• Nightmare at Sea Ends in Death for Some Cruise-Ship Workers

    Nightmare at Sea Ends in Death for Some Cruise-Ship Workers(Bloomberg) — Lauren Carrick and fiance Joe Harrison haven’t had a good night’s sleep in weeks. The two dancers on Celebrity Cruises’ Infinity say being held aboard ships for almost two months has left them emotionally drained.“I cried all day,” said Carrick, 29. “We need to have alcohol to sleep — that’s how bad it is. We’re worried, tense, stressed out. We just want to get home.”Carrick and Harrison are among the more than 90,000 cruise workers in U.S. waters stranded on ships two months after the coronavirus pandemic began forcing cruise lines to halt operations and repatriate crew. While companies work through a thicket of shifting rules on returning workers to their home countries, recent deaths of crew have shook the industry and underscored concern about mental health.“It’s a very stressful situation,” said Fabrizio Barcellona, assistant secretary for seafarers at the International Transport Workers’ Federation, which represents local unions. “The prolonged periods they have to stay on board can create a situation of unrest. People can become distressed and that can create flash points.”Carnival Corp.’s Princess Cruises said Sunday a 39-year-old crew member from Ukraine was killed after leaping off its Regal Princess in the port of Rotterdam. The ship’s crew was in the process of being repatriated, the company said in an emailed statement.Another worker was found dead in his cabin on the Carnival Breeze, unrelated to Covid-19, the company said. Carnival, the world’s largest operator, said it was not providing details of the death out of respect for the worker’s family.Royal Caribbean Cruises Ltd., the No. 2 line and owner of Celebrity Cruises, said a crew member went overboard from its Jewel of the Seas about two weeks ago.‘Suicidal’ MessagesCrew members have said the reported deaths have rattled them and dampened morale, said Krista Thomas, a former Norwegian Cruise Line guest manager who’s operating two Facebook pages for stranded crew and their families. In recent days, several workers have told her in direct messages that they are suicidal, she said.“Many of these people have been isolated in their small cabins for 21 hours a day and they’re breaking down from the loneliness and stress,” said Thomas, who operates the pages from Vancouver. “Many have been told to pack quickly to leave, and then their charter flights get canceled. Those highs and lows are taking their toll.”The cruise-line operators say government policy changes and travel restrictions have complicated efforts to get crew home. More than 124 cruise ships — with 94,600 workers aboard — are underway or at anchor in U.S. waters, the Coast Guard said Monday.“That one simple question — how do we get you home? — turns out to be incredibly complex to answer,” Michael Bayley, chief executive officer of Royal Caribbean International, wrote in a letter to crew members this month. “Each country has rules and regulations for who can travel home, and how, and when. But in the wake of the coronavirus pandemic, those rules have gone in all different directions — and they frequently change without notice.”About 15 countries won’t allow their citizens to return home at all amid the pandemic, said Bayley.About 7,100 Filipino crew on 20 ships were anchored in Manila bay as of last week, awaiting government testing and clearance to return home, the Philippine Coast Guard said. Many have been confined to their cabins for at least two weeks, according to crew and some operators. They will be quarantined 14 more days before leaving the vessel, the Coast Guard said in an email.Royal Caribbean International has said all 25,000 crew members on its ships have completed 14 days of in-room quarantine and are now practicing social distancing. While the company has repatriated about 9,100 seafarers, plans are still being made for the others, who come from 60 different countries, Bayley said in the letter.Carnival has also cited port closures and travel restrictions as roadblocks to getting crew back on land. The operator repatriated 20,000 workers last month, and another 49,600 are waiting to go home as of Monday, according to Roger Frizzell, a spokesman for Carnival, which employs about 90,000 crew on 105 cruise ships.CDC RequirementsThe business shutdown for many cruise operators began in earnest March 14, when the Centers for Disease Control and Prevention issued its first-ever no sail order for all cruise ships in U.S. waters.The order banned passengers from boarding and required lines to come up with plans to contain Covid-19 infections. Since February, more than 30 cruise voyages have been linked to coronavirus outbreaks, according to the CDC website.Last month, the CDC updated requirements that called for cruise company executives to guarantee that seafarers would be flown home on charter flights and other private transport. Under the rules, crew should not use public airport terminals or transportation to avoid the risk of spreading infections.Travel restrictions have also meant that in some cases, workers are shuffled from one ship to another before they can set foot on land again.Carrick and Harrison, both from the U.K., were moved to another Celebrity ship, the Reflection, a few days ago. They were told to pack to transfer to yet another ship Monday, but were given a last-minute option to remain on their current ship and then get on a charter flight to the U.K. next week.They chose the flight and have also made another important decision. After dancing on ships for more than 6 years, this will be their last voyage.“This whole experience has been a nightmare,” said Carrick. “I can’t even think of coming back to a ship.”(Updates Carnival crew numbers in 15th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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  • 5 things to watch on the ASX 200 on Wednesday

    Investment stock market Entrepreneur Business Man discussing and analysis graph stock market trading,stock chart concept

    On Tuesday the S&P/ASX 200 Index (ASX: XJO) gave back all of Monday’s strong gains. The benchmark index tumbled a disappointing 1.1% to 5,403 points.

    Will the market be bounce back from this on Wednesday? Here are five things to watch:

    ASX 200 expected to fall again.

    The Australian share market looks set to extend its decline on Wednesday. According to the latest SPI futures, the ASX 200 is expected to fall 70 points or 1.3% at the open. This follows a very poor night of trade on Wall Street which saw the Dow Jones fall 1.9%, the S&P 500 drop 2.05%, and the Nasdaq index tumble 2.05%. Investors were selling equities due to reopening jitters, with U.S. banks particularly poor performers.

    Commonwealth Bank third quarter update.

    The Commonwealth Bank of Australia (ASX: CBA) share price will be on watch today when it releases its third quarter update. Some analysts have tipped the Australia’s largest bank to reveal its expectations for provisions in FY 2020. There is speculation that Commonwealth Bank’s bad debt provisions could be as high as $3 billion because of the coronavirus pandemic.

    Oil prices jump.

    Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could be on the rise today after oil prices jumped higher. According to Bloomberg, the WTI crude oil price rose 5.6% to US$25.50 a barrel and the Brent crude oil price climbed 0.2% to US$29.69 a barrel. Traders were buying oil after Saudi Arabia pledged to deepen its production cut.

    Gold price pushes higher.

    It could be a good day of trade for gold miners including Newcrest Mining Limited (ASX: NCM) and St Barbara Ltd (ASX: SBM) after the gold price pushed higher. According to CNBC, the spot gold price is up 0.45% to US$1,705.60 an ounce. Investors are betting on more stimulus from central banks to support the economic recovery from the pandemic.

    REA Group tipped as a buy.

    The REA Group Limited (ASX: REA) share price could have a lot more room to run according to analysts at Goldman Sachs. The broker has retained its buy rating and lifted the price target on the property listings company’s shares to $107.00. This represents potential upside of approximately 14% over the next 12 months.

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  • Could Musk’s recent comments hurt Tesla sales?

    Could Musk's recent comments hurt Tesla sales? Yahoo Finance’s Myles Udland, Jennifer Rogers, Dan Roberts, and Melody Hahm discuss Tesla CEO Elon Musk’s latest comments and tweets about the reopening of California, and whether that could hurt Tesla in the long run.

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  • Coronavirus latest: Tuesday, May 12

    Coronavirus latest: Tuesday, May 12Dr. Fauci testified at Congress on Tuesday to offer his opinions and reservations about the coronavirus vaccines and reopening the United States. Yahoo Finance’s Anjalee Khemlani joins The Final Round panel to break down the latest news about the coronavirus.

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  • How Technology is Changing the Way That We Invest in Cryptocurrencies

    It is only fair that cryptocurrencies that are based on the game changing blockchain technology should now be relying on even more technology to make cryptocurrency investing truly broadbased. Cryptocurrency investing is no longer restricted to knowing how to buy bitcoin as this useful article at Invezz explains. It is not a secretive and hush hush affair indulged in by a select few who understood what it means and stands for either.

    Today, it has become no different from the regular stock market investment and we have a myriad of cryptocurrency software that people have downloaded to thank for it. Besides, the very future of cryptocurrencies as a concept depends upon technological innovations that promise to make it computer crash and hacking proof. Technological upgrades are the only way that it is possible for cryptocurrency to gain widespread acceptance as part of the existing mainstream financial systems. It has to be technologically complex enough to deter hackers and frauds, yet be user friendly for widespread use.

    The blockchain technology underlying cryptocurrency has enabled it to impact a plethora of industries and organizations around the world. As more and more people from around the world want to become a part of the world of digital currencies, cryptocurrency exchanges have come up around the world to enable people to exchange their local currency for cryptocurrency.

    Technology is at the Heart of Cryptocurrency

    Cryptocurrencies are essentially virtual or digital currencies that rely on entries, made in an immutable and anonymous database secured by blockchain technology, that no one can alter. This secure database is more like a public record that can be verified through different nodes, making it impossible to counterfeit coins. Besides, one can easily trace specific transactions carried out between anonymous individual accounts.

    Cryptocurrencies provide a user friendly digital alternative to the regimented conventional currencies. While the developed world might not see much merit in this attribute of digital currencies, many parts of the world with unstable currencies, could do with the access to alternative currencies that cryptocurrencies provide. This can greatly help mitigate people’s living conditions in such nations. Countries like Venezuela and Zimbabwe easily come to mind where cryptocurrencies could actually provide some financial relief to the people of these nations.

    Influence on Global Investment

    While seamless transfer of money and dampening the impact of inflation may seem like the major impact of leveraging the blockchain technology empowering cryptocurrencies, more and more people around the world are including cryptocurrency investment as an integral part of their investment portfolio.

    The fact that cryptocurrency investments are not impacted by the vagaries of the market like, say for example gold is, makes them an effective hedge against investment risk. This is behind the emergence of many exchange traded products known as ETFs and ETNs. Though many point to the possibility of a crash, in the cryptocurrency market, having an adverse impact upon the overall financial market, the small size of the former belies such fears.

    Cryptocurrency is More Than Just Digital Cash

    Cryptocurrency has functions that extend beyond its traditional definition of being digital or virtual cash. Sure you can make payments for ecommerce and traditional transactions with cryptocurrencies like Stellar and Ripple’s XRP. But, it also possesses a store of value in the sense that it can be viewed as a novel form of native currency that is scarce in supply. The meteoric rise of Bitcoin is a prime example of this.

    What makes it better than regular money is the fact that cryptocurrency can be programmed for specific uses. Both Bitcoin Lite and LiteCoin are examples of that. For those who would like cryptocurrency to be supported by regular money there is the option of going for cryptocurrency that is plugged to the value of the U.S. dollar or gold. Paxos, TrueUSD and Dai are prime examples of this kind of cryptomoney.

    The privacy aspect of cryptocurrency makes it profoundly different from regular money. Z cash, Monero and Verge are examples of how it can provide total anonymity with regard to any transactions. Finally the fact that you own cryptocurrency digitally, redefines the very concept of how one, handles, stores and monetizes data. Golem, BAT and Sia are great examples of this dexterous ability of cryptocurrency.

    Cryptocurrencies are silently ushering in a financial revolution with far reaching consequences for our very way of life. You would do well to watch this space.

    Impact of IoT on Cryptocurrency

    The major bugbear when it comes to cryptocurrency is the apparent lack of security and the complex nature of carrying out cryptocurrency trading, putting it beyond the pale of most people. This is where IoT can help by facilitating an easy exchange of currency. One can for example calibrate cryptocurrency with the help of IoT devices, so as to enable fueling up a car petrol tank or the timely purchase of groceries for your home. There is no need for you to send across money physically, The machines that act as IoT devices will take care of all of that.

    The post How Technology is Changing the Way That We Invest in Cryptocurrencies appeared first on Wall Street Survivor.

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  • U.S. Stocks Slump After Fauci, Fed Set Somber Tone: Markets Wrap

    U.S. Stocks Slump After Fauci, Fed Set Somber Tone: Markets Wrap(Bloomberg) — Stocks tumbled after a U.S. health official warned against a premature reopening of the economy and as traders assessed a dire outlook from Federal Reserve regional chiefs. Treasuries and the dollar climbed.The S&P 500 extended losses as Anthony Fauci, the nation’s top infectious disease official, said states reopening too quickly could “set you back on the road on trying to get economic recovery.” Meanwhile, some central bank officials said the virus outbreak and a partial shutdown would risk massive bankruptcies that could create a lasting scar. The Fed could curtail Wall Street banks’ ability to pay dividends by cranking up the amount of capital they need to maintain due to the coronavirus crisis, Governor Randal Quarles said Tuesday.“You will get business failures on a grand scale and you will be taking risks that you would go into depression” if shutdowns persist, Federal Reserve Bank of St. Louis President James Bullard said in a video speech from that city Tuesday. Minneapolis Fed President Neel Kashkari warned of a “gradual, muted recovery” from the outbreak, while Dallas Fed President Robert Kaplan said the economy will need more fiscal stimulus if the jobless rate continues to rise.The disastrous fallout of business closures and stay-at-home orders caused an unprecedented 20.5 million job losses in April, tripling the unemployment rate to 14.7%, the highest since the Great Depression era of the 1930s. A key measure of U.S. consumer prices declined last month by the most on record. A sustained trend of declining prices would spur worries about deflation, exacerbating concern that the recovery from the deep economic downturn will be very slow.Buyers of U.S. stocks after the economy shrank in the first quarter have history on their side, according to Keith Lerner, chief market strategist at SunTrust Private Wealth Management. Gross domestic product contracted at an annual rate of 4.8%, marking the 13th quarterly decline of more than 4% since 1949, according to data compiled by Bloomberg. After each previous instance, the S&P 500 gained more than 10% during the next 12 months.Here are some key events coming up:OPEC gives its monthly oil market report on Wednesday.U.S. weekly jobless claims data is due Thursday.China on Friday releases industrial production and retail sales data for April.These are some of the main moves in markets:StocksThe S&P 500 decreased 2.1% as of 4 p.m. New York time.The Stoxx Europe 600 Index rose 0.3%.The MSCI Asia Pacific Index dipped 0.7%.CurrenciesThe Bloomberg Dollar Spot Index rose 0.1%.The euro climbed 0.4% to $1.0849.The Japanese yen strengthened 0.4% to 107.19 per dollar.BondsThe yield on 10-year Treasuries declined five basis points to 0.66%.Germany’s 10-year yield rose one basis point to -0.51%.Britain’s 10-year yield declined two basis points to 0.249%.CommoditiesThe Bloomberg Commodity Index fell 0.4%.West Texas Intermediate crude rose 6.4% to $25.69 a barrel.Gold climbed 0.5% to $1,705.80 an ounce.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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  • Trump calls for California to let Elon Musk open Tesla plant

    Trump calls for California to let Elon Musk open Tesla plantYahoo Finance’s Emily McCormick joins Yahoo Finance’s Seana Smith to discuss President Trump tweeting earlier for California to allow Tesla CEO Elon Musk open the electric automaker factory in the state.

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  • Stock market news live updates: Stocks post worst drop in seven sessions; Grubhub spikes on takeover reports

    Stock market news live updates: Stocks post worst drop in seven sessions; Grubhub spikes on takeover reportsStocks erased earlier gains and traded lower Tuesday, as investors continued to eye states’ reopening plans and mulled recent corporate earnings results. Market participants also eyed the start of the Federal Reserve’s program to purchase corporate debt exchange-traded funds, which kicks off Tuesday.

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  • Fed begins purchasing corporate-bond ETFs

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  • Is Applied Materials, Inc. (NASDAQ:AMAT) Potentially Undervalued?

    Is Applied Materials, Inc. (NASDAQ:AMAT) Potentially Undervalued?Today we're going to take a look at the well-established Applied Materials, Inc. (NASDAQ:AMAT). The company's stock…

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