A group of 16 Republican
senators has endorsed giving more money to airlines to avoid layoffs right
before the November election, giving a boost to a lobbying effort by airlines
and their unions.
The GOP senators did not specify an amount on Wednesday,
but a proposal by several airline unions would give the hard-hit aviation
industry $32 billion, including $25 billion for passenger airlines. Airline stocks rose. American Airlines, viewed as
financially the most troubled among the major airlines, gained the most,
closing up 9.5% The senators said they support relief because air travel
remains depressed and several airlines have warned of possible job cuts on Oct.
1, when a prohibition on airline layoffs expires. They said in a letter to
Republican and Democratic leaders that Congress should also consider more help
for airport concessionaires and aircraft manufacturers. In March, aviation companies got $32 billion to help cover
payroll costs for six months in exchange for not laying off workers. Nine of the 16 GOP senators who signed the letter are up
for re-election in November and could be hurt by headlines about thousands of
airline furloughs the month before the Nov. 3 election. Some face difficult
re-election races, including Susan Collins of Maine and Cory Gardner of
Colorado. Others represent states with large numbers of airline workers, such
as John Cornyn of Texas. Senate Majority Leader Mitch McConnell of Kentucky made no
provision for airline workers in his $1 trillion proposal for additional virus
relief. A spokesman for McConnell had no comment. A majority in the House, including more than two dozen
Republicans, have endorsed the spending. The Treasury Department has so far
declined to comment on the Trump administration's position. No lawmakers have spoken out against the airline provision,
although aides say some object to helping workers in one industry when there
are millions of other workers who have already lost their jobs during the
pandemic.
More
https://www.startribune.com/gop-senators-support-more-money-for-airlines-to-pay-workers/572017322/
Treasury ramps up auctions as
borrowing, virus surges
By
MARTIN CRUTSINGER August 5,2020
WASHINGTON (AP) — The Treasury Department will
ramp up the size of the bonds and other securities it auctions across-the-board
in the face of the unprecedented borrowing needs of the the U.S. government as
cases of COVID-19 surge in parts of the country.
Treasury officials said Wednesday that the
billions of dollars in auction increases include a $2 billion increase in the
three-year note, a $9 billion increase in its 10-year note and a $7 billion
increase in its 30-year bond.
Those three securities will be auctioned next
week as part of the government’s quarterly refunding where it raises a
significant part of its borrowing needs each quarter.
The Treasury laid out plans to increase the size
of other securities and to keep increasing those sizes over the next few
months.
“Treasury continues to face unprecedented
borrowing needs as a result of the federal government’s response to the
COVID-19 outbreak,” said Brian Smith, deputy assistant secretary for federal
finance.
The increases announced Wednesday include an $8
billion boost to the new 20-year bond to a total of $25 billion in August.
Treasury in May brought back the 20-year bond, which had last been issued in
1986.
Treasury announced on Monday that it projects
government borrowing of $947 in the current quarter that runs through
September, which would be a record for this three-month period, but down from
the all-time high of $2.75 trillion of borrowing last quarter.
The Treasury expects borrowing will hit $1.22
trillion in the October-December quarter. The estimate for this quarter and the
next include $1 trillion in expected borrowing to finance another economic
relief package. That package is being negotiated currently and Treasury
officials said the $1 billion estimate would be adjusted based on the final
size of the legislation that Congress approves.
Britain's banks brace for $22
billion loan losses as outlook darkens
August 5, 2020 /
7:16 AM
LONDON (Reuters) - Britain’s banks took a gloomier view
than almost all their European peers in their second quarter earnings, as
coronavirus fears, Brexit and low interest rates caused them to bake tougher
“worst-case” scenarios into their risk models. Investors had expected a torrid set of half-year results,
but Barclays (BARC.L ),
Standard Chartered (STAN.L ),
Lloyds (LLOY.L ), NatWest
Group NWG.L and HSBC (HSBA.L )
fell short of these low expectations. Provisions for potential loan losses across the five banks
topped $22 billion, blowing past analyst forecasts and increasing selling
pressure on shares already hammered by the pandemic this year. By contrast, France’s BNP Paribas (BNPP.PA ) and Credit Suisse
(CSGN.S ) beat analyst
forecasts, benefiting from bumper trading volumes as well as relatively modest
provisions. HSBC and Lloyds were punished for poor results, with shares
in both banks plumbing their lowest levels in 11 and 8 years respectively. All five UK banks have under-performed, falling by between
42% and 55% this year compared to a 36% fall in the European banking index
.SX7P. “The UK banks are facing a more significant economic drop
than most Europeans as the UK has faced a bigger shock from the COVID-19
pandemic, and that has fed through into provision levels,” said Patrick Hunt,
partner at consultancy Oliver Wyman. The British economy is forecast to shrink 11.5% this year,
while the euro area contracts 9.1%, according to OECD forecasts in June. More https://uk.reuters.com/article/us-health-coronavirus-britain-banks/britains-banks-brace-for-22-billion-loan-losses-as-outlook-darkens-idUKKCN2510NG
Russia’s Largest Bank, Sberbank,
Is Considering Issuing its Own Stablecoin after Country Introduces New Crypto
Law
August 5, 2020 @ 11:28 pm By
Omar Faridi Russia’s largest banking institution, Sberbank ,
is reportedly looking into whether it should launch its own stablecoin, which
are digital currencies that are pegged or backed by real-world assets, major
fiat currencies, or commodities such as gold. Sergey Popov, director of state-owned Sberbank’s
transaction business, said that the institution is considering issuing its own
stablecoin which might be pegged 1-to-1 to the Russian ruble. If launched, the bank’s stablecoin would comply with
Russia’s recently introduced cryptocurrency law, according to local news outlet
Kommersant. The stablecoin, which is still under consideration, might be used
for settlements that involve other digital or virtual financial assets. Popov said that Sberbank could issue the state-backed
stablecoin in accordance with the nation’s new cryptocurrency law, known as “On
Digital Financial Assets” (DFA). Popov remarked: “We probably may issue a stablecoin on the basis of the
law that has been adopted recently. As we can peg this stablecoin to the ruble,
this token could become a basis or an instrument for settlements involving
other digital financial assets.” On July 31, 2020, Russian president, Vladimir Putin, signed
the nation’s DFA bill into law. The bill prohibits the country’s residents from
conducting transactions with Bitcoin (BTC) and other cryptocurrencies. As reported, the new law will become effective from January
1, 2021. The DFA was first proposed back in 2018. The new legislation will
legalize crypto-to-crypto trading platforms, and will also permit purchasing
and selling cryptos. People will also be able to use cryptos for loans.
More
In
other news, Japan is about to go on holiday in the midst of a coronavirus
pandemic. What could possibly go wrong?
Tokyo governor to call for
restraint in travel during upcoming holidays
August 6, 2020 /
4:27 AM
TOKYO (Reuters) - Tokyo governor Yuriko Koike is expected
to urge residents of the Japanese capital to stay home as much as possible over
an upcoming major holiday amid a surge in coronavirus cases, local media
reported Thursday.
Japan’s Obon festival, a time when spirits of the dead are believed to
return from heaven for several days, usually marks an exodus from the capital
as people head home to visit graves and spend time with family.
However, this year’s celebration comes as COVID-19 cases hit record
levels around the country, prompting governors of several prefectures to
declare states of emergency.
The central government took the same step in April but has so far been
reluctant to reimpose that broad measure because of the potential economic
impact.
“We are not currently in a situation where we need a new state of
emergency,” Prime Minister Shinzo Abe said at a news conference on Thursday.
Japan has reported an average of around 1,300 new COVID-19 cases each
day over the past week, taking total cases to around 43,500. It has recorded
just over 1,000 deaths.
Koike is due to hold an emergency news conference later on Thursday,
where she will ask Tokyo residents to limit travel outside the metropolis as
much as possible, Fuji News Network said.
The country’s top doctors’ association on Wednesday warned against
domestic travel and said local areas should decide their own restrictions.
Okinawa prefecture in the south and Aichi in central Japan have both imposed a
state of emergency.
----
Obon is centred around Aug. 13-16 but many people take more
time off.
More https://uk.reuters.com/article/uk-health-coronavirus-japan/tokyo-governor-to-call-for-restraint-in-travel-during-upcoming-holidays-idUKKCN25209Z?il=0 Finally,
it never rains but it pours?
Colorado experts predict increase
in hurricanes in 'extremely active' season
Aug. 5, 2020 /
5:39 PM
Aug. 5 (UPI) -- A team of meteorologists in Colorado revised its predictions for
the 2020 Atlantic hurricane season, expecting an additional eight named storms
in an "extremely active" year. The Colorado State University Tropical Meteorology Project said
Wednesday it now expects there to be 24 named storms this year, up from the
16 named storms it predicted before hurricane season started in June. The
number of hurricanes is expected to increase from eight to 12, which already
included Hanna and Isaias. The number of major hurricanes -- Category 3 or
higher -- will increase from four to five.
The group said it forecasts 2020 will be about 190% above a normal
hurricane year.
Hurricane season began in June, but the peak of the season starts in
August.
As of Wednesday, there have been nine named storms this year, each of
which set a record for the earliest named storm of its letter.
The CSU scientists said there's a 74% chance a major hurricane will make
landfall on the United States this year.
https://www.upi.com/Top_News/US/2020/08/05/Colorado-experts-predict-increase-in-hurricanes-in-extremely-active-season/8681596661011/
Nearly 4 million in Northeast
without power after Isaias; 6 dead
Aug. 5, 2020 /
9:29 AM
Aug. 5 (UPI) -- Close to 4 million customers in the northeastern United
States still didn't have power Wednesday morning after Tropical Storm Isaias
passed through on its way to Canada.
PowerOutage.US, a website that tracks electricity outages nationally,
showed that about 3.7 million customers were still without power in several
states, including New York, New Jersey, Connecticut and Pennsylvania.
The data showed 987,000 without power in New Jersey, 772,000 in New York
and 713,000 in Connecticut.
Isaias, which swept into Canada Wednesday morning, raced up the East
Coast on Tuesday and produced multiple tornadoes, along with heavy rains and
strong winds that damaged homes and toppled trees.
More https://www.upi.com/Top_News/US/2020/08/05/Nearly-4-million-in-Northeast-without-power-after-Isaias-6-dead/5991596631866/
FIAT
Noun. Decree,
command, edict, mandate, permission. A cheap Italian car.
FIAT CURRENCY
A currency whose
value is whatever it is decreed to be, undetermined by market forces.
One Italian Lira.
Covid-19 Corner
This
section will continue until it becomes unneeded.
A Summer Camp Covid-19 Outbreak
Offers Back-to-School Lessons
A
CDC report from a Georgia hot spot illuminates just how easily kids can spread
coronavirus, adding to our understanding of kids’ role in transmission.
08.04.2020 02:23
PM
As policymakers,
school
administrators, and public health officials in the US fiercely debate whether
it’s safe to reopen schools at the end of the summer, one of the biggest
stumbling blocks has been a lack of reliable information about how easily
children and young people can spread the virus that causes Covid-19. But that
data is starting to trickle in. A few super-spreading events involving kids
have been documented so far: a
private school in Chile , a
childcare center in Australia , and now, several summer camps in the
US. At one, in Georgia, more than 250 children and young adults tested positive
for the novel coronavirus, according to a recent report by the
US Centers for Disease Control and Prevention.
The agency’s analysis shows that, contrary to some early
studies, children of all ages can get infected, pass the virus on to others,
and, the authors write, “might play an important role in transmission.” Public
health experts say the outbreak, coupled with newly published research on
coronavirus spread among children, has a lot to teach decisionmakers about how
to proceed with school reopening plans as cases continue to surge uncontrollably throughout many parts of
the country. This single outbreak at a summer camp in northern Georgia
is a case in point, showing how rapidly the infection can spread among kids
once they’ve been returned to any sort of typical social network. In mid-June,
about 250 counselors, staff, and trainees arrived at YMCA Camp High Harbour, on
the shores of Lake Burton. A two-hour drive from Atlanta, the camp typically
hosts about 4,000 school-age kids every summer, offering both daylong and
overnight programs. But this year was anything but typical. While the High
Harbour counselors and staff sat through a three-day orientation, the state of
Georgia reported a record-high 4,689 daily new coronavirus cases. The
following Monday, June 21, High Harbour staffers welcomed their first wave of
campers. In keeping with the safety measures outlined by Governor
Brian Kemp’s executive order allowing overnight camps to operate, all of
them—staff members, trainees, and campers—were only allowed on the premises
once they had provided proof of a negative SARS-CoV-2 test taken sometime in
the previous 12 days. Officials from the YMCA of Metropolitan Atlanta, which
operates the camp, were hopeful these precautions and others would help the
camp open safely, restoring a sense of normalcy in the lives of campers and
their parents. Many of these families reached out, urging the organization not
to cancel its overnight programs, officials from the YMCA of Metropolitan
Atlanta wrote in a statement emailed to WIRED: “This weighed heavily on our
decision to open, a decision in retrospect we now regret.” On the evening of June 22, the day after campers arrived, a
teenage staff member came down with the chills. The next day, they were tested.
On Wednesday, the test results came back positive for SARS-CoV-2. Parents were
notified and campers sent home. The public health department was called in.
Days later, the camp closed. By mid-July, an investigation by The Atlanta Journal-Constitution
found that the virus had spread to dozens of campers and counselors. According
to the CDC’s investigation, which identifies High Harbour as “Camp A,” there
were actually hundreds of infections among campers and staff, rather than
dozens.
More
Common cold could boost COVID-19
immunity, study finds
Aug. 4, 2020 /
5:23 PM
Aug. 4 (UPI) -- The common cold might help produce immunity against COVID-19 , even in
people who have not been infected with the new coronavirus, according to a
study published Tuesday by the journal Science . This immune response is likely a function of a phenomenon
called "T cell memory," the researchers said. T cell memory could help explain why some people -- those
with T cells created to fight the common cold, which also is a type of
coronavirus -- don't get as sick as others from COVID-19, they said. "In this study, we provide conclusive evidence that
preexisting immune memory can be derived from exposure to common cold
coronaviruses," study co-author Daniela Weiskopf told UPI.
"The results of the study also emphasize that T cells
should be considered and measured, both in studies about COVID-19 and about
[potential] vaccination," said Weiskopf, assistant professor at the La
Jolla Institute for Immunology's Center for Infectious Disease and Vaccine
Research. T cell responses specific to COVID-19 have been observed in
up to 50% of people who were not exposed to the virus, likely because of prior
history with the common cold, which most people contract fairly regularly, a study published in June by the journal Cell found. T cells, or white blood cells, are used by the immune system
to fight infections, and it's believed they retain information of pathogens
that have invaded the body in the past -- like the common cold -- a process
called "T cell memory," according to Weiskopf and her colleagues.
Human cold coronaviruses share a partial sequence with the
virus that causes COVID-19, the researchers of the Cell study said. For this study, Weiskopf and her colleagues screened blood
samples collected in 2019 -- before the pandemic struck the United States --
for T cell responses to more than 100 COVID-19 peptides, or amino acids
produced by the virus. The collected samples had "a range" of T cells
that offered protection against both COVID-19 and to the common cold.
The strongest T cell responses were associated with the
COVID-19 spike protein, which is used by the virus to gain entry into human
cells, the researchers said. These findings are in "stark contrast" to results
of studies on coronaviruses that cause the common cold in humans, in which antibodies
are species-specific and do not cross-react against COVID-19, they said. Unfortunately, while the T cells identified in this study
could serve as the basis for a vaccine against the virus, they will not
contribute to "herd immunity," or widespread population immunity,
Weiskopf said.
"There is still much to learn about how every one of us reacts to
different infections, and how the different infection history shapes our
reactions," she said.
However, "we have demonstrated that T cells derived from exposure
with common cold coronavirus can cross-react with [COVID-19 and] ... are
directly or indirectly involved in protection from disease or infection."
Czechs record biggest daily jump
in coronavirus cases since end-June
August 5, 2020 /
6:51 AM
PRAGUE (Reuters) - The Czech Republic reported its biggest daily jump in
new coronavirus cases since the end of June on Wednesday as a recent uptick in
infections persisted.
The central European country of 10.7 million recorded 290 new cases on
Tuesday, Health Ministry data showed, bringing the total number of cases
detected to 17,286. Of those, 11,812 have recovered and 383 have died of
COVID-19.
Almost a quarter of the new cases, 77, were in the eastern region of
Moravia-Silesia, bordering Poland, where many cases recently appeared among
miners and their families.
The overall number of active cases reached 5,091. Some epidemiologists
have suggested that the virus has weakened, pointing to a relatively low number
of people being hospitalised, currently totalling 123.
Also, the daily number of those who died in connection with the
coronavirus has been below five since May 20.
However, health officials have cautioned that some measures taken to
curb the illness are likely to return after the summer holidays when cities
will be more crowded and the flu season will arrive.
More
Some useful Covid links.
Johns Hopkins Coronavirus
resource centre
Rt Covid-19
Covid19info.live
Technology Update.
With events happening
fast in the development of solar power and graphene, I’ve added this section.
Updates as they get reported. Is converting sunlight to usable cheap AC or DC energy
mankind’s future from the 21st century onwards.
No update today, just
a reminder of why we can’t fight nuclear wars.
'Unspeakable horror': the attacks
on Hiroshima and Nagasaki
Issued
on: 06/08/2020 -
05:00
Japan on Thursday marked 75 years since the world's first atomic bomb
attack, which killed around 140,000 people in Hiroshima and left many more
deeply traumatised and even stigmatised.
A second bomb was dropped on Nagasaki on August 9, 1945, killing another
74,000 people.
Here are some facts about the devastating attacks:
- The bombs -
The first atomic bomb was dropped on the western city of Hiroshima on
August 6, 1945 by the US bomber Enola Gay.
The bomb was nicknamed "Little Boy" but its impact was
anything but small.
It detonated about 600 metres from the ground, with a force equivalent
to 15,000 tonnes of TNT, and killed 140,000 people.
Tens of thousands died instantly, while others succumbed to injuries or
illness in the weeks, months and years that followed.
Three days later the US dropped a second bomb, dubbed "Fat
Man", on the city of Nagasaki, killing another 74,000 people.
The attacks remain the only time atomic bombs have been used in wartime.
- The attacks -
When the bomb was dropped on Hiroshima, the first thing people noticed
was an "intense ball of fire" according to the International
Committee of the Red Cross (ICRC).
Temperatures near the blast reached an estimated 7,000 degrees Celsius
(12,600 Fahrenheit), which caused fatal burns within a radius of about three
kilometres (five miles).
ICRC experts say there were cases of temporary or permanent blindness
due to the intense flash of light, and subsequent related damage such as
cataracts.
A whirlwind of heat generated by the explosion also ignited thousands of
fires that burned several square kilometres (miles) of the largely wooden city.
A firestorm that consumed all available oxygen caused more deaths by
suffocation.
It has been estimated that burn- and fire-related casualties accounted
for more than half of the immediate deaths in Hiroshima.
The explosion generated an enormous shock wave that in some cases
literally carried people away.
Others were crushed to death inside collapsed
buildings or injured or killed by flying debris.
"I remember the charred bodies of little children lying around the
hypocentre area like black rocks," Koichi Wada, a witness who was 18 at
the time of the Nagasaki attack, has said of the bombing.
- Radiation effects -
The bomb attacks unleashed radiation that proved deadly both immediately
and over the longer term.
Radiation sickness was reported in the attack's aftermath by many who
survived the initial blast and firestorm.
Acute radiation symptoms include vomiting, headaches, nausea, diarrhoea,
haemorrhaging and hair loss, with radiation sickness fatal for many within a
few weeks or months.
Bomb survivors, known as "hibakusha", also experienced
longer-term effects including elevated risks of thyroid cancer and leukaemia,
and both Hiroshima and Nagasaki have seen elevated cancer rates.
Of 50,000 radiation victims from both cities studied by the Japanese-US
Radiation Effects Research Foundation, about 100 died of leukaemia and 850
suffered from radiation-induced cancers.
The group found no evidence however of a "significant
increase" in serious birth defects among survivors' children.
- The aftermath -
The twin bombings dealt the final blow to imperial Japan, which
surrendered on August 15, 1945, bringing an end to World War II.
Historians have debated whether the devastating bombings ultimately
saved lives by bringing an end to the conflict and averting a ground invasion.
But those calculations meant little to survivors, many of whom battled
decades of physical and psychological trauma, as well as the stigma that
sometimes came with being a hibakusha.
More
The Monthly Coppock Indicators
finished July
DJIA: 26,428 -1 Up. NASDAQ: 10,745 +243 Up. SP500:
3,271 +89 Up.
The
NASDAQ has remained up. The DJIA and SP500 have turned up. With stock mania running
fueled by trillions of central bankster new fiat money program.
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