Categories
Business

US anticipated to spend $4.7 billion on gasoline over Memorial Day weekend

Americans are expected to spend roughly $4.7 billion on gas during the Friday through Monday of Memorial Day weekend, according to GasBuddy, an app and website focused on finding real-time fuel prices.

That breaks down to about $1.18 billion spent on gas each day, give or take $1 million, Patrick De Haan, head of petroleum analysis at GasBuddy, tells CNBC Make It. 

GasBuddy predicts the national average price of gasoline will be $2.98 per gallon during Memorial Day weekend, the highest price on record for the May holiday weekend since 2014 when gas hit $3.66 per gallon. (AAA is reporting slightly higher averages at $3.04 per gallon, as of Thursday.) 

“Gas prices have been increasing for months due to the continued rise in gasoline demand as a myriad of destinations reopen ahead of the summer driving season. The Colonial Pipeline shutdown only highlighted how much more reliant consumers have become on gasoline since the pandemic hit,” De Haan says. 

Gas prices should start to ease up after Memorial Day, but De Haan warns that a rebound may happen and gasoline prices could rise again around the middle of summer.

If you are planning a road trip this summer, here are a few tips to help you save at the pump. 

1. Compare prices

Whether it’s through GasBuddy or other driving apps that show local gas costs, such as the AAA Mobile app or Waze, it’s worth looking around for the best price. A small difference can add up.

The average summer road trip is 568 miles round trip, according to the Bureau of Transportation Statistics. Assuming you have a car with an average 12-gallon gas tank, you’d be saving over $20 if you shave off just 5 cents per fill-up. 

You should also be aware that fuel prices can fluctuate by location. AAA recommends getting gas before you arrive at your destination because many popular beach and vacation locations tend to have more expensive gas prices. 

2. Make sure your car maintenance is up-to-date

3. Drive calmly

Being a zen driver can not only reduce your stress, but it may also help you save on gas. That’s because driving aggressively with lots of lane-changing, braking and rapid acceleration can increase fuel consumption by 30% on the highway.

Driving over 50 miles per hour can also have an impact because it increases the vehicle’s wind resistance. For every five miles per hour you drive over 50, you’re likely paying an additional $0.21 for gas. 

4. Take advantage of loyalty programs

Categories
Politics

AT&T employed ally of Commerce Secretary Raimondo to foyer Biden infrastructure plan

John Stankey, CEO of AT&T

Mike Segar | Reuters

Telecom giant AT&T hired an ally of Commerce Secretary Gina Raimondo to lobby officials over President Joe Biden’s infrastructure plan.

A lobbying registration report shows that AT&T hired Jon Duffy, the president of Rhode Island-based marketing firm Duffy & Shanley, in April. The document doesn’t say whether he will lobby congressional lawmakers or administration officials.

Duffy was a co-chair of Raimondo’s transition team after she was first elected in 2014 to be governor of Rhode Island. Records show that Duffy had never registered to lobby until his recent agreement with AT&T.

The lobbying report says that AT&T hired Duffy to focus on “issues related to broadband and The American Jobs Plan.”

Biden’s $2 trillion infrastructure proposal includes a $100 billion investment in expanding broadband access. The Senate Republicans’ most recent counteroffer included $65 billion for broadband.

The infrastructure lobbying comes during a pivotal time for AT&T. The company announced a $43 billion deal this month to merge its WarnerMedia division with Discovery.

AT&T so far in 2021 has spent just over $2.6 million on lobbying expenditures, according to the nonpartisan Center for Responsive Politics. AT&T lobbyists have engaged with the Commerce Department, the Executive Office of the President and the Vice President’s Office, among other agencies.

In response to questions about the Duffy hire, AT&T told CNBC on Friday that it plans to focus lobbying efforts in part on working toward “accessible, affordable and sustainable broadband connectivity.”

“During the pandemic, U.S. networks performed much better than other countries,” a company spokesman said. “The country’s broadband networks rose to the challenge due to policies that promoted private sector investment in multiple technologies and networks. Americans are paying less and getting more.”  

Duffy’s public relations company already lists AT&T as a client on its website. Other corporate clients listed include Intel, Dunkin’ Donuts, Hallmark and Staples. Duffy did not respond to a request for comment.

AT&T announced in April a $2 billion commitment to help make broadband more affordable.

Raimondo has been a fierce advocate for investments into expanding broadband access.

“We need transformational investments in broadband to ensure that all Americans finally have access to affordable, reliable, high-speed Internet service. During the pandemic we have seen that high-speed broadband service is not a luxury, but a necessity for jobs, education, and health care,” Raimondo said at an April hearing in front of the Senate Committee on Appropriations.

The Commerce Department’s National Telecommunications and Information Administration announced earlier this month a $288 million grant program for wide-scale broadband infrastructure.

Categories
Health

UK approves Janssen single-dose Covid vaccine to be used

A box of Janssen COVID-19 vaccine doses from Johnson & Johnson is pictured in Grubbs Pharmacy on Capitol Hill on Monday April 12, 2021.

Tom Williams | CQ Appeal, Inc. | Getty Images

LONDON – The UK Medicines Agency approved Janssen’s single-dose Covid-19 vaccine for use on Friday.

The UK drug and health products regulator announced that doses are expected to be available in the UK later this year.

The UK Government’s Vaccine Taskforce has secured 20 million doses for launch across the UK. She initially received 30 million doses, but changed the order as the vaccination program continues on what the government calls “unprecedented” levels.

Earlier this year, the vaccine was found to be 67% effective in preventing infection and 85% in preventing severe cases of Covid and hospitalization. Janssen is a Johnson & Johnson pharmaceutical company.

UK Health Secretary Matt Hancock said Friday that approval of the Janssen vaccine would boost the country’s “hugely successful” vaccination program.

“As Janssen is a single-dose vaccine, it will play an important role in the months ahead as we redouble our efforts to encourage everyone to get their pokes and possibly start a booster program later this year.” he said in a statement.

The vaccine can be stored in refrigerators at 2 to 8 degrees Celsius, which makes it easier to store and transport than some alternative vaccines.

The vaccine is the fourth to be approved for use in the UK. Together with the alternatives Oxford-AstraZeneca, Pfizer-BioNTech and Moderna, it was approved by the MHRA.

The Vaccine Taskforce has secured early access to more than 500 million doses from eight vaccine candidates, including those developed by Novavax, GlaxoSmithKline and CureVac, and the four that the UK has already approved for use.

Safety and effectiveness

The government said it was in regular contact with the vaccine manufacturers to optimize supplies and prepare for a potential vaccination booster program later in 2021.

Janssen’s Covid-19 vaccine is currently involved in a government study to assess the safety and effectiveness of a third dose to boost immunity to the virus. The Oxford-AstraZeneca, Pfizer-BioNTech and Moderna vaccines each require two doses for patients to achieve optimal immunity.

The UK Joint Committee on Vaccination and Immunization will make updated recommendations on the use of the Janssen vaccine prior to its launch.

Janssen’s vaccine is already being used elsewhere, including the United States and the European Union.

Health officials have raised concerns about possible links between the vaccine and rare blood clots, but regulators have found that the vaccine’s benefits outweigh the risks.

Janssen is considering the possibility of a two-dose program for his vaccine, according to the UK Department of Health and Welfare.

The UK government has set a goal of offering all adults in the country a Covid vaccine by the end of July.

More than 62.6 million vaccines had been administered in the UK as of Wednesday, with 73% of the adult population receiving their first dose. Almost half of British adults were fully vaccinated with both doses.

Categories
World News

Bitcoin falls beneath $36,000 as cryptocurrencies slip as soon as once more

Bitcoin took another hit on Friday as other cryptocurrencies including ether and doge also saw their values fall.

The price of bitcoin hovered around $36,000 on Friday. Bitcoin traded 7% lower at $35,997.72 by 4:10 p.m. ET, according to Coin Metrics data.

Elsewhere, ethereum’s price fell 9.3% to $2,501.16 a coin, while dogecoin’s price fell 4% to 32 cents.

Bitcoin, the world’s most popular cryptocurrency has been trying to recover after a week of turmoil that saw its price tumble 30% to around $30,000 last week.

It briefly climbed back above $40,000 on Wednesday before losing some of those gains.

Cryptocurrencies continue to divide opinion. In a 41-page note last week, Goldman analysts shared their views on whether the likes of bitcoin and ethereum should be considered an asset class or not.

The latest price falls comes a day after longtime bitcoin bull Cathie Wood, founder and CEO of Ark Investment Management, argued that bitcoin has a place in the world of deflation.

Emerging markets — where currencies are often linked closely to commodity price cyclicality — could ultimately spur outperformance in bitcoin, she said.

“I think what will happen as their currencies come under pressure, the velocity of their money will increase as more and more of their populations shift into bitcoin, and other cryptocurrencies and assets,” Wood said at CoinDesk’s Consensus 2021 conference on Thursday.

Read more about cryptocurrencies from CNBC Pro

Last week’s crypto sell-off came after authorities in China and the U.S. moved to tighten regulation and tax compliance on cryptocurrencies. Chinese authorities called for tighter regulation on crypto mining and trading, reinforcing rules announced in 2017, and the U.S. Treasury announced that it would require stricter crypto compliance with the IRS.

The price recovered after Tesla CEO Elon Musk said Monday he had spoken with bitcoin miners in North America about renewable energy solutions amid growing concerns about the crypto’s carbon footprint. Elsewhere, hedge fund billionaire Ray Dalio revealed in an article published on Monday that he owns some bitcoin.

— Additional reporting by CNBC’s Maggie Fitzgerald.

Categories
Business

How Memorial Day Weekend Journey in U.S. Could Be Completely different

Memorial Day weekend is underway in the US, and it looks decidedly different for travelers than it was a year ago.

More than half of all adults in the United States are now fully vaccinated, according to the Centers for Disease Control and Prevention. A federal mandate stipulates that travelers on airplanes or public transport must wear masks, although most airlines at the time asked passengers to wear them. And this year, far, far more people are likely to be leaving for vacation than they were in 2020.

Darby LaJoye, the acting administrator of the Transportation Security Administration, said the number of travelers at U.S. airports rose steadily in the spring, reaching nearly 1.9 million last Sunday, almost eight times the figure as of May 17, the comparable Sunday in 2020.

That number is likely to be exceeded over the holiday weekend, the latest high point in recent waves of returning travelers. The agency predicts airports will likely see two million passengers a day. Mr LaJoye said the increasing number of passengers could lead to longer waiting times at security checkpoints.

AAA, the group of car owners, predicted earlier this month that a total of more than 37 million people would cover 50 miles or more from Thursday to Monday – a 60 percent increase from a year earlier but still 9 percent below 2019. A big one Majority will travel by car.

“We will continue to see a very steady increase as we approach the summer travel season,” said LaJoye. “As vaccinations continue to rise and confidence continues to grow, the country’s planes, trains, buses and roads will be busy.”

To control the spread of the virus, the TSA has built acrylic barriers, installed new machines to allow some passengers to scan their own documents, and adjusted the rules to allow passengers to have up to 12 ounces of hand sanitizer in their carry-on bags.

A year ago there was no approved coronavirus vaccine in the United States, mask requirements were left to local officials and individual airlines, and air traffic was sparse.

Now people 12 and older can be vaccinated, and those who choose to travel have a sense of security of their own that even the most daring travelers haven’t had in the past year. (Still, travel and many other activities can be complicated for younger children and their families).

“Thanks to vaccines, tens of millions of Americans can go back to something normal and visit friends and family,” said Dr. Rochelle Walensky, director of the CDC, at a press conference this week.

This year’s holiday falls at a time when parts of the world like the United States and the European Union may gradually reopen their borders and resume tourism. However, the virus continues to devastate other areas, particularly India, South America and Southeast Asia, where vaccine supplies are scarce and worrisome variants of the virus have been discovered.

Coincidentally, the average number of new cases reported in the U.S. is about the same as it was on Memorial Day last year, about 23,000 a day, although tests were far less frequent than the pandemic initially emerged. In any event, the number had fallen from a recent high in mid-April.

Last year, reports of revelers ignoring mask and social distancing rules over the holiday weekend were legion. Within weeks of some states reopening, virus cases began to surge to record levels. Jumps in virus cases have been observed after other holiday weekends, noted Dr. Walensky this week.

According to Dr. Wafaa El-Sadr, an epidemiologist at Columbia University, is likely to see many viral outbreaks in the US look different after vacation after vaccinating many people. She said she was concerned about “micro-epidemics” in vulnerable areas.

“We could potentially focus these surges in specific communities where there are low vaccination rates and low masking rates,” said Dr. El-Sadr.

Categories
Health

U.S. Masks Corporations Battle to Compete with China

In Congress, a bill with bipartisan support would allocate $500 million in annual spending over the next three years to support domestic manufacturers of vital medical equipment.

While industry executives commend these moves, they say that time is running out. The American Mask Manufacturer’s Association, a recently created trade group, said its 27 members had already laid off 50 percent of their work force. Without concerted action from Washington, most of those companies will go belly up within the next two months.

An immediate boost, they say, would be to rescind the C.D.C. guidelines, born during the pandemic, that force health workers to repeatedly reuse N95 masks, even though they are designed to be thrown away after contact with each patient. Many hospitals are still following the guidelines, even though 260 million masks are gathering dust in warehouses across the country.

“We’re not looking for infinite support from the government,” said Lloyd Armbrust, the association’s president and the founder and chief executive of Armbrust American, a mask-making company in Texas. “We need the government’s support right now because unfair pressure from China is going to kill this new industry before the legislators even get a chance to fix the problem.”

The association is planning to file an unfair trade complaint with the World Trade Organization, claiming that much of the protective gear imported from China is selling for less than the cost of production. The price for some Chinese-made surgical masks has recently dropped to as low as 1 cent, compared with about 10 to 15 cents for American masks that use domestically produced raw material.

“This is full-on economic warfare,” said Luis Arguello Jr., vice president of DemeTech, a medical-suture company in Florida that earlier this month laid off 1,500 workers who made surgical masks. He said that in the coming weeks, 500 other workers who make N95 masks would also likely be let go.

“China is on the mission to make sure no one in the industry survives, and so far they’re winning,” Mr. Arguello said.

Categories
Entertainment

Carla Fracci, Expressive Doyenne of Italian Ballet, Dies at 84

Carla Fracci, Italy’s grande dame of ballet and one of the greatest ballerinas of the 20th century, who was admired for the naturalness and emotional directness of her performances, died on Thursday at her home in Milan. She was 84.

The cause was cancer, her husband, Beppe Menegatti, said.

Over her five-decade career, critics and audiences marveled at Ms. Fracci’s ability to transcend technique, merging so completely with her characters that she seemed to become them. In Italy she was called “the Duse of the dance,” as Clive Barnes of The New York Times wrote in 1977, a reference to the great 20th-century Italian actress Eleonora Duse.

“The pleasant alliteration apart,” he continued, “there is indeed a strong histrionic undercurrent to her performance, so that its softness, its essential prettiness, can at times be torn apart by an unexpected display of almost volcanic emotionalism.”

Mikhail Baryshnikov, who danced with her in the 1970s, said in a phone interview that Ms. Fracci would subtly alter her interpretation of a role from performance to performance. “She never did the same thing,” he said, “and because of that she was really alive, and very full onstage.”

She made her professional debut at the Teatro alla Scala in 1955 and before long became a household name in Italy, where she brought luster to Italian ballet after it had languished for decades. She became the first Italian ballerina since the turn of the 20th century to have a major international career, performing frequently with American Ballet Theater, the Royal Ballet and the Stuttgart Ballet, among other companies.

In the early 1970s, Ms. Fracci formed the Compagnia Italiana di Balletto with her husband. Through appearances in small towns, on opera stages and in outdoor arenas, she brought awareness of ballet to the farthest corners of Italy and inspired new generations of dancers, including Alessandra Ferri and Roberto Bolle, both of whom became international stars.

She also appeared frequently in Italian TV specials, and in 1982 had a dramatic role in a popular mini-series, “Verdi,” about the composer Giuseppe Verdi, on Rai, the Italian state broadcaster. She played the composer’s second wife, the singer Giuseppina Strepponi.

In everyday life Ms. Fracci struck an elegant figure, often appearing in public dressed all in soft, white fabrics, her dark hair parted in the middle. “She was like a figure out of the turn of the last century,” Mr. Baryshnikov said.

She was most closely associated with the title role of “Giselle,” a young woman driven to madness and death after discovering her lover’s betrayal. In The Times, Anna Kisselgoff wrote of a 1991 “Giselle” performance by Ms. Fracci (she was 55 at the time) in which “her foot seemed barely to touch the floor.”

“It was the image that others have never matched,” Ms. Kisselgoff added, “the airborne wraith who seemed to fly out of a lithograph.”

Ms. Fracci performed the role for more than 30 years, into her 50s, and was partnered in it by a long list of celebrated dancers, including Erik Bruhn, Rudolf Nureyev, Vladimir Vasiliev, Ivan Nagy, Paul Chalmer, Mr. Baryshnikov and even Julio Bocca, 31 years her junior.

As recently as January she was invited by La Scala to give a master class on “Giselle.” (The class was filmed and is available on YouTube.) The dancers who took part, Nicoletta Manni and Martina Arduino, had both grown up watching a much-loved 1969 movie version of “Giselle,” starring Ms. Fracci and Mr. Bruhn, based on an American Ballet Theater production.

That film shows all the qualities for which Ms. Fracci is remembered: lightness on her feet, crisp technique, sincerity and a naturalness that makes it seem as if dancing were breathing. Just as compelling is the great beauty of her face, which she uses to maximum effect.

“I studied that video from beginning to end, over and over,” Ms. Arduino said by phone from Milan. “Where her eyes looked, how she moved her arms. And when she came to give the master class, she told me, ‘You have to say with your eyes exactly what you’re thinking.’”

Mr. Baryshnikov remembered this same quality. “She had these enormous, dark eyes,” he said. “She danced with them. And then there was the abnormal beauty of her face. Dancing with her was quite a mesmerizing experience.”

Carla Fracci was born in Milan on Aug. 20, 1936, the daughter of Luigi Fracci, a tram driver, and Santina Rocca, a factory worker at the Innocenti machinery works. Carla liked to dance around the house, and when she was 9, family friends suggested that she might be suited for ballet.

Despite being small and rather frail, she was accepted at the ballet school associated with La Scala, where one of her teachers was Vera Volkova, a student of Agrippina Vaganova, a founder of modern Russian ballet technique.

The young Ms. Fracci did not take to ballet right away. “School was a crashing bore and a terrible chore,” she told The Times in 1981. Then one day she found herself onstage in a children’s role.

“I was cast as a girl with a mandolin in ‘Sleeping Beauty,’” she said. “Once onstage next to Margot Fonteyn, I suddenly changed my mind. Dancing to an audience was something entirely different from dancing at school.”

After graduating from the academy, she entered the ballet company at La Scala.

Ms. Fracci got her first big break in 1956, when she was called to substitute for the French ballerina Violette Verdy in a production of the evening-length “Cinderella.” Two years later she became a principal dancer. That same year, 1958, the choreographer John Cranko created for her the female lead in his new production of “Romeo and Juliet.” She went on to perform the role many times during her career.

Very soon she began dancing abroad as well, appearing for the first time with the London Festival Ballet, in “Giselle” in 1959. In 1962, she debuted another of her best-known roles, the sylph in “La Sylphide,” alongside Mr. Bruhn. The two were regular partners during Ms. Fracci’s years as a member of American Ballet Theater, from 1972 to 1976.

Not all her roles were tragic, however: She was also celebrated for her sense of buoyant mischief in the comic ballet “Coppélia.”

At Ballet Theater, Ms. Fracci’s repertory widened to include dramatic ballets like José Limon’s “The Moor’s Pavane,” Antony Tudor’s “Lilac Garden” and “Medea,” by John Butler. In 1991, she danced the role of Lizzie Borden in Agnes de Mille’s “Fall River Legend.” Ms. Kisselgoff described that performance as “hurtling furiously into insanity.”

As her dancing career drew to a close in the 1990s, Ms. Fracci took on the role of director at several ballet companies, including those at the Teatro di San Carlo theater in Naples (1990-91), the Arena di Verona (1995-97) and the Opera di Roma (2000-10). She also dabbled in politics, serving as the councilor for culture for the province of Florence from 2009 to 2014.

In addition to Mr. Menegatti, her husband of 56 years and a stage director who had once been an assistant to Luchino Visconti, Ms. Fracci is survived by her son, Francesco Menegatti, an architect; her sister Marisa Fracci, also a dancer; and two grandchildren.

“To us, as Italians, she represented the importance of dance,” Ms. Arduino, the dancer, said. “Not just the steps, but the purity of art. Something precious.”

Categories
Business

Costco is seeing inflation abound, impacting a slew of client merchandise

A butcher stores a display case of steaks at a Costco store in Novato, California on May 24, 2021.

Justin Sullivan | Getty Images

Don’t tell Costco executives that inflation is low.

The big box club chain announced that prices for a number of products, including shipping containers, aluminum foil, and a 20% increase in meat prices over the past month, have increased.

“Inflation factors abound,” said CFO Richard Galanti in the company’s earnings forecast for the third quarter on Thursday.

“These include higher labor costs, higher freight costs, higher transport demand as well as the shortage of containers and delays in the port … increased demand in various product categories, some bottlenecks, various bottlenecks from chips to oils to chemical supplies by facilities affected by the Gulf Frost and Storms and in some cases higher commodity prices, “he added.

Costco reported earnings of $ 2.75 per share for the period, well above Wall Street estimates. It also generated $ 45.3 billion in revenue, which also topped the road that looked for $ 43.6 billion.

However, beneath those numbers was a story about how higher prices across the board affected the chain.

On the upside, gas inflation spiked as pump prices rose about 30% across the country this year. In other cases it wasn’t that easy.

Like other companies, Costco struggled to pass the cost on to customers. The company assumes that there could be some margin pressure, although the degree remains to be seen and no material impact has occurred so far.

Economists view the current rate of inflation – a closely tracked measure released Friday – as temporary. They list many of the same factors as the Costco executives, mainly a series of supply chain issues that have led to a surge in products central to the US economy and household consumption.

Galanti cited price increases of up to 8% and cited goods such as pulp and paper, an assortment of plastic products, and soda and cheese. For some clothes, prices rose by 3% to 10%.

Overall, he said the company cut inflation from 1% to 1.5% in March to 2.5% to 3.5% today.

“Some items are higher and some items, the retail prices haven’t changed. And some items have even gone down a little,” said Galanti. “Again we think we’ve done pretty well to control this as best we can, but the inflationary pressures are great.”

Costco has worked with its supplies to keep price pressures under control. But Galanti admitted that “some of [inflation] went through. “

Going forward, items like the warehouse’s $ 4.99 fried chicken and the $ 2.99 40-pack water container could be affected.

Categories
Politics

Foster Friess, Huge Donor to Republicans, Dies at 81

Foster Friess, a Wyoming businessman who started an investment firm, made a fortune, and gave much of it to Republican presidential candidates and charities, sometimes with flair, died Thursday in Scottsdale, Arizona. He was 81 years old.

His organization, Foster’s Outriders, which confirmed the death, said he had been treated at the Mayo Clinic there for myelodysplastic syndrome, a disorder of blood cells and bone marrow.

Wyoming Governor Mark Gordon, who defeated Mr. Friess in Republican Governor’s Elementary School in 2018 and wrote on Twitter, described Mr. Friess as “a strong and consistent voice for Republican and Christian values.”

Mr. Friess’ election as governor was his only attempt in an important elected office. In politics he was best known for his donations, particularly for the presidential offers from Rick Santorum, the former United States Senator from Pennsylvania, in the 2012 and 2016 campaigns. After Mr. Santorum left the 2016 race, Mr. Friess was one of the first Republican megadonors to hug Donald J. Trump.

For many, the main support that Mr. Friess, a Protestant Christian, and his wife Lynnette gave was charities. Foster’s Outriders and the Lynn and Foster Friess Family Foundation have given grants, funded work for the homeless, supported water projects in Africa, and much more. His organization said Mr. Friess donated $ 500 million in his lifetime.

His 70th birthday party in 2010 in Jackson Hole, Wyo., Where he lived for much of the year, was legendary. The website wyofile.com described it.

“In the invitations to the party, Friess, a born again Christian, asked guests to identify their favorite charity, which reflected the values ​​of his favorite Galatian quote: ‘Bear each other’s burdens and in this way you will fulfill the law of Christ “wrote it in 2011.” He vowed to give $ 70,000 to the most worthy candidate. “

When the time came to announce the winner, the waiters at the Four Seasons Resort where the party was taking place distributed envelopes to guests.

“Friess asked the lucky winner to stand up and scream and leave the other guests,” the report continued. “Then he leaned back and waited for the chaos.”

When people opened the envelopes, someone was standing at each table shouting, “I won!” He had funded each request at a cost of $ 7.7 million.

Foster Stephen Friess was born on April 2, 1940 in Rice Lake, Wisconsin. His father Albert was a cattle breeder and his mother Ethel (Foster) Friess was a housewife.

“I came out of nowhere,” he told the New York Times in 2018 during his campaign for the governor when asked if he could be seen as one of the “elites” he railed against. “My mother dropped out of school in eighth grade to pick cotton and save the family farm. My father had a high school education. “

He graduated from the University of Wisconsin at Madison with a degree in business administration and served in the Army as an intelligence officer for a guided missile brigade at Fort Bliss, Texas.

After working in finance for several years, he founded the investment management company Friess Associates in 1974 and was soon recognized as a top stock picker. Its flagship product, the Brandywine Fund, rose to over $ 15 billion. In 2001 he sold a majority stake in Friess Associates to the Affiliated Managers Group.

On the political side, Mr. Friess supported more than just candidates. In 2010 he was a founding investor in the conservative news and opinion website of The Daily Caller, Tucker Carlson and Neil Patel.

In 2012, Mr Friess supported Mr Santorum not so much because he agreed to all of his policies – “I’m trying to dissuade him,” he told Lou Dobbs in February 2012 – but because he thought the Republican Party needed a new one Face.

“These old veteran warhorses are having a hard time making it,” he said on Lou Dobbs Tonight. “Dole couldn’t do it, McCain couldn’t do it. On the Democratic side, Gore couldn’t do it, and Kerry couldn’t do it. So the Democrats bring these fresh faces, they bring Carter out of nowhere, they bring Clinton out of nowhere, they bring Obama out of nowhere. “

Later that month, Mr. Friess made headlines when Andrea Mitchell asked him on MSNBC whether Mr. Santorum’s statements about “the dangers of contraception” would harm his campaign.

“Back then,” said Friess, “they used Bayer aspirin for contraception. The girls put it between their knees and it wasn’t that expensive. “

Mr Santorum’s main campaign started strong but failed, and Mr Obama was elected to a second term, defeating Mitt Romney.

In the next presidential campaign, Mr. Friess initially also supported Mr. Santorum. In mid-2015, when the Republican field was overflowing with candidates and meanness increased, he urged candidates “not to deviate from the reservation of courtesy”.

In May 2016, after Mr Santorum was out of the running and Mr Trump secured the Republican nomination, Mr Friess backed the Trump cause but admitted that Mr Trump had made progress by showing the incivility he condemned had – something he expected would turn into a tenor of the President.

“Donald’s strategy seems to be working,” Friess told CNN earlier this month, “but I’m convinced it will change.”

Mr. Friess supported Mr. Trump throughout his tenure, and when he ran for governor, the Trump family tried to return the favor – the President’s son, Donald Jr., confirmed him in an opinion piece in the Star Tribune of Casper, Wyo . President Trump himself was quieter, despite offering a Twitter post late in the campaign in which he supported Mr. Friess. Mr Gordon’s victory was cited by some as evidence of Mr Trump’s vulnerability, while others viewed it as a more local issue.

Three weeks ago, when Darin Smith, a lawyer and businessman who claimed that Mr. Trump “likely” won the 2020 election, announced that he was challenging Rep, Liz Cheney, Republican of Wyoming, who has criticized Mr. Trump In the 2022 primaries, he said Mr. Friess would be his campaign chairman.

The 58-year-old wife of Mr. Friess, Lynnette Estes Friess, survived him as did her four children Traci, Stephen, Carrie and Michael. a brother, Herman; and 15 grandchildren.

Categories
Business

Olympic Pin Buying and selling Is One other Casualty of Covid This 12 months

A few years ago, Bud Kling had three rooms added to his house in the Pacific Palisades in California. The builders used extra concrete along with a reinforcing metal beam — and not because Mr. Kling was expecting a crowd. The rooms weren’t for people. They were designed to house and showcase his 30,000-strong collection of Olympic pins, the colorful and endlessly varied souvenirs that have been bought and traded at the Games for decades.

Even when the builders were finished, Mr. Kling, a 74-year-old tennis coach, still had far more pins than he could fit in his home. He also owns about 100,000 “trading pins” — multiples of the same pin that can be swapped — and he hauls some of them to the Games. His stash is stacked in his garage and in rented storage space.

“I have a very patient wife,” said Mr. Kling, unnecessarily.

When organizers of the Tokyo Olympics announced that the 2020 Games would be delayed for a year and, in March, that no overseas spectators would be allowed into the country, few were as despondent as Mr. Kling and other hard-core Olympic pin traders. To them, the Games are only partly about sports. For every minute they spend watching competition, they spend one minute — maybe two — trading pins, either in impromptu scrums outside venues or at designated trading centers.

The collapse of the pin trading market will hardly register in the ledger of losses incurred by the Tokyo Games, an enterprise that the country’s organizers say will cost more than $15 billion. About $3 billion of that stems from renegotiating contracts caused by the yearlong delay. But stuffing the national coffers hasn’t been the point of hosting since the price tag for throwing the world’s largest gathering started to soar more than a decade ago. Countries vie for the Games hoping for the ultimate look-at-me moment, a slick, multiweek advertisement aimed at the entire planet.

Tokyo will get a healthy portion of self-promotion if the Games go ahead, which organizers vow will happen despite national polls suggesting that an overwhelming number of people in Japan — who are contending with a prolonged fourth virus wave — would prefer another delay or outright cancellation.

For Olympics goers around the world, these Games will be remembered as the party they had to skip. That includes about 250 pin traders, people who plan their lives around the two-year interval between the Summer and Winter Olympics.

Never heard of Olympic pins? They are a portable, wearable bit of promotion and branding for athletic delegations, national Olympics committees, corporate sponsors, news media outlets and cities bidding for the Games. (The New York Times makes its own pins and gives a couple dozen to reporters covering events.)

To the unmoved, the pins are the kind of $7 memento you toss in a drawer, or a wastepaper basket, as soon as you return from the Games. Thousands of people buy pins, and many spontaneously trade them once they see a trading hive outside a venue. Host countries cater to both casual and ardent fans by producing vast quantities of pins, which are sold at souvenir shops.

Japan was prepared for pin-crazed crowds. The country’s organizers have made 600 different officially licensed pins, a spokesman at the Games said, and there are 12 souvenir stores set up around Tokyo. Now, demand for this bounty is an open question. It’s not just that Japanese fans will be the only ones admitted to the Games. Trading is such a hands-on, face-to-face activity that there are worries that it might be discouraged — or even banned.

The press office at the Games would not comment other than to send along a “playbook,” published in February, outlining safety protocols. Pin trading wasn’t mentioned, but one of the principles stated that attendees should “keep physical interactions with others to a minimum” and “avoid closed spaces and crowds where possible.” That makes pin trading all but impossible.

For years, Coca-Cola, a longtime Olympic sponsor, has built pin trading centers on the grounds of the Games. A spokeswoman said there would be pin-related promotions, including a chance to acquire pins representing Japan’s 47 prefectures. Whether the company will open and host a pin trading center in Tokyo, the spokeswoman said, is still under evaluation.

For years, Mr. Kling has been recruited by Coca-Cola to help oversee and manage its pin trading centers, a volunteer position that has made him the unofficial pin czar of the Games. Among his many roles is to enforce etiquette and unwritten rules. That means ensuring that tables are shared fairly, counterfeit pins are weeded out and newcomers aren’t overcharged.

“Occasionally I’ll hear an older guy tell a kid, ‘My pin is much bigger, so you need to trade me two for it,’” he said. “We don’t want anyone grinding down an 8-year-old.”

Some are in it for the money. There are more than 80,000 eBay listings for Olympic pins. These speculators had a golden moment in Nagano, Japan, in 1998, when, for reasons that nobody ever explained, the organizers failed to produce enough pins. A trading frenzy ensued. A few people earned $40,000 in a few days. The pin economy had a tulip mania moment.

“Guy I know made a down payment on his house with money he earned in Nagano,” said Sid Marantz, a pin trader who has been to 17 Olympics and is another regular volunteer at Coca-Cola pin trading centers.

At 76, Mr. Marantz is retired from a family business that sold food ingredients, like salt and sugar. He got his hands on his first pin when his parents took him to the 1960 Olympics in Rome. He was a huge fan of Rafer Johnson, an all-rounder out of U.C.L.A. who won gold in the decathlon that year.

“I was just swept away by the whole thing,” he said.

He attended his next Games in Montreal in 1976 on a tour with Track & Field News, to which he subscribed. That was the first time, he said, that spectators got involved in pin trading on a large scale.

It’s an affordable hobby, at least in Mr. Marantz’s practiced hands. He estimates his whole collection has cost him about $10,000. That’s in large part because after the 1996 Games in Atlanta, he and three friends learned about a warehouse in Colorado — home to the United States Olympic & Paralympic Committee — filled with 750,000 unsold pins. They chipped in $35,000 and bought the entire lot. Each kept about 40,000 pins, and they sold the rest to pin collectors around the world.

“We called it ‘the motherlode,’” he said of the acquisition. “It means I go to the Games with pins that effectively cost me nothing. That’s why I’ll trade with absolutely anyone.”

Beyond making new friends, pin trading is about the quest for obscure, hard-to-find treasures. These include pins from African delegations, because they tend to field small teams. (Burundi’s pins are especially prized; the country brought nine athletes to Rio in 2016.) Any country that has recently changed its name will find itself in the cross hairs of pin traders. That means you, North Macedonia, which will compete at its first Games since Greece compelled it to add “North” to its name.

The pins of Japanese media companies have been sought after ever since Nagano, because they are often adorned with cute cartoon mascots. This time around, though, not even this genre will be hot. Pins from Tokyo 2020 — yes, it’s keeping the name, never mind the actual date — are going to be worth next to nothing, Mr. Marantz predicts. Supply is going to swamp demand.

Both Mr. Marantz and Mr. Kling had purchased thousands of dollars’ worth of tickets to events in Tokyo, money that has since been refunded. Only recently have they begun to accept that they really won’t be heading to Japan in a few weeks. On Friday, Japan’s government extended a state of emergency in Tokyo and other prefectures until at least June 20.

“It’s like a boulder falling,” Mr. Kling said of being forced to skip the Games, “and hitting you in the head.”