Categories
Politics

The Highway to Clemency From Trump Was Closed to Most Who Sought It

“When we worked on grace during the Obama administration, it was based on objective criteria, not the recommendations of a political ally or celebrity,” said Kevin Ring, who was and is in federal prison for his role in the Jack Abramoff lobby scandal President of the FAMM Criminal Justice Reform Group, formerly known as Families Against Mandatory Minimums.

The group operates a closed Facebook forum for 7,000 family members of inmates, which was filled with anxious but excited messages of prayer and hopes for relatives to be released ahead of the final round of Mr. Trump’s grace grants issued 12 hours earlier The institution.

“And I was incredibly sad because I thought you really have next to no chance because he didn’t use the process your loved one would be in the mix for in the first place,” said Mr. Ring.

Even some beneficiaries of Mr Trump’s grace grants admit the process is not fair.

There are “so many thousands of inmates who never get a chance to put their names on there, it’s just so unfair,” said Barry Wachsler, who paid the legal fees related to the appeals process and Mr Weinstein’s reprieve. “Does it help if you have the money and the right connections? You know i think so It definitely does. “

Mr. Wachsler, a Long Island businessman, said he met Mr. Weinstein by chance five years ago while visiting a friend in federal prison who introduced the two men.

Weinstein, 45, pleaded guilty in 2013 to indicting a Ponzi-style real estate program that resulted in losses of $ 200 million, much of which was from investors in an Orthodox Jewish community in New Jersey, with which he was connected. Prosecutors said he had won the trust of potential victims by recruiting rabbis to vouch for him and by donating his illicit profits to Jewish organizations.

In 2014, he pleaded guilty to charges of defrauding additional investors, including falsely claiming access to coveted Facebook shares in the company’s upcoming IPO and the means to pay legal fees related to his previous one Charge used.

Categories
Health

3M CEO Mike Roman expects robust Covid demand for N95s all through 2021

Mike Roman, chairman and CEO of 3M, said Tuesday the industrial giant expects demand for its N95 respirators to be robust through 2021, even as Covid vaccine delivery raises hopes that the intensity the pandemic is gradually subsiding.

The medical masks are considered the best option to protect against infection and have been in need – and sometimes in shortage – throughout the health crisis. 3M, based in St. Paul, Minnesota, began increasing production of N95 about a year ago when the novel coronavirus, which first appeared in China in late 2019, was a global concern.

“We expect the demand for our N95 respirators to be strong later this year,” Roman said Tuesday on CNBC’s Squawk on the Street. “We see the demand and needs of healthcare workers and first responders at the forefront. That is still our priority. We are focused on serving their demand as well as some critical industries that need this N95 protection.”

Roman’s comments came after 3M reported better-than-expected fourth-quarter results. Sales of $ 8.58 billion beat Wall Street’s projections of $ 8.4 billion, while earnings per share of $ 2.38 were 23 cents above estimates.

For the full year, 3M saw 12.3% sales growth in healthcare, which includes respirators and products such as hand sanitizers. The company’s total revenue of $ 32.2 billion in 2020 increased 0.1% from 2019.

3M distributed 2 billion respirators worldwide last year.

In addition to the short-term need for masks, Roman said another factor likely to fuel continued demand is governments looking to replenish their stocks. For example, the Associated Press reported in August that the US government’s national supply of personal protective equipment for health workers was nearly depleted at the time.

3M’s shares rose about 3% to nearly $ 176 apiece on Tuesday – basically unchanged since the start of the year and down slightly over the past 12 months.

Categories
Business

Division retailer retailer Belk plans to file for Chapter 11 chapter

Belk department store

John Greim | LightRocket | Getty Images

The Belk department store chain announced on Tuesday afternoon that it would file for Chapter 11 bankruptcy protection. This marks the youngest retailer in malls as its sales have declined and challenges have accelerated during the Covid pandemic.

The North Carolina-based retailer announced that it will be entering into a restructuring agreement with its majority owner, private equity firm Sycamore Partners, along with the owners of more than 75% of its term loan debt and 100% holders of its term loan debt.

Belk said it plans to recapitalize the business, reduce the debt burden by around $ 450 million, and extend the maturity of all term loans through July 2025. Sycamore will retain majority control over Belk under the agreement.

The company announced it has received funding commitments for $ 225 million in new capital from Sycamore, KKR and Blackstone, as well as some of its existing first-term lenders. The retailer said it plans to keep paying its suppliers and that all normal business operations will continue during the restructuring process.

She hopes to end Chapter 11 bankruptcy by the end of February.

“We are confident that this agreement will put us on the right long-term path to significantly reduce our debt and provide us with more financial flexibility to meet our commitments and continue to invest in our business, including further improvements and additions to our omnichannel capabilities von Belk, “said Lisa Harper, CEO of Belk, in a statement.

America’s department store operators – including Belk and its nearly 300 stores mainly in the Southeast – are facing problems as consumers visit malls less often and buy fewer clothes during the pandemic.

Last year Neiman Marcus, JC Penney, Stage Stores and Lord & Taylor filed for bankruptcy. The latter, the oldest department store chain in the country, eventually liquidated and closed all of its stores. Penney narrowly escaped the same result after US mall owners Simon Property Group and Brookfield Property Partners acquired it.

Sycamore, a consumer and retail investment firm, recently bought womenswear brands Ann Taylor, Loft, Lou & Gray and Lane Bryant from bankruptcy from Ascena Retail Group.

Here is the full press release from Belk.

FIX: This story has been updated to say that Belk has announced plans to file for Chapter 11 bankruptcy. An earlier version incorrectly stated that the company had already filed.

Categories
Entertainment

Juan Carlos Copes, Who Introduced Tango to Broadway, Dies at 89

This obituary is part of a series about people who died from the coronavirus pandemic. Read about others here.

Tango was originally a ballroom dance performed in neighborhood gatherings and dance halls. But Juan Carlos Copes turned it into dance for the stage, with a complex, highly polished choreography that could delight an audience for an entire evening.

Mr. Copes moved across the dance floor for seven decades. Most of the time he danced with a partner – at times with his wife – María Nieves Rego. They came to define a new style of tango called “estilo Copes-Nieves”.

“I’ve seen two styles danced,” said Copes in a 2007 interview with tango magazine “La Milonga Argentina”. “One with many steps and the other smooth and elegant. My innovation was to combine the two into one. “

Mr. Copes died on January 15 in a clinic in the suburbs of Buenos Aires. He was 89 years old. The cause were complications from Covid-19, said his daughter Johana Copes.

Mr. Copes and Mrs. Nieves may have had their greatest influence on the show “Tango Argentino”, which premiered in Paris in 1983 and became an international juggernaut. She toured Europe and Asia before coming to Broadway in 1985, where she was nominated for several Tonys. The show, in which the couple re-starred, returned to Broadway in 1999 when it was nominated for Best Revival.

“Tango Argentino” led to a worldwide resurgence of tango, which had fallen out of favor even in Argentina and was replaced by the emergence of predominantly American pop music. Tango clubs have opened all over the world.

“The fact that we tango artists today even have a profession is thanks to Copes,” said New York-based dancer Leonardo Sardella, who has often performed with Johana Copes, in an interview.

Mr. Copes stayed in the spotlight, dancing and choreographing dozens of tango shows in the 1980s and 1990s. In 1998 he starred in the dance film “Tango” by the Spanish director Carlos Saura alongside the Argentine ballet dancer Julio Bocca, to whom he had taught tango. (He also taught Liza Minnelli.)

Mr Copes was born on May 31, 1931 in Mataderos, a district of Buenos Aires, to the bus driver Carlo Copes and the housewife María Magdalena Berti and grew up in the Villa Pueyrredón, another district on the outskirts. His maternal grandfather, Juan Berti, was a pianist who specialized in tango.

As a teenager he studied electrician. But he also attended tango evenings in social clubs, where he met Ms. Nieves.

In 1951, the couple took part in a major dance competition at Luna Park Stadium, where they won the grand prize among 300 couples. This led to appearances in clubs and cabarets and in 1955 to her first tango show at the Teatro El Nacional.

Mr. Copes and Mrs. Nieves went on tour four years later with the composer Astor Piazzolla. The itinerary included the United States, where they landed the first of several spots on the Ed Sullivan Show in 1962. The footage from this first performance shows the super-fast footwork, sharp kicks, and streamlined style that had made them so popular.

They married in Las Vegas in 1964. The marriage ended in 1973, but they continued to dance together until 1997, despite being very opposed to each other.

“We’d scold each other when we went on stage and carry on when we left the stage. But in between there were the real Copes nieves, ”said Copes in a 2007 interview.

After divorce became legal in Argentina, he married Myriam Albuernez in 1988.

Together with his daughter Johana, who has become his main partner in recent years, he is survived by Mrs. Albuernez. another daughter, Geraldine; and five granddaughters.

“He taught me how to breathe tango,” said Johana Copes. “His dance had a delicacy and purity that was difficult to achieve. I now understand why he always wanted to prepare, rehearse and dance. I understand this need. “

Categories
World News

Gojek needs to develop additional exterior Indonesia this 12 months, co-CEO says

Bicycle passengers wear helmets with the Gojek logo.

afif c. kusuma | iStock Editorial | Getty Images

SINGAPORE – Start-up Gojek plans to expand its business beyond its home base in Indonesia this year, Co-CEO Kevin Aluwi said on Wednesday.

“One of our main priorities for 2021 is to expand our presence outside of Indonesia,” Aluwi told CNBC’s “Squawk Box Asia” as part of the network’s coverage of the Davos agenda.

“We have definitely invested relatively small amounts in our markets outside of Indonesia in recent years. However, we believe that this year we really want to spread our wings and be a regional and global company,” added Aluwi.

Gojek started with Ride-Hagel in Indonesia in 2010 and has since branched out into other business areas such as grocery delivery, digital payment and logistics. It is now present in more than 200 cities in five Southeast Asian countries, but Indonesia remains its main market.

Aluwi stated that some of the other countries the company does business in appear to have recovered more from the coronavirus pandemic.

While Southeast Asia’s most populous country has put in place a mass vaccination program, Indonesia is still struggling to get the virus under control – cases of infection have topped 1 million, according to Johns Hopkins University.

According to Aluwi, most of the companies in Indonesia are going through a difficult time including the severely affected transportation services. While Gojek has also felt the crisis, he attributes “significant growth pockets” to the company’s diversification in grocery delivery, grocery delivery and logistics.

The pandemic has pushed people around the world to shop online and choose delivery rather than going to restaurants or supermarkets to minimize exposure to the virus. Even if vaccination programs are rolled out around the world, some experts have stated that changes in consumer behavior will continue after the pandemic is controlled.

Gojek is also reportedly in talks with Indonesian e-commerce provider Tokopedia to seal a $ 18 billion merger ahead of possible IPO plans, Reuters reported this month. The deal could help Gojek take over regional competitors like Singapore-based digging and internet company Sea, which operates the Shopee e-commerce platform and has a market cap value of around $ 110 billion.

Aluwi declined to comment on what he called “merger speculation”, saying Gojek’s focus is to continue growing his business. He added that Gojek was “extremely optimistic” around 2021.

“We believe 2021 will be a year of growth, and most importantly, we have really invested in a lot of business, product and operational fundamentals in 2020 so profitability and long-term sustainability look significantly better year-over-year.” Year, “he said.

Gojek is worth $ 10 billion, according to CB Insights. Prominent supporters include Google, China’s Tencent, and Singapore’s state investor Temasek.

Categories
Business

Mellon Basis to Fund Range Applications at Library of Congress

The Library of Congress is launching an initiative to expand its collection, promote the diversity of future librarians and archivists, and make it easier for members of minority groups to search the library’s digital archives.

The program will be launched over the next four years and will receive a $ 15 million grant from the Andrew W. Mellon Foundation. This is part of a relocation of the foundation towards the award of arts and humanities grants through a so-called “lens for social justice”. ”

The library described the move titled “From the People: Widening the Path” as part of a larger plan to help the institution by building on a commitment to gathering and maintaining more “underrepresented perspectives and experiences,” it says in a press release and invite new generations to participate in the creation and exchange of important cultural materials.

In doing so, “we are investing in an enduring legacy of multi-faceted American history that is truly” Of The People, “said Carla Hayden, Congress Librarian, in a statement.

The initiative is carried out in three ways – through the library’s American Folklife Center, through contacting students at universities and colleges, and through grants to cultural heritage institutions.

The Folklife Center will have grants to produce ethnographic documentation of contemporary cultural activities among people whose experiences may otherwise not be recorded on national records. (Comprising decades of written records, oral lore, and video segments, the center is designed to document, among other things, “the songs, stories, and other creative expressions of people from different communities.”)

In addition, the library will expand the reach of students at tribal and historically black colleges and universities and participate in institutions and programs that serve Hispanics, Asian-Americans, and Pacific Islanders, and provide internshipsdevelop a new generation of diverse talent for heritage organizations, ”the press release said.

The library will also grant grants to cultural heritage institutions This will encourage people to incorporate material from their digital collections into works like photo collages, new music, and digital exhibits that explore experiences among people of color.

“The Library of Congress is the people’s public library and we are delighted that it will bring about diverse and extensive public participation in expanding our nation’s historical and creative records,” said Mellon Foundation President Elizabeth Alexander in a Explanation.

Last summer, the Foundation, the largest humanities philanthropy in the United States, announced that it was increasing its focus on granting grants for programs that promote social justice.

One such program is to spend $ 5.3 million on what Alexander calls “liberty libraries.” These are 500 book collections of fiction, non-fiction, poetry and other writings that are being sent to 1,000 prisons across the country.

Then, in October, the foundation announced its $ 250 million monuments project, designed to help rethink the country’s approach to monuments and memorials to better reflect the diversity of the nation.

Categories
Health

Hong Kong’s First Covid-19 Lockdown Exposes Deep-Rooted Inequality

HONG KONG – When Shirley Leung, 60, woke up in Hong Kong’s first coronavirus lockdown, she overlooked the tiny room she shares with her adult son, which can accommodate a single bed, cardboard boxes and plastic tubs for storing clothes.

She tried to ignore the smell of the ceiling and walls covered with mold. She rationed the fresh vegetables she had at home, dissatisfied with the canned goods and instant noodles the government had provided when it imposed restrictions on Saturday. She looked at the cramped, interconnected nature of her home.

“If a room is infected, how is it possible that cases do not spread to compartmentalized apartments?” Ms. Leung said in a telephone interview. “How can it be safe?”

Hong Kong has long been one of the most unequal places in the world, a city where sleek luxury shopping malls rub shoulders with overcrowded tenement houses, where the bathroom sometimes doubles as a kitchen. In normal times, this inequality is often masked by the glittering surface of the city. But during the coronavirus pandemic, its cost has become unmistakable.

From January 1 to the end of last week, more than 160 confirmed cases were found in the Jordanian neighborhood, out of about 1,100 across the city. The government responded by locking down 10,000 residents in an area of ​​16 blocks. More than 3,000 workers, many in protective suits, came to the area to conduct mass tests.

Hong Kong executive director Carrie Lam said Tuesday the lockdown had been a success, adding that more may follow. Officials announced one soon after in nearby Yau Ma Tei.

Officials suggested that the dilapidated living conditions of many of Jordan’s residents fueled the spread of the virus. Jordan is a crowded neighborhood known for its bustling night market, aging high-rise apartments, and numerous restaurants. This is where some of the city’s highest concentrations of rental apartments are located, the subdivided apartments that are created when apartments are divided into two or more smaller ones.

More than 200,000 of the city’s poorest residents live in units where the average living space per person is 48 square feet – less than a third the size of a parking lot in New York City. Some rooms are so small and restrictive that they are called cages or coffin houses.

The same conditions that may have led to the outbreak also made the lockdown particularly painful for many residents who worried about missing even a work day or feared being trapped in poorly ventilated breeding grounds of transmission. Officials admitted that they did not know exactly how many people were living in the compartmentalized apartments, which made efforts to test everyone difficult. Discrimination against low-income South Asian residents, many of whom are concentrated in the region, has also created problems.

Some have accused the government of tightening conditions for an outbreak and then imposing persistent measures on a group that can least afford to endure them. Wealthy Hong Kongers have caused outbursts of their own or disregarded socially distant rules with no similar consequences.

“If they did something wrong, it is to be poor, to live in a compartmentalized apartment, or to have a different skin color,” said Andy Yu, an elected officer in the restricted area.

The divided apartments have been a cause for concern since the pandemic began.

Ms. Leung, the retiree, and her son have only one bed to sleep in at night, and their son sleeps during the day after returning from night shifts as a construction worker. A roof beam was cracked, but the landlord had postponed repairs, she said. Shape was also a persistent problem as dirty water dripped from an adjacent unit.

Installation in subdivided apartments is often reconfigured to allow for more bathrooms or kitchens. However, the installation is often incorrect. During the 2002/03 SARS outbreak, more than 300 people were infected in a housing estate and 42 died after the virus spread through broken pipelines.

The government promised reforms after SARS but has recognized that the situation remains dangerous.

“Many of the buildings in the exclusion zone are older and in poor condition,” said Sophia Chan, the secretary for nutrition and health, on Saturday. “The risk of infection in the community is very high.”

The lockdown ultimately lasted only two days until midnight on Sunday the government said it had successfully tested most of the region’s residents. Thirteen people tested positive.

Updated

Jan. 26, 2021, 11:30 p.m. ET

However, experts said the government failed to address the underlying issues.

Wong Hung, deputy director of the Institute of Health Equity at Hong Kong University of China, said the government had not adequately regulated the compartmentalized housing.

“They fear that if they do something, there will be no place where low-income families can find shelter,” said Professor Wong. The real estate market in Hong Kong is consistently rated as the least affordable in the world.

Income inequality in Hong Kong is also closely linked to ethnicity, and the pandemic has exacerbated longstanding discrimination against South Asian residents, who make up around 1 percent of the city’s population. Almost a third of South Asian families with children in Hong Kong are below the poverty line, which, according to government data, is almost twice the proportion of all families in the city.

Many South Asians live in and around Jordan, including in divided dwellings, and as the virus spread, some locals made widespread allegations of unsanitary behavior.

Raymond Ho, a senior health official, was outraged last week when he suggested that Hong Kong’s ethnic minorities boost transmission because “they like to eat, smoke, drink alcohol and chat together”. Ms. Lam, the city’s leader, later said the government had not suggested that the spread of the disease was race related.

Sushil Newa, the owner of a brightly painted Nepalese restaurant in the exclusion zone, showed screenshots on his phone from online commentators comparing his community to animals and suggesting that they be alcoholics.

“We just work hard and pay taxes here. How come we are isolated from Hong Kong?” said Mr. Neva, referring to the discrimination when a clerk shoveled containers of biryani to take away.

Professor Wong said the government also failed to communicate effectively with residents of South Asia, which has led to confusion about the lockdown. The government later said it had sent translators. Other residents said the government provided Muslims with food that was not culturally appropriate, such as pork.

Even so, Mr Neva said he supported the lockdown. Although he lost money, controlling the outbreak is more important, he said.

Other entrepreneurs agreed, but also demanded compensation from the government.

Low Hung-kau, the owner of a corner stall, Shanghai Delicious Foods, said he was forced to ditch ingredients he had prepped for steamed buns – an added blow to the decline in business since the neighborhood outbreak began .

“I’ve lost 60 percent of my business,” he said. “Hardly anyone comes over.”

He spent the day after the lockdown gathering neighboring business owners to ask the government to pay at least some of their losses over the weekend. Government officials have dodged questions about compensation, only hoping employers would not deduct the salaries of workers who missed their jobs.

Activists criticized the government for its relief efforts throughout the pandemic, noting that it did not offer unemployment benefits. In addition, much of the state aid was directed towards employers rather than employees. Some companies have applied for subsidies to keep employees on payroll and then declined that promise.

Despite the risks, some had no choice but to break the lock.

Ho Lai-ha, a 71-year-old street cleaner, said she swept streets and cleared sewers over the weekend just days after they were identified as potential sources of contamination.

“I’m a little scared, but there is no other way,” she said as she dipped a duster into an open grate on Monday. “The area has been closed, but our work continues.”

Categories
Politics

Kellyanne Conway house visited by police after nude picture of daughter seems on Twitter

White House Advisor Kellyanne Conway speaks to reporters at the White House in Washington, United States on August 6, 2020.

Cheriss May | Reuters

New Jersey police reportedly visited the home of former Trump White House adviser Kellyanne Conway on Tuesday, the day after her 16-year-old daughter Claudia complained on social media about a topless photo of her that was briefly appeared on her mother’s Twitter account.

“I have no comment,” Kellyanne Conway told CNBC when asked about the police visit and how a photo of her daughter was posted on Twitter Fleet.

The New Jersey Department of Children and Families “is also investigating any concerns related to the incident” involving the Conway family, who live in the town of Alpine, Buzzfeed News reported Tuesday.

DCF informed CNBC that due to confidentiality rules, no pending or other investigations could be confirmed.

The New York Post reported Tuesday that four officers from the Bergen District Attorney’s Office and Alpine Police visited Conway’s home and spent an hour inside before leaving. The Post article contained a photo of the police at home.

Christopher Belcolle, Police Chief of the Alps, told the Post: “An investigation is underway. No additional information can be released.”

Belcolle did not immediately respond to a request for comment from CNBC.

In a statement to NBC News, Bergen County’s Assistant District Attorney Elizabeth Rebein said, “We are unable to provide details, but we can confirm that the matter has been referred to our office and that every member of the Conway family has been unreservedly throughout the investigation was cooperative. “

Claudia Conway is a prolific user of the TikTok social media app, where she documented complaints and disputes with her mother.

Kellyanne Conway, who helped lead former President Donald Trump’s 2016 campaign, served as senior adviser to the White House until August when she resigned. Conway said she wanted to spend more time with her children.

“At the moment and for my beloved children, it will be less drama, more mom,” she said in a statement at the time.

The resignation came after public attention to Claudia Conway’s complaints about Kellyanne and her father George Conway, a Republican attorney who is a staunch Trump critic.

On Monday, Claudia spoke in a TikTok video about a topless photo of herself that was reportedly posted by Kellyanne Conway’s account as Twitter Fleet. Twitter fleets are usually deleted after 24 hours.

The photo was reportedly quickly deleted long before it normally would have been.

A Twitter spokesperson told CNBC, “Through technology and human review, we will proactively remove any images that violate Twitter rules.”

Twitter earlier this month put Trump’s account on hold, saying his tweets risked further violence after thousands of his supporters invaded the U.S. Capitol to overthrow Joe Biden’s election as president.

Claudia Conway warned Kellyanne Conway in the TikTok video on Monday before the photo that she, Kellyanne, could go to jail.

But Claudia said in other TikTok videos posted on Tuesday that she believed her mother’s account had been hacked and that she regretted posting the TikTok video that targeted Kellyanne.

She said she didn’t think her mom posted the picture.

Claudia also said she would take a break from social media to work on her relationship with her mother and the rest of her family.

George Conway tweeted one of his daughter’s videos on Tuesday morning.

Categories
Business

Starbucks (SBUX) Q1 2021 earnings prime estimates

Starbucks reported Tuesday that U.S. sales fell 5% in the first quarter of fiscal year after a surge in new Covid-19 cases led to tighter food restrictions.

The company also announced that COO Roz Brewer will be leaving Starbucks in late February. Those familiar with the matter told CNBC later Tuesday that she would become the executive director of Walgreens. Your responsibilities will be shared among other members of the existing Starbucks executive team.

In extended trading, stocks fell around 1%.

The company reported for the quarter ended December 27, versus Wall Street expectations, based on an analyst survey conducted by Refinitiv:

  • Earnings per share: 61 cents, adjusted compared to 55 cents expected
  • Revenue: $ 6.75 billion versus $ 6.93 billion expected

The company reported net income of $ 622.2 million, or 53 cents per share, for the first quarter, compared to $ 885.7 million, or 74 cents per share, a year earlier.

Without articles, the coffee giant earned 61 cents per share, exceeding the analysts surveyed by Refinitiv, 55 cents per share.

Net sales were down 5% to $ 6.75 billion, below expectations of $ 6.93 billion. Worldwide sales in the same store decreased by 5%. The company saw 19% fewer transactions in the quarter, but the average ticket increased 17%.

In the US, sales in the same store were down 5%. The company’s recovery in its home market was hampered by a further surge in Covid-19 cases as temperatures turned colder. Sales in the same store only decreased 3% in October but declined to 8% by December.

On the positive side, the number of Starbucks Rewards members who have been active in the past 90 days has increased 15% to 21.8 million people. Mobile orders accounted for a quarter of transactions, down from 17% before the crisis.

CEO Kevin Johnson said the company was having a “very strong” holiday season. The activation of Starbucks gift cards exceeded the company’s forecasts. He called the Irish Cream Cold Brew a “new vacation favorite”. Launched in 2019, the drink follows the success of Pumpkin Cream Cold Brew, which overtook Pumpkin Spice Latte as a bestseller on the autumn menu.

In China, Starbucks’ second largest market, sales in the same store turned positive for the first time since the health crisis began. Revenue in the same store increased 5%, although transactions were still down from the same period last year.

The company opened 278 new Netto cafes in the quarter and now has nearly 33,000 locations.

For the next quarter, Starbucks predicts US sales growth of 5% to 10%. According to information from executives, sales in the same store should develop positively in January after the downward trend in December. In China, sales in the same business are expected to nearly double. The company expects earnings of 36 to 41 cents per share. Adjusted earnings per share of 45 to 50 cents are forecast.

The company also raised its outlook for FY 2021 results. Earnings per share are now expected to be between $ 2.42 and $ 2.62, compared to its previous forecast of $ 2.34 to $ 2.54.

CFO Pat Grismer said Starbucks will release a major update to its fiscal year outlook when it releases its next quarter results. He cited the volatility caused by the pandemic.

Read the full results report here.

Categories
Health

Financial system may open up by late spring if sufficient individuals get vaccinated, says Dr. Ashish Jha

Dr. Ashish Jha told CNBC’s “The News with Shepard Smith” on Tuesday that US states could make decisions about opening up businesses and economies earlier than predicted if enough people are vaccinated.

“My relatively optimistic view is that we don’t have to wait until the end of summer or even the beginning of summer. If enough people have been vaccinated in late spring, you will really see case numbers come down a lot,” said Jha, dean of the School of Public Health at Brown University. “That will allow us to open up the economy a lot more so that we don’t have to wait and just make sure the infections – the high infection rates we have right now – get better . “

President Joe Biden set a benchmark in the fight against the coronavirus pandemic. He promised to get enough vaccine doses to the states for almost every American by the end of summer. Biden said he would give the government another 200 million doses of the vaccine – half from Pfizer and the other half from Moderna. The deal would increase the country’s vaccine supply to 600 million shots.

“This is enough vaccine to fully vaccinate 300 [million] Americans by the end of summer, the beginning of autumn, “Biden said at the White House on Tuesday.

To vaccinate 300 million people by September 22, the last day of summer, the nation will need 600 million doses at the rate of about 2.4 million shots a day. That assumes it goes beyond the 23 million that have already been bumped. Biden said the government would be sending 10 million shots a week for the next three weeks. That is an increase of almost 20% over what is currently being delivered.

Johnson & Johnson expects results for its Covid vaccine early next week. CNBC’s Meg Tirrell said the company conducted its test on three continents, including South Africa and Brazil, where the highly communicable new variants were identified. This means that Johnson & Johnson’s results could provide vital information on how vaccines developed around the original strain of Covid work against the emerging ones.

Dr. Bruce Becker, associate professor of behavioral medicine and social sciences at Brown University’s School of Public Health, told The News with Shepard Smith that the Johnson & Johnson vaccine requires only one shot and therefore achieves immunity in 14 to 21 years will days.

“The J&J vaccine can vaccinate twice the number of patients for any given vaccine supply – twice the coverage and immunity in less than half the time,” Becker said. “That is a much greater efficiency in blocking the spread of Covid.”

Jha told host Shepard Smith that a single dose would “greatly” aid in vaccination effort, but questioned the company’s manufacturing capacity.

“I think one of the less clear questions is how much stock of J&J vaccines we have.” asked Jha. “There have been some reports that it didn’t go that well, production didn’t go that well, but either way, a dose is so much easier to give as a vaccine.”

The Centers for Disease Control and Prevention published a study Tuesday that found that Covids spread in schools is very low with the right precautions. Jha stated that the US can open schools across the country, but “we have to do it” with preventive measures that include masks and effective ventilation.

Becker underlined the importance of preventive measures and even said that non-compliant students should be excluded from school.

“Masking work, social distancing work, and the deadly misinformation circulated by the previous government and their voices created our current dilemma,” Becker said. “Schools can be opened if the rules are followed exactly.”

Biden said Tuesday “it will be months before we can vaccinate the majority of Americans” and that “masks not vaccines” are the best defense against Covid as Americans wait for their vaccine.