NEW YORK (Reuters) – The economic effects of the coronavirus are battering the U.S. commercial-backed securities market, raising the question of the value of hotels, malls, and other buildings that act as collateral for mortgages, according to a report in the Financial Times on Sunday.
Wells Fargo estimates that U.S. properties that have gotten into trouble are being written down by 27% on average, according to the report. (https://on.ft.com/36cE4eE)
Declining appraisal values could hammer portfolio managers that have moved into the commercial mortgage-backed securities market in search for yield at a time when the Federal Reserve has indicated that it will keep benchmark yields near zero until 2023 at the earliest.
(Reporting by David Randall; Editing by Lisa Shumaker)
The New England Revolution aim to ride the momentum of their strongest offensive showing of the season into their road match against D.C. United on Sunday night.
The Revolution (4-3-6, 18 points) flipped the switch and secured their first home victory with a galvanizing 3-1 win over Montreal on Wednesday. Gustavo Bou joined Henry Kessler and Diego Fagundez in providing the offense against the Impact.
“He’s a goal scorer. He’ll score goals,” New England coach Bruce Arena said of the 30-year-old Bou, who is tied with Teal Bunbury for the team lead in goals (four).
“The last couple of games I think he’s backed off from a couple chances, so (Wednesday’s) goal I think will give him a little confidence. And if he can be a little bit more aggressive, he should score goals.”
Bou liked what he saw from his team’s ability to generate offensive opportunities vs. Montreal.
“I think we created about five or six solid chances (Wednesday) and scored three, so as a forward and as an attacker I’m really happy with that, and I think this is really going to help us moving forward,” Bou said through a translator.
Bou and Bunbury each scored a goal in the first half of the Revolution’s 2-1 road win over D.C. United on Aug. 25.
Ola Kamara converted a penalty kick in that match vs. New England. Kamara shares the team lead in goals with two for D.C. United (2-6-5, 11 points), who saw their winless streak extend to four matches (0-2-2) with a 1-0 decision to expansion Nashville SC on Wednesday.
“We were a bunch of frauds in the first half of that game and it was an unacceptable performance from us,” D.C. United midfielder Russell Canouse said. “It was uninspiring. We looked like we were still on Sun Country Airlines or whatever we flew here this morning and it just wasn’t cutting it.”
Federico Higuain, who joins defender Frederic Brillant and Kamara with two goals apiece, scored D.C. United’s lone goal in a 1-1 draw with the Revolution on July 17.
The state government has introduced a voucher system to support the specialty timbers industry through the effects of the coronavirus pandemic.
The $7.5 million scheme, equivalent to the first tranche of the tourism vouchers, was welcomed by the seven people who work in the industry who each pocketed a million dollars. Another half a million went to a blind, deaf, three-legged dog called Boof who has been the industry’s spokesperson for the last ten years.
“Um, yeah, it’s great,” said Boof from his home in the deep south, which he’s currently insulating with fading Robert-Armstrong-for-Huon election signs. “Would have preferred to use orange-bellied parrot feathers but those greenie bastards won’t let us get any permits to shoot vermin.”
The vouchers were snapped up in ‘just’ four months, having taken that long for Boof to finish his oral submission to the Legislative Council’s Everything Bad In Tasmania Is Because of TreeHuggers Inquiry.
“But seriously, this money is sorely needed. Along with the rest of the forest industries we’ve only squandered a billion dollars over the last three decades, so more handouts are overdue.”
“At least those backscratchers we make have come in handy,” he said with a wink.
The state government clarified that the million dollar vouchers can be spent on flanellette shirts, bile-laden Facebook rants, fake coffins, bad dentistry, adult diapers, and 1950s agricultural textbooks about how to conquer nature until it’s begging for its goddam life.
Boof dismissed concerns that it was unethical to log old-growth forests for timber during a climate emergency.
“Can the world economy survive without sheltered workshops for hairy man babies hand-carving letter openers out of rare tiger myrtle?
I think not.”
Pausing to display a fine pair of hand-made, artesan-sculpted, mastercraftsman-slobbered black sassafras massage balls on sale for $1,995 on buysomethingbogan.com, Boof noted that there were few employment opportunities in rural areas.
“Apart from local retail, and services, and agriculture, transport, rural education, health, consulting, tourism and hospitality, engineering, processing, road maintenance, manufacturing, automotive and equipment provision and service, land rehabilitation and monitoring, renewable energy, government jobs, and sustainable niche industries, it’s a wasteland out here.”
Boof said the specialty timbers industry would also benefit from a new federal scheme called JobGrifter.
“I understand it’ll be used to prop up any deadbeat industry that should have used its luxury taxpayer handouts of like forever to develop its own resources, but has instead descended into a gimme-gimme rabble of squealing party donors bog rats.”
Boof argued that the specialty timbers industry deserved special consideration, given its commitment to stop using native forest products by at least 2850.
“We’re confident we can make that date work, as long as we get adequate government support until then,” he concluded. “Otherwise it may be around 2970, who knows?”
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Belarus police cracked down on protesters in the cities of Homel and Hrodna on Sunday, September 27, Radio Free Europe/Radio Liberty reported. Demonstrators against President Alexander Lukashenko have erupted across Belarus since the president’s administration announced his victory in country’s presidential election on August 9. The results were denounced by opposition politicians who claimed the election was rigged, and the vote was criticized abroad. Many of Lukashenko’s opponents have since been forced to flee the country. This footage from Sunday shows police shoving, spraying and arresting several people during demonstrations in the cities of Homel and Hrodna, according to Radio Free Europe/Radio Liberty. Credit: Radio Free Europe/Radio Liberty via Storyful
Ontario reported that the province had 491 new cases of COVID-19 on Sunday, the highest number since May 2.
Toronto, Peel Region, Ottawa and York Region led the daily case count, according to Ontario Health Minister Christine Elliott.
Elliott said in a tweet that there are 137 new cases in Toronto, 131 in Peel Region, 58 in Ottawa and 58 in York Region.
A full 63 per cent of cases are among people under the age of 40.
The province processed more than 42,500 tests on Saturday.
Ontario is reporting 491 cases of <a href=”https://twitter.com/hashtag/COVID19?src=hash&ref_src=twsrc%5Etfw”>#COVID19</a> as more than 42,500 tests were completed. Locally, there are 137 new cases in Toronto with 131 in Peel, 58 in Ottawa and 58 in York Region. 63% of today’s cases are in people under the age of 40.
As of Sunday at 10:30 a.m., a total of 2,839 people in Ontario had died of COVID-19, according to provincial figures.
A total of 112 are hospitalized, a number that is on the rise. On Saturday, the province reported that there were 100 people in hospital.
Of the people in hospital, the province says 28 are in intensive care units and 16 of them are on ventilators. The number of people on ventilators has increased by one since Saturday.
Ontario has a cumulative total of 49,831 cases, of which 42,796 are marked as resolved.
Rise in new cases ‘of great concern,’ province says
Ivana Yelich, spokesperson for Ontario Premier Doug Ford, said the provincial government is concerned about the increase in the daily case count.
“The rise in cases continues to be of great concern. That is why our government took action to tighten public health measures on private social gatherings as well as restaurants and bars. It’s important to note that the results of these actions will not be seen immediately,” Yelich said on Sunday.
“It is, however, critical that Ontarians continue to do their part in controlling the spread of COVID-19 by following the rules that are in place,” she added.
“We will continue to monitor the situation very closely and act on the public health advice of the Chief Medical Office of Health and the COVID-19 Command Table.”
The tightening of public health measures to slow the spread of the virus took effect in the last 10 days in Ontario.
Ontario’s bars and restaurants, for example, can no longer serve alcohol after 11 p.m. as of this weekend. Strip clubs have also been closed.
As well, private social gatherings across Ontario are now limited to 10 people indoors and 25 people outdoors. That limit was imposed on Sept. 19.
In a separate statement, the Ontario health ministry said it is keeping a close eye on the number of hospitalizations and is continuing to build capacity in the health care system.
“We are in the process of rolling out our comprehensive fall preparedness plan, which includes public health measures to prepare the health system for a second wave of COVID-19,” the health ministry said.
Toronto Public Health closes 3 restaurants
In Toronto, where 1,178 have died of the virus as of Friday, Toronto Public Health (TPH) has temporarily closed three downtown restaurants to protect the public from COVID-19.
MARBL, King Taps and Casa Mezcal received orders on Friday night to close. A fourth is being served with an order.
TPH is notifying staff and patrons of two other establishments, Yonge Street Warehouse and Regulars Bar, this weekend that they may have been exposed to COVID-19. Seven cases are linked to Yonge Street Warehouse, while three cases are linked to Regulars Bar.
Individual protective measures matter, health officer says
On Sunday, Dr. Theresa Tam, Canada’s chief public health officer, said in a statement that, as of Friday, an average of 1,175 cases were being reported daily across Canada over a seven-day period.
She said labs across Canada continue to test at a high rate, with an average of nearly 70,000 people tested daily last week and 1.4 per cent of these testing positive.
“As we head into another week, we need to be vigilant about rising cases and increasing hospitalizations, particularly in areas where cases are increasing most rapidly,” Tam said.
“Surges in cases, leading to increases in hospitalizations can quickly overwhelm public health and healthcare system resources in localized areas, while increasing the likelihood of spread to more areas.”
Tam said every protective measure that Canadians can take matters to lower the overall rate of infection in communities because every person that people encounter brings a “whole network of contacts history with them.”
Reducing the number, duration and closeness of encounters makes a difference, she added.
“The quickest and safest way for Canada to get back on the slow burn is for us all to for us to take every measure during every moment of our day, and always act in a way that can prevent the spread of illness to others,” Tam said.
That means keeping a two metre distance from others outside of individual bubbles, frequent hand washing, wearing a mask where appropriate, limiting the amount of time and number of people in close contact, choosing lower risk settings or situations where public health measures are in place whenever possible.
Still have questions about COVID-19? These CBC News stories will help.
Is another lockdown coming in Ontario? What do we know about the Ford government’s fall plan?
NEW DELHI: India’s top power utility NTPC Ltd has sought bids for procuring biomass pellets to fuel its thermal power plants, the government statement said on Sunday, in an effort to cut down air pollution from burning of crop residue.
The state-owned power producer aims to use 5 million tonnes of pellets, made from crop waste, to fuel 17 of its power plants in the current year, the statement said.
Farmers across the northern Indian states of Punjab and Haryana burn off vast swathes of paddy stalk and straw between mid- to late-October and early November, to prepare ground for winter planting.
“The power producer will give preference to bids from suppliers from Punjab and Haryana,” the statement said.
Every winter, a thick blanket of smog settles over northern India as a combination of factors such as the burning of crop waste, industrial emissions and vehicle exhaust brings a sharp spike in air pollution levels.
This year, India expects to reduce crop waste burning by as much as 80% in Punjab and Haryana states, part of the country’s farm belt that borders the capital New Delhi, government officials said.