UK

Labor Unions Work to Find Ways to Bargain With AI’s Black Box

Amy Thomson
Mon, November 30, 2020, 


(Bloomberg) -- Unions are trying to figure out how to protect their members from artificial intelligence programs they can’t see and may not even be sure are really there.

The U.K.’s Trades Union Congress, an umbrella group for British unions representing more than 5.5 million people, is forming an AI taskforce to lobby employers and regulators to increase transparency around where the technology is being deployed, and to offer workers recourse if they believe they’ve been discriminated against.

Employees who spoke to the TUC said they’re beginning to encounter AI in all areas of their working life, from submitting their resumes and interviewing for jobs to getting shifts, customer queries and vacations assigned and having their performance analyzed.

The TUC’s concern is that flaws in enterprise AI will result in unfair outcomes or discrimination for employees. And if that happens, managers may not question the programs’ output or be willing to negotiate.

“We realized that essentially there’s a revolution taking place in the world of work in terms of the use of AI to manage people,” said Mary Towers, an employment rights policy officer at the TUC who’s leading the effort. “What we’re really talking about is the use of AI to make decisions that really impact significantly on people’s job opportunities and the nature and fabric of their working lives.”

That worry is exacerbated by a lack of transparency, the TUC said in the report. A large proportion of employees don’t know whether their companies are even using the technology and most wouldn’t know what to do if they thought AI had treated them unfairly. The U.K. government’s Centre for Data Ethics and Innovation published a report on Friday that showed just 14% of more than 2,000 people surveyed thought they’d know if AI had made an automated decision about a job application. Only 17% said they’d know who to complain to if they thought that decision was unfair.

A lack of understanding and trust in the technology may also be preventing businesses from deploying AI tools.

About 42% of employers surveyed by Ipsos, in a study published in July for the European Commission, said they used at least one type of AI technology, including tools for automating tasks and detecting fraud, and 18% plan to add it in the next two years.

Still, the Ipsos study found significant barriers to its growth, including fear of liability for damages if something goes wrong and “lack of citizens’ trust in the technology.”

The TUC wants to work with unions to find ways to negotiate on technology used in workplaces and to increase transparency about where AI is operating and to give employees more knowledge and control over what personal data is being collected and used. The group plans to publish a guide for unions on dealing with the technology next year.

Wealthy Bolivians Sent Money Abroad When Socialists Retook Power

CAPITAL FLIGHT IS THEFT OF SOCIAL WEALTH

Matthew Bristow and Sydney Maki
Mon, November 30, 2020



(Bloomberg) -- Bolivia’s international reserves plunged in recent weeks as wealthier locals and corporations bought dollars and moved money out of the country after the socialist movement returned to power.

Reserves dropped to a 13-year low of $5.1 billion on Nov. 20, down $1.3 billion since the end of September, according to data from the central bank. The bank says the drop was a temporary phenomenon related to the elections in October, and that demand for dollars has since returned to normal.

Socialist leader Luis Arce defied polls and won a surprise landslide in the Oct. 18 vote, and has pledged to impose a wealth tax on the Andean nation’s richest citizens. He was sworn in as President on Nov. 8, a year after his ally Evo Morales was forced out of the presidency after weeks of protests and after losing the support of the military.


As of Nov. 25, the most recent date for which the bank has published data, reserves had recovered to $5.4 billion, equivalent to seven months of imports. A gradual increase of inflows from sources such as tourism and remittances will continue to strengthen Bolivia’s reserve buffer, it said.

To read the central bank’s full statement, click here.

Some of the capital exodus was likely triggered by the plans for a wealth tax said Napoleon Pacheco, an economist who teaches at the Universidad Mayor de San Andres in La Paz.

Arce’s victory, followed by the announcement of the wealth tax, “created uncertainty and fear among people who have a significant amount of savings, and obviously they decided to get their money out of the country,” Pacheco said in a phone interview.

Not only have wealthy people with foreign bank accounts sent money abroad, but smaller, middle-class savers are also withdrawing smaller sums in dollars from the financial system Pacheco said.

Confusion over who will pay the wealth tax, or under what conditions, and this has amplified fear and uncertainty, he said.

Election Jitters

The “particularly pronounced” drop in reserves in recent weeks is “likely due to jitters surrounding the elections”, said Fitch Ratings analyst Todd Martinez.

A similar drop occurred around the previous elections, in 2019, which triggered mass unrest and accusations of fraud.

When Bolivians send money abroad, their banks buy the dollars from the central bank, causing reserves to drop. But the economy’s recovery from the pandemic is also contributing to the fall in reserves, according to Martinez.

“A renewed decline in Bolivia’s foreign reserves was foreseeable in part, given that imports are recovering post-lockdown but exports are doing so more slowly, in large part due to still-depressed gas prices,” he said.

The government has pledged to defend the currency peg of about seven bolivianos per dollar, which Arce helped introduce when he was Morales’ finance minister.

At the moment, Wall Street doesn’t appear to share the nervousness over Arce’s victory. The extra yield investors demand to hold Bolivian sovereign debt over U.S Treasuries fell to 5.2 percentage points last week, down from 6 percentage points before the election, according to data compiled by JPMorgan.

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©2020 Bloomberg L.P.

Wheat Falls as Russia Eases Limits, Australia Sees Bumper Crop

Kim Chipman
Mon, November 30, 2020, 


(Bloomberg) -- Wheat prices fell after Australia forecast its second-highest crop ever and Russia proposed curtailing grain exports next year.

Wheat futures fell as much as 3.3% to $5.85 3/4 a bushel in Chicago trading, the lowest for the contract in almost eight weeks. Corn and soybeans also fell following rainfall in South America during the weekend.

Wheat had been on track for its fifth straight monthly gain on Friday, its longest streak in 13 years, before Monday’s retreat. The turnaround came after Australia raised its production estimate by 8% to 31.2 million tons. Russia, the world’s biggest wheat shipper, aims to ease its plan for curbing grain exports in 2021, with shippers saying there’s adequate supply to satisfy demand as some importing nations stockpile food.

“Essentially there is going to be no limit on Russia wheat exports on a practical basis,” Rich Nelson, chief strategist at Allendale Inc., said by phone.

Soybeans and corn futures pulled back as parts of Argentina and Brazil saw rain during last weekend with more expected this week. Still, key growing areas of both countries are expected to remain dry, Terry Reilly, commodity analyst at Futures International in Chicago, said in a note.

The La Nina climate phenomenon has curtailed rainfall in Brazil, the top grower of soybeans, sparking output concerns when China’s feed-grain demand is booming.

Prices:

Soybeans fell as much as 1.9% to $11.69 a bushelCorn declined as much as 1.7% to $4.26 1/4 a bushel

Key grain and soy news:

U.S. CROP EXPORTS: Combined 344k Tons of Corn to Unknown BuyersU.S. Inspected 890k Tons of Corn for Export, 2.036m of SoybeanU.S. Corn, Soybean, Wheat Inspections by Country: Nov. 26EU Wheat Exports Down About 24% So Far This Season; Data DelayedCROP TENDER: Turkey Is Seeking to Buy 400,000 Tons of WheatBrazil Soybean Planting 87% Completed as of Nov. 26: AgRuralCrop Prices Set for Best Month in Five Years on Supply Worries

For more articles like this, please visit us at bloomberg.com

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©2020 Bloomberg L.P.

Canada plans digital tax in 2022 on global tech giants such as Facebook, Google

David Ljunggren
Mon, November 30, 2020

Canada plans digital tax in 2022 on global tech giants such as Facebook, Google

FILE PHOTO: A 3D-printed Facebook logo is seen placed on a keyboard in this illustration


OTTAWA (Reuters) - Canada plans to impose a tax on corporations providing digital services from 2022 that will stay in place until major nations come up with a coordinated approach on taxation, the Finance Department said on Monday.

The Organisation for Economic Cooperation and Development is working on a common approach to ensure digital behemoths, such as Alphabet Inc's Google and Facebook Inc, pay their share of taxes as the coronavirus hammers budgets.

Canada said it was concerned about a delay in reaching agreement. The threat of digital services taxes has prompted threats of trade retaliation from outgoing U.S. President Donald Trump's administration.

The new tax would come into effect on Jan. 1, 2022, and remain in place until a common approach is agreed upon. The measure would raise federal revenues by C$3.4 billion ($2.6 billion) over five years, starting in the 2021-22 fiscal year.

"Canadians want a tax system that is fair, where everyone pays their fair share," Finance Minister Chrystia Freeland told legislators in the fall economic update.

"Canada will act unilaterally, if necessary, to apply a tax on large multinational digital corporations, so they pay their fair share just like any other company operating in Canada."

More details are due in next year's budget.

Foreign-based vendors with no physical presence in Canada will also have to start collecting sales taxes on products such as mobile apps, online video gaming and streaming. The measure should raise C$1.2 billion over five years.

Ottawa also plans to oblige people renting out short-term accommodation to charge sales taxes, saying popular digital rental platforms do not currently have to impose the taxes. That
puts hotels at a disadvantage, it added.

The government is also clamping down on the award of stock options to prevent "high-income individuals employed at large, long-established, mature firms" from taking unfair advantage.

From now on, a C$200,000 annual limit will apply to stock option grants for those people. Ottawa did not provide a definition of high-income individuals or mature firms.

The rules will not apply to startups or emerging companies, which often cannot afford to pay competitive salaries and instead offer stock options. The new rules will generate about C$200 million in federal revenues, the Finance Department said.

(Reporting by David Ljunggren; Editing by Peter Cooney)

WAGE THEFT

UK

Is my pension ruined if a retail empire crumbles?

Kevin Peachey - Personal finance correspondent
Tue, December 1, 2020

Topshop interior

The collapse of Topshop owner Arcadia is likely to result in a cut in the value of thousands of shopworkers' pensions.

The retailer's demise has led to calls for Sir Philip Green and Lady Green, who run and own the company respectively, to fill the financial gap.

However, as with any business that goes bust, there is a system in place to protect the majority of pension payouts to ensure staff do not lose out entirely.

What happens to pensions when a business folds?

When you work for a company, you are offered membership of a pension scheme, into which the employer makes a contribution and you add to via your pay.

If that businesses collapses, then the contributions stop. A new owner may take on the pension scheme, or - in many cases - certain types of pension scheme go into a rescue scheme called the Pension Protection Fund (PPF).

It pays pensioners already receiving their company pension, and protects those who have yet to reach pension age.

The PPF is paid for, in part, by a levy on other pension funds.

Do all pensions go into the PPF?

No. Anyone with a defined contribution pension has built up a pension pot which belongs to them. This is often managed through a separate investment company and will not go to the PPF.

The individual can decide how it is invested and what to do with it when they reach retirement.

The PPF gets involved with so-called defined benefit pensions - when the employer effectively gives a pension promise about how much you will receive at retirement. This is often based on your final salary, or an average of your career salary.

The PPF usually takes on a failed company's pension scheme and makes payments (officially compensation) to its members.

Topshop owner Arcadia goes into administration

Arcadia's two defined benefit pension schemes are now expected to go into the PPF, after assessors have gone through the books of the schemes.

In a statement, the trustees of the schemes said: "Because Arcadia Group Limited is in administration, the schemes are now expected to enter a Pension Protection Fund (PPF) assessment period.

"The trustees will now liaise closely with the administrators while continuing to work with the Pensions Regulator and the Pension Protection Fund to ensure the best return possible is achieved from asset sales and to make sure the schemes' entry to PPF assessment is as seamless as possible."

How much will pension scheme members get?

That depends on your stage in life.

The PPF promises to pay your pension in full, if you are already receiving pension payments. However, there are some caveats.

The first is that the pension may not increase in value each year as much as expected. This increase is pegged to the rising cost of living as measured by inflation. The PPF uses the Consumer Prices Index (CPI) measure of inflation, which is generally lower than another measure - the Retail Prices Index (RPI) - used by many active pension schemes.

The annual increase only relates to pension accrued since 1997. Any pension built up before that is not increased in line with inflation which is a further blow to older members, and those who worked at the shops more than two decades ago, particularly those who are approaching retirement now.

Ripped up pension statement

For people yet to receive their pension because they are too young, or those who have retired early, the PPF only pays 90% of their pension promise when they hit pension age.

There is a cap on how much someone can receive each year. At present, at the age of 65, that limit is £37,315 a year.

Taken together, all this means, on average, a person with a pension administered by the PPF may receive about 75% to 80% of what they would have expected to have received.
What state are the Arcadia pension schemes in?

There are an estimated 10,000 people with defined benefit pensions from Arcadia - the majority in the Arcadia Group Pension Scheme and the rest in the Arcadia Group Senior Executives Pension Scheme.

In recent times, these defined benefit schemes were closed to new members of staff who work for Arcadia's brands such as Topshop, Dorothy Perkins and Burton, so most of those affected are more long-serving workers or people who have left, or already retired.

At present, the pension scheme does not have the money to pay all future pension obligations. This deficit, according to pensions consultant John Ralfe, is £350m. This is large, but not unprecedented.

Some, but not all, of this shortfall can be made up by a £50m promise from Arcadia-owner Lady Green, and by administrators selling certain properties owned by the company, Mr Ralfe said.
Should the Green family pay up?

There have been calls for the Greens to make up the shortfall. If this were to happen, members would receive all of the pension they were promised.

Sir Philip Green and Lady Green have a widely-publicised fortune

Labour MP Stephen Timms, who chairs the Work and Pensions Committee, said: "Whatever happens to the group, the Green family must make good the deficit in the Arcadia pension fund."

This demand is based on what Mr Timms and others would regard as a moral obligation from the Greens who have huge wealth based on a £1.2bn dividend Sir Philip took from Arcadia and paid to his wife, tax-free in 2005.

There is also the backdrop of a scandal when BHS went bust with the loss of 11,000 jobs and a large pension deficit. Sir Philip reached a deal with the Pensions Regulator to inject £363m into that scheme, after having been accused of earlier selling the business for £1 to avoid pension obligations, something he vigorously denied.

This time, at this stage, there appears to be no legal case which could be pursued by the regulator to oblige the Greens to make any further payment into the pension scheme.

The Pension Protection Fund said: "Insolvency events are a concerning time for employees and scheme members and we want to assure the members of Arcadia's defined benefit pension schemes of our ongoing protection. The robust negotiations at the time of the CVA last year have ensured that both schemes are now in a better financial position."

GREEN CAPITALI$M #ESG #SRI

How Impact Investing in Asia Is Bringing Non-profits, Governments And Startups Together

Bowen Khong  November 30, 2020


Impact investing arose in 2007 just as a global recession was on the anvil. Thirteen years later, it continues to grow and evolve in a world wracked by the twin threats of economic crisis and a viral pandemic.

The social and economic challenges created by COVID-19 will only further enhance the demand for impact investing opportunities. After all, it was born out of a realization that if we don’t change the status quo, humanity does not have a sustainable future.

Impact Investing – A Quick Primer

In traditional investing, the focus is almost entirely on ensuring financial returns. The earliest challenge/alternative to this was in the 1960s, with the rise of Socially Responsible Investing (SRI). It involved avoiding potentially “harmful” businesses, like the so-called "sin stocks” of liquor, tobacco, and gambling.

Environmental, Social, and Governance (ESG) investing is a continuation of this avoidance principle into the present era. Investors try to avoid stocks that rate poorly on metrics of ecological impact and social justice.

Impact investing takes a more proactive approach – instead of avoiding certain businesses or sectors, investors are encouraged to channel money into those that can deliver demonstrable positive change on environmental, social, or economic issues, while at the same time delivering ROI.

The Global And Asian Context Of Impact Investing

Impact investing has shown tremendous growth in the last decade. From a market size in the $25 billion range in 2013, it has grown to $715 billion in 2020 according to the GIIN annual surveys. A CAGR of 27.5% across seven years is truly phenomenal indeed.

According to Morgan Stanley, millennials are a key driving force behind this change, with their concern for issues like climate change and economic inequality. Home to more than 60% of the global population of Millennials, the Asian region has massive potential for impact investing.

And the recent trends bear this out – while the West has the bigger investment markets, impact investment allocations in Asia are keeping pace. Even as Europe leads the pack with a CAGR of 25% in impact investment allocations between 2015 and 2019, Asia is just a few percentage points behind at 23%, according to GIIN.

Within Asia, East and Southeast Asian regions are considered as the main hotspots of impact investing initiatives, followed closely by the South Asian region. The latter has shown an increased appetite for this kind of investment, with a CAGR of 24% compared to 21%

The Role Of Development Finance Institutions

Institutional investors and funds play a huge role in impact investing in the West. The situation is not too dissimilar in Asia – between 2007 and 2017, institutional investors deployed approximately $16.3 billion across South and Southeast Asia.

India accounted for $5 billion, while major economies in the ASEAN region like Indonesia, Cambodia, Vietnam, and The Philippines witnessed inflows of around $11.3 billion, as per GIIN estimates. The conduit for the vast majority of these investments was Development Finance Institutions or DFIs.

Emerging markets in Asia and Africa represent significant challenges for investors, with liquidity issues, political instability and market volatility. In this context, I find the reliance on DFIs for impact investments to be quite revealing.

Writing for an OECD initiative, Jean-Philippe de Schrevel, Founder of Bamboo Capital, highlighted the importance of “blended finance” in linking impact investors with sustainable development goals. DFIs can reduce the risk potential by bringing together impact investors and philanthropic investors.

While both parties share the same investment portfolio, they are assigned different layers of risk. Losses are borne by the philanthropic investors in a "first loss layer," which provides cover to impact investors in a "senior layer" – an elegant yet pragmatic solution indeed!

Funds, Startups, And Institutions In Asian Impact Investment

The impact investment scene in Asia brings together institutional investors, non-profit foundations, government-backed DFIs, and startups on a common platform. In recent years Japanese and South Koran non-profits like the Nippon Foundation, the Narada Foundation, and SK Happiness Foundation have all played leading roles in promoting impact investment, says the Asian Venture Philanthropy Network.

Governments in the region have also introduced various funds with an impact investment focus. The Green Bank Development Scheme (Vietnam), Social Outcome Fund (Malaysia), Growth Ladder Fund (South Korea) are all examples of such initiatives aimed to encourage impact investor funding in segments like microfinance, women and sustainable living, renewable energy, and other green projects.

The Asian Development Bank’s ADB Ventures is a platform launched in January 2020 to support startups that contribute to sustainable development goals. The $1 billion VC-arm of ADB will provide both investment and technical assistance through a Seed Program and Venture Labs.

Despite the pandemic, the program has already provided technical assistance to over 50 different startups working on clean energy, water, and waste management. Startups that have already received grants include Pinatex – a Phillippines company developing an eco-friendly leather substitute, and Good Brick System – a Nepalese program developing a carbon-neutral brick manufacturing process.

Final Thoughts

Impact investing in Asia is not without its fair share of challenges. But the potential for transformative change far exceeds those hurdles. I feel that COVID 19 could be a game-changer in some ways here, creating a pressing need for investments in SDGs in the immediate future. With Asian economies displaying far more vibrancy than their western counterparts, impact investors should retain a significant appetite for opportunities in the region.

U.S. fuel industry frazzled as Trump EPA misses 2021 biofuel volumes deadline

Stephanie Kelly
Mon, November 30, 2020

NEW YORK, Nov 30 (Reuters) - The U.S. Environmental Protection Agency was set to miss a deadline on Monday to announce how much renewable fuel the nation's refiners must blend into their fuel mix next year, raising uncertainty in the fuel market and prompting one biofuel association to threaten to take the agency to court.

Under federal law, the EPA must finalize its decision on the annual biofuel blending volume requirements it imposes on the refining industry for the next year by Nov. 30. The agency did not respond to requests for comment.

"At this point, it likely makes more sense to let the new administration handle the 2021 RVO (Renewable Volume Obligations) rulemaking process entirely," said Geoff Cooper, the president of the Renewable Fuels Association, one of the nation's biggest biofuel industry groups.

Growth Energy, another U.S. biofuel industry association, said it intends to file a lawsuit to force the Trump administration's EPA to act "immediately."

The American Fuel and Petrochemical Manufacturers, a top refinery industry association, said it hoped the EPA will "soon provide certainty" to its members.

Under the U.S. Renewable Fuel Standard, refiners must blend billions of gallons of ethanol and other biofuels into their fuel pool, or buy credits from those that do - a policy that has created a huge market for corn-based ethanol but which the oil industry loathes.

While the Trump administration has mainly hit its deadlines for setting specific biofuel volumes mandates under the RFS, the process this year has been complicated by the economic fallout of the coronavirus pandemic.

Slumping fuel consumption has led refiners to argue for lower volume mandates to match demand, and biofuels producers to argue that doing so would only hurt them more.

The EPA has also left unaddressed a number of other questions that will likely need to be dealt with by the incoming Biden administration, including requests from oil industry advocates for the EPA to ease 2020 compliance because of the impact of the pandemic, and requests from the biofuel industry for the agency to ditch a waiver program it argued has illegally eroded demand for ethanol.

The oil industry says that the waivers hurt ethanol demand. (Reporting by Stephanie Kelly in New York Editing by Matthew Lewis)

Chinese North Sea oil giant faces US blacklist

Rachel Millard
Mon, November 30, 2020

oil rig

A Chinese state-owned oil giant whose subsidiaries are responsible for more than a quarter of the UK’s annual oil production is set to be blacklisted in the US over alleged military links, according to reports.

The Trump administration is poised to add China National Offshore Oil Corp (CNOOC) to a list of companies designated as owned or controlled by the Chinese military, Reuters reported.

Trump signed an executive order this month banning US investors from buying securities in those on the list - which includes Hikvision, China Telecom and China Mobile - from November 2021.

CNOOC has a 64pc stake in a publicly quoted division, CNOOC Ltd, whose subsidiary CNOOC International owns and operates the Buzzard field about 100km north-east of Aberdeen, with partners including Chrysaor and Suncor Energy, among other North Sea assets.

Buzzard is a key North Sea field, producing about 115,000 barrels per day in 2019, and CNOOC International is investing to avert a production decline.

Shares in CNOOC Ltd fell 14pc in Hong Kong after the report emerged. It said its parent company had not received an official notice of the move.

The company produced 506.5m barrels of oil equivalent in 2019, from assets in China, Africa, the US, Europe and elsewhere.

CNOOC'S subsidiaires also work alongside global energy companies around the world, including Exxon in Guyana and Shell in Australia.

 GREEN CAPITALI$M #ESG

Curio Wellness launches $30M fund to help women and minorities own a cannabis dispensary

Matt Burns, Mon, November 30, 2020


"We think of diversity as a keystone issue for the cannabis industry," said Curio WMBE Fund managing director Jerel Registre in a conversation with TechCrunch. Registre's conviction around this program is obvious as he explains the problem the fund is addressing.

The new fund, started by the Maryland-based medical cannabis company Curio Wellness, aims to help underserved entrepreneurs entering the cannabis market. With $30 million to invest, the Curio WMBE Fund is looking to invest in up to 50 women, minority and disabled veterans seeking to open and operate a Curio Wellness franchise with a path to 100% ownership in three years.

Registre tells TechCrunch the goal is to create more diverse ownership through a proven business model. Participants of this program gain access to capital and operational resources.

Curio made a name for itself in Maryland, where it's the largest cannabis cultivator by market share. Founded in 2014, the family-owned business operates dispensaries rooted in a patient-centric approach. While a legally separate but affiliated entity from Curio Wellness, the Curio WMBE Fund aims to give franchisees access to Curio's secret sauce.

"In looking at the systemic barriers that women, minorities and disabled veterans face in accessing capital, we decided to develop a solution that directly addresses this massive economic disparity," said Michael Bronfein, CEO of Curio Wellness. "The Fund provides qualifying entrepreneurs with the investment capital they need to become a Curio Wellness Center franchisee while ensuring their success through our best in class business operations."

"Let's bottle the success we have," Registre added. He likens the franchise model to McDonald's, where the national corporation gives operators a proven standard operating procedure and ongoing support.

"Our fund is unlike any other in the industry," Registre said, "as eligible entrepreneurs will have a clear path to 100% ownership in as little as three years. Many other funds rely on a model that utilizes minority entrepreneurs as a vehicle to achieve licenses: The Curio approach flips this model by empowering diverse entrepreneurs and supporting them along the way. If something happens and an investment-funded franchisee defaults, they must be replaced by another minority or woman owner. This ensures these licensees can get the financial support they need to launch while ensuring that the fund's ultimate mission of supporting diverse entrepreneurs is achieved."

Registre explained that diversity is central to Curio Wellness, too. Of the company's 200 employees, 40% are female, and more than half are minorities. At the leadership level, 38% of management is female, and 44% identify as a member of a minority community.

"Diversity is a core asset that we recognize as integral to our success and our future, and that is why we decided to create this investment fund," Registre said.

The fund provides two phases of support. The first provides capital to franchisees to open their Curio Wellness Center and assist them in obtaining licenses, selecting a location and hiring and training employees. Once the location is operational, the fund intends to provide ongoing support around managing, sales and marketing, store operations, and ensuring employees stay updated on product information.

Curio sees its locations as more than cannabis dispensaries. The company calls them Wellness Centers.

"Curio locations go beyond the traditional experience people have at a medical cannabis dispensary -- they are total wellness destinations, under the leadership of a licensed pharmacist," Registre explains. "Patient wellness is at the center of everything we do and is exemplified by a diverse array of holistic health products, services and educational programming we offer. While additive to the medical cannabis patient experience, these features open the store up to the entire community, not limiting the healthcare experience to only those with a medical cannabis card. This practice, of a patient-first mindset through a pharmacist-led model, allows us to truly lead the pursuit of wellness for everyone who walks in the front door."

As of writing, the fund has raised half of its $30 million target. The company says the fund intentionally targeted, pitched and secured an investment pool that includes women and minorities. The fund expects to close by the end of 2020, and applications are expected to open in early 2021.

Weed stocks are hitting new highs after Biden win

Cannabis legalization measures set to pass in 5 states

Meadow launches a powerful mobile marketing tool for cannabis dispensaries

FIRST GRINCH

First lady Melania Trump unveils White House Christmas decorations after making controversial comments about the tradition

The first lady was previously recorded asking ‘who gives a f— about Christmas stuff and decorations?’

Published: Nov. 30, 2020 By  Nicole Lyn Pesce

First lady Melania Trump tours this year’s White House Christmas decorations. THE WHITE HOUSE

First lady Melania Trump revealed the White House’s 2020 holiday decorations on Monday, which feature fir trees wrapped in twinkling white lights and decked with red ornaments.

“During this special time of year, I am delighted to share ‘America the Beautiful’ and pay tribute to the majesty of our great Nation,” reads the post on the first lady’s official Twitter TWTR, -0.17% account. “Together, we celebrate this land we are all proud to call home.”

But many of the account’s followers were quick to speculate about the first lady’s true feelings toward the White House tradition, after erstwhile friend Stephanie Winston Wolkoff recently revealed a secretly recorded conversation capturing the FLOTUS saying “who gives a f—” about Christmas decorations.


This year's theme for the White House Christmas decorations is "America the Beautiful." GETTY IMAGES

According to the recording, which was featured in Wolkoff’s book “Melania and Me” released in October, the first lady has been less than jolly about decking the halls at 1600 Pennsylvania Ave.

“I’m working my a— off with the Christmas stuff that, you know, who gives a f— about Christmas stuff and decorations, but I need to do it, right?” Trump is heard saying on the recording.

“And then I do it, and I say I’m working on Christmas and planning for Christmas,” she continued. “And they say, ‘What about the children that are separated [at the southern border]?’ Give me a f—ing break.”

Read more: 

In secret tape, Melania Trump profanely airs frustrations over criticism of her

So some critics called back to the “who gives” remark in the comments beneath the Twitter post, or posted the audio of the surreptitiously recorded and obscenity-laced remarks about the Christmas decorations. Others pointed out that she won’t have to worry about doing this anymore, with Joe Biden and family set to move into the White House on Jan. 20.

This year’s “America the Beautiful” theme represents the nation’s “boundless natural wonders,” such as classical urns in the East Colonnade celebrating the country’s diverse landscapes, and window vignettes in the Green Room showcasing American wildlife.


This year's theme for the White House Christmas decorations is "America the Beautiful." GETTY IMAGES

And the official White House Christmas tree in the Blue Room is decorated with ornaments created by students across the country; each depicts what makes their state beautiful.

There are also ornaments in the Red Room saluting America’s everyday heroes serving as first responders and front line workers during the pandemic, as well as a gingerbread house made from 275 pounds of gingerbread dough and 25 pounds apiece of chocolate and royal icing.

Check out the White House Christmas decorations here:

This year’s holiday decorations were largely lauded for being tasteful and traditional — especially after the 2018 décor debacle that featured towering, blood-red trees, which critics likened to “The Handmaid’s Tale,” “The Shining” or Russian president Vladimir Putin.

And many of the Trumps’ supporters raved about the “beautiful” and “stylish” seasonal trimmings, and argued the First Lady’s quotes had been taken out of context. And the layout scored some bipartisan support, as well, with Rep. Ilhan Omar (D-Minn.) tweeting “this is beautifully decorated and can be appreciated if we don’t allow our politics to dilute everything.”