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covid

China Foreign Minister Calls International Travel Restrictions For Citizens ‘Unacceptable’

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The United States, Canada, France, and Japan are among the countries implementing restrictions for travelers from China due to an ongoing concern over their rise in Covid-19 cases. Nations are asking travelers to provide a negative Covid-19 test before arrival at their destination.

China has responded by calling these international restrictions on travelers “unacceptable,” following more than a dozen nations’ announcements of the new restrictions. 

China’s recent spike in Covid-19 cases came after Beijing lifted their zero-Covid policies in December, which has led to a sudden rise in hospitalizations and deaths; crematoriums have also reported being overwhelmed according to the Aljazeera publication. 

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Beijing is continuing to follow through with their reopening plans, and have even gotten rid of their mandatory quarantine requirements for individuals arriving into the city. Foreign ministry spokesperson Mao Ning held a briefing this week to discuss the reopening and recent international travel restrictions from other countries. 

“Some countries have taken entry restrictions targeting only Chinese travelers. This lacks scientific basis and some practices are unacceptable.” 

Ning also warned that China may “take countermeasures based on the principle of reciprocity.”

France’s Prime Minister Elisabeth Borne stated that the restrictions made sense, and as a nation they are “performing [their] duty in asking for testing.” 

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Overall, the international travel restrictions will impact everyone traveling out of China, not just its citizens. The US and other countries have stated that Beijing hasn’t been fully honest regarding their infection data and risk factors surrounding new variants. 

“As health workers nationwide battle a surge in cases, a senior doctor at one of Shanghai’s top hospitals said 70 percent of the megacity’s population may now have been infected with COVID-19,” state media reported.

Chen Erzhen, a member of Shanghai’s COVID expert advisory panel, estimated that “the majority of the city’s 25 million people may have been infected.

Now the spread of the epidemic in Shanghai is very wide, and it may have reached 70 percent of the population, which is 20 to 30 times more than [in April and May],” he told Jiangdong Studio.

pop culture

UK’s First Major Exhibition Of Korean Culture To Open At London’s V&A Museum

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The term “hallyu,” meaning Korean Wave, entered mainstream culture in the 1990s. It refers to the prominence of Korean culture in things like movies, theater, music, and fandoms. Now, the London V&A is gearing up to host its first exhibition of Korean culture in the modern world.

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Ukraine Could Lose Half Of Its Economy Due To War, According To World Bank 

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The World Bank released a report this weekend that stated Ukraine could lose almost half of its economy this year as a result of Russia’s invasion and the ongoing war between the two nations. 

The bank estimated that the “country’s GDP could decline by 45.1% this year, although the magnitude of the contraction will depend on the duration and intensity of the war.”

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Since Russia invaded, Ukraine’s infrastructure has endured excessive amounts of damage and destruction. Bridges, neighborhoods, and ports have been hit with multiple blockades, and farmland throughout the nation has become the setting for multiple battles. 

Before this conflict, Ukraine was a major exporter of wheat and sunflower oil, however, the growth of both has been interrupted by fighting. Farmers are also finding it difficult to access machinery and other essential products needed for farming that would typically arrive through Black Sea ports. 

“The magnitude of the humanitarian crisis unleashed by the war is staggering. The Russian invasion is delivering a massive blow to Ukraine’s economy and it has inflicted enormous damage to infrastructure,” Anna Bjerde, the World Bank’s vice president for the Europe and Central Asia region, said in a statement.

“Ukraine needs massive financial support immediately as it struggles to keep its economy going and the government running to support Ukrainian citizens who are suffering and coping with an extreme situation.”

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Ukraine Finance Minister Serhii Marchenko has stated that “the government is still functioning, despite the war.”

“About a third of the country’s economy is no longer functioning as the atrocities continue and millions of people flee as refugees into neighboring countries,” he explained. 

Marchenko added that as of late March, nearly 3 million Ukranians have lost their jobs; preliminary reports show the nation’s economy has already lost approximately $565 billion. 

To keep the economy afloat, the government has “leaned on war bonds, as well as less traditional avenues, such as fundraising in cryptocurrencies and the sale of non-fungible tokens (NFTs),” according to Marchenko.

“I think that the true figures of total economic loss would be clear only after the war,” he said.

“The [best] scenario is to end the war as quickly as possible.”

Facebook Whistleblower To Testify In Front Of Senate Regarding Company’s Impact On Kids

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Frances Haugen is a former Facebook product manager, who was recently identified as the Facebook whistleblower who released tens of thousands of pages of research and documents that indicate the company was more than aware of the various negative impacts its platforms have, particularly on young girls. 

Haugen worked on civic integrity issues within the company. Now, Haugen will be questioned by a Senate Commerce subcommittee about what Instagram, which is owned by Facebook, knew regarding its effects on young users and a multitude of other issues. 

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“I believe what I did was right and necessary for the common good — but I know Facebook has infinite resources, which it could use to destroy me. I came forward because I recognized a frightening truth: almost no one outside of Facebook knows what happens inside Facebook.”

Haugen previously shared a series of documents with regulators at the Wall Street Journal, which published a multi-part investigation on Facebook, showing the platform was aware of the problems within its apps, including the negative effects of misinformation’s and the harm caused by Instagram on young users. 

“When we realized tobacco companies were hiding the harm it caused, the government took action. When we figured out cars were safer with seat belts, the government took action. And today, the government is taking action against companies that hid evidence on opioids. I implore you to do the same here. Facebook’s leadership won’t make the necessary changes because they have put their immense profits before people,” she explained. 

This is not the first time Facebook will be subject to Congressional hearings regarding its power and influence over its users. Haugen’s upcoming testimony will speak to the overall issue of social media platforms and the amount of power they have in regards to personal data and privacy practices. 

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Haugen discussed how her goal isn’t to bring down Facebook, but to reform it from the toxic traits that continue to exist today. Around a month ago Haugen filed at least eight complaints to the Securities and Exchange Commission. The complaints alleged that the company is hiding research about its shortcomings from investors, and of course, the public. 

Democratic Senator Richard Blumenthal, who chairs the Senate Commerce subcommittee on consumer protection, released a statement this Sunday after Haugen’s appearance on “60 Minutes” where she identified herself as the whistleblower.

“From her [Haugen’s] first visit to my office, I have admired her backbone and bravery in revealing terrible truths about one of the world’s most powerful, implacable corporate giants. We now know about Facebook’s destructive harms to kids … because of documents Frances revealed.”

Following the Wall Street Journal’s investigative piece on Facebook, Antigone Davis, the company’s global head of safety, was questioned by members of the same Senate subcommittee, specifically in regards to Facebook’s impact on young users. Davis tried to downplay the idea that these reports are being seen as a “bombshell” by the public, and didn’t commit to releasing a fully detailed research report, to defend Facebook’s side of the argument, due to “privacy considerations.”

“Facebook’s actions make clear that we cannot trust it to police itself. We must consider stronger oversight, effective protections for children, and tools for parents, among the needed reforms,” Senator Blumenthal added.

Europe’s Proposed Artificial Intelligence Law Could Cost Its Economy $36 Billion 

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A new law proposed for the European Union designed to regulate artificial intelligence could cost the nation up to 32 billion euros; about $36 billion. The payments would be spread out over five years according to a report from the Center for Data Innovation, a Washington-based think tank. 

The Artificial Intelligence Act is a proposed law put forward by the European Commission, the executive arm of the EU. The act is said to be the :world’s most restrictive regulation of AI” according to the center. 

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“It will not only limit AI development and use in Europe but impose significant costs on EU businesses and consumers.”

The Center for Data Innovation argued that a small or midsize enterprise with a turnover of 10 million euros will face compliance costs of up to 400,000 euros if it was to deploy an AI system deemed “high risk.” These systems are ones that the commission defines as “affecting people’s fundamental rights or safety.” 

“That designation sweeps in a broad swath of potential applications — from critical infrastructure to educational and vocational training — subjecting them to a battery of requirements before companies can bring them to market,” the center said.

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The center argues that “compliance borders” will cost European businesses 10.9 billion euros per year by 2025, or 31 billion euros over the next five years. Ben Mueller, a senior policy analyst at the Center for Data Innovation and author of the report suggested that this would be more harmful than helpful to many sectors of the economy. 

“The Commission has repeatedly asserted that the draft AI legislation will support growth and innovation in Europe’s digital economy, but a realistic economic analysis suggests that argument is disingenuous at best.”

“The rosy outlook is largely based on opinions and shibboleths rather than logic and market data,” he added, explaining that AI is already being used by major companies like Google, Apple, and Facebook, but lawmakers in Europe aren’t even aware of the impact this new law could have. 

Mueller explained that the technology has the potential to improve healthcare and climate modeling for the nation, however, it can also be used to give every citizen a “social score.” The law is still in the works and the debates over its actual benefits are ongoing.

California Real Estate

California’s Real Estate Market Is ‘Surging’ According To Experts 

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Mark McLaughlin is the president of San Francisco-based real estate company Compass California, and Selma Hepp is the Deputy Chief Economist at Corelogic, both recently spoke with the press about the current state of California’s real estate market and why it’s seeing such an unexpected curve in sales. 

According to McLaughlin, the recent “surge” in home buying that California is experiencing is due to three main variables. The delay of the traditional spring home-buying market, the Covid-19 pandemic inspiring investors to search for larger properties to quarantine in, and record low interest rates all across the country.

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The combination of these three varying factors has created a “velocity in the market we have not seen since 2006, pre-Great recession.”

According to Hepp, in August California saw a 15% increase in year-over-year sales activity, and while she believes that activity will still be down for the year overall due to the current economic crisis, it will still be a “solid year in sales and prices.” Inventory in California has been down by 50% which has an obvious impact on sales. 

The major difference that’s fueling the current demand, despite the lack of supply, is the fact that mortgage rates are so low and sellers have been spending their time in quarantine making changes to their homes that better fit the stay-at-home lifestyle we’ve all adopted throughout the past six months. 

“I would say home buyers have a unique opportunity to lock in the record lowest mortgage rates which will help offset some of the affordability challenges seen in the last few years.”

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Both experts also have mixed feelings on the November elections impact on the future of the real estate market. McLaughlin believes that another round of federally funded stimulus checks need to be distributed to Americans for the economy in general. These stimulus payments also helped individuals pay their rents and mortgages, so without them, the beginning of the 2021 market year could see a major decline in housing payments all across the country.

Hepp on the other hand isn’t as convinced the election will have an impact on the market, as in general she’s seen a slowdown in transactions before any election season. She claims that with the beginning of every year after a November election, the market sees a new surge in purchases, so she’s still projecting that will occur in California. 

“Homebuyers have a possibility to expand their search geographically and entertain areas that they haven’t thought of in the past. These are unique breaks that buyers in the past may have not had.”

When it comes to giving advice to homebuyers, both believe that prospective buyers should focus on the feeling of “home” more than anything else. Be conservative when it comes to spending, as the economy has proven to be unpredictable, however, real estate is almost always worth the investment overtime, so if you’re in a position to make the sale, go for it. 

Real Estate Meeting

Global Real Estate Leader Discusses Covid-19 Impact On Design And Commercial Industry

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Jack Paruta is the senior project architect with Gensler; one of the largest architecture, design, and consulting firms in the real estate industry.

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NYC Real Estate

Manhattan Real Estate Stronger Than During The Great Recession

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According to a recent analysis by real estate market data firm UrbanDigs, the Manhattan real estate market is currently in much better shape than it was during the Great Recession. Like most industrys adjusting to pandemic life, however, the future is still very unclear and fearsome. 

The report claimed that there were much more sellers than buyers during the Great Recession but now, during the Covid-19 pandemic, that gap is much smaller. Noah Rosenblatt and John Walkup are the cofounders of UrbanDigs, and recently claimed that they believe this gap has lessened because the Great Recession was a strictly economic crisis in America while the coronavirus has halted every single aspect of life for everyone, regardless of socioeconomic status. 

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“The lack of sharp spikes in supply and a corresponding drop in demand suggests the market is not as one-sided as the Great Recession, although lingering virus fears will keep a lid on demand for the time being.”

The report heavily focused on comparing the supply and pending sales of the past six months with the first six months of the recession as well. They also focused on what’s known as the “market pulse,” which essentially is the ratio of pending sales to actual supply. A lower ratio number would reflect that there are more sellers than buyers. 

In September 2007, supply increased by 10% every quarter and pending sales were dropping at a rate of 30%, according to past analysis’. The 15 quarters that followed showed a steady increase in supply, and a major drop in pending sales; 50%, dropping the market pulse from 1 to .16. When the pandemic initially shut everything down in March, there was a major drop in pending sales, which boosted supply, however, it was nowhere nearly as quickly as it dropped in 2007. 

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The market pulse is currently at a .22, which has been expected due to a general pulse decline within the past five years in Manhattan; in late 2019 the pulse was at .3. Rosenblatt and Walkup noted that sellers today in the metropolitan are still facing the heaviest competition in nearly a decade due to the increase in properties available, and willingness from sellers to negotiate their pricing. “Clearly, the economic impact of the pandemic has yet to be fully tallied, but in the meantime, it appears that the market for Manhattan real estate is functional, just fearful.”

Overall, however, the two believe that comparing the state of the market now to what it was during the Great Recession is like comparing “apples to oranges.” While there may be many general similarities the differences fully outweigh them. There have been spikes in the unemployment rates during both events, however it’s broken major records within the past six months because the job losses are more sudden and frequent. The two do believe, however, that whenever this pandemic does come to an end unemployment will hopefully bounce back quickly, and the supply and demand of the market will follow. 

“NYC real estate and the economy, in general, are weighing other exogenous forces so with that in mind, certainly, there is more room for real estate to go down, but in the long run, the city will renew itself, even if the process might be bumpy.”

Industry workers believe now would be a great time to invest and negotiate in real estate if you are lucky enough to have that ability right now. They also believe that Manhattan hasn’t seen the absolute worst that the pandemic can do in regards to negatively impacting the market and sales, so like the rest of the country and its many industries, they’re taking every precaution currently imaginable to stay afloat.

NYC Real Estate

Manhattan Real Estate Deals Fall By Nearly 60% As Suburban Market Thrives

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Potential contracts for Manhattan apartments have fallen by more than half this past July while deals in more suburban environments have doubled, proving that many individuals are trying to escape the reality of a close knit metropolitan area in the middle of a global health crisis. 

Technically speaking, the number of signed contracts for apartments and condos in Manhattan has dropped by 57% in July when compared to the numbers one year ago. According to reports from Miller Samuel and Douglas Elliman, the higher end of the market is what’s being hit especially hard, as co-op properties that are priced between $4-$10 million are down over 75% when compared to 2019’s sale numbers. 

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While the number of actual signed listings is decreasing, the number of new apartment listings is continuing to increase. New listings in Manhattan jumped 8% when compared to last year, and the number of unsold apartments is at its highest level in nearly a decade. According to Samuel and Elliman, the market is currently in a position to have more than a 17-month supply of apartments to sell; the typical Manhattan average is an eight month supply.

Obviously the pandemic and lockdown procedures that come with it are impacting the industry. Metropolitan’s all over the world are being hit hard, but Manhattan is especially struggling, especially considering New York City was the initial epicenter for Covid-19 when it first began affecting individuals in America. 

The lockdown is preventing all apartment showings to be done in person, making it difficult to get deals signed. Additionally, many native New Yorkers are fleeing the city for more suburban options to ride out the rest of the pandemic. The numbers in July are a reflection of individuals who either know someone, or have additional properties in more suburban settings; like on Long Island or Westchester even. CEO of Miller Samuel, Jonathan Miller, spoke with the media about these trends and why the city is the last place people want to be right now. 

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“The city is less of an anchor now, it’s going to take longer for the city to recover than the suburbs. Anything within a two-hour radius of the city is as busy as it’s ever been, there’s just a fear of density right now.”

Sales contracts in the Hampton’s nearly doubled with July with 267 signed deals. In Westchester County, deals also doubled when compared to last year with 987 signed deals. However, experienced real estate brokers working in the city aren’t too worried about these numbers. While this is the worst international crisis they may have ever experienced, it’s not the first time the city’s real estate industry has had to recover after mass tragedy. 

Many use September 11th or the Great Recession as an example for the way in which the industry is able to recover along with its citizens. After both, deep discounts on properties in the city is what helped recover New York’s economy, and many are expecting the same results this time around especially among higher end properties.

Apocalypse Movie Fans Are Better Equipped To Cope With The Covid-19 Pandemic

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Researchers have found that individuals who are fans of apocalyptic movies are more resilient and prepared when it comes to the current Covid-19 pandemic.

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