On Thursday, analysts spotlighted the news that the White House and congressional Democrats were moving toward dropping corporate tax increases they had wanted to include in the bill, as they hoped to forge a deal that could clear the Senate. A spending deal without corporate tax increases would be a potential boon to profits and share prices.

“A stay of execution on higher corporate tax rates would seem a potentially noteworthy development,” Daragh Maher, a currency analyst with HSBC Securities, wrote in a note to clients on Thursday.

An agreement among Democrats on what’s expected to be a roughly $2 trillion spending plan would also open the door to a separate $1 trillion bipartisan infrastructure plan moving through Congress. Progressives in the House are blocking the infrastructure bill until agreement is reached on the larger bill.

But the prospects for an agreement have helped to lift shares of major engineering and construction materials companies. Terex, which makes equipment used for handling construction materials like stone and asphalt, has jumped more than 5 percent this week. The asphalt maker Vulcan Materials has risen more than 4 percent. Dycom, which specializes in construction and engineering of telecommunication networking systems, was up more than 9 percent.

The renewed confidence remains fragile, with good reason. The coronavirus continues to affect business operations around the world, and the Delta variant demonstrated just how disruptive a new iteration of the virus can be.

Another lingering concern involves the higher costs companies face for everything from raw materials to shipping to labor. If they are unable to pass those higher costs on to consumers, it will cut into their profits.

“That would be big,” Mr. McKnight said. “That would be a material impact to the markets.”

But going into the final months of the year — traditionally a good time for stocks — the market also has plenty of reasons to push higher.

The recent weeks of bumpy trading may have chased shareholders with low confidence — sometimes known as “weak hands” on Wall Street — out of the market, offering potential bargains to long-term buyers.

“Interest rates are relatively stable. Earnings are booming. Covid cases, thankfully, are dropping precipitously in the U.S.,” Mr. Zemsky said. “The weak hands have left the markets and there’s plenty of jobs. So why shouldn’t we have new highs?”

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Mass Abduction of U.S. Missionaries Startles Even Kidnap-Weary Haiti

PORT-AU-PRINCE, Haiti — Children on their way to school, street vendors selling their wares, priests mid-sermon — few Haitians, rich or poor, are safe from the gangs of kidnappers that stalk their country with near impunity. But the abduction this weekend of 17 people associated with an American missionary group as they visited an orphanage shocked officials for its brazenness.

On Sunday, the hostages, five of them children, remained in captivity, their whereabouts and identities unknown to the public. Adding to the mystery was a wall of silence from officials in Haiti and the United States about what, if anything, was being done to secure their release.

“We are seeking God’s direction for a resolution, and authorities are seeking ways to help,” the missionary group, Christian Aid Ministries, an Ohio-based group founded by Amish and Mennonites that has a long history of working in the Caribbean, said in a statement.

The authorities identified the gang behind the kidnappings as 400 Mawozo, an outfit infamous for taking abductions to a new level in a country reduced to near lawlessness by natural disaster, corruption and political assassination. Not content to grab individual victims and demand ransom from their family members, the gang has taken to snatching people en masse as they ride buses or walk the streets in groups whose numbers might once have kept them safe.

President Jovenel Moïse. Violence is surging across the capital, where by some estimates, gangs now control roughly half of the city. On a single day last week, gangs shot at a school bus in Port-au-Prince, injuring at least five people, including students, while another group hijacked a public bus.

According to the Center for Analysis and Research for Human Rights, which is based in Port-au-Prince, this year alone, from January to September, there were 628 people reported kidnapped, including 29 foreigners.

“The motive behind the surge in kidnappings for us is a financial one,” said Gèdèon Jean, executive director of the center. “The gangs need money to buy ammunition, to get weapons, to be able to function.”

That means the missionaries are likely to emerge alive, he said

“They are going to be freed — that’s for sure,” Mr. Jean said. “We don’t know in how many days, but they’re going to negotiate.”

abducted 10 people in Croix-des-Bouquets, including seven Catholic clergy members, five of them Haitian and two French. The group was eventually released in late April. The kidnappers demanded a $1 million ransom, but it is unclear if it was paid.

Haitians have been driven to despair by the violence, which prevents them from making a living and keeps their children from attending school. In recent days, some started a petition to protest gang violence, singling out the 400 Mawozo gang and calling on the police to take action. But the police, underfunded and lacking political support, have been able to do little.

Transportation workers called a strike for Monday and Tuesday in Port-au-Prince to protest insecurity — an action that may turn into a more general strike, with word spreading across sectors for workers to stay home to denounce violence that has reached “a new level in the horror.”

“Heavily armed bandits are no longer satisfied with current abuses, racketeering, threats and kidnappings for ransom,” the petition says. “Now, criminals break into village homes at night, attack families and rape women.”

Christian Aid Ministries’ compound in Haiti overlooks the bay of Port-au-Prince, in a suburb called Titanyen.

On a visit there Sunday, three large delivery trucks could be seen on the sprawling grounds surrounded by two fences reinforced with concertina wire. Chickens, goats and turkeys could be seen near small American-style homes with white porches and mailboxes, and laundry hung out to dry.

There was also a guard dog and a sign in Creole that forbid entry without authorization.

Because the area is so poor, at night the compound is the only building illuminated by electric lights, neighbors said. Everything else around it is plunged in darkness.

The Mennonites, neighbors said, were gracious, and tried to spread out the work they had — building a new stone wall around the compound, for instance — so everyone could earn a little and feed their families. They would give workers food and water and joke with them. And Haitians would often come in for Bible classes.

Usually, children could be seen playing. There are swings, a slide, a basketball court, and a volleyball court. It was very unusual, neighbors said, to see it so quiet. Sundays, especially, it is bustling.

But not this Sunday.

Andre Paultre, Oscar Lopez, Ruth Graham, Patricia Mazzei and Lara Jakes contributed reporting.

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As Western Oil Giants Cut Production, State-Owned Companies Step Up

Kuwait announced last month that it planned to invest more than $6 billion in exploration over the next five years to increase production to four million barrels a day, from 2.4 million now.

This month, the United Arab Emirates, a major OPEC member that produces four million barrels of oil a day, became the first Persian Gulf state to pledge to a net zero carbon emissions target by 2050. But just last year ADNOC, the U.A.E.’s national oil company, announced it was investing $122 billion in new oil and gas projects.

Iraq, OPEC’s second-largest producer after Saudi Arabia, has invested heavily in recent years to boost oil output, aiming to raise production to eight million barrels a day by 2027, from five million now. The country is suffering from political turmoil, power shortages and inadequate ports, but the government has made several major deals with foreign oil companies to help the state-owned energy company develop new fields and improve production from old ones.

Even in Libya, where warring factions have hamstrung the oil industry for years, production is rising. In recent months, it has been churning out 1.3 million barrels a day, a nine-year high. The government aims to increase that total to 2.5 million within six years.

National oil companies in Brazil, Colombia and Argentina are also working to produce more oil and gas to raise revenue for their governments before demand for oil falls as richer countries cut fossil fuel use.

After years of frustrating disappointments, production in the Vaca Muerta, or Dead Cow, oil and gas field in Argentina has jumped this year. The field had never supplied more than 120,000 barrels of oil in a day but is now expected to end the year at 200,000 a day, according to Rystad Energy, a research and consulting firm. The government, which is considered a climate leader in Latin America, has proposed legislation that would encourage even more production.

“Argentina is concerned about climate change, but they don’t see it primarily as their responsibility,” said Lisa Viscidi, an energy expert at the Inter-American Dialogue, a Washington research organization. Describing the Argentine view, she added, “The rest of the world globally needs to reduce oil production, but that doesn’t mean that we in particular need to change our behavior.”

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CyberCube: Hidden Cyber Risk in US Property Market Could Lead to $12.5bn Losses, Says Report

SAN FRANCISCO–(BUSINESS WIRE)–Cyber exposures accumulating in the US property insurance market could result in $12.5bn in non-physical damage losses and could cause certain carriers’ capital adequacy ratios to deteriorate.

According to a new study conducted by CyberCube, AM Best and Aon, sufficient cyber risk is accumulating in the US property market to trigger a one-in-100-year loss of $12.5bn. A loss of this magnitude would be enough to cause a downward transition of the Best’s Capital Adequacy Ratio (BCAR) for 18 US property carriers.

For the study, “Spotlight on Cyber: A study of aggregation risk in the US property insurance market”, leading cyber risk analytics expert CyberCube created a sample portfolio based on the US small business property industry and subjected it to modeled cyber loss scenarios, quantifying non-physical damage losses. The results of this analysis were then used by financial ratings agency AM Best to assess the impact on the balance sheets of 579 US property insurers. Aon assisted with quantifying the risks and exposures written back into property policies and highlighting some best practices for managing these risks.

The analysis revealed that of the 579 property insurers analysed, 12 carriers fell one level in the BCAR, four dropped two levels, and two insurers each fell three levels and four levels respectively. It is important to note that BCAR assessments are not the sole determinant of a company’s financial strength rating. Other factors such as reinsurance, diversification, and liquidity are considered to evaluate balance sheet strength. However, a significant deterioration in the BCAR assessment may lead to a downgrade of an insurer’s financial strength rating.

The report concludes that, while current levels of cyber exposure within US commercial property are manageable by the property industry as a whole, the exposure could have ratings impacts for a section of the property market. The large growth in cyber exposures anticipated over the next few years will challenge the industry’s ability to cope with rapidly increasing risks.

The research notes a mixture of regulatory pressure and good portfolio management practice is driving carriers to explicitly exclude (or affirm) cyber coverage from non-standalone policies, where “silent” cyber exposure may exist. However, it is becoming apparent that insurance carriers, while starting to offer explicit cyber coverage in US commercial property policies, may not typically be underwriting or pricing the risk accordingly. The report warns that cyber exposures in the US property market may be unaccounted for in carriers’ enterprise risk management strategies.

Rebecca Bole, CyberCube’s Head of Industry Engagement, said: “CyberCube’s modeled loss figure of $12.5bn suggests that the US property market is exposed to $9.5bn of attritional losses and $3bn of catastrophic losses in the return period. It is apparent that the property market is already paying attritional losses for non-affirmative cyber coverage.”

Sridhar Manyem, AM Best’s Director, Industry Research, said: “While losses of $12.5bn are relatively low when placed in the context of natural catastrophes, considering these exposures are often unpriced or unaccounted for in enterprise risk management, the impact on carriers can be significant and more importantly, unexpected.”

Jon Laux, Aon’s Head of Cyber Analytics, added: “As this research shows, quantification of the aggregation potential from cyber-related losses in property policies is very real. With property insurers affirming elements of cyber cover in their policies, insurers are exposed to significant losses, which are not necessarily priced accordingly. Through better information, industry participants will be able to make better decisions about placing cyber risk.”

Cyber scenarios used by CyberCube to analyse the impact on the US property industry were large-scale data losses, large-scale ransomware attacks and a targeted ransomware attack on a medical devices manufacturer.

This report aims to quantify the cyber exposures accumulating in the US property market and calls for further clarification of cyber cover in commercial property policies, explicit underwriting and adequate pricing of the risks associated with cyber events in property policies.

Check out the report here: Spotlight on Cyber: A study of aggregation risk in the US property insurance market.

AM Best is hosting a webinar highlighting the findings of the report. Register here.

ENDS

About CyberCube

CyberCube delivers the world’s leading cyber risk analytics for the insurance industry. With best-in-class data access and advanced multi-disciplinary analytics, the company’s cloud-based platform helps insurance organizations make better decisions when placing insurance, underwriting cyber risk and managing cyber risk aggregation. CyberCube’s enterprise intelligence layer provides insights on millions of companies globally and includes modeling on thousands of points of technology failure.

The CyberCube platform was established in 2015 within Symantec and now operates as a standalone company exclusively focused on the insurance industry, with access to an unparalleled ecosystem of data partners and backing from ForgePoint Capital, HSCM Bermuda, MTech Capital and individuals from Stone Point Capital. For more information, please visit www.cybcube.com or email info@cybcube.com.

About Aon

Aon plc (NYSE: AON) exists to shape decisions for the better — to protect and enrich the lives of people around the world. Their colleagues provide their clients in over 120 countries with advice and solutions that give them the clarity and confidence to make better decisions to protect and grow their business.

About AM Best

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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Racial Bias Skewed Small-Business Relief Lending, Study Says

But Sergey Chernenko, an associate professor of finance at Purdue University’s Krannert School of Management, who was not involved in Dr. Howell’s research, said the new paper aligned with his own findings on race-based gaps in Paycheck Protection Program lending. At an economic conference next month, he will present a paper that concluded that Black-owned businesses were disproportionately left out of the relief program.

“This fits very well with and complements our finding that minority-owned businesses were less likely to get loans because of racial bias, and to the extent that they do get them, they’re more likely to get them from fintechs than banks,” Dr. Chernenko said.

The government designed the Paycheck Protection Program to be virtually risk-free for lenders: They would advance small companies up to $10 million — the size of the loan was based on the company’s head count and payroll — and the government would then pay off the loans in full for business owners that followed the rules. If the borrower defaulted, the government would still repay the lender. In theory, any lender should have been willing to lend to any qualified applicant.

It didn’t work out that way. Many banks limited their loans to their current customers, which was a hurdle for owners who lacked business checking accounts or loans. But even Black owners who had accounts were noticeably more likely than those of other races to end up with a fintech loan, Dr. Howell and her co-authors found.

The effects were strongest in parts of the country with higher levels of racial animus, which the study measured with variables like the extent of local housing segregation and the prevalence of racially charged Google searches.

The researchers tested — and found little evidence for — other common hypotheses about the program’s racial lending disparities. Even after controlling for variables like the applicant’s ZIP code, industry, recent revenue, affinity for online lenders, and loan size and approval date, the gap persisted.

This was not the case, they found, at the nation’s biggest banks. After researchers controlled for those elements, Black-owned businesses appeared to be just as likely as any other to get a loan from Bank of America, Citibank, JPMorgan Chase and Wells Fargo.

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What America’s Port Crisis Looks Like Up Close

SAVANNAH, Ga. — Like toy blocks hurled from the heavens, nearly 80,000 shipping containers are stacked in various configurations at the Port of Savannah — 50 percent more than usual.

The steel boxes are waiting for ships to carry them to their final destination, or for trucks to haul them to warehouses that are themselves stuffed to the rafters. Some 700 containers have been left at the port, on the banks of the Savannah River, by their owners for a month or more.

“They’re not coming to get their freight,” complained Griff Lynch, the executive director of the Georgia Ports Authority. “We’ve never had the yard as full as this.”

As he speaks, another vessel glides silently toward an open berth — the 1,207-foot-long Yang Ming Witness, its decks jammed with containers full of clothing, shoes, electronics and other stuff made in factories in Asia. Towering cranes soon pluck the thousands of boxes off the ship — more cargo that must be stashed somewhere.

turmoil in the shipping industry and the broader crisis in supply chains is showing no signs of relenting. It stands as a gnawing source of worry throughout the global economy, challenging once-hopeful assumptions of a vigorous return to growth as vaccines limit the spread of the pandemic.

Germany’s industrial fortunes are sagging, why inflation has become a cause for concern among central bankers, and why American manufacturers are now waiting a record 92 days on average to assemble the parts and raw materials they need to make their goods, according to the Institute of Supply Management.

On the surface, the upheaval appears to be a series of intertwined product shortages. Because shipping containers are in short supply in China, factories that depend on Chinese-made parts and chemicals in the rest of the world have had to limit production.

But the situation at the port of Savannah attests to a more complicated and insidious series of overlapping problems. It is not merely that goods are scarce. It is that products are stuck in the wrong places, and separated from where they are supposed to be by stubborn and constantly shifting barriers.

The shortage of finished goods at retailers represents the flip side of the containers stacked on ships marooned at sea and massed on the riverbanks. The pileup in warehouses is itself a reflection of shortages of truck drivers needed to carry goods to their next destinations.

Vietnam, a hub for the apparel industry, was locked down for several months in the face of a harrowing outbreak of Covid. Diminished cargo leaving Asia should provide respite to clogged ports in the United States, but Mr. Lynch dismisses that line.

“Six or seven weeks later, the ships come in all at once,” Mr. Lynch said. “That doesn’t help.”

Early this year, as shipping prices spiked and containers became scarce, the trouble was widely viewed as the momentary result of pandemic lockdowns. With schools and offices shut, Americans were stocking up on home office gear and equipment for basement gyms, drawing heavily on factories in Asia. Once life reopened, global shipping was supposed to return to normal.

But half a year later, the congestion is worse, with nearly 13 percent of the world’s cargo shipping capacity tied up by delays, according to data compiled by Sea-Intelligence, an industry research firm in Denmark.

Many businesses now assume that the pandemic has fundamentally altered commercial life in permanent ways. Those who might never have shopped for groceries or clothing online — especially older people — have gotten a taste of the convenience, forced to adjust to a lethal virus. Many are likely to retain the habit, maintaining pressure on the supply chain.

“Before the pandemic, could we have imagined mom and dad pointing and clicking to buy a piece of furniture?” said Ruel Joyner, owner of 24E Design Co., a boutique furniture outlet that occupies a brick storefront in Savannah’s graceful historic district. His online sales have tripled over the past year.

On top of those changes in behavior, the supply chain disruption has imposed new frictions.

Mr. Joyner, 46, designs his furniture in Savannah while relying on factories from China and India to manufacture many of his wares. The upheaval on the seas has slowed deliveries, limiting his sales.

He pointed to a brown leather recliner made for him in Dallas. The factory is struggling to secure the reclining mechanism from its supplier in China.

“Where we were getting stuff in 30 days, they are now telling us six months,” Mr. Joyner said. Customers are calling to complain.

His experience also underscores how the shortages and delays have become a source of concern about fair competition. Giant retailers like Target and Home Depot have responded by stockpiling goods in warehouses and, in some cases, chartering their own ships. These options are not available to the average small business.

Bottlenecks have a way of causing more bottlenecks. As many companies have ordered extra and earlier, especially as they prepare for the all-consuming holiday season, warehouses have become jammed. So containers have piled up at the Port of Savannah.

Mr. Lynch’s team — normally focused on its own facilities — has devoted time to scouring unused warehouse spaces inland, seeking to provide customers with alternative channels for their cargo.

Recently, a major retailer completely filled its 3 million square feet of local warehouse space. With its containers piling up in the yard, port staff worked to ship the cargo by rail to Charlotte, N.C., where the retailer had more space.

Such creativity may provide a modicum of relief, but the demands on the port are only intensifying.

On a muggy afternoon in late September, Christmas suddenly felt close at hand. The containers stacked on the riverbanks were surely full of holiday decorations, baking sheets, gifts and other material for the greatest wave of consumption on earth.

Will they get to stores in time?

“That’s the question everyone is asking,” Mr. Lynch said. “I think that’s a very tough question.”

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Sexual Abuse Revelations Accelerate Sense of a French Church in Retreat

PARIS — The Catholic Church in France was once so powerful that it was considered a state within a state. In Roman Catholicism’s global hierarchy, France cemented its position as far back as the fifth century, when it became known as the “eldest daughter of the church.”

While Catholicism has ebbed across the Western world, its unrelenting decline in France is all the more striking given its past prominence. Now, a devastating church-ordered report on sexual abuse by the clergy released this week, after a similar reckoning elsewhere, was yet another degradation, further shaking what was once a pillar of French culture and society.

The report, which confirmed stories of abuse that have emerged over the years, shocked the nation with details of its magnitude, involving more than 200,000 minors over the past seven decades. It reverberated loudly in a country that has already been transformed, in recent generations, by the fall of Catholicism, and deepened the feeling of a French church in accelerating retreat.

The Rev. Laurent Stalla-Bourdillon, a priest and theologian in Paris, said that the church was still coming to grips with “the extent of its gradual marginalization in French society.”

especially in Germany and the United States. For some Catholics — who, in their lifetimes, have experienced the rapid shrinking of their faith in society and in their own families — the report added to a sense of siege.

“It’s perceived somewhat as an attack,” Roselyne Delcourt, 80, said after evening mass on Wednesday at Notre-Dame de Grâce of Passy, a parish in the 16th Arrondissement of Paris, a wealthy, conservative bastion. “But I don’t think it’s going to harm the church.”

Studies using data from the European Values Study have found that in 2018, only 32 percent of French people identified as Catholic, with fewer than 10 percent regularly attending mass.

Today, according its own statistics, the church celebrates half as many baptisms as two decades ago, and 40 percent of the marriages.

The number of priests in France has declined, but not the number of foreign ones, who are often called from abroad to fill the ranks of a declining priesthood — in a reversal of the colonial era during which the country was the biggest exporter of priests to Africa.

Successive governments curbed the church’s reach by pushing it out of schooling and other social functions it had traditionally performed. For decades, public schools were even closed on Thursdays to let students attend Bible study, according to this week’s report.

written a book on the sexual abuse scandals in France’s Catholic Church.

While middle-aged French may no longer practice their faith, many grew up attending church and understand its rituals, Mr. Liogier said. Today, many young French ignore basic facts about Catholicism, like the meaning of Easter, and are incapable of transmitting that knowledge to the next generation, he said.

Claire-Marie Blanchard, 45, a mother of four who teaches Bible study, has seen it firsthand.

“There are children who have never heard of Jesus, even children whose parents are Christian or Catholic,” said Ms. Blanchard at the Notre-Dame de la Médaille Miraculeuse chapel in the Seventh Arrondissement of Paris. Her own son riled her when he did not baptize his newborn so the child could decide later.

“Being Catholic in France is complicated,” she said. “But we aren’t giving up.”

Feeling under siege, some practicing Catholics have grown increasingly conservative. In the 2017 presidential elections, the far-right leader, Marine Le Pen, won the votes of 38 percent of practicing Catholics, compared with 34 percent of the total vote.

Éric Zemmour, the far-right writer and TV star who has been rising in the polls before the presidential elections next year, has long attacked Islam and gained popularity on the right by styling himself as a great defender of France’s Catholic culture — even though he is Jewish and his parents settled in France from Algeria.

Isabelle de Gaulmyn, a top editor at La Croix, France’s leading Catholic newspaper, said that the church’s decline might have made it reluctant to tackle the issue of sexual abuse head-on, for fear of adding to its existing challenges.

“The evolution was very brutal,” she said of the church’s drop in power. “So there is a bit of a feeling that it is a fortress under siege.”

That feeling is also fueled by a sense that the church is poor. Unlike its counterpart in Germany, which is supported by a government-collected tax, the French church receives no steady stream of subsidies and must rely almost exclusively on donations from worshipers, although, under France’s complex secularism law, the state pays for the upkeep of almost all church buildings

Victims of sexual abuse, who expect compensation from the church, are quick to point out that some dioceses have sizable real estate assets.

Olivier Savignac, who was sexually abused by a priest as a minor and who founded an association for victims, said that they wanted compensation to recoup years of medical bills, “not a small symbolic amount” covered by churchgoer donations.

“We want the dioceses to pay out of their pockets,” he added.

Many say the report has put the Church at a turning point — reform, or fade further.

“It’s now,” Father Stalla-Bourdillon said. “Not later.”

Léontine Gallois contributed reporting.

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Singapore Struggles to Reopen After Vaccinations

The country’s experience has become a sobering case study for other nations pursuing reopening strategies without first having had to deal with large outbreaks in the pandemic. For the Singapore residents who believed the city-state would reopen once the vaccination rate reached a certain level, there was a feeling of whiplash and nagging questions about what it would take to reopen if vaccines were not enough.

“In a way, we are a victim of our own success, because we’ve achieved as close to zero Covid as we can get and a very, very low death rate,” said Dr. Paul Tambyah, an infectious diseases specialist at National University Hospital. “So we want to keep the position at the top of the class, and it’s very hard to do.”

vaccinated people are already gathering at concerts, festivals and other large events. But unlike Singapore, both of those places had to manage substantial outbreaks early in the pandemic.

Lawrence Wong, Singapore’s finance minister and a chair of the country’s Covid-19 task force, said the lesson for “Covid-naive societies” like Singapore, New Zealand and Australia is to be ready for large waves of infections, “regardless of the vaccine coverage.”

up against the Delta variant, Mr. Wong said.

“In Singapore, we think that you cannot just rely on vaccines alone during this intermediate phase,” he said. “And that’s why we do not plan an approach where we reopen in a big bang manner, and just declare freedom.”

highest since 2012, a trend that some mental health experts have attributed to the pandemic. People have called on the government to consider the mental health concerns caused by the restrictions.

“It’s just economically, sociologically, emotionally and mentally unsustainable,” said Devadas Krishnadas, chief executive at Future-Moves Group, a consultancy in Singapore. Mr. Krishnadas said the decision to reintroduce restrictions after reaching such a high vaccination rate made the country a global outlier.

granted full approval to Pfizer-BioNTech’s coronavirus vaccine for people 16 and up, paving the way for mandates in both the public and private sectors. Such mandates are legally allowed and have been upheld in court challenges.

  • College and universities. More than 400 colleges and universities are requiring students to be vaccinated against Covid-19. Almost all are in states that voted for President Biden.
  • Schools. California became the first state to issue a vaccine mandate for all educators and to announce plans to add the Covid-19 vaccine as a requirement to attend school, which could start as early as next fall. Los Angeles already has a vaccine mandate for public school students 12 and older that begins Nov. 21. New York City’s mandate for teachers and staff, which went into effect Oct. 4 after delays due to legal challenges, appears to have prompted thousands of last-minute shots.
  • Hospitals and medical centers. Many hospitals and major health systems are requiring employees to get vaccinated. Mandates for health care workers in California and New York State appear to have compelled thousands of holdouts to receive shots.
  • Indoor activities. New York City requires workers and customers to show proof of at least one dose of the Covid-19 for indoor dining, gyms, entertainment and performances. Starting Nov. 4, Los Angeles will require most people to provide proof of full vaccination to enter a range of indoor businesses, including restaurants, gyms, museums, movie theaters and salons, in one of the nation’s strictest vaccine rules.
  • At the federal level. On Sept. 9, President Biden announced a vaccine mandate for the vast majority of federal workers. This mandate will apply to employees of the executive branch, including the White House and all federal agencies and members of the armed services.
  • In the private sector. Mr. Biden has mandated that all companies with more than 100 workers require vaccination or weekly testing, helping propel new corporate vaccination policies. Some companies, like United Airlines and Tyson Foods, had mandates in place before Mr. Biden’s announcement.
  • “I think a lot of times we are so focused on wanting to get good results that we just have tunnel vision,” she said.

    Ms. Ng lives across from a testing center. Almost daily, she watched a constant stream of people go in for tests, a strategy that many public health experts say is a waste of resources in such a highly vaccinated country.

    “Freedom Day — as our ministers have said — is not the Singapore style,” said Jeremy Lim, an associate professor at the National University of Singapore and an expert on health policy, referring to England’s reopening in the summer. But moving too cautiously over the potential disadvantages of restrictions is a “bad public health” strategy, he said.

    The government should not wait for perfect conditions to reopen, “because the world will never be perfect. It’s so frustrating that the politicians are almost like waiting for better circumstances,” Dr. Lim said.

    Sarah Chan, a deputy director at Singapore’s Agency for Science, Technology and Research, said she had a fleeting taste of what normal life was like when she arrived in Italy last month to visit her husband’s family.

    No masks were required outdoors, vaccinated people could gather in groups, and Dr. Chan and her son could bop their heads to music in restaurants. In Singapore, music inside restaurants has been banned based on the notion that it could encourage the spread of the virus.

    Dr. Chan said she was so moved by her time in Italy that she cried.

    “It’s almost normal. You forget what that’s like,” she said. “I really miss that.”

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    Tesla to Move Headquarters to Texas from California

    Tesla will move its headquarters from California to Austin, Texas, where it is building a new factory, its chief executive, Elon Musk, said at the company’s annual shareholder meeting on Thursday.

    The move makes good on a threat that Mr. Musk issued more than a year ago when he was frustrated by local coronavirus lockdown orders that forced Tesla to pause production at its factory in Fremont, Calif. Mr. Musk on Thursday said the company would keep that factory and expand production there.

    “There’s a limit to how big you can scale in the Bay Area,” he said, adding that high housing prices there translate to long commutes for some employees. The Texas factory, which is near Austin and will manufacture Tesla’s Cybertruck, is minutes from downtown and from an airport, he said.

    Mr. Musk was an outspoken early critic of pandemic restrictions, calling them “fascist” and predicting in March 2020 that there would be almost no new cases of virus infections by the end of April. In December, he said he had moved himself to Texas to be near the new factory. His other company, SpaceX, launches rockets from the state.

    Hewlett Packard Enterprise said in December that it was moving to the Houston area, and Charles Schwab has moved to a suburb of Dallas and Fort Worth.

    Mr. Musk’s decision will surely add fuel to a ceaseless debate between officials and executives in Texas and California about which state is a better place to do business. Gov. Greg Abbott of Texas, and his predecessors, have courted California companies to move to the state, arguing that it has lower taxes and lower housing and other costs. California has long played up the technological prowess of Silicon Valley and its universities as the reason many entrepreneurs start and build their companies there, a list that includes Tesla, Facebook, Google and Apple.

    Texas has become more attractive to workers in recent years, too, with a generally lower cost of living. Austin, a thriving liberal city that is home to the University of Texas, in particular has boomed. Many technology companies, some based in California, have built huge campuses there. As a result, though, housing costs and traffic have increased significantly, leaving the city with the kinds of problems local governments in California have been dealing with for years.

    Mr. Musk’s announcement is likely to take on political overtones, too.

    Last month, Mr. Abbott invoked Mr. Musk in explaining why a new Texas law that greatly restricts abortion would not hurt the state economically. “Elon consistently tells me that he likes the social policies in the state of Texas,” the governor told CNBC.

    he said on Twitter. “That said, I would prefer to stay out of politics.”

    On Thursday evening, a Twitter post by Governor Abbott welcomed the news, saying “the Lone Star State is the land of opportunity and innovation.”

    A spokeswoman for Gov. Gavin Newsom of California, Erin Mellon, did not directly comment on Tesla’s move but said in a statement that the state was “home to the biggest ideas and companies on the planet” and that California would “stand up for workers, public health and a woman’s right to choose.”

    Mr. Musk revealed the company’s move after shareholders voted on a series of proposals aimed at improving Tesla’s corporate governance. According to preliminary results, investors sided with Tesla on all but two measures that it opposed: one that would force its board members to run for re-election annually, down from every three years, and another that would require the company to publish more detail about efforts to diversify its work force.

    In a report last year, Tesla revealed that its U.S. leadership was 59 percent white and 83 percent male. The company’s overall U.S. work force is 79 percent male and 34 percent white.

    The vote comes days after a federal jury ordered Tesla to pay $137 million to Owen Diaz, a former contractor who said he faced repeated racist harassment while working at the Fremont factory, in 2015 and 2016. Tesla faces similar accusations from dozens of others in a class-action lawsuit.

    The diversity report proposal, from Calvert Research and Management, a firm that focuses on responsible investment and is owned by Morgan Stanley, requires Tesla to publish annual reports about its diversity and inclusion efforts, something many other large companies already do.

    Investors also re-elected to the board Kimbal Musk, Mr. Musk’s brother, and James Murdoch, the former 21st Century Fox executive, despite a recommendation to vote against them by ISS, a firm that advises investors on shareholder votes and corporate governance.

    Proposals calling for additional reporting both on Tesla’s practice of using mandatory arbitration to resolve employee disputes and on the human rights impact of how it sources materials failed, according to early results. A final tally will be announced in the coming days, the company said.

    Ivan Penn contributed reporting.

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