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    ‘I just can’t take it’ — Covid piles more stress and financial strain on already-burdened family caregivers

    In this articleHAFAXRonald Terry, 93, visiting his late-wife’s grave. He’s living with his daughter, Ellen Minor, who is his primary caregiver.Photo: Ellen MinorOver the past year, Ellen Minor has been caring for her 93-year-old father in their Covid bubble.It’s been far from easy.”I can’t tell you how close I have come to forcing myself to retire early, which means paying for my own medical insurance,” said Minor, a 61-year-old teacher at a California charter school.”I have come very close, with the stress,” she said. “I just can’t take it.”When the coronavirus pandemic hit, her father, Ronald Terry, was temporarily in a skilled nursing facility, recovering from cardiac surgery. Minor quickly pulled him out and brought him back to their home in Murrieta, California. While Terry needs full-time care, she is only using one overnight aide in order to protect Terry, her husband and herself from the virus. She also teaches remotely during the day while caring for her dad.Minor is one of 53 million Americans who are caregivers to a family member, friend, or neighbor. Of those, 61% are women.Elder care is so unpredictable. You don’t know when you are going to get phone calls and what is going to happen.Liz O’DonnellAuthor of “Working Daughter”Even before the pandemic, 20% of caregivers reported high financial strain, 20% left bills unpaid and 10% were unable to afford basic expenses like food, according to a May 2020 report by the National Alliance for Caregiving and AARP.”No one really prepares for caring for an older adult,” said Bob Stephen, AARP’s vice president for caregiving and health.”When you do, you don’t really think about the financial aspect of it.”Covid has added to that strain: More than 50% have increased their hours spent on family caregiving, and 30% are experiencing more stress, a survey by AARP and S&P Global found.For Minor, that stress was recently compounded when her father, who is now vaccinated, experienced a sudden decrease in mobility. As a result, Minor and her husband are renovating his bathroom so Terry will be able to navigate the area.Stories like Minor’s are ones that Liz O’Donnell sees all too often in her Facebook community, Working Daughter.Liz O’Donnell, pictured with her late husband, started a Facebook community for caregivers after she found herself suddenly caring for both of her parents.Source: Liz O’DonnellShe started the group when she suddenly found herself as caregiver to both her parents in 2014. Her father was diagnosed with Alzheimer’s, and her mother with stage 4 ovarian cancer, on the same day. O’Donnell, now 53, was working full-time and had two kids in elementary and middle school. Her late husband, who died in 2019 from pancreatic cancer, was a stay-at-home dad.”Elder care is so unpredictable. You don’t know when you are going to get phone calls and what is going to happen,” said O’Donnell, who has since written a book, “Working Daughter: A Guide to Caring for Your Aging Parents While Earning A Living.””I was convinced I was going to lose my job, maybe my marriage with the stress of it all … and certainly my sanity.”More from Invest in You:How companies can keep women in the workforceSingle moms hit hardest by gender pay gapHow to manage your money, boost your savings and start investingHer biggest piece of advice to those caring for aging parents or other adults during such a difficult time: Be more forgiving towards yourself.”Realize the guilt and stress is misdirected if you are directing it at yourself,” O’Donnell said.In this rapidly aging society, where people are living longer and therefore more likely to develop chronic illnesses, society hasn’t kept up about how to care for those people. The result is that it is all falling on family.Instead of focusing on what you can’t do for your parents, think about the fact that you are showing up for them and putting structures in place to help, she said.On the financial end of things, it helps to get organized and create a budget, said AARP’s Stephen. Caregivers spend about $8,000 a year of their own money caring for family members, according to the organization, which has created a financial workbook for family caregivers.”You want to make sure you are setting your priorities right,” he said. That means not dipping into your own retirement savings and putting your future at risk.Also, check to see what accommodations your employer may be able to give you, like a flexible schedule. There may also be an employee resource group for caregivers that can help you talk with people in the same situation.For Minor, her main fear is her own health, more so than her job or her retirement readiness.”I’m more concerned right now that this is working me into such an early grave, that I won’t have enough life left to enjoy retirement,” she said.”I am losing my health over this.”SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox.CHECK OUT: How to make money with creative side hustles, from people who earn thousands on sites like Etsy and Twitch via Grow with Acorns+CNBC.Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns. More

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    Old golf courses and office buildings are turning into retail warehouses as demand for industrial space keeps climbing

    In this articleTJXWHDBURLROSTCOLDGPSWSMAMZNPLDCBREJLLA worker stacks boxes inside of an Amazon fulfillment center in Robbinsville, New Jersey.Lucas Jackson | ReutersThe next big industrial warehouse might find itself on top of a former golf course. Or in an empty office building. Maybe in a vacated shopping mall.The Covid pandemic has accelerated e-commerce sales globally, with digital sales driving a larger portion of retailers’ and grocers’ businesses. That has sparked a race for warehouse space and caused companies to seek creative commercial real estate alternatives as they strive to fulfill online orders and avoid delivery delays.Demand for industrial, big-box facilities — warehouses or distribution centers of 200,000 square feet or more — hit a record in North America last year, according to commercial real estate services firm CBRE. It was the strongest performer among all industrial real estate. Transactions for those spaces totaled 349.3 million square feet in 2020 across the top 22 markets, a nearly 25% jump from 2019, according to CBRE.Zoom In IconArrows pointing outwardsThe pace of e-commerce growth will likely slow in 2021, as people feel safe shopping at stores again. But real estate executives say industrial space will remain a competitive market.”We’re really just seeing the tip of the iceberg as far as demand and growth of e-commerce,” said Mindy Lissner, a CBRE executive vice president. “Once you start it, you figure out how easy it is to order things online.””The pandemic has had a huge impact on the growth of demand of warehousing and fulfillment,” Lissner added. “But it was already growing anyway. … And the trend is going to continue.”Time to get creativeWith a hot market and supply of industrial space running thin, businesses and their brokers in a land grab are having to get creative.How about an old golf course? Amazon recently found a shuttered 18 holes in the town of Clay, New York, to build a $350 million distribution center. It’s also plotting a fulfillment center on top of a portion of a former golf course in Alcoa, Tennessee.The e-commerce giant also has taken old and defunct malls, of which there are plenty in the U.S., and turned them into warehouse spaces. Like the old golf courses, old malls are often situated in communities full of paying customers, which makes the land suitable for distribution facilities looking to be near people’s homes. But developers still face hurdles like rezoning.Vacant office buildings are becoming an attractive target to flip into warehouse space, Lissner said. She said many have convenient locations and sprawling campuses, just off a highway. More office space could end up on the market, especially if businesses extend remote work policies after the pandemic and need less space for employees’ cubicles.Experts also point to a pivot away from sprawling warehouse facilities in the middle of nowhere toward spaces closer to customers. In some cities, such as New York, that has inspired companies to build up rather than out. Some have moved into multistory buildings that have been converted into vertical warehouses in outer boroughs and neighborhoods like Long Island City.”Our customers are preferring more expensive real estate,” said Chris Caton, managing director of global strategy and analytics at Prologis. “They’re no longer going out into really remote locations, like Columbus or Indianapolis or Memphis. Instead, a lot of that demand, and in particular the rent growth in our business over the last decade, has been focused in major 24-hour cities.”Prologis, a real estate investment trust that owns warehouses and is Amazon’s biggest landlord, estimates that for every $1 billion in sales, e-commerce companies require 1.2 million square feet of distribution space.Aggressive leasingThe need for industrial space has been especially high among discount retailers like Burlington, TJ Maxx and Ross Stores; home goods and home improvement stores like Wayfair and Home Depot; and meal-kit companies and grocers, Lissner said during a CBRE virtual event.But the demand is seemingly everywhere you look.Gap announced in February a $140 million investment to construct a distribution center in Longview, Texas, as part of its effort to double its online business over the next two years. Upon completion, Gap said the 850,000-square-foot facility will be able to process 1 million packages per day. Initially, it will be used for Old Navy’s burgeoning e-commerce business, then expand to other parts of Gap’s business.Williams-Sonoma recently told analysts it plans to increase its manufacturing and distribution capacity by 20% to 30% over the next year, including adding about 2 million square feet to the company’s distribution-center network.Home Depot earlier this year opened a 1.5 million-square-foot distribution center to fulfill online and store orders in Dallas.Zoom In IconArrows pointing outwardsFor those grocery and food businesses, space can be even harder to find. They need special cold-storage facilities where they can keep perishable items, which are pricier and more limited than a typical warehouse that holds apparel or electronics. Real estate executives from CBRE and JLL say demand has grown for those as more Americans cook at home and order their weekly groceries online.Shares are up about 15% over the past 12 months for Americold, the only publicly traded temperature-controlled warehouse owner in the U.S., in part because of storage requirements for Covid vaccines.Unlike retail real estate, where rents have been pressured because demand isn’t what it used to be, prices for industrial real estate are still climbing.Craig Meyer, president of JLL’s Americas industrial division, said “aggressive leasing” among retailers has caused vacancy rates to drop and rents to rise.”We’re actually concerned about the availability of product beginning in the middle of the year,” he said.Industrial rents, as a national average, hit $6.47 per square foot in February, up 5.1% year over year, according to data from the real estate tech firm CommercialEdge. New leases signed for the month commanded a 14.7% premium, averaging $7.42 per square foot, the group said.”On the industrial side, prices are higher than I’ve ever seen in my 30 years,” Lissner said. “I mean, much, much higher than any prediction.” More

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    Bed Bath & Beyond poaches Wayfair, Walmart execs to help it grow online

    In this articleBBBYWWMTTGTPeople walk out of a Bed Bath & Beyond store amid the coronavirus disease (COVID-19) pandemic in New York, January 27, 2021.Carlo Allegri | ReutersBed Bath & Beyond on Monday announced two key hires for its $3 billion e-commerce business.Its shares gained 2.5% in premarket trading.Jill Pavlovich, previously head of exclusive brands and merchandising for the online furniture retailer Wayfair, has been named Bed Bath’s senior vice president of digital commerce.Jake Griffith, previously a general manager for sports and fitness at the big-box retailer Walmart, has been named vice president of product management.They are expected to start next week, and will report to Rafeh Masood, Bed Bath’s chief digital officer.Under CEO Mark Tritton, the former chief of merchandising at Target, Bed Bath has been turning its business around by investing in building a stronger digital presence, pursuing store remodelings, launching new brands and selling noncore assets.Earlier this month, it debuted Nestwell, an in-house line of bedding and bath essentials. It’s the first of at least 10 in-house brands that the company expects to launch in the next two years.Bed Bath’s shares are up almost 65% year to date. The company has a market cap of $3.55 billion. More

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    U.S. Covid cases rising again as restrictions ease despite benefits from increased vaccinations

    As Covid-19 cases rise once again in the United States, the country is also administering vaccinations at a faster pace than ever.U.S. Covid-19 casesMore than 63,000 daily new Covid-19 cases are being reported in the U.S., based on a seven-day average of Johns Hopkins University data. That figure is up 16% from one week ago.Zoom In IconArrows pointing outwardsOn Sunday, White House Chief Medical Advisor Dr. Anthony Fauci said that the latest rise in coronavirus cases is not being caused solely by new variants of the virus, and that travel and easing of business restrictions is also a factor in the increase in infections.”What we’re likely seeing is because of things like spring break and pulling back on the mitigation methods that you’ve seen,” Fauci told CBS’ “Face the Nation” on Sunday.U.S. Covid-19 deathsThe U.S. is reporting a weekly average of 970 Covid-19 deaths per day, according to Hopkins data. The average daily death toll has been under 1,000 for seven straight days for the first time since November.Zoom In IconArrows pointing outwardsU.S. vaccine shots administeredAs cases rise, so does the pace of vaccinations. The U.S. Centers for Disease Control and Prevention has reported three straight days of more than three million vaccine doses administered, including a record of nearly 3.5 million shots reported on March 27. The seven-day average of vaccine doses administered is now at roughly 2.7 million shots per day.Zoom In IconArrows pointing outwardsU.S. share of the population vaccinatedTo date, more than 143 million doses of the Pfizer, Moderna, and Johnson & Johnson Covid-19 vaccines have been administered in the U.S., according to CDC data. About 28% of the U.S. population has received at least one dose of a vaccine, and 15.5% is fully vaccinated.Zoom In IconArrows pointing outwardsOf those 65 and older, 72.4% have received one dose and 48.4% are fully vaccinated, according to the CDC. More

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    Banks warn of 'significant losses' as they exit positions with large U.S. hedge fund

    In this articleWDI-FFLKNCY.BBKAMSGS8604.T-JPCSG.N-CHCIKPedestrians pass by a Credit Suisse Group AG bank branch in Biel, Switzerland, on Monday, Feb. 15, 2021.Stefan Wermuth | Bloomberg | Getty ImagesLONDON — Credit Suisse and Nomura warned Monday of “significant” hits to first-quarter results, after they began exiting positions with a large U.S. hedge fund that defaulted on margin calls last week.While neither Credit Suisse nor Nomura named the fund, it’s been widely reported that Archegos Capital Management is the firm connected to the fire sale.In a trading update before the market open, Credit Suisse said a number of other banks were also affected and had begun exiting their positions with the unnamed firm. The Zurich-based lender’s shares were down more than 15% during afternoon trade following the announcement.”While at this time it is premature to quantify the exact size of the loss resulting from this exit, it could be highly significant and material to our first quarter results, notwithstanding the positive trends announced in our trading statement earlier this month,” Credit Suisse said. It added that it would provide a further update on the matter “in due course.”A margin call occurs when a broker demands that an investor deposits more money into a margin account, which enables them to invest money borrowed from the broker, to bring it to a minimum required amount. The investor then has to either deposit into the account, or sell some of the assets held in it.Nomura also issued a trading update on Monday warning of a “significant loss” at one of its U.S. subsidiaries resulting from transactions with a client stateside. Japan’s largest investment bank said it was evaluating the potential extent of the loss, estimated at $2 billion. Its shares fell more than 16% on Monday.”This estimate is subject to change depending on unwinding of the transactions and fluctuations in market prices,” the bank said.”Nomura will continue to take the appropriate steps to address this issue and make a further disclosure once the impact of the potential loss has been determined.”Archegos Capital Management was forced to liquidate positions at the end of last week. The moves by the multibillion dollar U.S. family office, founded by former Tiger Management equity analyst Bill Hwang, caused a wave of selling pressure on Friday, with U.S. media stocks and Chinese internet ADRs taking the brunt.A trader who asked to remain anonymous told CNBC this weekend that Credit Suisse — along with Goldman Sachs, Morgan Stanley and Deutsche Bank — all forced Archegos to liquidate a number of positions.CNBC reached out to Archegos Capital over the weekend, but calls and emails were not returned.Johann Scholtz, equity analyst at Morningstar, told CNBC on Monday there could be more exposure to Archegos in the banking space.”But I think the question is really to what extent the banks have hedged out their risks, and it seems that Nomura and Credit Suisse’s risk management was maybe not as stringent as it might have been, or should have been, which I think explains the large moves in their share prices this morning,” he added.Tumultuous time for Credit SuisseThe latest developments come amid a tumultuous 18 months for Credit Suisse. Earlier this month, the bank announced a shakeup of its asset management business and a suspension of bonuses as it looked to contain the damage from the collapse of British supply chain finance firm Greensill Capital.Credit Suisse’s asset management unit held $10 billion of the firm’s funds and noted that some investors had threatened legal action.In February 2020, former CEO Tidjane Thiam resigned following a spying scandal that engulfed the bank in 2019. Thiam maintained that he had no knowledge of the surveillance of two former colleagues, including departed wealth management boss Iqbal Khan.Bank of America on Monday downgraded Credit Suisse’s stock to neutral and cut its 2021 profit and buyback forecasts by 500 million Swiss francs ($533 million).The Bank of America analysts suggested this latest setback could be “one too many issue for the company to look through in the normal course of business.””After the series of issues the group has faced in recent months, across Greensill, mortgage backed securities litigation and a hedge fund write-down, we believe its capital cushion has likely been reduced to the point where its buyback is directly affected,” they added.Scholtz also noted the number of problems at Credit Suisse, including the bank’s previous exposure to Wirecard and Luckin Coffee, both of which became embroiled in fraud scandals last year.”It really seems if there is a pothole in the road, Credit Suisse is going to hit it,” he said.”Whilst we have been constantly highlighting value that we have seen in Credit Suisse, this is really pause for thought in the sense that it is really the latest in a litany of problematic exposures.” More

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    Here's what happened in that wild trading in China internet stocks

    In this articleVIACGSMSIn this photo illustration the ViacomCBS logo seen displayed on a smartphone.Rafael Henrique | SOPA Images | LightRocket | Getty ImagesChinese stocks listed in the U.S. fell sharply last week, after several weeks in correction mode.A trader who participated in some of the wild trading in Chinese internet stocks on Friday confirmed that the primary cause of the selling in Chinese stocks was that a fund, Archegos Capital Management, was forced out of its positions.Here is the sequence of events, according to the trader, who asked to remain anonymous:1. The catalyst was ViacomCBS, which did a $3 billion stock offering through Morgan Stanley and J.P. Morgan earlier in the week that fell apart. It resulted in massive selling. This fund was long a lot of ViacomCBS using a lot of leverage. 2. The dramatic drop in ViacomCBS’s price resulted in margin calls. Archegos was also long many China internet names that traded in the U.S.3. Goldman Sachs, Morgan Stanley, Credit Suisse, and Deutsche Bank all forced Archegos to liquidate many of the China internet names through unregistered trades, according to the trader. Late in the day Friday, Goldman took many of the names held by Archegos onto their balance sheet then liquidated by distributing to clients.4. Much of this trading was difficult to see because many of the big trades were done over the counter and not printed.5. Reports earlier in the week that the Securities and Exchange Commission was beginning steps to enforce potential sanctions against U.S.-listed Chinese stocks that did not cooperate with U.S. regulatory authorities was a factor in the Chinese internets tanking mid week — but the primary source of the chaos on Friday was the forced liquidation of a good part of Archegos, said the trader. More

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    Stocks making the biggest moves in the premarket: Goldman Sachs, Credit Suisse, Nomura & more

    In this articleTWTRFLYPEBOPFBIAMZNVBILIBATMECALMLUV8604.T-JPCSCOGSVIACDISCACGTake a look at some of the biggest movers in the premarket:Discovery Communications (DISCA), Viacom (VIAC) – Both stocks remain on watch this morning, after significant declines last week. A source with direct knowledge of the situation told CNBC the sell-off was due to forced liquidation of positions held by Archegos Capital Management. Discovery gained 4.4% in premarket trading, while Viacom rose 2.5%.Goldman Sachs (GS), Credit Suisse (CS), Nomura (NMR) – Goldman told shareholders that any losses it faces from the unwinding of trades by Archegos Capital Management are likely to be immaterial, according to a person familiar with the matter who spoke to Bloomberg. Credit Suisse said it faced a possible “highly significant and material” hit to its first-quarter results, however, after an unspecified fund had “defaulted on margin calls” to it and other banks. Nomura said it faced a possible $2 billion loss. Goldman fell 3% in premarket trading, Credit Suisse tumbled 11.2% and Nomura plummeted 14.5%.Fly Leasing (FLY) – The Dublin-based aircraft leasing company agreed to be acquired by Carlyle Group (CG) affiliate Carlyle Aviation Partners for $17.05 per share, compared to Fly Leasing’s Friday close of $13.25. Fly Leasing soared 26.6% in premarket action.Boeing (BA) – Southwest Airlines (LUV) announced 100 firm orders for Boeing’s 737 Max jet, while taking an option on 155 more jets. Southwest had been considering alternatives to the 737 Max during the time the jet was grounded following two fatal crashes. Boeing rose 2.7% in the premarket.Cal-Maine Foods (CALM) – The nation’s largest egg producer reported fiscal third-quarter profits of 28 cents per share, beating the 8 cents a share consensus estimate. Sales fell short of Wall Street forecasts. Cal-Maine said it benefited from strong demand for shell eggs, as consumers continued to eat more at home due to the pandemic. Cal-Maine gained 2.2% in premarket action.Tencent Music (TME) – The China-based music streaming service announced a $1 billion share buyback, its biggest ever, and its shares rose 7.2% in premarket trading.Twitter (TWTR) – Twitter shares gained 2.1% in the premarket after Truist upgraded the stock to “buy” from “hold,” with the firm pointing to higher revenue growth estimates as well as what it refers to as “the most exciting product roadmap” it has ever seen from Twitter.Bilibili (BILI) – The China-based online video company made its debut in Hong Kong trading following its secondary listing, closing 1% below its listing price. Its U.S. shares jumped 3.6% in premarket action.Visa (V) – Visa said it would allow the use of USD Coin – a cryptocurrency pegged directly to the U.S. dollar – to settle transactions on its payments network.Amazon.com (AMZN) – JPMorgan Chase added the stock as a “top pick,” saying the company was among those poised to deliver strong sustainable growth at a reasonable valuation.Premier Financial Bancorp (PFBI) – Ohio-based Peoples Bancorp (PEBO) will merge with West Virginia-based Premier in an all-stock deal valued at about $292 million. Peoples shares rose 2% in premarket trading, with Premier gaining 1.4%.CORRECTION: This article has been updated to correct the spelling of Archegos Capital Management. More

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    Sports tech company Hyperice strikes multiyear sponsorship deal with New York Yankees

    Clint Frazier of the New York Yankees touches home plate as catcher Pedro Severino #28 of the Baltimore Orioles reaches over too late for a tag as Frazier scored on a double hit by Gleyber Torres in the 8th inning in an MLB baseball game on September 13, 2020 at Yankee Stadium in the Bronx, New York.Paul Bereswill | Getty ImagesHyperice, the sports tech company that specializes in muscle recovery products, has agreed to a sponsorship with the New York Yankees, the company told CNBC.The multi-year agreement annojnced Monday is the first team deal for Hyperice, which added Major League Baseball as an investor last year. The deal calls for Hyperice products, including its “Hypervolt” massage device, available to players in dugouts, bullpens and training areas at Yankee Stadium.Terms of the deal with Yankees were not provided.”The New York Yankees are one of the most iconic and innovative franchises on the planet with a fan base that extends to every corner of the globe,” said Hyperice CEO Jim Huether in a statement. Hyperice said it expected to reach a $1 billion valuation after the company struck a deal with the National Football League last November. Just one month before that equity deal, Hyperice was valued at $700 million.When asked by CNBC in November if the company would eventually go public, Huether said, “We could do an IPO, acquire more companies or stay private and continue to expand our technology. It’s open for us right now.”The company said revenue topped $200 million last year and anticipates more growth in 2021 fueled by international expansion and adding new products. Hyperice used 2020 to build its brand awareness after acquiring NormaTec, the creator of a popular recovery system used by professional athletes.Source: HypericeHyperice aligned itself with top stars, including tennis champion Naomi Osaka, Kansas City Chiefs quarterback Patrick Mahomes, and Phoenix Suns guard Chris Paul. Hyperice also has team deals, including with the Los Angeles Lakers and Seattle Seahawks. The National Basketball Association is also an equity partner. With the Yankees’ pact, Hyperice will benefit from in-stadium signage and advertising rights as it has access to the Yankees’ intellectual property rights within the New York area.”We are very excited to begin our innovative partnership with Hyperice and look forward to working together to enhance Hyperice’s existing brand presence within professional sports,” said Michael J. Tusiani, Yankees senior vice president of partnerships.MLB returns this week for a full 2021 season, after a a 60-game 2020 campaign due to the pandemic. The Yankees will open the season Thursday, hosting the Toronto Blue Jays. More