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We Requested Congress’s Freshmen to Give Up Inventory Buying and selling. Few Had been Keen.

Additional attention in this area is a mutually supportive term at a time when many things are lacking. In June, representatives Chip Roy, Republican of Texas, and Abigail Spanberger, Democrat of Virginia, introduced the Trust in Congress Act.

The bill would require their colleagues, spouses and dependent children to use a qualified blind trust, as do Mr Ossoff and Mr Kelly. With such vehicles, a third party, if any, would control individual stocks and some other fixed assets and prevent the beneficiary from knowing much about the contents or from trading with expertise about upcoming laws. (It would be okay to own and trade collective investments like mutual funds.)

“This is about making things easier for members of Congress,” Roy said at the time.

And let’s not forget what I set out at length in a November column: In the end, if they (or their stockbrokers) no longer believe they are smart enough to beat the market, they will all have more money, on average. The studies on this are legion, and one particularly funny study showed how bad the people in Congress, on average, were when they tried to outsmart the market between 2004 and 2008.

It is perhaps not surprising that those who would be elected officials would not be passive investors. The same heightened self-esteem that drives many of them to run for office could lead them to believe they have some sort of superpower in stock picking. They almost certainly don’t – and neither do the financial advisors who incriminate them well. Maybe someday they’ll come to their senses.

Others may own stocks or trade them to blow off steam as a form of gambling. If they can afford to lose the money and really aren’t using inside information or able to influence the policies that affect the companies they bet on, then there’s no real harm.

But do you want to lose elections over it?

Of course, stock trading wasn’t the only problem in Georgia. But in purple parts of the country or in districts where upstarts in their own party would try to advocate, these newly elected officials could be vulnerable. If they avoid individual stocks for political rather than principled reasons, so be it. It’s all for the best.

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Godzilla vs. Kong tops $60 million, the perfect pandemic field workplace haul

Godzilla and King Kong fight in Warner Bros.’s “Godzilla vs. Kong.”

Source: Warner Bros.

“Godzilla vs. Kong” hits pandemic box office records.

On Saturday, Warner Bros., who co-produced the film with Legendary, announced that its kaiju-filled film had exceeded $ 60 million at the domestic box office. This made it the highest-grossing film released during the ongoing coronavirus pandemic.

Previously, Tenet, another Warner Bros. film, held the record for $ 58.5 million, which it secured during its 2020 theatrical release.

As it stands, Warner Bros. ‘films currently represent four of the five highest-grossing films released during the pandemic. Tenet is the second highest, Wonder Woman 1984 is fourth at $ 46.2 million, and Tom and Jerry is fifth at $ 40.3 million.

The third largest grossing film in the pandemic is Universal’s “Croods: A New Age,” which grossed $ 56.5 million during its time in theaters.

“It’s starting to look like the summer of April as ‘Godzilla vs. Kong’ surpasses box office milestones that would have been unthinkable just a few weeks ago,” said Paul Dergarabedian, senior media analyst at Comscore. “Warner Bros. ‘ The release strategy has paid off, proving that cinema is still king when it comes to creating the most impactful, immersive cinematic experience. “

“Godzilla vs. Kong” has broken a number of records since it opened on March 31st. The film had its biggest opening weekend since the coronavirus pandemic began, grossing $ 32.2 million in theaters on its first Friday, Saturday, and Sunday.

It opened in more than 3,000 theaters in North America over the weekend. Most of all films during the pandemic had their largest opening day on Wednesday at $ 9.6 million and Saturday’s largest single day at $ 12.5 million.

“Godzilla vs. Kong” signals that consumers are dying to go to the movies for new blockbuster features and suggests that the summer slate could have similar success.

Disclosure: Comcast is the parent company of NBCUniversal and CNBC.

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Contained in the Combat for the Way forward for The Wall Avenue Journal

The report argued that the paper should attract new readers – especially women, colored people, and younger professionals – by focusing more on issues such as climate change and income inequality. His suggestions include: “We also strongly recommend stepping up efforts to include more women and people of color in all of our stories.”

The content review was not officially shared with the newsroom and its recommendations were not implemented, but it does affect the way employees work: A dead end about the report has led to a shared newsroom according to interviews with 25 current and former employees. The company avoided making the proposed changes because of a battle for brewery power between Mr. Murray and the new guy The publisher Almar Latour has contributed to a stalemate that threatens the future of the journal.

Mr. Murray and Mr. Latour, 50, represent two extremes of the Murdoch model employee. Mr. Murray is the tactful editor; Mr. Latour is the bold entrepreneur. The two rose within the organization at around the same time. When the moment came to replace Gerry Baker as top editor in 2018, both were viewed as Candidate.

The two men never hit it off, according to people with knowledge of the matter. Or as a manager who knows both well: “They hate each other.” The digital strategy report only increased the strain on their relationship – and with it the direction of the crown jewel in the Murdoch news empire.

Their longstanding professional rivalry is based on both personality and approach. Mr. Murray is more deliberate, while Mr. Latour is quick to act. But the core of their friction is still a mystery to those who are familiar with them.

In a statement, Dow Jones denied this characterization and said there was no friction between the editor and publisher. It also cited “record profits and record subscriptions” which it attributed to “the wisdom of its current strategy”. Both Mr. Murray and Mr. Latour declined to be interviewed for this article.

About a month after filing the report, Ms. Story’s strategy team was concerned that its work might never come to light, said three people with knowledge of the matter, and a draft was forwarded to one of the journal’s media reporters. Jeffrey Trachtenberg. He submitted an extensive article about it late last summer.

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From Gucci baggage to Google inventory — right here’s what you can do with stimulus test

A pedestrian wearing a protective mask walks past the Macy’s Inc. flagship store in the Herald Square area of ​​New York, United States, on Tuesday, November 17, 2020.

Victor J. Blue | Bloomberg | Getty Images

On any given day, the line in front of the Gucci boutique in the mall in Short Hills, New Jersey on the second floor winds almost to the escalator.

Among the buyers waiting to enter are Gucci’s typical customers as well as new customers who just got $ 1,400 richer.

“Stimulus was definitely beneficial,” said Oliver Chen, retail analyst at Cowen & Co ..

As the economy picks up and the market hits new highs, ambitious purchases like handbags, belts, and shoes – especially those with large, recognizable logos – are picking up pace, said Chen, fueled by the recent round of direct payments approved by Congress and the president Joe Biden through the American rescue plan.

More from Personal Finance:
The final batch of $ 1,400 worth of stimulus checks was issued
Here’s what federal aid could come next
There may still be a way to claim missing stimulus checks

Like the first two direct controls, this incentive is intended to be a stopgap solution for those hard hit by the coronavirus crisis.

For the most part, checks are still used this way.

About 25% of households spend this third round of payments, according to the Federal Reserve Bank of New York. In particular, 13% of the most recent stimulus check is expected to be used for groceries and other essential items and only 8% for non-essential items. The rest is used to pay off debts and savings.

But for many who have already been able to pay off debts and save more during the pandemic, “the stimulus check feels like free money,” said Andrea Woroch, consumer savings expert.

“People have this urge to go out and indulge themselves, almost as a reward for being locked up over the past year,” she said.

What Woroch calls “revenge spending” is perfectly fine as long as there is room for it in your budget (which may mean cutting something else out).

However, what generally advises against getting involved in a big ticket article. She says wealth building is a better option.

CNBC’s Jim Cramer advised that after people pay their bills, put most of their money into an S&P 500 index fund. In fact, many young private investors are already planning to spend part of their stimulus payments on stocks.

Here are some numbers that show why you should consider this too.

The S&P 500, now near a record high, has achieved an average annual return of around 14% over the past 10 years.

Let’s say you invested $ 1,400 in the S&P 500 in 2010. According to Morningstar Direct, your investment would have grown to over $ 6,200 by the end of March 2021.

Go back even further, and the rise is staggering: A $ 1,400 investment in the S&P in 1980 would now be worth more than $ 150,000, Morningstar noted.

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With out Events, There’s No Place to Present Off That Costly Watch

With so many people in the pandemic flooded with content pouring into their homes, brands are struggling to find a way to connect.

This is especially true when marketing expensive luxury goods – the kind of items that people enjoy wearing and using. Last year the parties and the cultural and charitable events where the rich can see and be seen did not take place.

“Why do I put on a $ 200,000 clock when I have a clock in the microwave and haven’t left my house in four months?” said Chris Olshan, global executive director of the Luxury Marketing Council, an organization that promotes luxury brands. “What is the value of a $ 10,000 Brioni suit if I don’t go out and nobody sees it?”

He said brands are forced to explain why a new product is worth their interest and money. “It’s” Hey, you can immerse yourself in this watch and it has this button that if you press it, we’ll save you from an island, “he said.” It has to be more than another Swiss watch. It has to be a little more give to justify the value. “

What can a luxury brand do without the fancy brands parties that often include a celebrity or two?

Audemars Piguet, the Swiss watchmaker who is introducing a $ 161,000 watch tied to a Marvel character – a project that has been in the works for years – has decided to try something it hasn’t done before had done: a purely virtual event on Saturday to reveal the character.

The watchmaker also hired tennis champion Serena Williams to be the brand’s ambassador and to attend on Saturday.

She is a serious fan of Marvel Comics. “You don’t understand how excited I was that you were doing something with Marvel,” Ms. Williams said in an interview from her Florida home. “I’m the ultimate Marvel fan. I’m obsessed with comics. And then the films came out. I wanted to be part of it somehow. “(When asked about her favorite character, she said it was a tie between Iron Man and Black Panther.)

Audemars Piguet has a long history of celebrity partnerships. With Arnold Schwarzenegger, the actor and former Governor of California, nine variations of his signature Royal Oak watch were made. It has also made watches with hip-hop mogul Jay-Z and basketball star LeBron James.

Marvel was more challenging. First, it was difficult to get Marvel to agree to the partnership, said François-Henry Bennahmias, executive director of Audemars Piguet, adding that he had tried unsuccessfully to meet with Marvel himself for a decade. He finally got one through his friendship with Don Cheadle, the actor who plays War Machine, he said.

Creating the clock was also challenging as it contains a sculpture of the character in the case. But Mr Bennahmias said the virtual introduction could be one of the most challenging elements – especially since the limited-edition watch sells for $ 161,000.

“When you think of all the starts we’ve made, it’s always with the celebrities and lots of people,” he said. “Covid killed that completely. We start in a fully digital format. “

Because of this, the watchmaker hoped to spark interest by keeping the figure a secret until the announcement on Saturday and hiring ambassadors like Ms. Williams, who is not immediately associated with comics.

Some brands have tried to attract customers by promising behind-the-scenes access. Or as Mr Olshan put it: “You know what time it is, but you don’t know how the clock works.”

A shoemaker from the 1870s, FootJoy has been the leading manufacturer of golf shoes since 1945, with a classic image that resembles Audemars Piguet. However, this image has been challenged by social media influencers promoting sportier golf shoes.

That is why the company has revised its shoes this year and introduced the Premiere series, classic shoes with more technology in the soles and shoes.

To get the message across to wealthy consumers willing to pay $ 200 or more for golf shoes, she used a mix of pitchmen: Adam Scott, the 2013 Masters champion from Australia, who embodies a classic approach to the game , and Max Homa, a younger pro who rose to social media notoriety during the pandemic with his gently sarcastic Twitter, takes up people’s golf swings.

“My brand is to take golf seriously, but also to play at a high level,” said 30-year-old Homa, who won his second PGA Tour event at the Genesis Invitational in Los Angeles in February. “I want people to understand that there are many ways to do this.”

The shoemaker announced Thursday that he has also teamed up with Todd Snyder, a menswear designer who prefers camouflage and doesn’t play golf, but has a large social media following and can appeal to different types of consumers.

“We’re facing Adam Scott, who’s not on the central casting stage and is focused on someone like Max Homa,” said Ken LaRose, senior vice president of branding and consumer experience for FootJoy. “But we’re also looking for style influencers outside of the golf world.”

Bob Shullman, founder and chief executive of Shullman Research Center, a market research firm focused on the rich, said many luxury brands almost pulled out of the pandemic to focus on their core demographics.

“They market to very specific groups, not just based on demographics, but also based on interests, hobbies and location,” he said. “They are looking for left-handers who play with Chinese golf clubs. There can’t be many. But if they find them and have the right offer, they can do it reasonably well. “

Bugaboo, which makes luxury strollers that can cost more than $ 1,000, caters to an affluent population of young mothers who live in cities and who will take their strollers for frequent walks.

“People want to see real people using our product,” said Schafer Stewart, US director of marketing at Bugaboo. “We are looking for people who marry with our aesthetic. We never pay for it. “

(Influencers like Bruna Tenório, a Brazilian model who just had her first baby, get free products.)

“We talked a lot about ways to market without spending a red cent,” said Olshan. “A lot of brands panic when it comes to doing something. How do you get involved inexpensively? “

With Le Creuset, the French cookware manufacturer, brands have also helped each other and promoted the high-end appliance brand Café from General Electric and vice versa.

“Look, if you buy pots and pans from me, you are buying someone else’s oven,” said Mr. Olshan. “We see a lot of partnerships between non-competing brands.”

In troubled times, even luxury brands have to rethink their age-old strategies.

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Levi Strauss, FuboTV, Honeywell and extra

A man wears clothing by Levis Strauss & Co. during the company’s initial public offering on the New York Stock Exchange (NYSE) in New York, the United States, on Thursday, March 21, 2019.

Jeenah Moon | Bloomberg | Getty Images

Check out the companies that are making headlines in mid-day trading.

Levi Strauss – The retailer’s shares rose 2.6% after the company beat estimates for sales and earnings in the first quarter. Levi’s made 34 cents per share on an adjusted basis and had sales of $ 1.31 billion. Analysts polled by Refinitiv expected the company to make 25 cents on sales of $ 1.25 billion. Results were boosted by the strength of Levi’s digital sales, which grew 41%.

FuboTV – Streaming service increased 12.6% after FuboTV won the exclusive streaming rights to the Qatar World Cup 2022 qualifiers. Ten South American Football Confederation teams will take part in the qualifiers.

WD-40 – The stock rose 9.5% after posting earnings per share of $ 1.24 according to Refinitiv, 8 cents below analyst estimates. Sales also fell short of expectations. The company said supply chain issues were affecting its ability to meet customer demand.

Honeywell – The conglomerate’s shares rose 3.4% after Deutsche Bank upgraded the stock to buy from the hold. After a strong underperformance since the beginning of the year, the German saw an attractive buying opportunity. The bank also pointed to attractive end-market exposures, high quality character and short-term gains.

DraftKings – The sports betting company’s stocks fell 2% after Jefferies named DraftKings a top pick. The Wall Street firm named DraftKings a “top operator” and market leader as states continue to legalize gambling.

Sogou – The internet search company rose 3.8% on Friday after Reuters reported that China’s antitrust authorities were ready to approve Tencent’s plan to take the company private. The $ 3.5 billion deal would allow Tencent to buy the 60% of Sogou that it does not already own.

PriceSmart – The shares of the discounter fell 7.1% after a lack of analyst estimates for the quarterly result. PriceSmart said the pandemic continues to weigh on their business in certain markets.

Bridgetown Holdings – – SPAC, backed by billionaire investors Peter Thiel and Richard Li, fell 2.3% after it was revealed that Indonesia-based travel services company Traveloka would be listed on the stock exchange, according to people familiar with the matter who spoke to Bloomberg.

Boeing – The aircraft maker’s shares fell 1% after U.S. airlines temporarily suspended more than 60 of the company’s 737 MAX jets on Friday. The move came after Boeing asked 16 airlines operating the jet to resolve an issue with the aircraft’s power grid.

Okta – The software company rose 2.4% after BTIG switched its stock to neutral. The company said in a note that demand for Okta’s customer identity business appears to have increased and that competition from Microsoft is not a short-term threat.

– with reports from Yun Li, Jesse Pound and Pippa Stevens from CNBC.

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At Final, Support for Senior Vitamin That Provides Extra Than Crumbs

Long before the coronavirus emerged, nutrition programs serving the country’s older adults were struggling to keep up with growing demand. Often they couldn’t.

For example, in Charlotte, NC and nine surrounding counties, the waiting list for meals on wheels averaged 1,200 people. However, Linda Miller, director of the Centralina Area Agency on Aging, who coordinates the program, always assumed the real need was greater.

She knew that some customers were skipping meals because they couldn’t travel to a senior center for a hot lunch every weekday. Some shared a single homemade meal that served for both lunch and dinner.

Some never asked for help. “Just like with food stamps that are under-used,” Ms. Miller said, “people are embarrassed:” I’ve worked hard all my life; I don’t want charity. ‘”

In northern Arizona, budget cuts combined with only modest increases in the federal dollar under the Older Americans Act also resulted in waiting lists.

“We get a lump sum and say: ‘Thank you! We weren’t cut! “, Said Mary Beals-Luedtka, director of the regional agency for aging, which supplies four largely rural districts there. “But flat-rate financing is like a decline. It is not sufficient. “

Covid-19 made the task immeasurably more difficult. Across the country, senior centers and church halls serving meals to healthier, more mobile seniors have been closed. Then those closings, as well as on-site housing guidelines and fear of exposure, have dramatically increased the number of elderly people who have had to eat.

Many volunteers, who were also at risk from age, stayed away. Sometimes family members who had been involved in shopping and cooking also became concerned about infecting their elders.

The Arizona team struggled last year to serve 150 percent more meals at home than last year. “My staff wavered,” said Ms. Beals-Luedtka. “It was crazy.” She still has around 70 people on a waiting list.

Help has come, however. For the convenience of administrators and advocates, the first three federal Covid recovery packages included a significant increase in funding for the Older Americans Act, which supports both community meals and group meals (which serve the majority of attendees) and meals on wheels.

The fourth and by far the largest infusion, $ 750 million, will come from the American rescue plan that President Biden signed last month. That brings the total increase for senior nutritional services to $ 1.6 billion. They received $ 907 million in fiscal 2019.

“It is a victory and an endorsement of the value of this program,” said Bob Blancato, executive director of the National Association of Nutrition and Aging Services Programs. “Malnutrition among older adults is an ongoing problem.”

Regardless, a 15 percent increase for those who qualify for grocery brands, specifically the Supplemental Nutrition Assistance Program, will benefit an estimated 5.4 million elderly recipients.

For years, lawyers for older adults have been campaigning for more significant federal aid. Although the Elderly Americans Bill was supported by both parties, 5,000 local organizations were consistently lagging behind in their ability to feed the elderly due to small annual increases in funding.

From 2001 to 2019, funding for the Older Americans Act rose an average of 1.1 percent a year – a 22 percent increase in nearly two decades, according to an analysis by the AARP Public Policy Institute. Adjusted for inflation, however, funds for food services fell by 8 percent. State and local matching funds, endowment grants, and private donations helped keep the kitchens open and the drivers deliver, but many programs still failed to fill their budget gaps.

At the same time, the number of Americans over 60 – the age at which they are eligible for OAA nutrition and other services – rose 63 percent. About a quarter of low-income seniors were “food unsafe”, which means that they had limited or unsafe access to adequate food.

And that shortage was before the pandemic. After the programs hastily closed community meetings last spring, a survey by Meals on Wheels America found that nearly 80 percent of programs said new requests for self-delivered meals had at least doubled. Waiting lists grew by 26 percent.

Together with the money, the Covid relief legislation gave these local programs the flexibility they needed. To qualify for Meals On Wheels, domestic customers must typically require assistance with daily living activities. The emergency funds allowed administrators to service less frail seniors who were completing home stay orders and transfer money free from community centers for home delivery.

Even so, some administrators were faced with dire decisions due to the increased number of cases from people who had never applied for a meal before.

In northern Arizona, approximately 800 customers were served homemade meals as of February 2020. By June, that number had risen to 1,265, including new applicants as well as those who had previously dined at the program’s 18 now-closed senior centers. Customers received 14 meals each week.

By the summer, Ms. Beals-Luedtka had “no more money” despite government aid. She was faced with the grim task of telling 342 seniors who had been on the list for three emergency months that she had to remove them. “People were crying on the phone,” she recalled. “I literally had a man say he was going to commit suicide.” (She restored it.) Even those who stayed got five meals a week instead of 14.

Now Ms. Beals-Luedtka is waiting for an estimated $ 1.34 million from the rescue plan, which will largely remove the waiting list, increase the number of meals for each recipient, and help local vendors reopen senior centers with the procurement and repair of kitchen appliances .

In North Carolina, the Centralina agency last month began delivering boxes of groceries – containing produce, canned foods, and other staples – to low-income seniors using federal funds from last year’s CARES Act, in partnership with a grocery bank. “You are a huge success,” said Ms. Miller. “I could never do that.”

It may seem unnecessary for senior nutrition programs to accomplish anything other than feed hungry elderly people, but research has shown that they have a broader impact.

“Addressing nutritional needs isn’t just good for people’s quality of life,” said Kali Thomas, a researcher at Brown University whose studies have shown that meals on wheels have several benefits. “It improves your health.” These programs reduce loneliness and help keep seniors away from expensive nursing homes. They can also help reduce falls, although these results were based on a small sample and did not reach statistical significance.

Interestingly, Dr. Thomas suggested that daily food deliveries had a greater impact than weekly or twice-monthly frozen food deliveries, a practice many local organizations have used to save money.

Frail or forgetful customers may have trouble storing, preparing, and remembering frozen meals. The main reason daily deliveries pay off is because of their regular chats with drivers, according to their study.

“They build relationships with their customers,” said Dr. Thomas. “You could come back later to fix a rickety handrail. If you are concerned about a client’s health, let the program know. The drivers are often the only people they see all day, so these relationships are very important. “

Congregant meals also contribute to the wellbeing of participants by preventing food insecurity and providing socialization and healthier nutrition. This resulted in a prepandemic assessment.

While program administrators enjoy a rare opportunity to expand their reach, they fear that the aid money will be spent and waiting lists will reappear if Congress does not maintain this increased budget.

“There will be a cliff,” said Ms. Beals-Luedtka. “What will happen next time? I don’t want to have to call people and say, “We’re done with you now.” These are our grandparents. “

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Shuttered Venue Operators Grant program snarled by tech glitches

The Anthem, a popular live music venue, is displaying a message of support on their marquee on April 3, 2020 in Washington, DC.

Drew Angerer | Getty Images

It was literally a long, dark year at the Independent in San Francisco. The music and comedy shows that filled the venue’s stage and boosted the local economy have been halted since early March 2020. Apart from a few sales of goods, total sales have decreased by almost 100%.

“It’s been a devastating year for The Independent and our industry. We are the first to close and the last to reopen,” said Allen Scott, managing director of The Independent.

“All of these little clubs that really are the backbone of the live touring industry aren’t built to lose three, six – let alone twelve or 18 – months of money,” said Scott.

Owners like Scott have been eager to submit their applications to the Small Business Administration’s Shuttered Venue Operators Grant program, a $ 16 billion fund that aims to get the industry going until personal entertainment can resume . Music clubs, theaters, event organizers and more can access grants of up to $ 10 million based on 2019 gross revenues under the program initiated during Covid’s second aid package.

However, the SBA portal faced technical challenges on launch day and the application process is currently suspended.

The portal should be open on Thursday afternoon. However, when it closed at 4:15 p.m., no applications were filed. On Friday it was closed all day while the agency worked on solving the technical problems. Late on Friday, the SBA announced that the portal would be closed for the whole weekend.

“If a reopening date is set, we’ll provide updates in advance so applicants have time to prepare,” the agency said in a tweet late Friday.

When the portal opens, the funds will be distributed based on availability, the agency said.

“This decision was not taken lightly as we understand that this hard-hit industry must be quickly relieved,” SBA spokeswoman Andrea Roebker said in a statement on Thursday, adding that the agency is working on getting them back in as soon as possible To put into operation.

Earlier on Friday, the SBA said, it worked with its vendors to fix the technical problems it had identified.

At the moment the wait continues. Industry reps and owners, grateful for the lifeline, were frustrated with the mishaps and the delay in getting help out the door. The challenges were reminiscent of issues faced the first few days of the paycheck protection program launch last year. This program experienced delays in processing applications.

“We are grateful to the SBA for their hard work creating this program … There is a lot of confusion and fear around the process, but we are still hopeful. The application cannot come soon enough,” said Scott. “Our livelihood depends on it.”

The National Independent Venue Association was formed during the pandemic to advocate for relief. It now represents around 3,000 local venues and promoters across the country.

NIVA estimates that hundreds of venues have permanently closed their doors due to the pandemic. And more are threatened, as the shutdown could extend into summer and autumn. Supporting the struggling venues will be key to rebuilding the economy once things are open again, the group said.

“We’re part of the backbone of our local economy because for every dollar spent on a ticket at a small music venue, it generates $ 12 in economic activity for businesses in the area,” said Audrey Fix Schafer, a board member of the NIVA.

“If they want their communities to come back, they need this economic magnet of independent venues like ours once the full reopening is certain,” she said. The group projects these venues to have a direct annual economic impact of nearly $ 10 billion on local communities.

For many venues, opening with partial capacity is not “economically feasible” due to the high overhead costs, according to the group. National tour routing is also not expected to be in full swing until artists can fully tour in reopened locations.

As owners and operators await help, they are confident that music and theater lovers can return in person later this year, and the program will have ample funding to meet those in need.

Casey Lowdermilk, assistant general manager of the Bill Graham Civic Auditorium in downtown San Francisco, said the venue had grown to zero from 450 employees and 80 concerts a year.

“Hopefully this money will be enough and get to all the venues that need it in time,” Lowdermilk said. “And hopefully by June or July we will have a real track of when we can return to full capacity events that are indoor venues.”

Scott of the Independent is confident that once the opening is certain, the demand will be there.

“We are ready to come back to it,” he said. “People got cooped up. We had some leading indicators in the industry, some festivals that were on sale, and some tours that all stalled. … I’m very optimistic about demand out there. And we can’t wait to open our doors. “

– CNBC’s Whitney Ksiazek contributed to this report.

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Alibaba Faces $2.eight Billion High quality From Chinese language Regulators

China announced on Saturday that it had fined e-commerce titan Alibaba a record $ 2.8 billion for monopoly business practices. This was the government’s toughest move to date in its campaign to tighten regulation of the country’s internet giants.

Beijing’s market watchdog began investigating Alibaba for possible antitrust violations in December, including preventing vendors from selling their goods on other shopping platforms. On Saturday, the regulator said its investigation found that Alibaba was hindering competition in online retail in China, affecting innovation in the internet economy and harming consumer interests.

The fine on Alibaba, one of China’s most valuable private companies and the foundation of the business empire of Jack Ma, the country’s most famous tycoon, exceeds the $ 975 million antitrust fine imposed by the Chinese government on American chip giant Qualcomm in 2015.

The Chinese authorities left little doubt on Saturday about the signal they wanted to send to other internet giants. In a comment posted online a minute after the fine was announced, People’s Daily, the Communist Party’s official newspaper, described regulation as “a kind of love and care.”

“Monopoly is the great enemy of the market economy,” the comment said. “There is no contradiction between legal regulation and support for development. Rather, they complement and reinforce each other. “

The fine is unlikely to materially affect Alibaba’s assets. The state market regulator, the Chinese agency that imposed the fine, said the amount represented 4 percent of Alibaba’s domestic sales in 2019. The group reported profits of more than $ 12 billion in the last three months of 2020 alone.

Overall, the fact that Beijing has not asked Alibaba to make any major additional concessions makes the decision “good news for the firm,” said Angela Zhang, associate professor and director of the Center for Chinese Law at Hong Kong University.

When Qualcomm was fined six years ago, it also agreed to offer Chinese customers significant discounts on patent fees. On Saturday, the market regulator said only that Alibaba would have to curb its anti-competitive behavior and submit reports of its compliance for three years.

“I would think the market should respond positively,” said Professor Zhang, although she warned the government could conduct additional research on other aspects of Alibaba’s business at any time.

In a statement, Alibaba said it would “sincerely” accept the punishment and strengthen internal systems “to better serve our responsibility to society”.

“The penalty imposed today was to alert and catalyze businesses like ours,” Alibaba said. “It reflects the thoughtful and normative expectations of regulators for the development of our industry.”

Over the past decade, Alibaba’s business has expanded beyond shopping to include logistics, grocery, entertainment, social media, travel booking, and more. Like its peers on the Internet, Alibaba has said that the breadth of its business helps make each of its services more useful. However, critics say the size of the company worsens the playing field for competitors and limits consumer choice.

China started taking a closer look at its tech giants last year. The market regulator proposed updating the country’s antimonopoly law with a new provision for large internet platforms like Alibaba’s. In November, officials put an end to plans by Alibaba’s sister company, finance-focused Ant Group, to go public and tighten control over internet finance.

In December, it opened the antimonopoly investigation against Alibaba – an astonishing twist for Mr. Ma, whom the people of China had long held up as an icon of entrepreneurial plucking.

In the USA and Europe too, skepticism about the power of large Internet companies has increased. Western regulators have repeatedly fined Goliaths like Google over the past few years for various antitrust violations. But such penalties have not changed the nature of businesses in general enough to allay concerns about their power.

China began tightening oversight of big tech later than the West. But his efforts are already beginning to affect the way Chinese internet giants operate. This reflects the extent to which all private companies in China must remain in the good grace of the government in order to survive.

For many years, Alibaba and its arch-rival, gaming and social media giant Tencent, have competed fiercely in a variety of companies, including by preventing their own users from spending time on the other company’s services. That could gradually change. In a first for the company, Alibaba recently applied for two of its trading platforms, Taobao Deals and Xianyu, to be present on WeChat, Tencent’s ubiquitous social app.

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Chipotle’s digital gross sales stay sturdy as eating rooms reopen: CFO

Chipotle Mexican Grill is encouraged by the strength of its digital sales even with its dining rooms open due to coronavirus-related closures, CFO Jack Hartung told CNBC on Friday.

“The pandemic has really put some turbochargers behind our digital business, of course, but as we start to see Covid behind us – and we still have a long way to go – we keep most of that digital business, around 80%,” said Hartung in an interview on “Closing Bell”.

“Then when the restaurants reopened … we regained about 60% of what we lost when the pandemic started,” added Hartung, who joined Chipotle nearly two decades ago. “So, really, we’ll be ahead of the game in the end, though [the] The pandemic is completely behind us. We are very optimistic about where we are going from here. “

During the Covid crisis, customers flocked to Chipotle’s online ordering options. The fast casual chain saw digital sales jump 174% year over year in 2020, resulting in a 7.1% increase in total sales. Digital sales accounted for 46.2% of the California-based company’s sales last year, compared to 18% of sales in 2019.

In November, Chipotle opened its first restaurant entirely digital. More recently, quesadillas have been added to the menu, but the long-awaited addition is only available for online orders.

Earlier this week, Chipotle announced an expansion of its debt-free college degree for employees. It now includes degrees in agriculture, food and hospitality.

According to Hartung, Chipotle has seen positive results since the educational initiative was launched almost two years ago.

“When our employees use these debt-free programs, they are three and a half times more likely to stay with us and seven times more likely to be in leadership positions. We see this as an investment in our people.” Said Hartung.

Chipotle’s shares closed the session modestly on Friday at around $ 1,531 apiece. The stock is up 10.4% since the start of the year and nearly 100% over the past 12 months.