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Why Corporate America is jumping for joy while millions of workers remain jobless

The disconnect is yet more proof of the k-shaped recovery, in which some Americans are experiencing major improvements while others are still suffering.
For example, a recent consumer sentiment survey from the University of Michigan showed that households making less than $75,000 per year felt especially pessimistic about their financial futures as of February.
Meanwhile, CEO confidence stood at 73 points in the first quarter of the year, marking its highest level since the same period in 2004, according to the Conference Board.

What makes business leaders so optimistic while many workers feel otherwise? CEOs think the outlook for wages has improved and the potential for layoffs is lower. Only 12% of surveyed CEOs said they expect a workforce reduction over the next 12 months, down from a hefty 34% in the fourth quarter survey.

Also, 82% of CEOs expect the economy to improve over the next six months, a jump from 63%.

“With the vaccine rollout underway in major economies, CEOs entered 2021 historically upbeat,” said Dana Peterson, chief economist at the Conference Board.

On top of that, the stock market is near record highs, with the Dow (INDU) notching a new all-time high Wednesday and company valuations soaring. The strength in the market is due to hope for more government stimulus to bring the economy back to life, as well as the rollout of vaccines across the country.
Goldman Sachs (GS) predicts US gross domestic product — the broadest measure of economic activity — will grow this year at the fastest pace since 1989. Meanwhile, the Federal Reserve’s interest rates remain near zero, so it’s cheaper for companies to borrow or refinance their debts.

The CEOs may be onto something with their optimism. But for millions of Americas the stock market’s highs make little difference in their lives.

More than 18 million people received benefits under the government’s various programs in the last week of January, the Labor Department reported Thursday.

Economists fear the effects of long-term unemployment on the economy; the longer workers are out of a job, the less likely they are to return to work at all.

Meanwhile, many of those who have returned to work have seen their hours or wages cut, or perhaps both, as the pandemic economy exacerbates America’s inequities.

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Mori is leaving but gender issues remain

TOKYO (AP) — Yoshiro Mori resigned Friday as the president of the Tokyo Olympic organizing committee following sexist comments implying women talk too much.

“As of today I will resign from the president’s position,” he said to open an executive board and council meeting. The board was expected to pick his successor later on Friday. Mori was appointed in 2014, just months after Tokyo won the bid to host the Olympics.

“My inappropriate comments have caused a lot of chaos,”he said. He repeated several times he had regret over the remarks, but also said he had “no intention of neglecting women.”

Mori’s departure comes after more than a week of non-stop criticism about his remarks earlier this month. He initially apologized but refused to step away, which was followed by relentless pressure from television pundits, sponsors, and an on-line petition that drew 150,000 signatures.

But it’s not clear that his resignation will clear the air and return the focus to exactly how Tokyo can hold the Olympics in just over five months in the midst of a pandemic.

The Olympics are to open on July 23, with 11,000 athletes and 4,400 more in the Paralympic a month later. About 80% in recent polls in Japan say they want the Olympics canceled or postponed with clear support about 15%.

Early reports said the 83-year-old Mori had picked 84-year-old Saburo Kawabuchi, the former president of the governing body of Japanese soccer and a former player himself. He played for Japan in the 1964 Olympics.

Kawabuchi is even older than Mori and will raise the issue of why a woman was not appointed. This is the center of the entire debate that Mori triggered over gender inequality in Japan and the absence of women in boardrooms, politics, and sports governance. Women are also largely absence in leadership roles at the organizing committee.

Kawabuchi indicated on Thursday he had been contacted by Mori and would accept the job if offered. But he said later he might not be the appropriate choice and seemed to be withdrawing.

Japanese media immediately pointed out there were three qualified women — all athletes and former Olympians and at least a generation younger — who could fill the job.

Kaori Yamaguchi won a bronze medal in the 1988 Olympics in judo. Mikako Kotani won two bronze medals in the 1988 Olympics in synchronized swimming. And Naoko Takahashi was a gold medalist in the marathon in the 2000 Olympics.

Seiko Hashimoto, the current Olympic minister and a former Olympian, has also been mentioned as a candidate.

Mori’s remarks have put the spotlight on how far Japan lags behind other prosperous countries in advancing women in politics or the boardrooms. Japan stands 121st out of 153 in the World Economic Forum’s gender equality rankings.

Koichi Nakano, a political scientist at Sophia University in Tokyo, characterized Japan as a country still run “by a club of old men.” But he said this could be a watershed.

“Social norms are changing,”he wrote in an email to The Associated Press. “A clear majority of the Japanese found Mori’s comments unacceptable, so the problem is more to do with the lack of representation of women in leadership positions. This sorry episode may have the effect of strengthening the call for greater gender equality and diversity in the halls of power.”

Though some on the street called for Mori to resign — several hundred Olympic volunteers say they are withdrawing — most decision makers including Japanese Prime Minister Yoshihide Suga stopped short of this and simply condemned his remarks.

A comment a few days ago from Toyota Motor Corp. President Akio Toyoda seemed to move the needle.

Toyota is one of 14 so-called Olympic TOP sponsors that pay about $1 billion every four-year cycle to the International Olympic Committee. The company seldom speaks out on politics, and Toyota did not call for Mori’s resignation. But just speaking on the matter might have been enough.

“The (Mori) comment is different from our values, and we find it regrettable.” Toyoda said.

Toyota and Coca-Cola also are major sponsors of the torch relay.

___

Associated Press writer Yuri Kageyama contributed to this report.

___

AP Olympics: https://apnews.com/hub/olympic-games and https://twitter.com/AP_Sports



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PennDOT LIFTS VEHICLE restrictions for south, central Pa.; speed limit restrictions remain

PennDOT lifts vehicle restrictions for south, central Pa., but speed limit restrictions still in place

WGAL News 8 snow coverage



VEHICLES LIKE TRAILERS, RVS, AND MOTORCYCLES. JERE NOW TO OUR TEAM OF REPORTERS, LET US GO TO MATT BARCARO WHO IS CHECKING OUT FRIGID — CONDITIONS IN DAUPHIN COUNTY. MATT: GOOD MORNING. WE ARE ALIVE AND ANNE WAS MENTIONING CARS SLIDING, AND WE ARE SEEING THAT IN THE INTERSECTIONS. DOWN THERE ON UNI DEPOSIT ROAD, THEY WERE CLEARING OUT THE INTERSECTIONS ON — TO SOME OF THE SIDE STREET SO YOU CAN SEE THAT THERE IS A BUILDUP AND WE ARE SEEING CARS GO FROM THE PLOWED ROAD TO THE SIDE RAIL — TO THE SIDE ROADS AND SLIDING. MOST OF THE RAIN WROTE — MAIN ROADS DO NOT HAVE SLUSH ON THEM, THEY ARE PLOWED TO THE PAVEMENT AND ARE WET. THEY HAVE BEEN ABLE TO TREAT AND PLOW ALL OF THE SECONDARY ROADS ON THEIR MENU. THE ONE THING THAT THEY ARE STILL ADJUSTING TO AND FOCUSING ON ARE THE PARTS OF THE COUNTIES THAT YOU TYPICALLY SEE DRIFTING SNOW BECAUSE OF THE WIND, NORTHERN DAUPHIN COUNTY, 209, AND THE SOUTHEAST PART OF DAUPHIN COUNTY, KEEP THAT IN MIND. THAT IS THE SITUATION AS TRAFFIC STARTS TO BUILD. LET US GO TO LANCASTER COUNTY WHERE LORI BURKHOLDER STANDING BY. LORI: GOOD MORNING. THE SNOW HAS PICKED UP AND SO HAS THE TRAFFIC IN LANCASTER COUNTY. WE ARE IN MANHEIM. BUT, LOOK AT WHAT WE ARE SAYING ON THE ROADS. THIS IS ROUTE 72, A PRETTY HEAVILY TRAVELED ROAD AND TRAFFIC IS PICKING UP. THERE IS STILL SOME SNOW ON THAT, AND THAT IS WHAT YOU WILL ENCOUNTER ON SOME OF THE HEAVILY TRAVELED ROADS, THE PRIMARIES. THE SECONDARIES, THE SAME SITUATION. FURTHER UP AS THE LEBANON LINE AND I CHECKED IN WITH PENN-DOT, THEY SAY IT IS SLIPPERY. THEY HAVE 25 TRUCKS ON THE ROAD BUT CONDITIONS ARE IMPROVING. THEY WILL BE MANNING THE ROADS IN LEBANON AND MET — LANCASTER COUNTY AND KEEPING THINGS OPEN FOR YOU. YOU HAVE TO WORRY ABOUT ON SOME SIDE ROADS. WE WILL SEND IT OVER TO YORK COUNTY. MEREDITH: HELLO. IT IS GROUNDHOG DAY. I SWITCH MY HAT BECAUSE I DO HAVE TO DON MY GROUNDHOG HAT BUT I AM READY FOR THIS AS THE SNOW CONTINUES TO COME DOWN ON GROUNDHOG DAY IN YORK COUNTY FEELING LIKE YESTERDAY. WE ARE ALONG AT ROUTE 30 WHERE TRAFFIC IS MOVING WELL. WE CAN SEE THE PAVEMENT AND THE PENN-DOT CREWS HAVE DONE WELL OVERNIGHT. TRAFFIC IS MOVING ALONG THERE. THE CREWS WILL CONTINUE TO PUSH BACK THE SNOW AND KEEP THE ROADS CLEAR THROUGHOUT THE DURATION OF THE MORNING. LET US TAKE A LOOK AT A DIFFERENT SCENE ON SOME OF THE SECONDARY ROADS. THIS IS MY OWN PSION ROAD, STILL SNOW PACKED AROUND — THIS IS ON MOUNT ZION ROAD, STILL SNOW PACKED. IF YOU ARE GOING TO VENTURE OUT, IT CAN BE A TALE OF TWO COUNTIES DEPENDING ON WHICH ROAD YOU ARE ON. BUT, THE GOAL IS REALLY TO GET ALL OF THE SNOW PACKED ROADS CLEARED ENTIRELY, WHICH WOULD MAKE IT A HUGE DIFFERENCE FOR THE MORNING COMMUTE. RIGHT NOW THE FLURRIES ARE COMING DOWN, BUT I AM READY. I AM SAYING IT IS GOING TO BE

PennDOT lifts vehicle restrictions for south, central Pa., but speed limit restrictions still in place

WGAL News 8 snow coverage

PennDOT has lifted vehicle restrictions on south central Pennsylvania interstates. However, speed limit restrictions are still in effect for major roads.PennDOT released the following statement Tuesday morning: PennDOT announced this morning that vehicle restrictions implemented on Interstate 83 in Cumberland, Dauphin and York counties, Interstate 81 in Franklin, Cumberland, Dauphin and Lebanon Counties, and Interstate 283 from PA 283 to I-83 have been lifted.A 45 mph speed restriction remains in place on the following highways: Interstate 81 in Cumberland, Dauphin, Franklin and Lebanon counties; I-83 in Cumberland, Dauphin and York counties; I-283 in Dauphin County.US 15 from Maryland State Line to PA 581;US 22 from I-81 to PA 75;US 30 from US-15 to PA 23;I-78 from I-81 to Mile Marker 10;US 222 from US 30 to PA 568/ PA 272;PA 283, the entire length;US 322 from I-83 to Dauphin/Lebanon County Line, andPA 581, the entire length.Commercial vehicles must stay in the right lane while this restriction is in place.Although PennDOT crews have been treating roadways, motorists should be alert for areas of ice and snow. PennDOT will continue to treat roadways until all roads are clear.

PennDOT has lifted vehicle restrictions on south central Pennsylvania interstates. However, speed limit restrictions are still in effect for major roads.

PennDOT released the following statement Tuesday morning:

PennDOT announced this morning that vehicle restrictions implemented on Interstate 83 in Cumberland, Dauphin and York counties, Interstate 81 in Franklin, Cumberland, Dauphin and Lebanon Counties, and Interstate 283 from PA 283 to I-83 have been lifted.

A 45 mph speed restriction remains in place on the following highways:

  1. Interstate 81 in Cumberland, Dauphin, Franklin and Lebanon counties;
  2. I-83 in Cumberland, Dauphin and York counties;
  3. I-283 in Dauphin County.
  • US 15 from Maryland State Line to PA 581;
  • US 22 from I-81 to PA 75;
  • US 30 from US-15 to PA 23;
  • I-78 from I-81 to Mile Marker 10;
  • US 222 from US 30 to PA 568/ PA 272;
  • PA 283, the entire length;
  • US 322 from I-83 to Dauphin/Lebanon County Line, and
  • PA 581, the entire length.

Commercial vehicles must stay in the right lane while this restriction is in place.

Although PennDOT crews have been treating roadways, motorists should be alert for areas of ice and snow. PennDOT will continue to treat roadways until all roads are clear.

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Alexey Navalny to remain in detention ahead of hearing next month, Russian court rules

Navalny appeared by video link at the court in the city of Khimki, on the outskirts of Moscow. He continues to be held at the Matrosskaya Tishina detention center, in the northeast of the capital.

He’d been detained a day earlier following his arrival from Germany, where he spent five months recovering from Novichok poisoning he blamed on the Russian government. The Kremlin repeatedly denied any involvement.

Navalny was placed on the country’s federal wanted list last month for breaching the terms of probation related to the 2014 fraud case, which he dismisses as politically motivated.

His next court date is currently scheduled for February 2, when a court will decide whether his three-and-a-half-year suspended sentence on fraud charges should be converted into a jail term due to what Russian authorities say is the violation of the terms of his suspended sentence.

The judge in Thursday’s appeal hearing ruled that Navalny’s detention was lawful and that the opposition leader would remain in detention.

Navalny’s reaction on hearing the decision suggested he was expecting it. “Everything was clear to me even before the hearing,” he told the court.

The politician had earlier complained about violations of legal procedures and a lack of opportunity to communicate with his lawyers since his detention on January 17.

“Everything is so amazing here that I don’t even know where to start. As usual it works: you take a court decision, look for violations of the law and speak about them when appealing. And here everything is one big violation of the law,” Navalny said.

In his final statement, Navalny urged protesters to keep coming out.

“They are the last barrier that prevents those in power from stealing everything. They are the real patriots,” he said. “You will not be able to intimidate us — we are the majority.”

Russian law enforcement conducted searches Wednesday at Navalny’s Moscow apartment and his team’s headquarters, according to his aides.

The raids came as Navalny’s allies called for a second round of unsanctioned nationwide demonstrations, planned for Sunday, to demand the activist’s release from detention.

Last weekend, tens of thousands of Russians took to the streets, resulting in nearly 4,000 detentions, according to monitoring group OVD-Info.

Tycoon urges US pressure on Putin

Mikhail Khodorkovsky, a former oil tycoon who was once Russia’s richest man, spent more than 10 years in a Russian jail after falling out with Putin.

Speaking to CNN from exile in London, he urged US President Joe Biden to put pressure on Russian President Vladimir Putin’s inner circle to help save Navalny from a similar fate.

“Personal sanctions must be imposed by President Biden and others in the West on those closest to Putin,” he told CNN. “This would be extremely painful for Putin’s entourage and will affect the stability of his power.”

Khodorkovsky ran Russian oil giant Yukos until 2003. He was later convicted of tax evasion and fraud — charges he argued were politically motivated — and jailed.

“Looking back, I was one of the lucky ones. I lost a decade of my life in prison but others who challenge Putin have paid a far higher price,” he told CNN.

That list includes Anna Politkovskaya, one of Russia’s most prominent journalists and Kremlin critics. She was shot dead in 2006. There have been numerous arrests, two trials and five convictions, including of three Chechen brothers, but it is still unknown who ordered her murder. The Kremlin denies any connection with the killing.

In 2015, Russia’s former deputy prime minister Boris Nemtsov, then the most visible leader of the Russian opposition, was gunned down on a Moscow bridge within sight of the Kremlin. Five Chechen men were jailed for his killing in 2017.

Former Russian agent Alexander Litvinenko died in 2006 after being poisoned with a rare radioactive isotope, polonium-210. A UK inquiry concluded in 2016 that Putin probably approved the operation by two Russian agents to kill the ex-spy. Russia dismissed the UK inquiry as politically motivated.

US has ‘deep concern’ for Navalny’

The US State Department has called on Russia to free all those arrested at protests in the country over the weekend and for the immediate and unconditional release of Navalny.

US Secretary of State Tony Blinken said Wednesday that the Biden administration was conducting a review of Russian “actions that are of deep concern to us, whether it is the treatment of Mr. Navalny and particularly the apparent use of a chemical weapon in an attempt to assassinate him.”

Biden spoke to Putin on Tuesday for the first time since becoming US President, White House press secretary Jen Psaki said, and raised the poisoning of Navalny, among other issues.

“I don’t want to get ahead of where we are on those reviews,” said Blinken. “But as I say, we have a deep concern for Mr. Navalny’s safety and security, and the larger point is that his voice is the voice of many, many, many Russians, and it should be heard, not muzzled.”

Blinken told reporters he was “not ruling out anything but we want to get this full review done, and then we’ll take it from there.”

He also reiterated his comments from his Senate confirmation hearing that “it remains striking to me how concerned, and maybe even scared the Russian government seems to be of one man, Mr. Navalny.”

CNN’s Mary Ilyushina reported from Moscow and Laura Smith-Spark wrote in London. Anna Chernova contributed to this report.

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China mine rescue: Survivors to remain trapped at least two more weeks

image copyrightGetty Images

image captionDrilling into the mine is extremely difficult

Chinese rescue teams say it might be more than two weeks until they can save a group of miners trapped hundreds of metres underground.

They have been trapped since an explosion closed the entrance tunnel to the Hushan gold mine in Shandong province on 10 January.

Authorities made contact with 11 surviving miners a week after the blast, but one has since died.

Rescuers have drilled small holes to supply food and medicine to the men.

The cause of the explosion that sealed the mine entrance is still not known.

The fate of another 11 miners trapped by the blast is unclear – authorities have been unable to communicate with them despite lowering food and messages into other areas of the mine.

The group discovered alive told rescuers they had established communication with a lone miner about 100m below them, but had since lost touch with him.

How will the rescue work?

Currently, rescue operations are trying to widen a narrow shaft to make it big enough to lift the miners out.

However, drilling is proving difficult as it needs to get through particularly hard granite and the miners are trapped far from the surface. Rescuers face an added problem in that the mine is waterlogged and there’s the risk the chamber where the miners are stuck could flood.

“The obstacles are just too huge, which means we need a least another 15 days or even more to reach the miners,” Gong Haitao, deputy head of the local publicity department, said.

The debris standing in the way weighs about 70 tons, he added.

How did they get trapped?

The entry into the mine was severely damaged and communication was cut off by the so-far unexplained explosion.

For a week, there was no sign of life. Then, last Sunday, rescuers felt a pull on one of the ropes they were lowering into small shafts leading down into the dark.

A paper note was then sent up on a rope from a group of 12 surviving miners – 11 trapped in one place and a 12th trapped further below.

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Since then, the contact with the 12th miner has been lost, while one of the group of 11, who had fallen into a coma after sustaining a head wound in the explosion, was on Thursday confirmed dead.

image copyrightGetty Images
image captionRescuers have opened a communication channel with the trapped miners via a thin tunnel

Mining accidents are not uncommon in China, where the industry safety regulations can be poorly enforced. In December last year, 23 miners died after a carbon monoxide leak at a coal mine.

In September, 16 workers were killed at another mine on the outskirts of Chongqing, also due to carbon monoxide. In December 2019, an explosion at a coal mine in Guizhou province, south-west China, killed at least 14 people.

How are the miners doing?

The group of 10 known survivors are trapped in the dark some 600m (2,000ft) underground. They are in regular contact with the rescue teams.

A communication line has been established and food and medicine can be lowered to them through a narrow shaft.

While they’ve been receiving porridge and nutritional liquids, the miners a few days ago asked for a traditional meal of sausages.

Eight of them are thought to be doing well, while two are in poor health.

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media captionA wall of rock and mud slides into a flooded pit in Myanmar

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Capitals’ Ilya Samsonov tests positive for coronavirus; Ovechkin, two others remain off the ice – The Washington Post

  1. Capitals’ Ilya Samsonov tests positive for coronavirus; Ovechkin, two others remain off the ice The Washington Post
  2. Alex Ovechkin, 3 others on COVID-19 absence list as NHL fines Washington Capitals $100K for violations of protocols ESPN
  3. Caps will ‘have to move forward’ after breaking COVID protocol, Ovechkin among absences | NBC Sports NBC Sports
  4. Eklund – Ovechkin, Samsonov, Orlov, Kuznetsov Should be Quarantined. No Pay. Buzz@1 Hockeybuzz.com
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