Italy is finalizing new measures aimed at providing liquidity to companies, Treasury Minister Roberto Gualtieri said.
The government will guarantee loans of up to 800,000 euros at 100%, and will boost guarantees to 90% on another 200 billion euros ($216 billion) in loans, Gualtieri said in a televised comment on Rai TG1. Companies will be able to seek bank loans for as much as 25% of their revenue, and those new benefits could be combined with the other measures the government is studying to help Italian businesses.
Read More: Why the Fate of Milan Will Be the Fate of Italy (1)
Prime Minister Giuseppe Conte is working on a new decree to further boost liquidity for businesses, while another package later this month will include emergency income for people trapped in the so-called underground economy.
The government is deploying at least 25 billion euros in new economic aid after an initial stimulus package approved in March for the same amount. The Italian daily La Stampa said earlier Saturday that the liquidity decree will be approved by Monday.
ISAs allow people to save money in a tax efficient manner but the government impose strict rules for them. To open an ISA, a person must be at least 16 years old and reside in the UK and deposits must take place within the tax year.
ISA limits: How much is the tax free allowance?
There are four type of ISA and each one has slightly different features.
A person can split the £20,000 limit among the different types or put all of their savings in a single account.
Currently it is possible to open cash, stocks and shares, innovative finance or lifetime ISAs.
It is generally advisable to put as much money as possible in ISA accounts to take advantage of their benefits.
However time is running out to do this before the allowance is reset, leaving any unused allowances lost.
ISA allowances reset as the new tax year starts on 6 April.
This means that tomorrow is the last day that money can be put inside these accounts for the current tax year.
It’s important to note that unused allowances cannot be carried forward to the following tax year.
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As the new tax year starts it also presents opportunities to open new accounts.
Fortunately consumers have plenty of options to turn to for opening an account.
It is possible to open ISAs with banks, building societies, stock brokers and several other financial institutions.
Providers will likely have differing rules and procedures for opening accounts so they should be contacted directly for guidance.
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It is possible to transfer ISAs from one provider to another to take advantage of better rates or terms.
The state detail that if a person wants to transfer money they’ve invested in an ISA during the current year they must transfer all of it.
On top of this, money saved in previous years can also be partly or completely transferred.
However, transfer Lifetime ISA transfers could trigger a withdrawal fee of 25 percent.
To transfer ISAs the providers involved will need to be contacted. A transfer form will need to be completed but it should be noted that transfers will not happen instantly.
Generally, it will take up to 15 working days for cash ISA transfers to be completed and up to 30 for other types.
ISAs are generally easy to set up and manage but if the holder moves abroad their options will be limited.
If an ISA holder moves abroad they will no longer be able to contribute money to their accounts.
The survivors of oil’s last crash were the lowest-cost producers. But the crisis engulfing the industry now is so fast, the same rules don’t apply.
From the shale patch of Texas and the oil sands of Canada to the plains of Siberia, production of at least one in every 10 barrels around the world is likely to be shuttered as demand is shredded by the coronavirus pandemic. Cost won’t be the ultimate arbiter for producers this time, because as the International Energy Agency says, “there could soon be no place for their oil to go.”
Every imaginable space — from tanks and pipelines to rail cars — is filling to the brim. It’s a key reason that pressure is building for an output cut by OPEC and other producers at their meeting next week, though even the 10 million barrels a day of curbs that’s been touted may not be enough. Only those who can find a place to shelter their unwanted crude are likely to remain standing.
“It’s important to think about who’s going to shut in. It’s all dictated by logistics and where you sit in these major pipelines around the world,” Jeff Currie, head of commodities research at Goldman Sachs Group Inc., said in a Bloomberg television interview. “It’s going to be Russia, the U.S., Canada and parts of Latin America where you see the real damage.”
The rout in demand is staggering. With large swathes of the global economy shut down to tackle the virus pandemic, with no idea of how long it’ll continue, some oil traders are estimating an unprecedented 35 million barrels a day destruction in oil use.
Even if OPEC and other producers agree to a 10 million barrels a day of output cuts — in itself a mammoth undertaking — the IEA estimates 15 million a day of stockpile would still build up.
When oil last collapsed five years ago it was America’s shale producers who took the immediate hit because of their sensitivity to price swings, and the nation’s industry is set to be battered again. Pipeline operators have asked drillers in Texas to ratchet back output.
This time round everyone is sharing the pain. About 7 million barrels of daily output due to be shipped next month by a range of exporters is “homeless,” with “literally nowhere to go,” consultant JBC Energy GmbH estimates.
Production is starting to buckle everywhere.
IHS Markit expects as much as 10 million barrels a day of output to be shut-in from April through June as storage fills up. In Canada, Athabasca Oil Corp. suspended some oil sands operations and Suncor Energy Inc. said last month it will partly shut some of its fields.
Brazil’s Petrobras is paring production by 200,000 barrels a day. Landlocked Chad in Africa has halted two fields, and Ecuador, Citigroup Inc. said, “isn’t able to sell its crude anywhere to anybody.”
Producers who are operating offshore, or have access to coastal terminals, possess the widest options to reroute their barrels and will be the most “immune,” Goldman’s Currie said. Those “sitting behind thousands of miles of pipe” are the most exposed.
Russia, despite having helped initiate the global price war, is among those particularly vulnerable to its fallout. As sales from ports and its Druzhba pipeline melt away, the country could be incapable of selling about 1 million barrels a day of its output, according to Ed Morse, head of commodities research at Citi.
Neighbors such as Kazakhstan and Azerbaijan, both far away from their customers, face “severe offtake issues,” said David Wech, an analyst at JBC Energy in Vienna.
While logistics are critical, oil’s collapse is simply making some production unprofitable. At $25 a barrel crude, about 5% of global production is losing money, according to the IEA.
Companies are also slashing spending. BP Plc will invest less in its U.S. shale operations this year as it looks to reduce expenditure by about $5 billion, lowering production. Some North Sea fields just aren’t economical at current oil prices.
“In the short-term, low prices will decrease supply by incentivizing reduced production,” said Paul Horsnell, an analyst at Standard Chartered Plc.
Amid the carnage, there may still be a winner. Saudi Arabia, OPEC kingpin and the main architect of the bruising price war, can pump crude from its vast fields at less than $10 a barrel. It also has access to plentiful storage around the world — from Egypt to Japan.
Riyadh is flooding the market with crude as it threatens to pump at record high levels, contributing to oil’s rout and forcing producers to consider an output agreement.
The kingdom is convening an emergency online gathering of the OPEC+ coalition on Monday. The meeting is open to producers worldwide, including the U.S. If America were to join coordinated production cuts, that would be an unprecedented move away from the country’s free-market ethics.
But there are no guarantees that a deal can be reached. And even if an expanded alliance is made and the currently discussed 10 million barrels a day of cuts are agreed, it would ultimately be insufficient in the face of such an enormous glut.
“The market is going to be shutting stuff down whether you like it or not,” said Jan Stuart, global energy economist at Cornerstone Macro LLC. “That horse has left the barn.”
The US recorded 1,321 deaths of the coronavirus between Thursday and Friday, statistics site Worldometers reported.
This is the highest single-day death toll recorded by any country in the world.
New York, the worst-hit state in the country, also reported its highest single-day rise in deaths on Friday.
The previous record for the world's highest single-day death toll was held by Spain, which reported 950 COVID-19 deaths on Thursday.
Visit Business Insider's homepage for more stories.
The US recorded some 1,300 new coronavirus deaths between Thursday and Friday, the highest single-day death toll reported by any country in the world.
The US saw 1,321 new deaths on Friday, according to statistics site Worldometers, which took the recording at 12 a.m. GMT+0 Saturday, or 8 EDT Friday.
A total of 7,392 people have now died of COVID-19 in the US, Worldometers said.
Meanwhile, according to Johns Hopkins University — which tracks global cases using different sources, including Worldometers — there were 7,159 US deaths as of Saturday morning. The exact number may differ as both sites record data at different times.
Many of the new US deaths took place in New York, the worst-hit state in the country. It saw 562 new coronavirus deaths on Friday, its highest single-day rise in deaths, The Wall Street Journal reported.
COVID-19 spread globally
The record for the highest single-day death toll in the world was last held by Spain, which on Thursday reported 950 new deaths from COVID-19. Spain is the second-most infected country in Europe. Italy is the first.
Even at its peak, China — where the coronavirus broke out last December — officially reported 150 new deaths in a single day, on February 23.
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And get the latest coronavirus analysis and research from Business Insider Intelligence on how COVID-19 is impacting businesses.
WASHINGTON ― Even as health experts were warning against large gatherings, President Donald Trump hosted a fundraising dinner for 900 and a birthday party in honor of his son’s girlfriend for 200 at his private Florida resort.
As mayors and governors began ordering nonessential businesses to shut down, Trump’s hotels and golf courses continued to solicit customers.
And as all Americans are advised to stay at least 6 feet away from one another, Trump appears ready to hit the golf course, forcing his staff to again work in close proximity to one another.
It would be the latest example of Trump’s do-what-my-experts-say-not-as-I-do response to the deadly coronavirus pandemic, which to this day has the president conducting daily press briefings on a crowded podium and casually touching co-participants as they pass.
“He has consistently failed to lead by example in this crisis and is continuing to do so,” said Jeremy Konyndyk, who worked on the 2014 Ebola response under then-President Barack Obama. “And that sends a bigger signal to his followers than anything he reads off a TelePrompTer.”
When Trump will resume playing golf is unclear. He has not played a round since March 8, during his last weekend trip to Mar-a-Lago, his Palm Beach, Florida, resort. But the Secret Service recently signed an expedited contract to rent 30 golf carts in Sterling, Virginia, where Trump owns a golf course.
Under the contract terms, taxpayers will spend $45,000 over the next six months. A Secret Service spokesman said the agency does not comment on activities pertaining to people it protects.
Traveling via presidential motorcade to Northern Virginia would force dozens of agents and other White House employees to work close to one another ― just as hundreds of them had to in support of Trump’s visit to Norfolk, Virginia, last weekend for a photo opportunity at the departure of a Navy hospital ship on its way to New York City. Secret Service agents; members of the White House advance team; staff from the White House medical unit, communications agency and military office; and more had to travel and work within 6 feet of each other, against guidelines from the Centers for Disease Control and Prevention, to support the day trip where Trump gave a 15-minute speech and then waved goodbye as tugboats pulled the 900-foot U.S.N.S. Comfort from her berth.
“Those people are all working in close proximity to one another,” said a former White House advance team member on condition of anonymity. “It’s a big operation.”
Trump’s last golf weekend in Florida coincided with two large functions that he hosted at Mar-a-Lago, his for-profit club. A 900-person campaign fundraising dinner on Friday, March 6, was followed the next night by a 200-guest birthday party for Kimberly Guilfoyle, the girlfriend of his eldest son and an adviser to his reelection campaign. Those events took place even though public health experts were already advising against large gatherings and urging elderly people to avoid contact with others entirely.
“Whether it’s a matter of national security, economic prosperity or public health, President Trump has consistently placed his own personal interests ahead of the national interest,” said Ned Price, a former CIA analyst and a National Security Council spokesman under Obama.
Neither the Trump campaign, which organized the fundraising dinner, nor the Trump Organization, which handled the birthday party, responded to HuffPost queries.
The Trump Organization, the profits of which flow entirely to a trust benefiting only Trump, appeared to continue collecting fees for buildings it manages and keeping its golf courses and hotels open to the extent possible under local closure orders.
According to a report by Spectrum News NY1, residents of a luxury apartment building in Manhattan were asked for April’s monthly fees early because of the coronavirus and warned that late payments would be subject to penalties.
And while many Trump resorts ― such as Doral near the Miami airport ― were ultimately forced to close, the golf club in Sterling for which the Secret Service rented the carts remains open. On Thursday morning, it posted a photo of a tee along the Potomac River with the message: “The perfect social distancing view and sport at @trumpgolfdc!”
While many public parks in Virginia have closed following Gov. Ralph Northam’s executive orders, private courses are not required to shut down, so long as groups do not gather in numbers exceeding 10 and clubhouses and restaurants on site are not open.
“He’s a hindrance to the effort,” said Juliette Kayyem, who helped handle the responses to the 2009 H1N1 flu outbreak and the British Petroleum oil spill in Obama’s Department of Homeland Security and now lectures on emergency management at Harvard College. “To be successful, we should stop hoping he changes and start figuring out fail-safe systems to protect ourselves and minimize harm.”
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Proxy season is upon us as ViacomCBS said Friday that former CBS CEO Joe Ianniello earned $125 million for 2019, according to its annual filing with the SEC. He left the newly merged company in January.
The figure includes $84 million for changes in his employment agreements with the company last year.
ViacomCBS CEO Bob Bakish earned $8.4 million. That included a base salary of $230,769, a bonus of $3.1 million and stock awards totalling close to $5 million. His annual target compensation – which can change – going forward is about $31.5 million, including $3.1 million in base salary, a $12.4 million bonus and stock grants worth $16 million.
Ianiello’s base salary was $2.8 million plus stock awards for $37 million and that “other” compensation of $84 million. For 2018, he earned $27.4 million. He became acting CEO of CBS after Les Moonves left in September of 2018.
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As executive pay numbers for 2019 start to arrive, they will be hitting a very unusal time where chief executives and upper management have recently been foregoing or slashing salaries (Bob Iger and Bob Chapek at Walt Disney) in the midst of the coronavirus pandemic or donating them to charities (Brian Roberts of Comcast). The sudden, steep loss of revenue has resulting in companies laying off or furloughing thousands of workers.
The $84 million paid Ianiello was for additional payments to Ianniello, relating in part to a signing bonus in April of 2019, when he became CBS CEO (no longer acting) and a termination agreement included in his contract when it was amended again later last year. In December, he was named CEO of CBS Entertainment within the merged company with a contract that ran through March of 2021. But he left the next month as ViacomCBS hired George Cheeks for the job.
The proxy statement was filed ahead of the annual meeting of shareholders to be held in May, which ViacomCBS said may become a virtual event given uncertainties created by the coronavirus pandemic.
Proxies list the salaries of the top five highest paid executive officers of a company. ViacomCBS’ situation is more complicated since it only became a single entity in December so it listed two sets of executives.
For ViacomCBS other executive officers listed were CFO Christina Spade ($9.4 million), Richard Jones, EVP and general tax counsel ($3.2 million) and Nancy Phillips, EVP and chief people officer ($3.1 million).
Looks like Fox News personality Laura Ingraham’s attempt to burn Rep. Alexandria Ocasio-Cortez (D-N.Y.) blew up in her face.
It all started when the New York congresswoman tweeted that the coronavirus pandemic is disproportionately affecting people of color thanks to long-standing racial and economic inequalities.
Ingraham apparently wasn’t happy that Ocasio-Cortez was pointing out the negative effects of inequality, so she decided to belittle the congresswoman’s previous job as a bartender.
Ocasio-Cortez has previously said that people who try to insult her by bringing up her bartender past are just “clowning themselves.”
So she turned the joke around by pointing out the terrible job Ingraham has done reporting on the COVID-19 pandemic.
“Didn’t you just put a doctor on your show who faked their employment at Lenox Hill hospital and touted a COVID ‘treatment’ that you tweeted & Twitter had to remove because a man may have died trying self-administer it?” she responded.
Then she added this burn: “I’m sorry, why are you on TV again?”
Then she added receipts.
Ingraham tried to spin things by claiming the doctor she interviewed had “admitting privileges” at Lenox Hill, ignoring the fact that Twitter removed her tweet because it fell under their “misleading information policy” with its “Heightened-risk health claims.”
Still, Twitter users were impressed by the heat of the congresswoman’s burn.
One Twitter user did show concern for Ingraham’s condition after the takedown.
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Tesla CEO Elon Musk donated ventilator devices to New York hospitals battling the novel coronavirus as they face a shortage, but the devices that are typically used for sleep apnea patients could potentially spread the virus, which has sparked outcry on social media.
The ventilator devices, known as bi-level machines, are normally used to treat sleep apnea — a sleep condition that causes one's breathing to stop and start irregularly — but the donation is hardly controversial, according to health officials.
UCLA Health, which is also accepting donations from Tesla, confirmed to FOX Business that it is "in conversation with Tesla representatives about a donation of BIPAP/CPAP devices used for respiratory care of less-critical patients, which would free up ventilators best reserved for patients requiring more intensive treatment, as well as other donations that would benefit patients."
Nevertheless, outrage swelled when the New York City health care system posted a photo of the ventilator machine in question sitting on top of donation boxes to Twitter, where criticism of Musk often runs rampant.
"Special thanks to [Tesla] for a donation of 40 ventilators to our team at NYC Health + Hospitals/Elmhurst [in Queens]. These will be essential in the fight against the [coronavirus]," NYC Health + Hospitals wrote.
Neither Tesla nor NYC Health + Hospitals responded to inquiries from FOX Business.
The tweet features a photo of the "40 ventilators" Musk donated still in boxes labeled with ventilator company ResMed's logo. Those 40 devices represent a portion of the more-than 1,000 Musk purchased from a San Diego-based ventilator maker called ResMed.
A closer look at the photo, however, reveals a device that is not the kind of ventilator hospitals are struggling to find. The American Association for Respiratory Care confirmed to FOX Business that the device is a "bi-level machine" traditionally used to help people with sleep apnea. In particular, the photo shows ResMed's non-invasive, five-year-old S9 bi-level model.
The AARC noted that a bi-level machine is not to be confused with a BiPAP machine, which is "a trade name from a ventilator company and gets misused all the time."
ResMed did not respond to an inquiry from FOX Business, but ResMed CEO Mick Farrell told the Financial Times Alphaville that the bi-level machines Musk donated could be useful in helping COVID-19 patients.
"The bi-levels featured in Tesla’s tweet … deliver non-invasive ventilation that can be beneficial to many COVID-19 patients struggling to breathe while trying to fight off this virus," he told the Times. "We have seen large numbers of patients in China and across Europe that have been treated with non-invasive ventilation via bilevel devices. There are also several published clinical guidelines that have come out during the COVID-19 pandemic that specifically address the use of bilevel devices in treating these patients."
Irrespective of how doctors are using the devices to treat patients, the minefield that is Elon Musk's Twitter exploded because of the New York City health care system's photo
The photo came on the same day Musk tweeted, "We have extra FDA-approved ventilators," adding that Tesla "will ship to hospitals worldwide within Tesla delivery regions," free of device and shipping costs.
Tesla and Musk skeptics were quick to point out the difference between the kinds of ventilators hospitals need and the S9-model ResMed devices Musk donated to NYC Health + Hospitals.
Some cited an NPR article that says non-invasive, bi-level and Continuous Positive Airway Pressure, or CPAP, machines "could spread COVID-19" by aerosolizing the virus.
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Tesla fans rushed to Musk's defense, citing March 22 guidance from the Food and Drug Administration that says bi-level and CPAP machines typically used for the treatment of sleep apnea may be used as ventilator alternatives to support COVID-19 patients with respiratory problems provided appropriate monitoring.
Other Twitter users suggested that Musk's donations could be a way for the billionaire engineer to divert attention away from his March 6 tweet dismissing global concerns about the coronavirus as outbreak as "dumb," and another tweet saying children were "essentially immune" to the virus.
Musk responded to the criticism when it caught wind on Twitter, explaining that "all hospitals were given exact specifications of ResMed [and] Philips ventilators before delivery [and] all confirmed they would be critical,"
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"Weird that so many troll/bot accounts were activated to attack on this fake issue. Wonder who’s behind it," he added.
Several health care experts spoke to FOX Business about whether bi-level machines can be converted into ventilators and, if they can be, whether they can help COVID-19 patients. The general consensus was that they can be used for COVID-19, but non-invasive devices come with risks.
Dr. Mary Dale Peterson, the president of the American Society of Anesthesiologists, told FOX Business that certain invasive CPAP and bi-level machines can be converted into ventilators with the right technology and procedures, but she has two concerns.
The Supreme Court will postpone oral arguments planned for April, and said that it will consider “a range of scheduling options and other alternatives” if proceedings cannot be held through the remainder of the term.
The arguments were to be held April 20-22 and April 27-29. The court will continue to hold regularly scheduled conferences and to post opinions on its website. Last month, it issued a ruling in Byron Allen’s racial discrimination lawsuit against Comcast. The justices unanimously ruled in favor of Comcast, deciding that Allen needed to meet a higher legal threshold for his case to go forward.
The court already had postponed oral arguments in March. They were set to consider a case that had to do with the ability of congressional committees and New York state authorities to subpoena President Donald Trump’s tax returns. Another planned argument, over Google’s use of Java programming software language, has been followed closely by showbiz as it could have an impact on how copyright law is interpreted.
“The Court will consider rescheduling some cases from the March and April sessions before the end of the Term, if circumstances permit in light of public health and safety guidance at that time,” the court said. “The Court will consider a range of scheduling options and other alternatives if arguments cannot be held in the Courtroom before the end of the Term.”
The court’s term ends in late June.
The court building is still open for business, but most of the workforce is teleworking. The court has been closed to visitors until further notice.
Coronavirus has wreaked havoc on the economy and the state has felt it necessary to step in. Various support packages have been announced in recent weeks to ensure incomes are protected.
Self employed grant: What is a grant? Do I have to pay it back?
One of the most recent support packages was focused on the self-employed.
The Self-employment Income Support Scheme was announced towards the end of March and had a similar theme to the employee plans.
The government detailed that the scheme will allow people to claim a taxable grant worth 80 percent of their trading profits up to a maximum of £2,500 per month for up to three months.
There are some limitations in place which determine who can apply for it.
It is possible to apply for the scheme if the person is a self-employed individual or a member of a partnership and they:
have submitted their Income Tax Self-Assessment tax return for the tax year 2018-19
traded in the tax year 2019-2020
are trading when they apply, or would be except for COVID-19
intend to continue to trade in the coming tax year
have lost trading/partnership trading profits due to COVID-19
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While this is undoubtedly good some claimants have expressed dismay at the proposals.
Fiverr, the freelance services marketplace company, detailed that many within the freelance community feel there’s not enough clarity on how the scheme works.
This will be a crucial element to get right in the coming weeks as recent analysis has highlighted just how important this section of the workforce is.
Research from the ONS found that the self-employed market contributes around £275billion to the UK economy.
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Freelancers specifically account for 15 percent of the five million strong self-employment workforce.
One of the biggest problems highlighted with the new plans is the fact that there will be a delay in payment.
Liron Smadja, a Director for Fiverr commented on this: “While this government’s support for self-employed workers is of course welcome – it’s still too little, too late for many freelancers.
“Chancellor Rishi Sunak acted quickly to secure the livelihoods of PAYE employees, but the self-employed workforce had to wait much longer for any advice at all – and now they’ve been told they’ll have to wait until June to get any financial support.”
This will likely be made more difficult by the fact that it is not currently possible to apply for the scheme, meaning teething issues cannot be rectified.
The government details that HMRC will contact people if they’re eligible for the scheme and they will eventually be invited to apply online. They state that the scheme will only be accessible through gov.uk and as such, if texts or emails come through claiming to have access to the scheme it will be a scam.
So long as an application is processed correctly, HMRC will contact claimants to tell them how much they’ll receive and how the payments will be received.
On top of all this the government is also providing the following additional help for the self-employed:
deferral of Self-Assessment income tax payments due in July 2020 and VAT payments due from 20 March 2020 until 30 June 2020
grants for businesses that pay little or no business rates