The catastrophe period loans which are key to Important Avenue’s survival

In an aerial view, burned cars and homes are seen in a neighborhood that was destroyed by a wildfire on August 18, 2023 in Lahaina, Hawaii.

Justin Sullivan | Getty Images

Widespread damage from Hawaii’s recent wildfires and Hurricane Idalia in Florida underscores the costly effects of natural disasters on small businesses. The total cost to the state from the Hawaiian disaster has been estimated at $4 billion to $6 billion by Moody’s.

For business owners, it helps to know options to recover and rebuild exist, including federal loans, grants and state and local funding. This is especially important given the spate of natural disasters impacting the U.S. “You never know when a disaster is going to hit you, and they seem to be more frequent and longer these days due to climate issues,” said Eric Groves, co-founder and chief executive of Alignable, an online network of business owners.

Here’s what small businesses need to know about funding options after a disaster:

SBA low-interest disaster loans

Small businesses that have suffered a “substantial economic injury” — meaning they can’t meet their obligations and pay normal expenses — may be eligible for an SBA Economic Injury Disaster Loan, also known as EIDL. 

In Hawaii, for example, the SBA recently said low-interest EIDLs are available to small businesses and most private nonprofit organizations in Hawaii, Honolulu and Kauai counties as a result of wildfires that began August 8 in Maui County. Interest rates on these loans can be as low as 4 percent for small businesses and 2.375 percent for private nonprofit organizations, with terms up to 30 years. Interest does not begin to accrue until 12 months from the date of the initial disaster loan disbursement. SBA disaster loan repayment begins 12 months from the date of the first disbursement, the SBA announced in August.

EIDL proceeds can be used for working capital and normal expenses such as the continuation of health care benefits, rent, utilities, and fixed debt payments. There are restrictions though. For instance, EIDL is only available to small businesses that are unable to obtain credit elsewhere, as determined by the SBA, and collateral requirements may apply. Businesses can obtain up to $2 billion in funding, based on their actual economic injury and financial needs — which many business owners in Hawaii, in particular, are finding hard to document, based on the scope of the devastation, Groves said. 

The business doesn’t need to have suffered property damage to apply.

There’s a separate SBA disaster assistance program for businesses in a declared disaster area to cover property damage to the business. Businesses of any size and most private non-profit organizations may apply. Loan proceeds can be used for the repair or replacement of real property, machinery, equipment, inventory and fixtures. Qualified businesses can receive up to $2 million to cover disaster losses not fully covered by insurance. A business may qualify for an EIDL and a physical disaster loan, but the maximum combined loan is $2 million, according to SBA.

FEMA grants

FEMA has several assistance programs that can help individuals impacted by disasters, with availability based on zip code and location qualification. FEMA works with SBA to determine if people should get money for personal property or transportation assistance from FEMA or SBA. FEMA does not provide money for losses to people who may qualify for an SBA loan.  

FEMA automatically refers people who meet the SBA’s income standards to the agency for a disaster loan. In most cases, FEMA grants do not have to be paid back. 

Public finance options beyond the federal government

States, counties and municipalities might also have financial resources for owners to tap, said Oren Shani, a certified business coach at Accion Opportunity Fund, which provides small business owners with access to capital, networks and coaching.

For example, earthquake and wildfire-prone California has the California Small Business Finance Center’s Disaster Relief Loan Guarantee. Eligible small businesses with one to 750 employees could qualify for up to $1 million in funding.

In hurricane-laden Florida, Governor Ron DeSantis recently activated the Florida Small Business Emergency Bridge Loan Program, making $20 million available for businesses impacted by Hurricane Idalia.

Shani recommends businesses sign up for newsletters from their local or state Chamber of Commerce or equivalent organizations. This way, programs related to financial assistance come directly to their inbox. Programs can come and go, however, so business owners shouldn’t rely on dated information, even if it’s only from a few months earlier, Shani said.

Beware of predatory lenders

Predatory lenders tend to come out of the woodwork when small businesses are most needy, said Carolina Martinez, chief executive of CAMEO, a California micro-business network. Small businesses should make sure to understand the nitty-gritty details of what they are being offered before signing up for any type of funding, she said. The same advice pertains to reputable providers; before agreeing to any loan or funding opportunity, owners should be sure to read the terms carefully and understand what they are signing up for. 

Proactively line up partners, review insurance coverage

It’s also advisable for owners to keep a list of trusted partners that can include nonprofits like a local Community Development Financial Institution, an SBA Small Business Development Center, or independent organizations that are known to support small businesses, Martinez said. In the event of a disaster, these resources will be on hand, allowing the owner to send a quick email or text and ask about possible aid options or the legitimacy of a particular vendor that may be soliciting you, she said. 

Before disaster strikes, small businesses should also check their insurance coverage to see what’s covered — and what’s not — for every imaginable type of disaster, Groves said. 

For example, some businesses in Hawaii were surprised to learn that their insurance coverage for fire didn’t cover them for the ash damage they faced. Even if a business is covered, it can still take months to collect the money, but at least owners will have a sense ahead of time of what will be covered, Groves said. Also, suppliers are more likely to be lenient about repayment terms for businesses that have insurance proceeds coming to them, he added.

On average, business owners tend to have no more than a month or two of cash on hand — Groves cited data showing 37 days of cash as average — but because of the frequency of natural disasters, having a longer runway, if possible, is better. “If you’re just operating your business that may be sufficient, but if you get blindsided by a natural disaster that could take months to recover from, it’s not enough,” Groves said.

Meta’s VR know-how helps to coach surgeons and deal with sufferers

Meta CEO Mark Zuckerberg demonstrates an Oculus Rift virtual reality (VR) headset and Oculus Touch controllers during the Oculus Connect 3 event in San Jose, California, U.S., on Thursday, Oct. 6, 2016.

David Paul Morris | Bloomberg | Getty Images

Just days before assisting in his first major shoulder-replacement surgery last year, Dr. Jake Shine strapped on a virtual reality headset and got to work.

As a third-year orthopedics resident at Kettering Health Dayton in Ohio, Shine was standing in the medical center’s designated VR lab with his attending physician, who would oversee the procedure. 

Both doctors were wearing Meta Quest 2 headsets as they walked through a 3D simulation of the surgery. The procedure, called a reverse total shoulder arthroplasty, can last around two hours and requires surgeons to carefully navigate around neurovascular structures and the lungs.

After the mock procedure, Shine took his headset home to practice. He did so roughly twice a day before the surgery.

“You can really fine-tune and learn what to do, but also what definitely not to do, with zero risk to the patient,” Shine told CNBC in an interview. 

Ultimately, there were no complications in the procedure and the patient made a full recovery, he said. 

“Anecdotally, I think it went smoother and quicker than it would have,” Shine said, than if the attending physician “was having to walk me through every step in the case the same way that he did in the VR.” 

While consumer VR remains a niche product and a massive money-burning venture for Meta CEO Mark Zuckerberg, the technology is proving to be valuable in certain corners of health care. Kettering Health Dayton is one of dozens of health systems in the U.S. working with emerging technologies like VR as one tool for helping doctors to train on and treat patients.

The broad category of “extended reality” includes fully immersive VR headsets like the Quest 2, and augmented reality (AR) devices, where the user can see a digital overlay on top of real-world surroundings.

Whether the nascent technology can ever be cost-effective across the medical industry is very much an open question, but early tests are showing the potential utility of VR in helping to improve health outcomes.

Meta, then known as Facebook, entered the market with the purchase of Oculus in 2014. Three years later, the company introduced its first stand-alone headset. In 2021, Facebook rebranded as Meta, and Zuckerberg committed to spending billions, betting the metaverse would be “the next chapter for the internet.” Since the beginning of last year, Meta’s Reality Labs unit, which develops the company’s VR and AR, has lost over $21 billion. 

Apple is preparing to enter the VR market, going after the higher-end user with the $3,500 Vision Pro that’s expected to debut early next year. Meta is slated to release the Meta Quest 3 as soon as next month.

An Apple spokesperson didn’t provide a comment on potential uses in health care and directed CNBC to an announcement in June regarding Vision Pro’s software developer kit. In that announcement, Jan Herzhoff, Elsevier Health’s president, is quoted as saying that her company’s Complete HeartX mixed reality offeringwill help prepare medical students for clinical practice by using hyper-realistic 3D models and animations that help them understand and visualize medical issues, such as ventricular fibrillation, and how to apply their knowledge with patients.”

Meta Quest 3 VR headset.

Meta

Extended reality as treatment for patients

To date, one of the primary applications of VR in health care has been targeted at pain treatment.

“It’s very hard to keep track of pain when you’re in a fantastical cyberdelic world,” said Dr. Brennan Spiegel, director of health services research at Cedars-Sinai in Los Angeles.

Spiegel said that when someone is injured, there is both a physical and an emotional component to their pain. Those signals are sent to two different parts of the brain, and VR can serve to tamp down the signals in both regions.

“It’s training people how to modify their spotlight of attention so they can swing it away from the painful experiences,” Spiegel said. “Not just the physical, but the emotional experiences.” 

Spiegel said Cedars-Sinai is preparing to launch a virtual platform to help people with gastrointestinal issues like Crohn’s disease, celiac disease or acid reflux, as well as others for anxiety, addiction and perimenopausal health.    

The technology has also attracted the attention of the U.S. Department of Veterans Affairs, which is using extended reality at more than 160 facilities to help patients with pain management, behavioral therapy and both physical and cognitive rehabilitation. 

Caitlin Rawlins, the immersive program manager at the VA, said there are currently more than 40 separate use cases for the technology across the agency’s different sites. The VA first introduced extended reality in a limited capacity around 2015, and has found more opportunities to put it to use as the technology has improved. 

“I’ve seen it change a whole lot,” Rawlins told CNBC in an interview. “The first virtual reality headset that I used was this big clunky headset that had all these wires it had to be connected to a laptop to function.”

Rawlins said what drew her to extended reality was seeing the immediate response from patients. She recalled the first time she watched a patient use VR. He was a man in his 80s who had just undergone knee replacement surgery. The pain was so severe that opioids didn’t help, Rawlins said.

After mere minutes in VR, he told Rawlins he couldn’t feel the pain in his leg anymore. 

Just using that for a simple 30-minute session can mean the difference between excruciating pain, unable to do the exercises and the ambulation that they need to, to actually get up and move and get ready to go home,” she said.

Rawlins described another patient as a “surly” wheelchair-bound Army veteran who was experiencing some cognitive decline. The VA had the patient try VR to see if it could lessen the need for antipsychotic medications. 

With the headset on, Rawlins had the patient navigate through a virtual nature scene, walking through the woods, climbing rocks and interacting with birds and deer. Rawlins said the patient was smiling and laughing and was transformed into a “completely different person.”

“To see a patient who has been wheelchair-bound for like 15 years getting to walk through the woods and interact with animals again, it was a pretty powerful moment,” Rawlins said. “Those are the sort of experiences that we keep seeing over and over and over again.”

Both Spiegel and Rawlins said their organizations are hardware agnostic, meaning they can use headsets made by Meta, Apple or any other company as long as they can support the right software.

Spiegel said there’s “potentially millions and millions of people who might be willing to actually buy a headset” but who see them as a gaming and entertainment devices and have no idea about the health applications.

Meta has loosely identified health care as a target market. The company has released case studies and promoted short videos depicting futuristic surgeons in training.

However, it doesn’t appear to be as much a priority as gaming and entertainment. For example, while Cedars-Sinai can technically make its software available in the Meta Quest Store, users would have to go to a section of the store called the App Lab to access it. Software in the App Lab is not marketed traditionally or as easily discoverable via search.

Meta didn’t provide a comment, directing CNBC to a post on Sept. 7, about uses of metaverse technology. The post says: “Training for surgery is just one of the many industries being transformed in ways that are positively impacting lives.”

‘Together in the virtual world’

Doctors at Kettering Health Dayton practice with VR headsets.

Source: Kettering Health Dayton

The technology is also becoming a fixture in many medical schools and residency programs. 

At Kettering Health Dayton, VR recently became a mandatory component of the curriculum for first-year orthopedics residents. In July, the new doctors completed a monthlong “boot camp,” where they carried out clinical services in the mornings and practiced in VR in the afternoons. They now have to complete at least three modules a week in VR with a score of over 70%.

For more senior level residents like Shine, VR training is not yet mandatory, but Kettering Health Dayton is actively working to build it into each level of the program.

“The way I trained in the late 80s, I mean, basically you read the books,” said Dr. Brent Bamberger, the director of the orthopedic surgery residency program at Kettering Health Dayton. “We didn’t have the videos at that time. You may go to a lecture, you may get lucky and have a specimen lab or some type of lab to do it, but you were learning by watching.”

Dr. Reem Daboul, a first-year resident at the hospital, said headsets can’t replicate the physical feeling of a procedure. But she’s found them very useful in important ways. She can already use a headset to walk through the steps of an anterior hip replacement, which many orthopedic surgeons don’t learn until their third year of residency or later.

“Being able to have something help me and see what I’m supposed to be doing and be able to walk through the steps, it’s been super helpful for me,” Daboul said in an interview.

For its orthopedics program, Kettering Health Dayton uses software developed by PrecisionOS, a company that builds VR modules for training surgeons, medical residents and medical device representatives.  PrecisionOS co-founder and CEO, Dr. Danny Goel, said the company has nearly 80 customers across the globe. 

Orthopedics residents at the University of Rochester also use PrecisionOS. Dr. Richard Miller, a retired professor at the university, said the software is “sophisticated” and “very realistic,” especially as a way to learn the steps of a procedure. He finds it so compelling that he’s been actively helping the orthopedics department implement the technology even though he retired three years ago. 

Miller said the VR is a useful way for residents to hone their skills without having to immediately deal with operating room pressures. They can also practice at home.

“I can be at home in my study at night, and they can be in their dorm at night, and we can do a procedure together in the virtual world,” Miller said.

Despite VR’s advantages, Miller said the software has to be able to update frequently to stay current with standards of care, best practices and surgery techniques.

“Next year, they may change the procedure a little bit, now you have other tools and things are a little bit different. Who’s going to change that? Who’s going to bring it up to date?” Miller said.

Those are important questions for quality of care. They’re also important because hospitals generally have to work on tight budgets, and the costs aren’t always clear.

“I can’t get straight answers from anybody, really, as to exactly how much it costs and who does what,” Miller said. “It’s got to be a hurdle.”

PrecisionOS declined to share specific pricing information with CNBC. Goel said costs of using the company’s software vary based on the institution and the partnership.  

Kettering’s Bamberger said that in addition to the software challenges, the hardware is still rather “clunky.” Others in his field also see the limitations.

Dr. Rafael Grossmann, a surgeon at Portsmouth Regional Hospital in New Hampshire, has spent much of his career educating people about health-care applications for emerging technologies like extended reality. 

In 2013, Grossmann became the first person to use the infamous Google Glass during a surgery as a way to stream the procedure, with the patient’s consent, into a room of students. Google had built a lightweight AR device that displayed tiny bits of information on a transparent screen in the user’s field of view. It was first sold to developers and early adopters in 2013 for $1,500, and quickly captured the imagination of tech enthusiasts. 

But Glass never took off. The built-in camera led to fights over privacy, and the product became the butt of jokes on late-night television. 

Ten years later, Grossmann said he now sees a substantial market for the technology, particularly within health care. He said headsets have improved dramatically, even if they’re still bulky and not entirely functional for doctors.

“The interface is better than it was three years ago, but it’s certainly not ideal for really any sort of health-care setting,” Grossmann said.

A gallery assistant wearing an Oculus Quest 2 virtual reality (VR) headset to view the House of Fine Art (HOFA) Metaverse gallery stands in front of digital artwork “Agoria, _{Compend-AI-M}_ 2022 #16” during a preview in Mayfair, London, UK, on Thursday, Nov. 10, 2022. 

Hollie Adams | Bloomberg | Getty Images

A growing area of research

As with all technology in health care, extended reality is going to have to clear regulatory hurdles. 

The U.S. Food and Drug Administration has a small team of researchers that are responsible for carrying out “regulatory science” around the technology. 

Ryan Beams, a physicist at the FDA, conducts this research alongside a team, consulting with a range of experts about emerging AR, VR and mixed reality devices. As a result, Beams said the FDA is able to help establish general best practices for how to test promising devices and bring them to market safely. 

“We can say these are the tests we need done, these are the kinds of ways you should do the tests, and then we can help the companies get through those,” Beams told CNBC. “What you don’t want is a device that potentially could help someone getting delayed because there’s uncertainty about how to go about doing the testing.”

Spiegel of Cedars-Sinai is also a founding member of a new medical society called the American Medical Extended Reality Association in late 2022. He said it was created as a way for physicians, clinicians and other health-care professionals to help guide the future of the field. 

The society currently has about 300 paying members, a number Spiegel hopes will reach into the thousands in the coming years. It’s also gearing up to launch its first official peer-reviewed journal called the Journal of Medical Extended Reality. 

“This is not fringe science anymore. This is now mainstream,” Spiegel said. “There’s still a lot of work to do. It’s not like this is a done deal, cake’s not baked, but we’ve seen massive advances on many levels that make this a real science now.”

WATCH: Apple’s VR ‘blows away anything that we’ve ever seen,’ says analyst

'The technology blows away anything that we've ever seen,' says Apple analyst

Biden-backed financial hall mustn’t exclude anybody

India’s Prime Minister Narendra Modi (R) shakes hand with International Monetary Fund Managing Director Kristalina Georgieva ahead of the G20 Leaders’ Summit at the Bharat Mandapam in New Delhi on September 9, 2023.

Evan Vucci | Afp | Getty Images

NEW DELHI — The Biden-led rail-to-sea economic corridor linking India with Middle Eastern and European countries should not be exclusionary and should engage in the spirit of an integrated world economy, according to the International Monetary Fund’s Managing Director Kristalina Georgieva.

At a time when supply chains are aligning along shifting global geopolitical lines, U.S. President Joe Biden’s initiative appears to be aimed at not only countering China’s influence in the energy-rich Middle East, but also Beijing’s decade-old Belt and Road global infrastructure initiative. A more fragmented global economy though, has limited global trade growth — which now lags global economic growth.

“If we want trade to be an engine of growth, then we have to create corridors and opportunities,” Georgieva told CNBC’s Martin Soong Sunday on the sidelines of the Group of 20 nations leaders’ summit in New Delhi.

“What is important is to do it for the benefit of everybody, and not for exclusion of others,” she said. “In that sense, I would encourage all countries working collaboratively with each other to do so in the spirit of integrated economy.”

At the leaders’ summit Saturday, Biden and Indian Prime Minister Narendra Modi announced a plan to develop a network of railways and sea routes that will connect India, the European Union and Middle Eastern countries such as Israel, Jordan, Saudi Arabia and the United Arab Emirates in “a transformative regional investment.”

The deal underscores not only the burgeoning partnership between India and U.S., but also their urgency and resolve in persuading the world they represent a more viable strategic proposition in facilitating the developmental needs of the Global South.

Virtuous cycle

In reality, this Biden-backed economic corridor would add to existing infrastructure investment for the regions involved. The countries involved will meet within the next two months to develop and commit to an action plan with relevant timetables, which are all lacking at this point.

“In a world where we learned from Covid and the [Ukraine] war, that supply chains need to be reinforced, they need to be diversified, that connectivity matters tremendously,” Georgieva told CNBC in the exclusive interview.

“The more there is investment in infrastructure connectivity, the more there is a platform for trade among nations, the better for the countries involved, but also for the world economy because expansion of transportation links, communication links and trade have positive spillovers,” she added.

Her comments came at the end of the summit, where fierce Russian and Chinese opposition to references to the lingering war in Ukraine had almost derailed consensus on a joint communique that typically binds G20 member states.

In the Delhi Declaration that was eventually adopted Saturday, G20 nations pledged to protect the most vulnerable in the world by promoting equitable growth and enhancing macroeconomic and financial stability. Under Modi, India’s year-long presidency of the multilateral bloc of the world’s largest economies was focused on elevating the place of the Global South on the G20 agenda.

IMF quota review

Multilateral bank reform was among the issues on the agenda, which included establishing a global framework to restructure sovereign debt, particularly for vulnerable developing economies.

The IMF warned the the economic recovery after a series of major shocks is slow and uneven, with growth prospects in the medium term at its weakest in decades in an environment of stubbornly high inflation, high interest rates and growing fragmentation.

“And I call on our members to strengthen the global financial safety net,” Georgieva separately said Sunday in a press release, released shortly after the G20 summit formally ended.

IMF chief: World needs institutions to work together

“Since the start of the pandemic, the IMF has injected $1 trillion in reserves and liquidity through lending to nearly 100 countries and the historic [Global Sovereign Debt Roundtable] allocation; and I thank our members who have helped us reach the goal of channeling $100 billion to vulnerable countries,” she added.

The IMF is undergoing its 16th quota review that is scheduled to wrap up by year-end. The Fund conducts these reviews once every five years to assess its ability to meet the needs of member states’ balance of payments financing needs, and to adjust members’ quota to reflect changes in their relative positions in the world economy.

“To make the global economy stronger and more resilient in a more shock-prone world, it is vital to reach an agreement to increase the IMF’s quota resources before the end of the year and secure the needed resources for the Fund’s interest-free support to the poorest countries through the Poverty Reduction and Growth Trust,” Georgieva added in the statement.

Russia Helps Trump by Refusing to Take away Doxxing of at Least 23 Georgia Jurors

In case anyone had lingering doubts about Russia’s affinity for former president Donald Trump, at least 23 jurors have been doxxed and had their personal information posted on conspiracy websites hosted by a Russian company that is known “to be uncooperative with law enforcement.”

Fulton County District Attorney Fani Willis said “at least 23 jurors in the case have had their personal information — including their names, ages, addresses and vehicle details —posted anonymously on “conspiracy theory websites” hosted by a Russian company as part of an effort to ‘harass and intimidate them,’” Axios reported.

Willis and other members of her office were also doxed, including her family member names, dates of birth, home and work addresses, GPS coordinates and more. This information was “intertwined with derogatory and racist remarks,” Willis said in the filing.

Willis asked a judge to protect the jurors who indicted the former president and a number of his allies who tried to steal the 2020 election and allegedly sought to steal votes from Americans.

In the filing, the Department of Homeland Security said the Russian company is known “to be uncooperative with law enforcement,” which translates to the information will not be taken down because there is no way to get the Russian company to comply with law enforcement requests.

Surely if Russian officials told this company to comply with U.S. law enforcement, they would. But Russian officials are not doing that. They are letting this company aid and assist Donald Trump’s supporters in attacking innocent people.

While Trump threatening jurors and witnesses is nothing new, this matters because it highlights Russia’s efforts (yet again) to protect Donald Trump, this time from the U.S. law enforcement.

What would a hostile foreign country and a former U.S. president have in common that would cause the hostile foreign country to not take down the doxxing of innocent people? Russia is waging a war of aggression against Ukraine and now they are going to bat against U.S. law enforcement.

Why is a former president being protected by a hostile foreign country as he faces criminal charges for trying to steal an election?

Cease Scrolling. This Elemis Deal Is Too Good to Cross Up

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Elemis Pro-Collagen Rose Cleansing Balm Reviews

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Pro-Collagen Rose Marine Cream Reviews

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Moderna says new Covid vaccine efficient towards BA.2.86 variant

Artur Widak | Nurphoto | Getty Images

Moderna‘s new Covid vaccine produced a strong immune response against BA.2.86, a highly mutated omicron variant that health officials are watching closely, according to clinical trial data the biotech company released Wednesday. 

The updated shot produced an 8.7-fold increase in protective antibodies against BA.2.86, which has been detected in small numbers nationwide. The Centers for Disease Control and Prevention previously said the strain, also known as “Pirola,” may be more capable of escaping antibodies from earlier infections and vaccinations, but new research also suggests that the variant may be less immune-evasive than feared.

Moderna is the first out of the companies producing updated Covid jabs to release data on how its shot fares against BA.2.86. Moderna, Pfizer and Novavax are slated to roll out new vaccines targeting another omicron strain called XBB.1.5 within weeks, pending potential approvals from the U.S. Food and Drug Administration.

Moderna’s trial results suggest that the company’s jab will still be effective against newer variants of the virus as XBB.1.5 declines nationwide. Last month, Moderna also released clinical trial data suggesting that its new shot provides protection against the now-dominant EG.5, or “Eris,” variant and another rapidly spreading strain called FL.1.5.1. 

“Taken together with our previously communicated results showing a similarly effective response against EG.5 and FL.1.5.1 variants, these data confirm that our updated COVID-19 vaccine will continue to be an important tool for protection as we head into the fall vaccination season,” said Moderna President Stephen Hoge in a statement.

New vaccines are set to arrive as Eris and other Covid variants fuel a rise in cases and hospitalizations across the country.

Covid hospitalizations jumped 18.8% during the week ending Aug. 19, and 87% over the past month, according to the latest data from the CDC. But those metrics remain below levels seen when a surge strained hospitals last summer.

Eris accounted for 21.5% of all cases in the U.S. as of Saturday, while FL.1.5.1 accounted for 14.5%, according to the latest data from the CDC. 

Last week, the CDC indicated BA.2.86 has been found in four U.S. states, but it’s still so rare that it’s not listed as a standalone strain on the CDC’s variant tracker.

Girls are fueling the field workplace in China, Hollywood ought to take notice

Fans watch a movie at a cinema in Shanghai.

Future Publishing | Future Publishing | Getty Images

Women are fueling China’s box office despite making up a smaller share of the population — and Hollywood should take note.

While women account for less than half the Chinese population, they represent 52% of monthly moviegoers, according to Morning Consult, which surveyed 681 monthly moviegoers between July 21 and July 25.

The higher-than-expected box office spending by Chinese women not only shows a cultural shift, but also a new entry point for American studios. Hollywood has struggled to regain its foothold in the country after Covid-19 pandemic shutdowns, as China developed its domestic film industry and limited the number of foreign films allowed in theaters. Tapping into this new trend of female moviegoers in China could be a new strategy for Hollywood.

Morning Consult determined that female audiences in China are interested in science fiction and action films, on par with their male counterparts, but over index in interest in romantic comedies and musicals.

“Which I think speaks to why ‘Barbie’ recently was able to take off in that country, like it did in many other places,” said Kevin Tran, senior media and entertainment analyst at Morning Consult.

While Warner Bros.’ “Barbie” has collected only about $35 million so far in China, Tran suggests studios could look to capitalize on a demographic that is being underserved in the marketplace.

“Purchasing power of women in China has been increasing for several years,” Tran explained. “Fewer women are getting married. So there’s, I think there’s just more independence, and I think that with China still being a country that has prioritized traditional gender roles … there’s more time to be had for leisure and things besides domestic or house care type of responsibilities. … So they’re able to do other things, like go to the movies, or just spend money on themselves in a way that they might not have been able to previously.”

Morning Consult noted that its survey indicated that 32% of Chinese women reported going to the movies three or more times in the month of July, compared with 27% of men.

“Given the difficulty nonlocal studios face in nailing down specific cultural norms and pop culture references in China, it could make sense for U.S. studios to more heavily invest in Chinese productions of musicals and romantic comedies as a longer-term strategy,” Tran wrote in his report. “These investments would be one way to ensure that studios’ slates are balanced with genres beyond the typical big-budget action blockbusters they’ve traditionally relied upon for global box office success.”

Tran said that Hollywood shouldn’t completely rewrite it’s playbook to cater to one country’s cinematic inclinations. After all, American audiences have rebuked studios for altering or even cutting scenes from films to cater to Chinese censorship rules.

To be distributed and screened in China, films must be approved by regulators and could be censored if they contain content that officials deem violates its core socialist values or detracts from its nationalistic image. 

Several major blockbusters, including Marvel’s “Black Widow,” “Shang-Chi and the Legend of the Ten Rings,” “Thor: Love and Thunder,” “Doctor Strange in the Multiverse of Madness” and Sony’s “Spider-Man: No Way Home,” were barred from Chinese theaters.

Before the pandemic, Chinese audiences were consistently responsible for between 15% and 20% of global hauls for big blockbusters, especially in the Marvel Cinematic Universe. For the most recently released Marvel film, “Guardians of the Galaxy Vol. 3,” ticket sales from China accounted for just 10% of the film’s total haul.

As movie theaters reopened in the wake of the pandemic, Hollywood has been quick to offer up superhero and action films to Chinese audiences to middling success. While Disney’s “Avatar: The Way of Water” snared more than $200 million during its theatrical run in the country, few others have come close to that figure, or even crossed the $100 million mark.

China resumed importing Hollywood films at pre-pandemic levels this year, but ticket sales during the first half of 2023 are down nearly 70% from the same period in 2019, according to film industry advisory group Artisan Gateway.

U.S. Commerce Secretary Gina Raimondo says she “did not pull any punches” throughout latest go to to China

U.S. Commerce Secretary Gina Raimondo arrives for a meeting with her Chinese counterpart Wang Wentao, at the Ministry of Commerce in Beijing, Monday, Aug. 28, 2023.

Andy Wong | Pool | via Reuters

U.S. Commerce Secretary Gina Raimondo met with Chinese officials in a high-stakes visit to Beijing and Shanghai this week, and she said Sunday that the trip helped establish open lines of communication between the two nations.

Raimondo is the fourth high-level U.S. official to visit China this summer, but she is the first U.S. Commerce secretary to travel to the country in five years — a period where the bilateral relationship has grown increasingly tense.

“We are in a fierce competition with China at every level, and anyone who tells you differently is naive,” Raimondo told NBC’s “Meet the Press” Sunday. “All of that being said, we need to manage this competition. Conflict is in no one’s interest.”

Raimondo said that a lack of communication between the U.S. and China could further escalate tensions and lead to misunderstandings, so structured discussions are key for addressing commercial issues that arise.

The Commerce secretary’s trip to China followed recent visits from U.S. special envoy for climate John Kerry, U.S. Treasury Secretary Janet Yellen and U.S. Secretary of State Antony Blinken. But Raimondo’s visit was called into question after Chinese hackers breached her emails earlier this summer.

“They did hack me, which was unappreciated, to say the least. I brought it up clearly, put it right on the table,” she said Sunday. “Didn’t pull any punches.”

Raimondo also brought up concerns regarding national security, U.S. labor and U.S. business, she said.

In the fall of 2022, the U.S. Department of Commerce’s Bureau of Industry and Security announced new export controls that limited the ability of Chinese businesses to buy certain advanced semiconductors from American suppliers.

Raimondo said Sunday that the export controls are about national security, not about gaining an economic advantage. She added that the U.S. will remain as hard-line as possible with its most advanced technology.

“We are not going to sell the most sophisticated American chips to China that they want for their military capacity,” Raimondo said. “But I do want to be clear, we will also still continue to sell billions of dollars of chips a year to China, because the vast majority of chips that are made are not the leading edge, cutting edge that I’m talking about.”

She said though the export controls reflect a nuanced and complex policy, selling certain chips to China will ultimately generate revenue for American businesses to invest in further research and development.

Trump, financial system, outdated age considerations, inflation

President Joe Biden’s age and his handling of the economy are two of his greatest weaknesses as the 80-year-old incumbent gears up for a possible rematch with former President Donald Trump, a new poll showed Monday.

Those major concerns could be what’s dragging Biden’s overall job approval underwater at 42%, versus some 57% who disapprove, according to the Wall Street Journal poll of 1,500 registered voters contacted Aug. 24-30.

A 60% majority of registered voters indicated in the poll that they do not consider Biden “mentally up for the job” of being president. Nearly three-fourths of respondents, 73%, said they think Biden is too old to run for president — a much higher response than they gave Trump, who is 77 years old.

The poll had a margin of error of 2.5 percentage points, according to the newspaper. It was conducted by Democratic pollster Michael Bocian and Tony Fabrizio, the former pollster for Trump’s 2016 campaign.

Majorities of registered voters said they disapproved of how Biden has handled the economy (59%), inflation (63%) and growth of the middle class (58%), according to the poll. Respondents were split on Biden’s effort to create jobs, a paramount concern for the administration as it has worked to recover the nation from the impact of the deadly coronavirus pandemic.

Voters also gave Biden net negative approval ratings on his handling of the war in Ukraine and U.S. dealings with China.

The poll shows Biden failing to reverse widespread pessimism around the economy, despite a summer-long push to tout his record and take credit for positive developments — including slowing inflation and a rosier GDP outlook — as being the result of “Bidenomics.”

In a Labor Day speech in Philadelphia, Biden lashed out at Trump repeatedly over his economic record, accusing “the last guy” of ceding U.S. jobs to China and putting U.S. pensions “at risk.”

“The last guy looked at the world from Park Avenue,” Biden said. “I look at it from Scranton, Pennsylvania.”

But while a 24% plurality of voters in the latest poll said the economy was top of mind for the 2024 presidential election, they once again overwhelmingly said the country was headed in the wrong direction, with just 23% expressing a more positive outlook.

Nearly two-thirds of registered voters, 63%, said they viewed the strength of the U.S. economy negatively, including 36% who called it “poor.” Worse for Biden, 58% of registered voters said the economy has gotten worse over the past two years, compared to 28% who said it has gotten better.

Inflation is a major pain point: 74% of respondents said it has moved in the wrong direction over the past year.

Most voters, 86%, said the cost of housing has gone in the wrong direction over the past year. More than half of respondents, 54%, said their personal financial situation has worsened in the same period.

On the job market, however, voters were split, with 45% saying it has moved in the right direction and 44% saying it has moved in the wrong direction in the past year.

Voters were evenly split on which candidate they would support if the 2024 election were held today, with both Trump and Biden getting 46% support.

The two party leaders are viewed equally unfavorably in the poll, with 58% of respondents giving a negative opinion of each figure and 39% saying they viewed the candidates favorably.

“Voters are looking for change, and neither of the leading candidates is the change that they’re looking for,” Bocian told the Journal.

Trump’s biggest Republican primary challenger, Florida Gov. Ron DeSantis, scored even lower in the poll, with 37% of voters expressing a favorable opinion of him.

Trump received a 39-point lead over DeSantis among Republican primary voters, 59% of whom said they would pick the former president if they were voting today. Just 13% of those GOP voters said they would vote for DeSantis, an 11-point drop since the last time the pollster asked the question in April.

But a 35% plurality of Republican voters picked DeSantis as their second choice, followed by right-wing entrepreneur Vivek Ramaswamy and former United Nations Amb. Nikki Haley.

Coco Gauff Desires To Be Her ‘Greatest’ w/o Emulating Serena Williams

Coco Gauff, the #6 tennis player in the world, is letting it be known that she considers Serena Williams the “GOAT” (greatest of all time) — though she’s “not trying to fulfill those footsteps.”

Coco Gauff Says She’s Focused On Being “The Best That [She] Can Be”

The 19-year-old tennis star shared her commentary about Serena, 41, during a sit-down with PEOPLE.

She started by acknowledging the “slight pressure” she feels now that she has “everybody looking at [her].”

However, with the GOAT recently welcoming her second child and enjoying a hiatus from professionally competing, Coco Gauff notes, “It does put a little bit less pressure in a way because she is the greatest player of all time.”

Regarding Serena Williams, Coco proclaimed that she’s “not trying to fulfill those footsteps whatsoever.” Nonetheless, she acknowledged, “But obviously, I do want to be the best version of myself and be the best that I can be.” 

The Athlete’s Commentary Coincides With Some Headline-Making Moves

While on the subject of Coco Gauff, we should note that she recently garnered attention after airing out her frustrations to an umpire during Round 1 of the U.S. Open on Monday (Aug. 28).

During her game against Laura Siegemund, Coco walked to the umpire and acknowledged being frustrated with how her opponent was “never ready.”

At one point, Coco appeared to push back against an insinuation that she was going too fast.

“I’m going the normal speed. Ask any ref here — I go a medium-pace speed.”

Before walking away, Gauff proclaimed, “I don’t care what she’s doing on her serve. But on my serve, she has to be ready.”

During the interaction, a sports commentator can be heard declaring, “She’s 100% right.”

Then, on Wednesday (Aug. 30), Coco came out victorious in her match-up against Mirra Andreeva during Round 2 of the competition. As a result, Coco advanced to the next tier, and Taylor Townsend accompanied her in this accomplishment.

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