YCLOAK

Oregon Gov. Kate Brown signed the nation’s first statewide mandatory rent control measure on Thursday, giving a victory to housing advocates who say spiraling rent costs in the economically booming state have fueled widespread homelessness and housing insecurity.  

  

Brown, a Democrat, said the legislation will provide “some immediate relief to Oregonians struggling to keep up with rising rents and a tight rental market.” 

 

Landlords are now limited to increases once per year that cannot exceed 7 percent plus the change in the consumer price index, which is used to calculate inflation. 

 

The law prohibits them from serving no-cause evictions after a tenant’s first year of occupancy, a provision designed to protect those who are living paycheck to paycheck and who affordable housing advocates say are often most vulnerable to sudden rent hikes and abrupt lease terminations. 

 

New York has a statewide rent control law, but cities can choose whether to participate. California restricts the ability of cities to impose rent control. Last November, voters defeated a ballot initiative that would have overturned that law. 

Emergency measure

 

The Oregon law takes effect immediately. Democrats who control the Legislature say the state’s housing crisis justified passing the bill as an emergency measure. 

 

In hearings for the bill passed, tenants testified that they have struggled to keep up with skyrocketing rents, with many said they’ve been forced from their homes. Kori Sparks, a resident of the fast-growing city of Bend, said she relies on disability and has “to deal with the stress of losing an accessible home on short notice.” 

 

She said rent control will protect vulnerable people from “a predatory system where profit comes before people and denies them of a basic human right.”  

  

Builders in Oregon have not been able to construct enough houses and apartments to meet the demands of the thousands of people moving to the state for jobs and, in some cases, for a lower cost of living. Many people move to the state from California. 

 

A state report estimated that a renter would need to work 77 hours a week at minimum wage to afford a two-bedroom apartment. One in three renters in Oregon pays more than 50 percent of his or her income for rent, far higher than the congressionally set definition of housing affordability, which suggests setting aside 30 percent toward rent.   

  

In the Portland metropolitan area, rent began to plateau in 2017 after four consecutive years of rent hikes averaging 5 percent or more. The average rental unit costs about $1,400 a month, according to data released by the city.  

Many are homeless

  

Oregon is also suffering from a lack of affordable housing and has one of the highest rates of homelessness in the country. 

 

Landlords and developers argued that rent control would make the housing crisis worse, saying investors will now be less willing to build or maintain properties.  

  

“History has shown that rent control exacerbates shortages, makes it harder for apartment owners to make upgrades and disproportionately benefits higher-income households,” said Doug Bibby, president of the National Multifamily Housing Council, a national association representing apartment building owners. 

 

The governor acknowledged that rent control alone isn’t enough, and that the state needs an “all hands on deck” solution. Brown has proposed a $400 million investment in affordable housing solutions in her two-year budget proposal. 

 

“It will take much more to ensure that every Oregonian, in communities large and small, has access to housing choices that allow them and their families to thrive,” she said. 
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Tesla says it is now taking orders for the long-awaited $35,000 Model 3, will close stores and move to online orders.

Tesla says it is now taking orders for the long-awaited $35,000 Model 3, a car for the masses that is essential for the company to survive.

The company says to reach the lower price, it’s shifting all sales worldwide from stores to online only. Some high-traffic stores, however, will remain open.

The company will offer the standard base model, which can go 220 miles (350 kilometers) per charge. It also will offer a $37,000 version with a premium interior that accelerates faster and can go 240 miles (385 kilometers) per charge.

Tesla started taking orders for the Model 3 in March of 2016, but until now hasn’t been able to cut costs enough to sell them for $35,000 and make a profit.

The cheapest one that could be ordered until Thursday started at $42,900.

 

 
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Gap Inc. said Thursday that it would separate its Old Navy brand into a publicly traded company in order to focus on its struggling namesake apparel business, sending its shares up 18 percent. 

Old Navy has had a better success than the Gap brand in recent years as a wide range of budget apparel has made it more appealing to a broader base of consumers. 

“It’s clear that Old Navy’s business model and customers have increasingly diverged from our specialty brands over time,” Gap’s Chairman Robert Fisher said. 

The company also said it planned to close 230 Gap specialty stores over the next two years. 

Gap’s overall same-store sales fell 1 percent in the fourth quarter ended Feb. 2, compared with analysts’ average estimate of a 0.3 percent rise, according to IBES data from Refinitiv. 

Gap, Athleta, Banana Republic and the remaining brands will be part of a yet-to-be-named company. The separation is expected to be completed by 2020, Gap said. 

The company’s shares were up 17.7 percent at $29.89 in extended trading.
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As Walmart moves to phase out its familiar blue-vested “greeters” at 1,000 stores nationwide, disabled workers who fill many of those jobs say they’re being ill-treated by a chain that styles itself as community-minded and inclusive. 

 

Walmart told greeters around the country last week that their positions would be eliminated on April 26 in favor of an expanded, more physically demanding “customer host” role. To qualify, they will need to be able to lift 25-pound (11-kilogram) packages, climb ladders and stand for long periods. 

 

That came as a heavy blow to greeters with cerebral palsy, spina bifida and other physical disabilities. For them, a job at Walmart has provided needed income, served as a source of pride and offered a connection to the community.  

Customer backlash

 

Now Walmart, America’s largest private employer, is facing a backlash as customers rally around some of the chain’s most highly visible employees. 

 

Walmart says it is striving to place greeters in other jobs at the company, but workers with disabilities are worried.  

 

Donny Fagnano, 56, who has worked at Walmart for more than 21 years, said he cried when a manager at the store in Lewisburg, Pa., called him into the office last week and told him his job was going away.  

 

“I like working,” he said. “It’s better than sitting at home.” 

 

Fagnano, who has spina bifida, said he was offered a severance package. He hopes to stay on at Walmart and clean bathrooms instead. 

 

Walmart greeters have been around for decades, allowing the retail giant to put a friendly face at the front of its stores. Then, in 2016, Walmart began replacing greeters with hosts, adding responsibilities that include helping with returns, checking receipts to deter shoplifters and keeping the front of the store clean. Walmart and other chains have been redefining roles at stores as they compete with Amazon.  

The effect of the greeter phase-out on disabled and elderly employees — who have traditionally gravitated toward the role as one they were well-suited to doing — largely escaped public notice until last week, when Walmart launched a second round of cuts. 

 

As word spread, first on social media and then in local and national news outlets, outraged customers began calling Walmart to complain. Tens of thousands of people signed petitions. Facebook groups sprang up with names like “Team Adam” and “Save Lesley.” A second-grade class in California wrote letters to Walmart’s CEO on behalf of Adam Catlin, a disabled greeter in Pennsylvania whose mother had written an impassioned Facebook post about his plight. Walmart said it has offered another job to Catlin. 

 

In Galena, Ill., hundreds of customers plan to attend an “appreciation parade” for Ashley Powell on her last day of work as a greeter. 

 

“I love it, and I think I’ve touched a lot of people,” said Powell, 34, who has an intellectual disability. 

‘What am I going to do?’

 

In Vancouver, Wash., John Combs, 42, who has cerebral palsy, was devastated and then angered by his impending job loss. It had taken his family five years to find him a job he could do, and he loved the work, coming up with nicknames for all his co-workers. 

“What am I going to do — just sit here on my butt all day in this house? That’s all I’m going to do?” Combs asked his sister and guardian, Rachel Wasser. “I do my job. I didn’t do anything wrong.” 

 

Wasser urged the retailer to “give these people a fair shake. … If you want to make your actions match your words, do it. Don’t be a wolf in sheep’s clothing.” 

 

With the U.S. unemployment rate for disabled people more than twice that for workers without disabilities, Walmart has long been seen as a destination for people like Combs. Advocacy groups worry the company is backsliding.  

“It’s the messaging that concerns me,” said Gabrielle Sedor, chief operations officer at ANCOR, a trade group representing service providers. “Given that Walmart is such an international leader in the retail space, I’m concerned this decision might suggest to some people that the bottom line of the company is more important to the company than inclusive communities. We don’t think those two are mutually exclusive.” 

 

The greeter issue has already prompted at least three complaints to the U.S. Equal Employment Opportunity Commission, as well as a federal lawsuit in Utah alleging discrimination under the Americans with Disabilities Act. Under the federal law, employers must provide “reasonable” accommodations to workers with disabilities. 

 

Walmart did not disclose how many disabled greeters could lose their jobs. The company said that after it made the change at more than 1,000 stores in 2016, 80 percent to 85 percent of all affected greeters found other roles at Walmart. It did not reveal how many of them were disabled. 

 

This time, Walmart initially told greeters they would have 60 days to land other jobs at the company. Amid the uproar, the company has extended the deadline indefinitely for greeters with disabilities. 

 

“We recognize that our associates with physical disabilities face a unique situation,” Walmart spokesman Justin Rushing said in a statement. The extra time, he said, will give Walmart a chance to explore how to accommodate such employees. 

Offers made

 

Walmart said it has already made offers to some greeters, including those with physical disabilities, and expects to continue doing so in the coming weeks.  

 

But some workers say they have been tacitly discouraged from applying for other jobs. 

 

Mitchell Hartzell, 31, a full-time Walmart greeter in Hazel Green, Ala., said his manager told him “they pretty much didn’t have anything in that store for me to do” after his job winds down in April. He said he persisted, approaching several assistant managers to ask about openings, and found out about a vacant position at self-checkout. But it had already been promised to a greeter who doesn’t use a wheelchair, he said. 

 

“It seems like they don’t want us anymore,” said Hartzell, who has cerebral palsy. 

 

Jay Melton, 40, who has worked as a greeter in Marion, N.C., for nearly 17 years, loves church, Tar Heels basketball and Walmart. His sister-in-law, Jamie Melton, said the job is what gets him out of bed. 

 

“He doesn’t have a lot of things he does himself that bring him joy,” she said. Addressing Walmart, Melton added: “When you cut a huge population of people out, and you have written a policy that declares they are no longer capable of doing what they have been doing, that is discrimination.”  
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Women around the world are granted only three-quarters of the legal rights enjoyed by men, often preventing them from getting jobs or opening businesses, the World Bank said in study published Wednesday. 

 

“If women have equal opportunities to reach their full potential, the world would not only be fairer, it would be more prosperous as well,” Kristalina Georgieva, the bank’s interim president, said in a statement. 

 

While reforms in many countries are a step in the right direction, “2.7 billion women are still legally barred from having the same choice of jobs as men,” the statement said. 

 

The study included an index measuring gender disparities that was derived from data collected over a decade from 187 countries and using eight indicators to evaluate the balance of rights afforded to men and women. 

 

The report showed progress over the past 10 years, with the index rising to 75 from 70, out of a possible 100, as 131 countries have agreed to enact 274 reforms, adopting laws or regulations allowing greater inclusion of women. 

 

Among the improvements, 35 countries have proposed laws against sexual harassment in the workplace, granting protections to an additional 2 billion women, while 22 nations have abolished restrictions that kept women out of certain industrial sectors. 

 

Six perfect scores

Six nations — Belgium, Denmark, France, Latvia, Luxembourg and Sweden — scored a 100, “meaning they give women and men equal legal rights in the measured areas,” the World Bank said. 

 

A decade ago, no economy had achieved a perfect score. 

 

On the other hand, too many women still face discriminatory laws or regulations at every stage of their professional lives: 56 nations made no improvement over the last decade. 

 

South Asia saw the greatest progress, although it still achieved a relatively low score of 58.36. It was followed by Southeast Asia and the Pacific, at 70.73 and 64.80, respectively.  

 

Latin America and the Caribbean recorded the second-highest scores among emerging and developing economies at 79.09. 

 

Conversely, the Middle East and North Africa posted the lowest score for gender equality at 47.37. The World Bank nevertheless pointed to encouraging changes, such as the introduction of laws against domestic violence, in particular in Algeria and Lebanon.
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The Federal Reserve will stop shrinking its $4 trillion balance sheet later this year, Fed Chairman Jerome Powell said on Wednesday, ending a process that investors say works at cross-purposes with the Fed’s current pause on interest rate hikes. 

“We’ve worked out, I think, the framework of a plan that we hope to be able to announce soon that will light the way all the way to the end of balance sheet normalization,” Powell told members of the House Financial Services Committee in what were his most detailed remarks to date on the subject. 

“We’re going to be in a position … to stop runoff later this year,” he said, adding that doing so would leave the balance sheet at about 16 percent or 17 percent of GDP, up from about 6 percent before the financial crisis about a decade ago. 

The U.S. gross domestic product is currently about $20 trillion, suggesting the Fed’s balance sheet would be between $3.2 trillion and $3.4 trillion. 

The Fed has been trimming its balance sheet — bulked up by trillions of dollars of bond-buying during the post-crisis years to help keep interest rates low and bolster the economy — by as much as $50 billion a month since October 2017. As recently as a few months ago it had expected to keep shrinking its portfolio for another couple of years. 

New tack

But in a series of meetings that began in November, the Fed has been devising a new approach. With rising demand for currency around the world, and from U.S. banks for reserves held at the central bank, Fed policymakers now believe a big balance sheet is necessary just to ensure it has proper control over the short-term interest rates it sets to manage the economy. 

In addition, Fed policymakers now say balance sheet policy should take financial and economic conditions into account. 

Questions about the plan remain, including whether the Fed will adjust the maturities of its Treasury portfolio, and how it will go about shedding the mortgage-backed securities (MBS) it accumulated during its asset-buying days. 

Powell said the Fed still has a bunch of decisions ahead of it. 

“The one on MBS sales is really closer to the back of the line — really, we have to decide about the maturity composition, things like that, and we’ll be working through that in a very careful way,” Powell said.  “Markets are sensitive to this.” 

Powell’s remarks on the balance sheet came toward the end of more than two hours of testimony before the Democrat-led House panel that includes several new members, including New York Democrat Alexandria Ocasio-Cortez. 

But the Green New Deal advocate and Bronx populist asked no questions during the debate, and much of what Powell said on Wednesday repeated comments made Tuesday to the Republican-controlled Senate Banking Committee, including that the economy is on solid ground and the Fed would be patient on raising rates. 

Inflation goal unchanged

Powell was asked, as he was in the Senate, about the Fed’s plan to rethink its policy framework this year. He assured lawmakers that the Fed is merely trying to refine its approach so it can meet its current 2 percent inflation goal. 

“We are not looking at a higher inflation target, full stop,” he said. 

Powell also repeated his warnings against a failure by Congress to raise the debt ceiling, saying there would be “bad consequences” should the United States default on its debt payments. 

Powell by law appears two times a year before Congress to brief members of the House Financial Services Committee and the Senate Banking Committee on monetary policy and the state of the economy. 
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Cameroonian police officers, assisted by members of the country’s elite corps, seized hundreds of containers of fuel illegally transported from Nigeria by suspected Central African Republic rebels in the northern town of Mbe, Cameroon.

Rigobert Ojong, a member of a task force of military, police and civil society members created three weeks ago to stop the illegal fuel trade, said the group received a tip that the fuel was on its way to the C.A.R., where it would be used by rebels fighting the central African state’s government. 

“We have put aside personnel dedicated to this fight, within the framework of this task force, and we have been able to intercept about 1,500 drums of fraudulently imported fuel. If we go by the price in the black market, we are talking about more than 3 billion CFA francs [$5 million] a year,” Ojong said.

Cameroon’s government says an unknown quantity of oil is smuggled from Nigeria through its territory because the border is so porous. The military says it has opened an investigation to track dealers who might be collaborating with rebel groups in the C.A.R.

Alleged corruption

Businessman Patrice Essola, who supplies fuel to the C.A.R. from Cameroon, says illegal trade with C.A.R. rebels is facilitated by corrupt government officials in both countries.

He said the rebels and traffickers work in collaboration with corrupt Cameroonian military officials and C.A.R. border immigration staff to import the fuel from Nigeria. Some of the tankers and trucks that smuggle the fuel are even protected by corrupt officials while in Cameroon and in the C.A.R., Essola added.

Kildadi Taguieke Boukar, governor of the Adamawa region that shares a border with the C.A.R., denies corrupt military officials assist rebels and smugglers, but said investigations had been opened.

Each time the traffickers are arrested, they answer charges in courts of law, Boukar said, but added the task is very, very difficult because Cameroon’s borders with Nigeria and the C.A.R. are very porous. All of the fuel will be taken to C.A.R. authorities, he said.

C.A.R. violence, peace deal

In January, Cameroon said 300 of its citizens had been abducted by suspected C.A.R. rebels within the past two years, along with at least 5,000 cattle. Local border communities asked the government to authorize self-defense groups to be equipped with guns to face rebels who they said continued to cross to their villages for supplies.

The C.A.R. was plunged into turmoil in 2013 when Muslim rebels known as the Seleka seized power in the majority-Christian country. A band of mostly Christian militias, called the anti-Balaka, rose up to counter the Seleka. Thousands of people have been killed in the violence and more than one million are internally displaced. An estimated 570,000 people have fled to neighboring countries, with about 350,000 in Cameroon.

On Feb. 2, the U.N. mission in the C.A.R., known as MINUSCA, and the African Union announced that a peace deal between the C.A.R. government and 14 rebel groups had been reached after sponsored talks in Sudan. They called on the C.A.R.’s neighbors to help bring peace by not allowing their borders to be used for supplies or as a hiding ground for fighters who refuse to respect the deal.
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U.S. aerospace manufacturer Boeing said on Tuesday it has nominated Nikki Haley, former U.S. ambassador to the United Nations and a close ally of President Donald Trump, to join its board of directors at the company’s annual shareholders meeting on April 29.

If elected by Boeing shareholders, she would help guide the future of America’s largest exporter, with a network of suppliers across the United States and the world, as Washington and Beijing have been locked in intense negotiations to end a trade war.

Haley’s nomination comes as Boeing grapples with a major decision: whether to launch an all-new jetliner known as NMA, a midsize plane that would serve a niche market falling between narrow- and wide-body aircraft.

The world’s largest planemaker has said it would make a final launch decision in 2020 on the new program, which is expected to define competition with archrival Airbus SE.

Viewed as a rising Republican Party star, Haley has often been mentioned as a future presidential candidate. Her counterparts at the United Nations saw her as a voice of clarity in the Trump administration.

Haley, 47, is the first female governor of South Carolina and a three-term legislator in the South Carolina House of Representatives. As governor in 2015, Haley was a key opponent of a campaign by Boeing’s largest labor union to form a collective bargaining unit at its 787 Dreamliner factory in South Carolina – though the machinists were later successful in forming a small bargaining unit there.

Boeing has faced growing scrutiny over its links to the Trump administration after a former senior planemaking executive, Pat Shanahan, was named deputy defense secretary and later acting defense secretary. The 31-year Boeing veteran has recused himself, however, from matters relating to the aerospace company.

The U.S. government has been weighing the purchase of an advanced version of the F-15 Boeing fighter. Last year, Boeing’s defense side had a series of wins, including the U.S. Air Force’s next training jet, which could be worth up to $9.2 billion, as well as a contract to replace UH-1N Huey helicopters worth $2.4 billion over the life of the programs.

In a press release, Muilenburg praised Haley’s record in government and industry partnership.

“Boeing will benefit greatly from her broad perspectives and combined diplomatic, government and business experience to help achieve our aspiration to be the best in aerospace and a global industrial champion,” Muilenburg said.

Based on total compensation for Boeing’s other 13 board members, Haley can expect to earn more than $300,000, well above her salary as U.N. ambassador.

Separately on Tuesday, the shareholders of Brazilian planemaker Embraer SA approved a deal to sell 80 percent of the Sao Paulo-based company’s commercial jet division to Boeing, a move that could reshape the global market for aircraft of up to 150 seats.

Boeing shares were flat at $427.88 a share in afternoon trading on the New York Stock Exchange.
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Brazilians are split on a proposed overhaul of the country’s pension system, a poll showed on Tuesday, while most said they approve of right-wing President Jair Bolsonaro’s performance.

In one of the first major surveys since Bolsonaro’s Jan. 1 inauguration, 45.6 percent of respondents said they disapprove of the proposed pension reform, while 43.4 percent said they approve. The rest said they did not know or did not respond.

It was the first time a poll, conducted by the MDA institute and commissioned by the CNT transportation lobby, directly asked respondents if they approved of pension reform.

Other polls in the past year have shown large swings in voter opinion on pension reform, from over two-thirds against to figures in line with the MDA survey.

Bolsonaro’s proposal to address a widening pension deficit by raising taxes, delaying retirements and creating individual savings accounts is the cornerstone of his economic agenda.

Last week, the president delivered his proposal to Congress, aiming to save over 1 trillion reais ($266 billion) in the next decade. Most economists agree the system must be overhauled to shore up public finances and foster growth.

On Bolsonaro’s popularity, 57.5 percent approved of his performance, while 28.2 percent disapproved and 14.3 percent did not offer an opinion.

In the survey, 38.9 percent said Bolsonaro’s government was “good” or “excellent,” 29 percent said it was “regular” and 19 percent said it was “bad” or “terrible.”

MDA surveyed 2,002 Brazilians between Feb. 21 and 23. The poll has a margin of error of 2.2 percentage points.

 
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