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Dolphins coach Brian Flores has become the first NFL coach to issue a statement on the murder of George Floyd. And it is a powerful one. The statement, provided to ESPN.com, points out the inconsistency between those who have loud opinions on issues like Colin Kaepernick's anthem protest and devices for incentivizing the hiring of [more]
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Astronauts launched to the International Space Station in a historic first for NASA and SpaceX.
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Airlines schedule major increase in flights in July as pressure mounts on ministers to ease quarantine
Airlines have scheduled a dramatic increase in flights in July in anticipation that Governments will lift travel restrictions for holidaymakers and save the industry from potential collapse, according to data seen by The Sunday Telegraph. The companies which have already laid off tens of thousands of workers are banking on a “V-shaped” recovery by scheduling 161,200 passenger flights and 29.5 million seats for July, just eight per cent down on last year’s July timetables. The strategy to open up business travel and holiday routes to hotspot favourites like Greece, Italy, France and Spain comes as most European countries are preparing to lift their quarantines or open their borders in mid June or at least by July 1. It will increase pressure on Boris Johnson to make good his suggestion last week that the UK’s quarantine - to be introduced on June 8 - could be replaced with “air bridges” to low-risk holiday destinations when it is reviewed on June 29. One senior industry source claimed: “The sense is that they might quietly do a U-turn after the first review period. Grant Shapps [the Transport Secretary] is against quarantine, the Treasury are against it, Beis is against it and DCMS hate it.” The exclusive data, from Cirium, a travel analytics firm, shows how the coronavirus pandemic devastated the aviation industry as it tore across the world. Scheduled passengers were 22.5 million in February, 10 per cent up on last year before it slumped by 93 per cent in April and May. It has risen in June to 38.5 per cent down on last year, as the Far East has opened up, and rises to just minus eight per cent in July as airlines anticipate Europe unlocking. June and July are “scheduled” rather than actual flights, which will depend on quarantines easing in June and July. Germany has lifted restrictions, Italy wants to resume travel on June 15, and Spain and Portugal are aiming for July 1. France hopes to drop border controls to and from EU countries after June 15 except with countries that impose quarantine on a “reciprocal” basis, namely the UK. Greece has excluded the UK from a “white list” of 29 countries it judges are low-risk enough from which to accept tourists from June 15 without quarantine although it will open up to more countries after it reviews their infection rates at the end of June. British Airways says it is aiming for a “meaningful return” to flying in July, RyanAir plans to ramp up flights to at least 40 per cent of its normal July schedule and EasyJet, which has laid off one in three staff, hopes to operate 30 per cent of its pre-crisis timetable from July to September. Paul Charles, chief executive of PC Consultancy, which advises the tourist industry, said Britain’s quarantine risked “killing” the economy. “Travel companies have not had any bookings for April or May. They are worried that if they don’t get them in June, they will go under,” he said. The Airport Operators’ Association (AOA) has urged ministers to aim for the first “air bridges” to “low risk” destinations by June 8 so that holidaymakers can sidestep quarantine and the requirement to self-isolate for 14 days on their return to the UK. The Department for Transport will shortly publish new guidelines for “safe” travel which will include face coverings or masks throughout the journey, temperature checks, social distancing in airports and contactless travel including for check-ins and payments. An AOA spokesman said: “Once these guidelines are agreed and given that they are based on a common European baseline, this puts in place the right conditions for opening up air bridges to low-risk countries.” The Home Office which has led the moves to introduce quarantine has, however, warned that it will block attempts to lift the quarantine unless it is safe and there is no risk of it sparking a second wave of coronavirus. A Department for Transport source said: “There is certainly a willingness in Government to do as much for this Summer as is safe.” Post-coronavirus air travel: No travel if you have symptoms If ill, no cost re-booking or refunds up to six hours before flying Face masks or coverings from arrival at airport to leaving terminal at destination Only passengers in the terminal, no tearful goodbyes at departure gates Contact-less electronic check-in and boarding Social distancing and one-way systems for waiting and queuing passengers Airports' association pressing for temperature checks Exemption from two-metre rule on plane No on-board duty free, reduced food and drink service, pre-packaged food and cashless payments
(Bloomberg) -- China’s factories are starting to hum again, but executives are now worried that the rebound could falter on weak demand at home and abroad.Justin Yu, a sales manager at Zhejiang-based Pinghu Mijia Child Product Co. that makes toy scooters sold for American retailers, is among those seeing their order book improve from the depths of the coronavirus lockdown, but remain well below normal.“We are seeing more orders coming in this month as we get closer to our normal peak season,” Yu said. “But our orders are still 40-50% lower than last year.” The factory’s production capacity is running at about 70% to 80%, and Yu is making to order to avoid any build up in stock.The disconnect between China’s recovering production and still dormant demand is already showing up in data revealing a rise in inventories. The worry is that sustained overproduction will lead China’s factories to keep cutting prices, compounding global deflationary headwinds and worsening trade tensions, before they eventually cut back on production and therefore jobs.“The supply normalization has already outpaced demand recovery,” said Yao Wei, China economist at Societe Generale SA. “In other words, the recovery so far is a deflationary recovery.”Given the weak export outlook, manufacturers such as Fujian Strait Textile Technology Co. are switching their business models to target the home market. It used to sell 60% of its products to Europe and the U.S. before the coronavirus crisis wiped out those sales. Now, Dong Liu, the company’s vice president, is looking for opportunities at home.“Our company executives have started to visit the local market to make more potential clients know about us,” he said. “Since May 26, we have been producing 24 hours everyday at full capacity. All the inventory has already been sold and we’re rushing to make goods.”But the domestic strategy isn’t without its challenges. While China’s consumers are largely free to resume their regular lives as fresh virus cases slow to a trickle, they just aren’t spending like they used to.Retail sales slid 7.5% in April, more than the projected 6% drop. Restaurant and catering receipts slumped by 31.1% from a year earlier, after a 46.8% collapse in March.What Bloomberg’s Economists Say...“Although demand conditions are improving on the margin, they will still take a long time to recover to where they were before the virus crisis. Investment is picking up, domestic consumption improving and external demand is less bad than it was.”\-- Chang Shu, Bloomberg EconomicsIn Zhenjiang, Jiangsu province, Melissa Shu, an export manager for an LED car lighting factory, said although orders are steadily improving, there’s no sense of urgency from her clients and the outlook remains uncertain.“We’re just making goods slowly,” Shu said. “We are worried about the coming months.”Some producers may be hoping for a real-life enactment of Say’s law, a part of economic theory which suggests that ultimately supply will create its own demand, as long as prices and wages are flexible.Another scenario is that industry self corrects, according to UBS Group AG’s Chief China Economist Wang Tao. She points to strong steel production during the depths of the coronavirus lockdown, even when demand was weak. Higher inventories means that even as demand recovers, steel production won’t show much of a pick up. And once producers know that orders are falling, they will adjust output.“I do not think supply will outstrip demand for long – once inventories build up, or producers know orders are falling, production will come down as well,” she said.That could pose other problems though, especially as unemployment rises. Premier Li Keqiang in a press conference on Thursday highlighted job creation as a critical priority for the government.The urgency to create jobs may mean there’s even less likelihood of a shake up of state owned companies in the heavy industrial sectors that have historically fueled excess production.The disconnect is already clear in data points that show, for example, stronger coal consumption by power plants and rising blast furnace operating rates by steel mills, while at the same time gauges for property and car sales are improving more slowly. That combination will drag on China’s growth over the coming months, according to economists at Citigroup Inc.The problem for China’s industrial sector -- due to its massive output -- is that it really needs both local and global demand to be strong. If both are weak, it’s clearly a dire outlook. But if local demand recovers and global demand doesn’t, there are still problems.“At the end of the day, China’s economy is driven by demand and right now there is no demand,” Viktor Shvets, head of Asian strategy at Macquarie Commodities and Global Markets, told Bloomberg Radio.A scenario where manufacturers capacity originally dedicated to the export market is retooled to produce for the home market instead would still lead to overproduction. Then the supply-demand mismatch would end up adding to deflationary pressures and a pose fresh headwinds to economic growth, according to Bo Zhuang, chief China economist at research firm TS Lombard.For now, China’s factory owners are hoping it won’t come to that.Grace Gao, an export manager at Shandong Pangu Industrial Co. that makes tools like hammers and axes -- around 60% of their goods go to Europe -- is seeing orders come in as her clients get up and running again. But even as things pick up, Gao remains hesitant to call a full recovery.“Our clients are facing unprecedented problems,” she said. “It’s still hard to estimate when we’ll get back on our feet.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Fox News’ Leland Vittert Describes “Very Frightening” Scene Near White House As Protest Targets He And His Crew
Fox News reporter Leland Vittert, his cameraman and two security officers were harassed and struck by protesters in Lafayette Park as they covered the demonstration near the White House early on Saturday. In an interview with Deadline, Vittert described how a number of those in the crowd turned their anger on the network, before about […]
The tweet received more than one million likes in less than five hours.