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World News

Police Clear Protest Area In Seattle

Seattle Police cleared out the Capitol Hill Organized Protest (CHOP) as Mayor Jenny Durkan issued an executive order declaring the gathering in the police-free encampment an unlawful assembly.

The Mayor issued a 48-hour public safety emergency order to vacate the East Precinct/Cal Anderson area following a deadly shooting.

Police arrested dozens of protesters and took control of the East Precinct station house.

Police said 44 protesters were arrested for failure to disperse, obstruction, resisting arrest, and assault.

“I support peaceful demonstrations, Black Lives Matter, and I too want to help propel this movement forward … but enough is enough,” Seattle police chief Carmen Best said at a news conference.

“Our job is to protect and to serve the community, our job is to support peaceful demonstrations, but what has happened here … is lawless, and it is brutal, and bottom line it is simply unacceptable,” he told reporters.

The order and police action put to end weeks of violence in and around the Capitol Hill Occupied Protest zone where demonstrators gathered to protest the death of George Floyd in police custody.

The Capitol Hill Organized Protest (CHOP), also known as Free Capitol Hill, was an occupation protest and self-declared autonomous zone in the Capitol Hill neighborhood of Seattle.

The zone, covering six city blocks and a park, was established on June 8 by the protesters after the Police abandoned the East Precinct station house following standoffs and clashes with demonstrators.

A series of late-night shootings this week killed two teenagers and injured many others.

At a White House briefing, Press Secretary Kayleigh McEnany said that Seattle has been liberated. She described the bloody protest “a failed four-week Democrat experiment by the radical left.”

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Markets

China Factory Outlook Brighter in June as Recovery Continues

A gauge of China’s manufacturing activity climbed in June, signaling the country’s gradual recovery from the coronavirus slump remains on track.

The official manufacturing purchasing managers’ index rose to 50.9 from 50.6 a month earlier, according to data released by the National Bureau of Statistics on Tuesday. The non-manufacturing gauge rose to 54.4. Readings above 50 indicate improving conditions from the previous month.

The data confirm the trend of a gradual domestic recovery from the historic contraction in the first quarter and back up the government’s relatively modest stance on policy stimulus. But with the coronavirus hitting global demand and continued outbreaks of the virus not ruled out the rebound may prove hard to sustain.

A sub-index of new export orders climbed to 42.6, while manufacturing employment fell to 49.1 and the non-factory job index rose to 48.7.

The data show that manufacturing is still leading the recovery in China, said Zhou Hao, senior emerging markets economist at Commerzbank AG in Singapore. “China’s GDP growth is very likely to turn positive in the second quarter. However, the job data remain a concern as both job indices are below 50, suggesting that the demand recovery still lags behind.”

While parts of the economy have recovered from the virus shutdowns, there’s an apparent divergence between demand and supply — factories and companies have returned and output is growing again, but exports are domestic retail sales are shrinking.

Inventory Pressure

Almost 55% of firms said demand was inadequate, the fourth straight month more than half of firms have said that, Wen Tao, an analyst at the China Logistics Information Center, which helps compile the data, wrote in a report on its website.

“The new orders index is lower than the output index by 2.5 percentage points, meaning the gap between production and demand is widening, leading to rising oversupply pressures.”

Tourism revenue fell almost 70% during a three-day holiday last week compared to the same period in 2019, according to China International Capital Corp. Severe flooding in southern China may also have slowed the pace of production in some areas, and a recent flare-up of the coronavirus has also hit confidence.

A separate PMI indicator that gauges China’s high-tech industries slowed significantly this month. A Bloomberg Economics gauge of early indicators on the economy picked up in June, with a better performance for smaller companies tempered by the still-grim global outlook.

Small Firms

However, the position of small firms has begun contracting again, according to today’s data, while medium-sized firms rose above 50 and larger companies improved further. More small firms reported a lack of orders compared to larger companies, according to the NBS statement.

“China’s recovery is still on track, but the momentum could lose some steam in coming months,” said Lu Ting, chief China economist at Nomura International Ltd in Hong Kong. “Despite the strong recovery between March and mid-June, we believe a full economic recovery remains distant. In our view, it is too early for Beijing to reverse its easing stance.”

— With assistance by Sharon Chen, Yinan Zhao, and Miao Han

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World News

Michelle Obama Makes Passionate Speech About Voter Registration: 'We All Deserve to Have Our Voices Heard'



As the presidential election nears, the Becoming author has been vocal about the importance of voting — including in a recent interview with Shonda Rhimes for Harper’s Bazaar.

"Voting is so much bigger than one election, one party, or one candidate. It’s great to feel inspired by candidates and the visions they put forth, but it is by no means a prerequisite to casting a ballot,” she said. “Because at the end of the day, someone is going to be making the decisions about how much money your schools get and how tax money is distributed. Voting gives you a say in those matters.”

Since leaving the White House, Mrs. Obama has made voting access a major focus with her When We All Vote initiative — work that has increased relevance amid the coronavirus, she said.

In May, she also launched a new nonpartisan coalition made up of mayors from around the country who will work together to continue to push for safe voting policies, including online voter registration, early in-person voting and mail-in voting.

As she told Rhimes: “Nobody should have to choose between their health and making their voice heard.”

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Markets

Delta will warn pilots about possible furloughs, offers early retirement

Delta workers hit hard by coronavirus; weekly unemployment claims rise more than expected

Fox Business Briefs: Delta Air Lines tells shareholders 10 employees have died from the virus and about 500 others have tested positive; Labor Department says nearly 1.5 million workers filed new claims for unemployment last week.

Delta Air Lines (DAL.N) said late on Friday it will soon send warning notices to about 2,500 pilots regarding possible furloughs at the airline, as the industry takes a huge blow after the coronavirus pandemic slashed air travel demand.

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“In an effort to best prepare our pilots should furloughs be needed, Delta will send required notices to approximately 2,500 pilots,” a Delta spokesperson said in a statement, adding that the so-called ‘WARN’ notices will be sent next week.

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Delta also reached a tentative agreement with the Air Line Pilots Association (ALPA) labor union on a pilot-specific voluntary early retirement option.

The early-out plan is a meaningful step as the carrier is working to manage the impact of the pandemic and align staffing with expected flying demand, the company said.

A spokesperson for ALPA said after reaching the tentative agreement, Delta sent a letter, detailing pilot furloughs and early retirement option, that has been ‘received poorly’ by the pilots.

“Early retirements alone likely won’t be enough to avoid pilot furloughs altogether, Senior Vice President of Flight Operations at Delta, John Laughter, said in the internal memo on Friday, adding that the carrier hopes it will not have to reduce jobs involuntarily.

Planes belonging to Delta Air Lines sit idle at Kansas City International Airport on April 03, 2020 in Kansas City, Missouri. (Photo by Jamie Squire/Getty Images)

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The airline will continue its discussions with the union on an all-inclusive agreement that would contain a no-furlough commitment for two years, Laughter said.

On Thursday, Delta Chief Executive Ed Bastian had informed employees that the company is planning to add about 1,000 flights in August but not many more for the remainder of 2020.

“While it’s encouraging to see flights returning … we likely remain at least two years away from a return to normal,” Bastian said.

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Economy

Cineplex resorting to ‘poison pill’ plan for stockholders

Cineplex, the embattled Canadian movie theater chain, is playing defense.

Closing its doors because of the pandemic months ago, Cineplex has adopted a ‘poison pill’ or a stockholder rights plan,’ which is a defensive action against hostile and low-priced takeover attempts that take advantage of weakened stock prices.

The Toronto-based company said its three-year plan — allowing shareholders to purchase discounted shares triggered by unwanted offers for a stake of 20 percent or more — was designed to ensure “fair treatment” of shareholders.

Even though the chain disclosed on June 19 that it was “not aware” of any new takeover bids, experts say that the plan protects it against unwanted takeovers and that such a move could become more common.

“They and others are afraid of unsolicited takeovers by unfriendly parties” that could come any day after a stock drop, Hal Vogel, CEO of Vogel Capital Management told The Hollywood Reporter in a report Wednesday.

With Regal theater chain owner Cineworld calling off the $2.1 billion bid for Cineplex on June 12, and the stock falling from more than $11.81 before that to close the following week at $7.86, Cineplex may be feeling particularly vulnerable.

Coronavirus-worn companies such as as audio giant iHeartMedia, theme parks operator Six Flags Entertainment and in-flight entertainment provider Global Eagle Entertainment have in recent months unveiled poison pills, too.

Deal Point Data, a M&A and governance research firm, counted 19 new traditional shareholder rights plans in April, the highest number since it started tracking data in 2017. In May, the number declined to 10.

“As equity markets have recovered, there’s been a decline in poison pill adoptions,” John Laide, who manages corporate governance research at Deal Point Data, told the entertainment publication.

With Cineplex not ruling out all offers, it may be tricky for the chain to find a new buyer, however, CIBC World Markets analyst Bob Bek said, offering: “They are certainly going it alone until they rebuild the business and their valuation to better reflect the true business model.”

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World News

School Children Don’t Spread Coronavirus, French Study Shows

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School kids don’t appear to transmit the new coronavirus to peers or teachers, a French study found, weighing in on the crucial topic of children’s role in propagating Covid-19.

Scientists at Institut Pasteur studied 1,340 people in Crepy-en-Valois, a town northeast of Paris that suffered an outbreak in February and March, including 510 students from six primary schools. They found three probable cases among kids that didn’t lead to more infections among other pupils or teachers.

The study confirms that children appear to show fewer telltale symptoms than adults and be less contagious, providing a justification for school reopenings in countries from Denmark to Switzerland. The researchers found that 61% of the parents of infected kids had the coronavirus, compared with about 7% of parents of healthy ones, suggesting it was the parents who had infected their offspring rather than the other way around.

31,012 in U.S.Most new cases today

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Understanding the pandemic and the new virus’s transmission patterns is key to determining which parts of society can reopen -- or should be shuttered again in the event of a resurgence -- and mitigate the outbreak’s impact on the economy. The data on kids has been contradictory so far, with some reports corroborating the Pasteur findings and at least one pointing the other way.

Epidemiologist Arnaud Fontanet and colleagues said more studies on schools were needed because of the small number of cases they were able to study. They found that an estimated 41% of the children infected showed no symptoms, compared with about 10% of adults.

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