An empty AMC movie theatreImage copyright
Reuters

The world’s biggest movie chain has warned it could run out of money by the end of the year, citing a plunge in film-going and delayed movie releases amid the coronavirus pandemic.

Despite reopening the majority of its theatres, AMC Entertainment Holdings said attendance remained down 85% in the US and 74% elsewhere.

AMC says it is looking to raise money.

The warning follows rival Cineworld’s recent decision to temporarily close its cinemas in the US and UK.

AMC, which has previously said it is spending about $100m a month, told investors that it expected its cash to “be largely depleted by the end of 2020 or early 2021”.

The amount of money needed is “material”, the firm added.

“There is a significant risk that these potential sources of liquidity will not be realised or that they will be insufficient to generate the material amounts of additional liquidity that would be required until the company is able to achieve more normalised levels of operating revenues,” the firm warned in a filing with US financial regulators.

‘We could lose movie-going forever’

AMC, which is controlled by Chinese conglomerate Dalian Wanda Group, operated more than 1,000 cinemas globally prior to the pandemic.

While most are in the US, it also has more than 300 international locations via its Odeon and UCI Cinema subsidiaries.

In the US, restrictions due to the virus have kept theatre capacity limited to 20%-40%. And in some key markets, such as California and New York, the firm’s cinemas have not yet reopened.

The industry has also been rocked by decisions to postpone releases of big-budget films such as Wonder Woman 1984 and James Bond movie No Time To Die, which is now due for release in April 2021.

In a recent interview, Wonder Woman director

The Daily Beast

White House Quietly Told Vets Group It Might Have Exposed Them to COVID

On the same day President Trump acknowledged contracting the coronavirus, the White House quietly informed a veterans group that there was a COVID-19 risk stemming from a Sept. 27 event honoring the families of fallen U.S. service members, the head of that charitable organization told The Daily Beast.The White House warning, which came on Oct. 2, is the earliest known outreach to visitors of the complex that there was a risk of coronavirus emerging from the grounds where the president, the first lady, and at least 17 of his aides, according to Politico, have now tested positive for the virus.The Sept. 27 event to honor Gold Star families came the day after the White House hosted a celebration for Supreme Court nominee Amy Coney Barrett that appears to have been an early source of the White House outbreak, though West Wing officials have quietly disputed that linkage. It is unclear to the head of the veterans charity—the Greatest Generations Foundation—which participant’s potential positive coronavirus test sparked the warning.“The White House has been in daily contact with TGGF for contact-tracing purposes after alerting us on 10/2 of a possible COVID-positive person at the event so we could know there was a potential our attendees were exposed,” said the Greatest Generations Foundation’s president and CEO, Timothy Davis.Trump’s Campaign Adviser Admits He’s ‘Not Changing Course’ After COVID DiagnosisPictures from the Gold Star family event, which Trump attended, show minimal mask wearing and social distancing. It took place indoors, though attendees said they were tested prior to attending. A Republican close to the White House also told The Daily Beast that others present at the event received outreach from a White House office—though not the medical office—late last

Those approaching retirement can now buy a type of “insurance” to guard against reduced Social Security benefits.

The product — a rider on an annuity — is the first of its kind, but some experts expect similar offerings to follow as worries over the future of the entitlement program grow due to the pandemic.

“The largest unaddressed fear is the Social Security reduction,” said David Duley, founder and CEO of PlanGap, which has received regulatory approval for the new product in 44 states. 

The surplus in the fund that pays out Social Security benefits will be depleted by 2031 — a year earlier than previously forecast — largely due to mass layoffs during the pandemic, according to the Congressional Budget Office. After that, the fund could pay about three-quarters of benefits for retirees, a major hit to the largest source of retirement income for most Americans.

“People are in this stage of their lives where they’re 45 and 50 and are questioning what will happen if Social Security [cuts] take place,” Duley said.

The <a href="https://www.cbo.gov/system/files/2020-09/56523-Trust-Funds.pdf" rel="nofollow noopener" target="_blank" data-ylk="slk:Congressional Budget Office" class="link rapid-noclick-resp">Congressional Budget Office</a> estimated the surplus in the fund that pays out Social Security benefits will be depleted by 2031 — a year earlier than previously forecast — largely due to the mass layoffs during the pandemic. (Source: Getty Creative)
The Congressional Budget Office estimated the surplus in the fund that pays out Social Security benefits will be depleted by 2031 — a year earlier than previously forecast — largely due to the mass layoffs during the pandemic. (Source: Getty Creative)

How does Social Security insurance work?

The Social Security insurance by PlanGap is an annuity where you pay a lump sum upfront and that amount grows at a fixed rate every year. When the guaranteed period is over, you can withdraw the premium or continue to grow it for another five years.

If the government mandates a qualifying reduction in Social Security benefits, you get a bonus from the annuity based on how long you’ve held it. You can withdraw these funds without penalty to cover

With the metal hitting a record $2,075 a troy ounce in August, the concern we’re heading toward peak gold has reared its head again. The industry needs to commission 8 million ounces of projects by 2025 to maintain last year’s production levels, consultants Wood Mackenzie wrote in June, requiring some $37 billion of capital investment. Mine production fell last year for the first time in more than a decade. Even the British Broadcasting Corp. has been asking whether we’re at risk of running out.

At the core of the concern is a longstanding trend in the gold mining industry: The percentage of gold in ore reserves is falling, from more than 10 grams per ton in the late 1960s to barely more than 1 gram per ton nowadays. Those concentrations are extraordinarily low — equivalent to grinding up and separating a Statue of Liberty’s-worth of ore to recover a teaspoon of precious metal. At some point, the grade must get so poor that it becomes impossible to recover the gold economically.

The thing is, we don’t know when that will be — and all the evidence indicates that we’re still a long way from finding out.

Take Newcrest Mining Ltd.’s Cadia East mine 200 kilometers (124 miles) to the west of Sydney. The grade there is just 0.45 grams per ton — more than two Statue of Liberty’s-worth per teaspoon — and yet the mine is one of the world’s most profitable, with costs of $160 per ounce, which would deliver a margin of more than 90% at current gold prices(2).

Two factors drive that. One is economies of scale: Cadia is one of the world’s top 10 gold mines measured by output. Since the dawn of the mining industry, grades of almost every mineral have been falling because, by

All of us have a history with money. We grow up with too little or too much — or fall under the sway of parents or others who influence our attitude about saving and spending. As we age, money often becomes an indicator of our emotional well-being.

It’s fine to think about money frequently, enjoying its benefits and squeezing value from it. But it’s not healthy to fret about it constantly and let the “I-don’t-have-enough” worry eat away at you. Even some rich people express irrational fear of going penniless. In an honest moment, a financial adviser will admit that chronic worrywarts are high-maintenance clients. They require more hand-holding. What’s worse, they may not listen to reason.

A little empathy goes a long way. Rather than dread these clients, savvy advisers ask gentle questions in an effort to uncover deeper concerns, motivations and memories.

“I wouldn’t say the fear of never having enough money is irrational,” said Jim Ludwick, a certified financial planner in Las Vegas. “Most of the time, it’s because some friend or relative experienced adverse things and the client observed it up close. Their experience colors looking at their assets and liabilities objectively.”

When clients tell Ludwick that they’re scared of running out of money, he starts by listening without interrupting. Then he repeats back what he heard to confirm understanding. From there, he asks questions such as, “Why are you raising this now?”

“I try to understand the real source of their concern so that I can identify what’s triggering it,” he said. “I want to find out where their anxiety is coming from.”

When wealthy clients insist that they might lose it all — or they’re beset by fear that their nest egg is too small — an adviser’s sensible appeal to data can backfire.