 trillion package being rejected, in part by senior officials White House representatives negotiated.

The president “doesn’t care about people,” said Michigan Democrat Representative Debbie Dingell, who got more emotional after telling calls from voters asking for federal assistance during the holiday season. “He sowed more fear. He threw kerosene in the fire. “

Ordinary Republicans are also frustrated. On Wednesday evening, Ohio Republican Anthony Gonzalez argued that House Republicans stood by Mr. Trump for four years.

The second stimulus

Answers to your questions about the stimulus calculation

Updated December 23, 2020

Legislators agreed to a plan to provide $ 600 stimulus payments and distribute $ 300 federal unemployment benefits for 11 weeks. Here you can find out more about the bill and what’s in it for you.

    • Do I get another incentive payment? Individual adults with adjusted gross income on their 2019 tax returns of up to $ 75,000 per year would receive a payment of $ 600, and heads of household up to $ 112,500 and a couple (or someone whose spouse died in 2020) would receive up to to earn $ 150,000 per year Get double the amount. If they have dependent children, they will also receive $ 600 for each child. People with incomes just above this level would receive a partial payment that decreases by $ 5 for every $ 100 of income.
    • When could my payment arrive? Treasury Secretary Steven Mnuchin told CNBC that he expected the first payments to be made before the end of the year. However, it will take a while for everyone to receive their money.
    • Does the agreement concern unemployment insurance? Legislators agreed to extend the length of time people can receive unemployment benefits and restart an additional federal benefit that is on top of the usual state benefits. But instead of $ 600 a week it would be $ 300. That would take until March 14th.
    • I am behind on my rent or expect to be soon. Do I get relief? The deal would provide $ 25 billion to be distributed through state and local governments to help backward tenants. In order to receive support, households would have to meet various conditions: the household income (for 2020) must not exceed 80 percent of the regional median income; At least one household member must be at risk of homelessness or residential instability. and individuals must be eligible for unemployment benefits or face direct or indirect financial difficulties due to the pandemic. The agreement states that priority will be given to support for lower-income families who have been unemployed for three months or more.

“If he thinks he’s going on Twitter and destroying the bill that his team negotiated and that we supported on his behalf, more people will be brought to his side in this election fiasco, I hope he’s wrong, although I think we’ll see, “said Mr. Gonzalez wrote on Twitter.

On behalf of the Republicans, Virginia Representative Rob Wittman attempted and failed Thursday to consider a separate motion for a review of annual foreign affairs spending because Mr. Trump had also objected to the use of those funds. (That legislation had also secured the support of 128 Republicans when it passed the house on Monday.)

But the Republican leaders were also not particularly keen to renegotiate the spending portion of the bill. Senator Blunt said he believed Mr Trump was confused about the separation between the pandemic aid part and his own administration’s proposed foreign aid part in the state spending part.

“Certainly the negotiated foreign aid rules would not benefit if that part of the bill were opened, and frankly, if you start opening part of the bill, it is hard to defend not opening the entire bill. It took us a long time to get to where we are. I think reopening this bill would be a mistake, ”Blunt told reporters at the Capitol on Wednesday.

“The best way out is for the president to sign the bill, and I still hope he decides that.”

Speaking at a press conference following the unsuccessful petitions, Hoyer said House Democrats only approved the $ 600 economic compromise checks because Republicans, including President’s Representative Steven Mnuchin, Treasury Secretary, insisted on that number.

“Mr. Mnuchin suggested that a lower number might have been appropriate,” Hoyer told reporters. When asked if it was a mistake to tie the aid package and spending omnibus together as different spending provisions were merged, Hoyer noted : “Perhaps the only mistake in believing President and Secretary Mnuchin was when we were told that the bill should be passed and would be signed by the President of the United States.”

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World News

French President Macron, Freed from Covid Signs, Leaves Isolation

PARIS – A week after testing positive for the coronavirus for the first time, French President Emmanuel Macron stopped isolating because he was no longer showing symptoms, shared a statement from the Élysée Palace, its official office, on Thursday With.

During his quarantine, Mr Macron – who had typical symptoms of Covid-19 such as fatigue, cough and pain – was “able to remain mobilized in the most important current affairs of our country and hold meetings and councils as planned” statement read.

Mr Macron contracted the virus at a time when a surge in infections across France was shedding hopes that people could safely celebrate the end of the year celebrations.

French health protocols recommend an isolation period of seven days after symptoms appear or a positive virus test. However, a negative test is not required to leave the isolation after this time has elapsed.

The French president was not the first world leader to contract the virus. But unlike several other prominent leaders who have had it – including President Trump, President Jair Bolsonaro of Brazil and Prime Minister Boris Johnson of the UK – Mr Macron has consistently emphasized the threat posed by the virus.

Although it is still unclear how Mr Macron got infected, last week’s announcement that he had the disease prompted a cascade of leaders who had met with him over the past few days to isolate himself, including the Spanish one Prime Minister Pedro Sánchez. Prime Minister António Costa of Portugal; and the President of the European Council, Charles Michel.

French Health Minister Olivier Véran said Mr Macron may have been infected at the December 10-11 European Council meetings. Slovak Prime Minister Igor Matovic, who attended the same gatherings, also tested positive for the virus.

Mr Macron, who celebrated his 43rd birthday in isolation on December 21, used his quarantine period to reiterate warnings about the risk of contamination.

In Thursday’s statement announcing his improvement, he urged members of the French public to limit their contacts and remain vigilant during the Christmas holidays by “ventilating rooms, wearing a mask and washing their hands regularly”.

Over the past week, daily updates on Mr Macron’s health have been released by Mr Macron himself, by his personal doctor or through official statements from the Élysée Palace – a departure from France’s tradition of secrecy regarding the health of its presidents.

In a self-recorded video of his presidential retreat near Versailles last week, a tired-looking Mr. Macron said he was suffering from a cough, headache and fatigue. His office reported the first signs of improvement on Wednesday after describing his health as “stable” for the past few days.

Mr. Macron held several virtual meetings with his ministers and continued exchanges with foreign leaders such as Russian President Vladimir V. Putin on Tuesday.

In an interview with French magazine L’Express on December 17, the day it tested positive and published on Tuesday, Mr Macron said he wanted to rely on “patriotic and European” French people to undermine an “undermined” one “Land” to reconcile “” divisions “that persist three and a half years after his tenure as President.

With more than 60,000 deaths caused by the coronavirus and around 2.5 million reported coronavirus infections, France has taken a heavy toll on the pandemic. While the number of new infections had dropped below 10,000 per day by the end of November, they have dropped to an average of 14,000 new cases per day over the past seven days, shedding hope that the second wave is over.

On Thursday, the French health authority approved the Pfizer BioNTech vaccine, which officially opened the way for vaccination after receiving support from the European Union earlier this week.

The vaccination campaign in France begins on Sunday in several retirement homes and care facilities. The French authorities have ordered around 200 million doses and established a three-phase vaccination strategy, starting with the elderly and at-risk nursing home workers.

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Business

Tony Robbins Accused of Discriminating In opposition to Worker Who Obtained Covid

Tony Robbins, the life coach and motivational speaker, discriminated against one of his co-workers by refusing to give her the housing she needed to work from home after contracting a debilitating case of Covid-19 in the spring. This resulted in a lawsuit filed on Wednesday.

The lawsuit also alleges that Mr Robbins falsely claimed to have helped the worker recover by asking one of his friends to intervene in her care after she was put on a ventilator in a medically induced coma.

The lawsuit, filed in Manhattan federal court, accuses Mr. Robbins; his firm Robbins Research International; and his wife, Bonnie P. Robbins, known as Sage, for violating several disability laws, including the Americans With Disabilities Act, which requires reasonable accommodation for people with disabilities.

The employee Despina Kosta worked for Mr. Robbins for 18 years – the first nine in Europe and the last nine in the USA, where she worked in New York as a sales manager or “personal results specialist”. She was one of the company’s top-rated salespeople, according to the lawsuit.

At the beginning of the pandemic, the lawsuit said, Mr. Robbins downplayed the severity of the coronavirus and urged his team to continue selling in-person events. Ms Kosta claims she has raised concerns about the approach but has been ignored.

In April, Ms. Kosta, 52, developed a high fever and had Covid-19. She was placed in a medically induced coma from April 12 to May 1 while being treated first at New York Presbyterian Lower Manhattan Hospital and then New York Presbyterian Hospital / Weill Cornell Medical Center.

After that, Ms. Kosta made efforts to recover and found it difficult to walk or even hold a cell phone, she said.

Ms. Kosta tried to return to work on July 1 and asked her supervisor and a human resources officer if she could work “just a few hours” a day while she recovered and regained her strength, she said in an interview Wednesday evening . “They said no to that,” she said.

Ms. Kosta said that since July she has no longer had access to her work email or the company’s database, which stores information about the clients she serves. She said she couldn’t work without this access. Ms. Kosta said she made about $ 250,000 annually.

J. Christopher Albanese, a lawyer representing Ms. Kosta, said the company did not quit her, but the lockout made her unable to do her job.

Updated

Apr. 24, 2020 at 12:43 am ET

Jennifer Connelly, a spokeswoman for Mr. Robbins, said the allegations in the lawsuit were “ridiculous and unfounded”.

She said that Ms. Kosta “remains a current employee” and that the company has “provided all necessary accommodation” and “continues to pay the full cost of her health insurance even though the legal obligation to do so ended in June”.

Ms. Kosta also said that comments from Mr. Robbins on a podcast caused her distress.

On the podcast recorded in May, Mr. Robbins described a worker who had a cough, a 102-degree fever and “became very anxious.”

“And so she went to the hospital and then she felt short of breath from fear and hyperventilated a little, so she was immediately put on a ventilator,” he said.

Mr Robbins said after finding out the clerk had fallen into a coma he called a doctor friend who knew people in the hospital. He said he asked his friend to call the hospital and the friend finally got through to the night doctor who eased the pressure on the ventilator.

“As a result, she opened her eyes four or five days later,” Robbins said, claiming that the episode showed that ventilators, at least with too much pressure, appeared to “do harm”.

In July, Ms Kosta said she was contacted directly by a customer in Poland who said he listened to Mr Robbins’ podcast and understood that Mr Robbins had described Ms. Kosta.

Ms. Kosta listened to the podcast and said Wednesday evening that Mr. Robbins’ claims of interfering with her treatment were completely false. She said she was ashamed because he described her as a “hysterical woman, weakling”.

The comments were not the first time Mr. Robbins’ remarks about a woman had been scrutinized. In April 2018, Mr. Robbins apologized for women using the #MeToo movement to “gain meaning and safety by attacking and destroying other people”.

Ms. Connelly, the spokesperson for Mr. Robbins, said the organization had raised concerns about Ms. Kosta’s condition. “When we were informed that Ms. Kosta had contracted Covid-19 and was hospitalized, Mr. Robbins and his organization made inquiries with compassion and support for her,” she said.

She added: “Any suggestion by Ms. Kosta that RRI is unprofessional or does not comply with applicable law in her situation or in the normal course of business is obviously wrong.”

Categories
Health

Trump’s risk to veto $900 billion Covid reduction invoice places main local weather laws in danger

Patrick Pleul / Image Alliance via Getty Images

President Donald Trump’s opposition to a $ 900 billion coronavirus bailout package, largely passed by U.S. lawmakers late Monday, jeopardizes the first major climate change piece of legislation to have received Congress approval in about a decade.

Trump has threatened a veto of the stimulus package, which includes $ 600 direct checks for individuals and $ 35 billion to fund clean energy projects, and plans to reduce the use of chemicals to warm the planet.

The climate regulations included in the deal come after the Trump administration slashed more than 80 key environmental regulations in four years and just before President-elect Joe Biden took office.

Biden plans to rejoin the Paris Climate Agreement and use executive orders to expose many of Trump’s environmental setbacks. He’s also pushing for a $ 2 trillion plan, which needs Congressional approval, to move the country from fossil fuels to clean energy and green jobs. Trump officially withdrew the country from the Paris Agreement in November.

Although Biden’s legislation is likely to face immense hurdles if the GOP controls the Senate, which will be decided with two crucial runoff elections in Georgia in January, policy experts and environmental groups say the bipartite-backed climate action in the stimulus package signals that Biden can achieve this could make significant strides in combating global warming. It is also a sign that the US will join a wider global effort to reduce fossil fuel emissions to warm the planet.

“The spending bill just passed by Congress, with support from both Democrats and Republicans, points the way ahead,” said Michael Mann, climatologist and professor of atmospheric science at Penn State University. “It’s a positive sign that 2020 could be the year we turned around the corner on climate action in the US.”

The stimulus plan will cut the production and consumption of fluorocarbons (HFCs), which warm the planet, by 85% in the US over a 15 year period.

The ozone-depleting chemicals are often found in air conditioners and refrigerators. While they make up a smaller percentage of greenhouse gas emissions, fluorocarbons pack 1000 times the heat storage capacity of carbon dioxide.

More from CNBC Environment:
Rethinking Stimulus: How Covid’s Economic Recovery Can Combat Climate Change
Biden will rejoin the Paris Climate Agreement. Here’s what happens next

HFCs are used by nations around the world in a targeted manner to curb global warming. In October 2016 in Kigali, Rwanda, a landmark agreement was reached by delegates from 197 nations around the world to phase out HFCs.

So far 72 countries have ratified the Kigali Agreement. Despite the support of US manufacturers and chemical companies, the Trump administration did not accept the pact and instead proposed to reset the Obama-era standards to reduce the use of HFCs.

The stimulus package also includes bipartisan renewable energy legislation, which will provide approximately $ 35 billion in government funding for clean energy projects.

“This bill is the most important step we have taken to improve the climate of this Congress, and its passage is strong evidence that both parties support cooperation in creating climate solutions and investing in advanced energy technologies, while at the same time the our country’s most vulnerable citizens are cared for, “Senator Chris Coons, D-Del. said in a statement earlier this week.

The legislation includes tax credits for solar and wind power that would fuel Biden’s plan to have a carbon-free electricity sector by 2035. The broader bill also includes investments for more sustainable transport and re-approves a program that provides funding for low-income homeowners to upgrade equipment, heat pumps and other household items to clean energy products.

The stimulus package also includes measures to capture and store carbon from production and power plants, reduce diesel emissions from some vehicles, and finance oil exploration projects.

“Congress has made an unprecedented downside to tackling climate change in this legislation by agreeing to phase out effective HFCs, invest in renewables and extend much-needed tax incentives for wind and solar,” said Grant Carlisle, senior Policy Advisor at Natural Resource Defense Council.

“But that’s just a start,” said Carlisle. “In order to cope with the climate crisis, the federal government must accelerate its efforts to convert our economy to clean energy and away from dirty fossil fuels.”