European markets fall as infections in Germany and the US increase. USA
Major European markets traded 2 percent lower on Wednesday amid new signs that the coronavirus outbreak is proving difficult to stop. Futures markets suggested that Wall Street would open about 1 percent lower.
The drop followed a mixed day of trading in Asia, but sentiment deteriorated as investors digested the reports. Prices of United States Treasury bonds and gold futures, both indicators of investor nervousness, were higher. Oil futures also fell.
German authorities reimposed local blockades this week after an outbreak in a slaughterhouse infected more than 1,500 people. In the United States, an increase in new cases in southern states like Florida, Texas and Arizona has prompted new warnings about the dangers of the pandemic.
Dr. Anthony S. Fauci, the top infectious disease expert for the United States government, told US lawmakers Tuesday that he was seeing a “disturbing increase” in some places. He urged the government to stock up on masks and other supplies.
Underscoring nervousness about the effectiveness of the American response, The New York Times reported that European Union countries are prepared to block the entry of Americans by reopening their borders because the United States has been unable to control the outbreak.
After criticism, India may allow some international flights.
India is being pressured to open its airspace to international carriers after the United States and some European nations accused it of discriminatory practices under the guise of “repatriation” flights.
The US Department of Transportation. USA He said Monday that Indian charter flights, organized by the government to bring Indian citizens home amid global travel restrictions, go beyond “true repatriations.” He accused India’s national airline Air India of selling tickets on the open market, even as New Delhi officials prevent US airlines from flying to India. Future chartered flights, US officials said, would require Washington’s approval.
The Indian government suspended international air travel operations on March 22 after imposing a national blockade to curb the spread of the coronavirus. On many occasions, it did not give the green light to chartered flights operated by US carriers.
India’s civil aviation ministry said in a tweet Tuesday that it was considering easing those restrictions to allow flights by American, French, British and German airlines.
US transportation officials. USA They have taken a tougher stance on flight restrictions imposed by other countries like China. But India’s borders were also criticized by Indian passengers, and local media published articles citing some who spent thousands of dollars on a handful of tickets.
A family member is asking for money. What do you do?
As coronavirus continues to dismantle livelihoods across the country, advisers can expect family financial dramas to emerge, according to a new survey by Commonwealth, a nonprofit group investigating financial opportunities and security for those financially vulnerable.
The survey, conducted in late April, collected responses from 944 people across the United States with household incomes of less than $ 75,000. Among them, 16 percent of those who had been permanently laid off reported receiving more financial support from family or friends than before February 1.
The rules on how much to lend and when, if ever, to pay back are written in real time, like much of life during the pandemic. Concerns that family members are more generous than they can afford cannot be misled.
“It depends on how close family members are, but some will not pay attention to pay more than they should,” said William Carrington, an adviser in Fort Lauderdale, Florida, who works with US Foreign Service workers. USA
Payment plans must be established before the money leaves a bank account, financial professionals say. But even then, lenders must prepare for failure.
“In this situation, with Covid specifically, reflecting on whether it would be okay if you never got this money back is probably a good idea,” said Mariel Beasley, co-founder of Common Cents Lab, a financial behavior research laboratory at Duke University. .
Shares on Wall Street rose Tuesday along with world markets as investors focused on signs of economic recovery and the prospect of another round of government stimulus spending.
The S&P 500 was up less than half a percent. As they have done for several days recently, tech stocks fared even better than the overall market, with the Nasdaq compound returning to a record.
The gains came after a turbulent night for financial markets around the world, after one of President Trump’s advisers seemed to suggest that a trade deal between the United States and China had been scrapped. But after Trump turned to Twitter, and his surrogates appeared on television to clarify the statement, the shares quickly recovered.
The positive sentiment was the initial surveys of corporate purchasing managers that echoed other signs of an ongoing rebound in the United States, Britain and Europe. The IHS Markit Composite Purchasing Managers’ Index for the United States rose to 46.8 in June, from 37 in May. A reading below 50 still indicates an economic contraction.
“The second quarter started with an alarming rate of collapse, but output and jobs are now falling at much more modest rates in both the manufacturing and service sectors,” said Chris Williamson, chief business economist at IHS Markit, in a statement accompanying the data. “The improvement will fuel hopes that the economy can return to growth in the third quarter.”
In recent years, hospitals have started playing innkeepers to open the door to more elective surgery, which is the lifeblood of their income.
They developed hotels near their operating rooms where patients, who often came from abroad for specialized treatments, could comfortably recover. Expanding into the hospitality business also enabled healthcare providers to avoid the high costs of hosting.
But as with much more, the coronavirus pandemic has devastated medical tourism. To allow doctors to focus on emergencies, hospitals have canceled hip replacements and tummy tucks, while flight bans have left many foreign visitors.
“Unfortunately, the future looks bleak,” said Trey Hulsey, co-founder of Hayakoum, a three-year service that handles travel arrangements for Middle Eastern patients destined for hospitals in Boston, Houston and Philadelphia. “It was one hit after another.”
However, hospitals, whose costs have risen as the pandemic progressed, may have little choice but to revive the sector, according to some developers, who continue to move forward despite uncertainty.
“We want to focus on the entire patient experience,” said Ana López-Blázquez, executive vice president of Baptist Health South Florida, owner of the Miami hospital.
The Walt Disney Company has decided to shut down Disney English, a chain of 25 12-year-old language schools in China, ending a once-promising business that has sometimes raised questions about education as a brand-building.
The learning centers, in six cities and which use Disney characters like Mickey Mouse and The Little Mermaid on their resumes, have been closed since the end of January, when the Chinese government began taking aggressive measures to contain the coronavirus. Traditional schools have been allowed to reopen slowly, but some supplemental education centers, including Disney English, have remained closed.
Mahesh Samat, executive vice president of consumer product marketing for Disney in the Asia-Pacific region, told parents in a letter Monday that Disney English had made the “difficult decision” not to reopen. The chain was founded in 2008, when China’s rapidly growing middle class had created an increased demand for English language learning. Disney developed the curriculum in association with Columbia University.
He added that Disney was “taking care of each and every one” of the teachers affected by the decision, but did not specify how. Tuition paid in advance will be refunded. The learning centers, targeting children ages 2 to 12, charged approximately $ 2,000 per year for approximately 100 hours of instruction.
Shortly after the coronavirus pandemic largely closed the country’s hotels and golf courses, the Trump Organization asked its lender, Deutsche Bank, for a break from its monthly loan payments. President Trump’s company owed the German bank a total of more than $ 300 million, most of which was on loans related to the Trump National Doral golf complex in Florida and the Trump International Hotel in Washington.
Deutsche Bank executives recently made an offer to the Trump Organization: The company could skip some payments on some of its loans, but the loans would eventually have to be paid in full, according to people familiar with the matter. The offer was similar to what Deutsche Bank was proposing to other struggling customers.
The Trump Organization rejected the proposal, which officials concluded was not worth accepting, the people said.
Deutsche Bank officials, wary of doing a financial favor to a president whose administration oversees the bank, were surprised that the Trump Organization did not accept the relief offered, however modest it might have been.
This is not the first time that the Trump Organization has tried to rework its debts with Deutsche Bank. In 2008, during the global financial crisis, the Trump company was required to repay a loan that had financed the construction of the Trump International Hotel & Tower in Chicago. After Deutsche Bank refused to extend the loan’s maturity date, the Trump Organization sued the bank, blaming Deutsche Bank for causing the financial crisis and arguing that it constituted an act of God nullifying the contract.
That lawsuit was eventually settled, but Deutsche Bank stopped working with Trump for a few years. The relationship restarted in 2012 when the bank agreed to make various loans to the Trump company, including $ 125 million to finance the Doral golf complex.
Catch up: this is what is happening the most.
-
Spirit Aerosystems, a key Boeing The supplier said in a securities filing that Boeing had cut an order for fuselage parts due to the effect the pandemic has had on global aviation. Boeing now only wants 72 ships, compared to 125. (The aerospace giant had already reduced its order from 216 earlier this year.)
The reports were contributed by Mohammed Hadi, Tammy LaGorce, CJ Hughes, Carlos Tejada, Sameer Yasir, Brooks Barnes, David Enrich, and Niraj Chokshi.
