Maria Panaritis: The strangeness of having a checkup during a pandemic
It began two weeks ago, my foray into the abnormal new normal of a region reopening from pandemic lockdown.The kid’s dentist was back in business. My boy, too, had been yanked from kindergarten, cut off from classes, friends, and even trips to the supermarket. So, when the dental office opened back up, we slipped him in for a cleaning. In theory, schools are reopening this fall. In theory, they will need evidence that the kids saw a doctor and dentist.His would be the first of several medical meet-ups I’d book as the region entered or moved toward the “green” phase of reopening businesses and ...
The Philadelphia Inquirer
Wells Fargo expects dividend cut as coronavirus roils financial system
Wells Fargo expects it will shrink its dividend when it announces second-quarter earnings in July, the San Francisco-based bank said Monday.It will be the bank’s first dividend cut since the financial crisis.The move came after the Federal Reserve released the results of its annual stress tests of the country’s largest banks Thursday, in which it barred them from buying back their own stock or increasing dividend payouts to shareholders in the third quarter.Despite the restrictions, the regulator said that banks were generally still well-capitalized during the economic downturn caused by the c...
The Charlotte Observer
Law firm sued for unpaid rent in Chicago's first big office space leasing lawsuit of pandemic
CHICAGO — One of Chicago’s largest law firms is itself getting sued after skipping rent payments on its sprawling riverfront office during the coronavirus pandemic.Jenner & Block failed to make April 1 and May 1 rent payments and is in default on its lease at 353 N. Clark St., alleges a lawsuit filed by its landlord, an affiliate of Chicago-based real estate investment manager Heitman. The suit seeks to collect more than $3.8 million.The lawsuit, filed May 20 in Cook County Circuit Court, is the first known major legal spat between commercial landlords and tenants in Chicago since companies be...
Global spending on oil to drop by $1 trillion in 2020 says IEA
Abu Dhabi: Investments in the energy sector will see their biggest fall this year due to the COVID-19 outbreak, which has hit both demand and prices, with consumer spending on oil set to drop by $1 trillion in 2020 according to the International Energy Agency (IEA).“The speed and scale of the fall in energy investment activity in the first half of 2020 is without precedent. Many companies reined in spending; project workers have been confined to their homes; planned investments have been delayed, deferred or shelved; and supply chains interrupted,” the IEA said in their World Energy Investment...
Corn prices keep slumping, and farmers keep planting more
MINNEAPOLIS — Corn farmers are throwing another government-backed Hail Mary this year, planting more of the crop than in 2019 even though prices are near the bottom of a six-year slump.“They call it plant and pray,” said Al Kluis, a commodities broker in Wayzata. “What you want is a disaster in some other part of the Corn Belt or some other country.”Favorable weather in April helped most Minnesota farmers get corn in the ground faster than last year, when a wet spring kept them out of some fields until June and some cornfields were never planted.But despite all those problems, the 2019 crop yi...
Star Tribune (Minneapolis)
Cooking with what's on hand: How to make great dinners with frozen fish or canned seafood
My freezer and pantry shelves overflow. And not just during a health crisis. The pantry shelves of most food professionals hold a variety of grains, canned chiles, condiments and broth. We utilize freezers for a convenient supply of fish and poultry, as well as to stock up on the season’s best fruits, vegetables and herbs.Frozen fish in many cases proves far superior to the “thawed for your convenience” items at the supermarket. I prefer to have control over the defrosting. Thawed properly, in the refrigerator, seafood maintains its flavor and texture all the way to the dinner table. I regular...
The Week Ahead: Paying the bill for COVID relief
In the week ahead, bond investors will continue picking up the tab for the billions of dollars of taxpayer money spent to blunt the economic consequences of COVID-19.The federal government will issue $96 billion of IOUs over the course of three days. Consider it a down payment of the $3 trillion Uncle Sam plans to borrow before the end of June. This level of borrowing is five times the quarterly borrowing by the government during the worst of the Great Recession. And it comes after $1.5 trillion of IOUs have been issued since the end of March.Before this week, the government had concentrated i...
GM hopes to stockpile billions more in cash from a one-day bond sale
General Motors sold bonds for the first time Thursday since 2018 in a one-day offering to stockpile cash amid the uncertain market conditions during the coronavirus pandemic.The automaker said it offered senior unsecured fixed-rate notes, in other words, bonds, to investors on Thursday only.At the end of the sale, GM said the pricing of three series of notes raised $4 billion. The offering is expected to settle on May 12.After the closing of the notes offering, GM said it expects to enter into a new 364-day revolving credit agreement that will provide it borrowing capacity of $2 billion. GM sa...
Detroit Free Press
Union wages proxy campaign to unseat two Alden directors from Tribune Publishing board
The union representing newsroom employees at the Chicago Tribune and other Tribune Publishing newspapers is waging a proxy campaign to unseat two board members representing hedge fund Alden Global Capital, the largest shareholder of the Chicago-based newspaper chain.In a letter dated Monday, the NewsGuild-Communication Workers of America urged Tribune Publishing shareholders to vote against the election of Dana Goldsmith Needleman and Christopher Minnetian to the eight-member board. A copy of the letter was filed with the Securities and Exchange Commission on Tuesday.Voting is set to take plac...
What to do with all those potatoes you stockpiled: Make delectable savory pancakes
Merriam-Webster defines the potato pancake as a “lobe-finned fish known chiefly from Paleozoic and Mesozoic fossils.”Sorry. That’s a coelacanth.Regardless, while both the potato pancake and the coelacanth go great with sour cream and applesauce, that’s where the similarities end. In fact, I’m not even sure why we’re talking about coelacanths in the first place. This is a family newspaper, for the love of Mike.Potato pancakes, on the other hand …Why you need to learn thisWell, taters are totally tasty and a whole heap cheaper than those 50,000-piece jigsaw puzzles you’ve been stockpiling of lat...