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Some evictions to resume in B.C., other supports extended – BC News – Castanet.net

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B.C. is extending the moratorium on rent increases and evictions related to missed rent payments.

However, notices to end tenancy, for reasons other than unpaid rent, will resume later this month, the provincial government announced Friday (June 19).

“As we move forward with carefully restarting the economy and look to a new normal, we are taking a similarly phased approach to rental housing,” said Selina Robinson, Minister of Municipal Affairs and Housing, in a statement.

“We’re recognizing that there are situations where it is safe and reasonable to return to normal processes, but we’re also continuing to protect people who have lost income because of the pandemic from losing their homes.”

Once the new order comes into effect later this month, landlords will be able to serve a notice for reasons including landlord/purchaser use, such as the sale of a property where the new owner intends to move in.

Landlords will also be able to issue notices for cause, for example, where a tenant is putting the landlord or other tenants at risk, or has sublet the apartment without permission.

Depending on the type, these will require a notice period of between one and four months, according to a release from the provincial government.

Eviction notices served before the ban on evictions came into effect March 30, will also come into effect once the new order comes into effect, and orders that were filed with the courts will be enforceable.

Landlords wishing to have an existing notice of eviction enforced will be able to apply to begin that process July 1.

In addition, landlords will also be able to access units for repairs, maintenance, and showing the unit, following a standard notice period. The province says, however, that landlords and tenants are expected to maintain physical distancing at all times and wear appropriate personal protective equipment, including masks.

However, landlords will continue to be able to set restrictions on shared spaces, such as limiting the number of people in elevators, gyms and laundry rooms.

Temporary rental supplement extended

The province says it is also extending the temporary rental supplement (TRS) until the end of August 2020, to support renters and landlords during the COVID-19 pandemic.

“COVID-19 has touched all aspects of our lives and economy,” said Robinson.

“Recognizing the financial challenges faced by many people, our government is extending the TRS and maintaining the rent freeze and the ban on evictions for non-payment of rent. We’re continuing to protect renters as we also ensure landlords are receiving some income during this time.

Those who have already been approved for the TRS do not need to reapply, and will receive an email asking them to confirm that they plan to live at the same address through July and August, according to the provincial government.

New applications for the TRS will also be accepted until Aug. 31, and those who apply will be eligible for a supplement for the month the application is received, and all subsequent months.

The province says that between April 9 and June 15, BC Housing received more than 90,000 applications for the TRS, with nearly 82,500 eligible applications confirmed.

Through the TRS, eligible households with dependents receive $500 per month, while eligible households without dependents receive $300 per month. Eligible roommates are also able to apply for the rental supplement.  

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Get ready for an awful earnings season – CNN

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A version of this story first appeared in CNN Business’ Before the Bell newsletter. Not a subscriber? You can sign up right here.
Brace yourself: According to estimates compiled by FactSet, analysts predict that earnings for the S&P 500 plummeted nearly 45%, which would be the biggest drop since a 69% plunge during the depths of the Great Recession in the fourth quarter of 2008. Revenues are expected to have fallen more than 10%. Retailers, energy companies and industrial firms likely reported the biggest declines in sales and profit.
Financial firms take center stage this week. JPMorgan Chase (JPM), Wells Fargo (WFC), Goldman Sachs (GS), Bank of America (BAC) and BlackRock (BLK) are just a few of the big banks and asset managers that will post their latest results.
Trump warns stocks will 'disintegrate' if he loses. But stocks are climbing as Biden pulls ahead
“Now that we are getting through the first full quarter of Covid-19 lockdowns … the effects of the pandemic and resulting loss of economic activity are starting to show an impact,” Mark Doctoroff, managing director and global co-head of the financial institutions group for MUFG, said in an email to CNN Business.
Doctoroff said investors will be keeping a close eye on loan quality — especially after a recent spate of high-profile corporate bankruptcies. Consumers may have struggled to make auto and credit card payments as well, even as many banks have offered mortgage forbearance programs.
But Doctoroff added that there could be some bright spots to bank earnings. Profits from trading desks could be robust, thanks to the surge in stock market volatility. Financial firms may also post solid results from their debt underwriting businesses. Companies have been rushing to issue new bonds as interest rates remain near zero.
Banks won’t be the only companies in the earnings spotlight. Pepsi, Delta, Netflix and Dow components Johnson & Johnson (JNJ) and UnitedHealth (UNH) are also due to report their latest results.
It seems unlikely that many of these firms will provide much in the way of financial guidance due to the uncertain nature of the economy. For what it’s worth, analysts expect the profit picture to improve as the year progresses. And analysts now predict a big rebound next year, with profits expected to rise 12% in the first quarter and nearly 30% for all of 2021.
Hopes for a rapid, pronounced V-shaped recovery in earnings have been one of the main reasons why the overall market has rebounded so quickly from its March lows.
The S&P 500 is now down only 1.4% this year. It’s possible that the bear market is already over even though the overall economy remains weak and there are worries about another surge of Covid-19 cases in the United States. But the Federal Reserve has helped fuel expectations of a comeback with its trillions of dollars of loan programs.
“What you are looking at over the next 12 months is still a moderate recovery,” said Erik Knutzen, chief investment officer of multi-asset for Neuberger Berman, adding that there is a “titanic struggle” in the markets between bears focusing on weak fundamentals and bulls who have expectations for more stimulus.

Why Wall Street may be turning on US stocks

Is it time to look for stock buys outside the United States?
It’s a question investors are asking more and more as they ponder how long the massive run-up in US shares can continue.
Amazon, Apple and Microsoft race to $2 trillionAmazon, Apple and Microsoft race to $2 trillion
The numbers: The S&P 500 has risen 42% since its low point on March 23. Europe’s Stoxx 600 index has gained 31% since its March low.
But Wall Street strategists are increasingly looking at European shares more favorably, noting the strength of the region’s recovery from Covid-19 and seeing opportunities to tap value.
Last week, BlackRock downgraded US equities to a “neutral” rating, warning that a surge in coronavirus cases could hit the recovery just as support for more government stimulus starts to wane. Its strategists said they now favor European shares, citing robust public health measures and a “ramped-up” policy response.
They’re not the only ones. On a recent call with reporters, Evan Brown, head of multi-asset allocation strategy at UBS, praised German Chancellor Angela Merkel for quickly moving to roll out fiscal stimulus measures. There’s a lot of room for Europe to outperform, he said.
The counterargument: The massive rebound in US stocks has been driven by surging shares in companies like Apple, Amazon, Microsoft and Alphabet, which helped push the Nasdaq toward a series of all-time highs last week. There’s no reason to think these companies will falter soon.
Brian Belski, chief investment strategist at BMO Capital Markets, said Friday that he believes US tech stocks can keep outperforming over the next 12 to 18 months given expectations for longer-term growth. But he told clients that selectivity may be increasingly important, and encouraged them to look beyond the traditional Big Tech names.
Monday: PepsiCo (PEP) earnings
Tuesday: US inflation data; UK balance of trade; Germany economic sentiment; Citigroup (C), Delta Air Lines (DAL), JPMorgan Chase (JPM) and Wells Fargo (WFC) earnings
Wednesday: US industrial production; Goldman Sachs (GS) and UnitedHealth (UNH) earnings
Thursday: China GDP; US initial unemployment claims and retail sales; Bank of America (BAC), Charles Schwab (SCHW), Honeywell (HON), Johnson & Johnson (JNJ), Morgan Stanley (MS), Truist (TFC) and Netflix (NFLX) earnings
Friday: US housing starts and building permits; BlackRock (BLK) earnings

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The Most Desirable Crude Oil On The Market – OilPrice.com

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The Most Desirable Crude Oil On The Market | OilPrice.com

Haley Zaremba

Haley Zaremba is a writer and journalist based in Mexico City. She has extensive experience writing and editing environmental features, travel pieces, local news in the…

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    China bought up so much oil during April and May’s oil price crash that now they don’t know what to do with it all. A huge volume of the purchases that Beijing made when the market was down are just now coming into port, and China simply can’t get them all into storage fast enough. And as China’s seas fill up with oil tankers, the country’s onshore storage tanks are filling up too–and they’re getting dangerously close to overflowing As China’s own Caixin News reported earlier this week, “as of Wednesday, China had used up 69% of its crude oil storage capacity with the 33.4 million tons it had stockpiled, up by 24% from the previous year, according to data from energy information provider Oilchem China. That’s only 1 percentage point away from the 70% threshold that experts view as the country’s capacity limit.”

    This week, Bloomberg told the story of just one of these ships currently crowding Chinese ports. “Leaving behind the waters of the Caribbean Sea, the 1,100-feet long oil tanker Maran Apollo is emblematic of the wider petroleum market,” the report begins. “Steaming at 11.5 knots, she’s heading toward China, where oil demand is fast recovering, hauling a cargo of two million barrels of U.S. crude. But her voyage didn’t start a few days ago. She loaded in early May, and with no buyers during the worst of the coronavirus outbreak, the supertanker stood floating in the U.S. Gulf of Mexico for almost two months, waiting for better times.”

    The fact that Maran Apollo has now departed for Rizhao, China is a promising one, indicating that refiners are finally starting to demand more crude that has been sitting unwanted for months out at sea. But it’s not just any kind of crude. In order to really understand the oil industry’s uneven recovery, you have to look a little closer. 

    “Refiners are competing for barrels in one corner of the market known as medium-heavy sour crude — barrels with a higher content in sulfur and relatively dense. It’s the kind of oil that Saudi Arabia and its allies pump. And also the type of crude that’s pumped offshore in the U.S. Gulf of Mexico — and that’s what’s in the Maran Apollo’s tanks.” Bloomberg compares different kinds of crude oil to different vintages of wine. “Urals of Russia and Arab Light from Saudi Arabia are normally two of the most widely consumed — think Cabernet Sauvignon, maybe a Merlot. But in today’s oil market, such crude is in increasingly short supply due to record output cuts by the two nations and their allies.”

    Related: Saudi Arabia Hikes Oil Prices For The Third Consecutive Month

    The production cuts from OPEC+ don’t just remove any old crude oil from the oversaturated market, they remove the most in-demand kinds of crude, and its absence has caused problems for an energy industry trying to get back to business-as-usual. “Deep OPEC+ cuts and demand recovery have tightened balances and this has been reflected in improvements in physical differentials,” Bassam Fattouh, director of the Oxford Institute for Energy Studies, was quoted by Bloomberg. “But the recovery has not been even, with medium-sour crudes faring better than light-sweet crudes.”

    The shortage of medium-sour crude, and “particularly those known as light sweet crude that have a lower sulfur content and are less dense” has also upset conventional price brackets for crude oil. Usually, these barrels are plentiful and inexpensive, but as austere production cuts have removed so much medium-sour crude supply from the market, these barrels’ prices have soared. 

    While recovering oil prices can be seen as a sign of success for OPEC+ and their production curbing strategies, they don’t necessarily indicate a healthy market for oil. “Not only is medium-heavy sour crude trading at a premium to benchmarks, but barrels for immediate delivery are commanding premiums to forward contracts, a price pattern known as backwardation that also reflects a tight physical-market,” writes Bloomberg. As the world slowly returns to normal, markets will have to absorb the often unpredictable impacts of economic intervention like stimulus packages and production cuts on top of all the other externalities of economic recession. No one said the road to recovery would be easy. 

    By Haley Zaremba for Oilprice.com

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      Quick Compare: 2020 Tesla Model 3 Vs Model Y After $3,000 Price Cut – Forbes

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      Here’s a very short, very basic comparison of the Model Y and Model 3 for newbie electric car buyers just getting their feet wet:

      *Pricier Model 3 configs offer up to 322 miles of range

      **The Model 3 with rear seats folded has “almost comparable cargo capacity [to the Model y], not as bad as those numbers from the owner’s manuals suggest,” according to Motor Trend.

      Type:

      —Model Y: CUV (crossover utility vehicle)

      —Model 3: sedan

      Production start date:

      —Model Y: January 2020

      —Model 3: mid-2017

      Price:

      2020 Tesla Model Y Dual Motor All-Wheel Drive Long Range: base price: $49,990* (cheapest version currently available / price as shown on Tesla’s website)

      2020 Tesla Model 3 Standard Range Plus base price: $37,990 (cheapest model)

      Cheaper Model Y version:

      The cheapest Model Y now available isn’t cheap. A cheaper version of the Model Y will eventually be offered, according to Tesla.

      American made:

      Both the Model 3 and Model Y are made in America in Fremont, Calif.

      How similar?

      The Model Y is based on the Model 3 and shares 75% of the parts, according to Tesla. And to the untrained eye, they can be hard to distinguish.

      How different?

      But there are some big differences like cargo space and ground clearance — the Model Y has more of both. And you sit higher in the Model Y because the Y’s seats are on risers, which makes it easier to get in and get out of the car compared to the Model 3.

      The Model Y also uses a more efficient heat pump versus the resistive heating system in the Model 3.

      And the Model Y is taller, wider, and longer than the Model 3. It’s only a matter of inches (e.g., the Y is about 7 inches taller) but it can make a difference for things like headroom.

      How popular?

      The Model 3 was the best-selling car in California — the hottest electric car market in the U.S. — in the first quarter of 2020, beating both the Honda Civic and Toyota Camry, according to the California New Car Dealers Association. Since the Model Y is just beginning to ramp up production, the jury is still out but CEO Elon Musk has said that he expects it to outsell the Model 3.

      Seating capacity:

      5 passengers for both the Model 3 and Model Y, though the Y has an option for seven passengers (see “options” below).

      Ground clearance (think: light off-roading):

      —Model Y: 6.6 inches

      —Model 3: 5.5 inches

      Basic warranty:

      4 years / 50,000 miles for both the Model 3 and Model Y.

      Major options:

      —Model Y will offer a third row of seats, allowing it to seat seven passengers ($3,000 option)

      —The Model 3 Performance offers 0-60 in 3.2 seconds for thousands of dollars less than the Model Y Performance (which is a plodding 3.5 seconds by comparison).

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