Sabtu, 21 Maret 2020

Amazon doubles overtime pay for warehouse workers as demand rises due to coronavirus - CNBC

A worker loads customer orders into a waiting tractor-trailer inside the million-square foot Amazon distribution warehouse that opened last fall in Fall River, MA on Mar. 23, 2017.

John Tlumacki | Boston Globe | Getty Images

Amazon said its doubling hourly wages for its associates working overtime in its U.S. warehouses as demand continues to grow due to the coronavirus.

"All hourly associates working in the U.S. Ops network will receive double their regular hourly rate for every overtime hour worked in a workweek," Amazon said in a statement to CNBC. "This temporary increased overtime pay is effective March 15, 2020, and will continue through May 9, 2020."

Reuters was first to report the news.

Amazon said hourly workers will qualify to receive double pay after 40 hours.

 The announcement follows a similar one on Monday, when the e-commerce giant hiked the hourly rate for associates from $15 to $17, which will remain in effect through the end of April.

Additionally, the e-commerce giant said it has plans to hire 100,000 warehouse and delivery workers in the U.S. amid a surge in online orders to the coronavirus outbreak.

Amazon encouraged people whose jobs have been lost or furloughed as a result of the massive shut down of restaurants and stores due the outbreak to apply.

 "We want those people to know we welcome them on our teams until things return to normal and their past employer is able to bring them back," Amazon said in a statement Monday.

On Thursday, Amazon temporarily closed one of its warehouses in Queens, New York after a warehouse worker tested positive for coronavirus. It was the first known case of an Amazon warehouse worker in the U.S. Five Amazon workers in Europe have contracted the disease.

On March 15th, Amazon warned customers that its running out of stock on some popular household staples amid the dramatic increase in orders and some delivery times will be longer than usual.

Earlier this month, Amazon also advised its global employees who are able to work from home to do so through the end of the month. It will also provide up to two weeks of pay to all employees diagnosed with COVID-19 or placed into quarantine, effective immediately.

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2020-03-21 19:20:10Z
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FAA Temporarily Halts Flights to NY, Philly Airports Amid Virus-Related ‘Staffing Issues’ - NBC New York

The FAA temporarily halted all flights to New York-area airports Saturday afternoon due to "staffing issues" at the New York air route traffic control center.

A trainee at the facility tested positive for COVID-19 on Saturday.

"A Federal Aviation Administration (FAA) air traffic controller trainee at New York Air Route Traffic Control Center in Ronkonkoma, N.Y., tested positive for COVID-19 today. The trainee has not been at the facility since March 17. We have contacted local health authorities and we are developing a plan to quickly sanitize/clean the affected areas," the FAA said in a statement.

"DUE TO STAFFING ISSUES AT ZNY, PLEASE STOP ALL DEPARTURES TO
AIRPORTS WITHIN ZNY. THIS INCLUDES KJFK, KEWR, KLGA, KTEB, KHPN,
KPHL, KMMU, KCDW, KMDT, KABE, KISP, KFRG AND SEVERAL SMALLER
AIRPORTS," the FAA said in an advisory posted around 1:45 p.m.

The directive also affects Philadelphia International Airport.

Roughly 30 minutes later, the FAA issued a second statement saying the restrictions were mostly lifted, aside from some flights destined for JFK.

An advisory to business aviators, a copy of which was obtained by News 4, said flights in the air were being diverted or sent back to their origin airports, and flights that had taxied were returning to their gates.

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2020-03-21 18:57:27Z
52780675605058

Exclusive: Amazon raises overtime pay for warehouse workers - Reuters

(Reuters) - Amazon.com Inc said on Saturday it is raising overtime pay for associates working in its U.S. warehouses, as the world’s largest online retailer tries to meet the rapidly growing demand for online shopping from consumers stuck at home during the coronavirus outbreak.

FILE PHOTO: Amazon logo is seen in front of diplayed coronavirus disease (COVID-19) in this illustration taken March 19, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

  Hourly workers at the warehouses will receive double pay after 40 hours for overtime, up from the 1.5-times rate, from March 15 to May 9, the announcement said.

“All hourly associates working in the U.S. Ops network will receive double their regular hourly rate for every overtime hour worked in a workweek,” the company said in a statement. “This temporary increased overtime pay is effective March 15, 2020 and will continue through May 9. 2020.”

This is the second time the e-commerce giant announced an improvement in pay for its workers in a week. On Monday, Amazon hiked the hourly rate for associates to $17 from $15 and announced plans to hire 100,000 warehouse and delivery workers in the United States as the virus outbreak boosts online orders.

As the virus spreads across the United States, Amazon has offered unlimited unpaid time off to encourage employees to stay home if they don’t feel well. It has also staggered workers shifts and prohibited employees from sitting next to each other in the lunchroom to limit contact.

But four Democratic U.S. senators, including Cory Booker and Bernie Sanders on Friday expressed concern in a letter to Amazon’s Chief Executive Jeff Bezos that the world’s largest online retailer has not taken enough measures to protect its warehouse staff. They specifically asked if the company would provide “time-and-a-half” hazard pay for its workers.

Amazon on Thursday reported its first warehouse employee in the United States tested positive for the virus, forcing the company to temporarily shutter a warehouse in New York.

As the virus spreads across the United States, several clothing retailers and department-store chains have shut stores and cafe and restaurant operators have closed down or limited services to delivery and take-away.

Online retailers and grocery stores are trying to capture rising demand as more Americans are ordered to stay at home to reduce the spread of the outbreak.

Rival retailer Walmart Inc said on Thursday it plans to hire 150,000 hourly associates in the U.S. and announced $550 million in cash bonuses to reward workers.

The highly contagious coronavirus has infected more than 274,800 people across the world and led to more than 11,300 deaths globally forcing governments across the world to issue mass lockdowns of people in an attempt to slow the spread of the virus.

(The story refiles to add dropped word in seventh paragraph to show Amazon reported first warehouse employee contracted virus on Thursday).

Reporting by Krystal Hu in New York and Rebekah Mathew in Bengaluru; Editing by Kenneth Li and Diane Craft

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2020-03-21 17:22:33Z
52780676667099

Exclusive: Amazon raises overtime pay for warehouse workers - Reuters

(Reuters) - Amazon.com Inc said on Saturday it is raising overtime pay for associates working in its U.S. warehouses, as the world’s largest online retailer tries to meet the rapidly growing demand for online shopping from consumers stuck at home during the coronavirus outbreak.

FILE PHOTO: Amazon logo is seen in front of diplayed coronavirus disease (COVID-19) in this illustration taken March 19, 2020. REUTERS/Dado Ruvic/Illustration/File Photo

  Hourly workers at the warehouses will receive double pay after 40 hours for overtime, up from the 1.5-times rate, from March 15 to May 9, the announcement said.

“All hourly associates working in the U.S. Ops network will receive double their regular hourly rate for every overtime hour worked in a workweek,” the company said in a statement. “This temporary increased overtime pay is effective March 15, 2020 and will continue through May 9. 2020.”

This is the second time the e-commerce giant announced an improvement in pay for its workers in a week. On Monday, Amazon hiked the hourly rate for associates to $17 from $15 and announced plans to hire 100,000 warehouse and delivery workers in the United States as the virus outbreak boosts online orders.

As the virus spreads across the United States, Amazon has offered unlimited unpaid time off to encourage employees to stay home if they don’t feel well. It has also staggered workers shifts and prohibited employees from sitting next to each other in the lunchroom to limit contact.

But four Democratic U.S. senators, including Cory Booker and Bernie Sanders on Friday expressed concern in a letter to Amazon’s Chief Executive Jeff Bezos that the world’s largest online retailer has not taken enough measures to protect its warehouse staff. They specifically asked if the company would provide “time-and-a-half” hazard pay for its workers. {nL1N2BE02N]

Amazon on Thursday reported its first employee in the United States tested positive for the virus, forcing the company to temporarily shutter a warehouse in New York.

As the virus spreads across the United States, several clothing retailers and department-store chains have shut stores and cafe and restaurant operators have closed down or limited services to delivery and take-away.

Online retailers and grocery stores are trying to capture rising demand as more Americans are ordered to stay at home to reduce the spread of the outbreak.

Rival retailer Walmart Inc said on Thursday it plans to hire 150,000 hourly associates in the U.S. and announced $550 million in cash bonuses to reward workers.

The highly contagious coronavirus has infected more than 274,800 people across the world and led to more than 11,300 deaths globally forcing governments across the world to issue mass lockdowns of people in an attempt to slow the spread of the virus.

Reporting by Krystal Hu in New York and Rebekah Mathew in Bengaluru; Editing by Kenneth Li and Diane Craft

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2020-03-21 16:41:04Z
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Starbucks is closing its cafes due to coronavirus, with some exceptions - CNN

On its app, the coffee giant said "things are changing, but we're still here for you."
Workers will still be paid for the next month even if they choose to stay home, Rossann Williams, Starbucks' executive vice president and president of US business and Canada wrote in a letter published Friday. She noted, "Our cafés in some areas are experiencing high traffic, and we need to do more to prevent the spread of this virus."
Starbucks is keeping some of its grocery and drive-through locations open and said cafes serving in or around hospitals and health care centers will remain open "in our efforts to serve first responders and healthcare workers." It's also still offering delivery via Uber Eats in select cities.
"Let's be real. Lattes aren't 'essential.' But in times of crisis, the government asks convenient food and beverage outlets to remain open when possible for pickup, Drive Thru, or delivery," Williams wrote in the letter.
Earlier this month, Starbucks announced measures including limiting seating its stores and suspending the use of personal cups in response to the global pandemic.

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2020-03-21 15:58:00Z
52780677378541

Starbucks is closing its cafes due to coronavirus, with some exceptions - CNN

On its app, the coffee giant said "things are changing, but we're still here for you."
Workers will still be paid for the next month even if they choose to stay home, Rossann Williams, Starbucks' executive vice president and president of US business and Canada wrote in a letter published Friday. She noted, "Our cafés in some areas are experiencing high traffic, and we need to do more to prevent the spread of this virus."
Starbucks is keeping some of its grocery and drive-through locations open and said cafes serving in or around hospitals and health care centers will remain open "in our efforts to serve first responders and healthcare workers." It's also still offering delivery via Uber Eats in select cities.
"Let's be real. Lattes aren't 'essential.' But in times of crisis, the government asks convenient food and beverage outlets to remain open when possible for pickup, Drive Thru, or delivery," Williams wrote in the letter.
Earlier this month, Starbucks announced measures including limiting seating its stores and suspending the use of personal cups in response to the global pandemic.

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2020-03-21 15:03:59Z
52780677378541

How to get your Starbucks fix now that coronavirus has closed US stores - CNET

2020-03-20-16-24-34

Uber Eats is one delivery option.

Starbucks

Starbucks announced on its COVID-19 blog on Friday that it's closing the doors of nearly every store in the US as a result of the coronavirus outbreak. Starbucks cafes are closed in the UK as well. This is the latest step that the coffee chain has taken in limiting the spread of infection. Starbucks said in a statement to "partners" (employees) that stores will remain closed for two weeks or longer.

"We are temporarily closing access to our company-operated cafés and reducing our service to Drive-Thru only in the U.S. for at least two weeks starting Mar. 20," the company said in a blog post. On March 6 Starbucks stopped filling customers' reusable cups and on March 15 it began temporarily shutting retail stores and shifting to a to-go model in the US and Canada. Starbucks will continue to pay employees for the next 30 days even if they stay home. 

If the closure of thousands of stores across the US leaves you wondering how you'll get your next venti extra-hot oat milk hazelnut latte with extra foam, relax. Here's how you can still buy your Starbucks coffee.

mermaidfrap

You don't have to kick your frappuccino habit yet.

Starbucks Mexico Twitter

Starbucks drive-through windows

While you can't walk into a Starbucks store to order or pick up your drink, you can get it from a location with a drive-through window. Roughly 60% of all Starbucks stores in the US have a drive-thru option, according to a company representative. 

You can either order ahead on your phone's Starbucks app or order when you get to the drive-through. 

To find out where your closest Starbucks Drive-Thru location is, consult the store locator website, which will zero in on your location, or search the Starbucks app. Once you open the app, tap Stores, then Filter (in the top right corner), and select Drive-Thru. Then tap Show stores.

Delivery apps and services

In January, Starbucks announced a partnership with Uber Eats to bring delivery to 49 markets across 33 US states. There's even a dedicated Starbucks mini site within UberEats.com where you can check if delivery exists in your location.

Here are some delivery sites that will bring Starbucks menu items to your doorstep. You'll need to check your area for eligibility and delivery fees may apply. During the coronavirus outbreak, we recommend tipping your delivery driver more.

Now playing: Watch this: Pandemic: Here's what's changed about the coronavirus

5:54

Find the exceptions to the rule

Although most of the country's Starbucks coffee shops are closing, a smattering of shops will remain open. "Some exceptions will be made for those cafes serving in or around hospitals and health care centers in our efforts to serve first responders and healthcare workers," Starbucks wrote in the statement published online.

Non-Starbucks operated stores

It isn't clear if Starbucks stores that aren't operated by the company -- but which use its name and products -- are still be open for take-out orders, for example Starbucks shops in hotel lobbies. If you're nearby one and jonesing for a cappuccino while practicing safe social distancing, it could be worth checking just in case.

Remember that if you do leave the house during the coronavirus crisis, take these 10 practical precautions to help avoid the virus. Stay up to date on the latest news through phone alerts, and keep from feeling lonely with these seven ways to connect with community while you're staying at home.

The information contained in this article is for educational and informational purposes only and is not intended as health or medical advice. Always consult a physician or other qualified health provider regarding any questions you may have about a medical condition or health objectives.

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2020-03-21 13:23:38Z
52780677378541

Google launches Covid-19 page and search portal with safety tips, official stats and more, US-only for now - TechCrunch

Google says Coronavirus has become its biggest search topic by a country mile this year, and to continue its efforts to harness that attention in the best possible way, late on Friday the company launched a new information portal dedicated to the pandemic as well as an improved search experience for desktop and mobile.

The search experience, Google says, was updated in response to “people’s information needs expanding,” while the new information portal also provides the basic, most useful information (for example around symptoms), plus a lot of links and on-site options to explore further.

Something notably absent on Google’s page or search experience are any links to conversation forums or places to hear and talk to other average people. Google has never been particularly successful in its many efforts to break into social media and this underscores that, while also helping it steer away from the fact that many of these forums are not always well managed. I would imagine that more tools for direct communication, such as the Google Hangouts product, and possibly others in that same category, might well be added or linked to as well over time.

Let’s dive into some more details.

The new search experience now not only includes search results but also a number of additional links to “authoritative information” from health authorities and updated data and visualisations.

“This new format organizes the search results page to help people easily navigate information and resources, and it will also make it possible to add more information over time as it becomes available,” Emily Moxley, Google’s product manager for search, writes in a blog post.

The search experience now also includes links to a Twitter carousel featuring accounts from civic organizations local to you, and also a new “most common questions” section related to the pandemic from the World Health Organization and the Centers for Disease Control and Prevention.

This is rolling out first in the US in English and Google said it would be adding more languages and regions soon.

Meanwhile, the portal — also available first for the US — features tips on staying healthy and advice for those who are concerned; links to further official resources; links to more localised resources; links to fundraising efforts; the latest statistics; and an overview of all of Google’s own work (for example, the specific efforts it’s making for educators). We have asked the company when and if it plans to cover other regions beyond the US, and we’ll update this as we learn more.

This is an important move for Google. The internet has figured as critical platform from the earliest days of the Novel Coronavirus emerging out of China, but it hasn’t all been positive.

On one hand, there has been a ton of misinformation spread around about the virus, and the internet overall (plus specific sites like Google’s search and social media platforms like Facebook and Twitter) has played a huge role in being responsible for disseminating the majority of that bad news. (Not all those searches and clicks lead to the right information, or good data, unfortunately.)

On the other hand, it’s also been an indispensable resource: in countries where health services have already become overwhelmed by the influx of people seeking help, official online portals (like this one) are serving a very important role in triaging inbound requests before people resort to physically getting themselves into the system (if they need to). And the internet is the main place people will turn in the days and weeks ahead as they are asked to socially isolate themselves to slow down the spread of the pandemic, serving its role in providing information, but hopefully also some diversion and enrichment.

Google’s site is bringing together as many of the positive and legitimate strands of information as it can.

The main page focuses on the most important basics: an brief overview of the virus, a list of the most common symptoms, a list of most common things you can do to prevent getting infected or spreading the infection and a (very brief, for now) section on treatments.

From this, it goes on to more detailed links to videos and other resources for specific interests such as advice for the elderly, a map-based data overview to monitor what is going on elsewhere; and then resources for further help for topics that are coming up a lot, such as advice for people working from home, or for how to set up self-isolation, online education advice, cooking resources and more. Relief efforts so far only has one link, to the Solidarity Response Fund started by the UN Foundation, which has had a donation of $50 million from Google. \

There are a number of other relief and fundraising efforts underway, including those to help fund the race for research to improve the medical tools and medicine we have to fight this. I think the idea is that all of these sections will grow and evolve as the situation evolves.

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2020-03-21 12:30:35Z
52780677027081

How to get your Starbucks fix now that coronavirus has closed US stores - CNET

2020-03-20-16-24-34

Uber Eats is one delivery option.

Starbucks

Starbucks announced on its COVID-19 blog on Friday that it's closing the doors of nearly every store in the US as a result of the coronavirus outbreak. Starbucks cafes are closed in the UK as well. This is the latest step that the coffee chain has taken in limiting the spread of infection. Starbucks said in a statement to "partners" (employees) that stores will remain closed for two weeks.

"We are temporarily closing access to our company-operated cafés and reducing our service to Drive-Thru only in the U.S. for at least two weeks starting Mar. 20," the company said in a blog post. On March 6 Starbucks stopped filling customers' reusable cups and on March 15 it began temporarily shutting retail stores and shifting to a to-go model in the US and Canada. Starbucks will continue to pay employees for the next 30 days even if they stay home. 

If the closure of thousands of stores across the US may lead you wondering how you'll get your next venti double 145-degree oat milk hazelnut latte with extra foam, relax. Here's how you can still buy your Starbucks coffee.

mermaidfrap

You don't have to kick your frappuccino habit yet.

Starbucks Mexico Twitter

Starbucks drive-through windows

While you can't walk into a Starbucks store to order or pick up your drink, you can get it from a location with a drive-through window. Roughly 60% of all Starbucks stores in the US have a drive-thru option, according to a company representative. 

You can either order ahead on your phone's Starbucks app or order when you get to the drive-through. 

To find out where your closest Starbucks Drive-Thru location is, consult the store locator website, which will zero in on your location, or search the Starbucks app. Once you open the app, tap Stores, then Filter (in the top right corner), and select Drive-Thru. Then tap Show stores.

Delivery apps and services

In January, Starbucks announced a partnership with Uber Eats to bring delivery to 49 markets across 33 US states. There's even a dedicated Starbucks mini site within UberEats.com where you can check if delivery exists in your location.

Here are some delivery sites that will bring Starbucks menu items to your doorstep. You'll need to check your area for eligibility and delivery fees may apply. During the coronavirus outbreak, we recommend tipping your delivery driver more.

Now playing: Watch this: Pandemic: Here's what's changed about the coronavirus

5:54

Find the exceptions to the rule

Although most of the country's Starbucks coffee shops are closing, a smattering of shops will remain open. "Some exceptions will be made for those cafes serving in or around hospitals and health care centers in our efforts to serve first responders and healthcare workers," Starbucks wrote in the statement published online.

Non-Starbucks operated stores

It isn't clear if Starbucks stores that aren't operated by the company -- but which use its name and products -- are still be open for take-out orders, for example Starbucks shops in hotel lobbies. If you're nearby and jonesing for a cappuccino while practicing safe social distancing, it could be worth checking just in case.

Remember that if you do leave the house during the coronavirus crisis, take these 10 practical precautions to help avoid the virus. Stay up to date on the latest news through phone alerts, and keep from feeling lonely with these seven ways to connect with community while you're staying at home.

The information contained in this article is for educational and informational purposes only and is not intended as health or medical advice. Always consult a physician or other qualified health provider regarding any questions you may have about a medical condition or health objectives.

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2020-03-21 11:31:12Z
52780677378541

How to get your Starbucks fix now that coronavirus has closed US stores - CNET

2020-03-20-16-24-34

Uber Eats is one delivery option.

Starbucks

Starbucks announced on its COVID-19 blog on Friday that it's closing the doors of nearly every store in the US as a result of the coronavirus outbreak. Starbucks cafes are closed in the UK as well. This is the latest step that the coffee chain has taken in limiting the spread of infection. Starbucks said in a statement to "partners" (employees) that stores will remain closed for two weeks.

"We are temporarily closing access to our company-operated cafés and reducing our service to Drive-Thru only in the U.S. for at least two weeks starting Mar. 20," the company said in a blog post. On March 6 Starbucks stopped filling customers' reusable cups and on March 15 it began temporarily shutting retail stores and shifting to a to-go model in the US and Canada. Starbucks will continue to pay employees for the next 30 days even if they stay home. 

If the closure of thousands of stores across the US may lead you wondering how you'll get your next venti double 145-degree oat milk hazelnut latte with extra foam, relax. Here's how you can still buy your Starbucks coffee.

mermaidfrap

You don't have to kick your frappuccino habit yet.

Starbucks Mexico Twitter

Starbucks drive-through windows

While you can't walk into a Starbucks store to order or pick up your drink, you can get it from a location with a drive-through window. Roughly 60% of all Starbucks stores in the US have a drive-thru option, according to a company representative. 

You can either order ahead on your phone's Starbucks app or order when you get to the drive-through. 

To find out where your closest Starbucks Drive-Thru location is, consult the store locator website, which will zero in on your location, or search the Starbucks app. Once you open the app, tap Stores, then Filter (in the top right corner), and select Drive-Thru. Then tap Show stores.

Delivery apps and services

In January, Starbucks announced a partnership with Uber Eats to bring delivery to 49 markets across 33 US states. There's even a dedicated Starbucks mini site within UberEats.com where you can check if delivery exists in your location.

Here are some delivery sites that will bring Starbucks menu items to your doorstep. You'll need to check your area for eligibility and delivery fees may apply. During the coronavirus outbreak, we recommend tipping your delivery driver more.

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5:54

Find the exceptions to the rule

Although most of the country's Starbucks coffee shops are closing, a smattering of shops will remain open. "Some exceptions will be made for those cafes serving in or around hospitals and health care centers in our efforts to serve first responders and healthcare workers," Starbucks wrote in the statement published online.

Non-Starbucks operated stores

It isn't clear if Starbucks stores that aren't operated by the company -- but which use its name and products -- are still be open for take-out orders, for example Starbucks shops in hotel lobbies. If you're nearby and jonesing for a cappuccino while practicing safe social distancing, it could be worth checking just in case.

Remember that if you do leave the house during the coronavirus crisis, take these 10 practical precautions to help avoid the virus. Stay up to date on the latest news through phone alerts, and keep from feeling lonely with these seven ways to connect with community while you're staying at home.

The information contained in this article is for educational and informational purposes only and is not intended as health or medical advice. Always consult a physician or other qualified health provider regarding any questions you may have about a medical condition or health objectives.

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2020-03-21 10:48:16Z
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Starbucks closes most U.S., Canada cafes, moves to drive-through - Reuters

(Reuters) - Starbucks Corp (SBUX.O) said on Friday it will close most of its company operated cafes across north America for two weeks, limiting its services to drive-throughs, to help stem the spread of the highly contagious coronavirus.

“Let’s be real. Lattes aren’t ‘essential’,” Rossann Williams, president of U.S. company-operated and Canada businesses, said in a letter. “But in times of crisis, the government asks convenient food and beverage outlets to remain open when possible for pickup, Drive Thru, or delivery.”

Exceptions to the closure would be made for cafes serving in or around hospitals and health care centers, she said.

Starbucks, which owns almost all U.S. stores, said its licensed partners would make independent decisions about whether to close their stores, but said it would pay all store partners for the next 30 days, regardless of that decision.

The move ramps up efforts by the world’s largest coffee chain to increase social distancing, expanding closures beyond the universities, malls and high risk areas it announced several days ago.

As the virus spreads at a rapid pace across the United States, cafe and restaurant operators have shut their doors or limited services to delivery and take-away.

New York state, Illinois and Connecticut on Friday all followed California in directing residents to stay at home in the most sweeping social distancing measures yet imposed.

The unprecedented restrictions, impacting more than 75 million people, or nearly a quarter of the U.S. population, have closed most workplaces and require residents to remain inside except for trips to grocery stores, pharmacies, gas stations and other “essential businesses.”

The coronavirus has infected nearly 14,400 people across the U.S. and the death toll currently exceeds 200.

Reporting by Subrat Patnaik in Bengaluru; editing by Jane Wardell

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2020-03-21 06:19:00Z
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Flight Lands With Sick People On Board At Tulsa International, H - News On 6

[unable to retrieve full-text content]

Flight Lands With Sick People On Board At Tulsa International, H  News On 6
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2020-03-21 03:10:00Z
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Jumat, 20 Maret 2020

Dow Jones Goes Red; Stocks Fall As Coronavirus Sends New York Into Lockdown - Investor's Business Daily

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  1. Dow Jones Goes Red; Stocks Fall As Coronavirus Sends New York Into Lockdown  Investor's Business Daily
  2. Stock losses worsen as oil drops, Dow down 450 points  CNBC
  3. US stocks open higher for second day, but week still looks bleak  Aljazeera.com
  4. US futures point to opening gains for the Dow  msnNOW
  5. Global markets and US stock futures rally as central banks go all-in  CNN
  6. View Full Coverage on Google News

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2020-03-20 18:02:34Z
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Saudi Arabia just won control of the oil market - CNN

Perspectives Nawaf Obaid
But even more importantly, this new policy recalibrated global oil markets, giving Saudi Arabia the long-term advantage. This move marks a big change for the world's largest oil exporter, which has in recent years attempted to manage the global oil markets by altering production levels, while garnering the difficult cooperation of Russia. Crown Prince Mohammed bin Salman has finally decided to pursue a long-term policy that not only preserves and ultimately increases the kingdom's market share, but also may signal the end of OPEC as a united functioning organization.
This decision is very unpopular with most oil exporting countries, international energy companies and American shale producers because collapsing prices will drastically decrease their revenues and, in some cases, force them into bankruptcy.
There are several reasons why the kingdom is finally taking this aggressive approach.
First, the successive Saudi monarchs have all recognized the strategic importance of spare production capacity to manage the global markets because it provides the vital indicator of the world's oil market's ability to respond to sudden crises that jeopardize the free flow of oil supplies.
Saudi Aramco, the state's gargantuan oil and gas company, spent over $35 billion since 2012 to maintain a 12 million barrels-per-day sustained production capacity with a 1.5 to 2 million barrels-per-day spare capacity cushion that can be called upon at short notice. And that's exactly what the Saudis will be doing over the next several weeks. Saudi Aramco is expected to be pumping a staggering 12 million barrels per day by April 1, 2020, with exports reaching between 9.5 to 10 million barrels per day.
On April 1 or shortly thereafter, Saudi Arabia will most likely surpass Russia to become the world's second largest producer. But this oil price war won't end until Saudi Arabia takes back the global production crown from the United States, which should happen within the next two years.
No country other than Saudi Arabia, including Russia, has had the political and financial will to invest so heavily in upstream production capacity. This provides the Saudis with the means to go it alone and inflict insurmountable chaos on the vast majority of their conventional and shale oil producing competitors around the world. To emphasize this point, a new directive was issued last week by the kingdom's energy minister, Prince Abdulaziz bin Salman, to increase Saudi Aramco's sustained production capacity to 13 million barrels per day in about 24 months.
From an internal Saudi perspective, lower oil prices are manageable for the next decade. According to Aramco CEO Amin Nasser, "In a nutshell, Saudi Aramco can sustain the very low price and can sustain it for a long time." Saudi oil is the cheapest to produce (gross taxes, capital spending, production and transportation costs) in the world at $8.98 per barrel, according to the Aramco IPO prospectus of last year.
In comparison, US shale oil costs $23.35 per barrel (and $20.99 for non-shale), while Russian production costs average $19.21 per barrel, according to the Energy Information Administration.
In fact, with new drilling technologies, Saudi production costs have decreased even further at some fields, such as at the world's largest offshore oil field, Shaybah.
Second, the Saudis have over $500 billion in net foreign assets, so their public finances are shielded to a sudden drop in revenues from petroleum sales.
The new Saudi policy suggests that sustained lower prices will help them maintain, and with time, increase their market share in the face of the shale oil production boom in the US. Hydraulic fracturing for shale oil has already added several million new barrels of oil per day to the global market. However, shale oil is expensive to extract, so lower prices averaging between $20 to $25 per barrel for the US benchmark will mean several important US producers will find their business models unsustainable soon enough and completely insolvent over the long term.
Saudi Arabia holds about 25% of the world's oil reserves, about 70% of global spare production capacity, and it is the world's largest crude exporter by a large margin.
Through various revenue model projections based on different oil price averages and export levels, the Saudi finance ministry and the Saudi Arabian Monetary Authority (SAMA) are designing financial government expenditure plans that can sustain oil prices falling as low as $30 per barrel on average for at least the next five years, with temporary dips as low as $15 per barrel, according to various government financial projections. Aramco CFO Khalid Al Dabbagh re-emphasised this point by saying "We [Aramco] are very comfortable we can meet our shareholders' expectations at $30 a barrel or even lower."
It would be a grave mistake to doubt the political resolve of the current Saudi leadership to see this new policy through.
Saudi Arabia has created a new oil market with new fundamentals. Oil producers that have not understood this tectonic shift and have failed to adapt to this new reality will suffer and will be left behind.

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2020-03-20 17:27:00Z
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Saudi Arabia just won control of the oil market - CNN

Perspectives Nawaf Obaid
But even more importantly, this new policy recalibrated global oil markets, giving Saudi Arabia the long-term advantage. This move marks a big change for the world's largest oil exporter, which has in recent years attempted to manage the global oil markets by altering production levels, while garnering the difficult cooperation of Russia. Crown Prince Mohammed bin Salman has finally decided to pursue a long-term policy that not only preserves and ultimately increases the kingdom's market share, but also may signal the end of OPEC as a united functioning organization.
This decision is very unpopular with most oil exporting countries, international energy companies and American shale producers because collapsing prices will drastically decrease their revenues and, in some cases, force them into bankruptcy.
There are several reasons why the kingdom is finally taking this aggressive approach.
First, the successive Saudi monarchs have all recognized the strategic importance of spare production capacity to manage the global markets because it provides the vital indicator of the world's oil market's ability to respond to sudden crises that jeopardize the free flow of oil supplies.
Saudi Aramco, the state's gargantuan oil and gas company, spent over $35 billion since 2012 to maintain a 12 million barrels-per-day sustained production capacity with a 1.5 to 2 million barrels-per-day spare capacity cushion that can be called upon at short notice. And that's exactly what the Saudis will be doing over the next several weeks. Saudi Aramco is expected to be pumping a staggering 12 million barrels per day by April 1, 2020, with exports reaching between 9.5 to 10 million barrels per day.
On April 1 or shortly thereafter, Saudi Arabia will most likely surpass Russia to become the world's second largest producer. But this oil price war won't end until Saudi Arabia takes back the global production crown from the United States, which should happen within the next two years.
No country other than Saudi Arabia, including Russia, has had the political and financial will to invest so heavily in upstream production capacity. This provides the Saudis with the means to go it alone and inflict insurmountable chaos on the vast majority of their conventional and shale oil producing competitors around the world. To emphasize this point, a new directive was issued last week by the kingdom's energy minister, Prince Abdulaziz bin Salman, to increase Saudi Aramco's sustained production capacity to 13 million barrels per day in about 24 months.
From an internal Saudi perspective, lower oil prices are manageable for the next decade. According to Aramco CEO Amin Nasser, "In a nutshell, Saudi Aramco can sustain the very low price and can sustain it for a long time." Saudi oil is the cheapest to produce (gross taxes, capital spending, production and transportation costs) in the world at $8.98 per barrel, according to the Aramco IPO prospectus of last year.
In comparison, US shale oil costs $23.35 per barrel (and $20.99 for non-shale), while Russian production costs average $19.21 per barrel, according to the Energy Information Administration.
In fact, with new drilling technologies, Saudi production costs have decreased even further at some fields, such as at the world's largest offshore oil field, Shaybah.
Second, the Saudis have over $500 billion in net foreign assets, so their public finances are shielded to a sudden drop in revenues from petroleum sales.
The new Saudi policy suggests that sustained lower prices will help them maintain, and with time, increase their market share in the face of the shale oil production boom in the US. Hydraulic fracturing for shale oil has already added several million new barrels of oil per day to the global market. However, shale oil is expensive to extract, so lower prices averaging between $20 to $25 per barrel for the US benchmark will mean several important US producers will find their business models unsustainable soon enough and completely insolvent over the long term.
Saudi Arabia holds about 25% of the world's oil reserves, about 70% of global spare production capacity, and it is the world's largest crude exporter by a large margin.
Through various revenue model projections based on different oil price averages and export levels, the Saudi finance ministry and the Saudi Arabian Monetary Authority (SAMA) are designing financial government expenditure plans that can sustain oil prices falling as low as $30 per barrel on average for at least the next five years, with temporary dips as low as $15 per barrel, according to various government financial projections. Aramco CFO Khalid Al Dabbagh re-emphasised this point by saying "We [Aramco] are very comfortable we can meet our shareholders' expectations at $30 a barrel or even lower."
It would be a grave mistake to doubt the political resolve of the current Saudi leadership to see this new policy through.
Saudi Arabia has created a new oil market with new fundamentals. Oil producers that have not understood this tectonic shift and have failed to adapt to this new reality will suffer and will be left behind.

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2020-03-20 16:34:14Z
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