Monday, August 03, 2020

Big Three in Economics: Adam Smith, Karl Marx, and John Maynard Keynes


https://www.academia.edu/10903079/Big_Three_in_Economics_Adam_Smith_Karl_Marx_and_John_Maynard_Keynes
BIG DATA IS BIG BROTHER
Google to buy stake in ADT in home security push for $450 million


(Reuters) - Alphabet Inc’s (GOOGL.O) Google is picking up a 6.6% stake in ADT Inc (ADT.N) for $450 million, betting on the home security company’s strong customer base and an army of technicians to drive sales of its Nest devices.

ADT shares nearly doubled to hit a high of $17.2 and traded well above their IPO price of $14 for the first time since going public in 2018, briefly valuing the company at about $13 billion.

The investment gives ADT the backing of a high-profile technology partner and broadens its services business. In return, Google gets access to about 6.5 million customers, strengthening its presence as it competes with Amazon.com’s (AMZN.O) Ring and Boston-based SimpliSafe, among others.


ADT said on Monday that the two companies would work on ways to package popular Google products like Home Mini, Nest Thermostat and Nest Wifi with ADT’s strength in installation and maintenance.

“Later this year, we will begin integrating Google devices and make them available for installations to our customers,” ADT Chief Executive Officer Jim DeVries told Reuters.

“We will exclusively support Nest products,” DeVries said, adding that the companies will build products together and start rolling them out next year.


The companies will commit an additional $150 million each for co-marketing, product development, technology and employee training, ADT said.

Google will buy 54.7 million newly created Class B shares of ADT for $8.22 each with no voting rights, the Boca Raton, Florida-based company said in a filing.

Founded in 1874, ADT is backed by private-equity firm Apollo Global Management LLC, which owns 83.5% of the company, according to Refinitiv data. Apollo had taken ADT private in a nearly $7 billion deal in 2016.
POST COVID-19 ROBOTS ARE COMING FOR TYSON JOBS

Tyson Foods names new CEO as coronavirus raises costs

Banks, a former executive at Google-parent Alphabet Inc’s (GOOGL.O) experimental research division, will help the company integrate more technology into operations


(Reuters) - Tyson Foods Inc (TSN.N) named its president, Dean Banks, as its new chief executive on Monday as the meatpacker faces unprecedented disruptions from the COVID-19 outbreak.



FILE PHOTO: Tyson Foods brand frozen chicken wings are pictured in a grocery store freezer in the Manhattan borough of New York City, U.S. May 11, 2017. REUTERS/Carlo Allegri/File Photo

Tyson said Banks will replace 37-year company veteran Noel White in October as it reported lower-than-expected quarterly sales. The company predicted the pandemic will increase operating costs and hinder sales volumes into next year.

Uncertainty over the reopening of the economy confronts Banks, who joined Tyson’s board in 2017 and became president in December 2019.
Tyson Foods wants China to lift ban on U.S. plant with COVID-19 cases

Chairman John Tyson said Banks, a former executive at Google-parent Alphabet Inc’s (GOOGL.O) experimental research division, will help the company integrate more technology into operations and focus on employee health.

The novel coronavirus has infected thousands of U.S. meatpacking workers and led to temporary meat shortages as processors like Tyson, JBS (JBSS3.SA) and Smithfield Foods [SFII.UL] closed slaughterhouses in April and May. Plants have reopened, but absences among workers who are afraid of getting sick continue to limit output.

Tyson said it faces reduced demand from restaurants and food-service outlets that has not been offset by stronger meat sales at grocers. The company predicted its chicken and prepared foods segments will suffer lower sales volumes in the last fiscal quarter.


In the third quarter ended June 27, Tyson’s chicken unit reported an adjusted operating loss of $120 million, compared with income of $237 million a year earlier.

“Our level of future growth is dependent on away-from-home eating occasions, which will be impacted by communities opening up and potentially reclosing,” White told analysts on a call.

JP Morgan said it expected the leadership change, although it may spook some investors. Shares were up about 1%.

Tyson’s quarterly sales fell to $10.02 billion from $10.89 billion. Analysts expected revenue of $10.56 billion, according to IBES data from Refinitiv.


Excluding items, Tyson earned $1.40 per share, beating analysts’ estimates for 94 cents.

Tyson said direct costs related to COVID-19 were about $340 million, including employee testing and personal protective equipment.


Reporting by Uday Sampath in Bengaluru and Tom Polansek in Chicago; Editing by Marguerita Choy and Steve Orlofsky
Judge rejects Trump restrictions on coronavirus sick leave for employees

NEW YORK (Reuters) - A U.S. judge on Monday voided parts of a Trump administration rule that restricted paid sick leave and emergency family leave for potentially millions of workers affected by the coronavirus.

Ruling in a case brought by New York Attorney General Letitia James, U.S. District Judge Paul Oetken in Manhattan said the Department of Labor overstepped its authority in denying eligibility for benefits to several groups of workers.

The rule was adopted in April to implement the Families First Coronavirus Response Act, which made as many as 61 million employees eligible for up to two weeks of paid sick leave and 12 weeks of mostly paid emergency family leave.
Congress passed that law with goals of encouraging employers not to slash payrolls, in part because they would be reimbursed through tax credits, and not forcing affected employees to choose between their jobs and their health.

Oetken struck down a provision in the rule letting some employers deny paid sick leave if the economic downturn resulted in their having no work available for affected employees.

The judge also invalidated what he called the rule’s “vastly overbroad” definition of “health care provider,” which the government conceded could keep people like English professors, librarians and cafeteria managers from obtaining benefits.

Oetken also voided provisions that workers obtain employer consent for intermittent leave and document their reasons for sick leave in advance. Other provisions were allowed to stand.
“The court acknowledges that the DOL labored under considerable pressure in promulgating the final rule,” Oetken wrote. “But as much as this moment calls for flexibility and ingenuity, it also calls for renewed attention to the guardrails of our government. Here, DOL jumped the rail.”

Neither the Labor Department nor James’ office immediately responded to requests for comment.

The case is New York v U.S. Department of Labor, U.S. District Court, Southern District of New York, No. 20-03020.


Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis and Tom Brown
KEEP SCHOOLS CLOSED

Mexican TV / RADIO networks to provide home learning for students as schools stay shut

DON'T HAVE COMPUTER ACCESS FOR LEARNING LETS GO OLD SCHOOL 

WHEN I WAS IN SCHOOL WE LISTENED TO CKUA SCHOOL ON THE AIR RADIO PROGRAM (A PROGRAM ON THE AIR FROM THE FORTIES TILL RALPH KLEIN) 

AS WELL AS WATCHING EDUCATIONAL TV ON ACCESS TV NOW THE KNOWLEDGE NETWORK

Anthony Esposito

MEXICO CITY (Reuters) - Mexican students will be educated in the next academic year through a home-learning program broadcast by major networks such as TV Azteca until a drop in coronavirus infections allows for schools to be reopened, the government said on Monday.

The decision to keep the nation’s schools closed after the Aug. 24 start of the academic year reflects stubbornly high infection rates and deaths in Latin America’s second-largest economy.

The plan was announced by the education minister, Esteban Moctezuma, who was flanked by top executives of Azteca, Televisa and other networks at President Andres Manuel Lopez Obrador’s regular morning press conference.

When the 2020-2021 academic school year kicks off “it will begin as distance learning because the conditions don’t exist to do it in person,” Moctezuma said.

“We are obliged to look for alternatives, to look for answers so that girls, boys and youths continue to have access to education,” he said.


Before joining the government, Moctezuma was a senior executive at the charitable arm of the Azteca group.

Some 94% of Mexican households have a television, but in areas of the country without a television signal or internet access, students will be able to take classes over the radio, the education minister said.


Mexico has the third-highest coronavirus death toll in the world, with 47,746 deaths and 439,046 known cases.

“The pandemic represents one of the greatest challenges of our time,” Moctezuma said.

The government aims to restart in-person learning once the traffic-light system used to measure how widespread coronavirus is falls to the green light level, which is the lowest.


Reporting by Anthony Esposito; Editing by Frank Jack Daniel and Paul Simao
KEEPING THEM HONEST
Insurers face possible British action over calculation of pandemic payouts

LONDON (Reuters) - Insurers that do not treat customers fairly when calculating payouts for business interruption due to the coronavirus crisis will face action by Britain’s markets watchdog.

The Financial Conduct Authority (FCA) has taken eight insurers to court over business interruption policy wordings, which the insurers say do not cover the pandemic, with a ruling expected in mid-September.

But the case does not address how any resulting claims payments would be calculated, the FCA said on Monday.

“We may intervene and take further actions where firms do not appear to be meeting our expectations and treating their customers fairly,” the FCA said in a statement.


Some insurers were making deductions for government loans - which businesses had received as a result of the pandemic - when calculating payouts.

The FCA said this could be appropriate but insurers should not take a one-size-fits-all approach and make uniform deductions.

“Insurers are likely to need to consider individually the precise details of the policy, the claim and the use and application of the government support the policyholder received,” the FCA said.

Similar wordings to those in the test case were used by more than 60 insurers and could affect 370,000 policyholders, the FCA has said.

Insurers are already paying claims on some business interruption policies. The Association of British Insurers said its members expected to pay 900 million pounds in such claims this year due to the pandemic.

Analysts said a win for the FCA could take the size of those payments to billions of pounds.


The FDA has now banned more than 100 hand sanitizers that are potentially deadly



Passengers in an airport terminal wearing face masks. Image source: AP Photo/Joan Mateu

By Yoni Heisler @edibleapple

August 3rd, 2020

The FDA over the weekend expanded its list of hand sanitizer brands to avoid due to the presence of methanol, a substance that is toxic to humans when absorbed through the skin.
Methanol can cause a number of serious health issues, including blindness.
The FDA in recent weeks has identified more than 100 hand sanitizer products to be avoided.


The last thing anyone wants to worry about — especially in the middle of a global pandemic — is whether or not using a bottle of hand sanitizer might result in a trip to the hospital. It admittedly sounds bizarre, but the FDA in recent weeks has banned dozens of hand sanitizers due to the presence of methanol, otherwise known as wood alcohol.





Methanol is especially toxic when absorbed through the skin and has been found to cause a myriad of serious health issues. Some of the health problems identified by the FDA include permanent blindness, seizures, and vomiting. There have even been some tragic instances where children, who upon ingesting hand sanitizer with methanol, have died.



AMAZON'S TOP DEALSSave $60 on the greatest Instant Pot accessory ever made



The FDA adds:


Consumers who have been exposed to hand sanitizer containing methanol should seek immediate treatment, which is critical for potential reversal of toxic effects of methanol poisoning. Substantial methanol exposure can result in nausea, vomiting, headache, blurred vision, permanent blindness, seizures, coma, permanent damage to the nervous system or death. Although all persons using these products on their hands are at risk, young children who accidentally ingest these products and adolescents and adults who drink these products as an alcohol (ethanol) substitute, are most at risk for methanol poisoning.


The FDA notes that shoppers looking to pick up hand sanitizer should only purchase products that contain at least 60% ethyl alcohol. In turn, the FDA has expanded its list of offending hand sanitizer brands to include “subpotent” products with an insufficient amount of ethyl alcohol or isopropyl alcohol, the “active ingredients in hand sanitizer products.”


As a result, the FDA’s list of hand sanitizer brands to avoid has swelled and now encompasses more than 100 distinct products. Most of the offending brands are manufactured in Mexico which should ideally make them somewhat easy to identify on the off-chance you see any lingering on store shelves.


The most recent additions to the FDA’s list of hand sanitizers to avoid include:
NEXT Hand Sanitizer manufactured by Albek de Mexico SA de CV
TriCleanz Tritanium Labs Hand Sanitizer manufactured by Tritanium Labs USA LLC
Sayab Antisepctic Hand Sanitizer 100 manufactured by JG Atlas Comercios SA de CV (Mexico)
TriCleanz manufactured by Incredible Products SA de CV (Mexico)
GelBact Hand Sanitizer manufactured by Incredible Products SA de CV (Mexico)


Hand sanitizer products manufactured by Healthy Foods & Nutrition Lab de Mexico SE de CV were also found to contain an insufficient amount of ethanol alcohol.





Some additional hand sanitizer products that were added to the FDA’s banned list in July include:
Born Basic ANTI-BAC HAND SANITIZER
Scent Theory KEEP CLEAN Moisturizing Hand Sanitizer
Scent Theory KEEP IT CLEAN Moisturizing Hand Sanitizer
Lux Eoi Hand Sanitizing Gel to the consumer level
Grupo Insoma’s Hand Sanitizer Gel Unscented, 70% alcohol
Transliquid Technologies’ Mystic Shield Protection Hand Sanitizer
Soluciones Cosmeticas’ Bersih Hand Sanitizer Gel Fragrance Free
Soluciones Cosmeticas’ Antiseptic Alcohol 70% Topical Solution Hand Sanitizer
Tropicosmeticos’ Britz Hand Sanitizer Ethyl Alcohol 70%
All-Clean Hand Sanitizer
Esk Biochem Hand Sanitizer
CleanCare NoGerm Advanced Hand Sanitizer 75% Alcohol
Lavar 70 Gel Hand Sanitizer
The Good Gel Antibacterial Gel Hand Sanitizer
CleanCare NoGerm Advanced Hand Sanitizer 80% Alcohol
CleanCare NoGerm Advanced Hand Sanitizer 75% Alcohol
CleanCare NoGerm Advanced Hand Sanitizer 80% Alcohol
Saniderm Advanced Hand Sanitizer


The FDA notes that it’s also taking measures to help stop the aforementioned products from even making it into the United States in the first place. A full list of offending hand sanitizer products can be viewed here.
Kids might have up to 100x more coronavirus in their bodies than adults
UNTIL YOU HIRE MORE CLEANERS
KEEP SCHOOLS/DAYCARES CLOSED

 Izan, 3, has his temperature taken by his mother Ainara, as he arrives at Cobi kindergarten in Barcelona, Spain, Friday, June 26, 2020. Spain's cabinet will extend the furlough schemes adopted during the coronavirus lockdown that brought the economy to a standstill until the end of September. Image source: AP Photo/Emilio Morenatti

August 2nd, 2020 at 12:04 PM

A new study looking at potential coronavirus transmission risks in children found that kindergartners younger than 5 had 100 times more viral load in their upper respiratory tract than adults.

The study did not prove that the children were contagious, but the scientists suspect that young children can be a driver of COVID-19 infection.

The study also showed that older children had viral loads similar to adults, with the same caveat. It’s unclear how contagious the children are.

More research on the matter could help authorities make a more informed decision about opening schools in the fall.

The novel coronavirus pandemic ruined the school experience for both children and their parents. All age groups of students have had to study remotely via video conferencing apps in the past few months, as authorities grappled with the health crisis. The closing of schools may have prevented additional cases of COVID-19, as families and teachers isolated themselves during mandatory or voluntary lockdowns. The upcoming school year might be similarly compromised, at least part of it, and at least in certain regions, given the massive surge in cases in the US. There’s an ongoing debate about opening school safely, considering the risk of infection.

Children can be infected with the novel coronavirus. While it’s unclear how contagious they might be, there’s still a risk of them passing the disease to their educators and family members. A new study indicates that infected children can carry as much coronavirus load in their noses and throats as adults. The same research also delivers a more worrying conclusion about kindergarteners, as the scientists found that children younger than five may host up to 100 times as much virus in the upper respiratory tract as adults. The research doesn’t prove that the children are infectious, despite the virus replicating with such ease in their noses and throats.

“The school situation is so complicated — there are many nuances beyond just the scientific one,” Ann and Robert H. Lurie Children’s Hospital of Chicago’ Dr. Taylor Heald-Sargent told The New York Times. The pediatric infectious disease expert led the study that was published in JAMA Pediatrics earlier this week. “But one takeaway from this is that we can’t assume that just because kids aren’t getting sick, or very sick, that they don’t have the virus.”

The study only looked for viral RNA from samples collected from children, not the live virus, and did not measure whether the virus could replicate. That should be the next step in similar research that could prove whether children can be infectious.

Coronavirus PCR testing amplifies the genetic material in cycles to perform a reading. The more virus is present on the swab that collected the swab, the fewer cycles are needed for a positive diagnosis. Heald-Sargent discovered that children’s tests were coming back with low “cycle thresholds” (CT), which means the samples had plenty of viral RNA. The researchers then analyzed previous test results.

The researchers looked at samples collected between March 23rd and April 28th at drive-through sites in Chicago. In total, they analyzed swabs from 145 people, including 46 children younger than 5, 51 children aged 5 to 17, and 48 adults aged 18 to 65. The research excluded children who needed oxygen support from the results, and most of the kids only reported fever or a cough.

The researchers only wanted patients who experienced mild to moderate symptoms, and who knew exactly when the first symptoms occurred.

They discovered that older children and adults had similar CT values, while children under the age of 5 had lower CT. “It definitely shows that kids do have levels of virus similar to and maybe even higher than adults,” Dr. Heald-Sargent said. “It wouldn’t be surprising if they were able to shed” or spread the virus to others. The assumption seems logical, but the study doesn’t prove that children are infectious.

While the study may lack the data necessary to prove that kindergartners are contagious, it did reveal similar results to research from Germany and France, per The Times. A study from Germany showed that children aged 1 to 11 had viral loads as high as adults without showing symptoms. The France research indicated that asymptomatic children had CT values similar to those of children, which indicates a similar viral load in their noses and throats.

All this research proves that children of all ages can be infected with the virus. That’s a concern even if they wouldn’t be contagious. It’s unlikely for all the children who get COVID-19 not to be contagious. And some of the younger patients did die of COVID-19 complications, even though children aren’t likely to experience a bad case of COVID-19. On top of that, there’s also the MIS-C syndrome in children, COVID-19 complications observed by pediatricians in several countries in patients who were previously infected with the novel coronavirus.

With all that in mind, the science should absolutely stand in the way of opening schools this fall, if it turns out that the risk outweighs the benefits.

“Young children can potentially be important drivers of SARS-CoV-2 spread in the general population, as has been demonstrated with the respiratory syncytial virus, where children with high viral loads are more likely to transmit,” the scientists wrote. “Behavioral habits of young children and close quarters in school and daycare settings raise concern for SARS-CoV-2 amplification in this population as public health restrictions are eased.” “In addition to public health implications, this population will be important for targeting immunization efforts as SARS-CoV-2 vaccines become available.”


Chris Smith started writing about gadgets as a hobby, and before he knew it he was sharing his views on tech stuff with readers around the world. Whenever he's not writing about gadgets he miserably fails to stay away from them, although he desperately tries. But that's not necessarily a bad thing.
Reporter tests positive for coronavirus one day after being in close proximity to Trump

AHA I SUSPECTED THIS ALL ALONG
TRUMP MAY GET TESTED BUT HE IS THE BIGGEST ASYMPTOMATIC CORONAVIRUS SPREADER IN THE USA 


August 3, 2020 By Sky Palma

A reporter who traveled with President Trump on his recent trip to Tampa Bay, Florida, has tested positive for coronavirus, the Tampa Bay Times reports.

Zeke Miller of the Associated Press told the White House Correspondents Association about the unidentified reporter’s diagnosis in a letter.

“We’ve already reached out to those who were in the pools with this individual, and the White House Medical Unit is conducting additional contact tracing and providing follow-on tests for those in the pools and potentially exposed,” Miller’s message read.

An old submerged town reappears during a drought in the Philippines

Aug 03 2020

NEWSFLARE / AP
A 300-year-old town that was submerged to build a dam in the 1970s was visible again this week after drought caused the water to recede.

A 300-year-old town in the Philippines that was submerged to build a dam in the 1970s is visible again after drought caused the water to recede.

The once-bustling Old Pantabangan town in Nueva Ecija province has not been seen for almost half-a-century.

However, a chronic lack of rain across parts of Southeast Asia has caused water levels in the reservoir to plunge.

Former residents and tourists are now returning to the ruins, while Catholic devotees organised a mass in the old Augustinian Church.
READ MORE:
* Sunken Buddhist temple re-emerges in Thailand
* Haunting remains of flooded Australian town emerge due to drought


NEWSFLARE/AP
Old Pantabangan town has not been seen since the 1970s.

Some superstitious residents believe that the emergence of the town is a sign of hope amid the coronavirus pandemic currently ravaging the country - one of the worst-hit in Asia.

Alexander Agustin recorded the video while attending mass with his family and neighbours.

He said: "I grew up in that place. Before it was sunken by the dam, we were forced to evacuate and find another place to live. I am happy to be able to go back there and remember how my life was before the town disappeared below the water.''

Joergen Cruz Mandilag recorded a drone video on July 28. He said people are now starting to flock the old town but everyone has proper permits and are following social distancing during the tour.

Mandilag said: "We usually visited here to take sunrise photographs for years. We are aware about the history of that old sunken town, but we never had a chance to see it before.

"So when the news came that the sunken town was now visible, we decided to see it for ourselves. The opportunity to see a large portion of the old town is very rare. The locals there also said that it may be many years for us to be able to see it again."

The sunken old town is under the picturesque Pantabangan Dam. In the 1970s, the people of this municipality sacrificed their properties to give way to the construction of one of the biggest dams in Southeast Asia.

The old town was submerged but it has irrigated vast tracts of land enabling Nueva Ecija province to prosper and become the biggest producer of rice in the country.

VIDEO


The City in the Sea

Poem by Edgar Allan Poe

Description

Description

"The City in the Sea" is a poem by Edgar Allan Poe. The final version was published in 1845, but an earlier version was published as "The Doomed City" in 1831 and, later, as "The City of Sin". The poem tells the story of a city ruled by a personification of Death using common elements from Gothic fiction. Wikipedia

The City in the Sea


by Edgar Allan Poe
(published 1831)
  
Lo! Death has reared himself a throne
In a strange city lying alone
Far down within the dim West,
Where the good and the bad and the worst and the best
Have gone to their eternal rest.
There shrines and palaces and towers
(Time-eaten towers that tremble not!)
Resemble nothing that is ours.
Around, by lifting winds forgot,
Resignedly beneath the sky
The melancholy waters lie.
No rays from the holy heaven come down
On the long night-time of that town;
But light from out the lurid sea
Streams up the turrets silently-
Gleams up the pinnacles far and free-
Up domes- up spires- up kingly halls-
Up fanes- up Babylon-like walls-
Up shadowy long-forgotten bowers
Of sculptured ivy and stone flowers-
Up many and many a marvellous shrine
Whose wreathed friezes intertwine
The viol, the violet, and the vine.
Resignedly beneath the sky
The melancholy waters lie.
So blend the turrets and shadows there
That all seem pendulous in air,
While from a proud tower in the town
Death looks gigantically down.

There open fanes and gaping graves
Yawn level with the luminous waves;
But not the riches there that lie
In each idol's diamond eye-
Not the gaily-jewelled dead
Tempt the waters from their bed;
For no ripples curl, alas!
Along that wilderness of glass-
No swellings tell that winds may be
Upon some far-off happier sea-
No heavings hint that winds have been
On seas less hideously serene.

But lo, a stir is in the air!
The wave- there is a movement there!
As if the towers had thrust aside,
In slightly sinking, the dull tide-
As if their tops had feebly given
A void within the filmy Heaven.
The waves have now a redder glow-
The hours are breathing faint and low-
And when, amid no earthly moans,
Down, down that town shall settle hence,
Hell, rising from a thousand thrones,
Shall do it reverence.