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Greensill’s Collapse Inquiry and David Cameron’s Lobbying

He said he first became concerned about the financial health of his company in December when a German regulator said a bank acquired by Greensill Capital must cut its exposure to a client.

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May 11, 2021 at 1:13 p.m. ET

The request “would be impossible for us to fulfill,” said Greensill.

Greensill’s business model has raised concerns and even allegations of fraud. The main offering has been supply chain finance, where a middleman advances payments to suppliers and the money is then returned by the buyer. It’s a long-established type of funding usually provided by banks, but Greensill added a twist. The suppliers’ invoices and other receivables were packaged in assets that were then sold to investors through funds. The company also financed companies on “future claims” based on transactions that had not yet taken place.

In the virtual hearing on Tuesday, Mr. Greensill vigorously defended the business model.

“Every asset we’ve ever sold has been properly described,” he said, adding that all investors would have had complete information about what they were buying.

But he admitted a little admission for mistakes he’d made. He told lawmakers that one of his company’s innovations is taking information directly from company accounts to make quick credit decisions. This “is absolutely the future, but the way I did it definitely had flaws,” he said without specifying what they were.

In March, when insurance coverage ran out, Credit Suisse closed Greensill’s $ 10 billion supply chain finance fund. The Swiss bank returned almost half of the amount to investors, but is still exposed to potential billions in losses.

“I am fully responsible for the collapse of Greensill Capital,” said Greensill, adding that he was “desperately sad” that more than 1,000 of its employees had lost their jobs. But he added, “It is deeply regrettable that we have been disappointed with our leading insurer, whose actions ensured the collapse of Greensill.”

The Financial Conduct Authority, the UK’s top financial regulator, said in a letter to the committee that it is “formally investigating” Greensill because some of the allegations of its failure are “potentially criminal in nature”. The agency also works with supervisory authorities in Germany, Australia and Switzerland, wrote Nikhil Rathi, the supervisory authority’s managing director.

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Abbott CEO says it has a workforce of ‘virus hunters’ on new Covid variants

An Abbott Labs employee receives the BinaxNOW Covid-19 antigen rapid test at her workplace.

Abbott Labs

Abbott Labs has a team of “virus hunters” working with health officials around the world to monitor Covid-19 variants as some mutant strains show the ability to evade detection, CEO Robert Ford said during an interview, which aired Tuesday as part of CNBC’s Healthy Returns the event.

“They’re always on the lookout for new viruses, and in this case we’ve put a team together to monitor all possible mutations,” he said of the coalition pandemic defense. “It can’t be just a US thing, you have to work with all the countries, all the universities, all the different collection points, then I think this is the way to go.”

The Food and Drug Administration warned clinical staff in January that new variants could lead to false negative Covid-19 test results. The agency identified three tests, none of which were performed by Abbott, and which may be less accurate because the part of the SARS-CoV-2 gene sequence that the tests were looking for was mutated in some variants.

Ford also made it clear that with the rate at which Covid-19 is mutating, there is no time to be wasted. Scientists need to “chase these mutations,” he said.

In the meantime, scientists are developing a new generation of tests that will look for parts of the virus that are less likely to mutate and give false negative results.

Antigen tests, such as those used in Abbott’s popular Binaxnow Covid-19 tests, target proteins in the virus that are less likely to mutate over time.

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Here is The Newest Information on the Colonial Pipeline Shutdown

HOUSTON – Drivers scrambled to refuel their vehicles at gas stations in the southeast on Tuesday in a panic frenzy that left thousands of gas stations out of gas because of an important fuel line stretching 5,500 miles from Texas New Jersey stretches largely shut down after last week’s ransomware attack.

The shutdown has also left the airlines vulnerable. Several said they were flying on jet fuel to make sure the service wasn’t disrupted.

Gasoline in Georgia and several other states rose 3 to 10 cents a gallon on Tuesday, a price surge normally only seen when hurricanes disrupt refining and pipeline operations in the Gulf of Mexico.

The national average for a gallon of regular gasoline rose 2 cents on Tuesday, with higher prices reported in the southeast, according to the AAA automotive group. A gallon of gasoline rose, on average, nearly 7 cents in South Carolina and 6 cents in North Carolina, while gasoline in Virginia rose about 3 cents per gallon. Gas stations in the southern states were selling two to three times their normal amount of gasoline on Tuesday, according to the Oil Price Information Service, an organization tracking the oil sector. Some stations are running out of fuel while others limit purchases to 10 gallons.

Gas Buddy, a service that tracks gas prices, reported that nearly 8 percent of gas stations in Virginia ran out of gas, due more to panic buying than a lack of gas.

The heads of state responded with measures to keep the flow of fuel stable and to stabilize prices.

Georgia Governor Brian Kemp signed an executive order suspending his state’s gasoline tax by Saturday, which is approximately 20 cents a gallon. He said the move would “help level the price for a while,” and warned of panic buying, which he felt was unnecessary. North Carolina Governor Roy Cooper and Virginia Governor Ralph Northam each declared a state of emergency to suspend some regulations governing the transportation of fuel.

South Carolina Attorney General Alan Wilson announced that he was ready to administer the state’s price cut law, making excessive congestion a criminal offense. “I urge everyone to be careful and patient,” said Wilson. “I urge citizens to remain vigilant and notify my office immediately if they think they are witnessing or are aware of price cuts.”

Environmental Protection Agency Administrator Michael S. Regan on Tuesday issued an emergency air-fuel waiver to alleviate fuel shortages in states whose gasoline supplies are affected by the pipeline shutdown, including the District of Columbia, Maryland , Pennsylvania and Virginia. The waiver will continue until May 18.

Colonial Pipeline, the company that operates the pipeline, hopes to restore most operations by the end of the week. The attack carried out by the Federal Bureau of Investigation by an organized crime group called DarkSide exposed the vulnerability of the American energy system. The pipeline supplies the eastern United States with nearly half of its transportation fuel.

Industry analysts said the impact would be relatively minor as long as the artery is fully restored soon. “With a solution to the shutdown in sight, the cyberattack is now being treated as a minor disruption by the market and prices are reducing panic gains on Monday,” said Louise Dickson, oil market analyst at Rystad Energy.

Gasoline prices usually go up at this time of year as the summer driving season approaches. Even before the Colonial Pipeline ceased operations, average national gas prices rose nearly a cent per gallon every day.

Higher fuel prices affect workers and people on lower incomes the most, as they spend the highest percentage of their income on gasoline and tend to drive less efficient vehicles. This makes rising gasoline prices a potential political problem after several years of relatively low prices at the pump.

White House press secretary Jen Psaki made a statement Monday evening that President Biden is monitoring fuel shortages in the southeast.

Several airports in the south and in the Washington region could be affected in the next few days as they are connected to the pipeline and usually only have a few days of supply.

The interstate pipeline system for supplying airports with jet fuel had become increasingly vulnerable to costly disruptions in recent years, the industry trading group Airlines for America said in a 2018 report. And if there are disruptions, airlines have few options other than flying on extra fuel, stopping flights or canceling and rerouting flights altogether.

“Pipelines play a vital role in supplying our nation with jet fuel and ensuring air service – for passengers and cargo – for communities large and small,” said the group at the time. “Unfortunately, our national pipeline system is fragile today.”

After the disruption last weekend, American Airlines announced that two daily flights from Charlotte, NC One, to Honolulu, Dallas, where customers will switch planes, have been halted. The other, to London, will stop in Boston to refuel. Flights are expected to return to their original flight schedules on Saturday. Southwest Airlines said it was flying to Nashville on extra fuel and United Airlines said it was flying extra fuel to Baltimore; Nashville; Savannah, Ga .; and Greenville-Spartanburg International Airport in South Carolina. United, Southwest and Delta Air Lines said they had not detected any operational disruptions so far.

Gillian Friedman contributed to the coverage.

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Airline CEOs ramp up stress on governments to open up U.S., U.Ok. journey

A United Airlines passenger plane arrives over residential buildings to land at Heathrow Airport in west London, United Kingdom, on March 13, 2020.

Matthew Childs | Reuters

The CEOs of several major US and UK airlines on Tuesday increased pressure on their respective governments to revitalize air travel between the two countries and called for a summit to discuss the matter.

“Public health must guide the reopening of international air travel and we are confident that the aviation industry has the right tools, based on data and science, to enable a safe and meaningful restart of transatlantic travel,” it said the letter to US Secretary of Transportation Pete Buttigieg and his British counterpart Grant Shapps. “US and UK citizens would benefit from the extensive testing capabilities and successful trials of digital health data verification applications.”

The letter was signed by the CEOs of Delta Air Lines, United Airlines, American Airlines, British Airways, Virgin Atlantic and JetBlue Airways, who plan to start service between the US and the UK this summer, and the US industrial group Airlines for America.

Executives pointed out the surge in vaccinations and the economic benefits of reopening travel. The US is currently banning most non-US citizens or permanent residents traveling from the UK, while US visitors are subject to a 10-day quarantine when entering the UK

The US Department of Transportation and the United Kingdom Department of Transportation did not comment immediately.

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Wind Challenge Exhibits Democratic Tensions Over Power

In January, New York State legislature Patricia Fahy celebrated a new development project for the Port of Albany: the country’s first assembly plant for the construction of offshore wind towers. “I rode my bike,” said Ms. Fahy, who represents the area.

It wasn’t long, however, before she got into a political bond.

A powerful union told her that most of the equipment for New York’s large offshore windmill investment was not built by American workers but was overseas. However, when Ms. Fahy proposed legislation to encourage developers to use locally made parts, she encountered opposition from environmentalists and representatives of the wind industry. “They said,” Oh God, don’t cause us any problems, “she recalled.

Since the election of President Biden, Democratic leaders have touted the win-win appeal of the fossil fuel transition, saying it could help avert an impending climate crisis while putting millions into work. “We haven’t used the most important word for coping with the climate crisis for too long: jobs, jobs, jobs,” said Biden in an address to Congress last month.

But there is a tension between the goals of industrial workers and those of environmentalists – groups that Democrats see as politically critical. The more the focus is on domestic production, the more expensive renewable energy will be, at least initially, and the longer it may take to meet the renewable energy targets.

This tension could be felt as the White House finalizes its climate change agenda.

“It’s a classic compromise,” said Anne Reynolds, who heads the New York Clean Energy Alliance, a coalition of environmental and industrial groups. “It would be better if we produced more solar modules in the USA. However, other countries have invested public money for a decade. So it’s cheaper to build them there. “

There is some data to support the claim that climate targets can create jobs. Consulting firm Wood Mackenzie expects tens of thousands of new jobs a year later this decade, just in offshore wind, an industry that hardly exists in the United States today.

And unions – even those whose members are most at risk of switching to green energy, such as miners – are increasingly accepting this logic. In recent years, many unions have teamed up with renewable energy advocates to form groups with names like the BlueGreen Alliance that are pushing for ambitious jobs and climate laws, similar to the $ 2.3 trillion proposal that Mr Biden proposed to the American Employment plan calls.

However, much of the supply chain for renewable energy and other clean technologies is overseas. Nearly 70 percent of the value of a typical solar module assembled in the United States comes from companies in China or Chinese companies across Southeast Asia. This emerges from a recent report by the Center for Strategic and International Studies and the energy research group BloombergNEF.

Electric vehicle batteries, their most valuable component, follow a similar pattern, the report said. And there is virtually no domestic supply chain dedicated to offshore wind turbines, an industry that Mr Biden hopes will grow from around half a dozen turbines in the water to thousands in the next decade. Most of this supply chain is located in Europe.

Many proponents of a greener economy say that importing equipment is not a problem but an asset – and that insisting on domestic production could raise the price of renewable energy and slow the transition from fossil fuels.

“It’s valuable to have flexible global supply chains that allow us to move forward quickly,” said Craig Cornelius, who once led the energy division’s solar program and is now the executive director of Clearway Energy Group, which develops solar and wind projects.

Those who value speed and procurement argue that as manufacturing becomes increasingly automated, most of the tasks in the renewable energy space will be building solar and wind power plants, rather than making equipment.

However, working groups fear that construction and installation work is poorly paid and temporary. They say that only manufacturing traditionally offers higher wages and benefits and can maintain the workforce for years.

Manufacturing partisans also point out that this often leads to jobs in new industries. Researchers have shown that the migration of consumer electronics to Asia in the 1960s and 1970s helped these countries become hubs for future technologies like advanced batteries.

As a result, union leaders are urging the administration to impose strict conditions on the subsidies for environmentally friendly equipment. “We will require that the domestic content of this material be really high,” said Thomas M. Conway, president of the United Steelworkers Union and close ally of Biden.

The experience in New York shows how delicate these debates can be when certain jobs and projects are at stake.

Late last year, the Communications Workers of America began considering ways to revive employment at a General Electric factory that represents the union in Schenectady, NY, near Albany. The factory has laid off thousands of employees over the past few decades.

Around the same time, the state was about to approve bids for two large offshore wind projects. The eventual winner, a Norwegian developer, Equinor, promised to bring a wind tower assembly plant to New York and modernize a port in Brooklyn.

“All of a sudden, I’m focusing on the fact that it’s wind making,” said Bob Master, the communications officer who turned to Ms. Fahy, the state legislature. “GE makes turbines – there could be a New York supply chain. Let us try it.”

In early February, the union tabled a bill urging developers like Equinor to buy their wind equipment “as much as possible” from manufacturers in New York State – not just towers but other components like blades and nacelles house the mechanical entrails of one Turbine. Ms. Fahy, a member of the congregation, and Senator Neil Breslin, a Democratic compatriot from the Albany area, were signed on as sponsors.

Environmentalists and industry officials were quick to voice concerns that the move could deter developers from coming into the state.

“So far, Equinor has exceeded anything other companies have done,” said Lisa Dix, who until recently led the Sierra Club’s renewable energy campaign in New York. “Given what we have, why do we need stricter requirements for companies?”

Ms. Dix and other clean energy advocates had worked with unions to persuade the state that offshore wind construction jobs should offer union wages and representation. New York’s clean energy bid evaluation system was already awarding points to developers who promised local economic benefits.

Ms. Reynolds, the leader of the New York Environmental and Industrial Coalition, feared that exceeding the existing regulation could make renewable energy costs unsustainable.

“If it got bigger and more noticeable on utility bills, the general expectation is that political support for New York’s clean energy programs would wane,” she said.

The communications staff tried to provide reassurance, which was not entirely successful. “I said to them, ‘We are trade unionists: we ask for anything, the boss doesn’t offer us anything, and then we make a deal,'” said Mr. Master. “‘But I think there is no reason why turbines should come from France, unlike Schenectady.'”

The final language, a compromise negotiated with the state’s Building Crafts Council and passed by lawmakers in April, allows the state to award additional points in the tender process to developers who commit to creating manufacturing jobs in the state, a slight refinement of the stream approach. (It also effectively requires that workers who build, operate, or maintain wind and solar systems either receive union wages or can benefit from union representation.)

While the law included a “Buy American” requirement for iron and steel, the state energy research and development agency known as NYSERDA may waive the requirement.

Agency executive director Doreen Harris said she was generally pleased that the existing approach had remained intact and predicted that the state will have blade and nacelle factories within a few years.

Some analysts agreed, arguing that most offshore wind devices are so bulky – often several hundred feet long – that it becomes impractical to ship across the Atlantic.

“There is a point where importing all goods and services does not make economic sense,” said Jeff Tingley, offshore wind supply chain expert at consultancy Xodus.

However, this does not always reflect the experience of the UK, which earlier this year had installed more offshore wind turbines than any other country but produced only a small portion of the equipment.

“Even if the UK is the largest market, the logistical cost has not been high enough to warrant new factories,” said Alun Roberts, offshore wind expert at UK-based consultancy BVG Associates.

According to a 2017 report, the country produced significantly less than 30 percent of its offshore wind turbines, and Mr Roberts said the percentage has likely increased slightly since then. The country currently makes blades, but not gondolas.

All of this leaves the Biden administration with a difficult choice: If they really want to move production to the US, it might require an aggressive nudge. A senior White House official said the government is looking into ways some of the wind and solar panels in the US should be made when it comes to federal funds.

However, some current and former democratic business leaders are skeptical of the idea, as are clean energy advocates.

“I am currently concerned about the federal government’s local offshore wind content requirements,” said Kathleen Theoharides, the Massachusetts secretary for energy and the environment. “I don’t think adding something to the tariff payer that could potentially increase the cost of clean energy is necessarily the right strategy.”

Master said the recent New York legislation was a victory given the difficulty of getting stronger policies in place at the state level on domestic content, but acknowledged that it fell short of his union’s goals. Both he and Ms. Fahy vowed to keep pushing to bring more offshore wind manufacturing jobs to New York.

“I could be the queen of lost causes, but we want to get some energy for it,” said Ms. Fahy. “We need that here. I’m not just saying New York. This is a national conversation. “

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Virgin Galactic inventory drops after doable delay to spaceflight exams

The Virgin Galactic spaceship outside of Spaceport America in New Mexico.

Virgo Galactic

Virgin Galactic’s stock fell Tuesday on high trading volume, with the company’s next space flight test – and its broader path to launching commercial flights – potentially further delayed.

The space tourism company gave an overview of the progress in repeating the space test, which was canceled in-flight in December. While the company says it has now completed repairs to an issue with its VSS Unity spacecraft, an unexpected potential maintenance issue was identified with the VMS Eve carrier aircraft after test flights last week.

Virgin Galactic said the issue in question is scheduled for maintenance in October, but the company is currently analyzing whether maintenance needs to be done now – which would likely further delay the space test schedule. The company planned to rerun the spaceflight in May but now says the timing is “currently under evaluation”.

“We’ll be back in the market next week with an update on the flight schedule for our next flight,” said Mike Moses, president of space missions and security for Virgin Galactic, during the company’s conference call.

Virgin Galactic’s stock fell as much as 20% in trading from its previous closing price of $ 17.95 per share before recovering some of the losses to trade 9%. The stock, which was halted by the NYSE for five minutes due to volatility shortly after opening, exceeded its daily average volume within the first half hour of trading on Tuesday.

The lows of the decline took Virgin Galactic stock below $ 15 per share – its lowest level in nearly a year – and continued to add to the stock losses since hitting a high of over $ 60 per share in February.

Virgin Galactic has four test flights left before development of its SpaceShipTwo system is complete.

Meanwhile, stock losses have accelerated after delays in the first of these four space flights, as well as after sales of shares by Chairman Chamath Palihapitiya, founder Richard Branson and Cathie Wood’s new space ETF. The stock also fell after Jeff Bezos’ company Blue Origin announced plans to launch the first crew flight of its space tourism rocket on July 20. UBS cautioned against removing Virgin Galactic’s first mover advantage.

The start of Virgin Galactic’s commercial service, which is expected to begin in 2020 when the company completed its SPAC merger, has been postponed to early 2022.

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Second Life for Delivery Containers: Promoting Bao Buns and Baked Items

Craig Baker posted photos of orange, turquoise, and pink shipping containers on Instagram to promote publicity for his food hall in downtown Indianapolis. They may seem strange to promote a grocery store and culinary incubator, but the steel boxes piqued the curiosity of the locals.

“They’re very similar to Legos, aren’t they?” Mr Baker, an entrepreneur and chef, said about the shipping containers at the AMP, a craft market and former supply garage where vendors sell PB&J sandwiches, Ethiopian cold brew coffee, and chocolate-covered strawberries covered with edible glitter.

“We’re building our own little village in a huge garage,” he said of the 40,000-square-foot space, which also includes a full-service restaurant, open-air bar, prep kitchen, and stage. “People want to see what you’ve built.”

Shipping containers have been heralded as a trend in home decor where they are used for modular homes, but they are also convincing commercial planners who have used them to liven up the bars, cafes and restaurants within developments anchored by food halls. In industrial areas or port cities, the containers give projects a sense of community, which is vital in a pandemic when retailers and restaurants close their doors.

However, the shipping containers also pose challenges for developers, including indoor customization and safety for guests and staff during a pandemic.

Most food halls rely on shipping containers to populate the stalls, but some also use them as canvas for art installations or as common areas. As the grocery halls proliferate, builders are adopting a pioneering design to stand out from the packaging and avoid a sterile cafeteria.

“Grocery halls are a dozen these days; Lots of them do exactly the same thing, ”said David Weitz, co-founder of Carpe Real Estate Partners, who this month opened Oasis, a food and entertainment center built on the site of a former marine engine repair company in Miami’s artistic Wynwood neighborhood. Six yellow, pink, and lavender shipping containers are used to sell bao rolls and gyros, while 16 more make up a 75-foot tall central tower bar painted in the same colors by Spanish artist Antonyo Marest.

The Oasis is one of a dozen grocery halls that use shipping containers and one of several to open this year along with AMP in Indianapolis and BLVD MRKT near Los Angeles. The United States has 242 food halls, a jump from 222 at the start of the pandemic, and cities have relied on their creative concepts and communal dining spaces to revitalize dormant neighborhoods. At least 190 more are in the works, according to a report by Cushman & Wakefield.

The trend started in 2013 with Downtown Container Park, a project conceived by Tony Hsieh, Zappos’ CEO who passed away last November. The development, which was central to the revitalization of downtown Las Vegas worth $ 350 million, inspired other developers like Barney Santos, who after seven years of planning, will open BLVD MRKT in the predominantly Latin American neighborhood of Montebello this summer.

“I remember seeing the container park and feeling so inspired by the design,” said Santos of the development in Las Vegas. “I wanted to recreate that experience in my neighborhood to do something that no one would expect.”

Developers like Mr Santos said using shipping containers is more of a design choice than a cost-saving one. Used shipping containers cost $ 2,000 to $ 3,000, but builders can expect to pay five times that amount to add windows, doors, support structures, and kitchen and other equipment to pass local health inspections. This makes the cost comparable to installing normal food stands.

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May 11, 2021 at 8:17 p.m. ET

For business owners, opening a grocery stand in a shipping container means they can add flourishing accents to personalize their space. In many indoor dining rooms, the stalls often look the same apart from a few differences in the signage. “The creativity that opens up is the strangest,” said Baker, the AMP’s project manager. “You give them a canvas and say, ‘Look, this is your place. What do you do with it? ‘”

That coincided with Joanna Wilson, the owner of an AMP dessert shop, Punkin’s Pies. Ms. Wilson picked colors that matched her brand, adding black and white floors and awnings to the pink shipping container, as well as a sparkling chandelier that shines like her glittering strawberries.

The semi-enclosed space also allows her to stow most of her kitchen equipment. “I try to make it look dainty and neat,” said Ms. Wilson. “I don’t like showing off my fridge, microwave, and kitchen area.”

The design choice makes sense in large port cities like Long Beach, California, where developer Howard CDM built SteelCraft, one of the earlier incarnations of a shipping container restaurant.

“There are shipping containers everywhere,” said Kimberly Gros, founder of SteelCraft, which operates two other Southern California locations at Garden Grove and Bellflower, said Kimberly Gros. “So we thought we were going to create a structure that is different and that is really connected to us.”

The reuse of materials appeals to many consumers from both an ecological and an aesthetic point of view. “I think if you take an item and undermine your original intent and create a whole new use for that item, it’s always interesting,” said Erik Rutter, co-founder of Carpe Real Estate Partners.

In interiors like the AMP, light tones enliven an otherwise gray room and at the same time preserve an industrial feel. “The color palette for the containers is really popping,” said Mr. Baker.

However, there are some limitations to the use of shipping containers in food-centric destinations. Some developers recommend sticking to outdoor applications to avoid complex retrofitting. In an outside environment, furnace ventilation can be done directly from the furnace hood through the roof, which is the most common setting. However, with a food hall at the base of a 50-story building, the process becomes more complicated because the ventilation has to be increased by 50 stories, Carpe’s Weitz said.

Most developers have sticked to outdoor use, but some food halls in the Midwest, such as AMP, Detroit Shipping Company, and Parlor Food Hall in Kansas City, Missouri, have placed them indoors. Design experts say the key is sticking to indoor bakeries and other light cooking applications rather than a store that requires a deep fryer, for example. Because of this, the AMP used shipping containers for companies with limited cooking requirements and conventional stands for those who needed more, said John Albrecht, director of the DKGR architectural firm that designed the AMP.

Dealing with the pandemic is also more of a challenge for indoor food halls, where diners often battle for coveted seats. Most have pushed take-out and delivery services and reconfigured their seating to allow social distancing, said Phil Colicchio, co-head of the Cushman & Wakefield food and beverage advisory group.

But perhaps the biggest fight for developing containers to be guided by ships is to stay more open. “The concern is that the more you walk this path, the more similar the rooms are,” said Trip Schneck, also co-head of the Cushman & Wakefield food and beverage group.

Expect shipping containers to continue to develop, especially as cities identify more industrial areas in need of revitalization. But it won’t be long before architects identify the next big thing, said Martin D. Howard, president of Howard CDM.

“Brilliant thinkers and creative minds will find other ways to make it interesting for people to come out and eat and drink and have a good time,” he said.

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India Covid disaster: Mucormycosis fungal an infection

Medical staff in PSA caring for a person at the Covid-19 Temporary Care Center attached to LNJP Hospital at Shehnai Banquet Hall on April 23, 2021 in New Delhi, India.

Raj K Raj | Hindustan Times | Getty Images

As India grapples with a deadly second wave of coronavirus, authorities have warned of a rare fungal infection that can be maimed or even fatal if not cared for.

Multiple media reports say doctors in the country are reporting cases of mucormycosis, informally known as “black fungus,” in the recovery or recovery of Covid-19 patients in states like Maharashtra and Gujarat, as well as Delhi.

What is it?

Mucormycosis is a “serious but rare fungal infection caused by a group of molds called mucormycetes,” according to the US Centers for Disease Control and Prevention. It most commonly affects the sinuses or lungs after inhaling fungal spores from the air, but it can also appear after an injury to the skin or, in some cases, affect the brain, according to the CDC.

The infection is more common in people who have underlying health problems or are taking medications that affect their body’s ability to fight germs. Researchers studying previous murcormyscosis infections in India found that diabetes was the most common underlying disease, occurring in 54% to 76% of cases.

While the infection is treatable, the CDC estimates a death rate of around 50%, but this varies depending on the underlying conditions, the type of fungus, and the area of ​​the body affected.

However, the Indian State Council for Medical Research (ICMR) said that patients who have been in intensive care units for long periods of time or are immunocompromised due to steroids may also be at risk.

Many severe Covid-19 patients in India are treated with corticosteroids such as dexamethasone, an anti-inflammatory drug that also decreases the immune system’s ability to fight infections and other diseases to relieve symptoms and make them more susceptible.

A government official reportedly said last week that there is “no major outbreak” of the fungal infection in India.

What are the symptoms?

The ICMR issued a notice over the weekend urging doctors and patients to look out for early symptoms.

These include nasal congestion and discharge, unilateral facial pain, numbness or swelling, toothache and loosened teeth, blurred or double vision, redness around the eyes, fever, difficulty breathing and chest pain.

Treatment options include antifungal therapy, Reducing or stopping steroids and other drugs that suppress the immune system, while more severe cases, according to the ICMR, may require surgery to remove all necrotic tissues from the body.

If left untreated for too long, permanent damage such as vision loss and death can result.

Mucormycosis was already present in India before the Covid-19 pandemic began last year. Official data are scarce due to the lack of population-based studies, but some researchers estimate that the prevalence of mucormycosis in the country is about 70 times higher than in the rest of the world.

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The Lure of H Mart, The place the Cabinets Can Appear as Large as Asia

At the H Mart on Broadway at 110th Street in Manhattan, the lights are bright on the singo pears, round as apples and kept snug in white mesh, so their skin won’t bruise. Here are radishes in hot pink and winter white, gnarled ginseng grown in Wisconsin, broad perilla leaves with notched edges, and almost every kind of Asian green: yu choy, bok choy, ong choy, hon choy, aa choy, wawa choy, gai lan, sook got.

The theme is abundance — chiles from fat little thumbs to witchy fingers, bulk bins of fish balls, live lobsters brooding in blue tanks, a library of tofu. Cuckoo rice cookers gleam from the shelves like a showroom of Aston Martins. Customers fill baskets with wands of lemongrass, dried silvery anchovies, shrimp chips and Wagyu beef sliced into delicate petals.

For decades in America, this kind of shopping was a pilgrimage. Asian-Americans couldn’t just pop into the local Kroger or Piggly Wiggly for a bottle of fish sauce. To make the foods of their heritage, they often had to seek out the lone Asian grocery in town, which was salvation — even if cramped and dingy, with scuffed linoleum underfoot and bags of rice slumped in a corner.

Il Yeon Kwon, a farmer’s son who left South Korea in the late 1970s when the countryside was still impoverished from war, opened the first H Mart in Woodside, Queens, in 1982. It was the middle of a recession. At the time, only about 1.5 percent of the American population was of Asian descent.

Later that year, Vincent Chin, a Chinese-American, was beaten to death in Detroit by two white autoworkers who were reportedly angered by the success of the Japanese car industry. Asian-Americans, a disparate group of many origins that had historically not been recognized as a political force, came together to condemn the killing and speak in a collective voice.

Today, as they again confront hate-fueled violence, Asian-Americans are the nation’s fastest-growing racial or ethnic group, numbering more than 22 million, nearly 7 percent of the total population. And there are 102 H Marts across the land, with vast refrigerated cases devoted to kimchi and banchan, the side dishes essential to any Korean meal. In 2020, the company reported $1.5 billion in sales. Later this year, it’s set to open its largest outpost yet, in a space in Orlando, Fla., that is nearly the size of four football fields.

And H Mart has competition: Other grocery chains that specialize in ingredients from Asia include Patel Brothers (Patel Bros, to fans), founded in Chicago; and, headquartered in California, Mitsuwa Marketplace and 99 Ranch Market — or Ranch 99, as Chinese speakers sometimes call it. They’re part of a so-called ethnic or international supermarket sector estimated to be worth $46.1 billion, a small but growing percentage of the more than $653 billion American grocery industry.

Many of these chains have a particular focus (H Mart’s is Korean products), but also attempt the difficult feat of catering to a variety of Asian-American groups with different tastes and shopping preferences.

Mr. Kwon’s first store still stands in Woodside, with a blue awning that bears H Mart’s original name, Han Ah Reum. This is commonly translated from Korean as “an armful,” but has a poetic nuance, invoking warmth and care, as in an embrace.

H Mart is “a beautiful, holy place,” writes the musician Michelle Zauner, who performs under the name Japanese Breakfast, in her new memoir, “Crying in H Mart,” published last month. The book begins with her standing in front of the banchan refrigerators, mourning the death of her Korean-born mother. “We’re all searching for a piece of home, or a piece of ourselves.”

As the 20th-century philosopher Lin Yutang wrote, “What is patriotism but the love of the food one ate as a child?”

For an immigrant, cooking can be a way to anchor yourself in a world suddenly askew. There is no end to the lengths some might go to taste once more that birthday spoonful of Korean miyeok guk, a soup dense with seaweed, slippery on the tongue, or the faintly bitter undertow of beef bile in Laotian laap diip (raw beef salad).

When Vilailuck Teigen — the co-author, with Garrett Snyder, of “The Pepper Thai Cookbook,” out in April — was a young mother in western Utah in the 1980s, she ordered 50-pound bags of rice by mail and drove 150 miles to Salt Lake City to buy chiles. She had no mortar and pestle, so she crushed spices with the bottom of a fish-sauce bottle.

Around the same time, Thip Athakhanh, 39, the chef of Snackboxe Bistro in Atlanta, was a child in a small town in east-central Alabama, where her family settled after fleeing Laos as refugees. They fermented their own fish sauce, and her father made a weekly trek to Atlanta to pick up lemongrass and galangal at the international farmers’ market.

The essayist Jay Caspian Kang has described Americans of Asian descent as “the loneliest Americans.” Even after the government eased restrictions on immigration from Asia in 1965, being an Asian-American outside major cities often meant living in isolation — the only Asian family in town, the only Asian child at school. A grocery store could be a lifeline.

When the writer Jenny Han, 40, was growing up in Richmond, Va., in the ’90s, her family shopped at the hole-in-the-wall Oriental Market, run by a woman at their church. It was the one place where they could load up on toasted sesame oil and rent VHS tapes of Korean dramas, waiting to pounce when someone returned a missing episode.

A few states away, the future YouTube cooking star Emily Kim — better known as Maangchi — was newly arrived in Columbia, Mo., with a stash of meju, bricks of dried soybean paste, hidden at the bottom of her bag. She was worried that in her new American home she wouldn’t be able to find such essentials.

Then she stumbled on a tiny shop, also called Oriental Market. One day the Korean woman at the counter invited her to stay for a bowl of soup her husband had just made.

“She was my friend,” Maangchi recalled.

The H Mart of today may be a colossus, but it remains a family business. Mr. Kwon, 66, has two children with Elizabeth Kwon, 59, who grew up two blocks from the Woodside shop (where her mother still lives) and oversees store design.

From the beginning, it was important to her that the stores were clean, modern and easy to navigate, to defy the stereotype of Asian groceries as grimy and run-down.

“It’s so emotional, shopping for food,” said her son, Brian Kwon, 34. “You don’t want to be in a place where you feel like you’re compromising.”

He never intended to devote his life to the store. But not long after he went abroad to take a job in Seoul — seeking to improve his Korean — his father asked him to come home and look over the company’s books, to make sure everything was running smoothly.

It was, as Mr. Kim of the Canadian TV show “Kim’s Convenience” might say, a sneak attack. Once Brian Kwon entered the office, he never left. “My father called it his ‘golden plan,’ after the fact,” he said ruefully. He is now a co-president, alongside his mother and his sister, Stacey, 33. (His father is the chief executive.)

For many non-Asian customers, H Mart is itself a sneak attack. On their first visit, they’re not actually looking for Asian ingredients; customer data shows that they’re drawn instead to the variety and freshness of more familiar produce, seafood and meat. Only later do they start examining bags of Jolly Pong, a sweet puffed-wheat snack, and red-foil-capped bottles of Yakult — a fermented milk drink that sold out after it appeared in Ms. Han’s best-selling novel-turned-movie “To All The Boys I’ve Loved Before.”

To be welcoming to non-Koreans, H Mart puts up signs in English. At the same time, the younger Mr. Kwon said, “We don’t want to be the gentrified store.” So while some non-Asians recoil from the tanks of lobsters, the Kwons are committed to offering live seafood.

Deuki Hong, 31, the chef and founder of the Sunday Family Hospitality Group, in San Francisco, remembers the H Mart of his youth in New Jersey as “just the Korean store” — a sanctuary for his parents, recent immigrants still not at ease in English. Everyone spoke Korean, and all that banchan was a relief: His mother would pack them in her cart for dinner, then pretend she’d made them herself.

Later, as a teenager, he started seeing his Chinese- and Filipino-American friends there, too, and then his non-Asian friends. Spurred by postings on social media, young patrons would line up to buy the latest snack sensation — “the snack aisle is notorious,” Mr. Hong said — like Haitai honey butter chips and Xiao Mei boba ice cream bars. (The current craze: Orion chocolate-churro-flavored snacks that look like baby turtles.)

In “Mister Jiu’s in Chinatown,” a new cookbook by the chef Brandon Jew and Tienlon Ho, Mr. Jew, 41, recalls Sunday mornings in San Francisco with his ying ying (paternal grandmother in Cantonese), taking three bus transfers to traverse the city, on a mission for fresh chicken — sometimes slaughtered on the spot — and ingredients like pea shoots and lotus leaves.

He still prefers “that Old World kind of shopping,” he said, from independent vendors, each with his own specialties and occasional grouchiness and eccentricities. But he knows that the proliferation of supermarkets like H Mart and 99 Ranch makes it easier for newcomers to Asian food to recreate his recipes.

“Access to those ingredients leads to a deeper understanding of the cuisine,” he said. “And that in turn can become a deeper understanding of a community and a culture.”

These days, even mainstream markets carry Asian ingredients. Ms. Teigen, who now lives in Los Angeles, often buys basics like fish sauce, palm sugar and curry paste from the Thai section at Ralph’s. Still, she goes to 99 Ranch for coconut milk, whole jackfruit and, above all, garlic in bulk — “a giant bag that I can use for months.”

(Garlic is an urgent matter for Asian-Americans: Ms. Zauner, 32, writes in “Crying in H Mart” that the store is “the only place where you can find a giant vat of peeled garlic, because it’s the only place that truly understands how much garlic you’ll need for the kind of food your people eat.”)

But Meherwan Irani, 51, the chef of Chai Pani in Asheville, N.C., and Atlanta, feels that something is lost when you buy paneer and grass-fed ghee at a Whole Foods Market. You miss the cultural immersion, he says, “getting a dunk and having horizons broadened.”

“An Indian grocery is not just a convenience — it’s a temple,” he said. “You’re feeding the soul. Come in and pick up on the energy.”

In the TV special “Luda Can’t Cook,” which premiered in February, Mr. Irani takes the rapper Ludacris to Cherians, an Indian supermarket in Atlanta. Once Mr. Irani had to scrounge for spices like cumin and turmeric at health food stores; now, surrounded by burlap sacks stuffed with cardamom pods and dried green mango, he tells Ludacris, “This is my house.”

The writer Min Jin Lee, 52, remembers how important H Mart was to people working in Manhattan’s Koreatown in the ’80s, when it was still called Han Ah Reum and “tiny, with almost no place to negotiate yourself through the aisles,” she said. (It has since moved across West 32nd Street to a larger space.) Her parents ran a jewelry wholesale business around the corner, and relied on the store for a cheap but substantial dosirak (lunch box) that came with cups of soup and rice.

She sees the modern incarnation of the store as a boon for second- and third-generation Korean Americans, including thousands of Korean-born adoptees raised by white American parents, who “want to find some sort of connection to the food of their families,” she said. “There aren’t gatekeepers to say who’s in or who’s out.”

Maangchi moved to Manhattan in 2008, and used to buy most of her ingredients from one of the H Marts in Flushing, Queens. (These days she just walks to Koreatown.) To save money, she would take the subway, bringing an empty backpack and her own shopping cart, then walk for 20 minutes.

“Once I get there, my heart is beating,” she said. On the way home, she’d stop at a barbecue spot and drink soju. “Come home drunk,” she said with a laugh.

Sometimes when she’s at H Mart, one of her more than five million YouTube subscribers recognizes her and flags her down. Those seeking advice (or a photo op) are mostly non-Korean. But, she said, there are also “old ladies who come up to me and say, ‘I forgot everything — I left Korea long ago.’”

Recently, with the rise in incidents of violence against people of Asian descent, her fans have been sending her messages: “Maangchi, I’m so worried about you these days.”

This is the paradox: that at a time when Americans are embracing Asian culture as never before, at least in its most accessible forms — eating ramen, drinking chai, swooning over the K-pop band BTS — anti-Asian sentiment is growing. With visibility comes risk.

For Ms. Lee, this makes H Mart a comfort. “I like going there because I feel good there,” she said. “In the context of hatred against my community, to see part of my culture being valued — it’s exceptional.”

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Business

Eire’s tourism commerce prepares to re-open for good

Bruce Yuanyue Bi | The image database | Getty Images

DUBLIN – When Irish Prime Minister Micheál Martin announced the gradual reopening of the hospitality industry in June, hotel managers like Niall Coffey breathed a sigh of relief.

Ireland’s tourism and hospitality industries were hardest hit during the pandemic, and previous attempts to reopen have been weighed down by new waves of Covid-19.

“I think we have no choice but to stay open at this stage because financially we really need to do this,” said Coffey, general manager of Harvey’s Point, a four-star hotel in Donegal, North West Ireland.

Apart from brief reopenings last summer and Christmas, bars, restaurants and hotels have largely been closed since March 2020.

Now that the vaccination campaign is gathering pace, Coffey and others are preparing for June 2nd when they can start letting some guests through the doors again. Bars and restaurants can then be opened in the following weeks, albeit with restrictions on the number and guidelines for indoor and outdoor meals.

Des O’Dowd, owner of Inchydoney Island Lodge & Spa in Cork, said companies have incurred a great deal of expense over the past year trying to reopen safely.

“They are trying to return groceries to vendors. We closed twice, going through fruits and vegetables and throwing them away or trying to find a home for them. We were closed and the beer ran out,” he told CNBC.

“It’s an expensive process to start and stop and do it all over again now would be heartbreaking. I hope that is the case, that we open up and there is no going back.”

The government has now recognized that the hospitality and tourism industries, a major employer in Ireland, will need further support even after the restrictions are lifted. Tourism was valued at around 9.3 billion euros ($ 11.3 billion) for the Irish economy in 2019, with 2 billion euros in tourism-related taxes paid to the treasury.

Food and supplies aside, many hotels and bars have had to invest in renovations and equipment to ensure compliance with Covid guidelines.

“This time last year we really faced a stranger. We were trying to measure six feet with tape measure and we had to buy a lot of partitions between the tables,” said O’Dowd.

Now, he said the hotel has a better understanding of what a safe reopening looks like, including providing antigen testing to the hotel’s 225 employees, adding to the cost of reopening and staying open.

Domestic visitors

Hotel managers and tourism industry workers hope the general public will share their enthusiasm for the reopening.

With international travel still effectively ceased, the country’s tourism industry relies on domestic visitors and “stays” during the summer months, but this will only last so long.

Coffey said he could not rely solely on domestic visitors for an extended period of time and that U.S. visitors are usually a major market group for his business.

“The golf business would have been pretty good for us in the summer season when we can get high rates (prepandemic). That’s gone,” he said.

He added that the hotel has had some bookings for September and October from American guests who are optimistic that international travel will reopen soon.

That could still come to fruition. European Commission President Ursula von der Leyen said at the end of April that the EU would allow fully vaccinated US visitors to enter the block.

“It’s great to see Europe talking about opening up and Britain is a little ahead of us. I think that’s a big advantage for us that we can see in the real world what happens a few weeks ahead of us,” said O. ‘Dowd added.

“Hopefully, in the UK and wherever these things are tested, very positive things will happen and we will get good results.”

International tourism

Niall Gibbons, executive director of the government agency Tourism Ireland, said the planned EU digital green certificate – or vaccination cards in a few quarters – is a step in the right direction to make international travel possible again.

Tourism Ireland is a joint government agency between Ireland and Northern Ireland whose job it is to promote the island of Ireland to overseas visitors.

According to the group, overseas tourist spending in Ireland in 2019 was 5.8 billion euros ($ 7 billion), with 325,000 people employed in the sector. It is therefore important to reopen the country in the second half of the year.

The EU certificate would allow visitors from other countries to check their vaccination or negative test status upon arrival in an EU country.

“There are other factors that will be required before the international (travel) restart gets underway. First and foremost, we need to work with the government on a roadmap,” Gibbons told CNBC.

Photo taken in Ireland, Cork

Francis Gormezano / EyeEm | EyeEm | Getty Images

“There are factors such as the mandatory hotel quarantine, the applicable test regime, air connectivity and restarting.”

Ireland introduced mandatory hotel quarantine earlier this year, which requires people entering the country from certain locations to be quarantined in a hotel for two weeks. The system presents a number of challenges.

“Quarantine and tourism don’t go hand in hand,” Gibbons said. He added that he supports a plan similar to the EU traffic light system in place last year, indicating which countries have lower infection rates and travel safer.

“Ultimately, this is the place we all want to be across the European Union,” he said.