Connect with us

Business

US gives Maryland $60 million to rebuild collapsed Baltimore bridge By Reuters

Published

on


(Corrects status of victims in second paragraph to show two bodies have been recovered with four people missing and presumed dead (not the other way around).)

By David Shepardson

(Reuters) -The U.S. government awarded the state of Maryland $60 million in federal emergency relief on Thursday in response to the collapse of the Francis Scott Key Bridge in Baltimore, an extraordinarily fast disbursement after such a disaster.

The bridge came tumbling down early on Tuesday after a massive cargo freighter that had lost power plowed into the structure in Baltimore Harbor. Two bodies have been recovered and four other missing people are presumed dead.

Maryland Governor Wes Moore had requested the $60 million earlier on Friday, and the U.S. Department of Transportation’s Federal Highway Administration approved the request within hours.

Such funding typically takes days, but President Joe Biden told reporters on Tuesday that he directed the federal government to “move heaven and earth” to quickly rebuild the bridge.

“These funds serve as a down payment toward initial costs, and additional Emergency Relief program funding will be made available as work continues,” the Transportation Department said in a statement.

Initial estimates of the reconstruction costs, which is likely to be paid by the federal government, are at $600 million, economic software analysis company IMPLAN said.

But federal officials have told Maryland lawmakers the cost could soar to at least $2 billion, The Hill reported, citing a source familiar with the discussions.

The Transportation Department has vowed to act swiftly after getting a request for the so-called “quick release funding” but has said it will need legislation from Congress to fund building a replacement bridge.

Moore said in a statement regarding his request the funds would support “mobilization, operations, and debris removal, laying the foundation for a rapid recovery.”

Maryland said it may seek additional emergency funding as damage assessments progress.

© Reuters. A view of the Dali cargo vessel, following the collapse of the Francis Scott Key Bridge, in Baltimore, as seen from Riviera Beach, Maryland, U.S., March 28, 2024. REUTERS/Tom Brenner


Bound for Sri Lanka, the Singapore-flagged container ship Dali reported losing power and the ability to maneuver before plowing into a support pylon of the bridge.

The impact brought most of the bridge crashing into the mouth of the Patapsco River almost immediately, blocking shipping lanes and forcing the indefinite closure of the Port of Baltimore, one of the busiest on the U.S. Eastern Seaboard.





Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Social media and mental health: CVS-Morning Consult survey shows pros, cons

Published

on


A larger proportion of Americans are worried about their mental health now than at the start of the COVID-19 pandemic, according to a new survey from CVS Health. In March, the nation’s biggest pharmacy chain partnered with Morning Consult to poll 2,202 U.S. adults.

In survey results released Thursday, about 65% of respondents said they’ve experienced concerns about their own mental health or that of friends and family, compared to 59% in April 2022 and 50% in April 2020.

“I think the take-home point is that we continue to see behavioral health be an increasing focus of the public,” Dr. Taft Parsons III, CVS Health vice president and chief psychiatric officer, tells Fortune. “[COVID-19] has brought about not an elimination but a decrease in the amount of stigma that people used to have with talking about their emotional struggles and behavioral health needs.”

Socialization is a means of coping with stress, Parsons says, and when people faced sudden, prolonged isolation, some took to virtual mental health treatment: “Before the pandemic, I think a lot of people would just suffer in silence and not get the help that they need.”

Nearly half of respondents, 48%, said they’re likely to use mental well-being apps for treatment, while 55% said the same of therapy.

A majority of respondents, 77%, said they’re concerned about mental well-being on a national scale. By comparison, 81% said the economy was also a significant concern.

“We’re talking about really top-of-mind issues,” Parsons says. “This is dinner conversation; people are very concerned about it.”

Respondents cited these issues as drivers of anxiety:

  • Uncertainty about the future: 51%
  • Current events: 49%
  • Body image/physical appearance: 35%

The poll results align with a growing body of evidence documenting increased rates of depression and anxiety, particularly among younger people, says Dr. Itai Danovitch, chair of the Psychiatry and Behavioral Neurosciences Department at Cedars-Sinai Medical Center in Los Angeles, who wasn’t involved in the survey.

“Those concerned about their mental health should recognize that we can strengthen our resilience by prioritizing self-care practices such as safeguarding sleep, making time for exercise, reducing excessive digital media consumption, and prioritizing quality time with friends and family,” Danovitch tells Fortune via email. “For individuals experiencing severe or persistent mood symptoms, it is crucial to consult a health care professional, as there are various effective treatment options that can be tailored to personal values and preferences.”

While the survey methodology indicates “data were weighted to approximate a target sample of adults based on age, gender, educational attainment, race, and region,” the published results weren’t stratified by these demographics. CVS Health provided Fortune with additional data showing 81% of respondents ages 18–34 said they were concerned about their mental health or that of their loved ones, compared to 74% in 2022 and 62% in 2020. However, it is unclear how this compares to other age groups.

Nervous young woman using smartphone.Nervous young woman using smartphone.
A larger proportion of Americans are worried about their mental health now than at the start of the COVID-19 pandemic, according to a new survey from CVS Health and Morning Consult.

Jamie Grill—Getty Images

Social media has pros, cons for mental health

Social media use dovetails with mental health in myriad positive and negative ways, the survey results suggest. About 36% of respondents said social media has taught them about mental health issues. Meanwhile, 37% said they believe social media has hurt society at large. A third said they’re trying to spend less time on social media and turned off app notifications.

“A lot of public figures have started to talk about needing and being in treatment through social media and telling their personal stories,” Parsons says. “From that standpoint, it’s a very good thing…there is a goodness to folks being able to spread the word and spread it quickly.”

Parsons adds, “We have seen some of the negative effects of that too, from the standpoint of people attributing stress and anxiety to things that are coming through Instagram and other social media—as well as the way that it’s affected our general ability to get along and cooperate with circles of folks that are different from us.”

Roughly half of parents surveyed said they feel social media is impacting their children’s development and perceptions of the world. In addition, more parents are concerned with their children’s mental health, 70%, than physical health, 66%.

“Mounting evidence suggests that, especially during childhood, the adverse effects of social media are significant and widespread,” Danovitch says. “We have a considerable way to go in effectively addressing these challenges.”

If you need immediate mental health support, contact the 988 Suicide & Crisis Lifeline.

CVS Health is a sponsor of Fortune WELL.

For more on mental health:

Subscribe to Well Adjusted, our newsletter full of simple strategies to work smarter and live better, from the Fortune Well team. Sign up for free today.



Source link

Continue Reading

Business

Jim Cramer’s take on Uber, Lyft, DoorDash and Instacart

Published

on


Until a few years ago gig companies did not have to care about profitability, says Jim Cramer

CNBC’s Jim Cramer on Monday provided his take on four major stocks in the gig economy sector: Uber, Lyft, DoorDash and Instacart parent Maplebear.

“After hearing from all of these companies, what I see is a confusing situation: Uber, DoorDash and Instacart are all lower after earnings, while Lyft managed to gain a bit of ground,” he said. “But the reality’s a lot more complicated than that.”

  • Uber: Cramer said Uber’s recent quarter yielded solid results, but the ride-share company did report some weakness in bookings. To Cramer, that’s what sent shares plummeting post-earnings last week, stoking Wall Street’s fears about cash-strapped consumers. The stock has yet to recover, but he said he’s still fairly bullish on Uber, feeling good about the company’s growing profits and cash flow. But Cramer added that investors should monitor the company to see whether it has problems with affordability.
  • Lyft: Lyft reported a good quarter, and Cramer noted that, unlike archrival Uber, it actually saw higher-than-expected bookings. He said it seems like Lyft is “finally on a more competitive footing,” no longer steadily losing share to Uber, and the stock jumped in extended trading after the earnings report. Cramer said he is pleased with how CEO David Risher is managing the company’s turnaround, saying he’s optimistic the stock can continue to perform well.
  • DoorDash: Cramer said DoorDash’s quarter was decent, but weakened guidance sent its stock plunging. He indicated that the food-delivery service “deserves the benefit of the doubt” as it spends money to grow business. Although Cramer said he has faith in the stock, he warned that its performance might be unpredictable until DoorDash demonstrates earnings improvement, saying investors shouldn’t expect a warm reception from Wall Street anytime soon.
  • Maplebear: Although he was impressed with Maplebear’s recent quarterly report, Cramer said he’s hesitant to recommend the Instacart parent because he’s not sure how the grocery-delivery landscape will look in the long run. Amazon continues to try to gain dominance in this sector, he said, adding that it’s not necessarily a good idea to compete with the tech behemoth.

Uber, Lyft, DoorDash and Maplebear did not immediately respond to a request for comment.

Don’t miss these exclusives from CNBC PRO

Jim Cramer checks in on the gig economy

Jim Cramer’s Guide to Investing

Sign up now for the CNBC Investing Club to follow Jim Cramer’s every move in the market.

Disclaimer The CNBC Investing Club Charitable Trust holds shares of Amazon.

Questions for Cramer?
Call Cramer: 1-800-743-CNBC

Want to take a deep dive into Cramer’s world? Hit him up!
Mad Money TwitterJim Cramer TwitterFacebookInstagram

Questions, comments, suggestions for the “Mad Money” website? madcap@cnbc.com





Source link

Continue Reading

Business

Melinda French Gates to quit Gates Foundation

Published

on


Billionaire philanthropist Melinda French Gates has said she will resign as a co-chair of the Bill & Melinda Gates Foundation.

“This is not a decision I came to lightly,” Ms Gates wrote in a statement posted to X on Monday.

Her last day of work will be 7 June.

Ms Gates started the foundation – the largest private body of its kind – in 2000 with her then-husband Bill Gates, the Microsoft co-founder.

In 2021, after 27 years of marriage, the pair announced their separation, but pledged to carry on with their joint philanthropic work. At the time of their split, the former couple said they would remain co-chairs and trustees of the organisation and that no changes to the foundation’s structure were expected.

The Gates Foundation is among the most powerful groups in public health, with an endowment of more than $75bn (£59.7bn) as of December. It spends billions of dollars every year on initiatives aimed at eradicating infectious diseases, reducing poverty and combatting climate change.

According to the foundation’s website, the couple donated more than $36bn (£28bn) of their own wealth to it from 1994 to 2018.

“I am immensely proud of the foundation that Bill and I built together,” Ms Gates wrote in her statement adding that under an agreement with Mr Gates, she will now have an additional $12.5bn for her own charitable work on women and families.

In 2015, Ms Gates founded investment company Pivotal Ventures, a separate entity from the Gates Foundation, which focuses on removing barriers to opportunity for women and minority groups.

“This is a critical moment for women and girls in the US and around the world – and those fighting to protect and advance equality are in urgent need of support,” she wrote in Monday’s statement.

Mr Gates said he was “sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work”.

The Microsoft founder remains one of the world’s richest men, with a net worth of more than $130.3bn, according to Forbes. Ms Gates’ fortune is listed at $11.3bn.



Source link

Continue Reading
Advertisement

Trending

Copyright © 2024 World Daily Info. Powered by Columba Ventures Co. Ltd.