Categories
Politics

Miscue After Miscue, U.S. Exit Plan Unravels

A week later, on July 2, Mr. Biden in an exuberant mood gathered a small group of reporters to celebrate new job numbers that he believed showed his plan for economic recovery was working. But all the questions he received concerned news from Afghanistan that the United States had left Bagram Air Force Base without the Afghans being aware of it.

“It’s a rational setback with our allies,” he insisted, “so there’s nothing unusual about it.”

But when the questions were about Afghanistan, not the economy, he became visibly upset. Recalling Mr. Ghani’s visit, he said, “I think you have the ability to support the government,” although he added that there must be negotiations with the Taliban.

Then, for the first time, he was urged about what the government would do to save Kabul if it were directly attacked. “I want to talk about happy things, man,” he said. He insisted there was a plan.

“We have worked out a capacity beyond the horizon,” he said, which means the government had contingency plans in case things go bad. “But the Afghans have to be able to do it themselves with the air force they have, and we’re helping them maintain it,” he said. But by then most of the US contractors who had helped keep the Afghan planes flying had withdrawn from Bagram along with the troops. Military and intelligence officials admit they were concerned the Afghans would not be able to stay in the air.

On July 8, almost all American forces had left Afghanistan when the Taliban continued their deployment across the country. In a White House speech that day defending his decision to exit, Mr Biden was in a fix when he tried to express his skepticism about the capabilities of the Afghan armed forces while being careful not to undermine their government . He then reacted angrily to a reporter’s comparison with Vietnam, insisting that “there will be no circumstance in which Afghan people are lifted off the roof of a US embassy. It is not at all comparable. “

Understanding the Taliban takeover in Afghanistan

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Who are the Taliban? The Taliban emerged in 1994 amid the unrest following the withdrawal of Soviet troops from Afghanistan in 1989. They used brutal public punishments, including flogging, amputation and mass executions, to enforce their rules. Here is more about their genesis and track record as rulers.

Who are the Taliban leaders? These are the top leaders of the Taliban, men who for years have been on the run, in hiding, in prison and dodged American drones. Little is known about them or how they plan to rule, including whether they will be as tolerant as they say they are.

What is happening to the women of Afghanistan? When the Taliban was last in power, they banned women and girls from most jobs or from going to school. Afghan women have gained a lot since the Taliban was overthrown, but now they fear that they are losing ground. Taliban officials are trying to reassure women that things will be different, but there are indications that they have begun to reintroduce the old order in at least some areas.

But five days later, nearly two dozen American diplomats, all in the Kabul embassy, ​​sent a memo directly to Mr. Blinken via the State Department’s “Dissent” channel. First reported in the Wall Street Journal, the Telegram called for Afghan evacuation flights to start in two weeks and that administration speed up to register them for visas.

The next day, in an already ongoing move, the White House named an intensified effort “Operation Allies Refuge”.

Categories
Business

Wall Road lukewarm on HSBC’s U.S. retail exit

LONDON – HSBC announced on Wednesday that it would end its money-losing US retail business, which Wall Street analysts received with lukewarm applause.

Europe’s largest bank in terms of assets will be selling some parts of its mass market business and winding up others to draw attention to its largest market – Asia.

In a statement on Thursday, Goldman Sachs bank analysts reiterated that HSBC’s lack of scalability in US retail banking is the main reason for the low profitability and high cost-to-income ratio in the US.

“We therefore view the announced measures as positive, as they represent a small step towards a potentially more focused, simpler and more profitable HSBC group,” said analysts Martin Leitgeb, Andreas Scheriau and Gurpreet Singh Sahi.

After battling the big domestic players in the US and some parts of Europe, the UK lender has been looking to get out of its less profitable activities for some time.

Although HSBC is letting go of most residential and small business clients, it will maintain a low physical presence in the US to serve its richest international clients.

The group will leave 90 of its 148 branches, which comprise a small network of 20-25 physical locations that are being recalibrated as international asset centers. The remaining branches will be closed.

Goldman analysts noted that while the financial impact of the transactions in the broader corporate context is negligible and no further details have been released on the profitability of US assets and private banking after the exit, the outlook is more positive.

“We see scope for improved profitability as the branch’s footprint has been reduced by over 80% while credit will only decrease by 13% (all others equal),” they said, continuing their buy rating on HSBC stock.

Key downside risks that Goldman highlighted included weaker macro trends such as pandemic setbacks, limited progress in restructuring the bank, escalating geopolitical tensions, increased competition and “delays in optimizing capital efficiency within the group”.

Citizens Bank and Cathay Bank, subsidiaries of Citizens Financial Group and Cathay General Corp., have agreed to buy HSBC’s businesses on the east and west coasts respectively.

The deal would represent much of HSBC’s 850,000 customer relationships sold, mostly customers with balances under $ 75,000. However, Bank of America found that a 2% deposit bonus on sales is “low” compared to the industry average, reflecting the high cost structure of the business. “

“The number of remaining customers is small, but the dominant part of US retail deposits. The customer base is active internationally or in line with HSBC’s wealth management ambitions,” said BofA bank analysts Alastair Ryan and Rohith Chandra-Rajan in one Announcement on Thursday.

BofA estimates full year revenue loss at $ 200 million and a $ 250 million reduction in recurring costs for its US wealth and personal banking businesses.

“Given the large excess of deposits in this business – as in the rest of the group – better dollar rates would likely make matters a lot better,” they added, calling the latest move “small steps.”

The BofA found that HSBC is heavily exposed to global interest rates due to its “world-leading deposit base” and predicted that while the bank currently has a “cost / income problem”, the situation would “mechanically improve” should the bank Market a three year Fed implying fund rate materialize.

“However, we note that the group is pursuing a relatively costly wealth management expansion that would put additional cost / income pressure in the short term,” added Ryan and Chandra-Rajan, reiterating their “neutral” rating on the stock and maintaining it £ 4.80 ($ 6.80) per share price target.

Categories
Business

CBS Information President Prepares Exit as Broadcast Information Is in Flux

The first woman to run CBS News, Susan Zirinsky, is expected to announce that she may be stepping down from the presidency of the network’s news division earlier this week, a person aware of the plan said Tuesday.

Ms. Zirinsky, 69, was appointed in January 2019 to repair a battered ship. At the time, CBS faced several key executive departures and unsavory revelations about its news department as broader accounting for workplace misconduct disrupted the media industry.

CBS declined to comment. Ms. Zirinsky is expected to sign a production contract with the network’s parent company, ViacomCBS, to work on broadcast, cable and streaming programs, according to the person who knows the details of her departure.

ABC News will also take on a new leader. Its former president, James Goldston, announced his departure in January. ABC and its parent company Disney are in advanced talks with Kimberly Godwin, a CBS News executive, about taking over the news division, two people with knowledge of the matter said. ABC declined to comment.

Several news organizations have seen leadership changes as business leaders face a drastically different news environment following the presidency of Donald J. Trump. Jeff Zucker announced in February that he would step down as president of CNN by the end of the year. Rashida Jones recently replaced Phil Griffin as head of MSNBC.

Ms. Zirinsky will remain President of CBS News until her successor begins. The Wall Street Journal previously reported on her role change. NBC previously covered Ms. Godwin’s conversations with ABC.

Ms. Zirinsky was a CBS veteran for more than four decades, taking over the news department when she was ravaged by the layoffs of CEO Leslie Moonves and 60 Minutes’ top producer Jeff Fager. She described her mission as “bringing this organization together both functionally and spiritually”.

Although she has long viewed herself as a news producer rather than a talented executive, Ms. Zirinsky told the New York Times two years ago, “I felt at this moment in my life and career that this was the time to take a step make up. “

In her two years on the job, she redesigned “CBS This Morning” by signing a new contract with star anchor Gayle King, bringing them together with co-anchors Anthony Mason and Tony Dokoupil. Ms. Zirinsky also moved the “CBS Evening News” to Washington and announced Norah O’Donnell as anchor.

Despite the moves, CBS got stuck in third place on the morning news and at 6:30 p.m. In the past few months, the two CBS shows have come closer to competition, and Ms. O’Donnell landed President Biden’s first post-inaugural interview with a broadcast news division. News broadcasts have lost viewers since the end of the Trump presidency.

While Ms. Zirinsky was busy making changes (she also named new top producers on “60 Minutes” and “CBS This Morning”), she wasn’t shy about expressing frustrations with the job. She has often told confidants that she wanted to return to the part of broadcast journalism that was her first love: producing.

Categories
Health

Exit Interview: C.D.C. Head Redfield Displays on His Time on the Job

My biggest disappointment was the lack of consistency in the public health news and the inconsistency of the heads of state to reinforce the public health message. You can read between the lines what that means – “Citizens’ Guide”.

Covid19 vaccinations>

Answers to your vaccine questions

If I live in the US, when can I get the vaccine?

While the exact order of vaccine recipients may vary from state to state, most doctors and residents of long-term care facilities will come first. If you want to understand how this decision is made, this article will help.

When can I get back to normal life after vaccination?

Life will only get back to normal once society as a whole receives adequate protection against the coronavirus. Once countries have approved a vaccine, they can only vaccinate a few percent of their citizens in the first few months. The unvaccinated majority remain susceptible to infection. A growing number of coronavirus vaccines show robust protection against disease. However, it is also possible that people spread the virus without knowing they are infected because they have mild symptoms or no symptoms at all. Scientists don’t yet know whether the vaccines will also block the transmission of the coronavirus. Even vaccinated people have to wear masks for the time being, avoid the crowds indoors and so on. Once enough people are vaccinated, it becomes very difficult for the coronavirus to find people at risk to become infected. Depending on how quickly we as a society achieve this goal, life could approach a normal state in autumn 2021.

Do I still have to wear a mask after the vaccination?

Yeah, but not forever. The two vaccines that may be approved this month clearly protect people from contracting Covid-19. However, the clinical trials that produced these results were not designed to determine whether vaccinated people could still spread the coronavirus without developing symptoms. That remains a possibility. We know that people who are naturally infected with the coronavirus can spread it without experiencing a cough or other symptoms. Researchers will study this question intensively when the vaccines are introduced. In the meantime, self-vaccinated people need to think of themselves as potential spreaders.

Will it hurt What are the side effects?

The vaccine against Pfizer and BioNTech, like other typical vaccines, is delivered as a shot in the arm. The injection is no different from the ones you received before. Tens of thousands of people have already received the vaccines, and none of them have reported serious health problems. However, some of them have experienced short-lived symptoms, including pain and flu-like symptoms that usually last a day. It is possible that people will have to plan to take a day off or go to school after the second shot. While these experiences are not pleasant, they are a good sign: they are the result of your own immune system’s encounter with the vaccine and a strong response that ensures lasting immunity.

Will mRNA vaccines change my genes?

No. Moderna and Pfizer vaccines use a genetic molecule to boost the immune system. This molecule, known as mRNA, is eventually destroyed by the body. The mRNA is packaged in an oily bubble that can fuse with a cell, allowing the molecule to slide inside. The cell uses the mRNA to make proteins from the coronavirus that can stimulate the immune system. At any given point in time, each of our cells can contain hundreds of thousands of mRNA molecules that they produce to make their own proteins. As soon as these proteins are made, our cells use special enzymes to break down the mRNA. The mRNA molecules that our cells make can only survive a few minutes. The mRNA in vaccines is engineered to withstand the cell’s enzymes a little longer, so the cells can make extra viral proteins and trigger a stronger immune response. However, the mRNA can hold for a few days at most before it is destroyed.

You can see that different parts of our society have different perspectives on what needs to be done. Controlling the pandemic has always been effectively aimed at maintaining the economic health of our nation, in my opinion. It wasn’t an either / or – we showed that in schools. You can keep businesses, hospitals, etc. open and do so in a safe and responsible manner. There are some parts of our economy that have to be constrained. I would argue that people in a crowded bar who drink three or four beers without a mask keep talking louder so they keep spraying their breath secretions is probably something that needs to be restricted.

But the fact that we had no alignment meant that the private and public sectors were all grappling with how to put them together independently. So the reality is that we are in very difficult times and I think I would have liked to have been proven wrong. I still believe the worst is yet to come.

First, we’ve always said that for some time – probably April and May – we would be in a state where the demand for vaccines could outweigh the availability of vaccines. I consider it a tremendous achievement that we are here saying within six, seven months that we will have a vaccine in the first year. Basically, two manufacturers can produce around 10 million cans a week.

First and foremost, I stood up for the agency at every turn. I never gave in. I think you can find a number of people at the agency who would tell you that who were actually in the arena with me.

There are people who say to me, “Why didn’t you tell the President that?” or: “Why are you telling the President that?” There are some people who are only satisfied if you criticize the president personally. I’m a chain of command guy.

However, I am very disappointed that some citizens have chosen to turn this damage control issue into a political football instead of taking public health action. I think it took me a long time to really get through and have more consistent messaging – probably not until late September.