Month: January 2021

Categories
Business

TSA weighs barring lots of from flights, steps up safety earlier than inauguration

TSA weighs barring hundreds from flights, steps up security before inauguration

A TSA officer checks a man’s ID at a checkpoint at Orlando International Airport.

Paul Hennessy | SOPA pictures | Getty Images

The Transportation Security Administration said Friday it is screening hundreds of people to see if they should be banned from flights as it will increase security ahead of President-elect Joe Biden’s inauguration on Jan. 20.

“Currently TSA is processing hundreds of names with law enforcement agencies for a thorough risk assessment,” TSA Administrator David Pekoske said in a statement. “Our intelligence and screening professionals are working diligently around the clock to ensure that those who pose a threat to our aviation sector are subjected to enhanced screening or are unable to board a plane.”

TSA said it is also increasing the number of Federal Air Marshals on some flights, random gate screenings, and more law enforcement and canine explosives detection teams. The staff is also being increased at some train stations.

The additional measures come after the deadly riot in the U.S. Capitol last week and a spate of flight disruptions, some of which are politically motivated.

In the aftermath of the uprising, the Association of Flight Attendants-CWA, which represents around 50,000 flight attendants on more than a dozen airlines, raised safety concerns about “mob mentality” on some flights to Washington DC last week, saying that people should be involved in the riot flying will be banned.

The FAA promised to have a zero-tolerance policy for unruly behavior on flights and to impose a fine of up to $ 35,000.

Airlines and airports also increase security. Major US airlines are banning passengers from checking guns on flights in the Washington DC area for next week starting this weekend. American Airlines stops selling alcohol on flights, while Alaska Airlines limits the number of tickets sold into the city.

Categories
World News

Citigroup earnings This autumn 2020 beat revenue estimates

Citigroup earnings Q4 2020 beat profit estimates

Jane Fraser, General Manager for Latin America at Citigroup Inc., speaks during the Milken Institute Global Conference in Beverly Hills, California on Monday, April 29, 2019.

Kyle Grillot | Bloomberg via Getty Images

Citigroup released fourth quarter results on Friday that beat analysts’ earnings estimates as the company partnered with rival JPMorgan Chase to free up reserves for credit losses.

Earnings fell 7% to $ 4.63 billion, or $ 2.08 per share, compared to $ 1.34 per share expected by analysts surveyed by Refinitiv, according to Citigroup. Company-wide revenue declined 10% to $ 16.5 billion, below the estimate of $ 16.7 billion.

The bank released $ 1.5 billion in reserves for loan losses, a move larger than analysts expected. That compares with a reserve build-up of $ 436 million in the third quarter and $ 253 million a year ago. As a result, borrowing costs for the period were more than $ 2 billion lower than a year ago.

Over the past year, banks have allocated tens of billions of dollars in provisions for loan losses in the expectation that shutdowns caused by the Covid shutdown would force customers large and small to default on credit. Now it seems like the industry has turned a corner and will begin releasing some of those reserves, increasing earnings and their ability to buy back stocks this year.

“As a sign of the strength and longevity of our diversified franchise, our sales remained unchanged through 2019 despite the massive economic impact of COVID-19,” said outgoing CEO Mike Corbat in the press release.

Citigroup shares fell 6.2%.

Citigroup made history when it announced that Jane Fraser would take over the running of the company. This made it the first major Wall Street bank to be run by a woman. Weeks before her successor at Corbat, Fraser spoke to investors and analysts for the first time on Friday. Shareholders wanted to know how Fraser, a former McKinsey partner who led Citi’s Latin American operations before becoming president in 2019, will improve the company’s bottom line.

Fraser said she is embarking on a review of the company’s strategy to best position it to meet its ROI targets and meet regulatory requirements.

“We’re taking a clinical look at our strategic positioning and assessing which companies can achieve leading market positions in a much more digitalized world,” said Fraser. “Like any true Scot, I believe there is value in unlocking by simplifying the company.”

Citigroup, the third largest US bank by assets, was hurt by relatively poor performance when compared to competitors such as JPMorgan Chase. The results have frustrated investors, including activist hedge fund ValueAct. The bank is also working on a government agency agreement to improve its internal risk controls after it accidentally sent nearly $ 900 million to Revlon lenders last year.

Citigroup has announced that trading sales will increase 15% year over year in the fourth quarter, while investment banking fees should increase 10% to 15%.

The shares of the New York-based bank fell 23% last year, compared with the KBW Bank Index’s 4.3% decline.

Here are the numbers:

  • Earnings: $ 2.08 per share versus $ 1.34 per share for analysts surveyed by Refinitiv.
  • Revenue: $ 16.5 billion versus an estimate of $ 16.7 billion.

JPMorgan on Friday reported fourth quarter earnings and sales that were above estimates.

Categories
Health

UnitedHealthcare launches digital major look after employer plans

UnitedHealthcare launches virtual primary care for employer plans

This arranged photo shows a UnitedHealth Group health insurance card in a wallet in this image illustration dated October 14, 2019.

Lucy Nicholson | Reuters

UnitedHealthcare is expanding its telemedicine offering for employers to include a new virtual basic care service that gives doctors access to routine visits on their phones or computers who pay little or no co-payments.

“Before Covid, we worked with big primary care practices … and it was really difficult to get an admission. Patients wanted it, but doctors were really uncomfortable with the whole idea of ​​virtually seeing patients,” said Dr. Donna O’Shea, Chief Medical Officer, Population Health Management at UnitedHealthcare, the health insurance arm of the UnitedHealth Group.

Doctors have been slow to introduce telemedicine, as the reimbursement rates for virtual visits were often lower than for personal care. That has changed because of Covid. Government Medicare’s plans for seniors and private health insurers increased reimbursement rates during the pandemic last year, and inevitably increased adoption of virtual care by doctors and patients.

Now UnitedHealth is betting that patients are ready to take the next step towards a more convenient option.

“We know 25% of people don’t have a basic provider … maybe it’s really difficult to get out of work (to see one) and maybe if it were easier for you, you might have one,” said O’Shea .

The pandemic has also fueled the race to enter virtual basic services. Telemedicine provider Teladoc Health has tried to move beyond one-time urgent care visits to a basic care model for employers. So is Amazon, which is exploring the expansion of its in-house Amazon Care virtual health program for Washington state workers to include a service for other employers.

While non-traditional companies like Amazon can bring expertise to consumer engagement, that is not enough to gain a foothold with employers, said Steven Shill, national director of the BDO Center for Healthcare Excellence & Innovation.

“There must be complementary skills and part of the complementary skills must be healthcare,” Shill said, adding that half of the healthcare executives surveyed by BDO plan to consider new partnerships this year.

“I think these partnerships will come and go until you have the right partners together,” he said.

UnitedHealth is working with telehealth provider Amwell, who will provide the platform for virtual care and clinical services through its medical group. The virtual primary care program will initially be available to employers in 11 states, including Colorado, Texas, Maryland and Washington, DC.

Editor’s Note: This story has been updated to reflect that Donna O’Shea is the Chief Medical Officer for Population Health Management at UnitedHealthcare, the health insurance arm of the UnitedHealth Group.

Categories
Entertainment

Hong Kong Elvis Impersonator Dies at 68

Hong Kong Elvis Impersonator Dies at 68

“I cried for a long time,” he told The Times, remembering the first time he saw the film. “Elvis: That’s it.”

Mr. Kwok won two Elvis impersonation competitions in the early 1980s, the South China Morning Post reported, but local Chinese fans often mistook him for an imitator of other famous musicians – such as a Beatle or Michael Jackson.

By 1992, Mr. Kwok had quit his job and branded himself the “Cat King,” the Chinese nickname for Elvis. He also had his sights set on an easier quarry: Western expatriates and tourists.

His guitar was sometimes out of tune, his self-taught English a bit rough. (Presley’s first name was misspelled on his business card.)

Still, he made a living saying Elvis was the factory job. Some night owls got to know him as Melvis – no relationship with Relvis, an impersonator in the USA – or as “Lan Kwai Fong Elvis”, a reference to a nightlife in which he often appeared.

Mr Kwok died at the end of a year when coronavirus infections in live music venues caused the government to shut them down for months and empty the sidewalks of its potential customers. Ms. Ma said he spent much of his pandemic downtime watching Elvis videos and playing guitar in his apartment.

Mr. Kwok is survived by his wife Anna and their son and daughter.

His wife, who was also his manager, told the Times in 2010 that she initially did not support his campaign as Elvis. “But then I was moved by his persistence and dedication to the job,” she said.

It’s hard to find a job that you love, she added. “Now that he’s found it, I’m happy to support him.”

Categories
Politics

Impeachment Briefing: Ready to Transmit

Hong Kong Website Doxxing Police Gets Blocked, Raising Censorship Fears

This is the Impeachment Briefing, the Times’ newsletter on the impeachment investigation. Sign up here to get it in your inbox.

  • At a press conference, Spokeswoman Nancy Pelosi declined to tell reporters when House Democrats could bring the article on the lone impeachment of President Trump in the Senate, and questioned when a trial could begin.

  • In her remarks at the Capitol, the speaker made it clear that her first priority was to ensure the safety of the building and the legislature before Mr Biden’s inauguration next week.

  • Behind the scenes, the Democrats worked with Republican leaders to come up with a proposal that would allow the Senate to split the time between the impeachment trial and considering Mr Biden’s agenda, including his cabinet candidates.

    Editor’s Note: This newsletter will not be published next week as much of Washington will be focused on the inauguration of President-elect Biden. We will be returning on Monday, January 25th – unless events dictate otherwise.

I asked my colleague Nick Fandos, who is covering the Congress, what we can expect in the coming days.

Nick, what are legislators working on right now?

There have been so few impeachment trials in American history. At the beginning, the senators have to agree on the parameters of a process. How long will the indictment last? How long will the defense last? Will there be witnesses? Once they do this, a process begins. It goes on until the senators feel they have the information they need to vote or condemn.

Shall we wait a while longer?

The reason there is currently a lull is because the House and Senate will try to get this process through at a really precarious time, when a new president is sworn into office and the Senate is about to confirm his cabinet.

Even before the article goes out, the Republicans in the Senate and House of Representatives, in consultation with Nancy Pelosi and the Biden team, are trying to see if they can agree to a set of rules that will allow the Senate to set up a double lane that will be half the day used for hearings and votes to confirm Biden’s cabinet, and half the day could be used for a Senate trial.

With the ongoing threat of unrest in the country, there is additional pressure to achieve this. The new administration must be able to put a team in key national security positions in the Justice Department and the Pentagon. For example, if Pelosi holds on to the item until a week after Biden’s inauguration, the Senate will have the Thursday, Friday, and Saturday after he is sworn in to vote on national security affirmations.

What kind of legal proceedings does the legislature want to hold? Is the timing important?

The property managers who will be pursuing the case are also currently debating whether to try to move really fast and have a quick action, as if they had a quick impeachment, trying to use the simple facts related to the uprising. There is overwhelming anger in the Senate and the property managers can try to get the Republicans on record quickly.

But there is a competing school of thought among Democrats that the more information comes out about the insurrection, the worse the case against President Trump becomes. They could call witnesses and evoke more Material. A stronger case might mean a more likely conviction, they would argue, but building it up also slows Biden’s agenda.

Then what can we expect next week?

The House Democrats could well submit the article shortly before or after the inauguration, and then the Senate would have to quickly move into litigation mode. But it is hard to imagine that we will deal with the flesh or substance of the process until next week.

The Impeachment Briefing is also available as a newsletter. Sign up here to get it in your inbox.

Categories
Business

Retail Gross sales Drop in December for Third Straight Month

Retail Sales Drop in December for Third Straight Month

Consumer spending fell for the third month in a row in December, confirming what many economists had forecast as the disappointing Christmas season for many retailers and restaurants.

Retail sales fell 0.7 percent last month, the Commerce Department said on Friday as the economic recovery showed signs of stagnation and the number of viruses spiked across the country, causing shoppers to shut down stores amid a new wave of Avoid restrictions.

For the second straight month, the decline was worse than predicted by most economists, showing that the deterioration in the overall economy in the final quarter of 2020 was deeper than expected.

“In one line: grim,” said Ian Shepherdson, chief economist at Pantheon Macroeconomics, of December retail sales in a research note on Friday.

“We believe the fear of the third wave of Covid and the restrictions imposed across much of the country to suppress it have caused most of the damage to retail sales in the past two months,” he added added.

The decline was widespread in many categories, including electronics, auto, and grocery and beverage stores, which saw high spending last spring and summer but fell towards the end of the year. Restaurant spending fell again in December as cases and closings rose.

The decline most likely also reflects how retailers’ strategies of offering vacation deals early in fall spread the holiday shopping season over months, and may have dampened sales closer to Christmas.

The Commerce Department also revised its November sales data, showing a 1.4 percent drop, larger than the 1.1 percent drop previously reported.

Weaker consumer spending, which accounts for 70 percent of the U.S. economy, adds to the urgency of the $ 1.9 trillion economic bailout proposed by the new administration in Biden this week, which will increase direct payments to individuals by $ 1,400 would increase.

“This is likely the low point for retail sales as the late December incentive and the upcoming incentive under the Biden administration will improve both bank accounts and consumer sentiment,” Robert Frick, corporate economist with Navy Federal Credit Union, said in a Explanation.

However, other economists said Americans would be more likely to save their stimulus money than spend it over the next few months, especially as stores remain closed.

The retailers trade group searched for the bright spots in the trade report, highlighting that vacation shopping was higher last year than it was in 2019, with sales up 8.3 percent.

“With the virus spreading, government restrictions on retailers, and heightened political and economic uncertainty, consumers turned to gifts that lifted the spirits of their families and friends and made them feel normal in the challenging year,” said Matthew Shay, president the National Retail Federation said in a statement.

However, there is evidence that more and more of these sales are going to huge retailers who have been able to use their scale and digital skills to gain larger market share during the pandemic.

One such retailer, Target, said Wednesday that its November and December sales were up 17.2 percent year over year, driven by both in-store and online shopping. Target’s digital revenue was the largest area of ​​growth, more than doubling from the 2019 Christmas season. The vast majority of these deliveries came from Target stores.

Amazon has also said that its Christmas sales hit a record high in 2020 but has not yet provided detailed figures.

Overall, online shopping over the 2020 vacation increased 32 percent year over year to $ 188 billion. However, the weakness in retail sales in December shows that despite the surge in e-commerce, the majority of consumer spending – such as groceries, auto sales, and restaurants – is still in physical environments that remain constrained due to the pandemic.

That reality, Shepherdson said, means that despite the expected stimulus for consumers in the first few weeks of the Biden administration, spending could remain depressed for the next several months.

“We anticipate consumer spending will have problems until the falling Covid cases allow restrictions to be relaxed from March,” he said.

Categories
Health

Learn how to Reimagine Your Relationship to Alcohol

How to Reimagine Your Relationship to Alcohol

So, identify other activities that you love and increase them. Whether you play sports or hang out with friends, “we need a different outlet to fill the void alcohol leaves,” said Dr. Murphy.

You are more likely to successfully quit alcohol if you have assistance. “Tell about it as many of your friends and family who feel as safe as you can,” said Dr. Murphy.

It also helps to connect with others who share your goal. In the pandemic, it has become difficult to access in-person support meetings, but online help has increased. Free Sobriety Support Communities with Virtual Meetings include Alcoholics Anonymous, SMART Recovery, SheRecovers, In the Rooms, Eight Step Recovery, Refugee Recovery, Recovery Dharma, and LifeRing, among others. Neither good lighting nor charisma are required or expected. Connect from your phone while walking in a park or sitting in your car.

“I go to two meetings a day now,” said Braunwyn Windham-Burke, a reality television star whose sobriety journey is currently on season 15 of The Real Housewives of Orange County. “It’s so easy because it’s in my bedroom.”

A Tempest member, Valentine Darling, 32, of Olympia, Washington, thinks virtual meetings are also more LGBTQ-friendly. “I feel safe when I sit next to my houseplants, so I am more present and authentic: I wear clothes and express my gender-specific characteristics without worrying about someone following me home.”

Many organizations have meetings specifically for people of color, certain age groups, or even professions. Ben’s Friends is a sobriety group aimed at restaurant workers. “We speak a common language in restaurants,” said co-founder Steve Palmer. “You find out he’s a line chef. She is a bartender. These are my people. ‘”

If your month of sobriety has been relatively easy to manage, consider it simply a reset. However, if you’re having trouble sticking to your plan, you may need more than group meetings. You may have AUD, a disease, not a moral failure, and it needs to be treated like any disease. The most effective form of recovery usually involves long-term behavioral therapy and community support, as well as medication as needed.

Categories
Business

Palm Seaside County appears to be like to finish Trump golf course lease after U.S. Capitol riot

Palm Beach County looks to end Trump golf course lease after U.S. Capitol riot

US President Donald Trump plays golf at Trump International Golf Club in West Palm Beach, Florida, the United States, December 30, 2020.

Marco Bello | Reuters

Palm Beach County, Florida this week was looking for a way to terminate a contract with President Donald Trump’s award-winning International Golf Club.

Howard Falcon, an assistant district attorney, said Friday a district commissioner asked him to see if the place could terminate its lease on the president’s popular West Palm Beach course.

The Palm Beach Post, which first reported that the county was reviewing the lease, added that Trump was paying $ 88,338 monthly rent on the property.

Trump visits his eponymous international golf club, which is located in West Palm Beach without a legal personality and is owned by the county, during his visits to Mar-a-Lago, his estate in Palm Beach. It is known that the President throws parties in the club. Well-known guests on the course in recent years have included Kid Rock and Tiger Woods.

Despite interest in terminating the lease, Falcon said he doesn’t believe the county has legal authority to terminate the lease.

An attorney for Trump’s golf course added to the Post that he had spoken to Falcon and concluded that there is “no basis for terminating the lease”.

The county’s move to cut ties with Trump came about a week after hundreds of violent rioters stormed Capitol Hill and at least five people died, including a police officer.

The unprecedented attack on the Capitol has resulted in national and bipartisan setbacks from politicians from across the political spectrum. The House of Representatives made history this week when it decided to indict Trump a second time for his role in inciting or otherwise promoting the insurgency.

President-elect Joe Biden, who will succeed Trump on Wednesday, has publicly denounced the president’s actions, calling him “incompetent”.

Although the impeachment process upset the president, Trump is reportedly more upset about the impact the insurrection has had on his business reputation and standing in the golfing world.

Several news outlets reported earlier this week that Trump was apoplectic after the PGA of America voted Sunday to remove the championship from his New Jersey golf course next year.

“We are in a political situation that we did not create,” Seth Waugh, CEO of the PGA of America, told the Associated Press. “We are trustees for our members, for the game, for our mission and for our brand. And how do we best protect that? Our feeling was given in the face of the tragic events on Wednesday that we could no longer hold it in Bedminster. The Damage could have been irreparable. “

A New York Times reporter wrote Monday that Trump’s reaction to the PGA decision was compared to his reaction to the impeachment trial before him ” [a] other order of magnitude. “

New York City Mayor Bill de Blasio said Wednesday that the city would sever its own business relations with the president’s company after the riot. In a statement, de Blasio said New York is taking steps to terminate all contracts with the Trump Organization, which is made up of hundreds of companies owned by the president.

The organization has three concession contracts in the city – the Central Park Carousel, Wollman and Lasker Ice Rinks, and Ferry Point Golf Course – that gross $ 17 million annually for the company, according to The Washington Post.

“The president instigated a rebellion against the United States government that killed five people and threatened to derail the constitutional delegation,” de Blasio said in a statement.

“The city of New York is in no way associated with such unforgivable acts and we are taking immediate steps to terminate all Trump Organization contracts,” he added at the time.

Categories
Business

‘We Must Stabilize’: Huge Enterprise Breaks With Republicans

‘We Need to Stabilize’: Big Business Breaks With Republicans

But last week seemed like a breaking point. Big business could obviously tolerate working with Mr Trump, despite his chauvinism, flirtation with white nationalism, and impunity claims, but the president’s apparent willingness to undermine democracy itself seemed a step too far.

“That thing was a little different. I mean, we’ve had a turmoil in DC, ”said Jamie Dimon, JPMorgan Chase’s general manager. “No CEO I know tolerates this in any way. We shouldn’t have someone gassing a mob. “

The precipitation was quick. After the president admonished his supporters to march on the Capitol, executives used their strongest language yet to disapprove of Mr Trump, and some of his longtime allies left. Ken Langone, the co-founder of Home Depot, a billionaire and ardent supporter of the president, waived Trump and told CNBC, “I feel betrayed.”

Twitter, Facebook, and YouTube have suspended or banned Mr. Trump’s accounts. Amazon, Apple and Google have cut ties with Parler, a messaging app popular with its supporters.

Charles Schwab, the Republican-founded brokerage firm that backed Mr Trump, said it would close its political action committee entirely. And many companies have worked with the U.S. Chamber of Commerce to punish Mr. Trump’s supporters in Congress by depriving them of crucial resources.

“There will be consequences for those members of Congress who were involved in starting and supporting the insurrection, no question about it,” said Ed Bastian, Delta Air Lines chief executive officer.

Categories
Health

New York Gov. Andrew Cuomo holds a press briefing on Covid pandemic

New York Gov. Andrew Cuomo holds a press briefing on Covid pandemic

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New York Governor Andrew Cuomo will hold a press conference on coronavirus Friday, where the state will provide coronavirus vaccines to people beyond healthcare and nursing home residents.

On Tuesday, following new instructions from the federal government, Governor Andrew Cuomo said residents 65 and older and other key workers such as teachers, police officers and transit workers could be vaccinated against the disease.

However, he warned that supplies would be an issue. The New York Department of Health announced this week that appointments for the vaccine will be booked for the next 3½ months and will fill up quickly after the state extends the eligibility.

To date, New York has received more than 1.8 million doses of vaccine, but administered around 37% of those, according to the U.S. Centers for Disease Control and Prevention. The state has prepared to dispense the doses in larger quantities and to use convention centers and baseball parks as temporary vaccination sites.

Read CNBC’s live updates for the latest news on the Covid-19 outbreak.