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William Nordhaus and Paul Romer were awarded the 2018 Nobel Prize in economics on Monday for their work on climate change and innovation.Story is developing... 172

WESTLAKE VILLAGE (CNS) - Westlake Village-based Guitar Center, the country's largest retailer of instruments and musical equipment, joined a growing list of companies impacted by the economic toll of the COVID-19 pandemic, filing for bankruptcy, according to a report Sunday.Guitar Center has about 300 stores across the U.S., and its sister brands include Music & Arts, which has more than 200 stores specializing in band and orchestral instruments for sale and rent, according to the Los Angeles Times.The filing in the Eastern District of Virginia gives the company a break on its debts by letting it stay in business as it seeks to carry out a restructuring plan, the Times reported.According to the report, a restructuring support agreement announced Nov. 13 requires new financing backed by existing creditors, in addition to 5 million in new equity investments from its parent company, Ares Management Corp., as well as the Carlyle Group and Brigade Capital Management.Moody's Investor Service explained that the coronavirus shutdown has hit nonessential retailers hard, and that Guitar Center was particularly vulnerable because musical instruments are highly discretionary item. The company's stores were shut down in mid-March when the pandemic began in earnest. Since then, the Times reported, it has reopened some locations while maintaining online operations.Guitar Center claims it has liabilities of between billion and billion, with a similar range for its assets, according to the filing.According to the report, Ares acquired the company in 2014 in an out-of-court restructuring of Guitar Center's substantial debt load, the result of a deal by Bain Capital LP in 2007 to take it private. 1728

With a population density of six people per square mile, few places are quite as suited to ride out COVID-19 as Wyoming.But in the south-central part of the state, close to the Colorado border, sits a ranch that might offer the best accommodations of all.At ,000 per night, renting out Magee Homestead might not be for everyone, but for the clients it does attract, it offers an opportunity to quarantine with family while offering the ability to vacation with fly fishing, archery, and horseback riding.“The decision was either to open or not,” said ranch proprietor Jeremy Belnap. “Then, we slowly started to get inquiries for families wanting to get away.”Like so many businesses across the country, the ranch had to answer a difficult question during the months of March and April.“We had originally chosen to close the ranch for the season and open back up for the 2021 season,” said Belnap.With 7,500 acres of land to tend to and dozens of living spaces that require electricity, the prospect of closing was daunting and carried loads of overhead.“Financially, we suffer if we close the night with two or four guests on property,” Belnap said. “We have a staff of 45 dedicated people. We spend that much on labor in a day so it can cripple you.”As it was preparing to close, however, the ranch started getting calls from families, some of whom had stayed at Magee Homestead previously, that were interested in renting the entire ranch out.After some consideration, Belnap and the staff made the decision to switch their business model to accommodate the buyouts, allowing them to stay open while offering the families a chance to stay safe away from home.“It’s like we’re quarantining together,” said Belnap. “[It was] a light bulb moment. We took enough phone calls to say this could really make sense.”At capacity, the ranch can house up to 12 couples at a time. At approximately ,000 per guest per night, it requires a sold-out crowd on each night to reach its revenue ceiling, but Belnap says the buyouts offer more revenue with fewer question marks, and it is something they plan to continue once the worst of COVID-19 passes.“It’s very efficient,” said Belnap. “It’s a lot of fun having a family here for entire week, where you really get to know the family and the kids.” 2297

White House chief of staff John Kelly, under fire over the White House's handling of domestic abuse allegations against a senior aide, ordered an overhaul of the security clearance process for current and incoming top administration officials.In a five-page memo to the White House counsel, national security adviser and deputy chief of staff for operations, Kelly called for all background check investigations into potential top White House officials to be delivered directly to the White House Counsel's office by the FBI and for the FBI to share "significant derogatory information" uncovered in the course of investigations into senior staff with the White House within 48 hours, according to a copy of the memo released by the White House.  759

With a swipe of a pen Monday, Mississippi Gov. Phil Bryant signed into law a bill that prevents women from getting abortions after 15 weeks of pregnancy. His state, effective immediately, now holds the distinction of having the earliest abortion ban in the nation."As I have repeatedly said, I want Mississippi to be the safest place in America for an unborn child," Bryant tweeted this month in anticipation of the bill's passage. Lt. Gov. Tate Reeves echoed that sentiment Monday, tweeting "It's a great day in Mississippi" along with a picture of the signing.Also known as the Gestational Age Act, Mississippi's new law makes exceptions only for medical emergencies or cases in which there's a "severe fetal abnormality." There are no exceptions for incidents of rape or incest.The law also puts physicians on notice. Doctors who perform abortions after 15 weeks will be required to submit reports detailing the circumstances. If they knowingly violate the law, their medical licenses will be suspended or revoked in Mississippi. If they falsify records, they will face civil penalties or be forced to pay fines of up to 0.The measure is just one in a string of efforts to diminish access to abortions in Mississippi, critics say."Abortion is a safe medical procedure and it is a critical part of the broad spectrum of reproductive health care that a woman may use in her lifetime," said Felicia Brown-Williams, Mississippi state director for Planned Parenthood Southeast Advocates, in a statement. "This ban is not only unconstitutional -- it endangers women's health care across our state. If legislators truly cared about women's health, they would be focused on ways to improve access to health care for women, not restrict it."Access to abortions in Mississippi was already highly restrictive.It is among a small handful of states that has one remaining clinic: in this case, Jackson Women's Health Organization. Although Mississippi is among the states with a 20-week ban, up until the enactment of this latest bill, the cutoff time for abortions at the Jackson clinic was 16 weeks. And since hospitals won't perform abortions, the resulting one-week change brought on by this new law is "arbitrary," based on "capricious whim" and a way to "feed political meat" to a political base, said Dr. Willie Parker, board chairman of Physicians for Reproductive Health.Mississippi is the only state in the country that requires physicians who perform abortions to be board-certified or board-eligible obstetrician-gynecologists, a fact that's being challenged in court as unconstitutional by the Center for Reproductive Rights. Parker, an OB/GYN, explained that he could be trained in a plastic surgical procedure and be free to perform that procedure in Mississippi, even though he's not a board-certified plastic surgeon. But a family physician, a surgeon or an internist trained to perform abortions isn't given the same leeway.Mississippi also requires in-person counseling and a 24-hour waiting period before receiving an abortion, which means women must make repeat trips to the facility -- a fact that's especially burdensome for those living outside Jackson. Health plans under the Affordable Care Act, insurance policies for public employees and public funding for abortions can be applied only in cases of rape, incest, fetal impairment or when a life is endangered, according to the Guttmacher Institute.About 2,000 women a year in Mississippi receive abortions, Parker said. The vast majority, 88%, receive them in the first 12 weeks of pregnancy. So by 15 weeks, he estimates, 200 women in Mississippi who should have access to an abortion no longer will.For women living in poverty who need time to gather resources to pay for an abortion and for those outside Jackson who need to find ways to cover additional expenses associated with travel, House Bill 1510 will close the door to a procedure that's been a legal right for women since the passage of Roe v. Wade in 1973.Proponents of the bill, like Mississippi State Rep. Dan Eubanks, argue that this law will do what's best for women."Beyond the obvious debate of trying to save the lives of innocent babies, there is the often less discussed issues that relates to the health of the mother who receives an abortion," Eubanks wrote in an email. "When did looking out for the life, health and overall wellbeing of a child or its mother start getting labeled as extreme in this country?"Eubanks says that the longer a woman carries a child in her womb, "the greater the potential she will suffer from psychological, emotional, and physical damages as an outcome," though that contention is generally disputed by those who advocate for safe access to abortions.The new Mississippi law is expected to be challenged in court.The Center for Reproductive Rights points out that similar efforts in other states -- Arizona, North Dakota and Arkansas -- were shot down on constitutional grounds. And the advocacy group expects that this bill to ban "pre-viability abortion" will similarly be stopped."Mississippi politicians' flagrant assault on reproductive rights will not go unchallenged," said Lourdes Rivera, senior vice president of US programs at the Center for Reproductive Rights, in a written statement. "This bill is dangerous and unconstitutional. The Center is prepared to answer any attempt to undermine 40 years of Supreme Court precedent with the full force of the law." 5500