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World News

Buyers targeted on Fed Jackson Gap symposium

SINGAPORE — Asia-Pacific markets traded mixed on Friday as investors remained cautious ahead of the Federal Reserve’s annual Jackson Hole symposium where Fed Chair Jerome Powell is due to speak.

In Australia, the benchmark ASX 200 retraced early losses of almost 0.3% to trade near flat. The heavily weighted financials subindex reversed course from a 0.4% loss to trade up 0.21%. Energy and materials sectors were down 0.18% and 0.28%, respectively.

The Nikkei 225 erased some of its earlier declines, but the Japanese index was still down 0.33% while the Topix index fell 0.36%. South Korea’s Kospi turned positive and traded up 0.32% and the Hang Seng Index in Hong Kong rose 0.55%.

Chinese mainland shares also rose: The Shanghai composite was up 0.53% while the Shenzhen component added 0.45%.

The highly anticipated Jackson Hole symposium from the Fed will be held virtually on Friday. Investors are expecting to hear what Powell thinks about the state of the U.S. economy and how he might guide the central bank’s exit from the measures it took to rescue the economy from the Covid-19 pandemic.

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“Fed chairs have a track record of foreshadowing major policy announcements at Jackson Hole, and some investors think Powell will provide further clues around the timing of a tapering announcement, which could come as soon as the FOMC meeting next month,” Tapas Strickland, director of economics and markets at the National Australia Bank, wrote in a Friday morning note.

Strickland pointed out that an announcement on tapering is “highly likely” to come before the end of the year.

In overnight trade, the three major U.S. indexes finished lower during Thursday’s regular trading session. The Dow snapped a four-day win streak while the S&P 500 and the Nasdaq Composite both broke five-day win streaks.

Currencies and oil

In the currency market, the U.S. dollar last traded at 93.063 against a basket of its peers. The greenback fell from levels above 93.600 reached in the previous week.

The Japanese yen traded at 109.99 against the dollar, strengthening from an earlier level around 110.09. Meanwhile, the Australian dollar changed hands at $0.7239.

Oil prices rose Friday during Asian trading hours, where U.S. crude added 0.83% to $67.98 while global benchmark Brent rose 0.77% to $71.62. Prices fell overnight as new Covid outbreaks raised concerns about the recovery in global demand for oil.

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Business

Atlas Obscura, a Journey Website Centered on the Bizarre and Obscure, Digs Deeper

When the pandemic hit last spring, Atlas Obscura had just received a $20 million investment from a group of investors led by Airbnb. Atlas Obscura, at the time, was focused on building the “experience” side of its business — guided tours and classes — which it expected to snap into the giant home rental platform. (The New York Times is also an investor in Atlas Obscura.) But Airbnb gave up on the initiative as it scrambled to weather the crisis. And like the rest of travel media, Atlas Obscura has spent a year mostly catering to the fantasies of homebound travelers. That led, the company says, to record traffic and advertising revenue, as well as a new business in online classes.

Now, the travel media and the travel industry are bracing — and hoping — for a surge of tourism. Though few in the travel media have taken on re-editing of their product like Atlas Obscura, they’re also trying to adapt to a changed political situation, seeking to find nonwhite writers who live in the places they write about, or to have more diverse American writers tell the stories of destinations. Jacqueline Gifford, the editor in chief of Travel and Leisure, said the travel media was trying to ask itself, “Who gets to tell travel stories, why they’re telling them, and what’s the way we can be more representative of this country, of the world we’re living in today?”

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May 28, 2021, 12:54 p.m. ET

But there are also built-in limits to how much you can revolutionize travel writing, said Rafat Ali, the founder of the travel business site Skift.

“It’s always going to be outsiders looking in,” he said.

The challenge for editors and writers across media is how to make journalism inclusive as well as riveting and provocative, rather than just a corporate media exercise in box-checking. (One top newspaper editor described that genre to me last week as “D.E.I. dutiful,” referring to diversity, equity and inclusion initiatives.)

It shouldn’t be that hard. Complicated, surprising stories are often the best ones, as illustrated by the superb “Reckoning With a Reckoning” issue that Adrienne Green, the features editor at New York magazine, put together last week. It sought, as the magazine’s editor in chief, David Haskell, wrote in an email, “to clarify stakes and also complicate them, to tell morality tales but avoid easy morals.”

Atlas Obscura, which also publishes magaziney features like the disturbing story of how a Black woman’s remains wound up on display at a Philadelphia museum and the secret queer history of Colonial Williamsburg, is another good example of how a publisher can meet the moment by deepening its content with an inquiry into, in particular, the violence Americans often choose to forget.

Indeed, Mr. Patel told me he’s not sure “decolonizing” was the right word for the project. “Decolonization suggests removal, and that’s not what we’re doing,” he said Wednesday morning, as we began our tour of unusual New York sites on the edge of the Bushwick section of Brooklyn. “Adding this kind of perspective to travel and travel writing makes it less boring.”

Categories
Business

Amid Financial Turmoil, Biden Stays Centered on Longer Time period

Administrative officials are confident that recent hikes in used cars, airfares, and other industries will prove temporary and that employment growth will pick up again as more working-age Americans are vaccinated against Covid-19 while regaining access to childcare during working hours. They say Mr Biden’s $ 1.9 trillion economic aid package, which he signed in March, will boost employment growth in the coming months.

Officials also said it was appropriate for the president to look beyond the current crisis and press ahead with efforts to strengthen the economy over the long term.

The two halves of Mr. Biden’s $ 4 trillion agenda, the American Jobs Plan and the American Families Plan, are based on the return of the economy to a low unemployment rate where essentially any American who wants to work can find a job may, Cecilia Rouse, said the chairman of the Council of Economic Advisers in an interview.

“The American rescue plan was rescue,” said Dr. Rouse. “It was intended as a stimulus as we work through this hopefully once a century, if not longer, pandemic. The American Jobs Plan and the American Families Plan say, look, this is behind us, but we knew there were structural problems in our country and in our economy. “

Mr Biden’s plans would raise taxes for high earners and corporations to fund new federal spending on physical infrastructure, care for children and older Americans, expanded access to education, an accelerated transition to low-carbon energy, and more.

These efforts “reflect the empirical evidence that a strong economy depends on a solid foundation of public investment and that investing in workers, families and communities can pay off over decades,” wrote Biden’s advisors. “These plans are not emergency laws. You deal with longstanding challenges. “

The five-page letter focuses on arguments about what drives productivity, wage growth, innovation and equity in the economy. The problems stem from the recession and recovery of the coronavirus, and the Democrats in particular have been committed to addressing them for years.