Twitter allowed employees to always work remotely :: Business :: RBC

Employees may not return to offices after the pandemic and continue to work from home if they have the opportunity and desire, said Twitter head Jack Dorsey

Twitter allowed its employees not to return from the remote work mode to offices after the end of the coronavirus pandemic and always work in this mode. It is reported by CBS News with reference to a statement by the head of the company Jack Dorsey.

“The past few months have shown that we are coping with working in this mode. Therefore, if the circumstances of our employees allow them to work from home and they want to continue, we will allow it, ”said Dorsey.

He said that Twitter offices are unlikely to open to employees before September. However, when this does happen, the return to the previous mode of operation will be gradual. So, most business trips will not be resumed for some time and until the end of 2020 there will be no corporate events that involve the physical presence of employees, the head of the company said.

Google and Facebook employees offered to stay home until the end of the year

Last week, Google and Facebook informed employees that they could work remotely until the end of 2020. According to the head of Alphabet (Google’s parent company) Sundar Pichai, those who wish can return to their offices in the first half of the summer. He promised to take all necessary measures to ensure the safety of workers.

Facebook may begin to open its offices on July 6, but it is not yet known how many employees will resume work in them.

The companies switched to remote work in March. Earlier this month, Twitter recommended that employees work remotely to reduce the risk of coronavirus infection. In mid-March, Google made the same recommendations.

Worldwide distribution of Covid-19 coronavirus

Number of confirmed infections

Source: JHU

World Data i


Maria Lisitsyna

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Yevgeny Kogan saw no reason in the crisis to change the Uralsib rehabilitation plan :: Finance :: RBC

The crisis caused by the coronavirus pandemic should not lead to a change in the Uralsib rehabilitation plan, said RBC head of the bank’s supervisory board. The Bank has already conducted stress tests on the model of the 2008 and 2014–2015 crises

Photo: Zamir Usmanov / Global Look Press

Despite the crisis, there is no reason to change the reorganization plan of Uralsib Bank now, the head of the bank’s supervisory board, Yevgeny Kogan, said in an interview with RBC.

“We initially, when we were just starting reorganization of the bank and writing its first strategy, did not enter the high-risk segments, we assumed that we should work in such a way as to maximize the success of the reorganization,” the banker explained. According to him, in non-crisis years, the bank was not as active as other players, issued new loans. “We understood that at one point or another he [кризис] should come and for us this may not come as a surprise, ”said the banker.

The head of the supervisory board of Uralsib – RBC: “The sale of the bank is in principle irrelevant”

Evgeny Kogan

Uralsib passes all stress tests without violating the mandatory capital adequacy standards, Kogan said. In the negative scenario, the bank took the sample for credit risk in 2008, “when the blow was the strongest”, and for liquidity risk relied on the crisis of 2014–2015, “when banks had significant outflows”. In this scenario, the average annual oil price was set at $ 30 per barrel.

In November 2015, Vladimir Kogan, Yevgeny Kogan’s father, won the Central Bank’s auction for Uralsib reorganization, and two years later, the regulator approved his proposed bank recovery plan, calculated until 2025. Uralsib is being reorganized according to the old scheme: it received loans from the Deposit Insurance Agency with low interest rates in the amount of more than 90 billion rubles.

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HSE rector warned of the risk of sharp impoverishment of the middle class in Russia :: Society :: RBC

The rich as a result of the crisis become poorer, but remain rich, while the middle class is facing a decline, said HSE Rector Yaroslav Kuzminov in an interview with RBC

Yaroslav Kuzminov

(Photo: Alexander Scherbak / TASS)

As a result of the economic crisis associated with the SARS-CoV-2 coronavirus pandemic, the middle class could slide into poverty. This was in an interview with RBC, the rector of the Higher School of Economics Yaroslav Kuzminov.

“Most likely, incomes will fall among all sectors of society, but if the impoverished rich will still remain rich people, and the poor will still be poor, then for the middle class, which is now taking the brunt of it, there are serious risks of falling into poverty,” – said Kuzminov.

He noted that this trend concerns primarily the economy of services, including intellectual, and the economy of impressions, which provided space for the development of new creative projects.

Coronavirus

Russia Moscow Peace

0 (per day)

Recovered

0

0 (per day)

Infected

0

0 (per day)

Died

0 (per day)

Recovered

0

0 (per day)

Infected

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Died

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Source: JHU,
federal and regional
anti-virus operations

Source: JHU, federal and regional anti-virus operations

“It was the service sector that contracted the most. Large cities have been hit hardest by COVID19, and their economies have stopped the most, ”explained the HSE Rector.

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Amazon says the Pentagon’s JEDI revision keeps Microsoft in the driver’s seat

WASHINGTON – Amazon.com Inc. accused the Pentagon of trying to manipulate its review of a huge cloud computing deal to drive the award to rival Microsoft Corp.

In a court made public on Tuesday, Amazon urged a federal judge to request the Department of Defense to conduct a larger review than it proposed.

Judge Patricia Campbell-Smith …

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Gas prices may soon drop to 99 cents a gallon in parts of the United States

Although many Americans increasingly see pump prices below $ 2 a gallon, the drop may soon worsen. This is especially true in the Great Lakes region, where prices could soon be 99 cents a gallon at hundreds of gas stations.

Here’s how Patrick De Haan, head of GasBuddy’s oil analysis, believes that: the Chicago spot price, the benchmark for prices in the surrounding states, plummeted to 34 cents a gallon. It is a nickel at one cent more in other regions and 52 cents on the west coast. Add taxes on gas, he says, and you’re getting closer to where retail prices may soon be.

Prices are particularly low in the Great Lakes, he says, because there is no easy way to unload extra supplies. “The only real way is to offer discounts, and that’s the state we are in today,” he said.

Yeah, a station in Kentucky is selling gas for 99 cents a gallon. You can get gas in Oklahoma City for around 6 cents more. Among states, Ohio may be the first with many stations selling below 99 cents, given low state fuel taxes.

Who is driving?

The downside, of course, is that demand is collapsing amid the coronavirus pandemic. Illinois last week was one of the first states to tell people to stay home and forget about unnecessary travel. On Monday, Michigan and Indiana, among others, joined together. De Haan said that what is turning into a national closure should shame the slump in demand during the Great Recession.

The drop in demand has not yet appeared in the data, including the weekly report of the US Energy Information Administration.

Oil prices in the United States
CL.1,
+ 4.40%

CL00,
+ 4.40%

they are already at a minimum of 18 years due to a price war between Russia and Saudi Arabia. But even if an agreement is reached to end that fight, “the future is still pretty bleak for gasoline,” he added.

The first month contract for gasoline
RBJ20,
+ 5.90%

RB00,
+ 5.90%

plummeted over 27% on Monday to 44.11 cents a gallon. The contract price for the first month has plummeted 75% in the past month.

“The national average could drop 30, 50 to 75 cents a gallon in the next two, three, four weeks,” he predicted. But retailers will try to hold out as long as possible because right now they are enjoying some of their best margins even as their sales drop.

Gas on Monday was sold for an average of $ 2.07 at the pump nationwide. However, more than one in four stations sold it for less than $ 2 a gallon and 5% had prices below $ 1.75, according to GasBuddy. Compare this to early 2016, when the drop in oil prices pushed the national average of $ 1.66 and 2008, when average prices bottomed out at $ 1.59. Given that two thirds of states have increased gas taxes since then, a drop below the 2008 low would be particularly significant.

Even in California, traditionally one of the most expensive places to buy a gallon of gas, prices could drop dramatically, De Haan said. While the average price is $ 3.16 per gallon, one station is at $ 2.25 and another at $ 2.29.

The lesson for all consumers: do not rush to fill the tank.

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Countries introduce restrictions on the coronavirus curb

Governments around the world are increasingly imposing mandatory restrictions on residents to force people to keep away from each other, intensifying efforts to slow the global spread of coronavirus while cases exceed 350,000.

New Zealand said it would impose a blockade and move to the highest alert level, closing schools on Tuesday. Colombia has ordered a three-week blockade nationwide and sealed its borders. India has initiated a blockade on a number of states and Australia has imposed the closure of restaurants and bars …

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The US mortgage bond market is in an uproar, awaiting the Fed’s sinking relief

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Times Square in New York City as coronavirus deaths rise. Getty Images

Getty Images

Investors say it looked very similar to 2008 in most of the $ 11 trillion US home finance market, only without the defaults.

Many of them attribute credit to the Federal Reserve’s swift action last week, which opened its time to unleash trillions of dollars, calming some of the shocks of the spread of the coronavirus epidemic and its expected tribute to the nation and ‘economy.

SeeHere is a breakdown of the Fed’s bailout programs to maintain credit flow during the pandemic

The central bank’s initial plan was to purchase at least $ 700 billion in Treasury debt and agency mortgages, or where most of all home loans are grouped in securities with public support.

But investors continue to recover from the quickest selloff of their careers and also claim that safe haven activities, including agency mortgage bonds, continue to be a sales target as investors seek to accumulate liquidity in the event of market carnage and the last week’s record bond fund outflows are not over yet.

“There are still many more people who sell for liquidity, which is first and foremost,” Steven Oh, global manager of fixed income at PineBridge Investments in Los Angeles told MarketWatch. Although “the cost of transactions has improved,” he said. “It’s still not ideal.”

To read: Unemployment could reach 30% in the United States, says the Fed’s Bullard of St. Louis

US Treasury Bonds and Mortgage Bonds have been rewarded for safer and more liquid havens during stormy periods so far.

This chart by BofA Global Research shows how terrible Treasury market liquidity has been in the past few days:

Trying to trade agency mortgage bonds has been slightly better, unless an investor is willing to sell bonds at a value lower than their recent value.

But hope remains that the Fed’s combination of emergency loan programs and asset purchases will be sufficient to bring further calm, although the Senate failed to remove the first hurdle of a massive coronavirus stimulus measure and equity futures on Sunday. Americans have plummeted again.

In addition, President Donald Trump, in the face of criticism for his response to the coronavirus, also on Sunday ordered the National Guard in California, New York and Washington to help manage the pandemic. New York City, the center of global finance, also ordered its 8.5 million residents to stay home from work as the state prepared to become a hot spot in the global pandemic.

“I think the Fed will continue to buy mortgage bonds until there is some sort of normalcy,” said John Kerschner, head of the United States’ structured products at Janus Henderson Investors in Denver, in an interview with MarketWatch. “Who knows when it will be.”

The $ 6.9 trillion agency mortgage bond market is typically one of the most sought after havens in U.S. finance, largely because government guarantees provide investors with significant coverage of losses, with the exception of any premium on bonds that trade above their $ 100 repurchase price.

Last week alone, the Fed purchased more than $ 300 billion in government bonds and agency bonds, or MBS, pledging to buy at least $ 500 billion in assets on Sunday night.

While this makes the Fed (again) the “lender of last resort”, analysts at BofA Global Research said Sunday they expected the central bank to further increase its market intervention and implement a “full and unlimited backstop on the MBS market. of the agency “in the days and weeks ahead, as well as other stabilization measures.

It is “time to unleash the entire Fed arsenal,” urged the BofA team led by Mark Cabana, in a client note. “What started as a health crisis quickly turned into an economic crisis and is likely to quickly become a housing / financial crisis.”

Check out: Here’s how a Fed plan would work to support the corporate and municipal bond market

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Airbnb accumulates hundreds of millions of losses due to the coronavirus

Airbnb Inc. is considering raising capital from new investors as the home sharing giant struggles with growing losses due to the devastating impact of the coronavirus pandemic on its global business, according to people close to the company.

The pandemic also threw Airbnb’s plans to make public this year into chaos, and the company’s board of directors and investors are divided on the best way to go, according to people familiar with the matter.

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Online gaming stands ready for casino closure

With casinos closed and many Americans confined to their homes, the online gambling industry is looking to expand in the United States

An industry group, iDevelopment & Economic Association, is pushing states to allow online casino games to replace missing revenue from temporarily closed casinos, including exploring how governors can use large emergency powers to quickly allow online casinos to operate, group leaders said. Online casino games include virtual slots and roulette, along with poker, played for real money.

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The New Orleans restaurant kicks off Coronavirus insurance coverage litigation

The first wave of early insurance coverage disputes began as arrests for coronaviruses spread across the United States.

An important seafood restaurant in New Orleans’ French Quarter, Oceana Grill, asked a state court to confirm that its policy with London’s Lloyd’s would cover revenue lost due to civilian actions with restrictions on coronavirus.

The…

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