Stock Markets and Economy: Live Update

credit…The New York Times Nitacia Johnson

Ticket sales fell slightly in May after steadily increasing in the first four months of the year, according to a booking tracking company. This suggests that demand for summer travel tickets may not be as strong as airlines expected.

According to an analysis based on the Adobe Digital Economy Index, consumers spent more than $ 5 billion on flights in the United States in May, down 4% from April and 20% from the same month in 2019. Estimates are taken from website tracking data from 6 of the top 10 airlines in the United States. The airline sold over $ 21 billion in domestic tickets from January to May.

It’s not clear why bookings declined in May and whether that trend continues until June. However, analysts and airline executives have shown optimism that travel demand has been strong in recent weeks. According to the Transportation Security Administration, the number of aviators has increased relatively steadily since January. On Sunday, TSA screened 2.1 million passengers at an airport checkpoint. This was the highest in the day since the pandemic began.

Other countries are becoming more and more open. United Airlines said it had set a booking record for cross-Atlantic flights every three weeks, and the European Union requested member states on Friday to: Lift the ban on unnecessary travel for Americans..

People are also buying more tickets later this year than this time in 2019, the year before the pandemic. Travel bookings for November and December are up 30% compared to current sales in 2019.

American Airlines said in a securities report earlier this month that strong summer sales helped generate cash profits in May for the first time in more than a year. Delta said it expects leisure travel in the United States to fully recover this month.

According to Adobe, some of the most popular destinations this summer are in Hawaii. Other popular stops include Bozeman, Montana, Nantucket, Massachusetts, Las Vegas, Virginia, Richmond, Virginia, and Orlando and Fort Myers, Florida.

Most analysts and airline executives expect a full recovery to take years. Airport traffic has dropped by about 20% since 2019, but hotels are much better. According to an index based on data from eight of the top 10 hotel chains in the United States, slightly more people booked hotel rooms in April and May than in the same month of 2019.

People are also spending more on travel-related products. For example, luggage sales in May increased 9% compared to the same month in 2019, and camping equipment sales increased 130%.

The meat packaging industry was the flash point of a pandemic as thousands of workers became ill and many were fatal.
credit…Benjamin Rasmussen of the New York Times

Smithfield Foods was one of the first companies the country warned the country There was a danger of running out of meat A coronavirus infection struck a processing plant in April 2020, putting pressure on the industry to shut down some production to protect workers.

Today, a lawsuit filed by consumer advocacy group Food and Water Watch last week accuses giant pork producers of misleading consumers by stalking their fears and misleading the public.

The proceedings state that the country has never been at risk of running out of meat.Claims that refrigeration had sufficient supplies, but at the same time In particular, pork exports to China were skyrocketing.. The proceeding was filed in a higher court in Washington. There, the law allows nonprofits to file proceedings on behalf of consumers without having to show that they have directly harmed them.

“This horror horror creates a revenue-generating feedback loop,” Food and Water Watch said in a proceeding. “It causes consumer panic and exploits — squeezes demand and sales — and in turn provides the company with a false justification to keep the slaughterhouse running at full tilt, putting workers at risk. Exposed to the health and safety conditions of the workplace, it has caused thousands of Smithfield workers to be infected with the virus. “

Smithfield defended its safety efforts while criticizing consumer advocacy groups. In a statement, Smithfield Chief Administrative Officer Keira Lombard said, “The advocacy groups making these claims are committed to the efforts of hard-working employees who take great pride in producing food safely. We have a clear goal of dismantling. “

The meat packaging industry was the flash point of a pandemic As thousands of workers I got sick and many of them were deadly. Smithfield and other companies have launched aggressive advertising campaigns to highlight their workers’ safety efforts and the important role of the industry in feeding the country.

Despite these allegations, Food and Water Watch, represented by a lawsuit by legal advocate Public Justice, said regulators failed to adequately protect workers at their California and South Dakota factories. Pointed out that Smithfield was quoted from.

“Our health and safety measures were comprehensive, based on our medical and workplace safety expertise,” Lombard said in a statement.

Car rental prices skyrocketed as the trip resumed.
credit…Scott McIntyre of The New York Times

The· Federal Trade Commission It warns travelers about plans to lure them to book fake car rental reservations through fake customer service numbers and websites. Ann Kerns reports to The New York Times..

There is a shortage of rental cars and prices are rising. Emily Wu, a Federal Trade Commission consumer education lawyer, said it remains vulnerable to fake offers that customers not only want, but also seem to offer cars at seemingly more reasonable rates. Said that there is a possibility of

The sequence can begin when shoppers search online for common terms such as “cheap car rental,” said Amino Fujiger, director of victim support for the AARP fraud surveillance network. I will.

  • They think it belongs to a legitimate rental company and call the number that appears in the search.

  • Fake rental agencies usually require the caller to book by paying with a gift card or prepaid debit card and say there are special promotions or discounts associated with the card.

  • When the caller buys the card and relays the PIN to a fake institution, the criminal can quickly convert the card to cash and the consumer remains without money or a car.

“A website that requires payment or requires the purchase of a gift card and provides a card number and PIN should be alert,” said Lisa Martini, a spokeswoman for Enterprise Holdings, including Enterprise, Alamo and national brands. Stated.

Shell executives say they want to put chips into technologies and businesses that have the potential to evolve into the key gears of emerging cleaner energy systems, such as batteries.
credit…The New York Times Andrew Tester

Ben van Beurden, CEO of Royal Dutch Shell, Talking about the need to reduce emissions Since 2017. But in some views, the shell is limping.

Since 2016, the company has invested a total of $ 3.2 billion in clean energy. Stanley Reed reports to The New York TimesResearch firm Bernstein estimates that it spends about $ 84 billion on oil and gas exploration and development.

Mark van Baal, founder of Follow This, a group of Dutch investor activists, said:

All the major oil companies in Europe in particular share a similar dilemma. Their leaders understand that demand for petroleum products can eventually decline and their industry is increasingly facing disapproval due to its role in climate change, especially in Europe. I will. Shell accounts for an estimated 3 percent of global emissions, primarily from gasoline and other products burned by customers.

Still, Shell and other companies are still profiting almost everything from fossil fuels, and they are, of course, huge oil, gas and petrochemical assets, especially if oil consumption is expected to continue for years. I am wary of losing most of it.

Shell seems to be playing a longer and more cautious game than some rivals like BP, who are pouring money into renewable energy projects. Shell executives seem skeptical about the potential benefits of building and operating renewable energy power generation assets such as wind farms.

Shell executives say they want to put chips into technologies and businesses that have the potential to evolve into the key gears of emerging, cleaner energy systems. They not only produce clean energy, but also make money by supplying it to companies such as Amazon and retail customers through large-scale coordinated contracts owned by Shell, or plug-in points and utilities for electric vehicles. I want to earn money. They say that investment will grow up to $ 3 billion annually, bringing total annual capital expenditures to about $ 20 billion.

“We are looking ahead. Where is the future going?” Said Elizabeth Brinton, Executive Vice President of Renewable Energy and Energy Solutions at Shell.

  • Wall Street shares rebounded in early Monday trading S & P 500 It fell 1.3% on Friday, ending the worst week since late February. Friday’s decline was the fourth consecutive day of decline in the index. This is because most Federal Reserve Boards have predicted that interest rates will begin to rise in 2023.

  • The S & P 500 rose 0.5% at the beginning of Monday, while the Dow Jones Industrial Average rose 0.8% and the technology-intensive Nasdaq Composite fell 0.2%. Yields on 10-year Treasuries rose from 1.44 percent on Friday to 1.47 percent.

  • Bitcoin fell 3.7% to $ 32,562 on a call from Chinese authorities. Cryptocurrency mining and crackdown on transactions continue.

  • Asian stocks plummeted next Monday. Friday European and American Index Loss.. The Nikkei 225 closed 3.3% lower and the Hang Seng Index in Hong Kong fell 1.1%.

  • Most European stock indexes have risen. Stocks Europe 600 rose 0.3% after falling 1.6% on Friday.

  • Shares in Morrisons, a major British supermarket company, soared 32 percent on Monday after a grocery store said it had rejected an offer to buy by an American private-equity fund. The company’s Clayton, Dubilier & Rice has proposed to buy the company at 230 pence, 29% above Friday’s closing price. The share of other supermarket companies also increased, with Sainsbury’s rising 3.9%, showing the best performance on the FTSE 100.

Echenelson Contribution report.

Stock Markets and Economy: Live Update

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