US Supreme Court deals blow to Keystone oil pipeline project

By MATTHEW BROWN Associated Press Jul 6, 2020 Updated 13 hrs ago BILLINGS, Mont. (AP) — The U.S. Supreme Court handed another setback to the Keystone XL oil sands pipeline from Canada on Monday by keeping in place a lower court ruling that blocked a key environmental permit for the project. Canadian company TC Energy needs the permit to continue building the long-disputed pipeline across U.S. rivers and streams. Without it, the project that has been heavily promoted by President Donald Trump faces more delay just as work on it had finally begun this year following years of courtroom battles. Monday's Supreme Court order also put on hold an earlier court ruling out of Montana as it pertains to other oil and gas pipelines across the nation. That’s a sliver of good news for an industry that just suffered two other blows — Sunday's cancellation of the $8 billion Atlantic Coast gas pipeline in the Southeast and a Monday ruling that shut down the Dakota Access oil pipeline in North Dakota. In the Keystone case, an April ruling from U.S. District Judge Brian Morris in Montana had threatened to delay not just Keystone but more than 70 pipeline projects across the U.S., and add as much as $2 billion in costs, according to industry representatives. Morris agreed with environmentalists who contended a U.S. Army Corps of Engineers construction permit program was allowing companies to skirt responsibility for damage done to water bodies. But the Trump administration and industry attorneys argued the permit, in place since the 1970s, was functioning properly when it was cancelled by Morris over concerns about endangered species being harmed during pipeline construction. Monday's one-paragraph order did not provide any rationale for the high court's decision. The corps suspended the program following Morris' April ruling. Agency officials could not be immediately reached for comment. TC Energy spokesman Terry Cunha said the company is not giving up on Keystone, but it will have to delay large portions of the 1,200-mile (1,900-kilometer) oil sands pipeline. The company started construction last week on a 329-mile (530-kilometer) section of the line in Alberta. That work will continue while the company wages its court fight in the U.S., Cunha said. An attorney for one of the environmental groups involved in the case called Monday's order a major victory in the fight against Keystone. But he acknowledged the plaintiffs had hoped to hamper oil and gas projects nationwide. “Our focus was originally on Keystone, so we're very happy the court order ensures it can't move forward under this unlawful permit,” said Jared Margolis, an attorney with the Center for Biological Diversity. Pipeline industry representatives said the order means thousands of workers whose jobs were threatened can continue working. A coalition of 18 states had backed the Trump administration in the case. West Virginia Attorney General Patrick Morrisey said the Supreme Court's action “ensures that one Montana district court judge doesn't possess the power to drive national policy on such a critical issue." The order returns the case to the U.S. 9th Circuit Court of Appeals for further consideration. Keystone was proposed in 2008 and would carry up to 830,000 barrels (35 million gallons) of crude daily to Nebraska, where it would be transferred to another TC Energy pipeline for shipment to refineries and export terminals on the Gulf of Mexico. It was rejected twice under the Obama administration because of concerns that it could worsen climate change. Trump revived it and has been an outspoken proponent of the $8 billion project. TC Energy’s surprise March 31 announcement that it intended to start construction amid a global economic crisis caused by the coronavirus pandemic came after the provincial government in Alberta invested $1.1 billion to jump-start the work. The company finished building the first piece of Keystone XL across the U.S. border in late May and started work on labor camps in Montana and South Dakota.

Government to pay back $721m as it scraps Robodebt for Centrelink welfare recipients

The Federal Government has announced it will refund $721 million worth of debts it clawed back through its controversial Robodebt scheme. Key points: Almost half a million debts will be waived or refunded by the Government The computer-generated demands for payment will be refunded if they have already paid The scheme began requiring additional proof last year Services Australia said in a statement that 470,000 debts would be waived, with refunds to be rolled out from July. "Refunds will also be made for any interest charges and/or recovery fees paid on related debts," Human Services Minister Stuart Robert said in a statement. The decision comes after the Department of Human Services halted a key part of the scheme last year and said it would require additional proof before it used income averaging to identify over-payments. The scheme saw hundreds of thousands of people issued with computer-generated debt notices. Robodebt was the name given to an averaging process which saw data from the Australian Tax Office matched with income reported to Centrelink by welfare recipients. But concerns were quickly raised that the process was faulty, sending out automated demands for payment from people who did not owe the Government any money. Lawyers for people with the debts argued the system lacked human oversight, and said it reversed the burden of proof. The decision comes after the Department of Human Services halted a key part of the scheme last year and said it would require additional proof before it used income averaging to identify over payments.

Australia’s Prosecutors Have Accused The Federal Government Of Inviting Crime Tourism

The prosecutors say a decision by the Department of Home Affairs would allow serious criminals to be deported rather than face Australia’s criminal justice system. Hannah Ryan by Hannah Ryan BuzzFeed News Reporter, Australia 💬 Be one of the first to comment Stefan Postles / Getty Images Home affairs minister Peter Dutton. Australia’s leading prosecutors have accused the Department of Home Affairs of making a decision that could let criminals escape punishment by leaving the country, in a letter sent to department secretary Mike Pezzullo. The letter was signed by the Director of Public Prosecutions (DPP) in each of Australia’s states and territories, according to The Herald Sun. Visa cancellations on character grounds under section 501 of the Migration Act have captured public attention, especially in light of the high numbers of New Zealanders being deported. Character-based visa cancellations usually follow a criminal conviction. But there is an increasing trend where visas are cancelled before a trial takes place. That is possible under a different provision – section 116 – that allows the government to cancel a person’s visa when they are charged with a crime, before they are ever tried, convicted or sentenced. The Migration Act lets the states and territories issue "criminal justice stay certificates", which is supposed to hit pause on any plans to deport someone who hasn’t finished their criminal justice process. But the DPPs said they had been told home affairs had decided that the certificate could be trumped by a separate section, section 198, compelling the government to deport “an unlawful non-citizen” who asks to be removed. That section says the deportation has to happen as soon as possible. The department’s decision could have “far-reaching” consequences, the DPPs wrote. They cautioned that it meant “a non-citizen could circumvent the administration of justice – at any stage of that process – simply by requesting their removal” from Australia. The DPPs suggested the decision could invite criminal tourism — people travelling to Australia “for the specific purpose of carrying out criminal offences, knowing that they would be effectively rendered immune from prosecution and the consequences of conviction by making a request for removal”. It is not clear whether any criminal defendants have yet been deported before being convicted or sentenced. BuzzFeed News has approached each DPP for comment. At the time of publication, the DPPs in Queensland, South Australia and Victoria had declined to comment. Shadow attorney-general Mark Dreyfus criticised the government’s decision in an interview on ABC radio today, saying that “we’ve got to have trials taking place when people have committed offences here in Australia”. “I think that the administration of our criminal justice system, making sure that people who’ve committed serious crimes in our country are ... charged and convicted and punished for their crimes, has got to take precedence over any idea [home affairs minister] Mr Dutton and his department may have.” In the letter, the DPPs foreshadowed a potential legal challenge, writing that they “trust your department will change its view, to obviate the necessity of any challenge to that view.” In an emailed statement, the Department of Home Affairs confirmed that Pezzullo had received the letter, but did not respond to questions about his response, or whether anyone had been deported ahead of a trial.

Hijab House crash driver arrested for a second time, charged over incident that left 14 injured

Hijab shop crash driver denied bail A 51-year-old man whose station wagon crashed into a hijab store in Sydney's western suburbs has been denied bail on Saturday. Photo: AAP The man who crashed into a western Sydney hijab shop will remain behind bars after facing court on Saturday on a string of driving offences. Sydney driver released after crash into hijab shop Sabry Moustafa Nassar, 51, applied for bail when he appeared in Parramatta Bail Court but was successfully opposed by police prosecutors because of the risk to the community and fears of a repeat incident. The court heard the crash was similar to an incident at Lakemba earlier in the year for which he has also been charged. Magistrate Holly Kemp said there were elements of “predatory or deliberate behaviour” in that offence which occurred in January. “The material before me concerns, in my view, two similar incidents over a short period of time and represents a serious example in this alleged offence,” Magistrate Kemp said. She added no bail conditions would mitigate her fear for the community or concerns Mr Nassar could reoffend. Nassar’s lawyer Mostafa Daoudie told the court his client was unconscious during the Greenacre incident and denied he deliberately drove into the store. Nassar is facing a maximum possible jail term of two years and Mr Daoudie said that due to court delays caused by the COVID-19 pandemic, time in custody would be likely to outweigh any sentence. Nassar was re-arrested on Friday and charged with a number of offences relating to Thursday’s crash which injured 14 people. He has been charged with driving furiously in a motor vehicle causing bodily harm, reckless driving, negligent driving, proceeding through a red traffic light and failing to notify authorities of a change of residential address. Mr Nassar has also been charged with driving recklessly and not giving his details to another driver in relation to a separate traffic incident at Lakemba on January 14. Ten people were hospitalised and at least two people suffered broken bones when Mr Nassar’s Mitsubishi SUV crashed through the front door of Hijab House at Greenacre on Thursday afternoon. CCTV footage seen by AAP shows the wagon initially stopped in the left lane 30 metres before the traffic lights at the intersection of Boronia and Waterloo Roads with other cars moving around it. Play Video When it takes off, it rear-ends a white sedan, causing a series of minor collisions between other cars waiting at the traffic lights. Smoke can be seen billowing into the air as the wagon’s wheels spin for at least 20 seconds behind the white sedan. The sedan is eventually pushed around the corner and the SUV continues through the intersection and ploughs into the store. Mr Nassar was conscious when arrested and was taken to hospital for testing under police guard. After being interviewed at Bankstown Police Station, Mr Nassar was released without charge, before being re-arrested at a Greenacre home on Friday night. -AAP ============= The man allegedly behind the wheel of a car that sped into a shop in Sydney's west has been charged. The 51-year-old was taken to hospital in handcuffs on Thursday after his Mitsubishi SUV crashed into a clothing store in Greenacre just after 3pm. He was initially questioned and released before being arrested again on Friday. All but one of the injured pedestrians have been discharged from hospital following the crash on Thursday night at Greenacre. (Nine News) NSW Police said tonight he had been charged with driving furiously in a motor vehicle to do or cause bodily harm, driving recklessly or furiously or at speed or in a manner that is dangerous, negligent driving, proceeding through a red traffic light, and failing to notify an authority of a change of address. He was also charged over an unrelated traffic incident in Lakemba on January 14 with driving recklessly or furiously or at speed or in a manner that is dangerous, and not giving particulars to another driver. He has been refused bail and is set to face Parramatta Bail Court on Saturday. A crime scene was established after 12 people were injured in the Greenacre incident. (9News) Fourteen people were injured in the crash, including 10 who were taken to hospital. RELATED Three men killed after car hits tree and catches fire in 'tragic and horrific' accident north-west of Brisbane Hijab House crash: Teenage girl in hospital and driver released after car slammed into Sydney shop, injuring 14 Elderly man hospitalised after car crashes at McDonald's Clayton South in Melbourne A 13-year-old girl remains in hospital in a stable condition with non-life-threatening injuries. The owner of Hijab House said he first heard about the incident on social media and immediately thought the worst. "I thought initially that somebody was killed because of the scenes I saw online," Tarik Houcher told 9News. "We had staff members behind that counter, we had two staff members as well as customers in front of it so to me it was a miracle people survived, let along escaped with no scratches." Hijab House Greenacre split Dozens of emergency crew rushed to the scene of the crash, on the corner of Juno Parade and Waterloo Road in Greenacre. (Supplied) Mr Houcher said the shop had been targeted many times in the past, and he hoped this latest incident was simply an accident. "Obviously with Hijab House we've been the victims of many racially motivated attacks in the past, we've dealt with this many time, being such a visible Islamic brand, so one can never really let go of any doubt," he said. His sister, who works in the store, is one of those injured and recovering in hospital. "I know that every time there's a loud sound my sister is reacting quite strongly to it and so we have to just make sure that she's looked after and that we get through this," Mr Houcher said.

Regulatory Filing Services

In addition to press release distribution services, we also offer solutions to help properly format your financial information for accurate filings, and help listed companies in the US, Canada and Europe meet disclosure requirements mandated by regulatory agencies in their respective regions, including: EDGAR Filings (US) SEDAR Filings (Canada) XBRL European Transparency (Europe) COMPREHENSIVE EDGAR FILING SERVICES EDGAR Direct Using the 8-K or 6-K forms, this services automatically sends your filings to EDGAR. Our flat-rate pricing also makes this our most cost-effective solution. EDGAR Complete Using any SEC form type, including 10-Q, 10-K, 20-F, as well as special purpose (non-press release) 8-K and 6-K filings, this services automatically send your filings to EDGAR and include a conversion service. Section 16 We’ll prepare the filing and send you a URL where you can view it online, and submit it to the SEC on your behalf. All you have to do is prepare and send us your standard Section 16 filing (form 3, 4 or 5). SEDAR FILINGS We can help you file your documents to the Canadian System for Electronic Document Analysis and Retrieval (SEDAR). XBRL CONVERSIONS To satisfy SEC compliance, we can convert all of your necessary information to the XBRL format, which is the global standard for exchanging business information. EUROPEAN TRANSPARENCY Complete with multi-language support, we can help you implement all filing requirements to satisfy European Commission compliance. Our distribution services offer an extensive package for listed companies completed with customized distribution options for listed companies in the Nordic and Baltic regions. With 500,000 end-users, our Market Data feed delivers your information to key media and data vendors, including Reuters and Bloomberg. Our feed is internet independent making it reliable with low latency, and accessible to key trading and media platforms. This self-service solution is one-of-a-kind with support in local Nordic or Baltic languages.

PHOENIX LOSS NOTICE, ROSEN, A GLOBALLY RECOGNIZED FIRM, Announces Filing of Securities Class Action Lawsuit Against Phoenix Tree Holdings Limited; Encourages Investors With Losses In Excess of $100K to Contact the Firm – DNK

NEW YORK, April 30, 2020 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of Phoenix Tree Holdings Limited (NYSE: DNK) pursuant and/or traceable to prospectuses and registration statements issued in connection with the Company's January 22, 2020, initial public offering (“IPO”). The lawsuit seeks to recover damages for Phoenix investors under the federal securities laws. To join the Phoenix class action, go to http://www.rosenlegal.com/cases-register-1846.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action. NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF. According to the lawsuit, the Offering Materials were materially incomplete and misleading because they omitted and otherwise misrepresented the following facts: (1) Phoenix had received customer complaints and negative press regarding questionable business conduct before the IPO, including its widespread and notorious practice of deceptively inducing renters to procure loans whose proceeds financed the Company’s business and operations; (2) competition in the residential rental market in China had suffered at the time of the IPO as the coronavirus ravaged the very locations where Phoenix primarily operated, including Wuhan, the epicenter of the coronavirus pandemic; (3) Phoenix’s technological capabilities were unable to enable the Company to overcome the complications and erosion of business resulting from the spread of the coronavirus throughout China at the time of the IPO; (4) Phoenix was contending with extraordinarily adverse developments in China at the time of the IPO due to the coronavirus that presented events, risks and uncertainties that were reasonably likely to materially affect Phoenix’s business, operations and financial condition, including a material increase in renter complaints and negative press and the prospect that renters could not continue to pay rent and service fees under conditions then existing as of the IPO; (5) as a result of the foregoing, Phoenix was positioned no differently than its competitors in managing the fallout from customer complaints or adverse implications stemming from the coronavirus in China; and (6) as a result, the Company’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than June 26, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1846.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or cases@rosenlegal.com. Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/. Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney Advertising. Prior results do not guarantee a similar outcome. ------------------------------- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 lrosen@rosenlegal.com pkim@rosenlegal.com cases@rosenlegal.com www.rosenlegal.com Related Articles More articles issued by The Rosen Law Firm PA More articles related to: Class Action Company Announcement

Coronavirus outbreak: OPEC, oil nations agree to record-setting oil production cut External link

Saudi Arabia, Russia and the U.S. agreed to lead a multinational coalition in major oil-production cuts after a drop in demand due to the coronavirus crisis and a Saudi-Russian feud devastated oil prices. The deal, sealed Sunday, came after President Trump intervened to help resolve a Saudi-Mexico standoff that jeopardized the broader pact. As part of the agreement, 23 countries committed to collectively withhold 9.7 million barrels a day of oil from global markets. The deal, designed to address a mounting oil glut resulting...

Online Marketplace Liability: The CJEU’s ruling

Although the decision appears on its face to be a positive development for online marketplaces, it is does not definitively resolve questions of liability. On 2 April 2020, the Court of Justice of the European Union (CJEU) delivered its ruling in Coty Germany v Amazon — marking a development for online marketplaces in relation to liability issues. The case had raised the possibility that online marketplaces could be found directly liable for infringing products sold on their platforms. Currently, if a third party sells infringing products, within the EU, on an online marketplace, the online marketplace has (i) no liability if it does not have actual knowledge of the infringement or where it acts promptly to remove the infringing content once it becomes aware of it: and (ii) only secondary liability where it has knowledge and fails to remove the infringing content. The German Federal Court had requested a preliminary ruling on the interpretation of Article 9(3)(b) of the 2017, and Article 9(2)(b) of the now-repealed 2009, Trade Mark Regulations (Council Regulation 2017/1001 and Council Regulation No 207/2009 (as amended by Regulation 2015/2424) respectively) asking: Does a person who, on behalf of a third party, stores goods which infringe trade mark rights, without being aware of that infringement, stock those goods in order to offer them or put them on the market for the purposes of those provisions, if that person does not itself pursue those aims? The CJEU addressed this question by ruling that a person who, “on behalf of a third party, stores goods which infringe trade mark rights, without being aware of that infringement, must be regarded as not stocking those goods in order to offer them or put them on the market for the purposes of those provisions, if that person does not itself pursue those aims” [emphasis authors’ own]. While this ruling, on its face, leads away from the possibility of direct liability for online marketplaces, it is not definitive. The CJEU’s interpretation is subject to national courts’ application of it to specific fact patterns. And, although the CJEU’s judgment takes precedent over the AG’s opinion, it is possible that the national courts may look to the broader and more analytical opinion of Advocat General M. Manuel Campos Sanchez-Bordona (the AG) when considering issues not addressed in the CJEU judgment. The CJEU only responded to the question regarding the Trade Mark Regulations, as referred to it by the German courts. However the AG also (i) analysed whether Amazon could, correctly, be considered to be acting only as a warehouser and (ii) suggested that online marketplaces may not always rely on the eCommerce Directive safe harbor to avoid direct liability (see client alert below for further details). In applying the CJEU’s interpretation of the Trade Mark Regulations, national courts of Member States could establish liability for online marketplaces, particularly if the national courts apply the AG’s analysis and suggestions. However if a national court does so and finds that online marketplaces must show special care and diligence in matters regarding the legality of the goods which they trade, it is possible that the relevant Member State would be found to be in breach of Article 15 of the eCommerce Directive. Article 15 of the eCommerce Directive prevents Member States from imposing a general obligation on providers, when offering hosting services (as well as caching services and services where it acts as a ‘mere conduit’) from being required to: (i) monitor the information that the providers transmit or store, or (ii) actively seek facts or circumstances indicating illegal activity. In the event of a direct liability regime, it seems the only way for online marketplaces to then ensure infringing products were not placed on their platforms would be to implement monitoring of the platforms. This potential for direct liability and the lack of coherence with the eCommerce Directive mirrors the confusion around the liability of online content sharing service providers under Article 17 of Directive (EU) 2019/790 on Copyright in the Digital Single Market and its alignment with the eCommerce Directive. Both developments raise questions as to whether direct liability for service providers is the intended direction of the Digital Single Market. With regard to Coty Germany v Amazon, the German court’s judgment will hopefully provide some more clarity as, although not binding on other Member States, it is likely to be instructive. For a full client briefing, see Latham’s Client Alert here.

Latest information on ANZ’s COVID-19 response

We’ll help you through this I’m writing to ensure you have the latest information on ANZ’s response to COVID-19 and understand what this means for you and your banking. I want to reassure you that we’re here to help. We’ve announced a range of new support measures to help our small business and home loan customers in Australia who have been affected by the financial impacts of COVID-19, and we're working hard to stay open for business while prioritising the health of our people. For the most up to date information, including full details about these new support measures and how you can apply, please visit anz.com/covid-19. If you’re a small business customer: • You can request a six-month payment deferral on loan repayments for term loans and asset finance, with interest capitalised; • You can request temporary increases in overdraft facilities for 12 months; • We’ve decreased variable interest small business loan rates in Australia by 0.25% p.a., effective 27 March 2020. This represents an overall decrease of 0.5% p.a. since 13 March 2020. If you’re a home loan customer: • If you’re ahead on your repayments, you can access your redraw balance. Other options that might be available to you include making repayments using funds in your linked offset account or other deposits you have available to make loan repayments; • If you don’t have a redraw balance available, you can request to defer home loan repayments for up to six months, with interest capitalised; • We’ve decreased the standard Variable Home Loan rate by 0.15% p.a. effective 27 March 2020. We have also introduced our lowest fixed-rate home loan on record (two-year fixed rate of 2.19% p.a. for owner occupiers paying principal and interest on the ANZ Breakfree package, effective 23 March 2020). If you currently have a standard variable home loan, you may want to consider switching to this historically low rate. We understand you may have questions and we are working hard to help our customers as fast as we can, particularly those who are most vulnerable. As our contact centre is experiencing a high number of calls, the fastest way to apply for COVID-19 assistance is through anz.com/covid-19 and one of our team members will get back to you as soon as they can. We know that many customers are limiting their time away from home and may be unable to visit our branches. Remember you can use the ANZ App and Internet Banking to check your balance, make payments, pay bills and much more. To find out more, visit anz.com.au/ways-to-bank/. My primary focus is now COVID-19 and ensuring we are doing everything possible to support our customers through this. On behalf of the team at ANZ, thank you for your patience and please, take care of yourselves and your loved ones. Kind regards, Shayne Elliott Chief Executive Officer 1. Interest capitalisation is the addition of unpaid interest to the outstanding loan balance. The outstanding loan balance increases when payments are postponed during periods of deferment or forbearance and unpaid interest is capitalised. 2. If you currently have a fixed rate loan (instead of a variable rate loan) and you switch to another fixed rate loan before the end of your current fixed term, you may have to pay an early repayment cost (which can be large and vary in size from day to day).

China acquires Stake in Umm Qasr Terminal

French container transportation and shipping company CMA CGM, has announced the first closing of its agreement with China Merchants Port (CMP), with the sale of its stakes in eight port terminals to Terminal Link. Among the facilities involved is the Umm Qasr Terminal in Iraq. The Terminal Link joint venture was created in 2013 and is 51% owned by CMA CGM and 49% by CMP. In line with the terms and conditions of the agreement announced on 20th December 2019 this first transaction represents a total all-cash consideration of USD 815 million. It will enable Terminal Link to expand its geographic footprint and global network, thereby enhancing its business development prospects. This initial disposal includes the following terminals: Odessa Terminal (Ukraine) CMA CGM PSA Lion Terminal (CPLT), Singapore Kingston Freeport Terminal (Jamaica) Rotterdam World Gateway (Netherlands) Qingdao Qianwan United Advance Container Terminal (China) Vietnam International Container Terminal, Ho Chi Minh City (Vietnam) Laem Chabang International Terminal (Thailand) Umm Qasr Terminal (Iraq) The sale of the last two terminals covered by the agreement between CMA CGM and CMP should be completed by the end of first-half 2020 for an all-cash consideration over USD 150 million, pending approval by the competent regulatory agencies. With this transaction, CMA CGM is proceeding with the delivery of its USD 2.1 billion liquidity plan announced on 25th November 2019. This plan among others reduces CMA CGM consolidated debt by more than USD 1.3 billion by the end of first-half 2020 and allows to extend certain financing facilities maturing during the year. The CMA CGM Group strengthens its balance sheet amidst the high uncertainty created by the global Covid-19 health crisis. While the crisis has had a limited impact in the first quarter of 2020, the Group expects a decline in volumes, particularly outbound to Europe and the United States. On this occasion, Rodolphe Saadé, Chairman and Chief Executive Officer of the CMA CGM Group, states: "This transaction, announced on the 20th of December 2019, is an important step in its 2.1 billion USD liquidity plan and will allow us to strengthen our balance sheet. Amid the high uncertainty created by the COVID-19 health crisis, the closing of this transaction as previously announced demonstrates the resilience of the CMA CGM Group." (Source: CMA CGM)

Q&A: How to get aid for a small business hit by virus crisis

NEW YORK — (AP) — Millions of small business owners will be turning to the government, seeking help for an individual and nationwide cataclysm (disaster; a violent upheaval, such as an earthquake; an extensive flood), the economic devastation caused by the coronavirus outbreak. The government says it will begin disbursing loan money to company owners and freelancers Friday under the Paycheck Protection Program, part of the $2 trillion relief package signed into law last week. For many companies, it may be the quickest way to rebuild the lifeblood of any business: the cash flow that enables a company to pay its bills. The program could be vital to the economy's recovery: Small businesses employ about half the workers in the private sector. By some estimates, as many as 20 million people will have lost their jobs by the end of April. Content Continues Below Here are questions and answers about financial help available through the government and other sources: ___ ARE THESE PAYCHECK PROTECTION LOANS FREE? They can be, if they're used to retain or hire workers. Starting Friday, the Small Business Administration is guaranteeing $349 billion in potentially forgivable loans under the rescue package. A business with up to 500 employees, including owners who work solo and freelancers, can borrow up to $10 million to be repaid over two years at an annual rate of 0.5%. The money that's used to pay salaries can be forgiven, and a portion of money used for rent, mortgage interest and/or utilities can be at least partially forgiven. Payments are deferred for six months. You technically could get the full amount of the loan forgiven. But if you cut jobs — say you had 10 employees, let them go, and hired back only five — the amount of loan forgiveness will be reduced, and you'll have to repay some. But a caveat from the government: Because so many owners are expected to take advantage of the loans, it's anticipated that no more than 25% of the forgiven amount may be for things other than payroll — rent, mortgage interest and utilities. So there's a good chance you will have some repayments ahead. You can learn more about the loans at https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp. ___ HOW DO I GET ONE? The government says this will be a fast, streamlined process — some companies could get money the same day, not like the weeks it takes when applying for a traditional SBA loan. You can apply through any federally insured bank, credit union or farm credit system institution, not just a traditional SBA lender. Most businesses are expected to apply online, through a financial institution's website. You don't need collateral or a personal guarantee. But you'll need to document your payroll, rent, mortgage interest and utilities expenses. The payroll portion of the loan is based on the monthly average of what a company paid employees during the year prior to the loan being granted. ___ WHEN WILL MY LOAN BE FORGIVEN? The government will calculate how much of a loan will be forgiven after June 30. The program covers the period from Feb. 15 through June 30 and owners will need to document how many workers they employed during that time and how much they were paid. If you've laid off workers, you have until June 30 to rehire them — but the sooner you rehire and start paying them, the larger your loan forgiveness will be. ___ CAN I GET A DISASTER LOAN TOO? Yes, but ... The SBA is giving out what are called economic injury disaster loans. These are intended to help companies whose revenue losses have left them without working capital, making it difficult or impossible to pay their operating expenses including payroll, fixed debt payments and accounts payable bills. But a company that gets a disaster loan cannot use the money for payroll purposes if it's also getting a paycheck protection loan. The disaster loans give owners up to $2 million at an annual rate of 3.75%. The loans can be taken out for as many as 30 years, but the terms of each loan will be determined on a case-by-case basis and will depend on each company's financial situation. Companies can also apply for a $10,000 loan advance that can be granted within three days, the SBA says. This does not have to be repaid. Disaster loan applications are made directly through the SBA on its website https://covid19relief.sba.gov/ ___ WHAT OTHER MONEY IS AVAILABLE? The Federal Reserve is working on a program to provide loans directly to small businesses. The details have not been announced yet. Individual states, counties and cities may have loans or grants for small businesses. And those that have not yet announced any programs may yet create them — the outbreak has not yet reached its peak. Check online with your state or local agencies that support small businesses. ___ CAN I FREELANCERS GET UNEMPLOYMENT BENEFITS AND A LOAN TOO? Yes. The rescue package provides for unemployment benefits for freelancers and independent contractors who haven't qualified for such help in the past. So millions of people, including wedding photographers, graphic artists and writers, who have lost gigs or projects can get unemployment benefits. They're also eligible for paycheck protection loans — but if they have both types of loans, they cannot use disaster loan money to cover payroll. ___ WHAT ABOUT ONLINE LENDING? Online lenders promise fast money — some turn loans around the same day — and even in the best of times, many companies with cash flow crunches turn to them. But in many cases the money carries a steep interest rate and/or big payments. And unlike traditional loans, the size of a payment may not be predictable — companies like PayPal, for example, will take a percentage of revenue that comes into a borrower's account. Keep in mind that even that even if you end up paying back the full amount you borrow under the Paycheck Protection Program, you'll be paying just 0.5% over two years. ___ HOW ABOUT CONCESSIONS FROM LANDLORDS AND OTHER BUSINESSES? Many small business owners have been in touch with their landlords, bankers and suppliers, asking for more time to pay. And some have gotten concessions, especially when the business and its creditor or banker have a long-time relationship. Any concessions or grace periods you can get, especially if they're interest and penalty-free, may be a good route to go. Landlords and business associates who want to hold on to your business can be accommodating unless they're also struggling with cash flow problems. It's also true that some, perhaps many, are tough business people; some are already suggesting to their tenants and customers that they should seek government loans rather than help from them. ___ THERE'S ALWAYS FAMILY AND FRIENDS, RIGHT? Absolutely. And the people close to you may be ready and willing to help — if they can right now. But, for the sake of keeping these relationships solid, if you get a loan from someone close, you need up-front and honest communication now and going forward about how the business is doing, and when you're likely to repay them. _____ Have an idea for a story about the coronavirus outbreak and business? Email Joyce Rosenberg at jrosenberg@ap.org. Follow her at www.twitter.com/JoyceMRosenberg. Her work can be found here: https://apnews.com. FILE - In this Tuesday, March 31, 2020 file photo, Vincent Amos, who identified himself as homeless, pulls a shopping cart with his belongings amid businesses closed by concerns of the COVID-19 coronavirus in the Deep Ellum section of Dallas. Amos said his shelter in place routine includes walking the area looking for work cleaning windows. (AP Photo/LM Otero) FILE - In this Tuesday, March 31, 2020 file photo, Vincent Amos, who identified himself as homeless, pulls a shopping cart with his belongings amid businesses closed by concerns of the COVID-19 coronavirus in the Deep Ellum section of Dallas. Amos said his shelter in place routine includes walking the area looking for work cleaning windows. (AP Photo/LM Otero) (LM Otero) FILE - In this Monday, March 30, 2020 file photo, Phu Dang, left, the owner of i5 Pho restaurant, gets help from a contractor as he boards up his business in Seattle's downtown Pioneer Square neighborhood. Dang closed his business to dine-in customers earlier in the month and had tried doing takeout only food in response to the COVID-19 coronavirus pandemic, but he said his location did not attract enough customers for take out and he decided to fully close for the time being. He said his decision to board up came after a nearby business was broken into over the weekend. (AP Photo/Ted S. Warren) FILE - In this Monday, March 30, 2020 file photo, Phu Dang, left, the owner of i5 Pho restaurant, gets help from a contractor as he boards up his business in Seattle's downtown Pioneer Square neighborhood. Dang closed his business to dine-in customers earlier in the month and had tried doing takeout only food in response to the COVID-19 coronavirus pandemic, but he said his location did not attract enough customers for take out and he decided to fully close for the time being. He said his decision to board up came after a nearby business was broken into over the weekend. (AP Photo/Ted S. Warren) (Ted S. Warren) The marquee for the Iowa Theater, closed in response to the coronavirus outbreak, is seen on John Wayne Drive, Wednesday, April 1, 2020, in Winterset, Iowa. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (AP Photo/Charlie Neibergall) The marquee for the Iowa Theater, closed in response to the coronavirus outbreak, is seen on John Wayne Drive, Wednesday, April 1, 2020, in Winterset, Iowa. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (AP Photo/Charlie Neibergall) (Charlie Neibergall) Allison Wells, Butcher and General Manager at Neon Pig, weighs a block of meat in the meat market of Neon Pig on Friday. (Adam Robison/The Northeast Mississippi Daily Journal via AP) Allison Wells, Butcher and General Manager at Neon Pig, weighs a block of meat in the meat market of Neon Pig on Friday. (Adam Robison/The Northeast Mississippi Daily Journal via AP) (Adam Robison)

European markets sink as US coronavirus death toll rises

1 Apr, 2020 07:15 / Updated 6 seconds ago Get short URL European markets sink as US coronavirus death toll rises © Reuters / Ferran Paredes 47 Follow RT onRT European stock markets are falling at the start of trading on Wednesday, beginning the new quarter with fresh losses, as the death toll in the United States from Covid-19 continues to climb. Germany’s DAX plunged by 3.2 percent during early trading, while Spain’s IBEX and Italy’s FTSE MIB are both down 2.2 percent. Britain’s FTSE 100 has dropped by 2.6 percent. The losses are led by shares in Britain’s banks which dropped heavily at the start of trading after they froze last year’s dividends and vowed not to pay any for this year. HSBC has plunged eight percent, followed by Lloyds and Standard Chartered which have both fallen almost six percent. ALSO ON RT.COM Wall Street heads for its worst first quarter ever The markets are reacting to dire warnings from US President Donald Trump of a “very, very painful two weeks” ahead. He said Americans should be prepared for a surge in coronavirus infections and deaths. “This could be a hell of a bad two weeks. This is going to be a very bad two, and maybe three weeks. This is going to be three weeks like we’ve never seen before,” Trump said on Tuesday. White House officials are projecting between 100,000 and 240,000 deaths in the country, with coronavirus fatalities peaking over the next two weeks.

Could oil really fall to $0?

The outlook for US shale continues to darken with WTI testing sub-$20 territory. The supply glut could grow worse as the contraction in demand continues to deepen. On Sunday, President Trump extended the social distancing guidelines through the end of April, retreating from his plan to “open up” the economy by Easter. And before the ink was even dry on the $2 trillion stimulus, Congress has already started preparing the fourth emergency coronavirus legislation. As of now, 193 million people in the US and a staggering 2.3 billion people worldwide are living under some sort of lockdown order, according to Raymond James. In early March, a few forecasters suggested that oil demand may be slightly negative in 2020, dipping by a mere 220,000 bpd. The call was somewhat provocative at the time. By the middle of the month, some forecasters said the demand hit could be as large as 10 million barrels per day (mb/d) in the second quarter. A few days later, another set of analysts put it at 13-14 mb/d. By last week, the IEA warned demand could fall by 20 mb/d. ALSO ON RT.COM Oil recovers from decades' lows as Russia & US agree energy talks The negative revisions could keep on coming. Oil prices dropped sharply during midday trading on Monday. “For us, this is simply reflecting the increasing awareness that oil demand is breaking away, probably by much more than the 20 percent we have currently in our books for April/May,” JBC Energy said. The market has fallen apart rather quickly. Some areas are seeing catastrophically low pricing, including prices dipping into negative territory in areas far from takeaway infrastructure. “Estimates for the demand side are being revised downwards on an almost daily basis, while on the supply side there is still no sign of any reconciliation between Saudi Arabia and Russia,” Commerzbank said in a note on Monday. Analysts are now watching global storage capacity, which could fill up in weeks or months at most. The contango for Brent between May and November has widened to a record $13.45 per barrel, a reflection of the massive short-term glut. ALSO ON RT.COM Oil majors are preparing for $10 oil “The oil market supply chains are broken due to the unbelievably large losses in oil demand, forcing all available alternatives of supply chain adjustments to take place during April and May: Onshore product storage surge, refinery run rate cuts globally, massive increase in floating storage deals and upstream supply shut-ins,” Rystad Energy’s head of Oil Markets Bjornar Tonhaugen said in a statement. Plains All American Pipeline reportedly sent a letter to US oil producers asking them to curtail production, according to Bloomberg, and other pipeline companies are apparently making similar requests. “We are sending this proactive request to our suppliers to ask that you take steps to reduce oil production in response to the pandemic,” Plains said in the letter, according to Bloomberg. Goldman Sachs sees US oil production falling by 1.4 million barrels per day (mb/d) between now and the second quarter of 2020. However, the bank said that declines from lower drilling rates today wouldn’t necessarily translate into lower production until the third quarter of this year. But because the glut is so gargantuan [1. Of immense size, extent, or quantity. See Synonyms at enormous. 2. Of exceedingly great scope or nature: a gargantuan effort.], and because storage is set to run low at current prices, that means that prices ultimately have to fall even further. “For this reason, our view has been oil prices will need to move to cash costs, resulting in shut-in production,” Goldman analysts wrote in a note on Monday. ALSO ON RT.COM The lesson US shale refuses to learn The US rig count fell by 44 (40 oil rigs and 4 gas rigs) last week, the largest decrease in four years. Notably, the Permian basin accounted for 23 of those rigs. Bank of America said so much depends on whether or not the world can move past the pandemic in the next few months, or if the scars linger into next year and beyond. “The oil market expects these massive supply and demand shocks to fade within 3 to 4 months, a plausible outcome,” the bank said. “However, if either shock (or both) last for 12 months or longer, the gigantic surplus could keep oil prices below $30/bbl for an extended period.”

Queensland researchers announce promising COVID-19 vaccine candidates

https://www.brisbanetimes.com.au/national/queensland/queensland-researchers-announce-promising-covid-19-vaccine-candidates-20200327-p54epc.html Researchers at Griffith University in Brisbane have joined the race to create a vaccine for the coronavirus using a method that could see a vaccine rolled out in weeks once it’s approved. Scientists at the Griffith Institute for Drug Discovery (GRIDD) are about to start mouse model trials of four vaccine candidates they have developed. Professor Bernd Rehm, the principal research leader at GRIDD, said the technology used to develop the vaccine candidates used a synthetic version of the virus, which meant it could be replicated easily and quickly. Professor Bernd Rehm from Griffith University says they have developed four vaccine candidates ready for animal testing Professor Bernd Rehm from Griffith University says they have developed four vaccine candidates ready for animal testing "We essentially have these microscopic factories assembling these virus-like particles presenting the virus components," Professor Rehm said. Advertisement "It’s all synthetic, there’s no live virus included, it’s considered to be very safe, but the interesting part is we can precision-engineer those particles, and link it to a very high-yielding manufacturing process." GRIDD has spent the past few years developing a process of that sort that could be ported across to a proper facility for use in other vaccine trials. They have now partnered with Brisbane-based biomanufacturing company Luina Bio to deliver the vaccine candidates. "In around one month we will have the immune responses for the vaccine, and we should then be able to produce a vaccine for human testing," he said. "So our timelines are extremely short and our materials are very manufacturable at a large scale." Professor Rehm said the method they were using was different to the method being used by researchers at the University of Queensland, who have also announced they are working on a viable vaccine against COIVD-19. RELATED ARTICLE CV symptoms EXPLAINER CORONAVIRUS PANDEMIC What does COVID-19 do to the body and what's it like to have the illness? Add to shortlist "Our technology is unique, all the other technologies are different, the UQ technology is very different to our technology, so it’s a unique approach," he said. "And I felt it was my responsibility to put the technology forward, because the uniqueness of the composition of the materials, linked to the high manufacturability, might provide the solution to contain this outbreak." Professor Rehm said because the process was able to scale up easily, once it had been approved they could conceivably create 16 million doses of the vaccine in one week, or enough for the entire population of Australia in a fortnight. Creating a viable vaccine for humans is usually a long process, however, and the vaccines would have to got through the same regulatory processes the other trails are having to navigate. "To move into humans always requires substantial funding. We could be in production very shortly, within two months, but then it is a regulatory pathway," he said. "There is a process, but given the urgency of the COVID-19 situation, there has been consideration given to fast-track approvals and shorten trials and assessment." The Queensland government recently announced a $17 million funding injection to fast-track the UQ vaccine for coronavirus by six months. Even on that timeline a vaccine would not be ready for widespread human inoculation against coronavirus before early next year. Share on Facebook Share on Twitter Send via Email License this article CORONAVIRUS PANDEMIC SCIENCE RESEARCH PHARMACEUTICALS VACCINATION BRISBANE Stuart Layt Stuart Layt Twitter Email Stuart Layt covers health, science and technology for the Brisbane Times. He was formerly the Queensland political reporter for AAP.

US Senate passes $2.0 trillion bill for 'strange and evil' coronavirus crisis

The US Senate on Wednesday unanimously backed a $2.0 trillion bill aimed at helping unemployed workers and industries hurt by the coronavirus epidemic, as well as providing billions of dollars to buy urgently needed medical equipment. After bitter negotiations, the deeply divided Senate came together and passed the bill by a 96-0 vote, which sent the massive stimulus package to the House of Representatives for a vote on Friday. President Donald Trump, whose top aides helped negotiate the bipartisan measure, promised to sign it into law as soon as it reaches his desk. “I will sign it immediately,” Trump told reporters on Wednesday. The rescue package - which would be the biggest ever passed by Congress - includes a $500 billion fund to help hard-hit industries and a comparable amount for direct payments of up to $3,000 apiece to millions of US families. The legislation will also provide $350 billion for small-business loans, $250 billion for expanded unemployment aid and at least $100 billion for hospitals and related health systems. The package is intended to flood the economy with cash in a bid to stem the impact of an intensifying epidemic that has killed more than 900 people in the United States and infected at least 60,000. Only two other nations, China and Italy, have more coronavirus cases and the World Health Organization has warned the United States looks set to become the epicenter of the global coronavirus pandemic. Top aides to Trump and senior senators from both parties announced that they had agreed on the unprecedented stimulus bill in the early hours of Wednesday after five days of talks. But it was delayed by criticism from both the right and left on Wednesday, pushing the final vote on passage almost another full day. Several Republican senators had insisted the bill needed to be changed to ensure that laid-off workers would not be paid more in unemployment benefits than they earned on the job. However, an amendment that would have changed the unemployment provision failed just before the Senate approved the measure. There had been criticism of the bill from the most progressive wing of the Democratic-led House. Representative Alexandria Ocasio-Cortez called it “a historic corporate giveaway” on Twitter. House voice vote on Friday However, House leaders hoped the bill would pass by voice vote on Friday, without representatives having to return to Washington. Bringing more than 400 lawmakers from as far away as Hawaii and Alaska would be difficult because a few are in self-quarantine and several states have issued stay-at-home orders. House Speaker Nancy Pelosi said she hoped the bill would pass quickly, and that Congress would pass further legislation if necessary to ease the crisis going forward. New York Governor Andrew Cuomo had criticised the bill, saying the $3.8 billion allocated to his state would not cover tax revenue it will lose from reduced economic activity. New York accounts for roughly half of all US coronavirus cases. Pelosi expressed sympathy, but wanted the rescue package to move on. “We (Congress) do have to do more, but that would be no reason to stop this step that we are taking,” she told CNN. The stimulus package follows two others that became law earlier this month. The money at stake amounts to nearly half of the $4.7 trillion the US government spends annually. Investors were cheered by the news of the deal. On Wall Street, the benchmark S&P 500 . SPX rallied for a second straight day, closing up 1.15 per cent. Senate leaders noted the historic nature of the challenge, as the country grapples with what the Democratic Senate Minority Leader Chuck Schumer called “a strange and evil disease.” “Our nation obviously is going through a kind of crisis that is totally unprecedented in living memory,” Republican Majority Leader Mitch McConnell said shortly before the vote on passage. McConnell also announced that, after passing the bill, the Senate would leave Washington and be in recess at least until April 20. He said he would give senators 24 hours notice if they needed to come back to Washington for another vote before then. Missing from Wednesday’s votes was No. 2 Senate Republican John Thune, who said in a statement he did not feel well when he woke up on Wednesday and decided to take a charter flight home to South Dakota “out of an abundance of caution.” Thune did not say whether he had coronavirus symptoms, although he said he was not advised to self-quarantine. Another Republican senator, Rand Paul, announced on Sunday he had tested positive for the illness, and a handful of others have self-quarantined after being exposed to Paul or others who have had it.

Coronavirus: Trump bans hoarding, price gouging President signs executive order, as attorney-general launches investigations

Washington: President Donald Trump signed an executive order on Monday to prevent hoarding and price gouging of crucial medical supplies needed to fight the deadly coronavirus, while Attorney General William Barr announced that the Justice Department has already launched hoarding investigations to carry out the order. “This sends a strong message we will not let those hoarding vital supplies & price gougers to harm the health of America in this hour of need,” White House Press Secretary Stephanie Grisham wrote on Twitter earlier in the evening. The executive order authorizes the US government to directly target hoarders who may threaten the supply of certain medical supplies that the government has designated as scarce or could be threatened by hoarding or price gauging. READ MORE Coronavirus: Iran rejects Trump ‘aid’ offer as toll jumps to 1,685 Army to deploy to New York after Trump declares major disaster, mayor views sites for more hospital beds US: Donald Trump writes to North Korea's Kim offering help in virus fight People who accumulate designated supplies beyond levels considered reasonable for personal or business use can be criminally prosecuted. Barr told reporters at the White House press briefing Monday night that no items have been designated by the government just yet, but investigations into hoarding and price gauging are already underway. ADVERTISING Ads by Teads “We have not waited for this order to be signed. We have received evidence recently. We have already initiated investigations of activities that are disrupting the supply chain and suggestive of hoarding,” Barr said, noting the probes are targeting people hoarding on an “industrial scale” or “manipulating the market” for profit. “If you have a big supply of toilet paper in your house, this is not something you have to worry about. But if you are sitting on a warehouse with...surgical masks, you will be hearing a knock on your door,” he added.

UK: Airbnb, TripAdvisor, Booking.Com And Expedia Strike Data Sharing Deal With The EU

UK: Airbnb, TripAdvisor, Booking.Com And Expedia Strike Data Sharing Deal With The EU 23 March 2020 by David Coulling , Miriam Everett and Jonathan Stephenson Herbert Smith Freehills 5 March 2020 saw the European Commission (EC) announce an unprecedented agreement with short-stay accommodation titans Airbnb, Booking.com, Expedia and TripAdvisor to share and publish data (on the number of nights booked and the number of guests staying) with the EC via Eurostat (the EU's statistical office) (press release here). Eurostat will then aggregate the data by municipality and publish that data on a Member State and individual region level. This collaborative venture represents an initial step by the EC in tackling the absence of regular and reliable data in this area, and recognises the need to balance: (a) the opportunities for micro-entrepreneurs using these growing platforms; and (b) adverse societal effect on local communities of landlords using their properties for short term lets, e.g. increasing property prices. While this agreement has been universally welcomed, it is noted that there are other categories of information that could also be useful from a policy-making perspective, such as the number of listings, hosts, beds and types of accommodation. A number of cities including Paris, Barcelona, Berlin and Amsterdam have previously sought to place restrictions on the use of short-stay accommodation platforms, but this has not always been successful. For example, on 19 December 2019, the Court of Justice of the European Union (the EU's most senior court) ruled that Airbnb did not have to meet particular regulatory requirements as it was correctly classified as an intermediation service rather than an estate agent (a stark contrast to their ruling on Uber with respect to the transportation services space). This new data sharing agreement does not tackle the limited regulatory restrictions that can be placed on online platforms. However, the EC hopes that this data collaboration will allow for more informed and balance policymaking. With a 2019 survey showing that 21% of EU citizens use a website or app to arrange accommodation, there have been numerous calls for a digital regulator to better police this space. It is thought that the much anticipated Digital Services Act will make some progress on this front, but the slow development of this legislation may struggle to match the evolving issues face by online platforms. That said, this remains an interesting example of big tech companies collaborating with supranational bodies on regulation, as well as regulators seeking to become better informed on the nature and effect of new technology platforms to ensure informed decision making in this space.

Coronavirus Crash Reduces 18 Major Companies To Penny Stocks

[22:27, 19/03/2020] Whatsapp Law Enforcement: Coronavirus Crash Reduces 18 Major Companies To Penny Stocks https://finance.yahoo.com/m/be56c5c0-e425-3f13-9501-9ed316c531d4/coronavirus-crash-reduces-18.html [22:28, 19/03/2020] Whatsapp Law Enforcement: 117 comments or reactions: Actually, the pros keep saying "don't sell, ride it out" I have had arguments with fund managers over this, I listened to them and lost hundreds and thousands of dollars, and they are still saying "Now is not the time to sell" tell that to my wife! All told, 18 stocks in the broad S&P 1500, including consumer discretionary J.C. Penney (JCP), energy firms like Denbury Resources (DNR) and real estate firm CBL & Associates (CBL), are now trading for less than a buck. The S&P 1500 is a collection of small stocks in the S&P 600, midsize S&P 400 and large S&P 500 companies. All the S&P 1500 trading for less than $1 were admittedly damaged goods ahead of the coronavirus market crash. Even before the crash, the average share price of the 18 was just 2.87. But this coronavirus market crash is showing even weak stocks can get decimated further. These 18 S&P 1500 stocks are down another 80%, on average, this year. Makes cash look supreme. SPDR Sector ETFs: Intraday % Chg. Consumer StaplesXLP-2.57% Communication ServicesXLC-3.32% Health CareXLV-3.32% Information TechnologyXLK-3.77% UtilitiesXLU-4.35% Consumer DiscretionaryXLY-5.74% MaterialsXLB-6.39% Real EstateXLRE-7.02% IndustrialsXLI-7.37% FinancialsXLF-8.49% EnergyXLE-14.36% Provided by Nasdaq Last Sale. Real-time quote and/or trade prices are not sourced from all markets. Energy Stocks Get Pounded There's no question energy is the center of the coronavirus market crash. The Energy Select Sector SPDR ETF (XLE) is down 58%, just this year. That makes the S&P 500's energy sector the worst performer this year of the 11. Energy is hurt from all sides. Transportation is grinding to a halt. And the price of oil on the Nymex is down 55% this year and off 39% this month. Even if some energy stocks stay over a dollar, they might slash their dividends. Not surprisingly, energy companies are crashing through $1 like none others. Thirteen of the 18 S&P 1500 stocks trading for under a dollar are energy firms. Take Denbury Resources. The small-cap energy firm's stock collapsed to 27 cents. That's down 81% this year from the $1.41 a share it started at this year. And it's completely rational. Analysts think the company's earnings per share will fall 70% to 12 cents this year. And even that might prove optimistic. Small-Cap Debacle In Cornavirus Market Crash Much of the coronavirus market crash pain is with small stocks. The small-cap focused S&P 600 and ETFs tied to it are down 39% this year. That's significantly worse than the 21% drop in the large-stock S&P 500 and the linked SPY stock. And it's not surprising, all 18 of the S&P 1500 new penny stocks are small caps. That includes former large-cap J.C. Penney. The retailer is now trading for 42 cents a share, making it worth just $164 million. That's a 63% decline, just this year. If the coronavirus market crash continues, though, expect some midsize and large companies to drop below $1 next. Midsize energy firm Transocean (RIG) is the closest S&P 400 stock to $1. Shares are down 83% this year to 1.16. And among the S&P 500, Noble Energy (NBL) is down 87% this year to 3.23. So again, if you're holding individual stocks, you need to cut your losses. Things can get worse. S&P 1500 Stocks Now Trading For Pennies Company Ticker Index Constituents [Primary Listing] Stock Price On 3/18/2020 Sector YTD Ch. HighPoint Resources (HPR) S&P 600 0.23 Energy -86.2% Denbury Resources (DNR) S&P 600 0.27 Energy -80.7% Noble (NE) S&P 600 0.30 Energy -75.5% CBL & Associates Properties (CBL) S&P 600 0.31 Real Estate -70.7% Oasis Petroleum (OAS) S&P 600 0.37 Energy -88.7% TETRA Technologies (TTI) S&P 600 0.37 Energy -81.1% QEP Resources (QEP) S&P 600 0.38 Energy -91.5% Laredo Petroleum (LPI) S&P 600 0.39 Energy -86.4% Nabors Industries (NBR) S&P 600 0.40 Energy -86.1% J.C. Penney (JCP) S&P 600 0.42 Consumer Discretionary -62.5% Callon Petroleum (CPE) S&P 600 0.45 Energy -90.7% Valaris (VAL) S&P 600 0.53 Energy -91.9% Akorn (AKRX) S&P 600 0.55 Health Care -63.3% Gulfport Energy (GPOR) S&P 600 0.58 Energy -81.0% Ring Energy (REI) S&P 600 0.68 Energy -74.2% Acorda Therapeutics (ACOR) S&P 600 0.75 Health Care -63.2% Cedar Realty Trust (CDR) S&P 600 0.86 Real Estate -70.8% U.S. Silica Holdings (SLCA) S&P 600 0.88 Energy -85.7% Source: IBD, S&P Global Market Intelligence Follow Matt Krantz on Twitter @mattkrantz YOU MAY ALSO LIKE: Watch These 5 'Absolute Losers'; Futures Volatile Why You Should Hope This Coronavirus Bear Market Is Like 1987 How Much The Coronavirus Bear Market Is Costing Every American Thirteen Companies Drown On Debt In Coronavirus Crash Check Out IBD's New IBD Live Panel Discussion TODAY'S SPOTLIGHT IBD’s Getting Started Get started making money with IBD and make smarter investing decisions. Take a tour now! IBD Digital Spring Sale! We're celebrating a new season with a great deal: 5 weeks of IBD Digital for only $5. Get it now! Watch the Latest Podcast! Hear Scott O’Neil’s analysis of the market correction and learn how to protect your portfolio. SECTORS Coronavirus Stock Market Crash Plays Reveal What's Going On FacebookTwitterLinkedInShare Licensing MATT KRANTZ08:00 AM ET 03/18/2020 Getting out of the coronavirus stock market crash — and staying out — is prudent for traders. But daring ETF investors might still monitor how trends are working amid the volatility. Three main market themes with ETFs come to mind: plays on market volatility, consumer staples and medical breakthroughs. Not all funds tied to these themes are up since the S&P 500 peaked on Feb. 19. But each one illustrates important trends to watch as the coronavirus infects markets. Traders are looking for any clues for how long the volatility will continue. "Dow 20,000 will be an important number to watch both for support and resistance over the next few weeks," said Fane Lozman, trader at Scanshift.com. How can ETFs signal movements going on inside the topsy-turvy coronavirus stock market crash? Here are some signs to keep an eye on. SPDR Sector ETFs: Intraday % Chg. Consumer StaplesXLP-2.57% Communication ServicesXLC-3.32% Health CareXLV-3.32% Information TechnologyXLK-3.77% UtilitiesXLU-4.35% Consumer DiscretionaryXLY-5.74% MaterialsXLB-6.39% Real EstateXLRE-7.02% IndustrialsXLI-7.37% FinancialsXLF-8.49% EnergyXLE-14.36% Provided by Nasdaq Last Sale. Real-time quote and/or trade prices are not sourced from all markets. ETFs Tied To Coronavirus Stock Market Crash Fear Fear is off the charts. And that's given investors a way to profit. Just don't expect the extreme fright to continue. The CBOE Volatility S&P 500 Index, a measure of investors' fears, has spiked more than 400% this year. The volatility index surged to a rating of more than 82 on March 16, setting an all-time record of fear. The week's VIX reading, which is keyed to fear in the market, surpassed the 80.86 high at the peak of terror during the late 2008 financial crisis. Not surprisingly, investments that let investors profit from skyrocketing fear spiked, too. The largest of its kind, the $2.9 billion-in-assets, VelocityShares Daily 2x VIX Short-Term ETN (TVIX), surged more than 1,306% from the S&P 500's Feb. 19 peak. The fund uses leverage and VIX futures to amp up gains when volatility spikes. If you didn't catch the spike, though, Lozman says don't jump on it now. He says the historic jump in market fear in the coronavirus stock market crash is unlikely to return to the 82 level. Fear and volatility could actually trend lower even if markets sink further. "The longer we grind around (Dow 20,000) the more volatility will contract," he said. Dave Nadig, chief investment officer at ETFtrends.com, agrees. "VIX ETFs are day-trading tools. Period. Even owning one overnight seems like a pretty aggressive speculation right now," he said. "No normal investor should even consider them. Betting on VIX day to day is just like betting on coin flips." Consumer Staples Perk Up In Coronavirus Stock Market Crash Finding S&P 500 stocks that are up through all this is tough. But a number of S&P 500 Consumer Staples giants come to mind. Clorox (CLX), Kroger (KR) and Campbell Soup (CPB) are all up from the S&P 500's peak. Consumers are stockpiling food, turning these slow-growing stocks into a place for large investors to hide from the coronavirus stock market crash. Fearful investors "are looking to defensive health care and consumer staples ETFs" amid the coronavirus stock market crash, says Todd Rosenbluth, head of ETF and mutual fund research at CFRA. "When the going gets tough the tough get eating, drinking and smoking. Then they have to go to the doctor." The $426 million-in-assets Invesco S&P 500 Equal Weight Consumer Staples ETF (RHS) owns the greatest weight of any ETF of top-performing Clorox stock, at 4.2% of its portfolio. But while Clorox is up 17% from the market's high, the Invesco ETF is down 14%. "I worry that people are coming way late to this," Nadig said. "I don't see a reason for (consumer staples) to continue to be valued higher ... than the market now that we're processing the impacts on the real economy." Spotting Medical Breakthroughs In S&P 500 Regeneron (REGN) and Gilead Sciences (GILD) are the biggest S&P 500 winners in this coronavirus stock market crash. Both companies are working on treatments for the outbreak. That showcases their other developments, too. Regeneron alone is up more than 20% from the February high. With so many companies rushing for a treatment, investors logically want to spread their bet. The $44.5 million-in-assets Innovator IBD Breakout Opportunities ETF (BOUT) holds a larger position in Regeneron, 7.7%, than any other ETF, says ETF.com. But Regeneron is also a significant holding, 7.2%, in the $313 million in assets VanEck Vectors Biotech ETF (BBH). The VanEck ETF also puts 8.9% of its portfolio in Gilead. Nadig has concerns with health care investments, too, though. "The entire global medical and pharma industry is going to face incredible scrutiny coming out of this," he said. "There's an increased chance for nationalization of many parts of the medical economy, around the world, once we come out of this and start rethinking our societal response." Select Plays On Coronavirus Stock Market Crash Symbol ETF Stock % Ch. From 2/19/2020 Market High Consumer Staples Own largest amounts of Clorox stock RHS Invesco S&P 500 Equal Weight Consumer Staples ETF -13.2% JHMS John Hancock Multifactor Consumer Staples ETF -14.6% LVHD Legg Mason Low Volatility High Dividend ETF -23.7% Volatility TVIX VelocityShares Daily 2x VIX Short-Term ETN 1,398.2% VIIX VelocityShares Daily Long VIX Short-Term ETN 337.0% SH ProShares Short S&P500 27.5% Innovative Breakthroughs BBH VanEck Vectors Biotech ETF -16.7% CNCR Loncar Cancer Immunotherapy ETF -17.5% IDNA ishares Genomics Immunology And Healthcare ETF -20.4% BOUT Innovator IBD Breakout Opportunities ETF -26.0% BIB ProShares Ultra Nasdaq Biotechnology -37.4% SPY* SPDR S&P 500 ETF Trust -25.6% Source: IBD, S&P Global Market Intelligence, SPY shown for comparison Follow Matt Krantz on Twitter @mattkrantz YOU MAY ALSO LIKE: Why You Should Hope This Coronavirus Bear Market Is Like 1987 How Much The Coronavirus Bear Market Is Costing Every American Thirteen Companies Drown On Debt In Coronavirus Crash Check Out IBD's New IBD Live Panel Discussion

RBA rate cut 'was widely expected'

RBA rate cut 'was widely expected' 19/03/2020|4min The Australian’s Adam Creighton has provided an analysis of the latest historic RBA rate cut which was handed down on Thursday saying, "I don't think it is too significant". "It was widely expected," he told Sky News. The Reserve Bank of Australia has cut interest rates to a historic low of 0.25 per cent in a bid to help ease pressure on the economy amid the coronavirus crisis. The rare out-of-cycle meeting for the Reserve Bank saw rates drop by a quarter of a per cent on Thursday as part of the emergency measures. It is the second time rates have been cut in the March month. =============== #RBA conducting repo ops & ready to purchase bonds to support smooth functioning Expect further easing Thurs to include: * 25bp rate cut taking it to 0.25% * yield curve control backed up by QE (bond buying) * some sort of cheap funding deal for banks conditional on lending #ASX200 closed in the red with most of the sectors in negative territory! #ausbiz #markets #marketcrash #interestrates #ratecut #auspol2020 #RBA #RBANews #CentralBanks #StimulusPackage2020 #covid19australia RBA cuts rate 0.25% to 0.25% and ASX 200 Real Estate index plunged another -15% !! -40% from high in just 3 weeks to almost 8 years low. Lawdy, cutting 0.25% from 0.5% isn’t going to stimulate the economy. People aren’t spending, the market is volatile and banks probably won’t pass on all the rate cut. If anything, it will make people nervous about negative rates. Monetary policy is irrelevant. #auspol #rba Quote Tweet RBA: cuts cash rate to 0.25% - commitment not to raise till progress toward full emp & infl target to target a 3 yr yld of 0.25% backed by purchases of gov bonds cheap funding for banks for 3yrs at 0.25% partly conditional on lending to biz Should have targetted the 10yr yld! The US Federal Reserve has been attempting to stop investor panic with its emergency actions, but those moves are like firing “a water gun” when we need “a bazooka,” Tobin Smith, CEO of Transformity Research, believes. Speaking to RT’s Boom Bust, the analyst said that the real problem is in the US debt market, as there is four times as much debt than there was in 2008-2009. “This is as a financial disaster, as a health disaster as an economic disaster – is like we got three neutron bombs dropped on us,” Smith warned. “First we obviously have the coronavirus and the pandemic, then we’ve got the oil pandemic... and then the third bomb is the government sitting around doing sort of half measures when we’ve essentially had a virtual economic attack.” Those factors have equal ripple effects across all the financial system and have already plunged the country into a recession, he noted, adding that the S&P Index can drop to 1,600 points. And now Washington needs to deliver another “neutron bomb that offsets the neutron bomb that had been exploded into our system,” according to Smith

Housing and Urban Development Department will suspend foreclosures and evictions through April to help the growing number of Americans who face losing jobs and missing rent and mortgage payments.

The Federal Reserve has taken emergency action and slashed its benchmark interest rate by a full percentage point to nearly zero. It also announced it would purchase more Treasury securities to encourage lending to try to offset the impact of the coronavirus outbreak. The central bank said the effects of the outbreak will weigh on economic activity in the near term and pose risks to the economic outlook. The central bank said it will keep rates at nearly zero until it feels confident the economy has weathered recent events. The Fed also said it will purchase 500 billion US dollars of Treasury securities and 200 billion dollars of mortgage-backed securities to smooth over market disruptions that have made it hard for banks and large investors to sell Treasuries. The disruptions bumped up the yield on the 10-year Treasury last week, an unusual move that threatens to push borrowing costs for mortgages and credit cards higher. The Fed also said it has dropped its requirements that banks hold cash reserves in another move to encourage lending. Housing and Urban Development Department will suspend foreclosures and evictions through April to help the growing number of Americans who face losing jobs and missing rent and mortgage payments. Meanwhile the administration pushed forward its broad economic rescue plan, which proposes $500 billion in checks to millions of Americans, with the first checks to come April 6 if Congress approves. The government has told Americans to avoid groups of more than 10 people and the elderly to stay home while a pointed reminder was given to millennials to follow the guidelines and avoid social gatherings. Trump likened the effort to the measures taken during World War II and said it would require national “sacrifice." WASHINGTON — Describing himself as a “wartime president” fighting an invisible enemy, President Donald Trump invoked rarely used emergency powers to marshal critical medical supplies against the coronavirus pandemic. Trump also signed an aid package — which the Senate approved earlier Wednesday — that will guarantee sick leave to workers who fall ill. Trump on Wednesday tapped his authority under the 70-year-old Defense Production Act to give the government more power to steer production by private companies and try to overcome shortages in masks, ventilators and other supplies.Yet he seemed to minimize the urgency of the decision, later tweeting that he "only signed the Defense Production Act to combat the Chinese Virus should we need to invoke it in a worst case scenario in the future.""Hopefully there will be no need," he added, “but we are all in this TOGETHER!”The mixed messaging came as Trump took a series of other extraordinary steps to steady the nation, its day-to-day life suddenly and fundamentally altered.The Canada-U.S. border, the world's longest, was effectively closed, save for commerce and essential travel, while the administration pushed its plan to send relief checks to millions of Americans.Trump said he will expand the nation's diagnostic testing capacity and deploy a Navy hospital ship to New York City, which is rapidly becoming an epicenter of the pandemic, and another such ship to the West Coast. And the Housing and Urban Development Department will suspend foreclosures and evictions through April to help the growing number of Americans who face losing jobs and missing rent and mortgage payments.But as Trump laid out efforts to help the economy, markets plummeted. Gone were nearly all the gains that the Dow Jones Industrial Average had made since Trump took office. The administration announcements came on a fast-moving day of developments across the capital, its empty streets standing in contrast to the whirlwind of activity inside the grand spaces of the White House and the Capitol.The Senate overwhelmingly passed a second coronavirus response bill, which Trump signed Wednesday night. The vote was a lopsided 90-8 despite worries by many Republicans about a temporary new employer mandate to provide sick leave to workers who get COVID-19. The measure is also aimed at making tests for the virus free.Meanwhile the administration pushed forward its broad economic rescue plan, which proposes $500 billion in checks to millions of Americans, with the first checks to come April 6 if Congress approves.The White House urged hospitals to cancel all elective surgeries to reduce the risk of being overwhelmed by cases. The president was pressed on why a number of celebrities, like professional basketball players, seemed to have easier access to diagnostic tests than ordinary citizens.“Perhaps that's the story of life," Trump said. "I've heard that happens on occasion.”Trump dismissed a suggestion from his own treasury secretary, Steven Mnuchin, that the nation could face 20% unemployment at least in the short term.That's an "absolute total worst case scenario," Trump said. “We're no way near it."The government has told Americans to avoid groups of more than 10 people and the elderly to stay home while a pointed reminder was given to millennials to follow the guidelines and avoid social gatherings. Trump likened the effort to the measures taken during World War II and said it would require national “sacrifice."“It's a war," he said. "I view it as a, in a sense, a wartime president. It's a very tough situation.”No longer able to run for reelection on a healthy economy, he was taking on the mantle of a wartime leader after played down the severity of the crisis for weeks.The president also employed more nativist, us-vs-them rhetoric at the briefing, continuing his recent habit of referring to the coronavirus as the “Chinese virus,” which has been sharply criticized as racist. “It's not racist at all," Trump said. “It comes from China, that's all."He was asked about a report that a White House aide had referred to the virus as the “Kung flu" when talking to an Asian-American reporter and Trump did not signal disapproval of the offensive term.Trump later met nursing leaders and expressed “gratitude for those on the front lines in our war against the global pandemic" as he held out hope that the pandemic would be over soon.“It's been something, but we're winning and we will win,” he said. “It's a question of when and I think it's going to go quickly. We hope it's going to go quickly.”A limited number of people gathered around a large table, their chairs spread apart in a display of social distancing.The Defense Production Act gives the president broad authority to shape the domestic industrial base so that it is capable of providing essential materials and goods needed in a national security crisis. The law allows the president to require businesses and corporations to give priority to and accept contracts for required materials and services.The executive order issued by Trump gives Health and Human Services Secretary Alex Azar the authority to determine “the proper nationwide priorities and allocation of all health and medical resources, including controlling the distribution of such materials ... in the civilian market, for responding to the spread of COVID-19 within the United States.” It also applies to certain health services.Trump also said he would soon invoke a rarely used federal statute that would enable the U.S. to tighten controls along the southwest border because of the new coronavirus, based on a recommendation of the U.S. surgeon general.The president said the law, intended to halt the spread of communicable diseases, would give authorities “great latitude" to help control the outbreak. Earlier, U.S. officials told The Associated Press that the administration would invoke the law to immediately turn back all people who cross the border illegally from Mexico and to refuse people the right to claim asylum there.More than eight weeks after the first U.S. case of the virus was detected, the federal government is still struggling to conduct widescale testing for the virus. Compounding the problem, laboratories are reporting shortages of supplies needed to run the tests, which officials urged to be given to those most likely to have COVID-19.Deborah Birx, who is coordinating the White House response, cautioned that there has been a backlog of swabs waiting in labs to be tested, and as that backlog clears “we will see the number of people diagnosed dramatically increased” in the next few days.Asked about the administration's mixed messages when it comes to the threat posed by the virus, Birx said new studies about how long the virus can be transmissible on hard surfaces helped prompt the administration’s tightening of recommendations on social distancing. “None of us really understood" that, she said. “We’re still working out how much is by human transmission and how much is it by surface.” She added, "Don’t exposure yourself to surfaces outside the home.”For most people, the new coronavirus causes only mild or moderate symptoms, such as fever and cough. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia.The vast majority of people recover from the new virus. According to the World Health Organization, people with mild illness recover in about two weeks, while those with more severe illness may take three to six weeks to recover.As it tries to get its message to the public, the White House said a series of ads, digital and on television, will feature the president and first lady Melania Trump urging Americans to follow the guidelines. Birx also renewed her call for younger people to follow federal guidelines and stop meeting in groups.She said there have been “concerning reports” from France and Italy about young people becoming seriously ill. The task force last week urged young generations to avoid going out to bars and restaurants and to avoid groups of more than 10 people.“We cannot have these large gatherings that continue throughout the country for people who are off work,” Birx said. She added that the federal pandemic task force so far has not seen any “significant mortality” in children.The White House has had several coronavirus-related health scares, with the president himself exposed to at least three people who later tested positive. Republican National Committee chairwoman Ronna McDaniel said Wednesday that she had tested negative for the virus. McDaniel, who met last week with the president and Senate Republicans, had previously been exposed to someone who tested positive.___Associated Press writers Ricardo Alonso-Zaldivar, Matthew Perrone, Darlene Superville, Robert Burns, Deb Riechmann and Lauran Neergaard contributed to this report.

Redefining exclusions for future global crises like #CoronaVirusOutbreak

Authorities are taking no chances with the coronavirus outbreak. In fact, it seems that only thing spreading faster than coronavirus is the anxiety associated with it. Airlines are suspending flights and routes, #EmTech Asia 2020 has been postponed, Fashion Week Milan has gone online, the Louvre and Tokyo Disneyland have closed their doors and even the Cherry Blossom Festival in Japan has been cancelled. It is inevitable that claims for travel plans disrupted by the outbreak will soar but how will the current policies and insurers cope with the influx? Legal Insight spoke with Jessica Tat, author of Motor Vehicle Law NSW and Elizabeth Esber, who are both Barristers prastising in commercial and insurance litigation, about travel insurance, exclusions and coronavirus (COVID-19). Challenges posed by the current terminology of exclusion clauses Exclusions are a standard and necessary part of any insurance policy, defining the limits of coverage for risks an insurer is unwilling to insure. However, exclusions are often phrased in vague terms with few warnings as to when or how the exclusion may be affected. As Jessica and Elizbeth note, these clauses “can be interpreted widely and in varying ways depending on the factual matrix of each claim”. With the status of COVID-19 in almost constant flux, “we are seeing not only new circumstances arising each day but an increase in the number of people affected; and different circumstances in which people might seek to rely on their travel insurance”. As a result, insurers will face significant challenges as: “[c]laims processes and procedures that may have been appropriate for responding to foreseeable circumstances/claim events may now be under stress because there is a large number of claims and, the facts of each may give rise to unanticipated circumstances such as mass cancellation of events in cities where there are no reported local outbreaks. Stretched resources may result in inconsistent assessment and decision making between claims.” RELATED: Coronavirus and Bushfires Rekindle Interest in ‘Force Majeure’ The application of pandemic exclusion clauses post-Hayne The World Health Organisation (WHO) has declared COVID-19 to be a public health emergency of international concern and in the wake of the Hayne Royal Commission, “the application of exclusion clauses [needs to be] informed by a broader claims philosophy and procedure which facilitates efficient, honest and fair determination and claim outcomes” said Jessica and Elizabeth. “While the WHO declaration may form part of the context in which an insurer assesses a claim, the actual impact will depend on the wording of each policy and how that WHO declaration features in that particular policy, if at all. In addition to interpreting any exclusion terms specific to a pandemic/epidemic event, insurers should also consider whether their policy(ies) contain other general or specific exclusion terms that may impact or inform the construction of the pandemic/epidemic exclusion term that the insurer seeks to rely on”. Jessica and Elizabeth also point out that it is the consistency in how claims are determined that would “assist insurers with maintaining its level of service to policyholders, as well as in achieving efficiency, honesty and fairness”. Immediate solutions for determining claims for travel disrupted by COVID-19 Jessica and Elizabeth argue that priority should be given to the establishment of a Pandemic Claims Response Strategy (PCRS) to address: “how undefined terms in the policy are to be defined, including when and how the pandemic exclusion is triggered, ie by travel warnings, an outbreak in the country, a combination of both or some other event; how the policy will apply to those travelling in countries where travel warnings have been issued; how the policy should apply to those travelling in countries that are not the subject of any travel warnings, and how the policy should respond to those that have not yet departed but had taken out the policy before any travel warnings had been issued.” They suggest that policy terminology and claims handling procedures must be considered in light of the Hayne Royal Commission to prevent travel insurance products being characterised as ‘junk’ insurance. If you liked this, try reading: Corporate Social Responsibility from the Progressive Era to the Banking Royal Commission Redefining exclusions for future global crises There is a distinct possibility that virus events such as COVID-19 and SARS could become more common as international travel proliferates and globalisation intensifies. Jessica and Elizabeth contend that insurers must implement “long-term strategies including, the thorough consideration of travel insurance policies as a whole and the re-drafting of relevant terms to reflect the status quo in global travel and the complexity of global events such as COVID-19”. They also stress that the policies “should aim to be transparent on how the exclusions would apply”. They also advocate for technology to have “a part to play in improving communication between insurers and policyholders … with updates of any travel warnings or WHO declarations that may affect a policyholder’s cover and/or cause any claims to be excluded” to be sent prior to departure. Ultimately though, Jessica and Elizabeth agree that the decision regarding how exclusions ought to be re-evaluated to prepare for global crises: “…[Exclusions] should be based on advice from a range of experts, including actuary, legal, risk and compliance, re-insurance managers, claims, and marketing. A multidisciplinary discussion(s) chaired by either the CEO or CFO is necessary to ensure that commercial decisions are as commercially and legally sound as they can be at the time the decision is made given the emerging risks that [outbreaks such as COVID-19 present], to minimise the probability of ramifications later on.” Both Barristers have published joint papers on the Edmund Barton Chambers website. They include: COVID-19 & Travel Insurance and This event has been cancelled – COVID-19 is in town. Wyn Diong By: Wyn Diong Senior Product Editor , Analytical Law Team Wyn is an experienced Senior Product Editor in the Analytical Law Team at Thomson Reuters with a long history of working in the information services industry. She holds a Bachelor of Media and a Postgraduate Certificate in TESOL from Macquarie University. In her years with Thomson Reuters, she has worked on numerous publications in both Primary Law and Secondary Sources and is at present, nurturing multiple subscription services including Motor Vehicle Law NSW, Indictable Offences Queensland, Victorian Courts and McPherson’s Law of Company Liquidation. Prior to joining Thomson Reuters, she worked for Pan Macmillan Australia at the Macquarie Dictionary and taught English as a Second Language and Academic English at Macquarie University.

IRS to delay the April 15 tax payment deadline by 90 days

Most Americans can get a three-month reprieve to pay their income taxes for 2019, Treasury Secretary Steven Mnuchin said Tuesday in a press conference. The IRS will postpone the April 15 tax deadline by 90 days for millions of individuals who owe $1 million or less and corporations that owe $10 million or less, he said. To be sure, Americans still have to meet the April 15 deadline if they are expecting a refund or are requesting a six-month extension, but they can defer payment for up to 90 days beyond that. "We encourage those Americans who can file their taxes to continue to file their taxes on April 15 because for many Americans, you will get tax refunds and we don't want you to lose out on those tax refunds," Mnuchin said. "We want you to make sure you get them." "All you have to do is file your taxes," Mnuchin said. "You'll automatically not get charged interest and penalties." How long should I keep my tax returns?: Answer: It depends What will my tax refund be?:What will my tax refund be? So far, they're smaller by an average of $18

امام خمینی(ره):"آنقدر که اسلام از این مقدسین روحانی نما ضربه خورده است،

امام خمینی(ره):"آنقدر که اسلام از این مقدسین روحانی نما ضربه خورده است، از هیچ قشر دیگر نخورده است؛ روحانیون وابسته و مقدس نما و تحجرگرا کم نبودند و نیستند خطر تحجرگرایان و مقدس نمایان احمق در حوزه هاى علمیه کم نیست" گوینده این اراجیف یکی از مقدسین روحانی‌نماست #شیعه_انگلیسی شراب خانه و میز قمار می‌خواهد بنی امیّه حمار و خمار می‌خواهد بنی امیه فقط مردمان بی طرفی به بی تفاوتی روزگار می‌خواهد بنی امیّه فقط شیعیان نادانی فریب خورده و بی‌اختیار می‌خواهد! #شيعه_انگليسي تا کی باید از فرقه شیرازی‌ها ضربه بخوریم؟ برخورد کردن با اینها کار سختیه واقعاً؟ از ملکه می‌ترسیم یا توان و استراتژی برخورد با این خناسان رو نداریم؟ رو به ضریح نماز می‌خواند. گفتم: باطل و شرکه. گفت: قبله من همینه. گفتم صاحب قبر خودش رو به کعبه می‌ایستاد. گفت: این فضولیا به تو نیومده من از تو بهتر می‌فهمم. خلاصه "اینجوریه که اینجور می‌شه". فردا میان میگن اینا از عربستان پول گرفتن اگر فکر میکنی بی‌برنامه بوده ماجرای هتک حرمت درب‌هاب حرم باید بهت بگم که "... خیلی خری ..." - آیه‌ی قرآن میگه درمقابل درب خانه‌ی پیامبرتون صداتونو بالا نبرید بعد رفتین درب حرم امام رضا رو با لگد میخواین بشکونین و فحشای ناموسی میدین؟! از امام رضا شرم نکردین؟! حرم امام رضا (ع) خیلی مهم فوری این شخص همون طور که میبینید از عوامل این هتک حرمت هست ارتباط آشکارش با جریان شیعه انگلیسی رو میبینید هر چقدر میتونید این پیام رو ریتوییت کنید کسی شک نداشته باشه کار این جریان بوده هر دو هتک حرمت بسم الله #شیعه_انگلیسی #صادق_شیرازی #هتك_حرمت -- وقتی میگیم پای فرقه شیرازی وسطه از باب توهم نمیگیم، دلیل داریم برای حرفهامون، رفتار این فرقه خیلی واضحه کافیه یکم صبر کنید تا ردپای کثیف انگلیسیشون توی اتفاقات افراطی برنامه ریزی شده مشخص بشه! این هم استوری یکی از نوچه های معلوم الحال ملعون شیرازی. - حیدرگویان محب صادق شیرازی که بخاطر بسته شدن در حرم، رگ غیرتشان ورم کرده و در حرم را می‌شکنند، آن زمان که داعش، حرم حضرت سکینه(س) در سوریه را به خاک و خون کشید و پشت دیوارهای حرم حضرت زینب(س) و حضرت رقیه(س) رسید، توی کدام سوراخ موش بودند؟ دیروز در حرم را می‌لیسیدند، امروز در حرم را می‌شکنند؛ از قدیم گفته‌اند: جاهل را نمی‌بینی مگر در حال افراط و تفریط!

Amazon has announced that it is seeking to hire 100,000 people across the US to keep up with a surge in orders due to the global spread of coronavirus.

Amazon has announced that it is seeking to hire 100,000 people across the US to keep up with a surge in orders due to the global spread of coronavirus. The retail giant has seen online shopping soar as more people have started to self-isolate at home and rely on online deliveries. The company will also temporarily raise pay by $2 an hour through to the end of April for hourly employees. This includes workers at its warehouses, delivery centres and Whole Foods grocery stores, all of whom make at least $15 an hour. Empty Europe during Coronavirus - In pictures 34 show all Employees in the UK and other European countries will get a similar raise. TOP ARTICLES 2/5 READ MORE Celebrities on TikTok including J.Lo, Will Smith, Miley Cyrus and Doja Cat "We are seeing a significant increase in demand, which means our labour needs are unprecedented for this time of year," said Dave Clark, who oversees Amazon's warehouse and delivery network. Amazon said this weekend that a surge of orders is putting its operations under pressure. READ MORE Theatres across UK close as West End goes dark over coronavirus It warned shoppers that it could take longer than the usual two days to get packages. In the UK, Amazon Prime deliveries on Monday said they would arrive by Thursday. Amazon also said it was sold out of many household cleaning supplies and is working to get more in stock. The Seattle-based company said the job openings are for a mix of full-time and part-time positions and include delivery drivers and warehouse workers, who pack and ship orders to shoppers. Amazon is already the second-largest U.S.-based employer behind Walmart, with nearly 800,000 workers worldwide.