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Business

GrowGeneration seems to be east with New York nearer to legalizing hashish

Darren Lampert, CEO of GrowGeneration, told CNBC on Thursday that the company is focused on expansion on the east coast as New York State gets just inches closer to legalizing recreational marijuana.

“You will see us shortly enter the markets on the east coast,” he said in an interview with Jim Cramer about “Mad Money”.

New York lawmakers could put a bill to legalize marijuana for a vote in the congregation as early as next week, Associated Press reports. If passed, the bill is expected to be signed by Democratic Governor Andrew Cuomo.

Next door in New Jersey, marijuana is now legal for recreational use, though the state still has rules and regulations for its sale. GrowGeneration, which operates dozen of grow businesses across the country, plans to open stores in New Jersey soon.

“We are still waiting for the licensing to confirm how big the licensing will be, how restrictive it will be,” he said. “More importantly, craft licensing … unlimited craft licensing, which is great for GrowGeneration.”

GrowGeneration operates more than 50 grow shops in 12 states. Most are in the western part of the country, many in California. The company operates a handful of stores in Maine, Florida and Massachusetts.

The company sells the “picks and shovels” products like lights and hydroponics that are used to grow cannabis indoors, Lampert said.

“What you are seeing now, Jim, is a fundamental change [in] controlled environment ag, “he said.” We sell the inputs. We sell the technologies, the solutions that control the environment in which plants live. “

On Wednesday, GrowGeneration reported total annual sales of $ 193.0 million in 2020, up 143% year over year. It was the third year in a row that the company had posted triple-digit sales growth. Executives expect business to more than double again this year.

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Business

Biden Administration Ramps Up Debt Aid Program to Assist Black Farmers

Rep. James E. Clyburn, a South Carolina Democrat who played an influential role in securing the party’s presidential nomination, was also a key voice in highlighting the black farmers’ experience and helping drive the incentive regulations forward, the staff said of Congress.

Funding aims to address longstanding discrimination issues in the Department of Agriculture – specifically, the refusal to give black farmers the same access to capital that helped white farmers overcome during difficult times in history. Minority farmers have faced other problems, such as lack of access to legal services that complicate the legacy of farms and lack of public investment in rural communities and reserves, including water supplies, roads, and transportation to produce farm produce to bring to the market.

These factors resulted in significant land loss. While the number of farmers in the United States has declined sharply over the last century as farms became mechanized and more people found work in factories and offices, black farmers suffered disproportionately.

According to the Department of Agriculture, the United States had 925,708 black farmers in 1920, which is 14 percent of the country’s farmers. However, as of 2017, only 35,470 of the country’s more than two million farms were operated by black producers, representing 1.7 percent.

Joe Patterson, 70, whose family has farmed the Mississippi Delta for decades, said discriminatory credit had put many black farmers around him out of business over the years and resulted in some lean times for his own family.

Frequently asked questions about the new stimulus package

How high are the business stimulus payments in the bill and who is entitled?

The stimulus payments would be $ 1,400 for most recipients. Those who are eligible would also receive an identical payment for each of their children. To qualify for the full $ 1,400, a single person would need an adjusted gross income of $ 75,000 or less. For householders, the adjusted gross income should be $ 112,500 or less, and for married couples filing together, that number should be $ 150,000 or less. To be eligible for a payment, an individual must have a social security number. Continue reading.

What Would the Relief Bill do for Health Insurance?

Buying insurance through the government program known as COBRA would temporarily become much cheaper. Under the Consolidated Omnibus Budget Reconciliation Act, COBRA generally lets someone who loses a job purchase coverage through their previous employer. But it’s expensive: under normal circumstances, a person must pay at least 102 percent of the cost of the premium. Under the relief bill, the government would pay the full COBRA premium from April 1 to September 30. An individual who qualified for new employer-based health insurance elsewhere before September 30th would lose their eligibility for free coverage. And someone who left a job voluntarily would also be ineligible. Continue reading

What would the child and dependent care tax credit bill change?

This loan, which helps working families offset the cost of looking after children under the age of 13 and other dependents, would be significantly extended for a single year. More people would be eligible and many recipients would get a longer break. The bill would also fully refund the balance, which means you could collect the money as a refund even if your tax bill were zero. “This will be helpful to people on the lower end of the income spectrum,” said Mark Luscombe, chief federal tax analyst at Wolters Kluwer Tax & Accounting. Continue reading.

What changes to the student loan are included in the invoice?

There would be a big one for people who are already in debt. You wouldn’t have to pay income taxes on canceled debts if you qualified for loan origination or cancellation – for example, if you were on an income-related repayment plan for the required number of years, if your school cheated on you, or if Congress or the Congress President is wiping $ 10,000 in debt for a large number of people. This would be the case for debts canceled between January 1, 2021 and the end of 2025. Read more.

What would the bill do to help people with housing?

The bill would provide billions of dollars in rental and utility benefits to people who are struggling and at risk of being evicted from their homes. About $ 27 billion would be used for emergency rentals. The vast majority of these would replenish what is known as the Coronavirus Relief Fund created by CARES law and distributed through state, local, and tribal governments, according to the National Low Income Housing Coalition. This is on top of the $ 25 billion made available through the aid package passed in December. In order to receive financial support that could be used for rent, utilities and other housing costs, households would have to meet various conditions. Household income cannot exceed 80 percent of area median income, at least one household member must be at risk of homelessness or residential instability, and individuals would be at risk due to the pandemic. According to the National Low Income Housing Coalition, assistance could be granted for up to 18 months. Lower-income families who have been unemployed for three months or more would receive priority support. Continue reading.

“When it all came down to this, it was a lack of funds that kept the black farmers down,” said Mr. Patterson, speaking on the phone from the cab of a tractor he’d stopped by the roadside. “If we had the same investments as the other farmers, a lot of black farmers would still be farming at this point.”

He added, “But because they didn’t have these resources, it got worse and worse every year.”

Anthony Daniels, a Democrat in Alabama’s legislature who serves on the board of directors of One Country Project, a democratic group focused on rural issues, said many black farmers still suffer from high levels of debt and that the incentive provisions would help them Repay loans and related taxes.

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Health

José Baselga, Who Superior Breast Most cancers Therapies, Dies at 61

José Baselga was born in Barcelona on July 3, 1959 and received his doctorate in medicine and doctorate from the Autonomous University of Barcelona. He caught the attention of cancer researchers after completing a medical fellowship at Memorial Sloan Kettering, where he and Dr. John Mendelsohn studied the use of monoclonal antibodies in fighting certain proteins associated with aggressive cancers, including lung and breast cancers.

Dr. Larry Norton, Senior Vice President at Memorial Sloan Kettering and Medical Director of the hospital’s Evelyn H. Lauder Breast Center, quickly became interested in Dr. Baselga and served as an early mentor. “He was an artist,” recalled Dr. Norton, adding that he “had a driving force within him and would focus all of his energies on achieving what is necessary to achieve that vision.”

Dr. Baselga returned to Spain in 1996 and founded the Vall d’Hebron Institute for Oncology at the Vall d’Hebron University Hospital in Barcelona. Under his leadership, the center became an international powerhouse in cancer research, testing targeted cancer therapies in early clinical trials. Dr. Baselga became a well-known figure in Spain.

“Spain was not known in the world as a place for research on cancer,” said Dr. Antoni Ribas, the president of the American Association for Cancer Research, who completed his medical training in Vall d’Hebron just before Dr. Baselga took over his role there. said in a telephone interview. “He put Vall d’Hebron, Barcelona and Spain on the map of cancer research.”

After a period from 2010 to 2013 at Massachusetts General Hospital, where he was director of the Department of Hematology and Oncology, Dr. Baselga returned to Memorial Sloan Kettering in 2013 to become chief physician and later chief physician.

He also held various leadership positions in the world of cancer research, including president of the American Association for Cancer Research and editor of Cancer Discovery and other medical journals.

Dr. Baselga resigned under pressure from Sloan Kettering in September 2018 after The Times and ProPublica, the nonprofit investigative journalism outfit, reported that it failed to disclose millions of dollars in drug and health company payments in dozens of research articles in The New England Journal of Medicine and other publications.

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Politics

Biden units new Covid vaccine aim as coronavirus pandemic continues

US President-elect Joe Biden speaks during a press conference on January 15, 2021 at Biden’s interim headquarters in Wilmington, Delaware, about his plan to give vaccines against coronavirus disease (COVID-19) to the US population.

Kevin Lamarque | Reuters

President Joe Biden announced a new goal Thursday of distributing 200 million Covid vaccine shots within his first 100 days in office.

“I know it’s ambitious – twice as much as our original goal – but no other country in the world has come close to what we’re doing,” Biden told reporters as he opened his first press conference as president.

“I think we can do it.”

As of Friday, there have been 100 million coronavirus vaccinations since Biden was inaugurated. That benchmark, which Biden set as his original goal on December 8, was met on his 59th day in office.

After a slower-than-expected rollout under former President Donald Trump, the rate of vaccination in the US has increased rapidly, receiving an average of 2.5 million doses per day over the past week.

If this vaccination rate is maintained, Biden’s 200 million dose target would be achieved in about five weeks or around April 23 – a full week before Biden would mark 100 days at the White House.

The federal government has signed a contract with Johnson & Johnson to supply 200 million cans. The first half of this order is expected by the end of June. Merck is helping make J & J’s Shot, which is a single-dose vaccine.

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The government has also signed contracts with drug makers Pfizer and Moderna for a total of 600 million doses.

That’s enough to vaccinate 300 million Americans, as both the Pfizer and Moderna vaccines require two shots three to four weeks apart.

Secretary of Defense Lloyd Austin last month approved the deployment of more than 1,000 active troops to support the dispensing of Covid-19 vaccines in the US to speed up the pace of vaccinations.

Correction: This story has been updated to take into account that, as of Friday, 100 million coronavirus vaccinations have been had since Biden was inaugurated.

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Business

RH CEO Gary Friedman assured within the retailer’s growth plans

Gary Friedman, CEO of RH, told CNBC on Thursday that he was confident about the company’s expansion vision, even if some may question the luxury furniture retailer’s moves into the European market or into new industries as a whole.

“It takes a long time to build something extraordinary in this world, and we still feel like we’re honestly just warming up,” Friedman said in an interview with Jim Cramer about Mad Money. “We’re more excited than ever and see more opportunities than ever.”

RH, formerly known as Restoration Hardware, plans to open stores in England and Paris next year as the California-based company expands internationally.

With the debut of its RH Guesthouse concept in New York City, the company is also moving further towards the hospitality industry – it already operates restaurants. That is slated to open in the fall, followed by an RH guesthouse in Aspen, Colorado next year. Friedman refuses to refer to them as hotels, saying RH is trying to “create a new market for privacy and luxury”.

In Aspen, RH also has plans to develop homes in its first “RH ecosystem”.

“A lot of the things we’re going to do are just misunderstood at first. And until they’re seen and respected … then you can’t ignore it,” Friedman said.

Confident that the company can thrive in Europe, Friedman points to RH’s experience sourcing locally sourced products and its position as the leading Italian bedding and Belgian linen seller worldwide.

Friedman acknowledged that RH’s foray into new industries like residential real estate may seem strange at first for a company traditionally viewed as a retailer. “But when you’re trying to build one of the most admired brands in the world, when you want to do something extraordinary, you can’t go down an ordinary path,” he said.

Friedman’s appearance on “Mad Money” on Thursday came the day after RH posted fourth quarter revenue and earnings that exceeded analysts’ expectations. RH ended fiscal 2020 with sales of $ 2.85 billion. In a letter to shareholders, Friedman wrote that RH believes “the data supports the RH brand, which hits $ 5-6 billion in North America and $ 20-25 billion globally.”

RH stock rose 9% on Thursday to close at $ 529.08 apiece. The stock is up nearly 400% over the past 12 months.

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World News

California and Florida Put together to Give Vaccine Entry to All Adults

United States governors accelerate coronavirus vaccine approval as new cases rise nationally, making vaccination efforts more urgent.

California will open vaccination eligibility to residents aged 50 or older on April 1 and expand it to residents 16 and over on April 15, state officials said Thursday, saying they could do so because of U.S. vaccine supplies increases federal government. And Florida Governor Ron DeSantis announced that any state resident aged 40 or older would be eligible starting Monday, and that the minimum age would drop to 18 on April 5.

In Connecticut, one of the most vaccinated states in the country, Governor Ned Lamont said Thursday that all residents 16 and older would be eligible from April 1. New Hampshire will begin making footage available to residents aged 16 and over beginning April 2nd. and North Carolina on April 7th. In Rhode Island, Governor Dan McKee said the state is on track to make vaccines available to all residents 16 and older by April 19.

Kentucky Governor Andy Beshear said the state will open vaccinations for people 40 years and older starting Monday and keep a mask mandate in place for at least another 30 days. And in Minnesota, Governor Tim Walz is expected to announce on Friday that all residents over the age of 16 will be eligible from March 30th.

Alaska, Mississippi, Utah, and West Virginia are the only states where all adults are now eligible to receive shots. However, many more have announced plans to upgrade eligibility on or before May 1, a goal that President Biden has set. Some local jurisdictions have also started vaccinating all adults.

The nation takes an average of 2.5 million vaccine doses a day. At this rate, around half of the country’s population would be at least partially vaccinated by mid-May.

California will also allow health care providers, at their own discretion, to immediately vaccinate family members of eligible individuals, even if the family members would otherwise not be eligible, Governor Gavin Newsom said in a statement.

State officials said they expected California to receive 2.5 million doses per week in the first half of April and more than 3 million in the second half of the month, a significant increase from the current pace of about 1.8 million doses per week.

Mr Newsom has been under heavy pressure for weeks to accelerate the state’s vaccination efforts. Experts say its ability to fend off a recall campaign could depend on vaccinating millions of residents and lifting remaining restrictions so the state can be closer to normal when voters are asked to decide its fate.

The governor has repeatedly stated that short and unpredictable deliveries are responsible for a confusing and chaotic vaccination process that has left many poorer communities behind.

State officials abruptly announced earlier this month that 40 percent of the state’s new vaccine doses would go to communities at risk, but the move frustrated local Bay Area officials who had almost none of the prioritized communities.

Dr. Jeffrey V. Smith, the executive director of Santa Clara County, recently described the program as “a fake stock plan”. Mayor Vicente Sarmiento of Santa Ana, the seat of Orange County and home to many lower-income Latinos, praised the plan.

Florida, more than most states, has emphasized age rather than occupation or other risk factors in its approach to vaccine approval. The state initially focused on people 65 and older, then lowered the age limit to 50. By Wednesday, 24 percent of the total Florida population had received at least one shot, and 14 percent were fully vaccinated, according to a New York Times analysis of the centers for control data and disease prevention.

The number of new virus cases reported in Florida has been around 4,600 per day in the past few weeks, a figure that health officials say is still too high, although it has fallen significantly from a high earlier this year.

The state’s efforts to reopen its tourism industry have not been without problems. In Miami Beach, local officials have been overwhelmed by night owls who have ignored safety precautions like wearing masks and social distancing. It got so bad that the city imposed a curfew and sent police in riot gear to disperse the crowd.

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Health

Rutgers College to require Covid vaccine for college students returning to campus within the fall

Rutgers University is requiring students to return to campus this fall to prove they have been vaccinated against Covid-19. This makes it one of the first institutions in the USA to commission the vaccinations.

Rutgers President Jonathan Holloway announced the change on Thursday, saying in a statement that the university plans to update its vaccination requirements for students on campus to include the Covid-19 vaccine.

Students must provide evidence that they have been fully vaccinated with any of the three shots currently approved in the US – Pfizer’s, Moderna’s, or Johnson & Johnson’s. However, students under the age of 18 are only eligible for the Pfizer shot. Pfizer’s is the only FDA-cleared vaccine for use in people aged 16 and over.

Students who are fully enrolled in online courses and who do not have access to on-campus facilities are said to be exempt from vaccination, as are those with medical or religious reasons that prohibit vaccination.

Many universities in the United States struggled to bring students back to their campuses during the pandemic, following various reopening plans. Some institutions have been forced to crack down on gatherings and off-campus events that have sparked outbreaks in the surrounding community.

“From the beginning of the pandemic, the safety of the wider Rutgers community was our shared responsibility. This has never been more true,” Holloway said in the statement. “The importance of having an effective vaccination program to keep our community safer for all cannot be overstated.”

Focuses on information

Dr. Preeti Malani, chief health officer and professor of medicine and infectious diseases at the University of Michigan, told CNBC that Rutgers was one of the first universities she knew will require Covid-19 vaccinations this fall.

Malani has worked closely with health officials from other Big 10 universities, including Rutgers, to steer the campus reopening amid the pandemic. At the moment, the University of Michigan has no plans to require admissions among returning students this fall, she said.

“We really focus on giving students good information and helping them sign up. We have no way of vaccinating people on campus, and that’s because there are lots of other people out there who are getting vaccinated properly have to now, “Malani told CNBC in a telephone interview.

“We are confident that as supply outgrows demand, we may be able to host some types of student-focused vaccination events,” she said.

Universities need other vaccines for students living on campus, such as meningitis, hepatitis, and measles, which experts say could likely extend to Covid-19. However, it could be difficult to keep track of who was vaccinated on campus, Malani said, especially at facilities with many overseas and international students.

“The [Centers for Disease Control and Prevention] can provide guidance and say, for example, “You shouldn’t live in a dorm if you are not vaccinated”. I think there are a lot of people’s opinions on it at the moment, “said Malani.

“What we do know is that the news about vaccination is getting better and better and that this is not just a way to protect individuals but a way to protect the entire community,” she said.

Back to normal

Requiring students to get vaccinated against the disease will allow Rutgers to resume a wide range of activities and allow for an “accelerated return to normalcy before the pandemic,” the university said in its statement Thursday. The widespread vaccination enables the university to offer more face-to-face teaching as well as expanded dining and recreational opportunities.

The decision was based in part on President Joe Biden’s assessment that every American will have access to a vaccine by the end of May.

A number of states have announced that they will open vaccine licenses to all adults in the coming weeks before Biden meets the May 1 deadline for the state extension to all adult residents.

New Jersey officials have agreed to the New Brunswick-based university to begin administering vaccines to students and faculty as more doses become available. However, the university urges “all members of its community currently eligible to receive a vaccine not to wait” and to be vaccinated “as soon as possible” because the state has not yet provided supplies to the university.

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Business

What to Know In regards to the Suez Canal — and How a Ship Obtained Caught There

The 120 mile long man-made waterway known as the Suez Canal has been a potential focal point for geopolitical conflict since it opened in 1869. Now the canal, an important international shipping passage, is in the news for another reason: a quarter of the mile-long Japanese-owned container ship en route from China to Europe has landed in the canal for days. It blocks more than 100 ships and makes the world of maritime trade tremble.

Here are some basics about the history of the canal, how it works, how the ship got stuck, and what it means.

The canal is located in Egypt and connects Port Said on the Mediterranean to the Indian Ocean via the southern Egyptian city of Suez on the Red Sea. The passage enables more direct shipping between Europe and Asia, so that Africa no longer has to be circumnavigated and travel times have to be shortened by days or weeks.

The canal is the longest in the world without locks that connect bodies of water at different heights. According to a description of the channel by GlobalSecurity.org, end-to-end transit time averages 13-15 hours as there are no locks to disrupt traffic.

Originally owned by French investors, the canal was conceived when Egypt was under the control of the Ottoman Empire in the mid-19th century. Construction on the end of Port Said began in early 1859, the excavation lasted 10 years, and the project required an estimated 1.5 million workers.

According to the Suez Canal Authority, the Egyptian government agency that operates the waterway, 20,000 farmers have been drafted every 10 months to support the construction of the project with “excruciating and poorly compensated workers”. Many workers died of cholera and other diseases.

The political turmoil in Egypt against the colonial powers of Great Britain and France slowed progress on the canal, and the final cost was roughly double the originally projected $ 50 million.

The British powers, which controlled the canal during the first two world wars, withdrew their forces there in 1956 after years of negotiations with Egypt, effectively handing over authority to the Egyptian government, led by President Gamal Abdel Nasser.

The crisis started in 1956 when the Egyptian President nationalized the canal after the British left. He took further steps which Israel and its Western allies identified as a security threat and which resulted in military intervention by the Israeli, British and French forces.

The crisis briefly closed the canal, increasing the risk of embroiling the Soviet Union and the United States. It ended in early 1957 under a United Nations-monitored agreement that sent its first peacekeeping force to the region. The result was viewed as a triumph for Egyptian nationalism, but its legacy was an undercurrent in the Cold War.

The Suez Crisis was also an issue in Season 2, Episode 1 of The Crown, the acclaimed Netflix series about the kings of Britain, when then British Prime Minister Anthony Eden pondered how to react.

Egypt closed the Canal for nearly a decade after the 1967 Arab-Israeli War, when the waterway was basically a front line between Israeli and Egyptian forces. Fourteen cargo ships, known as the “Yellow Fleet”, were locked in the canal until it was reopened in 1975 by Nasser’s successor, Anwar el-Sadat.

Some accidental groundings by ships have since closed the canal. Most notable up to this week was a three-day shutdown in 2004 when a Russian oil tanker ran aground.

The stranded ship Ever Given, operated by the Evergreen Shipping Line, is one of the largest container ships in the world, about as long as the Empire State Building.

Although the canal was originally designed for much smaller ships, its canals have been widened and deepened several times, most recently six years ago at a cost of more than $ 8 billion.

It is believed that poor visibility and high winds, which made the Ever Given’s stacked containers look like sails, have drifted off course and led to its grounding.

The salvage forces tried a number of remedial measures: pulling it with tugs, dredging it under the hull and using a front loader to dig the eastern dam where the bow is attached. But the size and weight of the ship, 200,000 tons, had frustrated the rescue workers from Thursday evening.

Some marine rescue experts have said that nature could succeed where tugs and dredges have failed. A seasonal high tide on Sunday or Monday could give the canal about 18 inches deep and potentially float the ship.

This depends on how long the canal is closed, which is believed to handle about 10 percent of the world’s maritime traffic. TradeWinds, a maritime industry news publication, said that with more than 100 ships waiting to cross the canal, that backlog could take more than a week to clear.

A prolonged closure could be very expensive for owners of ships waiting to cross the canal. Some might decide to reduce their losses and reroute their ships in Africa.

The owner of Ever Given is already facing millions of dollars in insurance claims and the cost of emergency services. The Egyptian government, which generated $ 5.61 billion in revenue from canal fees in 2020, also has a vital interest in getting the Ever Given going again and reopening the waterway.

Categories
Entertainment

American Ballet Theater’s Chief to Step Down After 30 Years

McKenzie, a former principal dancer for the company, is a direct link with the founders of the Ballet Theater, founded in 1939 by Richard Pleasant and funded in part by a dancer, Lucia Chase. She co-directed with Oliver Smith, a set designer, in 1945 and hired McKenzie in 1979, shortly before Mikhail Baryshnikov took over artistic direction in 1980.

McKenzie remained prominent in ballet theater until 1991 (critic Arlene Croce once called him “the Jeremy Eisen of ballet”) when he became an artistic collaborator for the Washington Ballet. It was a short training; In 1992 he was offered the position of artistic director by a beleaguered ballet theater that was heavily in debt and without a director. (Jane Hermann, who ran the company after Baryshnikov’s abrupt departure in 1989, had resigned five months earlier.)

“To say things were messy was an understatement,” McKenzie said of those early years. “I succeeded in the beginning because everyone needed me, and our only resource was sheer determination. I don’t think the current moment is a crisis point like it was back then. It’s not intuitive, but the company is in good health. “

McKenzie will be leaving a different company than the one he inherited. In recent years he has moved away from the historical dependence of ballet theater on international ballet stars. While stars generated obvious excitement, they were “not primarily focused on the company’s success”.

When asked if this was a good time for the company to make a change in leadership, Barnett said it was “a natural time in many ways because the pace of change has accelerated.” She added, “If Kevin has decided that he oversaw this catalytic year and that this next era will require new skills, interests and ideas, I trust his instincts to do so.”

Barnett said the company, which has $ 26.8 million in endowment assets, has managed to lower its operating budget over the past five years ($ 45 million in 2019 and under $ 30 million last year ) to balance. She added that government support, as well as individual and corporate donations, would have enabled the ballet theater to continue providing benefits and health care and a portion of their salaries to the dancers and musicians during the shutdown. For 2021, given the uncertainties surrounding returning to live performance, the company planned a number of different budgetary scenarios.

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Business

American Petroleum Institute endorses carbon pricing

The oil and gas industry’s largest trading group on Thursday approved a price on CO2 emissions to warm the planet, a big shift after long resisting regulatory action on climate change.

The American Petroleum Institute’s move comes as President Joe Biden prepares to come up with a comprehensive infrastructure proposal that focuses on reducing greenhouse gas emissions and moving to clean energy.

In a virtual meeting with White House officials on Monday, industry leaders from companies such as ExxonMobil, BP, Chevron and ConocoPhillips, as well as API, also signaled support for market-based carbon pricing.

The approval represents a major shift in the industry’s strategy on climate change and an appreciation of the new administration’s regulatory actions following former President Donald Trump’s deregulation efforts to support U.S. producers.

For example, in January Biden issued an executive order to end new oil and gas leasing in states, which met opposition from producers and a number of Republican-led states.

Vice President Kamala Harris (2-L) and the President’s Special Envoy for Climate, John Kerry (L), watch as U.S. President Joe Biden signs executive orders after speaking in the state dining room on combating climate change, Job creation and the restoration of academic integrity was spoken at at the White House in Washington, DC on January 27, 2021.

Almond Ngan | AFP | Getty Images

The API’s confirmation also signals that the methane-emitting industry, a greenhouse gas 84 times as potent as carbon dioxide, would prefer quantifiable climate-related costs over ongoing regulations.

The industry’s plan has been amalgamating over the past 18 months and includes advocating federal funding for advanced technologies, further reducing operational emissions, promoting clean fuels, and increasing transparency by expanding the use of ESG guidelines for reporting.

The API was a staunch opponent of a carbon tax when Congress last debated the subject almost a decade ago.

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“The world has changed since Congress had this debate,” said API President and CEO Mike Sommers.

The industry is facing increasing pressure from investors to measure their contribution to climate change. And the von Biden administration has vowed to put the US on a path towards net zero emissions by 2050.

While the Democrats are still working on the details of the upcoming infrastructure proposal, it is expected to cost between $ 2 trillion and $ 400 billion in clean energy and innovation.

A carbon tax could also provide funding to fund the infrastructure plan. The Tax Foundation estimates that a $ 50 per tonne carbon emissions tax, assuming a 5% annual growth rate over 10 years, could generate additional federal revenue of $ 1.87 trillion.

The API said it would not support a tax that would fund other programs not related to climate change.

“To the extent that a new carbon tax is put in place to fund the X program … that’s not what we’re talking about and we wouldn’t support that,” Sommers said. He added that the industry is considering changes to existing regulations following a confirmation of the carbon pricing policy.

Some environmental groups see it as an industry ploy to offer a solution to the carbon problem and continue to participate in the debate.

David Doniger, program director for climate and clean energy at Defense Council for Natural Resources, said the move reminded him of the maxim that it is better to be at the table than on the menu.

“This is an effort to get to the table instead of being overlooked and rudely running, but it’s not entirely certain yet. I don’t know what they are offering to really support,” said Doniger.

The NRDC also spoke out against removing strict pollution or efficiency regulations in order to get a price on carbon.

“It’s like old Wimpy with the hamburgers: I’ll be happy to have a hamburger today and pay you back next Tuesday,” said Doniger. “We are not interested in trading one or more of the existing tools.”