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Contents contributed and discussions participated by mariedhorne

mariedhorne

Solo Extremists Might Pose Higher Risk Than Organized Groups - WSJ - 0 views

  • As Washington, D.C., and state capitals enact security measures, solo actors may pose a threat in coming weeks as extremist groups are advising followers to avoid large rallies but remain opposed to the incoming administration, according to people who track such groups.
  • Nonetheless, extremism watchdog groups and former law-enforcement officials say there is still a threat from lone-wolf extremists who are inspired by such groups. The far-right groups, which don’t accept the legitimacy of President-elect Joe Biden’s victory over President Trump, could become more aggressive in the coming months after security is lowered, the watchdogs and ex-officials said.
  • “These are people that honestly are intent on doing what it is they’re going to do under the cover of darkness. They’re going to do it in a way that people are not going to see them coming.”
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  • In Washington, D.C., the National Mall is ringed by tall metal fencing. Army trucks and police cars, lights flashing, are parked perpendicular at intersections, closing off streets in swaths of the city.
  • Gov. Gretchen Whitmer, who was recently the target of an alleged kidnapping plot by an antigovernment group known as the Michigan III%ers, called the action “a good start” but said she wanted to see a ban on all weapons at the Capitol.
  • on Robinson, a former supervisory agent for the FBI who specialized in domestic extremist groups and now works as an independent consultant, said he sees the risk across a range of potential actors. “Once the finality of Biden’s inauguration hits them I’m worried that some will act out violently,” said Mr. Robinson. “If one target is a hardened U.S. Capitol they may just seek out another venue.”
mariedhorne

Man Arrested at Capitol Checkpoint With Gun Says He Was Lost - WSJ - 0 views

  • WASHINGTON—Authorities arrested a Virginia man Friday night who they said drove to a U.S. Capitol security checkpoint with a gun, 500 rounds of ammunition and unauthorized credentials for the presidential inauguration.
  • U.S. Capitol Police checked the credential Mr. Beeler presented against its authorized access list and confirmed he didn’t have permission to enter the area, according to a police statement filed in a District of Columbia court on Saturday.
  • Mr. Beeler said he began a contract job on Jan. 8 for MVP Protective Services, which he said was working with event company Live Nation Entertainment Inc. to provide security services for media leading up to and through the presidential inauguration next week. Representatives for those companies didn’t immediately respond to requests for comment
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  • According to the police statement, U.S. Capitol Police removed a loaded 9mm Glock handgun and more than 500 rounds of ammunition from the truck. The firearm wasn’t registered in the District of Columbia, according to the statement.
mariedhorne

Restrictions Around Trump Tower to Scale Down After Inauguration - WSJ - 0 views

  • Heightened security, including the presence of police barriers and foot patrols, has been a feature at the Midtown Manhattan building since the election of Mr. Trump in 2016. The NYPD and federal authorities currently maintain a 24-hour security force around the building.
  • Officials said the NYPD will work with federal authorities, including the U.S. Secret Service, to construct a new security program. Factors under consideration include the location of Mr. Trump’s primary residence after he leaves office and the character of any threats facing Mr. Trump, according to the officials.
  • “Anything that normalizes the use of the street is going to be a good thing for the neighborhood and visitors alike,” Mr. Barth said. “We won’t be sad to see the barricades and concrete blocks leave the neighborhood.”
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  • Rob Byrnes, president of the East Midtown Partnership, a business-improvement group that serves blocks adjacent to Trump Tower, said in an interview Friday he believes that interest in Trump Tower will wane after Mr. Trump leaves office.
mariedhorne

Russian Opposition Leader Alexei Navalny Detained Upon Return to Moscow - WSJ - 0 views

  • Russian security forces detained opposition leader Alexei Navalny on his return to the country, heightening a confrontation between the Kremlin and its most vocal critic after he recovered in Germany from a near-fatal poisoning attack last summer.
  • His followers, who had congregated at a different airport west of Moscow, were barred from entering the arrival area by dozens of security officials, many in riot gear, who swarmed the area.
  • Russia’s federal prison service said in a statement that Mr. Navalny, who has been on the agency’s “wanted list” since Dec. 29, was detained for repeated violations of his probation. Further measures would be determined by a court, the agency said. Until then, Mr. Navalny would remain in custody, officials said.
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  • In the hours before his plane was diverted, riot police at Moscow’s Vnukovo airport tried to prevent his followers from entering the arrival zone, detaining members of the opposition activist’s inner circle including Lyubov Sobol, a lawyer and one of Mr. Navalny’s closest allies.
  • Mr. Navalny nearly died after falling ill aboard a flight to Moscow after meeting with supporters in Siberia. Doctors who treated him in Berlin said he had been poisoned by Novichok, a Soviet-era nerve agent.
  • Mr. Navalny blames Russian President Vladimir Putin for the attempt on his life in August. Western intelligence officials and scientists who helped develop the Novichok nerve agent say it is accessible only through military and security circles.
  • In December, Russian prosecutors opened a criminal investigation into him for allegedly siphoning donations to his Anti-Corruption Foundation.
  • Friends and aides have said that his remaining in exile would have delegitimized him as a politician and added fuel to his critics’ charges that he is a puppet of the West and that U.S. intelligence agents are supporting him, as Mr. Putin has alleged.
  • “Navalny’s decision to return raises the stakes for the Kremlin because he has activists, not just in Moscow, but in the regions where the Kremlin is counting on support, who are not ready to just sit passively by as their leader is arrested,” said Nikolai Petrov, an independent political analyst based in London.
mariedhorne

Far-Right Affiliations Seen Among Those Recently Charged in Capitol Riot - WSJ - 0 views

  • Adherents of the Proud Boys, Three Percenters and the Oath Keepers have been charged for alleged roles in the riot. Several of the groups used violent rhetoric urging members to attend the D.C. rally the day of the Capitol riot.
  • An Indiana man, Jon Schaffer, identified as a member of the heavy metal band Iced Earth, was arrested on charges of engaging in violence in a restricted building, disorderly conduct and other crimes, and was photographed wearing a baseball cap at the riot bearing the words “Oath Keepers Lifetime Member,” according to an affidavit for his arrest filed on Saturday. The Anti-Defamation League calls the group an “antigovernment right-wing fringe organization.”
  • Another defendant, 24-year-old Colorado resident Robert Gieswein, appears to be affiliated with the Three Percenters, according to another affidavit filed Saturday seeking his arrest on federal charges.
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  • “We’re not going to merge into some globalist, communist system, it will not happen. There will be a lot of bloodshed if it comes down to that, trust me.” The other members of Mr. Schaffer’s band have said they didn’t condone or support the riot.
  • Prosecutors say Mr. Betancur scaled scaffolding on the Capitol, posed in a photo with a Confederate battle flag, and “has voiced homicidal ideations, made comments about conducting a school shooting and researched mass shootings.”
  • The Jan. 7 post was copied and pasted on another social-media site, where it was viewed by others at least 54,000 times, prosecutors said.
mariedhorne

Saudi Arabia Curbs Death Penalty in Move to Soften Image - WSJ - 0 views

  • Saudi Arabia Curbs Death Penalty in Move to Soften Image - WSJSaudi Arabia Curbs Death Penalty in Move to Soften Image - WSJRIYADH, Saudi Arabia—Saudi Arabia said Monday it had imposed a moratorium on capital punishment for drug-related offenses that led to an 85% reduction in executions, as the conservative Muslim kingdom seeks to soften its image to attract Western tourists and foreign investment.
  • The state-backed Human Rights Commission said 27 executions were recorded in 2020. That is down from 184 the year before, according to rights watchdog Amnesty International, when Saudi Arabia trailed only China and Iran globally.
  • Prince Mohammed, the 35-year-old de facto ruler, has previously said the government was working to change the law to reduce the punishment for some crimes from execution to life in prison.
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  • “This is a required step and now we hope to increase alternative punishments after long years of increased killing,” Mr. Hajji said. “But we want that to be done in a lawful and disciplined way, not randomly and arbitrarily.”
  • The 2018 killing and dismemberment of journalist Jamal Khashoggi inside the kingdom’s Istanbul consulate sparked global outrage and government pledges of justice for the perpetrators. Five people convicted in Mr. Khashoggi’s murder were initially given the death penalty, but their sentences were reduced to 20-year prison terms after his son said he forgave them.
mariedhorne

Senate GOP Set to Argue Out-of-Office Trump Can't be Convicted in Impeachment - WSJ - 0 views

  • The political fate of President Trump, and any ambitions he might have for reclaiming the White House in 2024, could be settled by who wins a debate over whether a president can be convicted through the impeachment process after leaving office—a matter on which the U.S. Constitution is silent.
  • The House impeached Mr. Trump last Wednesday for “high crimes and misdemeanors” for conduct culminating with a speech exhorting thousands of his followers to march down Pennsylvania Avenue to the Capitol and “fight like hell” against congressional certification of President-elect Joe Biden’s Electoral College victory.
  • “Impeaching a president after leaving office, I think, is unconstitutional. It’s never been done before for a reason: it sets up a never-ending retribution,” Senate Judiciary Committee Chairman Lindsey Graham (R., S.C.) told reporters Friday, though he added that it was “a big mistake” for Mr. Trump to whip up his followers.
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  • The Senate could take the next steps—trying Mr. Trump and voting on his guilt—as soon as this week. Conviction requires a two-thirds vote by senators present; assuming perfect attendance, 17 Republicans would need to join all 50 Democrats to find Mr. Trump guilty.
  • They cite several historical examples where impeached officials, including judges, faced Senate trials after leaving office.
  • Senate Majority Leader Mitch McConnell (R., Ky.) declined to call the Senate back from its recess after the House impeached Mr. Trump on Wednesday, putting the proceeding off until after Mr. Biden becomes president Jan. 20.
  • On Friday, House managers announced they had brought back lawyers who assisted in prosecuting Mr. Trump’s first impeachment: Barry Berke, an expert in white-collar crime and public corruption, and Joshua Matz, who with Harvard law professor Laurence Tribe wrote a 2018 book on impeachment, “To End a Presidency.”
mariedhorne

Capitol Riot Shakes Pro-Democracy Campaigners World-Wide - WSJ - 0 views

  • As a young student activist in 1980s Communist Poland, Tomasz Siemoniak —like many pro-democracy campaigners world-wide—looked up to America as a beacon of freedom.
  • China’s foreign ministry spokeswoman, Hua Chunying, has already drawn a parallel between the riot in Washington and Hong Kong’s protests in 2019, accusing the U.S. of double standards as she expressed her “hope that the people of America will enjoy peace, stability and safety soon.”
  • “These recent events have stunned everyone, and in particularly the Belarusians, who saw the U.S. as an example of a stable, orderly democracy where honest elections are followed by a lawful transfer of power,” said Franak Viacorka, a senior adviser to Mr. Lukashenko’s opponent in the disputed election, Sviatlana Tsikhanouskaya. “We hope it was an aberration rather than the trend.
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  • In other parts of Europe, populist movements that embraced Mr. Trump’s attempt to overturn the election also attract a significant proportion of voters, and hope to make gains amid an economic crisis and a pandemic.
  • The Falun Gong religious movement, persecuted in China, and its U.S.-based Epoch Times newspaper, became leading proponents of efforts to overturn the Nov. 3 election. Some opponents of the governments in Venezuela, Cuba and Iran have also joined this effort.
  • The fact that Vice President Mike Pence, U.S. federal and state courts and other American government institutions have resisted Mr. Trump’s efforts to overturn his electoral defeat demonstrated the resilience of American democracy, said Mr. Siemoniak. “What doesn’t kill you makes you stronger. T
  • n Germany, far-right extremists and protesters against coronavirus restrictions—some of them bearing symbols of the QAnon conspiracy theory that lionizes Mr. Trump and alleges that hundreds of establishment politicians world-wide are involved in satanic child-sex rings—attempted to storm the country’s parliament last August, but were blocked by police.
  • “We have plenty of work cut out here. We have plenty of parties that challenge fact-based policies and use a rhetoric that is very problematic.”
mariedhorne

Capitol Riot Becomes Civics Lessons in Schools - WSJ - 0 views

  • Mr. Ridenour, a social sciences and civics teacher at Dupo High School in southern Illinois, one of 40 states that require civics class for graduation, was used to having tough conversations with his civics students whose political views span both sides of the aisle, with more of them leaning to the right.
  • In a vigorous, civil debate, the teens looked up the definition to incite and discussed the constitutional right to protest and the 25th amendment.
  • he federal government annually spends about $3 million on civics education, according to an analysis of federal data by the National Council for the Social Studies.
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  • Only 24% of eighth-graders scored at or above the proficient level in the 2018 National Assessment of Educational Progress civics exam, largely unchanged since 1998. Proficiency means students should be able to recognize differences between American ideals and reality, understand the separation of powers and be able to explain how citizens influence government.
  • Linda Menk, a school board member for the Coweta County School System outside Atlanta, attended the rally at the Capitol on Jan. 6, prompting a petition to call for her removal with more than 1,000 signatures.
  • “In all fairness I don’t believe that’s true,” said Dean Jackson, spokesman for the Coweta County School System, in response to Ms. Cesari’s description of the curriculum.
mariedhorne

Samsung Is Without a Leader as Jay Y. Lee Returns to Prison - WSJ - 0 views

  • Mr. Lee, the 52-year-old grandson of Samsung’s founder, received a 30-month prison sentence from a South Korean appeals court on Monday, in a retrial of his 2017 conviction for bribing South Korea’s former president. His prior time behind bars of roughly a year counts toward his new sentence. If granted early parole, Mr. Lee could walk free next year.
  • In a sign of his vast influence, Mr. Lee’s detainment triggered a selloff across Samsung’s affiliates, wiping away billions of dollars in market value. Samsung Electronics fell 3.4%, battery maker Samsung SDI Co. slid 4.2% and Samsung C&T Corp. , the conglomerate’s de facto holding company, dropped 6.8%.
  • Unlike in 2017, Samsung Electronics—the conglomerate’s crown jewel—isn’t in the middle of a historic run in memory-chip prices. That period was so fruitful that it negated the ill effects of the prior year’s embarrassing global recall of Galaxy Note 7 smartphones.
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  • Going by “Jay Y. Lee” in the West, he has led the Samsung conglomerate since his father was incapacitated by a 2014 heart attack. But with his father’s death in October, Mr. Lee was expected to formally take the Samsung chairmanship, a transfer he will now have to navigate from behind bars.
  • His father’s death triggered a hefty inheritance tax under South Korean law. It puts Mr. Lee, his mother and two sisters on the hook for more than 11 trillion South Korean won, or roughly $10 billion, to inherit the patriarch’s shares in various Samsung companies. The tax must be paid over the next five years.
mariedhorne

Navalny Urges Protests Against His Detention in Russia - WSJ - 0 views

  • MOSCOW—Russian opposition leader Alexei Navalny urged supporters to take to the streets as he was ordered to be held in pretrial custody for 30 days, while Russia’s foreign ministry warned Western countries not to interfere in a case that is already worsening tensions with the U.S. and Europe.
  • He was remanded in custody until Feb. 15, and now faces a court decision that could turn a suspended sentence he received for an embezzlement case in 2014 into a real prison term. Authorities say he violated the terms of his parole while he was abroad recovering from August’s attack.
  • In short videos from the courtroom distributed among supporters, Mr. Navalny, 44 years old, said his detention showed that Mr. Putin fears his opposition movement, which will seek to make gains in a parliamentary election in September. He also called on supporters to hold public protests in a show of force.
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  • Mr. Navalny’s spokeswoman Kira Yarmysh said he was being taken to the Matrosskaya Tishina federal prison, where Mikhail Khodorkovsky, the Russian oligarch-turned-politician, served much of his prison sentence before he was pardoned in 2013.
  • And in a signal that Mr. Navalny’s detention could be an irritant for President-elect Joe Biden’s ties with Russia, incoming national security adviser Jake Sullivan also called for Mr. Navalny’s release. Lawmakers have already called for measures to be taken against Moscow for Russia’s alleged hack of U.S. government computer systems, revealed last month.
  • “Judging by everything it allows Western politicians to think that they can distract attention from the deep crisis the liberal model of development has found itself in,” he said.
  • Moscow says it hasn’t received sufficient proof from European laboratories that the opposition leader had traces of a nerve agent in his system and says he could have been suffering from what Russian doctors called a metabolic imbalance, akin to a low-blood sugar attack.
mariedhorne

Trump Weighs Many Pardons as Presidency Winds Down - WSJ - 0 views

  • WASHINGTON—President Trump is expected to issue as many as 100 pardons and commutations on his final day in office, but is leaning against some of the more controversial grants of clemency at the urging of his advisers, according to people familiar with the discussions.
  • The coming round of pardons, expected Tuesday, has been the talk of Washington in recent days, as allies on Capitol Hill and close to the White House have traded tips on how soon the list might come and who might be on it. Mr. Trump is also working to firm up his defense team for his second impeachment trial as he heads into his last full day of the presidency.
  • Democrats will have a hard time persuading 17 Republicans to join them in voting to convict Mr. Trump, but the president has grown increasingly worried about possible defections after 10 Republicans—a historic number—voted to impeach him in the House last week.
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  • Mr. Trump’s legal authority to pardon himself is dubious; a 1974 legal memorandum said the president can’t pardon himself, but some legal scholars disagree and the matter has never been tested in
  • Mr. Broidy was charged in federal court in Washington, D.C., in October and accused of failing to report work for which he was paid at least $6 million by the man accused of masterminding the alleged fraud, Jho Low, to try to influence the Justice Department investigation into the scandal.
  • As the president and his aides deliberate over pardons, Mr. Trump has also been increasingly focused on another legal matter in his final days in office: his defense team for his Senate impeachment trial.
  • The two men met on Sunday, and the former New York mayor isn’t currently expected to be part of the president’s team, another person familiar with the plan said, though the person cautioned: “Never say never.”
mariedhorne

Covid-19 Surge Ends Seven Months of U.S. Jobs Growth - WSJ - 0 views

  • Employers cut 140,000 jobs last month, the first decline since the pandemic hit the country last spring, the Labor Department said Friday. The jobless rate held steady at 6.7%, far below its April peak of 14.8%—a post-World War II high—but still almost twice its pre-pandemic level.
  • The December figures capped the worst year of job losses on record. The U.S. economy shed 9.4 million jobs last year, the most in any year since records began in 1939 and nearly double the 5 million lost during 2009, after the housing crash.
  • He employs 14 people, down from 30 before the pandemic. He has held off on hiring because he doesn’t know if his business can survive for long. “I put in more hours for myself,” instead of hiring another cook and a server, he said. “I don’t have a host. I’m doing most of the work being the host. I cannot afford extra employees.”
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  • Retailers added 121,000 jobs in December, which may have reflected consumers stepping up spending for the holidays.
  • The jobless rate hit 14.8% in April, the highest on record, instead of the previously reported 14.7%, Friday’s report showed.
  • The pandemic and related restrictions led to 22 million job losses in March and April; about 12 million have been recovered since then.
  • Health-care manufacturers are hiring workers to help make the Covid-19 vaccines. Catalent Inc., based in New Jersey, is dangling $3,000 signing bonuses as it hopes to fill hundreds of jobs.
  • But manufacturing represents only about 14% of the labor market. The vast majority of jobs are in services. Industries tied to in-person sales or interaction continue to struggle. Those include restaurants, hotels, music venues, and amusement parks.
mariedhorne

Forgiving Student Debt by Executive Action Is Illegal, Trump Lawyers Say - WSJ - 0 views

  • Congressional Democrats and progressive groups have urged President-elect Joe Biden to forgive most or all of the $1.6 trillion in federal student debt unilaterally in his first 100 days in office. They argue that existing law authorizes the executive branch to forgive student debt without any action from Congress.
  • Mr. Biden, a Democrat, has said he supports writing off $10,000 in student debt for every borrower as part of a package of measures to help households financially during the pandemic. About 43 million Americans owe $1.6 trillion in federal student loans.
  • Some congressional Democrats have urged Mr. Biden to forgive $50,000 in student debt for all borrowers.
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  • Most Americans haven’t had to make payments on student loans since last March. President Trump, as part of a package of moves designed to help households as the pandemic shut down much of the economy, used executive action that month to allow most borrowers to suspend their monthly payments on student loans, interest free. Some legal experts questioned the administration’s authority to do so.
mariedhorne

Inflation Expectations in Europe Rise to Highest in Over a Year - WSJ - 0 views

  • The closely watched 5-year 5-year forward inflation swap rate for the euro area rose above 1.35% Tuesday, the highest in over a year. It continued to hover near that level Wednesday. The metric shows an average expectation for price increases over five years.
  • Forecasts for higher prices are playing out in the bond market. Germany’s 10-year break-even rate, or the difference in yield between its benchmark bond and a price level-linked bond, climbed above 1% for the first time since February.
  • The headline inflation rate stood at minus 0.3% in November, at which level it is expected to remain December.
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  • The European Central Bank targets annual inflation of just below 2%, but has missed the mark for most of the past decade. It cut some of its projections at its last monetary policy meeting in December.
  • Another ECB official, Philip Lane, recently echoed the views of Federal Reserve Chairman Jerome Powell, who shifted to average inflation targeting in August, meaning inflation in the U.S. can rise above 2% without moves to immediately rein it back in
  • The U.S. 10-year rate has been above 2% since the start of 2021. The yield on the 10-year Treasury note rose above 1% on Jan. 6 for the first time since March.
  • On Wednesday, the Labor Department said the consumer-price index rose 1.4% in the year ended December, the smallest increase since 2015 due to the economic downturn.
mariedhorne

U.S. Unemployment Claims Rise as Coronavirus Weighs on Economy - WSJ - 0 views

  • The total for the week ended Jan. 9 also was the highest in nearly five months and put claims well above the roughly 800,000 a week they had averaged in recent months
  • The U.S. labor-market recovery stalled last month with the December jobs report showing the U.S. lost 140,000 payroll positions. The economic recovery’s slowdown has included weakness in household spending, though economists expect the economy to rebound later this year as a Covid-19 vaccine is distributed through the population.
  • Employers cut 140,000 jobs in December, marking the first decline since the pandemic hit last spring. The leisure and hospitality industry bore the brunt of the decline, shedding 498,000 jobs as a surge in coronavirus infections forced many restaurants and bars to close or scale back operations.
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  • So-called continuing claims rose to nearly 5.3 million for the week ended Jan. 2, from 5.1 million a week earlier, according to the Labor Department. That marked the first weekly increase since November.
  • Hunter Keegan, 27 years old, of Fairfax County, Va., said he lost his job as a corporate recruiter for a health-care company last April. He said he immediately began applying for work in the greater Washington, D.C., area as well as in other parts of the country where the labor market seems to be faring better.
  • Seasonal quirks and the passage last month of a $900 billion Covid-19 relief bill could have muddied the claims picture somewhat.
  • At the same time, the bill added the $300-a-week supplement for those receiving unemployment benefits through March 14 and extended two federal pandemic programs that otherwise would have paid out their final benefits in December. News of the relief package could also have contributed to an uptick in initial claims by encouraging additional workers to apply or previously eligible workers who exhausted their benefits to reapply.
mariedhorne

Biden's Stimulus Is a Two-Pronged Attack on Income Inequality - WSJ - 0 views

  • There are two ways for the federal government to address income inequality. One is to redistribute more money to people at the bottom of the income ladder. The other is to use the tools of fiscal and monetary policy to drive unemployment low enough to drive up demand and wages for those workers.
  • Mr. Biden proposed raising the child tax credit 50% to $3,000 or more for the year and making it refundable, meaning families who owe less tax than the credit would get a check for the difference. He would extend and boost enhanced weekly unemployment insurance benefits by $100 from the $300 in December’s stimulus package to $400. He would extend a 15% increase in food stamps through the summer, raise the maximum earned-income tax credit for childless adults by nearly $1,000 and extend it to more people.
  • Those steps, plus adding $1,400 to the $600-per-adult checks approved in December, would slash the poverty rate from 12.6% to 9%, or by more than 11 million people, according to an analysis by the Center on Poverty and Social Policy at Columbia University. The number of children in poverty would drop by half, or 5 million.
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  • Though the economy is in bad shape, it may not need help on the scale Mr. Biden is proposing. GDP is now about 3%, or $700 billion annualized, below its normal, potential level, according to the Congressional Budget Office.
  • After Democrats won control of the Senate earlier this month, Goldman Sachs forecast the economy would grow 6.6% this year, the fastest since 1983—and that assumed less stimulus than Mr. Biden just proposed. Goldman foresaw unemployment falling to 4.8% at the end of this year from 6.7% in December and 14.8% in April
  • Boosting stimulus checks to $2,000 per adult from $600 will cost an estimated $464 billion. But 58% of the money will go to households earning more than $50,000, including some earning more than $200,000, according to the Tax Policy Center, a think tank.
  • Until then, he’s not apologizing for big deficits: “A growing chorus of top economists agree that, in this moment of crisis, with interest rates at historic lows, we cannot afford inaction.”
mariedhorne

U.S. Retail Sales Fell 0.7% in December as Covid-19 Cases Rose - WSJ - 0 views

  • Retail sales, a measure of purchases at stores, restaurants and online, declined a seasonally adjusted 0.7% in December from the prior month, the Commerce Department said Friday. That marked the third consecutive month of declines, and November’s retail sales were revised lower to a 1.4% drop, after a stretch of growth last spring and summer.
  • According to the National Retail Federation, holiday sales rose 8.3% compared with the same period a year ago, exceeding the trade group’s estimate of a 3.6% to 5.2% increase. Home-improvement and online retailers posted big gains, while sales at apparel chains and department stores—which historically tend to do well during the season—continued to decline. Holiday sales exclude restaurants, gasoline and auto sales, and measure the year-over-year gains in the combined November-December period.
  • Recent private-sector data suggested a mixed start to this year. NPD Group, which tracks retailers, said Thursday that sales at retailers focused on items such as apparel and personal-care products increased 27% in the week ended Jan. 9—the largest increase in that category since the start of the Covid-19 pandemic. Yet JPMorgan Chase & Co.’s tracker of 30 million credit and debit cardholders recorded a 2.7% decline in spending from a year earlier in the week through Jan. 11.
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  • Physical traffic to retail stores fell sharply this holiday season, according to firms that use sensors and cameras to track in-store shopping. Between Nov. 22 and Jan. 2, store traffic dropped 33% year-over-year, according to Sensormatic Solutions, which uses cameras and software to track visits to thousands of malls and shopping centers. By contrast, in November and December online sales grew 32.2% year-over-year to $188.2 billion,
mariedhorne

Will Covid-19 Shake Up Capitalism? - WSJ - 0 views

  • Dominic Barton, then head of management consultants McKinsey & Co. and now Canada’s ambassador to China, summed up the view shared by many of capitalism’s winners in a 2011 article in the Harvard Business Review: “Business leaders today face a choice: We can reform capitalism, or we can let capitalism be reformed for us.”
  • Even the Business Roundtable, the main U.S. corporate lobbying group, signed up for stakeholder capitalism, the idea of paying more attention to the needs of workers, local communities and the environment.
  • Indeed, not much has changed for the people who objected to capitalism’s rawer moments. More than 17 million Americans were thrown out of work when the pandemic hit, and unemployment remains above 10 million.
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  • Lynn Forester de Rothschild, part-owner of the Economist magazine and a director of Estée Lauder, set up the Coalition for Inclusive Capitalism after deciding in 2012 that she needed to bring together top executives to try to head off the threat.
  • The next 10 years could easily see the words of the past 10 years turned into action, both from governments becoming more interventionist and companies doing more to try to head off political involvement in their businesses. Shareholders should brace for change.
mariedhorne

Yellen Calls for More Aid to Avoid Longer, More Painful Recession - WSJ - 0 views

  • “Economists don’t always agree, but I think there is a consensus now: Without further action, we risk a longer, more painful recession now—and long-term scarring of the economy later,” Ms. Yellen will say. “Over the next few months, we are going to need more aid to distribute the vaccine; to reopen schools; to help states keep firefighters and teachers on the job.”
  • Mr. Biden’s $1.9 trillion coronavirus relief package, unveiled last week, provides for another round of direct stimulus payments, extended and enhanced jobless benefits, funding for schools and first responders and the creation of a nationwide vaccination program. It also includes longstanding Democratic priorities, such as raising the federal minimum wage to $15 an hour and expanding paid leave for workers.
  • which at $21.6 trillion exceeds the annual output of the U.S. economy.
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  • The hearing comes at a time of growing uncertainty over the progress of the pandemic, which has killed close to 400,000 people in the U.S.,
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