Britain Announces A $2 Billion Rescue Package For The Arts

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London’s Lyceum Theatre is wrapped in pink tape bearing the words “Missing Live Theatre,” part of a campaign by a group of British stage designers.

Keith Mayhew/SOPA Images/LightRocket via Getty Images


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London’s Lyceum Theatre is wrapped in pink tape bearing the words “Missing Live Theatre,” part of a campaign by a group of British stage designers.

Keith Mayhew/SOPA Images/LightRocket via Getty Images

The British government will spend nearly $2 billion to help rescue the nation’s theater, museum and arts sectors. Sunday’s announcement came as more than 1,000 theaters remain shuttered across the country because of the coronavirus pandemic.

The rescue package will include grants and loans that theaters, museums, live music organizations and others can use to pay salaries and maintenance costs as they try to survive the COVID-19 recession.

“We were just extremely thankful,” said Kate Varah, executive director of the Old Vic, the famed London theater. “The government is rightly recognizing that investment in thriving sectors at a point of crisis is a good investment, and what we don’t want to do is come out of lockdown to have theaters boarded up, restaurants boarded up [and] shops unvisited wastelands.”

Oliver Dowden, Britain’s culture secretary, said the government would focus money on “crown jewels” such as the Royal Albert Hall, and emphasized that the rescue package was not a panacea for the entire culture and arts sector.

“Sadly, not everyone is going to be able to survive and not every job is going to be protected,” Dowden told the BBC.

The announcement came a day after England permitted pubs, restaurants, museums and movie theaters to reopen. Indoor live theater is not resuming for both social distancing and financial reasons. Many Victorian-era theaters in London’s West End have small seats crammed next to each other.

Theaters such as the Old Vic are public charities that in the past have not relied on government subsidies but on ticket sales and public support. Varah said if the Old Vic were to hold socially distanced performances, it could only operate at 30% capacity, while it needs to sell 70% of its seats to break even.

Netflix, meanwhile, is donating $625,000 to a fund set up by film and theater director Sam Mendes to provide relief to freelance theater workers who haven’t been able to tap government support.

Mendes has argued that companies such as Netflix, which have thrived in the lockdown entertainment economy, should help support the British theater ecosystem that has nurtured talent benefiting the American entertainment industry. For instance, Fleabag, Phoebe Waller-Bridges’ Emmy-winning series and an Amazon hit, began as a one-woman show at London’s Soho Theatre.

The $2 billion rescue package adds to the government’s enormous spending during the recession, which includes $17 billion a month to support workers’ salaries. Many expect the bill for all this will ultimately fall to British taxpayers.

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Simon & Schuster Names Dana Canedy New Publisher

Mr. Karp said that while Ms. Canedy doesn’t have experience at a publishing house, not every publisher does. He was at Random House when Harold Evans, a former editor at The Sunday Times of London, came on as publisher in the 1990s. Ms. Canedy, he added, knows what a prizewinning book looks like from her time at the Pulitzers. She also understands the needs of authors, he said, because she is one.

“I think the first thing you have to be able to do is to attract authors, to cultivate authors and to champion authors,” Mr. Karp said. “I wanted somebody who was going to be a magnet for the best talent.”

Simon & Schuster has been active in publishing headline-making books about the Trump administration. In just the past few weeks, it has published “The Art of Her Deal,” a biography of Melania Trump by the Washington Post reporter Mary Jordan, and “The Room Where It Happened,” John Bolton’s memoir about his time in President Trump’s administration. This month, it plans to publish “Too Much and Never Enough,” by Mary L. Trump, a niece of the president. Like Bolton’s book, which was published over objections from the White House, “Too Much and Never Enough” is facing a legal battle before it can hit shelves.

“I think they’re leading on the publishing of political books in this moment, and that’s important,” Ms. Canedy said of her new company. “I’m particularly proud to be joining them at a time when they’re doing that, and I will continue to help in that effort.”

Ms. Canedy will take over the imprint, the company’s largest and its biggest revenue generator, at a challenging moment, while the publishing house is up for sale during a pandemic. In March, ViacomCBS, which owns Simon & Schuster, said it would sell the publishing house to focus on other components of its business like sports content. But Ms. Canedy declared herself undaunted.

“Look, life is going to happen while the world moves, so you can either move with it or get left behind,” Ms. Canedy said. “You might as well do it.”

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Spain court approves extradition of Mexico’s former oil chief

Spain’s National Administrative Tribunal has agreed to extradite Emilio Lozoya, former chief executive of oil company Petroleos Mexicanos (PEMEX), to Mexico.

Lozoya, 45, is wanted in Mexico on charges including bribery and money laundering in cases involving Brazilian construction firm Odebrecht SA as well as a Mexican fertilizer firm. He denies any wrongdoing.

Odebrecht, the largest construction firm in Latin America, has admitted to paying hundreds of millions of dollars in bribes to win contracts in 12 countries, including Mexico.

The scandal has brought down ex-presidents and top officials in countries including Brazil, Peru and Colombia, but there have been no arrests or prosecutions so far in Mexico.

Lozoya, who ran PEMEX between 2012 and 2016 and was once a close confidant of former President Enrique Pena Nieto, allegedly took more than $10m in bribes from Odebrecht starting in March 2012.

Extradition 

He had already agreed to be extradited, Mexican Attorney General Alejandro Gertz said last week.

Lozoya was arrested in the Spanish city of Malaga in February, months after fleeing Mexico.

The cases against him raised questions about how much others in the previous administration in Mexico knew about his actions.

The extradition is widely expected to boost Pena Nieto’s successor, Andres Manuel Lopez Obrador, in his contention that he is serious about cracking down on corruption.

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NSW government offered council grant funding to end legal action

In October 2017, Parramatta’s then-mayor Andrew Wilson claimed the municipality was owed $24 million in rates from Hornsby Shire Council after the boundaries between the councils shifted to put about 15,000 residents from Epping, Carlingford and Beecroft within Parramatta.

In October the following year, Office of Local Government head Tim Hurst and City of Parramatta acting chief executive Sue Coleman exchanged emails regarding a confidential report about a funding proposal from the government department relating to the council’s considerations in settling with Hornsby.

Parramatta resolved at a November 5 council meeting to accept in principle the offer from the Office of Local Government on the condition the funding agreement could be widened to include priority social infrastructure in Epping.

“This list which includes approximately $120M [sic] in community facilities, open space and recreation works for this area … is attached for your information,” Ms Coleman wrote to Mr Hurst on November 6.

Mr Hurst then wrote to a senior policy adviser in Ms Berejiklian’s office saying, “Parramatta have indicated that if I can get the revised agreement back to them today then they can get the settlement offer to Hornsby in time for their next meeting.”

NSW Supreme Court records show the matter was settled and vacated on December 7.

An Office of Local Government spokesperson said the City of Parramatta received $16 million from the Stronger Communities Fund for the development of a community hub in Epping and improvements to Dence Park in Epping.

“This was in addition to the $15 million the City of Parramatta received in 2016 from the fund as a newly created council to kick-start delivery of community infrastructure,” the spokesperson said.

“The Office of Local Government administered the Stronger Communities Fund in accordance with the program’s guidelines and decisions of government.”

The spokesperson has previously said the Office of Local Government needed to directly liaise with the offices of the Premier and Deputy Premier, in order “to clarify matters with the decision makers”.

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Greens MLC David Shoebridge, who is chairing an inquiry led by the Upper House’s Public Accountability Committee, said it was a part payment on a complex deal to end litigation between Parramatta and Hornsby “caused by the government’s own bungled merger plans”.

“It’s offensive to see public money used as though it’s the Liberal Party’s private stash to help make their self-created political problems go away,” he said.

The guidelines for the scheme were changed in late June 2018, around the same time Ms Berejiklian approved of funding going to several councils that weren’t merged.

Councils that have been affected by a merger are also now eligible for funding.

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We did the math: iPhone screen sizes ARE bigger now

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Have you ever looked at the screen on your new iPhone and thought “wow, is this bigger than the old iPhones?” You and me both, pal.

But we’re all busy people, right? To prove such a hypothesis you’d need to look at figures and facts and — sickeningly — plot that into some sort of scatter graph like a fucking nerd. Who in their right mind has time for something like that? Well, today, me.

Anyway, without further ado, here’s a graph plotting iPhone screen sizes against the year the model was released:

If you’re reading that on your phone, switch to “Desktop Mode” in order to get the fully interactive one with more detail. If that really sounds like too much effort, here’s the static version:

First off, a little bit of methodology.

I’ve simply plotted the year the phone was released against the screen size in inches (measured diagonally from one corner of the phone to the other). If you hover over a point, you can see all the requisite information — not only including what’s graphed, but also pixel density for a little more juice.

I’ve also grouped the phones together by range, some of which spread over several years. It didn’t make sense to separate, say, the iPhone 6 and the iPhone 6s into two different categories. You can filter by these on the interactive graph higher up.

What can this tell us about iPhone screen sizes?

One thing’s for sure: they’ve definitely gotten bigger.

In fact, in the ten years since the launch of the iPhone 3GS, the screen size has almost doubled (3.5 inches to 6.5).

Seeing it visualized, I was also surprised at the slow evolution of the screen size from 2009 to 2013. Across this period, only half-an-inch was added and the pixel density between the iPhone 4 and 5 only changed minimally, meaning there wasn’t even much of a detail bump.

Something else we can take away from this plotting of the iPhone screen sizes is how Apple appears to keep the same size for a few years before changing anything. This suggests that the upcoming iPhone 12 will have screen sizes in line with the 11 range.

But… we could expect a change when the iPhone 13 comes along.

Anyway, there you have it: total proof that, yes, iPhone screen sizes are bigger now than they used to be. You are very welcome.

For more gear, gadget, and hardware news and reviews, follow Plugged on
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Flipboard.

Published July 6, 2020 — 14:02 UTC



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Two ambulance paramedics stabbed

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The ambulance crew were on a call at a property in Stephens Close, Wolverhampton

Two paramedics have been stabbed while attending a call to check on the welfare of a man.

Both have been taken to hospital after being injured at a property in Stephens Close, Wolverhampton, at about 12:15 BST.

The crew used their emergency alert shortly after arriving at the property, the ambulance service said.

A man was Tasered by police and also treated for injuries. Officers confirmed a man has been arrested.

Three additional ambulances, two Midlands Air ambulances and the West Midlands Care Team responded to the stabbing, along with three paramedic officers.

The victims were treated at the scene in the Ashmore Park area of the city before being taken to hospital.

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Police have arrested a man over the attack

Speaking on Twitter, an acting operations manager for West Midlands Ambulance Service said: “This has made me feel sick… No one should come to work and suffer such harm. Especially when they’ve come to help people.”

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Pilots Were Once in Short Supply. Now They’re Losing Their Jobs.

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Joshua Weinstein always wanted to be an airline pilot, but the industry was in crisis when he started college in 2002, so he became a middle school teacher instead.

He loved that job, but after a decade of flying in his free time at a cost of tens of thousands of dollars, Mr. Weinstein began hearing more about a looming pilot shortage and left the classroom in 2018 to pursue his dream. It worked: In January, he started training to fly for ExpressJet, which operates regional flights for United Airlines. But the coronavirus pandemic, which devastated the airline business, could thin the ranks of pilots by the thousands and has already put the nascent careers of people like Mr. Weinstein on hold.

“The worst part right now is that the only thing we know is that nobody knows anything,” he said. “There’s uncertainty. We just don’t know what happens next.”

For years, flight schools, airlines and experts encouraged people like Mr. Weinstein to become pilots. They promised young recruits a job that was lucrative and secure because thousands of pilots in their late 50s and early 60s would retire in the coming years and demand for travel would continue growing. The profession is still stacked with older aviators, but airlines are expected to make deep cuts in the coming months, and the pilots most at risk are those who are just starting out.

While air travel has recovered somewhat, it is still only about a fourth of what it was last year, according to airport security data. Most experts say the recovery will be slow and uneven because of a patchwork of travel bans and the unpredictable nature of the pandemic. The recent surge in coronavirus infections has already forced some governors to delay reopening their state economies and to shut down bars and other businesses. If cases continue to increase, as some public health experts fear, air travel could become a lot less appealing.

To prepare for that uncertain future, the nation’s largest airlines are stockpiling billions of dollars in cash. If ticket sales do not recover soon, American Airlines, Delta Air Lines, Southwest Airlines and United have said they could resort to job cuts as soon as Oct. 1, the first day when airlines are free to eliminate jobs and reduce hours under a stimulus law that Congress approved in March.

Airlines could lay off, furlough or reduce the hours of tens of thousands of pilots, cuts that would disproportionately fall on those who have less union seniority and training. Major airlines have already stopped hiring pilots after posting hundreds of openings in the first quarter of the year, according to Future & Active Pilot Advisors, a consulting firm.

Several companies are offering buyout packages to avoid deeper cuts later. Southwest, for example, has said it isn’t likely to need more than a thousand pilots on its payroll, according to its pilots union, and is offering several years of partial pay and benefits to those who agree to leave the company temporarily or permanently. Delta warned last week that it could furlough nearly 2,600 pilots and is offering early-retirement packages.

Some pilots said the turmoil was nerve-racking, but those who have been in the profession for a while have come to expect it.

“You kind of know going in that aviation has high highs and low lows,” said Lisa Archibald, 41, a Delta pilot and volunteer with the airline’s pilot union, the Delta Master Executive Council. “You do it because you love what you do.”

Like Mr. Weinstein, Ms. Archibald arrived at the job by way of a detour. After graduating from Purdue University’s School of Aviation and Transportation Technology, she was hired to fly at American Eagle, which American Airlines owns. But the job started days before the 2001 terrorist attacks, and she was furloughed after just a few weeks.

About a year later, Ms. Archibald found a job piloting corporate jets, which she did for 15 years. She joined Delta in May 2017.

Unsurprisingly, pilots are passionate about the profession. That’s why they spend years in grueling training programs, trying to rack up the minimum flight hours and credentials needed to become airline pilots, at a cost of up to $100,000, not including the price of a college degree.

Mr. Weinstein, 36, estimates that he easily spent between $50,000 and $70,000 on flight training, offset by what he earned working at the flight school and teaching middle school in New Jersey over a decade. At ExpressJet, first-year pilots earn a minimum $36,000 a year.

Many pilots borrow tens of thousands of dollars to pay for their training, loans that can take years to pay off. While veteran pilots at the big airlines can make as much as $300,000 a year, starting salaries at regional airlines can be as low as $30,000, according to Future & Active Pilot Advisors. Most pilots typically spend several years at a regional outfit before making it to a larger carrier.

The median salary for the country’s nearly 125,000 airline and commercial pilots is about $121,000, according to federal data.

  • Updated June 30, 2020

    • What are the symptoms of coronavirus?

      Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.

    • Is it harder to exercise while wearing a mask?

      A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.

    • I’ve heard about a treatment called dexamethasone. Does it work?

      The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.

    • What is pandemic paid leave?

      The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.

    • Does asymptomatic transmission of Covid-19 happen?

      So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.

    • What’s the risk of catching coronavirus from a surface?

      Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.

    • How does blood type influence coronavirus?

      A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.

    • How many people have lost their jobs due to coronavirus in the U.S.?

      The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.

    • How can I protect myself while flying?

      If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)

    • What should I do if I feel sick?

      If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.


In recent years, airlines were so worried about finding enough pilots that they took steps to secure a steady supply of workers. United, for example, said in February that it was buying a flight school in Phoenix in anticipation of a need to hire more than 10,000 pilots by 2029.

Boeing’s chief executive said last year that the pilot shortage was “one of the biggest challenges” facing the industry. Global demand was growing so quickly that airlines would need to hire 645,0000 pilots over the next two decades to keep up, about 131,000 of them in North America, Boeing predicted.

Historically, most airline pilots cut their teeth in the military, but the armed forces have increased the minimum years that pilots must serve, said Mike Wiggins, the chairman of the department of aeronautical science at Embry-Riddle Aeronautical University. As a result, for the past decade or so, most new airline pilots have been civilians.

The shortage was long in the making, but has been delayed time and time again, first by the 2001 terrorist attacks, then by the Great Recession and the Federal Aviation Administration’s decision to raise the mandatory pilot retirement age to 65 from 60. The pandemic will likely push it further down the road.

“A lot of those dynamics are still going to be there,” Mr. Wiggins said. “Obviously, the growth is not there right now. But the retirements are still going to be there. Time marches on.”

Mr. Weinstein knows those dynamics well. He had wanted to become a pilot since he toured a cockpit when he was 6, but his timing always seemed off. He started college just after the Sept. 11 attacks and graduated just as the Great Recession took hold.

He finally landed a piloting job this year, but was told in May that ExpressJet was pausing training for him and dozens of other new pilots. So Mr. Weinstein has returned to working at the flight school where he learned to become a pilot, offering virtual instruction and flying when he can.

He and Ms. Archibald have been in touch with people in their former careers, waiting to see how the next few months shape up and how their employers sort out what and how many jobs will remain after the federal stimulus ends.

Whatever the outcome, Mr. Weinstein said, all that effort has been worth it.

“I have something to show for it because I did make it to the airlines and I did get hired and I did achieve that dream,” he said. “And so part of me says not to regret a single moment of it, because I put my mind to something and I did it.”

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Turkey’s ‘peg-legged’ foreign currency reserves

Jul 6, 2020

The US dollar stockpiles of countries have taken on a new importance amid the global economic turmoil caused by the COVID-19 pandemic. The turmoil has forced countries to review how they manage the gaps between their assets and liabilities and enact fresh measures. As a result, the adequacy of foreign currency reserves in meeting short-term liabilities has become a closely watched indicator.

A report released by the International Monetary Fund (IMF) last week, offers data comparing central bank reserves to the short-term liabilities of countries. The document — an update to the IMF global financial stability report — reveals that the reserves of Turkey’s central bank are below the adequacy limit. The ratio of foreign currency reserves to short-term liabilities, supposed to be at least 100%, stands at about 80% for Turkey, which is shown in the most fragile group, along with South Africa, Chile and Egypt. In terms of the ratio of external financing requirements, including the current account balance and debts maturing within a year, to gross domestic product, Turkey is again among the most fragile countries, along with Poland and Malaysia. 

The IMF’s reserve adequacy norm is a matter of debate on both the reserves and liabilities legs. The argument standing out in Turkey is that the country’s central bank has grown more fragile in meeting its liabilities, with more than 60% of its reserves relying on currency swap deals, that is, a “peg leg.”

According to central bank data, Turkey has $164.6 billion in debts that will mature within a year. The country’s current account deficit reached $12 billion in the first four months of the year and is likely to hit $30 billion by the year-end. 

The IMF uses a more complicated formula to calculate the reserve adequacy of central banks. It factors in 30% of short-term external liabilities in the nearest 12 months and 15% of other liabilities as well as 5% of export and services revenues and 5% of broad money supply. According to @VeFinans, a Twitter handle that publishes reliable data on the Turkish economy, the central bank’s reserve adequacy was 72.6% in April as per IMF criteria, with gross reserves amounting to only $86.3 billion and liabilities standing at $119 billion under the said formula. 

Turkey’s central bank provides no data on reserve adequacy, but releases monthly figures on gross reserves in line with IMF standards. In May, the bank’s official reserve assets totaled $90.9 billion, a 5.3% increase from $86.3 billion in April. In sub-items, foreign currency reserves increased 5.4% to $52.8 billion and gold reserves rose 5.4% to $36.7 billion. 

The bank notes that “outstanding FX and gold liabilities arising from [the central bank’s] financial derivative activities with resident and non-resident banks recorded $55.3 billion, of which $20.1 billion is due in one month.” This is an important detail as it pertains to sums obtained through currency swaps with foreign central banks and local banking actors. Accordingly, it reveals that more than 60% of reserves have been secured through swaps or “financial derivative activities.” 

Turkey has clinched swap deals with China and Qatar and the sum obtained through those deals has been announced as $16 billion. Turkey sought a similar deal with the US Federal Reserve, but to no avail, even though the Fed offered swap lines to other emerging economies such as Brazil and Mexico. Some observers tend to attribute the spurning of Turkey to diplomatic frictions with Washington, but harsh economic realities stand out as the essential reason. Here is why:

In mid-March, risk perception at the markets deteriorated and credit lines came to the brink of collapse under the economic impact of the COVID-19 pandemic. The US dollar liquidity in global markets became extremely scarce, leading the Fed to offer swap facilities to the central banks of the eurozone, England, Japan, Switzerland and Canada, all key actors in global money flows. The facility was soon extended to Australia, New Zealand, Singapore, Denmark, Norway, Sweden, South Korea, Mexico and Brazil.

The reasons for Turkey’s exclusion are not hard to discern. The share of Turkish financial assets in the basket of developing market economies has seen a sharp decline, shrinking to about 0.5%. Ankara has severely squeezed the London lira market to prevent what it sees as speculation by foreign actors to weaken the country’s currency. Among holders of government bonds, the foreigners’ share has fallen to 6% from about 30%. And US-Turkish trade is worth only about $20 billion, accounting for less than 0.4% of US trade volume. 

Meanwhile, the central bank is estimated to have used about $70 billion in reserves to prop up the embattled lira in the past 15 months, employing indirect, non-transparent methods via public banks. While the results of those operations have been lackluster, the international media has often sounded alarm over the central bank’s plunging net reserves. In sum, the central bank’s failure to get the Fed’s green light is hardly a surprise.

The $16 billion from the swaps with the Chinese and Qatari central banks aside, the remaining $39 billion in transactions have been with local banks. The banks’ foreign currency deposits at the central bank stood at $54 billion in May, meaning that their on- and off-balance-sheet assets at the central bank totaled $93 billion. 

This swap-reliant, “peg-legged” outlook of the central bank involved $55 billion in swap liabilities and $33 billion in net international reserves in May. To describe better the “peg leg,” one could put it as $22 billion in negative reserves, deducting the swaps from the net international reserves. 

The way out from such dire straits goes through improving the country’s credibility. And confidence in Turkey depends on political credibility and a sustainable governance system. The executive presidency system, introduced two years ago, has failed to meet those expectations.



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Meet the Gleaners, Combing Farm Fields to Feed the Newly Hungry

In truth, gleaning gathers a very small fraction of what is surely billions of pounds of produce, most of which is simply worked back into the soil. It also yields far less than other surplus-food programs, where donations from supermarkets and distribution hubs are measured not by the garbage bag, but the tractor-trailer.

But gleaning is still important, Mr. Peterson said. “What gleaners do really well is work within the spaces missed by more traditional food recovery and hunger programs,” he said.

They can pick a farm’s fragile greens on 24 hours’ notice, set out a free box of tomatoes still warm from the sun at a rural library, or deliver pints of delicate, just-picked raspberries to a nearby food pantry lacking a refrigerator, on the same day it gives out food.

That’s why Harvest Against Hunger, in Seattle, eventually added gleaning to its larger food-rescue programs, said David Bobanick, 54, its executive director. Today, the 38-year-old organization also runs a national gleaning incubator program through AmeriCorps VISTA that aims to create operations that are tailored to meet the specific needs of their region.

This year, that should also mean financial support for farms that donate the food, most of which aren’t able to participate in the Farmers to Families Food Box program, Mr. Bobanick said. His organization is one of several that have recently won funding to broker arrangements between hunger relief organizations and farmers who can’t sell their crops.

This is also a goal of the sales platform Forager, which will use the rest of its ReFED grant to introduce a new tool that will connect gleaning groups to agencies with funds to buy food. Most of the money will go to the farmer, but a portion will also go to the gleaning group to cover the costs of distribution, said Erica Merritt, 29, who is coordinating the effort.

The idea arose when the obvious became clear, she said: “Gleaners are literally in this unique position between the farms that can’t sell their food, and the people that are hungry.”

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Coronavirus: After a pub trip and a trim, PM urges Britons not to ‘stuff this up’

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Boris Johnson has urged Britons not to “stuff this up” after he joined many in taking advantage of pubs reopening in England.

The prime minister said while there were “some people who have been getting it wrong” – with drinkers seen packed together in central London on Saturday night – most people “did the right thing”.

He urged the public to “enjoy ourselves safely” as coronavirus lockdown measures are eased, and revealed he has had a haircut.









‘Drunk people can’t socially distance’

His political opponent, Labour’s Sir Keir Starmer also got a trim over the weekend and was pictured pulling pints and posing with a beer that’s name poked fun at Dominic Cummings on Monday.

Asked during a visit to a rail construction site in Yorkshire if drinking and social distancing can mix, Mr Johnson said: “I think they can mix if people are sensible.

“Actually my evidence I’ve seen is yes – there have been some places where people have been imprudent and you can see there’s been some people who have been getting it wrong.

“But actually overwhelmingly over the weekend I think the people of this country did the right thing.

“If we can keep it up, if we can keep going in the way we are, maintain discipline, enjoy ourselves but enjoy ourselves safely, then we will continue to drive down this virus and we will be able to get back to life as close to normal as possible as fast as possible.

“But we cannot be complacent, we really can’t afford to stuff this up, to blow it now.”

Pubs have been serving takeaway pints for the last few weeks
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Pubs let punters in for the first time in months last weekend

Number 10 said earlier police forces reported being “quieter than expected” after pubs and restaurants were allowed to open on Saturday.

They also confirmed he got a trim over the weekend and went for a drink near his Chequers country retreat.

In Scotland, First Minister Nicola Sturgeon has urged people to strictly follow distancing rules as beer gardens open from this week.

“If you go to a bar or a restaurant outside right now, if it feels totally normal, exactly like it was before this pandemic, then something is wrong,” she said.

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