Daily Archive: May 22, 2020

How South Korea turned an urban planning system into a virus tracking database By Reuters

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© Reuters. South Korea’s Gyeonggi Province Governor Lee Jae-myung speaks during an interview with Reuters in Seuwon

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By Hyonhee Shin, Hyunjoo Jin and Josh Smith

SEOUL (Reuters) – When a man in Seoul tested positive for the new coronavirus in May, South Korean authorities were able to confirm his wide-ranging movements in and outside the city in minutes, including five bars and clubs he visited on a recent night out.

The fast response – well ahead of many other countries facing outbreaks – was the result of merging South Korea’s already advanced methods of collecting information and tracking the virus into a new data sharing system that patches together cellphone location data and credit card records.

The Epidemic Investigation Support System (EISS), introduced in late March, effectively removed technological barriers to sharing that information between authorities, by building on the country’s ‘Smart City’ data system.

That platform was

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Stocks climb to 10-week highs, pushing S&P 500 30% higher than March low

Stocks climbed to more than 10-week highs as investors focused on signs the American economy will continue to reopen and U.S. central bankers acknowledged the severity of the coronavirus pandemic when they met last month. Crude oil rallied for a fifth day.

The S&P 500 erased all of Tuesday’s losses, with Lowe’s Cos. and Target Corp. reporting sales that topped estimates. The index pulled back from its session high after the Senate passed a bill that could bar some Chinese companies from listing on American exchanges, adding to tensions between the nations. Gains were broad, with energy, financials and technology leading all 11 sector groups higher. The index is up more than 30 per cent since its March low, but the advance has largely petered out in May as volatility returned.

“We’re getting some great data out of places like Florida,” said John Ham, associate adviser at New England Investment

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What to do if your employer stops matching your 401(k) contributions

The coronavirus crisis has dealt a devastating blow to many companies across the U.S.—for employees and employers alike. And as companies take stock of their options to cut costs, one avenue that has historically been on the chopping block is the 401(k) employer match.

Back in the 2008–09 financial crisis, roughly 18.5% of companies that offered a match either altered or suspended 401(k) matches, according to a 2009 report from the Plan Sponsor Council of America. Plenty of companies are already announcing 401(k) match changes, generally as part of a strategy to get through the downturn and minimize or avoid layoffs. However, according to Jean Young, a senior research associate with Vanguard Investment Strategy Group, more employers announced 401(k) match cuts or reductions in 2008–09 than actually implemented them, Young recently told Morningstar.

If your employer just cut your 401(k) match, here’s what experts say you should do. … Read More