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marmar

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Gender: Male
Hometown: Detroit, MI
Member since: Fri Oct 29, 2004, 12:18 AM
Number of posts: 74,647

Journal Archives

Starbucks Sees $3.2 Billion Virus Hit, Plans New Cafe Format


(Bloomberg) -- Starbucks Corp. expects the coronavirus pandemic to reduce sales this quarter by as much as $3.2 billion, dragging down the coffee chain’s performance as it sees a recovery stretching into next year.

The company, which like other restaurants has had a difficult time offering guidance, said Wednesday it expects to report an adjusted loss of 55 to 70 cents a share when it next releases earnings. Operating income will decline as much as $2.2 billion in the period, the company said in a statement.

The guidance underscores the depth of the challenges for consumer-facing businesses from the coronavirus outbreak and worldwide lockdowns. The coffee seller, which is exploring new store formats to stimulate demand, is being closely watched as a barometer of customers’ willingness to leave their homes and open their wallets as the pandemic subsides.

“These numbers are a lot worse than the Street was expecting,” said Michael Halen, senior restaurant analyst at Bloomberg Intelligence. “People expect some sort of crazy snapback but it’s not going to materialize in restaurants.” ...........(more)

Read more at: https://www.bloombergquint.com/onweb/starbucks-sees-potential-3-2-billion-sales-hit-from-pandemic




Class of 2020 inherits worst labor market since the Great Depression


'Adapt and overcome': class of 2020 inherits worst labor market since the Great Depression
Ceremonies have been cancelled and internships have vanished as a new round of graduates step into a world hobbled by the pandemic

(Guardian UK) Monique Guerra will graduate from the University of California, Riverside, this week with a double major in education and Spanish. But, like so many other students in their final year of study, she hasn’t figured out what happens next.

The class of 2020 is on a rollercoaster ride, whiplashed by Covid-19’s carnage across the United States. Dozens of institutions have cancelled or postponed in-person graduation ceremonies in the name of public health. And graduates such as Guerra are facing the daunting prospect of having to elbow their way into the worst labor market since the Great Depression, after more than 40 million people filed unemployment claims since mid-March.

“It’s really tough right now,” Guerra said. “I don’t know what’s gonna happen. And it’s ironic because I think my number one fear in life is uncertainty.”

As the American economy flounders, opportunities that existed mere months ago have all but vanished. On Glassdoor, internship openings have dropped across the board, and have plummeted in hard-hit industries such as travel and tourism. According to a recent survey by job-search site Handshake, 30% of juniors and seniors they polled had lost their summer internships after future employers reneged on offers. And many young people who were banking on internships are now out of a paycheck, as their cancelled programs are not compensating them at all. ...........(more)

https://www.theguardian.com/world/2020/jun/08/adapt-and-overcome-class-of-2020-inherits-worst-labor-market-since-the-great-depression




Canada includes transit in provincial restart funds




Canada’s Prime Minister Justin Trudeau announced June 5 that the federal government is committed to contributing C$14 billion (US$10.43 billion) in additional funding “to the things that all Canadians need.”

The funding would cover childcare, personal protective equipment for businesses and healthcare and sick pay for workers who are not covered by benefits.

“We’re talking about supporting small towns and big cities so that you can use the services you need - like public transit and community programs - when you head back to work,” said Prime Minister Trudeau.

While details are few, the prime minister said the federal government and the premiers of Canada’s provinces will work on what Prime Minister Trudeau called a “safe restart agreement” that will help provinces during the next six to eight months. ..............(more)

https://www.masstransitmag.com/management/article/21141289/canada-includes-transit-in-provincial-restart-funds




'Adapt and overcome': class of 2020 inherits worst labor market since the Great Depression


'Adapt and overcome': class of 2020 inherits worst labor market since the Great Depression
Ceremonies have been cancelled and internships have vanished as a new round of graduates step into a world hobbled by the pandemic

(Guardian UK) Monique Guerra will graduate from the University of California, Riverside, this week with a double major in education and Spanish. But, like so many other students in their final year of study, she hasn’t figured out what happens next.

The class of 2020 is on a rollercoaster ride, whiplashed by Covid-19’s carnage across the United States. Dozens of institutions have cancelled or postponed in-person graduation ceremonies in the name of public health. And graduates such as Guerra are facing the daunting prospect of having to elbow their way into the worst labor market since the Great Depression, after more than 40 million people filed unemployment claims since mid-March.

“It’s really tough right now,” Guerra said. “I don’t know what’s gonna happen. And it’s ironic because I think my number one fear in life is uncertainty.”

As the American economy flounders, opportunities that existed mere months ago have all but vanished. On Glassdoor, internship openings have dropped across the board, and have plummeted in hard-hit industries such as travel and tourism. According to a recent survey by job-search site Handshake, 30% of juniors and seniors they polled had lost their summer internships after future employers reneged on offers. And many young people who were banking on internships are now out of a paycheck, as their cancelled programs are not compensating them at all. ...........(more)

https://www.theguardian.com/world/2020/jun/08/adapt-and-overcome-class-of-2020-inherits-worst-labor-market-since-the-great-depression




America Convulses in Pain, Fed Bails Out the Wealthy


THE WOLF STREET REPORT: America Convulses in Pain, Fed Bails Out the Wealthy
by Wolf Richter • Jun 7, 2020 •

What’s so insidious about the Fed’s bailouts of investors in hedge funds, mortgage-REITS, stocks, bonds, leveraged loans, and other often risky assets? The destruction of capitalism (14 minutes):






Yes, American police act like occupying armies. They literally studied their tactics


(Guardian UK) For the past week, our social media and television screens have been dominated by images of police officers in head-to-toe body armor wielding batons, pepper-ball guns, riot shields, and teargas against mostly peaceful protesters. Many Americans are now more certain than ever that we need to “demilitarize” our police.

In fact, we’ve gotten slightly closer. The aggressive response – and in many cases, over-response – of American law enforcement agencies has invigorated a bipartisan push in Congress to ban transfers of military materials to police. Yet the 20th-century history of US policing shows that truly demilitarizing the police will be more difficult than simply removing the body armor. Our law enforcement agencies learned many of the most routine aspects of contemporary policing from US imperial excursions abroad for the purpose of stamping out rebellion.

Created in the 1990s, the so-called “1033 program” allows police departments to obtain surplus material from the vast stocks of the world’s largest military. Not all the material is what most would consider war-fighting hardware. Some of the inventory consists of exercise gear or even musical instruments. But the renewed clamor to “demilitarize” the police is usually directed at the helmets and body armor, rifles and armored vehicles that have been on abundant display since Minneapolis police killed George Floyd last week.

To be sure, police departments are more heavily armed than ever, in part because of post-9/11 fears of terrorism. But the transfer of military surplus gear long predates the War on Terror. It results from both demand on the part of police and oversupply in the military, particularly as wars wind down. ...............(more)

https://www.theguardian.com/commentisfree/2020/jun/08/yes-american-police-act-like-occupying-armies-they-literally-studied-their-tactics




Florida man apologizes after racial slurs streamed on Facebook


A Naval Academy Alumni Association Board of Trustees member has resigned from his position after an accidental Facebook Live video broadcast him and his wife making racist comments and using racial slurs while talking about the Black Lives Matter movement.

The Jacksonville Times-Union reported that 63-year-old Scott Bethmann and his wife, Nancy, were watching the news and discussing the Black Lives Matter movement.

According to the paper and the video shared on social media, they made racist comments and used slurs in a video that was accidentally streamed on Facebook Live.

Bethmann is heard using the N-word and complaining about not being able to speak his mind, saying, "The white m*****f*****s can't say anything. That's the point we're making here, Nancy." His wife is heard in the recording talking about "F****** Asians from China who love to steal all of our intellectual property." Bethmann's Facebook page has since been removed. .............(more)

https://www.wflx.com/2020/06/08/florida-man-apologizes-after-racial-slurs-streamed-facebook/




Florida Man charged with burning underwear at Starbucks


A 59-year-old homeless man faces arson charges after police say he lit his underwear on fire in the bathroom of a bustling Tennessee Street Starbucks.

Minutes after Randall Sullivan entered the bathroom Tuesday evening, employees noticed the smell of smoke wafting through the coffee shop.

A barista told Tallahassee Police she saw him enter the bathroom where he remained for a long time.

When she checked on him, he was leaving the bathroom. The employee found smoldering pair of underwear on the floor amidst the busy coffee shop. ............(more)

https://www.tallahassee.com/story/news/2017/01/05/man-charged-burning-underwear-starbucks/96193086/




Happy 62nd B-day to the late, the greatest.....





Joe Biden has doubled his lead over Donald Trump in Michigan, poll says


(Detroit Free Press) LANSING — Former Vice President Joe Biden has increased his lead over President Donald Trump to 12 percentage points in Michigan, where voters are unhappy with Trump's response to the coronavirus pandemic, according to a new poll.

Biden, the presumed Democratic nominee, leads Republican Trump in Michigan 53-41, according to a poll conducted by EPIC-MRA of Lansing between May 30 and last Wednesday.

Biden's lead over Trump in Michigan, seen as a key battleground state in the Nov. 3 presidential election, has doubled from six points in January, when Michigan voters favored Biden over Trump 50-44, in an earlier EPIC-MRA survey. ..............(more)

https://www.freep.com/story/news/politics/elections/2020/06/07/michigan-poll-biden-leading-trump-12-points/3153501001/




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