Three businessmen discussing topic over blueprints

What happens when differences arise between project owners, contractors, and subcontractors as to the effect of COVID-19 on a project?

COVID-19 and Mutual Responsibility Clauses

Monday, June 1, 2020 — Joseph M. Leone - ConsensusDocs

As everyone knows, there is a tremendous amount of uncertainty in the construction industry due to the COVID-19 pandemic. Schedules, productivity, safety processes, and seemingly everything else are being affected. In these difficult times, most contractors are making every effort to work together to solve the problems caused by COVID-19. But what happens when differences arise between project owners, contractors, and subcontractors as to the effect of COVID-19 on a project? One party may want to continue pushing the schedule, others may want to slow down, or, more likely, not be able to keep up with the original schedule because of some reason related to COVID-19. As between a prime contractor and a subcontractor, a mutual responsibility clause can provide some clarity or, unfortunately, depending on how the subcontract is written, confusion.

Almost all subcontracts have a clause which flows down the prime contractor’s obligations on a project to the subcontractor as applicable to the subcontractor’s work. Known as “flow-down” clauses, this clause works in one direction; obligations of the prime contractor “flow-down” to the Subcontractor. A mutual responsibility clause, in essence, works in both directions. The subcontractor is required to perform its obligations consistent with the prime contractor’s obligations to the owner and the subcontractor is granted the same rights against the prime contractor which the prime contractor has against the owner. Obligations flow down and rights flow up. The rights and obligations flowing through the prime contractor include, the obligation to perform the work in accordance with the plans and specifications, the obligation to meet the schedule constraints in the prime agreement, and the right to extensions of time and change orders to the extent the prime contractor obtains the same.

Reprinted courtesy of Joseph M. Leone, Drewry Simmons Vornehm, LLP

Mr. Leone may be contacted at jleone@dsvlaw.com

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Legislation in torn paper

SB 939 would impose new obligations on landlords, and provide protections for commercial tenants who meet specified criteria.

SB 939 Proposes Moratorium On Unlawful Detainer Actions For Commercial Tenants And Allows Tenants Who Can't Renegotiate Their Lease In Good Faith To Terminate Their Lease Without Liability

Monday, June 1, 2020 — Rhonda Kreger – Newmeyer Dillion

SB 939 is currently working its way through the Senate Judiciary Committee. The legislation would impose new obligations on landlords, and provide protections for commercial tenants who meet specified criteria. SB 939 would impose a moratorium on eviction of those qualified commercial tenants while emergency COVID-19 orders are in effect. Any eviction actions commenced after the date of the emergency COVID-19 order, but before the adoption of SB 939, would be void and unenforceable. The Senate Judiciary Committee has scheduled a hearing for SB 939 on May 22, 2020, at 9:00 a.m.

Who qualifies as a commercial tenant under SB 939?

To qualify under this legislation, a commercial tenant must be a business that operates primarily in California. The commercial tenant must be a small business, nonprofit, an eating or drinking establishment, place of entertainment, or performance venue. Publicly traded companies or any company owned by, or affiliated with a publicly traded company, do not qualify. The commercial tenant must have experienced a decline of at least 40 percent monthly revenue, either as compared to two months before the emergency COVID-19 order, or other local government shelter-in-place orders took effect, or as compared to the same month in 2019. If the commercial tenant is an eating or drinking establishment, place of entertainment, or performance venue, the commercial tenant must also show a decline of 25 percent or more in capacity due to social or physical distancing orders or safety concerns, and show that it is subject to regulations to prevent the spread of COVID-19 that will financially impair the business when compared to the period before the emergency COVID-19 order or other local shelter-in-place orders took effect.

What eviction actions are prohibited while emergency COVID-19 orders are in effect?

If adopted, SB 939 would add Section 1951.9 to the Civil Code. This section would make it unlawful to terminate a tenancy, serve notice to terminate a tenancy, use lockout or utility shutoff actions to terminate a tenancy or otherwise evict a tenant of commercial real property, including a business or nonprofit, during the pendency of the COVID-19 emergency order proclaimed by Governor Newsome on March 4, 2020. Exceptions apply if a tenant poses a threat to the property, other tenants or a person, business or other entity. Any violations of this eviction prohibition would be against public policy and unenforceable.

Any eviction started after proclamation of the state of emergency but before the effective date is deemed void, against public policy and is unenforceable.

Does SB 939 impose new penalties or remedies?

Any landlord who harasses, mistreats or retaliates against a commercial tenant to force the tenant to abrogate the lease would be subject to a fine of $2,000 for each violation. Further, any such violation would be an unlawful business practice and an act of unfair competition under Section 17200 of the Business and Professions Code and would be subject to all available remedies or penalties for those actions under state law.

When is a commercial tenant required to pay unpaid rent due to COVID-19?

If a commercial tenant fails to pay rent during the emergency COVID-19 order, the sum total of the past due rent must be paid within 12 months following the date of the end of the emergency proclamation, unless the commercial tenant has successfully negotiated an agreement with its landlord to pay the outstanding rent at a later date. Nonpayment of rent during the state of emergency cannot be used as grounds for eviction. Notwithstanding lease terms to the contrary, landlords may not impose late charges for rent that became due during the state of emergency.

Are landlords required to provide notice of protections adopted under SB 939?

Landlords would be required to provide notice to commercial tenants of the protections offered under SB 939 within 30 days of the effective date. SB 939 does not preempt local legislation or ordinances restricting the same or similar conduct which impose a more severe penalty for the same conduct. Local legislation or ordinances may impose additional notice requirements.

Does SB 939 impose new protections for commercial tenants when negotiating lease modifications?

If enacted, SB 939 would permit commercial tenants to open negotiations for new lease terms, and provide commercial tenants the ability to terminate the lease if those negotiations fail. A commercial tenant who wishes to modify its commercial lease, may engage in good faith negotiations with its landlord to modify any rent or economic requirement regardless of the term remaining on the lease. The commercial tenant must serve a notice on the landlord certifying that it meets the required criteria, along with the desired modifications.

If the commercial tenant and landlord do not reach a mutually satisfactory agreement within 30 days, then within 10 days, the commercial tenant may terminate the lease without any liability for future rent, fees, or costs that otherwise may have been due under the lease by providing a written termination notice to the landlord. The commercial tenant would be required to pay previously due rent, in an amount no greater than the sum of the following: (1) the actual rent due during the emergency COVID-19 order, or a maximum of three months of the past due rent during that period, and (2) all rent incurred and unpaid during a time unrelated to the emergency COVID-19 order through the date of the termination notice. The payment is due within 12 months from date of the termination notice. The commercial tenant would be required to vacate the premises within 14 days of the landlord's receipt of the termination notice. Upon service of the notice, any lease, and any third party guaranties of the lease would terminate. If the landlord and commercial tenant reach an agreement to modify the lease, the commercial tenant would not have the option to later terminate the lease under this provision.

When is the next Senate Judiciary Committee Meeting for SB 939?

The Senate Judiciary Committee set a hearing for SB 939 on May 22, 2020 at 9:00 a.m. The Senate will livestream the hearing on its website at www.sen.ca.gov. Public comments or testimony may be submitted in writing to the Judiciary Committee by emailing Erica.porter@sen.ca.gov. Alternatively, the public may participate via telephone during the public comment period. Any changes to the Judicial Committee schedule may be found at: https://www.senate.ca.gov/calendar.

Newmeyer Dillion continues to follow COVID-19 and its impact on your business and our communities. Feel free to reach out to us at NDcovid19response@ndlf.com or visit us at www.newmeyerdillion.com/covid-19-multidisciplinary-task-force/.

Rhonda Kreger is Senior Counsel on Newmeyer Dillion's transactional team at our Newport Beach office. Her practice focuses on all aspects of commercial real estate law, with a particular emphasis on the representation of residential developers, merchant builders and institutional investors. You can reach Rhonda at rhonda.kreger@ndlf.com.

3d characters crossing finish line

Determining the end date for liability can be more difficult than simply reviewing the applicable statutes of limitation and repose.

The Moving Finish Line: Statutes of Limitation and Repose Are Not Always What They Seem

Monday, June 1, 2020 — Kenneth E. Rubinstein & Nathan Fennessy - Construction Executive

Having an end date for risk is important to construction professionals who need to know when they can close their books and destroy files relating to old projects. While professionals typically look to the statute of limitations and repose, these deadlines can sometimes be harder to determine than one might think.

State Laws Prohibiting Alteration of Statutes of Limitation

Many contractors seek to control the extent of their risk by negotiating the length of their liability period. In some instances, contractors may seek to shorten the statute of limitations to protect against stale claims. While in other instances, owners periodically negotiate for longer periods to ensure that they will not be time barred from pursuing valid claims. While the majority of states enforce such contractual provision, a number of states hold such clauses unenforceable. In these instances, the state’s original statute of limitations will apply regardless of what the contract says.

Reprinted courtesy of Kenneth E. Rubinstein & Nathan Fennessy, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved.

Mr. Rubenstein may be contacted at krubinstein@preti.com
Mr. Fennessy may be contacted at nfennessy@Preti.com

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Infection Control Guidance for Construction Sites

June 1, 2020 — Beverley BevenFlorez - CDJ Staff

According to the Safety+Health Magazine, published by the National Safety Council, the North America’s Building Trades Unions (NABTU) and The Center for Construction Research and Training (CPWR) “have developed national guidance on infectious disease exposure control practices for construction sites.” Guidance includes designating a site-specific COVID-19 officer, arranging for office workers to work from home, as well as training employees on how to use “the most current information on the hazard and control measures” among several other recommendations.


Protect Against Adverse Events With Parametric Insurance

June 1, 2020 — Kevin Holland - Construction Executive

Traditional insurance plans may be leaving construction contractors vulnerable when it comes to unexpected project delays or expenses. Parametric insurance may be able to help close the gap, protect margins and hedge against risks.

When projects experience delays, unexpected costs or losses, contractors’ margins suffer. If the funds to cover these unforeseen expenses are not available, the affected project may be at risk for failure. Furthermore, if surety capacity is stretched, delays and losses can create real challenges for a project.

Reprinted courtesy of Kevin Holland, Construction Executive, a publication of Associated Builders and Contractors. All rights reserved.

Mr. Holland may be contacted at kholland@lockton.com


U.S. Homebuilders Defy Expectations With Gain in New-Home Sales

June 1, 2020 — Prashant Gopal, Bloomberg

Last decade, housing crashed the U.S. economy. But in the 2020 pandemic, it could be one of the bright spots.

New home sales unexpectedly climbed 0.6% in April to a 623,000 annualized pace, government data showed Tuesday. That was 30% higher than the median forecast in a Bloomberg Survey of economists of 480,000. The news sent the shares of homebuilders surging, with an index that tracks the industry hitting the highest level since March 9.


EPA’s TSCA SACC Meeting: Peer Review of the Draft Risk Evaluation for Asbestos

June 1, 2020 — Beverley BevenFlorez - CDJ Staff

The EPA announced that they have rescheduled the meeting of the Toxic Substances Control Act (TSCA) Science Advisory Committee on Chemicals (SACC) to June. This four-day meeting will focus on a peer review of the draft risk evaluation for asbestos. Silent-only attendees may register up to the end of the event to receive a webcast link and audio teleconference instructions. Registration by noon on June 2nd is required to speak or comment during the meeting.

June 8th-11th, 2020
Live Webcast Teleconference

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Fountain pen pointing to Notice

One simple action that can help fight payment delays: sending preliminary notice on every job.

Preliminary Notice Is More Important Than Ever During COVID-19

Monday, June 1, 2020 — Christopher G. Hill - Construction Law Musings

For this week’s Guest Post Friday here at Construction Law Musings, we welcome Justin Gitelman. Justin is the Content Coordinator at Levelset, where over 500,000 contractors and suppliers connect on a cloud-based platform to make payment processes stress-free. Levelset helps contractors and suppliers get payment under control, and sees a world where no one loses a night’s sleep over payment.

As the construction industry continues to adjust to the coronavirus and an uncertain future, contractors are struggling to get paid. During the COVID-19 pandemic, construction businesses across Virginia need to do everything they can to protect their payments, and get paid faster. One simple action that can help fight payment delays: sending preliminary notice on every job.

Subcontractors and suppliers should send preliminary notices out to the GC, project owner, and/or lender at the start of every single project. These tools allow contractors to make themselves visible on crowded job sites, helping contractors get paid more quickly, and, in some cases, securing their right to file a mechanics lien or bond claim.

Preliminary Notices in Construction

The purpose of a preliminary notice is to allow each member of a construction project to know who you are and what work you’ll be performing. With coronavirus in mind, contractors can use preliminary notices to remind the hiring party of their payment expectations. When you submit a preliminary notice on every project, you’ll have legal protection in your corner while also giving yourself a greater opportunity to get paid.

Reprinted courtesy of The Law Office of Christopher G. Hill

Mr. Hill may be contacted at chrissghill@constructionlawva.com

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Gold law of justice scales

Attorneys Christopher Kendrick and Valerie A. Moore analyze Textron v. Travelers Casualty and Surety Co.

Choice of Laws Test Mandates Application of California’s Continuous and Progressive Trigger of Coverage to Asbestos Claims

Monday, June 1, 2020 — Christopher Kendrick & Valerie A. Moore – Haight Brown & Bonesteel LLP

In Textron v. Travelers Casualty and Surety Co. (No. B262933, filed 2/25/20), a California appeals court held that the Restatement’s choice of laws factors mandated application of California’s continuous and progressive trigger of coverage to asbestos claims, overcoming an argument that a manifestation trigger should apply under Rhode Island law.

Travelers insured Textron from 1966 to 1987. In 2011, Textron was sued by a California resident, Esters, for damages caused by mesothelioma resulting from asbestos exposure in California. The action was defended and settled by Travelers and other insurers under reservations of rights. Textron sued Travelers in California for a declaration that Travelers owed duties to defend and indemnify the Esters action. Travelers cross-complained, seeking reimbursement.

The case turned on choice of law for trigger of coverage as between California and Rhode Island. Citing Montrose Chemical Corp. v. Admiral Ins. Co. (1995) 10 Cal.4th 645 and Armstrong World Industries, Inc. v. Aetna Casualty & Surety Co. (1996) 45 Cal.App.4th 1, the Textron court noted that California applies a continuous trigger to continuous or progressively deteriorating injury. By contrast, in Rhode Island a covered occurrence exists “when the damage … manifests itself, … is discovered or, … in the exercise of reasonable diligence is discoverable.” (Citing Textron, Inc. v. Aetna Cas. and Sur. Co. (R.I. 2002) 754 A.2d 742.) According to Travelers, the Esters action was not covered under Rhode Island law because the plaintiff’s mesothelioma was not diagnosed until 2010, after Travelers was off the risk.

Reprinted courtesy of Christopher Kendrick, Haight Brown & Bonesteel LLP and Valerie A. Moore, Haight Brown & Bonesteel LLP
Mr. Kendrick may be contacted at ckendrick@hbblaw.com
Ms. Moore may be contacted at vmoore@hbblaw.com

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Illustration of person in chemical suit

PFAS do not easily fit within standard definitions of hazardous substances used in today’s agreements.

It’s Time to Include PFAS in Every Property Related Release

Monday, June 1, 2020 — John Van Vlear & Gregory Tross - Newmeyer Dillion

While the federal government and states (including California) are working on establishing standards and how to manage the toxic chemicals known as PFAS (as defined below), certain states and banks are requiring testing for PFAS to approve no-further-action (NFA) determinations or to underwrite loans. PFAS do not easily fit within standard definitions of hazardous substances used in today’s agreements. Thus, if you want to ensure you and your successors are released for PFAS which later environmental testing may reveal, ensure such is specifically listed in your releases.

What Are PFAS

As depicted in the recent major-release movie Dark Waters, PFAS are a group of very stable man-made chemicals that are both toxic and ubiquitous. They are long-chain chemicals which means they do not naturally degrade easily.

Reprinted courtesy of John Van Vlear, Newmeyer Dillion and Gregory Tross, Newmeyer Dillion
Mr. Vlear may be contacted at john.vanvlear@ndlf.com
Mr. Tross may be contacted at greg.tross@ndlf.com

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Businessman with thumbs up

Attorney Frank Ingham discusses Owners Ins. Co. v. Dakota Station II Condominium Assoc., Inc.

Contractual Impartiality Requires an Appraiser to be Unbiased, Disinterested, and Unswayed by Personal Interest

Monday, June 1, 2020 — Frank Ingham - Colorado Construction Litigation Blog

On June 24, 2019, the Colorado Supreme Court held that when a contract or insurance policy requires an “impartial” appraisal, the appraiser for a party cannot be an advocate for that party.[1] In this situation, the appraiser must be unbiased, disinterested, without prejudice, and unswayed by personal interest. Id.

Owners Insurance Company (“Owners”) issued a policy to the Dakota Station II Condominium Association, Inc. (“Association”) that represents a 49-building multifamily residential property in Jefferson County, Colorado. Concerning loss conditions, the policy includes an appraisal provision requiring that, in the event of property appraisal, “each party will select a competent and impartial appraiser.” The parties would then select an umpire or have one appointed by the court. Any agreement as to the values reached by two of the three would bind them all.

On May 24, 2012, the Association made a storm-damage roofing claim to Owners for $1.33 million. The parties could not agree on the amount of the loss and the Association invoked the policy’s appraisal process. The Association retained Scott Benglen as its contingent-fee cap appraiser. Mr. Benglen retained Laura Haber as a policy and damage expert, who appraised the roof loss at $2.55 million and the total replacement at $4.3 million.[2] Owners’ appraiser, Mark Burns, submitted the loss at $1.86 million with the replacement cost award of $2.3 million. The umpire, Honorable James Miller, adopted Owners’ estimates in four of the six categories, awarding just over $3 million to the Association. Id.

Reprinted courtesy of Frank Ingham, Higgins, Hopkins, McLain & Roswell

Mr. Ingham may be contacted at ingham@hhmrlaw.com

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Scam computer keys

Depending on the cyber liability policy, there may not be adequate coverage for damage caused by a phishing attack or other social engineering attack on your company.

Social Engineering Scams Are On the Rise – Do I Have Insurance Coverage for That?

Monday, June 1, 2020 — Jeffrey Dennis & Heather Whitehead - Newmeyer Dillion

Cyber attackers all know that the majority of organizations are currently working from home due to the ongoing COVID-19 (commonly referred to as the Coronavirus) pandemic. And, as would be expected, social engineering scams are on the rise. Nonetheless, there may be limitations in your cyber liability insurance policy for these types of claims. It is advisable to take the initiative to review such insurance policies in detail for coverage considerations prior to the occurrence of any cyber incident. And, of course, protect your business from attacks by engaging in precautious cyber safety efforts.

What Is Social Engineering?

Social engineering refers to various means to manipulate individuals in the online environment so that they divulge sensitive, personal information, such as banking information, which may include account numbers and passwords. This can also take the form of receiving a request to transfer funds to what the victim believes is another employee, trusted financial information or other party with whom the person has a business relationship with. Unfortunately, however, those funds ultimately are received by the engineer of the cyber attack.

Reprinted courtesy of Jeffrey M. Dennis, Newmeyer Dillion and Heather Whitehead, Newmeyer Dillion
Mr. Dennis may be contacted at jeff.dennis@ndlf.com
Ms. Whitehead may be contacted at heather.whitehead@ndlf.com

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Glasses lying on residential lease agreement

Can a construction firm provide pre-construction services and perform construction, or is doing both an impermissible conflict of interest under the Lease-Leaseback Law?

Lease-Leaseback Fight Continues

Monday, June 1, 2020 — Garret Murai - California Construction Law Blog

It’s like the rematch between Rocky Balboa and Apollo Creed.

In the right corner we have the California Taxpayers Action Network. In the left corner, Taber Construction, Inc. The title in contention: Construction of California’s Lease-Leaseback Program and, specifically, whether a construction firm can provide both pre-construction services as well as perform construction or, whether doing so, would be an impermissible conflict of interest under the Lease-Leaseback Law.

In their first appellate court match, California Taxpayers Action Network argued that a lease-leaseback arrangement between Taber Construction and the Mount Diablo Unified School District, whereby the District agreed to lease the site to Taber Construction one dollar (which is permissible) and to pay Taber a “guaranteed project cost” of $14,743,395 comprised of “tenant improvement payments” totaling $13,269,057 prior to the District taking delivery of the project (which was the issue in dispute) and six “lease payment amount[s]” of $345,723 plus interest paid in 30-day intervals, violated the Lease-Leaseback Law because the bulk of the payments by the District to Taber Construction occurred during construction rather than during the lease-term which could only “truly” occur after the District took delivery of the project. The 1st District Court of Appeal sided with Taber Construction, and in doing so created an appellate court split with the 5th District Court of Appeal’s decision in Davis v. Fresno Unified School District, 237 Cal.App.4th 261 (2015), which held that contractor who received all payments prior to turnover of the project to the district violated the Lease-Leaseback Law.

Reprinted courtesy of Garret Murai, Nomos LLP

Mr. Murai may be contacted at gmurai@nomosllp.com

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We Need More Women in Construction: Cindy Stumpo on Skills Gap

Grocery shopper

Do businesses have a heightened duty of care to their customers?

Protecting Your Business From Liability Claims Stemming From COVID-19 Exposure

Monday, June 1, 2020 — Andrew Hamelsky, Jenifer Scarcella & Joshua Tumen - White and Williams

Businesses of every nature – including grocery stores, banks, daycares, gyms and restaurants – may face increasing liability claims from customers and third parties claiming to have been exposed to the novel coronavirus, or COVID-19, while at their location. The novel virus raises issues as to whether businesses have a heightened duty of care to their customers, and what type of exposure businesses face if a customer claims to have been exposed to COVID-19 while at their premises.

Recently, a lawsuit was filed against Princess Cruise lines for gross negligence in allowing passengers to be exposed to COVID-19 on a cruise ship. The lawsuit alleges that the cruise ship was allowed to go out to sea knowing that it was infected from two previous passengers who came down with symptoms of COVID-19. It further claims that the passengers were not warned of the potential exposure either before or after they boarded the ship.

In other news reports around the country, business owners have reported taking extraordinary precautions to prevent customers’ risk of contracting COVID-19. For example, one grocery store recently reported that it discarded $35,000 worth of food after a customer coughed on fresh produce.

Reprinted courtesy of White and Williams LLP attorneys Andrew Hamelsky, Jenifer Scarcella and Joshua Tumen
Mr. Hamelsky may be contacted at hamelskya@whiteandwilliams.com
Ms. Scarcella may be contacted at scarcellaj@whiteandwilliams.com
Mr. Tumen may be contacted at tumenj@whiteandwilliams.com

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Skyline of high rises at night

We have a long way to go to make taller buildings an earth saving panacea.

Tall and Sustainable Is Not an Easy Fix

Monday, June 1, 2020 — Christopher G. Hill - Construction Law Musings

Way back in 2009, I discussed the interaction between taller and taller buildings and sustainable (“green”) building. Back then, the reference was to the construction of skyscrapers in the Middle East and Europe. The initially referenced ENR article was written in the context of an urban retrofit of some of Chicago’s taller buildings to make them more sustainable.

Just this week, ENR published another article relating to sustainability and super tall buildings. The gist of the article is that while many see taller (rather than wider) as the trend to meld an urban population explosion with more sustainable building practices, this goal is not an easy one to meet.

For one, according to the article, energy performance metrics are hard to obtain, both due to the relative newness of these buildings and the seeming reluctance of certain owners to provide the data. Bob Pratt, a managing director in the Shanghai office of developer Tishman Speyer Properties, is quoted in the article, stating

Once we have measuring sticks about performance, we will know what to do” to make buildings sustainable.

Reprinted courtesy of The Law Office of Christopher G. Hill

Mr. Hill may be contacted at chrissghill@constructionlawva.com

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Hands planting tree

The pandemic response could reshape the global fight against climate change.

These Pioneers Are Already Living the Green Recovery

Monday, June 1, 2020 — Laura Millan Lombrana & Akshat Rathi - Bloomberg

In the wake of the historic global economic shutdown in response to the Covid-19 pandemic, governments are unleashing trillions of dollars in a bid to create jobs and spur economic recovery. The scale of this stimulus is unprecedented, in some cases amounting to more than 10% of countries’ gross domestic product. At the same time, an overwhelming number of economists, finance ministers, and business leaders are saying that much of that money needs to help—and certainly not hinder—our ability to cut emissions.

If that advice is heeded, these funds will go to emerging technologies that would have sounded like science fiction not so long ago. Now they have ambitions to help lower greenhouse gas emissions on an industrial scale.

Leading the way is the European Union, which was planning a green transformation even before the outbreak began. It aims to make the 27-member bloc the first carbon neutral continent by 2050, and the pandemic hasn’t changed that.

Reprinted courtesy of Laura Millan Lombrana & Akshat Rathi, Bloomberg
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Red arrow surging through crack

Toll Brothers Inc. shares surged after the company posted profit that beat estimates.

Toll Brothers Surges on May Gain in Deposits for New Homes

Monday, June 1, 2020 — Prashant Gopal - Bloomberg

Toll Brothers Inc. shares surged after the company posted profit that beat estimates and said deposits on new homes were up in recent weeks, a potential sign of optimism for the luxury housing market.

The homebuilder, which focuses on higher-end customers, has struggled during the pandemic. It reported orders for the second quarter that missed estimates and said the key metric had plunged starting March 16, when much of the economy shut down.

But investors shrugged off those results, focusing instead on a 13% year-over-year gain this month in deposits, which the company called a “leading indicator of current market demand.”

Reprinted courtesy of Prashant Gopal, Bloomberg
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