- U.S.The Independent
American Ryder Cup-winning captain Davis Love III and his wife were lucky to escape unharmed after their Sea Island mansion burnt down completely in a horrific blaze.The property in Glynn County, Georgia, caught fire in the early hours of Friday morning, with a 911 emergency call being made to the fire department at 5:18am.But firefighters confirmed that upon the first truck’s arrival at 5:23am, the house had already suffered significant damage that left it unsalvageable.Chief of the Glynn County Firefighters precinct RK Jordan said: “The house was gone upon our arrival.”The enormous blaze took three fire engines, 16 firefighters, a tanker truck and three rescue vehicles to bring under control, but both 55-year-old Davis Love II and wife Robin were able to escape to safety before the fire engulfed their home.“While everyone in our family is saddened at the loss of our home that was filled with so much laughter and incredible memories, we’re very blessed that everyone is safe and unharmed,” the 2016 Ryder Cup captain said in a statement.“We’re very thankful to the first responders who made a valiant effort to save our home, and we’re keeping things in perspective as people across our community and around the world are struggling with the current unprecedented health crisis.“We appreciate all your thoughts and prayers and your respect for our privacy.”Love II led the United States to victory over Europe at Hazeltine four years ago, and won the 1997 PGA Championship as his one and only major triumph during a career that brought 21 PGA Tour event wins, his most recent of which came in the 2015 Wyndham Classic.An investigation has been launched into the cause of the fire.
- WorldYahoo News UK
Coronavirus: Police left in 'absolute shock' after finding 25 adults and children at karaoke party despite lockdown
Derbyshire Police said its officers were left shocked after finding the gathering of 25 adults in children in Normanton, Derby, on Saturday night.
(Warning: Spoilers ahead. Do not watch if you haven't seen all seven episodes of Netflix's "Tiger King.") Like a stealthy tiger padding through the jungle, no one saw Netflix's "Tiger King" coming until it was too late to un-see the questionable conditions the animals were kept in, and the questionable taste in tattoos of nearly […]
- WorldPA Media: World News
The latest action comes as analysts ponder how deeply the secretive country has been affected by the coronavirus.
China reported a drop in new coronavirus infections for a fourth day as drastic curbs on international travellers reined in the number of imported cases, while policymakers turned their efforts to healing the world's second-largest economy. The city of Wuhan, at the centre of the outbreak, reported no new cases for a sixth day, as businesses reopened and residents set about reclaiming a more normal life after a lockdown for almost two months. Smartly turned out staff waited in masks and gloves to greet customers at entrances to the newly-reopened Wuhan International Plaza, home to boutiques of luxury brands such as Cartier and Louis Vuitton.
(Bloomberg Opinion) -- All upheavals leave their marks. Some fade away, some linger. Following the Black Death, the plague that’s believed to have killed 60% of Europe’s population in the second half of the 14th century, the realization that life is short, played a big role in shaping interest rates in late medieval Europe, stretching all the way to the Enlightenment. Could we witness very long-term effects from the present contagion? The coronavirus pathogen isn’t as deadly as bubonic plague, and our toolkit for dealing with pandemics is far better stacked than when the pestilence reached the harbor of Messina on the northeastern coast of Sicily in late 1347. But while the dislocation caused by the respiratory disease has had a catastrophic impact on commodity and asset prices, a recovery may not close the chapter. The coronavirus, too, could leave a durable imprint.Economic historians quibble over the exact consequences of the Black Death, though they agree that the sudden depopulation had a dis-inflationary impact. Workers’ productivity shot up because previous generations were eking out little extra output from finite land. Now they were gone; the Malthusian trap, in which growth was constrained by limited food supply, had sprung open. Average annual global inflation between 1360 and 1460 slowed to just 0.65% compared with 1.58% between 1311 and 1359, according to historian Paul Schmelzing’s study analyzing eight centuries of interest rates, published by the Bank of England in January. Nominal wages rose in line with productivity and to lure survivors to till the land. Dis-inflation boosted real wages.The change in behavior was more stark. “The Black Death created not just the means for wider parts of the population for excessive consumption – but the traumatizing experience of sudden decimation in the earthly life also triggered the impetus to enjoy it to the fullest, while still able to,” Schmelzing notes. Products that hadn’t been for mass consumption earlier — such as linen underwear and glass panes in windows — became more widely available as cheap capital rushed to satiate the growing desire to consume, according to “Freedom and Growth,” historian Stephan Epstein’s review of states and markets in Europe between 1300 and 1750. Sumptuary laws that, among other things, sought to limit the height of Venetian women’s platform shoes were the state’s way to rein in conspicuous consumption; eventually the mad spending ended and savings went to bond markets. A republican ethos was born. An outbreak in a pre-capitalistic society has no exact parallels with today, though it does highlight some of our current challenges. The “secular stagnation” theory has blamed a hollowing out of aggregate demand over decades for the anemic recovery from the 2008 crisis. The lackluster share of wages in output may be exerting relentless downward pressure on interest rates. By laying bare the fault lines of production that rely on people to come together on buses, trains, planes and in offices and factories, the virus could hasten the age of the robot and the algorithm. Since automatons need no pay, the demand deficiency could worsen. We could as easily see the opposite effect if new norms of social distancing help working families chip away at education and commuting costs as more instruction and work go permanently online. After the demise of trade unions and the rise of cheap labor in China and India, we’ve grown accustomed to thinking of wage costs as a bargain in which capitalists perennially hold the upper hand. But what if the measures taken by nation states to fight the virus with wage support, cash grants and student loan relief, stay on after the emergency has eased and tilt the balance of power again?Tilting the balance is what the English kings attempted by issuing ordinances, repeatedly for nearly a century, to fix summer wages for masons and carpenters to their low, pre-Plague levels. This time, the pendulum may swing the other way. As Massachusetts Institute of Technology economist David Autor has pointed out, codification of repetitive work (think, bank tellers) has swelled the ranks of labor in elder-care and other hard-to-automate, non-routine tasks, preventing pay increases despite strong demand in affluent economies. A newfound societal premium on manual occupations may spur wages for those who provide the human touch. It’s impossible to predict if the virus will inject a welcome impatience into spending out of pay checks that are augmented by state support, or whether the global economy will get mired in deeper stagnation. A disease that’s especially harsh on older people could alter global demographics, with as-yet-unpredictable consequences for pension savings and asset demand.The borrowing costs for large monarchies fell to 8% to 10% by the early 16th century from 20% to 30% before the Black Death, according to Epstein. Florence, Venice and Genoa as well as cities in Germany and Holland saw rates slump to 4% from 15%. Surprisingly, the drops coincided with large increases in sovereign debt to boost military preparedness. We, too, are faced with a ballooning of sovereign debt to wage a war on the pandemic. Developed as well as emerging economies may have no option except to provide a universal basic income in addition to boosting hospital capacity and nationalizing chunks of their collapsed financial systems and bankrupt industries. Even if 1% of infections prove to have been fatal by the time the coronavirus is contained, the disease would likely cast a lasting shadow on behavior, preferences, prices… and yes, interest rates. This column does not necessarily reflect the opinion of Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.