Categories
Health

Put Your Smartphone to Work for Your Return to the Workplace

With some people returning to the office or classroom after more than 18 months of Covid-19 disorder, maintaining social distance remains a problem, especially given the highly contagious Delta variant across the country. Here are a few simple suggestions for using your smartphone to stay informed and safe when you return to the office or school.

Regular reviews of school, community, and state websites can keep you updated on mask requirements, vaccination requirements, quarantines, and other Covid-related news. Get your facts faster by bookmarking these websites that you can open right from your home screen.

Credit…Google; Apple

Open the page you want to bookmark. Steps vary by browser and phone, but if you’re using the Chrome browser on an Android device, tap the “More” menu in the top right corner and select “Add to Home Screen”. On an iOS device with the Safari browser, tap the action menu icon in the lower center of the screen and select “Add to Home Screen”.

In addition to its informative website, the Centers for Disease Control and Prevention has its own mobile app. For local virus news, visit your app store as many states have their own apps to track outbreaks, provide personal exposure notifications, provide vaccine information, and offer general news alerts.

Certain institutions, venues, and employers now require vaccinations, and many New York City companies require proof and will enforce it next month. While your paper vaccination card serves as proof, you can keep it safely at home and digitize it. Some states have electronic vaccination records that you can store in your phone’s digital wallet and view upon request. The Excelsior Pass program in New York is an example.

Credit…Apple; Google

Paper photos of your vaccination card can also act as a digital backup, and some employers may accept the images as proof of vaccination, especially in apps like NYC Covid Safe. However, the card contains personal information, so keep your phone locked when it is not in use. Apple’s iOS software settings provide a passcode, Face ID, or Touch ID to help protect the device.

Android users can also set up a screen lock in the system settings. In addition to a PIN or passcode, some phone models (including those from Google and Samsung) use biometric keys such as facial recognition. For added protection, Android users can save vaccination card images in a locked folder in Google Photos – just open the card image, tap the More menu and select Move to Locked Folder.

Updated

Aug. 18, 2021, 5:50 p.m. ET

Socially distant commuting is more of a challenge for people who don’t drive and walk or use public transport to get around. Over the past year, both Apple and Google added coronavirus-related business information to their map apps.

If you’re taking the trains outside of rush hour or want to stroll the less traveled trail, Apple Maps and Google Maps both offer real-time timetables and optional walking routes. Specialized apps like Citymapper cover multiple modes of transport, including bike rentals and ferries. And localized transit apps (like New York City’s MYmta for Android and iOS) can also be useful for service status and updates.

Credit…Google

And when you go to work with your face on your Android phone, the heads up notifications on some models remind you to see where you are going. Activate the function in the digital wellbeing settings.

If a drive-through window is not an option for remotely picking up your breakfast or lunch, there are other ways to minimize your exposure, such as walking around the corner. Loyalty apps from convenience stores like 7-Eleven and Wawa or restaurants (McDonald’s, Panera Bread, and Starbucks, to name a few) offer online ordering and mobile payment to zip things with minimal contact.

And don’t forget contactless payment systems like Apple Pay, Google Pay or Samsung Pay so that you don’t fumble with cash and quickly get through at the cash register or at the subway turnstile. (A contactless credit card from your financial institution is another option that allows you to pay by tapping the card on the till reader.)

Now that you’ve actually made it out of the house, there are a few more apps you might want to consider to help you make the transition. With the mobile version of your company’s favorite video conferencing app, you can leave a conference room and hold a meeting anywhere, even without your computer.

Credit…Google; Zooming

After working remotely for more than a year, it can be especially difficult to leave your fuzzy work colleague when you return to the world. If the breakup worries you, consider an inexpensive streaming webcam that allows you to check your pet in real time using your phone. The Wirecutter site has recommendations for camera options so you can virtually stay in the house until you get home.

Categories
World News

Constructing moral AI merchandise can put companies at aggressive benefit

An Ubtech Walker X Robot plays Chinese chess during the World Artificial Intelligence Conference (WAIC) 2021 at the Shanghai World Expo Center on July 8, 2021 in Shanghai, China.

VCG | VCG via Getty Images

SINGAPORE – Ensuring that AI-powered services and products are ethical and trustworthy could become a competitive strength for businesses, experts said on Wednesday.

Artificial intelligence systems are already changing companies. You’ll be able to automate repetitive tasks, analyze large amounts of data, recommend content, translate languages, and even play games.

But the current scope of things AI can do is relatively narrow. Some experts say the technology is far from becoming what is known as artificial general intelligence, or AGI – which indicates the AI’s hypothetical ability to understand or learn any human intellectual task.

However, others have pointed out that despite its current limited capabilities, AI raises a number of ethical questions – such as whether the data fed into AI programs is unbiased and whether AI can be held responsible if something goes wrong.

To build trustworthy AI systems, countries and various stakeholders need to work together, said Wonki Min, a former vice minister in South Korea’s science and technology ministry who spearheaded the country’s national AI strategy.

That means working with neighboring countries as well as industry experts, academics and ordinary people who use these technologies, Min said during a panel discussion on AI governance at the Asia Tech x Singapore conference.

Requirements for building trust

Experts previously warned that inherently biased AI programs can create serious problems and compromise people’s trust in these systems. For example, facial recognition software can contain accidental racial and gender biases that can pose a threat to a specific group of people.

Trust is fundamental to getting a technology up and running to its fullest, said Andrew Wyckoff, director of the science, technology and innovation directorate at OECD who was part of the panel.

Artificial intelligence creates competitive strength for industry.

Ieva Martinkenaite

Vice President at Telenor Research

He pointed out that there are several “essential” elements to building trust in AI systems. These include: being able to transparently explain how a program works, ensuring that the program is robust, secure, secure and accountable.

Regulators are faced with the daunting task of finding a balance to encourage further AI developments and manage the risks involved. Some researchers say it is too early for politics to impose new strict rules on technology.

For their part, the OECD Principles on AI promote artificial intelligence that is “innovative, trustworthy and respects human rights and democratic values” and makes recommendations to policy makers and other stakeholders.

A competitive advantage

According to Hiroaki Kitano, President and CEO of Sony Computer Science Laboratories, building trustworthy and ethical AI systems and the governance that surrounds them could potentially become a competitive strength for companies.

The Japanese conglomerate uses AI in a variety of its products, including cameras.

For Norwegian telecommunications giant Telenor, ethical AI is “a responsible business emerging” according to Ieva Martinkenaite, Vice President at Telenor Research. She pointed out that many of the next generation telecommunications networks will be powered by AI-embedded software and that technology will be critical to new growth opportunities.

According to Martinkenaite, this requires a set of global rules and trust principles built on top of AI that are followed not only by telecommunications companies but also by global providers to whom they outsource parts of their operations. Vendors can include stakeholders such as device vendors, software companies and service companies, he added.

“Artificial intelligence creates competitive strength for the industry,” she said.

Wonki Min, currently president of the State University of New York, Korea, added that if companies fail to meet ethical standards surrounding AI, they will not survive in the marketplace. Unless governments can create a trustworthy AI environment, they would not be maximizing the benefits of the technology.

“This is why building trustworthy AI is important in order to maximize the potential benefits of AI technology, and the way we should be doing this is a global, multi-stakeholder approach,” said Min.

Categories
Politics

U.S. Put Gag Order on Occasions Executives Amid Struggle Over E-mail Logs

The US government learned of the memo, which is intended to express confidence that then-attorney general Loretta Lynch would not allow an investigation into Hillary Clinton’s use of a private e-mail server to go too far. Mr Comey is said to be concerned that if Ms. Lynch made the decision not to indict Ms. Clinton, Russia would publish the memo to make it appear illegitimate, which led to its unorthodox decision to announce that the FBI had received from recommended an indictment in the case.

The Justice Department under then-President Donald Trump, who fired Comey and viewed him as an enemy, spent years looking for sufficient evidence to accuse him of the crime of unauthorized disclosure of classified information – a move that eventually came to the fore if he had anything to do with it had to do with the fact that the Times learned of the existence of the document stolen by Russian hackers.

The longstanding leak investigation against Mr. Comey was seen as one of the most politicized and controversial within the Justice Department, even by the standards of a department that had been enforced on several cases to apply leak investigations and other guidelines on books Release to attack former officials criticizing Mr Trump.

Over the past year, prosecutors have discussed whether or not the investigation of Mr. Comey should be closed, according to two people familiar with the case, in part because there appeared to be little evidence that the former FBI director had classified information the press had passed on.

Last fall, ministry officials discussed whether the investigation was closed and prosecutors should write a rejection memo that would explain why Mr. Comey would not be prosecuted, one of the people said. But the FBI and prosecutors working on the case wanted to keep the investigation open, people said, and in January prosecutors obtained a special injunction requesting Google to release data in reporters’ emails.

With Mr. Trump out of office soon, the order was controversial among some within the department, according to two people with knowledge of the case. It was viewed as unusually aggressive for a case that was likely to end without charge. During the transition from the Trump to the Biden administration, at least one official wrote in a memo that according to someone familiar with the transition, the case should be closed.

In the court files attempting to force Google to release logs of who communicated with the four reporters who wrote the story, the Justice Department convinced the judge that the secrecy was warranted because, as the judge said on Jan. January wrote that “there is” reason to believe that notification of the existence of this order will seriously jeopardize the ongoing investigation, including by allowing victims to destroy or manipulate evidence. “

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Business

Retailers’ variety pledges put extra Black-owned manufacturers on cabinets

Cora and Stefan Miller started a hair care company after they had their son, Kade, and struggled to find hair products for him. Young King Hair Care is now sold by Walmart and Target.

When Cora Miller had her son, she discovered the baby had a full head of hair — and found few products on the market to style it.

A lot of gels, mousses and creams smelled like fruit and flowers or came in pink bottles. That search inspired Cora Miller and her husband, Stefan, to start their own company, Young King Hair Care. They designed the line of plant-based, natural hair products with little Black boys like their son in mind, and launched the product just before his third birthday.

“I really wanted my son to see himself in the products he uses,” said Cora Miller, the company’s co-founder and CEO. “It was a bugging, nagging feeling about this that wouldn’t go away.”

Young King is now on the shelves of two of the country’s largest retailers, Walmart and Target. It is among the growing number of Black-owned brands that national retailers have begun to sell over the past year in a push to better reflect diverse customers and a commitment to advancing racial equity after the murder of George Floyd.

Companies have made pledges and earmarked donations over the past year. Yet the expanding assortment of Black-owned goods on national retailers’ shelves and websites has become one of the most visible signs of change in the corporate world.

Floyd’s murder one year ago Tuesday not only cast a harsh light on police treatment of Black Americans, said Americus Reed, a professor of marketing at the Wharton School. It led to a reckoning about how Black businesses have been boxed out of economic opportunities and reflected by offensive brands, such as Aunt Jemima or Uncle Ben’s.

By seeking more Black suppliers, retailers have combined “social change and economic savviness” and made a move that can boost companies’ reputations and sales, he said.

“It’s an investment,” he said. “It’s a long-term play to signal to a community that ‘We’ve got your back.'”

More space on shelves

Four days after Floyd’s murder, Aurora James challenged companies in an Instagram post.

“So many of your businesses are built on Black spending power,” she wrote. “So many of your stores are set up in Black communities. So many of your posts seen on Black feeds. This is the least you can do for us. We represent 15% of the population and we need to represent 15% of your shelf space.”

A year later, 25 companies — including prominent retailers like Macy’s, Sephora and Gap — have pledged to do that. James, a Black entrepreneur with a luxury brand called Brother Vellies, leads the 15 Percent Pledge.

James said she has seen progress made by the companies firsthand. A company that joins the pledge signs a contract with the nonprofit, which audits it each quarter. She said the nonprofit looks at its purchase orders and tracks representation of products on shelves. The group also shares resources, such as a database of Black-owned businesses and suggests strategies that companies can use to grow a diverse base of suppliers.

Beyond growing the number of products, retailers are becoming stronger and more supportive business partners, James said. For instance, she added, companies are not only reaching out to Black entrepreneurs who have historically been left out, but are guiding them through common challenges experienced by early-stage businesses. Examples she cited include assisting with package or logo design or paying deposits to businesses when orders are placed to provide upfront capital.

James recently met on Zoom with a group of entrepreneurs who are part of Sephora’s accelerator program. All were women and people of color who are developing makeup and skin-care products for women who look like them.

“Every day, I am hearing messages from Black-owned businesses that are scaling into these opportunities,” she said. “It’s a real game changer. … Ultimately, when we actually empower entrepreneurs, who are in many cases living and working in Black communities, that’s when we’re really going to start to see a big difference across this country,” she said.

Other retailers have announced similar commitments and new approaches.

Lowe’s had a “Shark Tank”-like competition to identify promising products from entrepreneurs of diverse backgrounds and reward them with shelf space, marketing support and small business grants. Ulta Beauty plans to spend more than $4 million on marketing to help Black-owned brands gain traction. Target is launching a new eight-week accelerator program for Black-led start-ups, Forward Founders, as part of a commitment to spend more than $2 billion with Black-owned businesses by the end of 2025. And Walmart featured some Black-owned beauty brands in a recent TikTok streaming event.

James has criticized some companies that have declined to take the 15 Percent Pledge, such as Target, saying its initiatives do not go far enough and don’t come with the same level of accountability.

“Whether or not Target wants to take the pledge or any of these other companies want to take the pledge, we’re still going to keep holding their feet to the fire and pushing them to do more,” she said.

Creamalicious Ice Creams founder Liz Rogers took her Southern roots into consideration when crafting her recipes.

Source: Bobby Quillard

Breaking in

Those efforts have already begun to help minority-owned brands get onto shelves.

Creamalicious Ice Creams, founded by the Black chef and restaurateur Liz Rogers, made its way into Walmart stores in February. Its pints arrived in the freezer aisle several months after Walmart CEO Doug McMillon sent a letter to employees last summer pledging to advance racial equality within its business.

“It’s very hard to get into the [ice cream] category because it’s extremely competitive, there’s no room on the shelves, … and when you’re new, they’re not very open to making room,” Rogers said. “As a minority business, breaking into the frozen dessert category, you have to be a lot more innovative. You have to have a brain and a story, and you have to speak different and stand on your own.”

Rogers said being authentic and true to her Southern roots is what ultimately helped her succeed. “People told me, ‘Don’t call Walmart because they’re going to say no.’ And I said, ‘Well they can say no.’ But they ended up saying yes. And now I’m trying to work with other retailers.”

Creamalicious’ flavors of ice cream, sold online and in some Meijer grocery stores, include “Slap Yo’ Momma Banana Pudding,” “Uncle Charles Brown Suga Bourbon Cake,” and “Porch Light Peach Cobbler.” All of them come with family recipes and draw on African American culture and childhood memories, Rogers said

“Doug McMillon didn’t just write a letter,” she said. “They welcomed me with open arms. … They taught me how to navigate through the system, and mentor me. They were very sincere in wanting me to win.”

Rebecca Allen launched in 2018 as a shoe for women of color who were struggling to find the right version of nude footwear for them.

Source: Rebecca Allen

A footwear brand that caters specifically to Black and Brown women, Rebecca Allen, debuted on Nordstrom’s website this week, and its styles will head to select Nordstrom stores later this year.

The department store announced last fall its goal to bring in $500 million in retail sales from brands owned, operated or designed by Black and/or Latinx individuals by 2025. It was one of a series of diversity and inclusion goals the company set last August. Separately, it committed to include more Black-owned beauty brands in the merchandise mix.

Nordstrom’s buying team has since received a flood of Instagram messages and emails from Black-owned businesses, said Teri Bariquit, its chief merchandising officer.

“There was this momentum and this call to action that gave a platform for more change, faster,” she said. “There has been a lot of very organic outreach directly to us. People see an open door, and we always take those calls.”

Allen, a former Goldman Sachs vice president, founded the company because of her own struggles when shoe shopping. The company’s assortment of heels, flats and sandals come in a wider range of shades, including those that match the skin tone of women of color.

Allen said retailers not only can put brands in front of consumers but can also reverse many years of Black businesses not getting access to the capital they needed to grow.

“It is certainly not enough just to say we’re going to bring these brands on. But it’s really: How are we supporting them to actually be successful, and how are we defining that success?” she said.

Allen has facilitated conversations among other Black-owned brands with Nordstrom to share stories of success and failure, and learn from each other, she said.

“For any of these companies, it’s not going to help anybody if they’re just saying, well, we did it, we hit this 15% quota — or whatever it is,” Allen said.

For so many Black entrepreneurs, just getting a call or email back from a buyer has often been a struggle, Young King’s Miller said. The company’s story shows how getting noticed by a national retailer “changes the trajectory of your company,” she said.

Young King began selling products online in 2019. Yet its business accelerated after its curling cream and conditioner got picked up by Target in January and at Walmart in March. Sales have approximately tripled from a year ago, she said. That has given the company runway to launch new styling products and enter a category outside of hair care, she said.

Target, for instance, mentored the company in its beauty accelerator. It also offered the company endcap displays at nearly 200 stores at a discounted price, she said.

She said she often walks the store aisles with her son, Kade, now 4. The couple has “paid it forward” by hiring other Black-owned businesses, including the manufacturer of the hair-care products and the fulfillment company that ships orders.

“It’s been a long time coming, to be honest,” she said. “It’s kind of crazy to think that there weren’t a lot products for Black or Brown people. There just wasn’t. And so I always get so excited to learn and see other emerging Black-owned brands and see them filling in spaces and gaps.”

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Business

Mark Cuban, different buyers, put $250,000 in basketball tech firm GRIND

Thomas Fields, founder of GRIND Basketball.

Source: GRIND

The term has become popular in professional basketball, but Thomas Fields really “trusted” the process when he attracted money from investors, including Mark Cuban, to expand his business.

Fields is the founder of GRIND, a sporting goods company, and convinced the owner of Dallas Mavericks to get into the business. The 26-year-old Houston native received $ 250,000 for his appearance on “Shark Tank” for his portable shooting machine.

In an interview with CNBC on Wednesday, days after his appearance on Shark Tank on May 7, Fields recalled the process of introducing GRIND into Mach 2020, days before the sport was suspended due to Covid-19.

“It literally took two weeks for the pandemic to hit,” Fields said. “After that, we worked in a Covid world, so we don’t even know what this non-Covid world looks like.”

Throw the sharks

In business terms, GRIND has done well during the pandemic. The basketball machine is set up for a single user and automatically returns the ball to the player, allowing 1,000 hits per hour.

Fields said the company had revenue of around $ 217,000 in the first five months from lockdowns and large gatherings banned. The product currently retails for $ 1,595, according to its website. Similar shooting machines sell for over $ 5,000 on Amazon.

And Fields notes that GRIND folds into a duffel bag in 90 seconds, weighs about 100 pounds, and describes the product as “affordable and accessible to any athlete who wants it”.

When asked about recent sales, Fields declined to disclose numbers, citing privacy concerns for his new partners. “Shark Tank” invited Fields to the show after six rounds of interviews. The last pitch took place in Las Vegas last September.

Mark Cuban on ABC’s “Shark Tank”

Jessica Brooks

His fiancée applied for the show before the company started. Fields said he watched pre-recorded episodes that air on CNBC and made notes. And while he was quarantined in Las Vegas before meeting the sharks, he continued to study the process of his one-off pitch.

“All I could do was practice,” Fields said, adding that he was in “run mode” when he arrived. He put up a cast including the Cuban, the new owner of the Minnesota Timberwolves, Alex Rodriguez, CNBC employee Kevin O’Leary, and businesswoman Barbara Corcoran. After the pitch he got two investors – Cuban and Corcoran – who took over 25% of the company.

“I love the product,” Cuban told CNBC in an email. “I ordered one while the show was filming.”

Fields added, “It was great going through this and after knowing that these two believed in me as an entrepreneur and loved the product, that was more than enough validation to say the company was going to be special.”

Batteries not included

Shortly after recapping the show, Fields remembered more about GRIND’s process. He pointed to 2017 when he was recovering from four ACL surgeries, one of the more extreme injuries in sports, especially basketball. At this point, Fields knew that making it into the National Basketball Association was not achievable.

Fields said he learned to weld thanks to a friend and started working on the concept of the GRIND machine. He raised early investors, but no one provided money. So he started working at Raising Cane’s, a popular fast food chain and local car wash, and saved nearly $ 25,000.

Fields said he had become a “self-taught mechanical engineer,” paid $ 300 a month, and worked on prototypes and proof of concept in his garage.

“Just perfect the machine and make it great,” recalled Fields.

Even Rodriguez welcomed Fields’ persistence on social media. “I got a lot of love, but in the end he was out,” Fields said of Rodriguez.

Today the shooting machines are made in Idaho and Fields has eight employees, including four engineers. GRIND also has an NBA team deal with the San Antonio Spurs, who use the machine for their youth camps.

“We targeted the Spurs because they have the best and largest youth organization in the NBA,” Fields said. “It was strategic and we didn’t partner with them because they were around.”

GRIND is working on a battery that can be added to the machine. This was one of the problems Cubans faced before investing. The machine uses an extension cord for power supply. Fields noted that Cuban told him the product was not portable because it still needed an electrical outlet.

“Ultimately, we don’t want customers running around with 100-foot extension cords,” Fields said. “We want them to be ready and to worry that they will be better.”

Nike and Peloton ambitions

Fields enters a competitive exercise equipment market. The sector is projected to reach $ 89.2 billion in 2025, according to Grand View Research. GRIND also competes with the technology sector as companies like Apple sell subscriptions to exercise and fitness training.

“The way I see it, there is only so much software can do to an individual,” Fields said. “There’s so much hardware can do to a consumer too. I’ve always believed it brings the best of both worlds.

“I believe our hardware solves a real problem that no software can ever figure out – you can get your shots made and missed, pass the ball automatically, and allow you to shoot more than a thousand shots an hour. No software can. ” “”

Fields says he wants to build GRIND as a combination of Nike and Peloton.

“It is a perfect time for us to change the world of basketball through interactive sports equipment,” said Fields. “I think the future is bright for us. We’re much more than a shooting machine company.”

And now the process continues.

Categories
Business

A Graying China Could Should Put Off Retirement. Staff Aren’t Completely happy.

Retirement cannot come soon enough for Meng Shan, a 48-year-old city administrator in the Chinese city of Nanchang.

Mr. Meng, who equates to a lowly, unarmed law enforcement officer, is often forced to hunt down unlicensed street vendors, a job he finds physically and emotionally demanding. The pay is low. Retirement, even with a meager state pension, would finally be a break.

As a result, Mr. Meng was dismayed when the Chinese government said it would raise the mandatory retirement age, which is currently 60 for men. He wondered how much longer his body could handle the job and whether his employer would fire him before he was eligible for a pension.

“To tell the truth,” he said of the government’s announcement, “this is extremely unfriendly to us low-ranking workers.”

China said last month that it will “gradually delay” the statutory retirement age over the next five years to address one of the country’s most pressing problems. The rapidly aging population means a decline in the workforce. State pension funds run the risk of becoming scarce. And China has some of the lowest retirement ages in the world: 50 for women workers, 55 for white-collar workers, and 60 for most men.

However, the idea is deeply unpopular. The government has not yet released details of its plan, but older workers have already stated that they have been cheated of their promised deadlines, while young people fear the already fierce competition for jobs will intensify.

And workers with manual labor or physically demanding jobs like Mr. Meng’s, who still make up the majority of the Chinese workforce, say they will be worn out, unemployed, or both.

The announcement came during the national legislature’s annual session, and afterwards, retirement-related topics were covered for days on Chinese social media, generating hundreds of millions of views and critical comments.

Around the world, raising the retirement age has proven to be one of the toughest challenges a government can face. Russia’s attempt to do so in 2018 resulted in the lowest approval ratings for President Vladimir V. Putin in years. Mr Putin finally pushed the plan through but made concessions, a rare move for him.

A pension reform plan in France sparked a lengthy transport strike last year and forced the government to postpone the proposal.

The Chinese government itself, in the face of a similar outcry, abandoned previous efforts to raise the retirement age in 2015.

This time it seems determined to hold on. But it also recognized the game. Officials seem cautious, leaving the details vague for now, but suggest that the threshold be raised by just a few months each year.

“They talked about it a long time,” said Albert Francis Park, an economics professor at Hong Kong University of Science and Technology who studied China’s pension system. “You really need to exercise some determination to get it through.”

China has been plunging into a retirement age crisis for years. The current standards were set in the 1950s when the average person was expected to only live in their early 40s.

However, with the country’s rapid modernization, life expectancy has reached almost 77 years, according to the World Bank. The birth rates have also fallen, so that China’s population is clearly top-heavy. According to the government, more than 300 million people, roughly a fifth of the population, are expected to be over 60 years old by 2025.

The result is what experts call a serious threat to continued economic growth and competitiveness in China. In Japan and many European countries, residents aged 65 and over are entitled to a pension. At a recent press conference, You Jun, Deputy Minister for Human Resources and Social Security, said that China is risking “a waste of human resources.”

In business today

Updated

April 26, 2021, 6:10 p.m. ET

The backlash has highlighted a number of other concerns in Chinese society on issues such as job security, social safety net and income inequality.

The hypercompetitive environment that defines many employees in China is already weighing on Naomi Chen, a 29-year-old financial analyst in Shanghai. She has often spoken to friends about her desire to retire early to escape the pressures, even if it means living more modestly.

The government’s announcement only confirmed this wish. China is already struggling to create enough well-paid employees for its emerging ranks of university graduates. With fewer retirees, Ms. Chen feared, she would work just as hard, but with less prospect of a payoff.

“Getting promoted is definitely going to be slower because people above me don’t retire,” she said.

In reality, older workers can suffer more. China has modernized so rapidly that they tend to be much less skilled or educated than their younger counterparts, which some employers are reluctant to keep, Professor Park said. In several industries, including the technology industry, 35 is considered the age limit to be hired.

Delaying retirement can also undermine another important government priority: encouraging couples to have more children in order to slow the aging of the population.

Partly due to insufficient childcare resources, the vast majority of Chinese depend on grandparents to be the primary caregivers of their children. Now social media users are wondering what will happen if the older generation is still working.

Lu Xia, 26, said the prospect of retiring later made it impossible to consider a second child. After all, having more children would mean having more grandchildren to look after, even if she was expected to keep working.

“Given our late retirement, it’s hard to imagine what we can expect as grandparents,” said Ms. Lu, who lives in Yangquan City, southwest of Beijing.

If China doesn’t increase childcare support, new parents can leave the workforce or postpone childbirth until their parents retire, exacerbating labor shortages, said Feng Jin, an economist at Fudan University, a government-sponsored labor magazine .

However, experts claim that the cost of inaction would be too high. A 2019 report by the Chinese Academy of Social Sciences predicted that the country’s main pension fund would expire by 2035, in part due to the dwindling workforce.

This has alarmed some young people who are wondering where their own pensions are coming from if nothing changes.

“I think that’s pretty fair,” said Wang Guohua, a 29-year-old blogger in Hebei Province, of the retirement age postponement. “If people are still alive but there is no more money, this has an impact on social stability.”

Mr. Wang added that he hadn’t seen the excitement of retiring at 60 given the increase in life expectancy: “You will have nothing to do.”

In fact, Bian Jianfu, who recently resigned from his job as a manager at a state-owned company in Sichuan Province, said he would not have minded working a few more years. His pension would also have increased.

Mr. Bian receives about $ 1,000 a month, more than double the average for urban retirees. He praised the government for consistently increasing pension payments over the past decade, although some experts have recognized the burden it has put on the system. “The Chinese government treats retirees very well,” he said.

However, this security is unevenly distributed and is likely to remain so even if the government backs up its pension funds.

Mr. Meng, the city administrator, receives approximately $ 460 a month, one-tenth of which is paid for retirement and basic insurance funds. When he finally retires, he expects to be pulling out $ 120 to $ 150 a month.

He admitted it was barely enough to make a living from. But he said he could do it – even if he was now increasingly unsure of when the date would come.

“I can only hold on,” said Meng. “Hold on until I’m the right age.”

Categories
Business

China’s Pressured-Labor Backlash Threatens to Put N.B.A. in Undesirable Highlight

The tensions between the US and China, human rights and the economy meet again uncomfortably on the basketball court.

In China, local brands are benefiting from a consumer backlash against Nike, H&M and other overseas brands for refusing to use Chinese cotton made from forced labor. Chinese brands have publicly accepted the cotton from the Xinjiang region, resulting in large sales to patriotic buyers and praise from the Beijing-controlled media.

In the United States, two of these Chinese brands, Li-Ning and Anta, adorn the feet of NBA players – and those players are amply rewarded for doing so. Two players signed advertising deals with Anta in February. Another signed this week. The Golden State Warriors’ Klay Thompson had previously signed a shoe deal with Anta that was widely reported to be worth up to $ 80 million.

Dwyane Wade, the three-time NBA champion and retired Miami Heat player, has a clothing line with Li-Ning that is so successful that he has recruited young players for the brand.

Like the overseas brands in China, the league and its players could soon feel squeezed between Washington and Beijing. Western companies are being pressured by American officials and lawmakers to respond to allegations of genocide in Xinjiang. But they are facing a consumer-centric backlash in China with celebrities severing ties with brands like Burberry and patriotic citizens burning their Nike shoes on social media.

The NBA and its athletes are familiar with the challenges of holding their own against China and maintaining access to their nearly 1.4 billion consumers. Just two years ago, China banned the NBA from state media outlets after the Houston Rockets general manager supported pro-democracy protesters in Hong Kong.

The league has avoided the final round of controversy so far. It can’t take long.

“It’s hard to imagine that celebrities and brand ambassadors would be able to draw that line between these negative views of China in their home countries and the increasingly clear demands in China to publicly demonstrate the use of products made in Xinjiang,” said Natasha Hassam , Director of the Public Opinion and Foreign Policy Program at the Lowy Institute in Australia.

Chinese companies are unlikely to take a significant blow themselves. The United States banned imports of Xinjiang cotton products in January, but neither Li-Ning nor Anta sell a large number of shoes there. (They are available online, however.) Still, your full support for Xinjiang could have reputational consequences for American athletes.

“It is easier for a Chinese celebrity to say that I will end my relationship with X European and that I will likely be rewarded domestically,” said Ms. Hassam. “Americans who want to benefit from the Chinese market are in a much more difficult place.”

After Li-Ning and Anta released positive statements about Xinjiang cotton last week, investors in China rocketed both companies’ shares. Chinese state media have quickly fueled the show of patriotism. At one point, a pair of Li-Ning shoes was trading under Mr. Wade’s Way of Wade line for nearly $ 7,500.

However, the statements could lead to government scrutiny of future US business operations, said Brian J. Fleming, a sanctions attorney at Miller & Chevalier Chartered.

“With their word, Anta and Li Ning are simultaneously supporting the Chinese government and reaching for US restrictions, which is a combination that is unlikely to be welcomed by the US authorities,” said Fleming.

Anta and Li-Ning did not respond to requests for comment.

Mr. Thompson, one of the NBA’s biggest stars, is known to his Chinese fans as “China Klay” and once said he wanted to be Anta’s Michael Jordan. His teammate James Wiseman and Alex Caruso from the Los Angeles Lakers signed with Anta earlier this year, according to the sportswear brand’s social media account. The Precious Achiuwa of the Heat announced this week that he would be joining Anta.

Comments from Mr. Thompson and other NBA players also went unanswered.

Outside of China, Xinjiang has become synonymous with oppression. Up to a million Uyghurs and other largely Muslim ethnic minorities have reportedly been held in detention centers. In March, Foreign Minister Antony J. Blinken accused China of continuing to commit “genocide and crimes against humanity” in the far northwest.

The NBA has strong reasons to remain silent about China. When Daryl Morey, the general manager of the Rockets, expressed his support for the Hong Kong protests on Twitter in 2019, Li-Ning and the Shanghai Pudong Development Bank’s credit card center broke their partnerships with the team. The Chinese basketball federation, of which former Rockets player Yao Ming is president, has also stopped working with the Rockets.

Mr. Morey deleted the message.

Adam Silver, the NBA commissioner, later said the Chinese government had asked the league to fire Mr Morey, a claim the Chinese Foreign Ministry was quick to deny. However, the incident scarred the NBA’s reputation for promoting free speech and severely restricted its access to the Chinese market.

China Central Television, the state television broadcaster, has stopped broadcasting NBA games following Mr. Morey’s news on Twitter. At the end of last year, coverage for Games 5 and 6 of the NBA Finals resumed for a short period of time. A week later, Mr. Morey resigned as general manager.

In a radio interview earlier this week, Mr Silver said that CCTV has stopped broadcasting NBA games, but fans can stream them through Tencent, the Chinese internet conglomerate. He said the NBA’s partnership with China is “complicated”, but that “doesn’t mean we don’t talk about what we see, you know, things in China that are inconsistent with our values.”

A league spokesman declined to comment on the article.

Money and a large Chinese fan base are at stake for players like Mr. Thompson and dozens of other American athletes, who have been heavily sponsored by Anta and Li-Ning. Mr. Thompson has partnered with Anta since 2014, which has brought him a popular shoe line and sponsored tours in China.

Newer deals between the companies and NBA players could face issues in the coming weeks as tensions between the US and China escalate. Jimmy Butler, a five-time all-star playing for the heat, and Toronto Raptors security guard Fred VanVleet signed up with Li-Ning in November. Mr. Wade, the retired Heat player, helped CJ McCollum and D’Angelo Russell, two Star Guards, close deals with Li-Ning through his line of sportswear.

“My decision to sign with Li-Ning 7 years ago was to show the next generation that this is not just a way of doing things,” Wade wrote on Twitter when he signed Mr. Russell’s contract in November 2019 announced Chance to build a global platform that provides future athletes with a canvas to create and be expressive on. “

Sopan Deb contributed to coverage from New York and Cao Li from Hong Kong.

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Business

Funding Agency’s Collapse Put Unseen Dangers on Full Show

After the implosion of a little-known investment firm that last week weighed billions in losses on banks around the world, a big question is being asked all over Wall Street: How did they let this happen?

The answer could be because Archegos Capital Management, with the full support of at least half a dozen banks, placed bets on stocks without actually owning them.

Archegos used esoteric financial instruments called swaps, which get their name from the way they exchange one stream of income for another. In this case, Wall Street banks bought certain stocks Archegos wanted to bet on and Archegos paid the banks a fee. Then the banks paid Archegos the stock returns.

These swaps increased the fund’s purchasing power, but also created a two-pronged problem. Archegos has been able to build a lot more leverage on the stock prices of a few companies, including ViacomCBS and Discovery, than it could afford on its own. And since there are few regulations governing this type of business, there have been no disclosure requirements.

When those bets got sour last week after the stocks of some of the companies in question fell, it sparked a miniature crisis: the banks that made Archegos amass such large holdings angrily sold the stocks to protect their own balance sheets and the tide of cheap ones Shares pushed share prices even further down. And Archegos himself imploded.

The blind-side hit shuddered the financial system, stuck banks at losses that some analysts say could hit $ 10 billion. And for a time Wall Street feared that problems might cascade.

“The disclosure system doesn’t cover any of this,” said Dennis Kelleher, executive director of Better Markets, a monitoring group on Wall Street. “These derivatives are designed for synthetic exposures that de facto hide ownership.”

If banks add up their losses and shareholders are wise about the impact on their portfolios, the tactics used by Archegos will attract the attention of regulators and renew calls for further regulation of swaps and similar financial products called derivatives.

The Securities and Exchange Commission said it was monitoring the situation, and Senator Elizabeth Warren, Democrat of Massachusetts, said the Archegos collapse was “all set for a dangerous situation.”

“We need transparency and strong scrutiny to ensure that the next explosion in hedge funds does not affect the economy,” she said in a statement sent via email.

Recognition…Emile Wamsteker / Bloomberg News

Archegos was actually a family office set up by Bill Hwang, who previously ran a hedge fund that was involved in an insider trading case under his leadership. However, some Wall Street analysts calculated leverage – essentially trading borrowed money to increase their purchasing power – that was potentially eight times their own capital.

In this case, the leverage was shown in the form of swap contracts. In return for a fee, the bank undertakes to pay the investor what the investor would have received through the actual possession of a share over a certain period of time. When the price of a stock rises, the bank pays the investor. If it falls, the investor pays the bank.

In business today

Updated

March 31, 2021, 6:27 p.m. ET

Archegos focused its bets on the share prices of a relatively small number of companies. These included ViacomCBS, the parent company of the country’s most watched network; the media company Discovery; and a handful of Chinese technology companies. The banks that bought swaps alone held millions of shares in ViacomCBS.

Typically, large institutional investors are required by the SEC to publicly disclose their holdings at the end of each quarter. This means that investors, lenders, and regulators know when a single company has a large stake in a company.

However, the SEC disclosure rules typically do not apply to swaps, so Archegos did not have to report its large holdings. And none of the banks – at least seven known to have had ties with Archegos – saw the full picture of the risk the fund was taking, analysts say.

The use of equity-related derivatives has increased significantly in recent years. The number of equity derivatives outstanding – including swaps and a related instrument known as a forward – for US-listed stocks more than doubled from $ 50 billion at the end of 2015 to more than $ 110 billion in the first half of 2020, according to current news Data available, according to the Bank for International Settlements, an international consortium of central banks.

The use of swaps and other types of leverage can exceed profits when investments pay off. But when such bets go wrong, it can quickly wipe an investor out.

That happened last week. Several stocks that Mr. Hwang’s company had bet on began to fall, and banks demanded that he put up additional money or other assets. Known as “margin,” this is a cushion of cash that is designed to ensure that the bank does not lose money if stocks fall. When he was unable to do so, the banks tossed millions of stocks they had bought.

The impact on stock prices has been profound, with ViacomCBS down 51 percent and Discovery down 46 percent last week. The shareholders of these companies saw the value of their holdings decline. Those two stocks alone were wiped out with shareholder value of more than $ 45 billion. And banks lost money on stocks that had fallen in value. Kian Abouhossein, an analyst with JP Morgan, estimated that banks lost $ 5 billion to $ 10 billion in their dealings with Mr. Hwang.

Credit Suisse may have lost $ 3 to 4 billion, Abouhossein estimated. Japanese bank Nomura Securities has stated that it is exposed to losses of up to $ 2 billion. Morgan Stanley and Goldman Sachs have announced that they expect minimal losses – meaning it won’t seriously affect their financial results – but for such large companies that could still mean millions of dollars. Mitsubishi UFJ Securities Holdings Company, a unit of the Japanese financial conglomerate, reported a potential loss of around $ 270 million.

Analysts say the damage has been relatively minor, and while the losses have been large for some players, they are not large enough to pose a threat to the wider financial system.

But the episode will most likely revive a push to expand derivatives regulation that has been linked to many significant financial blows. During the 2008 crisis, insurance giant AIG nearly collapsed under the weight of the unregulated swap contracts it entered into.

The cascade of problems that began with Archegos was just the latest example of the ability of derivatives to increase invisible risk.

“During the 2008 financial crisis, one of the biggest problems was that many banks didn’t know who owed what to whom,” said Tyler Gellasch, a former SEC attorney who heads the Healthy Markets Association, a group advocating market reform. “And it seems this happened again.”

Matthew Goldstein contributed to the coverage.

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Business

The Week in Enterprise: Go Forward, Put Off Your Taxes

Good morning and have a nice spring. We hope you can enjoy another Sunday ignoring your tax returns (or, if you’ve already done so, feeling complacent). But first, here’s what you need to know about the business and technical news for the week ahead. – Charlotte Cowles

Good news for procrastinators like me or anyone whose taxes have been hampered by the pandemic: The Internal Revenue Service has extended the deadline for filing taxes by one month to May 17th, the passage of the American rescue plan. The law stipulated that the first $ 10,200 in unemployment benefits would be tax-free for those who earned less than $ 150,000 in the previous year. This is a significant benefit for many people whose jobs have been disrupted. But if you’ve already filed, don’t worry – the IRS said it would automatically send these refunds to qualified people.

Relations between China and the Biden government got off to a rocky start with the first face-to-face meeting between diplomats last week. On the eve of the talks, the United States took a confrontational tone by imposing sanctions on 24 Chinese officials for undermining democracy in Hong Kong. In return, China’s top diplomat accused his American colleagues of being “condescending” among other things. According to President Biden’s team, the aim of the three-day meeting was to find common ground for climate change and the fight against the pandemic, and to dispel US concerns about Chinese trade and military interference. The tension is not a good sign of moving forward in future negotiations.

Ten women suing the Walt Disney Company for “widespread gender pay discrimination” added another charge to their list: Disney “has a strict policy of pay secrecy.” A new section of the lawsuit relates to an episode in which a Disney employee was “disciplined for passing her wages on to employees.” Pay transparency is seen as an important part of closing racial and gender pay gaps, and retaliation for discussing your own pay is in violation of California law and the National Labor Relations Act. Disney has denied the claims and vowed to defend itself.

Walmart jumps on the vaccination record and says they will provide standardized digital vaccination cards to anyone who gets vaccinated in any of their stores or at Sam’s Club. The retailer will develop a health passport app that will allow people to check their status at airports, schools, sports arenas and other potentially crowded places. Walmart joins an existing push by major health centers and tech companies like Microsoft, Oracle, Salesforce, and the Mayo Clinic, as well as a European Union proposal that would require vaccine reviews for travel in specific areas.

How has the pandemic changed your taxes?

Are business stimulus payments taxed?

No The so-called economic impact payments are not treated as income. In fact, it’s technically an advance on a tax credit known as a Recovery Rebate Credit. The payments could indirectly affect state income tax payments in a handful of states where federal tax is deductible from taxable state income, as our colleague Ann Carrns wrote. Continue reading.

Are my unemployment benefits taxable?

Most of time. Unemployment insurance is usually subject to both federal and state income tax, although there are exceptions (nine states do not levy their own income taxes, another six are exempt from taxation according to the tax foundation). However, they do not owe so-called wage taxes, which are paid for Social Security and Medicare. With the new relief bill, the first $ 10,200 in benefits will be tax-free if your income is less than $ 150,000. This applies to 2020 only. (If you’ve already filed your taxes, see IRS guidelines.) Unlike employer’s paychecks, unemployment taxes aren’t automatically withheld. Recipients have to register – and even if they do, federal taxes are only withheld at a flat rate of 10 percent of the benefits. While the new tax break will provide a cushion, some people might still owe money to the IRS or certain states. Continue reading.

I worked from home this year. Can I make the home office deduction?

Probably not, unless you are self-employed, an independent contractor, or a gig worker. The revision of the tax law at the end of 2019 removed the home office allowance for employees from 2018 to 2025. “Employees who receive a paycheck or W-2 solely from one employer are not entitled to the allowance, even if they are currently working from home. Said the IRS. Continue reading.

How does the family leave the credit work?

The self-employed can take paid foster leave if their child’s school is closed or their usual childcare provider is unavailable because of the outbreak. This works similarly to the smaller sick pay – 67 percent of average daily earnings (for either 2020 or 2019), up to $ 200 a day. However, the care leave can last 50 days. Continue reading.

Have the rules for donating to charity changed?

Yes. This year, you can deduct up to $ 300 for charitable donations even using the standard deduction. Previously, only those who made a breakdown could claim these deductions. Donations must be made in cash (such as checks, credit cards, or debit cards) and must not contain any securities, household items, or other property. For 2021, the withdrawal limit for joint applicants will double to $ 600. Itemizer rules have also become more generous. The charity donation limit has been removed so individuals can contribute up to 100 percent of their 60 percent gross adjusted income. However, these donations must go to charitable organizations in cash. The old rules apply, for example, to contributions to funds advised by donors. Both provisions are available until 2021. Read more.

Facebook, Google, and Twitter executives are grilled in Congress this Thursday, this time for their failure to tackle the spread of misinformation. Technical executives were last summoned by lawmakers in November 2020 when Facebook’s Mark Zuckerberg and Twitter’s Jack Dorsey faced a firestorm of content moderation questions, largely because of their attempts to prevent a wave of falsehoods in the presidential election. This time around, they will be asked about misinformation about coronavirus vaccines and the electoral fraud conspiracy theories that continue to spread on their platforms.

The two biggest names in economic policy – Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen – will appear together for the first time this week as they testify to the House Financial Services Committee on the progress of pandemic relief efforts. The hearing comes a week after the Fed revised the economic outlook to forecast stronger growth and more reassuring that interest rates would stay near zero for years to come.

Education has ditched Trump-era policies that restricted debt relief for students defrauded by nonprofit educational institutions. Newly hired Teen Vogue editor Alexi McCammond stepped down over racist and homophobic tweets she posted a decade ago. Retail sales fell 3 percent in February as consumers struggled with declining stimulus effects and devastating winter storms.

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Entertainment

See John Krasinski Put Phrases to The Workplace Theme Music on SNL

This was the original @ theofficetv theme song. Don’t ask questions. pic.twitter.com/GENJfBjGks

– Saturday Night Live – SNL (@nbcsnl) January 31, 2021

Everyone knows the well-known melody of The officeJohn Krasinski decided to give it a little more flair even though he’s already an icon. In a sketch for the January 30th episode of the SNL episode, John, who served as the host, remixed the theme song and added a series of funny “lyrics” in the form of observations to the clips that appear in the show’s opening credits.

“Scranton, Scranton, Scranton, Scranton, Scranton, Scranton, Scranton, Scranton”, he begins the “long lost lyrics” of the song to the rhythm of the music. “That’s where we all live and work – that’s a calculator. There’s Dwight, he’s the bad guy, and the hero’s name is Jim!”

There’s more to it, and while it’s extremely catchy, it’s definitely better to hear than read. Listen to the entire “original” The office Theme song as written and performed by John Krasinski in the clip above (and don’t miss his opening monologue which included a very memorable kiss).