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Vaccine effectiveness for 5- to 11-year-olds: Should parents worry? | Vaccinated children ages 5 to 11 were about 46% less likely to need medical treatment for Covid-19 from an urgent care clinic or emergency department, compared with unvaccinated children, a previous CDC study found. That study also revealed vaccination appears to protect against severe disease: Out of almost 1,700 total admissions, there were 59 unvaccinated children in this age group admitted to the hospital with Covid-19, compared with just two who were vaccinated.
Why is this happening? How worried should parents and caregivers be? Do the new data mean they should keep masks on their kids in school and avoid indoor extracurriculars? What are implications for kids with underlying medical conditions? And what's the update for kids under 5?
To guide us through these questions, I spoke with CNN Medical Analyst Dr. Leana Wen, an emergency physician and professor of health policy and management at the George Washington University Milken Institute School of Public Health. She is also author of `` Lifelines: A Doctor's Journey in the Fight for Public Health '' and the mother of two young children.
CNN: Why do you think the Covid-19 vaccine may be less effective in younger children than older children?
Dr. Leana Wen: First, I want to urge everyone to keep these data in perspective. The vaccines in younger children still appear to protect against severe illness, and that's the most important reason we get vaccinated: to prevent hospitalization and death.
Scientists don't know as to why the vaccine shows less effectiveness in younger kids compared with older kids and adults. The most likely explanation is that it's related to dose. The dose of the Pfizer vaccine given to 12-year-olds and above is 30 micrograms, compared with 10 micrograms for those ages 5 to 11. The higher the dose, the higher the possible side effects -- that's why a lower dose was chosen for the younger group. It's possible that this lower dose resulted in less effectiveness.
There are some other explanations of the data. It's possible that by the time of the Omicron infection, so many young children had been exposed to Covid-19 that the effect of vaccination was reduced. It's also worth noting that effectiveness against symptomatic infection also wanes in adults, and that's why the CDC recommends the booster dose for all those 12 and older. Still, we can see that vaccination is still protective in this younger age group against severe illness.
CNN: How worried should parents and caregivers be? Should they rethink their decisions to remove masks and allow their kids to participate in extracurricular activities and indoor playdates?
Wen: The decreased protection is against symptomatic illness. It's certainly disappointing, but I don't think this alone should make them second-guess their decisions about removing masks and resuming extracurricular activities.
The main reason is that the level of Covid-19 is much lower in most parts of the United States compared with even a few weeks ago. In the state of Maryland, where I live, the seven-day average of daily cases was around 15,000 per 100,000 people during the peak of Omicron in January. It's now just over 2,000 per 100,000, according to the CDC. That means the risk of contracting Covid-19 is reduced more than sevenfold now compared with two months ago.
Vaccines continue to provide some protection against symptomatic disease, but most importantly, it shields against severe illness. As a result, I don't think parents should have to rethink their decisions. If members of their household are vaccinated and boosted if eligible, and if they live in areas that are classified as either `` low '' or `` medium '' Covid-19 community level by CDC's new tracker, I think it's reasonable for families to allow their children to resume all pre-pandemic activities. That includes going to school without a mask and participating in extracurriculars and indoor playdates.
CNN: What are implications for kids with underlying medical conditions, or children who live with adults who have them?
Wen: It's important to discuss the specific risks with your medical provider. Some people have certain medical conditions that clearly predispose them to severe illness if they contract Covid-19. Being moderately or severely immunocompromised, for example — if the child or someone in the family has cancer and is on chemotherapy, is an organ transplant recipient on immunosuppressants, or other similar conditions. There are also other conditions that make it more likely for the individual to end up in the hospital: those with advanced age or who also have multiple chronic medical problems like diabetes, obesity and lung disease, for instance.
There are other medical conditions that need to be treated but that don't necessarily result in severe illness due to Covid-19. A child who has asthma would be in this category, for example. Speak with your medical provider to understand what your child's and other family members ' risk of severe illness is due to Covid-19. If someone in the household faces a substantial risk for severe illness despite vaccination, you should all take additional precautions — such as continuing to wear a high-quality mask ( N95, KN95, or KF94) when in indoor crowded settings.
CNN: What's the latest for when vaccines will be available to children younger than 5?
Wen: For children under 5, Pfizer is testing a smaller dose ( 3 micrograms, compared with 10 micrograms for those 5 to 11), as a three-dose vaccine. Those results are expected in April.
Moderna's data are also expected in the next month or so. Its vaccine dose is higher ( 25 micrograms) for children 2 to 5 years old, and it's being tested as a two-dose series.
Families with young children need to make the best decisions for themselves about the level of risk they are willing to take while awaiting the vaccine. Some may still wish to take additional precautions, especially if they live in areas with high Covid-19 community levels. Others may decide that the level of Covid-19 in their area is low enough, and the value of resuming pre-pandemic activities high enough, that they will resume indoor playdates and other activities they have been missing. | business |
Soho House Parent Shrugs Off Annual Loss With Boast of Growth Plans | Get exclusive stories and unlimited access to Skift.com news
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March 16th, 2022 at 1:20 PM EDT
How long can Soho House owner Membership Collective Group keep losing money? More clubs and increased membership are one way to tell a growth story, but investors eventually want to see profitability.
Cameron Sperance
Membership Collective Group, owner of the Soho House chain of membership clubs, posted a hefty financial loss last year. Executives bragged anyway.
The company, which went public last year and has never posted a profit, is on track to add nine new Soho House properties this year and plans to double its overall footprint to 85 Houses in the next five years, MCG leaders reported Wednesday. But profitability remains elusive: MCG lost a little more than $ 265 million last year and lost nearly $ 42 million in the fourth quarter.
Company leaders focused more on touting their elevated development pace and membership wait lists rather than ongoing financial losses.
“ It’ s been a year of strong growth for MCG, despite what at times have been challenging conditions for our Houses across the world, especially with the emergence of the Omicron Covid variant in December, which impacted the business during one of our busiest periods, ” MCG founder and CEO Nick Jones said in a statement prior to a Wednesday investor call. “ This year has started more promisingly, with February revenues in our Soho Houses and restaurants ahead of 2019 levels and our waitlist exceeding 70,000 for the first time. ”
The company took a hit last year, particularly with its exposure to Europe, which had more travel and gathering restrictions than the U.S. But Jones later noted on MCG’ s investor call Europe is getting “ stronger and stronger for us every week. ”
Leaders also boasted of performance metrics they see as signs of the company’ s long-term profitability potential: membership growth and swelling wait lists to join a club, increased spending at individual clubs, and a membership retention rate that is back to pre-pandemic levels.
MCG’ s development strategy in recent years geared toward significant expansion but also lends itself to profitability further down the line. The company beefed up its development team in the last 12 to 18 months to quickly move on new opportunities, MCG’ s president Andrew Carnie said during the call.
The company now anticipates opening between eight to 10 new Soho Houses each year going forward instead of a previously stated annual growth target of five to seven new openings. Soho House opened a Nashville location earlier this year, and openings for later this year are planned for Brighton in the UK as well as a Holloway House near Soho House West Hollywood in Southern California.
MCG also maps out future openings through its “ Cities Without Houses ” membership plan, which offers membership to individuals who live in cities without a physical Soho House but can access one of the clubs whenever they travel to a region where one is located. There are more than 4,200 members across more than 40 cities included in this plan, and it gives the company a road map of where to consider future locations.
Jones later indicated Boston and Atlanta are two U.S. cities where the company is “ heavily ” scouting for a future Soho House. Vancouver, Buenos Aires, Tokyo, Nairobi, and Shanghai were also part of a line-up included in the company’ s prospectus as potential future markets.
“ We have a playbook of openings and how to do it. Opening six last year really gave us a lot of learnings, so we’ ve got a clear playbook, ” Carnie said. “ When opportunities do come along, we can move super quick now and execute to a really high level. ”
That playbook could eventually make Soho House and its parent company a profitable enterprise. The company noted in its prospectus with the U.S. Securities and Exchange Commission last year ahead of going public that it leverages its cool factor to land more favorable terms with landlords.
“ Our real estate partners benefit from the impact of the Soho House brand on the value of their underlying property and surrounding neighborhood, ” the MCG filing stated. “ This enables us to achieve favorable lease agreements, increase tenant improvement allowances from landlords to support our capital light expansion, and in some cases receive a share of the upside in the value of the property. ”
Such an arrangement enables Soho House to have something similar to the asset-light strategy major hotel companies pursue where they don’ t have much exposure to the real estate behind their brands. That fuels faster growth and less exposure to ups and downs in economic cycles. Much of MCG’ s debt prior to going public stemmed from the costs involved in opening new clubs and launching new lines of business.
“ We have a clear path to more than doubling the size of our business in the coming years by our capital light, high-profit growth pipeline, ” Carnie said Wednesday.
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S & P 500, Nasdaq rally for a third day as investors get comfortable with Fed rate-hike plan | Stocks jumped for a third straight day on Thursday, building on a strong rally this week, as investors digested the latest news out of Ukraine and got comfortable with the outcome of the Federal Reserve meeting.
The Dow Jones Industrial Average traded 417.66 points higher, or 1.2%, to 34,480.76. The S & P 500 popped 1.2% to 4,411.67, and the Nasdaq Composite added 1.3% to 13,614.78.
The moves come after a massive two-day rally for stocks. The S & P 500 jumped more than 3% in the previous two sessions, while the Dow posted back-to-back surges of more than 500 points. The blue-chip index is on pace for its first positive week in six.
`` We're on day three of potential gains here, and a lot of investors are going in thinking maybe there are calmer waters, '' Jeff Kilburg, chief investment office of Sanctuary Wealth, said Thursday afternoon. `` The Fed meeting ended up being a non-event, getting past it was a big mental component for the marketplace. As we start to get past it and realize uncertainty in the Russia-Ukraine situation feeds into their formula, it puts a short-term bullish sentiment in the market. It's nice to see a little consistency. ''
Stocks climbed even after the Kremlin reportedly dismissed news of progress in Ukraine-Russia peace talks. According to Bloomberg News, a Kremlin spokesman those reports were `` wrong. '' The Financial Times reported Wednesday that both countries had made `` significant progress '' on a peace plan and Russian withdrawal from Ukraine.
Thursday marked a key day for Russia to pay coupons on its sovereign bonds, which were due on Wednesday, to avoid default. Reuters, citing a source familiar with the situation, reported on Thursday that Russia made two payments in dollars and that the money would soon be distributed to bondholders.
Peter Boockvar, chief investment officer at Bleakley Advisory Group, noted the S & P 500 gained after the Reuters report was released.
He added, however, that there are `` still a lot of questions about the payments. To what extent do they make payments in dollar bonds instead of rubles? … I don't know what this means for all of their payments. ''
The debt market drama comes as Russia has largely been cut out of the global financial system as a result of its war in Ukraine. In order to avoid default, Russia needed to make the payments in dollars and not the rapidly weakening ruble, and it was unclear if foreign banks would process the payments or allow Russia to access its accounts.
The Fed is about to hike rates. Here's what history shows should happen to the stock market next
Top Goldman Sachs analyst: Here's what'stagflation ' could mean for markets
JPMorgan says these are the stocks to buy on the pullback, including some set to gain 50% or more
Global markets have seen wild swings in recent weeks. Sylvia Jablonski, CEO and chief investment officer at Defiance ETFs, thinks volatility will likely continue for at least another month or two. For now, though, she said investors are getting comfortable with the market.
`` Investors are starting to see that the market is presenting a tradeable bottom, and so buying now and in coming weeks is a good opportunity to get in on a repriced market with upside potential, '' she said. `` The last time that we had opportunities to buy like this was around the peak of Covid and in 2008. ''
Energy stocks led the market higher as West Texas Intermediate crude futures, the U.S. oil benchmark, jumped more than 8% to back above $ 100 per barrel. Devon Energy and Diamondback climbed 9.6% and 6.5%, respectively. The Energy Select Sector SPDR Fund rose 3.4%. The sector is the only one on pace for a down week, but also the only one in positive territory for the year.
American Express led the Dow higher with a gain of more than 3.5% after Bank of America kept its buy rating on the stock.
Health stocks and software companies also posted strong gains. Cardinal Health, up more than 6.3%, was one of the top gainers in the S & P 500. Eli Lilly gained 3.2%. Meanwhile, Intuit rose 3.4%.
Thursday's gains came a day after the Federal Reserve hiked its benchmark interest rate for the first time since 2018 and signaled six more hikes this year, spurring a relief rally in stocks.
DoubleLine Capital CEO Jeffrey Gundlach said Wednesday on `` Closing Bell: Overtime '' that he expected markets to rally between now and the next Fed meeting in May after selling off sharply to start the year. He pointed to recent high readings on the Cboe Volatility Index, often called Wall Street's fear gauge, as a sign that the selling had gone far enough, at least in the near term.
—CNBC's Pippa Stevens and Jesse Pound contributed reporting. | business |
Trackinsight: Travel & Leisure ETFs see the blows and the flows | Travel & Leisure ETFs have entered emergency landing protocol as soaring oil and gas prices add more operational costs to airlines, hotels, and cruise lines.
The Russia-Ukraine war, which is mostly to blame for rising energy costs, didn't help the industries either after disrupting air travel flow and tourism across Europe and Asia. On the healthcare front, China entered the war again with the Covid-19 demons and put over 37 million people in lockdown ( CNN) after witnessing an unusual spike in Covid-19 cases.
The violent headwind affecting the travel & leisure businesses have sent Travel & Leisure ETFs deep into the red zone, with average losses of -15% year-to-date. Despite the crash, investors have added $ 700 million into the ETF line-up — betting on a peaceful ending to the ongoing war and a long-awaited final nail to the pandemic coffin.
Investors looking for a potential bargain in the Travel & Leisure ETFs space can explore the U.S. Global Jets ETF ( JETS), Invesco Dynamic Leisure and Entertainment ETF ( PEJ), and ETFMG Travel Tech ETF ( AWAY) – among others.
The JETS ETF seeks to track the U.S. Global Jets Index and provides exposure to the global airline industry, including airline operators and manufacturers from all over the world. In terms of country exposure ( as of Dec.31, 2021), the U.S. based holdings dominate with 75%, followed distantly by Canada ( 4.85%), Japan ( 2.83%) and Brazil ( 2.22%). Airlines stocks represent 74% of the portfolio, transportation infrastructure 12.86%, internet 8.04%, and other 5%.
The top leading names as of March 15th, 2022, are American Airlines group ( 10.53%), United Airlines Holdings ( 10.44%), Delta Airlines ( 10.29%), Southwest Airlines ( 9.85%), and JetBlue Airways ( 3.09%).
JETS has a total expense ratio of 0.60% and trades primarily on the NYSE. JETS, PEJ and AWAY have attracted $ 360, $ 98, and $ 28 million of net inflows respectively in 2022.
Canadian investors can access the `` air space '' through the Harvest Travel & Leisure Index ETF ( TRVL). The fund seeks to track the Solactive Travel & Leisure Index TR and invests in airlines, hotels, resorts, cruise lines, casinos & gaming, hotel & resort REITs, and leisure facilities listed in a regulated stock exchange in North America. Some of the big holdings include Marriott International ( 9.6%), Booking Holdings ( 9.3%), Airbnb ( 9.1%), Hilton Worldwide Holdings ( 8.4%), Expedia Group ( 5.6%), and Southwest Airlines ( 5.4%) — to name a few.
TRVL has a total expense ratio of 0.40% and trades on the Toronto Stock Exchange.
European investors can invest in a basket of European travel & leisure companies through iShares STOXX Europe 600 Travel & Leisure UCITS ETF ( EXV9), Lyxor STOXX Europe 600 Travel & Leisure UCITS ETF ( TRV/TRVD), and Invesco STOXX Europe 600 Optimised Travel & Leisure UCITS ETF ( XTPS). EXV9 and TRV/TRVD seeks to track STOXX Europe 600 Travel & Leisure, providing exposure to the largest stocks of the travel & leisure industry in Europe. While EXV9 provides physical exposure, TRV/TRVD's approach is synthetic. Invesco's XTPS tracks a variation of the same index but gives a higher degree of liquidity for long and short investments. Like TRV/TRVD, XTPS provides synthetic exposure.
Some companies included in these funds are Flutter Entertainment, Evolution Gaming, Accor, Entain, Intercontinental Hotels Group, Deutsche Lufthansa, Whitbread, Ryanair — to mention a few. EXV9, TRV/TRVD and XTPS trade on multiple European exchanges and have expense ratios of 0.46%, 0.2%, and 0.3% respectively.
ETF provider HANetf has also two ETFs available in the European market: the HANetf Airlines, Hotels and Cruise Lines UCITS ETF ( TRYP), and a European version of the US-based JETS ETF, the HANetf U.S. Global Jets UCITS ETF ( JETP). TRYP and JETP trade on multiple European exchanges and have expense ratios of 0.69% and 0.65% respectively.
Find over 8,000 ETFs with our screener. | business |
Watches & Wonders: What To Expect | At the end of this month, the eyes of the watch world will be once again aimed at Geneva, where Watches & Wonders will finally take place with a physical fair. This is quite something and most certainly something we have all been looking forward to for quite some time. Watches & Wonders in its current setting is something new. You can almost see it as a merger of Baselworld and SIHH, also because many of the brands that don’ t officially participate in the event still try to get some attention by being present in Geneva at the same time.
The Covid-19 pandemic had an interesting impact on the market, as for many brands, business is booming. While it is still unclear what the impact will be of the war in the Ukraine, the brands will most likely strike a positive note at the fair. What can we expect there? First of all, more of the same. As many brands are doing very well, they want to strengthen their winning team. Expect things along the line with what Omega did with their recent introductions. This also means that the watch world will be more colorful. Green is the new blue, while blue itself has become as much a staple as black and silver. You can expect added to that pretty much any and all colors of the rainbow.
As all the segments of the market do quite well, especially the higher-end ones, many of the brands will also flex their horological muscles and introduce more complex timepieces. While these aren’ t for everybody, most people enjoy seeing them, and they also have a role to play as being halo-pieces for the brands themselves. Also on a smaller budget, there will be plenty to enjoy and look forward to. Brands learned to focus on their entire collection and are expected to come with a balanced array of new offerings at different price levels. So, in short, there will probably be something tempting for everybody.
What are you hoping that will be released at Watches & Wonders 2022? Let us know in the comments below! | general |
Mortgage demand falls as interest rates surge to multiyear highs | A sharp jump in mortgage rates last week soured demand from both current homeowners and potential homebuyers, causing mortgage applications to drop. With rates now back on the expected upward trajectory, following a brief drop at the start of the Russian invasion of Ukraine, mortgage volume is likely to fall further in the coming weeks.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ( $ 647,200 or less) increased to 4.27% from 4.09%, with points rising to 0.54 from 0.44 ( including the origination fee) for loans with a 20% down payment, according to the Mortgage Bankers Association.
`` Mortgage rates continue to be volatile due to the significant uncertainty regarding Federal Reserve policy and the situation in Ukraine. Investors are weighing the impacts of rapidly increasing inflation in the U.S. and many other parts of the world against the potential for a slowdown in economic growth due to a renewed bout of supply-chain constraints, '' said Joel Kan, an MBA economist.
Applications to refinance a home loan, which are most sensitive to weekly rate moves, fell 3% for the week, seasonally adjusted, and were 49% lower than the same week one year ago, when rates were a full percentage point lower. The refinance share of mortgage activity decreased to 48.4% of total applications from 49.5% the previous week. Fewer and fewer borrowers can now benefit from a refinance, and while borrowers now have considerably more equity in their homes than before the Covid pandemic, most will take it out in a second loan, rather than refinance to a higher rate.
Mortgage applications to purchase a home rose just 1% for the week and were 8% lower than the same week one year ago. Homebuyers today are facing an increasingly expensive market, as prices are still gaining at a record pace from a year ago. Supply is starting to increase slightly, but there are still not nearly enough homes on the market to meet demand and cool competition.
Home prices are so high that the average loan size in applications last week to buy a home was $ 453,200 – the second-highest amount in the MBA's survey.
Mortgage rates moved significantly higher at the start of this week, as investors anticipate an interest rate hike Wednesday by the Federal Reserve. While mortgage rates don't follow the fed funds rate, they do loosely follow the yield on the 10-year Treasury and are also heavily influenced by the Fed's plan to taper its purchases of mortgage-backed bonds and reduce its holdings.
`` Any time yields are pushing multi-year highs, it's at least worth having a discussion about potential shifts in the trend based solely on momentum, '' wrote Matthew Graham, chief operating officer of Mortgage News Daily. `` It's not oversimplifying things to say that rallies can happen simply due to an overabundance of selling pressure. '' | business |
Your Medical Device is Getting Smarter … and More Reliable! | Your Medical Device is Getting Smarter … and More Reliable! | designnews.com
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Artificial intelligence & machine learning are changing the future of medical devices, says MD & M West 2022 speaker.
While still a relatively new tool in healthcare, artificial intelligence ( AI) and machine learning ( ML) technologies pose immense opportunities to drive industry-wide transformational advancement. Yet, we have a long way to go as medical devices become more complex and paradigms for developing AI algorithms are not transferable from the consumer to the clinical space.
is heavily focused on ideating powerful solutions that will advance the maturation of healthcare’ s advanced technologies. Slated to take place April 12-14 at the Anaheim Convention Center, MD & M West runs in tandem with four other engineering trade shows – WestPack, ATX West, D & M West, and Plastec West, providing attendees access to a five-in-one design and manufacturing event and the Design. Engineer. Build. conference that connects multiple verticals and industries.
With the event on the near horizon, I spoke with renowned medtech expert and prominent MD & M West speaker Siddharth Desai, president of HealthCare Evolution. We discussed industry trends and what attendees can look forward to learning in his technical and forward-looking session.
The adoption of AI and ML in healthcare is picking up speed. Could you speak to the current use of AI and ML in the medical device space and the opportunities these technologies afford?
AI and ML are invading the classical new product development domain in various ways and will change the future of medical devices. AI is an interdisciplinary approach to provide intelligence in diagnosis, treatment, and post-treatment assessment of the clinical challenges. This discipline is based on the development of firmware and algorithms; the medical devices are learning and able to provide an efficient diagnosis of the desired treatments and recommend and enable the clinician/healthcare provider solutions.
These treatments are viable because of the analytical capabilities, computing power, and firmware algorithms developed by the most brilliant engineers and scientists. So, these capabilities are incorporated in the medical devices as incremental features to the base devices and are added as modules or incorporated as separate devices. The applications for the AI systems are diverse and across the entire field of healthcare: `` smart implants '' that assess and enhance a total knee arthroplasty and the recovery from the treatment; '' smart algorithms '' that improve the ability to diagnose tumors, enhance the image of malignant tumors, and enable more effective treatments in endoscopy; '' smart AI powered '' infusion treatments that provide efficient dosage for a specific treatment to the clinician and the pharmacists; '' smart '' data analytics that renders the suggested optimum treatment to a clinician: and the patient who can use the AI reports to improve personal healthcare. AI/ML/DL is a vast opportunity and can be applied in the vast domain of healthcare.
Since the discipline is emerging, the challenges are unique to its applicability. First and foremost is the idea that a `` smart machine '' can replace a clinician. Working with key opinion leaders and everyday clinicians, we realize there is a certain level of skepticism. Clinicians go through multi-year training and hands-on work to get comfortable with the clinical practices. So, the adaption curve and overall success will be based on solid AI/ML/DL answers.
Secondly, the discipline must prove itself! While bold predictions can be made, the clinical space and human beings are unique, and the ability to predict the outcome at large will be a unique challenge. If the model developed by the engineers is inadequate or incorrect, the AI solutions may have serious consequences. So, in the seminar, we will discuss the critical success factors, planning for the solutions, and relevant case studies. We also define the basics of a business case to assess the opportunities.
I understand you are speaking at MD & M West in April. What can attendees look forward to learning about in your session?
Ours is a directly relevant session for those involved in the planning, development, and management of medical device innovation. We have a fantastic lineup of speakers who will discuss the best practices and share their experiences in medical device design and development.
The speakers will discuss and share their product design and development expertise from the entire product lifecycle, from concept to product launches. We will discuss critical aspects of development processes: capturing user inputs, detailed design and development processes and lessons learned, material selection processes, learning from world-renowned experts in TAVR development, and the essence of artificial intelligence. We will make this session an interactive, relevant, and exciting place. Our mission is to learn and share our experiences such that the attendees have a good learning experience as well as have some fun.
I have been involved in the medical device industry since 1983. Having worked for startups to large corporations, I have enjoyed being a catalyst for change. The industry has been equally kind to me; I have enjoyed success as a contributor to a leader. I feel obligated to learn and give back! Improving human lives excites me and enables me to think in the box and outside the box. It continues to challenge me to learn new things.
I am excited to share our session, my personal experiences, and meet and learn from fellow conference participants. The pandemic has had an impact on all of our lives. But, as life returns to normal due to the innovation of vaccines, the medical diagnosis industry with COVID-19 testing and facemask development is the direct contribution by our industry. We intend to share critical lessons learned, delve into innovation that is underway, and discuss the future as we can envision in 2022 and beyond.
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A possible new COVID-19 vaccine could be accessible for more of the world: The protein subunit vaccine, which can be manufactured using engineered yeast, has shown promise in preclinical studies -- ScienceDaily | In a new paper, the researchers report that the vaccine, which comprises fragments of the SARS-CoV-2 spike protein arrayed on a virus-like particle, elicited a strong immune response and protected animals against viral challenge.
The vaccine was designed so that it can be produced by yeast, using fermentation facilities that already exist around the world. The Serum Institute of India, the world's largest manufacturer of vaccines, is now producing large quantities of the vaccine and plans to run a clinical trial in Africa.
`` There's still a very large population that does not have access to Covid vaccines. Protein-based subunit vaccines are a low-cost, well-established technology that can provide a consistent supply and is accepted in many parts of the world, '' says J. Christopher Love, the Raymond A. and Helen E. St. Laurent Professor of Chemical Engineering at MIT and a member of the Koch Institute for Integrative Cancer Research and the Ragon Institute of MGH, MIT, and Harvard.
Love and Dan Barouch, director of the Center for Virology and Vaccine Research at Beth Israel Deaconess Medical Center ( BIDMC) and a professor at Harvard Medical School, are the senior authors of the paper, which appears today in Science Advances. The paper's lead authors are MIT graduate students Neil Dalvie and Sergio Rodriguez-Aponte, and Lisa Tostanoski, a postdoc at BIDMC.
Optimizing manufacturability
Love's lab, working closely with Barouch's lab at BIDMC, began working on a Covid-19 vaccine in early 2020. Their goal was to produce a vaccine that would be not only effective but also easy to manufacture. To that end, they focused on protein subunit vaccines, a type of vaccine that consists of small pieces of viral proteins. Several existing vaccines, including one for hepatitis B, have been made using this approach.
`` In places in the world where cost remains a challenge, subunit vaccines can address that. They could also address some of the hesitancy around vaccines based on newer technologies, '' Love says.
Another advantage of protein subunit vaccines is that they can often be stored under refrigeration and do not require the ultracold storage temperatures that RNA vaccines do.
For their subunit vaccine, the researchers decided to use a small piece of the SARS-CoV-2 spike protein, the receptor-binding domain ( RBD). Early in the pandemic, studies in animals suggested that this protein fragment alone would not produce a strong immune response, so to make it more immunogenic, the team decided to display many copies of the protein on a virus-like particle. They chose the hepatitis B surface antigen as their scaffold, and showed that when coated with SARS-CoV-2 RBD fragments this particle generated a much stronger response than the RBD protein on its own.
The researchers also wanted to ensure that their vaccine could be manufactured easily and efficiently. Many protein subunit vaccines are manufactured using mammalian cells, which can be more difficult to work with. The MIT team designed the RBD protein so that it could be produced by the yeast Pichia pastoris, which is relatively easy to grow in an industrial bioreactor.
Each of the two vaccine components -- the RBD protein fragment and the hepatitis B particle -- can be produced separately in yeast. To each component, the researchers added a specialized peptide tag that binds with a tag found on the other component, allowing RBD fragments to be attached to the virus particles after each is produced.
Pichia pastoris is already used to produce vaccines in bioreactors around the world. Once the researchers had their engineered yeast cells ready, they sent them to the Serum Institute, which ramped up production rapidly.
`` One of the key things that separates our vaccine from other vaccines is that the facilities to manufacture vaccines in these yeast organisms already exist in parts of the world where the vaccines are still most needed today, '' Dalvie says.
A modular process
Once the researchers had their vaccine candidate ready, they tested it in a small trial in nonhuman primates. For those studies, they combined the vaccine with adjuvants that are already used in other vaccines: either aluminum hydroxide ( alum) or a combination of alum and another adjuvant called CpG.
In those studies, the researchers showed that the vaccine generated antibody levels similar to those produced by some of the approved Covid-19 vaccines, including the Johnson and Johnson vaccine. They also found that when the animals were exposed to SARS-CoV-2, viral loads in vaccinated animals were much lower than those seen in unvaccinated animals.
For that vaccine, the researchers used an RBD fragment that was based on the sequence of the original SARS-CoV-2 strain that emerged in late 2019. That vaccine has been tested in a phase 1 clinical trial in Australia. Since then, the researchers have incorporated two mutations ( similar to ones identified in the natural Delta and Lambda variants) that the team previously found to improve production and immunogenicity compared to the ancestral sequence, for the planned phase 1/2 clinical trials.
The approach of attaching an immunogen RBD to a virus-like particle offers a `` plug and display '' -like system that could be used to create similar vaccines, the researchers say.
`` We could make mutations that were seen in some of the new variants, add them to the RBD but keep the whole framework the same, and make new vaccine candidates, '' Rodriguez-Aponte says. `` That shows the modularity of the process and how efficiently you can edit and make new candidates. ''
If the clinical trials show that the vaccine provides a safe and effective alternative to existing RNA vaccines, the researchers hope that it could not only prove useful for vaccinating people in countries that currently have limited access to vaccines, but also enable the creation of boosters that would offer protection against a wider variety of SARS-CoV-2 strains or other coronaviruses.
`` In principle, this modularity does allow for consideration of adapting to new variants or providing a more pan-coronavirus protective booster, '' Love says.
Researchers from the Serum Institute and SpyBiotech also contributed to the paper. The research was funded by the Bill and Melinda Gates Foundation and the Koch Institute Support ( core) Grant from the National Cancer Institute. | science |
Retail sales February 2022 come up short as inflation puts dent in consumer spending | Consumers continued to spend in February though at a slower pace than expected, according to a Commerce Department report Wednesday.
Advance retail sales grew 0.3% for the month, slightly below the 0.4% Dow Jones estimate. Stripping out autos, sales were up 0.2%, well below expectations for a 0.9% increase and indicative that after a rapid pace to start the year, consumers were slowing down.
The spending numbers were well below the rise in prices, which increased 0.8% in February, according to Labor Department data released last week. Retail spending numbers are not adjusted for inflation.
The biggest dent in February's numbers came in online shopping, with nonstore sales down 3.7%.
One bright spot in the data released Wednesday is that January spending was revised up to an increase of 4.9%, a blistering pace that was even stronger than the initial estimate of 3.8%.
The two-month numbers `` suggest that real consumption growth remains reasonably solid '' though some headwinds are beginning to show, particularly from expected interest rate increases coming from the Federal Reserve, said Andrew Hunter, senior U.S. economist at Capital Economics.
`` With real disposable incomes having already been falling since mid-2021, as earlier fiscal support was withdrawn, and the more general surge in prices took its toll, real consumption growth still looks likely to slow over the coming months, particularly when the personal savings rate is already below its pre-pandemic level, '' Hunter wrote. `` It also may not be long before Fed tightening starts to hit spending on big-ticket durables. ''
Consumers, however, remain flush with cash, finishing 2021 with $ 1.4 trillion in savings though the personal savings rate, most recently at 6.4%, has been coming down steadily during the Covid pandemic era.
Demand has been extraordinary for goods over services, and supply has struggled to keep up. That has fueled inflation running at a 7.9% rate on a 12-month basis, the fastest pace in more than 40 years.
On a year-over-year basis, retail spending was up 17.6%, the Commerce Department said.
The meteoric surge in gas prices has pushed that number to a large degree, with sales at gasoline stations up 5.3% in February and 36.4% from a year ago. Prices at the pump rose about 7% in February alone, according to the Energy Information Administration.
Bar and restaurant sales also showed strong gains for the month, up 2.5% and good for a 33% year-over-year increase. Health and personal-care stores saw a 1.8% decline while furniture stores were off 1% and motor vehicle and parts dealers rose 0.8%. | business |
Homebuilders ' sales expectations drop dramatically, as mortgage rates soar | Rising mortgage rates are starting to take their toll on the nation's homebuilders, who are more concerned about affordability heading into the all-important spring housing market as mortgage rates surge.
Builders ' sales expectations for the next six months declined a steep 10 points to 70, according to the National Association of Home Builders/Wells Fargo Housing Market Index. The index doesn't often see such large monthly moves. Builders ' view of current sales conditions fell 3 points to 86.
Overall, builder sentiment in the market for single-family homes dropped 2 points to 79 in March. February's read was also revised lower. Last March it stood at 82.
This is the fourth straight monthly decline and the first time the index has slipped below 80 since last September, when the delta variant of Covid-19 was spreading. Anything above 50 is considered positive sentiment.
Builders have long cited building material supply side constraints and rising construction costs as headwinds, but now the expectations of higher interest rates are hitting them harder. The average rate on the 30-year fixed-rate mortgage is already a full percentage point higher than it was a year ago, and continues to rise. That change can be seen in one of the index's three components.
`` The March HMI recorded the lowest future sales expectations in the survey since June 2020, '' said Robert Dietz, chief economist at the NAHB. `` Builders are reporting growing concerns that increasing construction costs ( up 20% over the last 12 months) and expected higher interest rates connected to tightening monetary policy will price prospective home buyers out of the market. ''
The buyer traffic component of the index did rise 2 points to 67.
`` While low existing inventory and favorable demographics are supporting demand, the impact of elevated inflation and expected higher interest rates suggests caution for the second half of 2022, '' added Dietz.
Regionally, on three-month moving averages, sentiment in the Northeast fell 7 points to 69. In the Midwest it dropped 1 point to 72 and the South fell 3 points to 83. The West was the only region to see a gain, up 1 point to 90. | business |
Russian-Ukraine war to lower car production by millions of units | In this article
DETROIT – The war in Ukraine is expected to lower global light-duty vehicle production through next year by millions of units, according to S & P Global Mobility.
The automotive research firm, formerly known as IHS Markit, on Wednesday downgraded its 2022 and 2023 global light vehicle production forecast by 2.6 million units for both years, to 81.6 million for 2022 and 88.5 million units for 2023.
The conflict has caused logistical and supply chain problems as well as parts shortages of critical vehicle components. Most notably, many automakers source wire harnesses, which are used in vehicles for electrical power and communication between parts, from Ukraine. The problems add to an already strained supply chain due to the coronavirus pandemic and an ongoing shortage of semiconductor chips.
European auto production is expected to experience the most disruption, according to S & P. The firm cut 1.7 million units from its forecast for Europe, including just under 1 million units from lost demand in Russia and Ukraine. The rest of the cuts are from parts shortages involving chips and wiring harnesses caused by the war.
That compares to S & P cutting its North America light-duty vehicle production by 480,000 units for 2022 and by 549,000 units for 2023.
About 45% of Ukraine-built wiring harnesses are normally exported to Germany and Poland, placing German carmakers at high exposure, according to S & P. Automakers such as Volkswagen and BMW have been among the most impacted since Russia's invasion of Ukraine about three weeks ago.
Volkswagen CEO Herbert Diess earlier this week said the war has put the company's 2022 outlook into question, as the automaker experiences parts problems. He said the company was moving some of its production out of Europe to North America and China in response to war-related supply-chain disruptions.
BMW cut its car division's 2022 profit margin forecast on Wednesday from 8% -10% to 7% -9%, due to the impact of the unfolding Ukraine crisis.
BMW's plants will be back to full production next week following the luxury automaker halting or lowering production output at some German plants after the invasion, said the company's chief technology officer, Frank Weber.
Weber said the company has worked with suppliers to duplicate, not relocate, the wire harnessing production to attempt to keep jobs in the country.
`` When you look at Ukraine, this wire harnessing industry gives work to maybe 20,000 people, '' Weber told reporters Wednesday during a remote roundtable. `` We didn't just want to take away the work there. ''
In total, S & P on Wednesday said it removed nearly 25 million units from global light-duty vehicle production from its forecast between now and 2030. | business |
Why Saving for Retirement Is So Difficult for Millennials and Gen X | This article originally appeared on MarketWatch.
The 40-year old data scientist, and mother of two, in an apologetic tone, says “ I just can’ t think about it now. I know I should, but I just can’ t right now. ”
A lawyer, 53, and father of a college age son, voices a similar response— “ No! I just don’ t have the bandwidth. ”
Are these two people, one millennial and one a member of Generation X, responding to a telemarketing sales call with a “ great deal ”? No, they are simply responding to a question exploring how they are thinking about retirement and if they were actively saving and planning right now. While current events are capturing our imaginations in real time, their impact on the retirement future of an entire generation may not be known for decades.
Amazon-size forests have given their life to the pulp on which volumes have been written explaining why people don’ t adequately save and plan for retirement.
There is the literacy argument. People just don’ t understand or lack the financial literacy to save, to invest, and to fully comprehend such basics as the miracle and magic of compound interest.
Then there is the inability of people to envision their “ future self. ” Simply put, people would rather buy a flat-screen television for themselves today, than save and invest for a future self who is effectively a stranger living in some distant and uncertain retirement universe. Flat-screen TV today or give money to a stranger? For many of us the response is, “ What size screen? ”
The rising cost of living precludes many from living comfortably, let alone saving. College debt, housing costs, child care expenses, and more make saving difficult to impossible for many. For others, even the notion of planning become unimaginable.
All of these play some role. However, in recent years and days, there is another reason why retirement is not getting its due from people approaching peak earning and savings years. A reason that economists and retirement observers often overlook.
Pure economics—attention economics that is.
People only have so much attention to allocate to issues, problems, and decisions they navigate everyday. Just as an automobile driver has only so much attention to allocate to the road, every distraction detracts from their capacity to operate the vehicle safely. A cellphone call, a cup of coffee, a radio blasting a favorite song, a little one practicing their pitching arm with a chicken nugget—each of these chip away at the driver’ s attention and behavior.
Only economists, and those that plan their coffee breaks on a spreadsheet, believe that the average human has unlimited time, attention, and access to perfect information to do the “ rational thing ” —save, plan, invest. Most of us are simply muddling through. Our agendas are full. Or, as our 53-year-old lawyer emphatically states, “ I just don’ t have the bandwidth. ”
In recent years events have been pushing issues on the personal agendas of millennials and Generation X—now in their prime high stress work and family years—at an unprecedented velocity.
Over the past two years of Covid-19 there has been one fastball after another. Constant uncertainty, illness, death, changing work patterns, Delta, Omicron and other Greek lettered warning shots have commanded our attention. We were all forced to give our attention to the well-being of our loved ones living near and far. However, MIT AgeLab research indicates it was those caught in the middle, older millennials and younger Gen Xers with children and aging parents, that were the most stressed—forcing many to allocate their attention from planning a future retirement to simply getting by today.
Just as masks began to fall, inflation began to rise. The cost of living is now beyond the level of complaining, now it is beginning to hurt. Attention is being allocated to decisions that are framed around the question of what purchase is a necessity versus what purchase is a nicety?
And, then there is the uncertainty of Ukraine. Many now ask, how will the tragedy and suffering of millions, thousands of miles away, affect my family? Well beyond economic considerations, the shadow of global conflict with a nuclear superpower is now real to millennials and younger Gen Xers. Generations that had only heard about such geopolitical fears in stories told by older siblings, baby boomers, the Silent Generations and great grandparents who lived through World War II.
Before there can be retirement goal setting, planning, and investment decisions, there must be attention. Attention is the rarest of all asset classes. It can not be manufactured, grown, or pumped out of the ground. Millennials and many in Generation X are in their peak work, family, caregiving, community, and personal relationship years. Covid-19, inflation, and now geopolitics, is depleting the little attention they have left to plan for retirement. | business |
Nazanin Zaghari-Ratcliffe 'on way home ' to UK after 6 years ' detention in Iran, British lawmaker says | On Wednesday, Zaghari-Ratcliffe's local UK Member of Parliament Tulip Siddiq tweeted a photo of her on board a plane saying she is now on her way home.
`` It's been 6 long years - and I can't believe I can FINALLY share this photo, '' wrote Siddiq. `` Nazanin is now in the air flying away from 6 years of hell in Iran. ''
UK Foreign Secretary Liz Truss said in a tweet that Zaghari-Ratcliffe and fellow British Iranian national Anoosheh Ashoori `` will be reunited with their families later today. ''
UK Prime Minister Boris Johnson hailed their release as `` huge achievements '' for British diplomacy. `` I pay tribute to the tireless efforts of those who have worked for six years to make today's events possible, '' Johnson wrote in a tweet.
This comes as Truss announced that the UK had settled a decades-old £400 million ( $ 524 million) debt owed to Iran, which Iran's Foreign Minister Hossein Amir-Abdollahian denied was linked to the prisoner release.
`` After highly complex and exhaustive negotiations, the more than 40-year-old debt between the International Military Services and the Ministry of Defense of Iran has now been settled, '' Truss said in statement to Parliament.
The debt is for undelivered armored vehicles and tanks, originally ordered by Iran but canceled by the UK in response to the Iranian revolution of 1979, according to a research briefing published by the House of Commons Library.
Iran's state-run Press TV said that Zaghari-Ratcliffe had been handed over to the UK government, without providing any further details. The country's semi-official Fars news agency said she was being transferred to Tehran's international airport, Imam Khomenei, with a British negotiating team.
On Wednesday, Hojjat Kermani, Zaghari-Ratcliffe's lawyer, told CNN he did not want to comment on the latest developments for now.
He earlier told Reuters that Zaghari-Ratcliffe and another detained British-Iranian, Anousheh Ashouri, were `` on their way to the airport in Tehran to leave Iran. ''
Mayor of London Sadiq Khan said he was `` delighted '' that Zaghari-Ratcliffe had been freed from `` wrongful imprisonment '' in a statement Wednesday.
`` Nazanin and her loved ones have shown great courage, strength and steadfastness during what has been an unimaginably difficult time, and I want to pay tribute to all those who have campaigned tirelessly for her release, '' said Khan. `` London looks forward to welcoming her home. ''
Her husband Richard Ratcliffe said the release of his wife means they can `` start being a normal family again. ''
Speaking to reporters in London, Ratcliffe said he hadn't yet spoken to his wife but that they had exchanged messages on Wednesday.
He said she got picked up by the Iranian Revolutionary Guard at 11:00 a.m. local time ( 3:30 a.m ET) and that although she `` wasn't really allowed to speak '' he was aware of her movements.
`` Her homecoming is a journey not an arrival. There will be a whole process and hopefully we will look back in years to come and we will be a normal family, '' Ratcliffe continued.
On Wednesday, a campaign group which pushed for Zaghari-Ratcliffe's release thanked Siddiq, the family's member of parliament, for her work on the case.
`` You have made a difference @ TulipSiddiq! Thanks for all the amazing support you have given to # FreeNazanin over these 6 long years, '' the group wrote on Twitter.
Husband's hunger strikes
Zaghari-Ratcliffe was first detained at a Tehran airport in April 2016 following a vacation to see her family with her daughter.
She was accused of working with organizations allegedly attempting to overthrow the Iranian regime and was later convicted and sentenced to five years in jail.
Zaghari-Ratcliffe and her employer, the Thomson Reuters Foundation, have repeatedly denied the espionage charges against her.
In April 2021 she was handed a second jail sentence and travel ban on charges of spreading propaganda against the regime, and lost an appeal on her case in October.
Zaghari-Ratcliffe was given British diplomatic protection in 2019 and was designated a prisoner of conscience by Amnesty International.
She undertook at least three hunger strikes during her detention, one of them in a desperate bid to seek medical treatment for lumps in her breasts and numbness in her limbs.
Her husband Richard Ratcliffe has also carried out hunger strikes in solidarity with his wife.
The couple's daughter, Gabriella, who was just 22 months old at the time of her mother's arrest, is now almost eight.
In 2019, Zaghari-Ratcliffe's supporters said she was transferred to the mental ward of a hospital in Tehran and was being denied visits from her father.
In February 2020, Zaghari-Ratcliffe's family said she believed she had contracted Covid-19 in Evin Prison outside Tehran. | business |
Past Fed hiking cycles, from sanguine to severe, may say little about this one | With inflation at a 40-year high, war in Europe threatening to push it higher, and consumers feeling the weight of higher gasoline and food prices and, for many, a cut in the purchasing power of their wages, the heat is once again on the Fed.
The U.S. central bank's main tool in managing inflation is the federal funds rate, an interest rate that governs short-term loans among financial institutions and forms a sort of bedrock for other types of loans. It has been set near zero since the start of the coronavirus pandemic, and is a big reason why home mortgages, for example, have been so cheap.
That is now changing. The Fed on Wednesday, as part of an effort to control inflation, which by the central bank's preferred measure is running at 6% annually, voted to increase the federal funds rate by a quarter of a percentage point to a target range of 0.25% -0.50%. What's more, Fed policymakers laid out a plan for what amounts to a rate hike at each of their remaining six meetings this year in an old-school battle against inflation few of them saw coming.
The aim of rate-increase cycles like this are to temper consumer and business spending. If interest rates on home equity loans rise, for example, consumers won't be as likely to tap them to pay for renovations or new furniture. By curbing demand, prices should rise less quickly. Ultimately, the Fed wants inflation to be around 2% annually.
Not all of the Fed's efforts to tighten monetary policy have worked the same way. Some have led to recessions that lowered inflation but also killed jobs and economic growth, a `` hard landing '' in Fed parlance.
What will happen this time? There are no perfect parallels in recent decades, but each hiking cycle may hold lessons.
THE 1970S AND EARLY 1980S: OIL SHOCKS, STAGFLATION, RECESSION
One of the Fed's most glaring policy mistakes also set the stage for one of its most notable, and notably painful, successes.
Fed Chair Arthur Burns was late to begin raising interest rates in the early 1970s after coming under pressure from then-President Richard Nixon to keep unemployment low ahead of the 1974 presidential election. Inflation took off, and while Burns eventually raised rates, larger problems were ahead.
Current Fed officials don't like to discuss resemblances between now and the 1970s. But there are similarities. Rising wages, loose monetary policy, ultra-low unemployment, and, now, an oil shock. An embargo by Arab states in 1973 and the Iranian revolution six years later led to skyrocketing prices and some fuel rationing in the United States.
Inflation at the peak exceeded 14%, and it fell to Fed Chair Paul Volcker to break the cycle. He did, but pushed interest rates so high - home loans, at 18%, were as expensive as credit cards are today - the economy fell into two recessions in short order.
It was tough medicine some say the economy needed. But it was costly: The unemployment rate topped 10% in 1982.
GREENSPAN: THE ANCHOR, MODERATION AND CRISIS
Alan Greenspan took over as Fed chief in 1987 and for much of his tenure was credited with finishing the work Volcker had begun. Under Greenspan the Fed cemented public trust that the Fed would keep inflation under control, creating a psychological `` anchor '' that may serve to temper actual price increases.
Greenspan's several hiking cycles were not as violent as Volcker's, and he is credited with what is considered a classic `` soft landing '' in the early 1990s when policy tightened without a recession. A short downturn started the new century, but was also attributed to a crash in technology stocks.
Greenspan's oracular standing took a hit less than two years after his departure in early 2006 from the Fed when a crisis that began in the U.S. housing market triggered a global meltdown. His willingness to leave interest rates low and take a lighter touch to banking regulation - a market-based view that investors would take rational risks if left alone - is cited by some as a cause of the crisis.
Interest rates did rise from 2004 to 2006, though the ensuing 2007-2009 recession in the United States was less about the level of borrowing costs than the earlier spread of bad mortgage bets through the financial system.
A NEW ERA?
Since the financial crisis and recession more than a decade ago, U.S. central bankers have come to grips with a new world in which inflation seemed safely stuck near or even below their 2% target, and interest rates globally appeared in decline.
The Fed for the first time ever cut rates to near zero during that crisis, and they remained there until late 2015. When Fed Chair Janet Yellen and her successor, Jerome Powell, lifted rates, they did not get as far as expected. Even before the coronavirus pandemic caused a recession, the economy was showing signs of stress, and the hiking cycle was cut short.
The outcome this time will depend on many things, including whether the war in Ukraine ends or intensifies. The energy shock resulting from Russia's invasion of its neighbor is already looking less persistent than those of the 1970s. Investors and analysts do not expect the Fed will need to resort to Volcker-style aggressiveness for prices to ease.
That doesn't mean it will be easy. In fact the Fed is banking that inflation snaps back to the trend in place before the pandemic. But with the economy now on a path to less globalization, more expensive supply chains, and tighter job markets, that is far from assured.
( Reporting by Howard Schneider; Editing by Dan Burns and Paul Simao)
By Howard Schneider | business |
Moderna's COVID shot gets Canada authorization for kids aged 6 to 11 | Moderna Inc said on Thursday Canada authorized its COVID-19 vaccine for use in children between 6 and 11 years of age.
The vaccine, branded Spikevax, was recently cleared for use among kids in the same age group in Australia and the European Union.
Moderna last year said its two-dose vaccine generated virus-neutralizing antibodies in children aged 6-11 years and safety was comparable to that seen in clinical trials of adolescents and adults.
The vaccine, based on messenger RNA ( mRNA) technology, is approved in the United States for people aged 18 and above. The company is awaiting a decision from U.S. regulators on the use of its vaccine for children aged 12 through 17 years.
Rival Pfizer's COVID-19 shot is cleared in the United States for children as young as 5 years.
Canada in August had authorized Moderna's vaccine for adolescents. ( Reporting by Amruta Khandekar; Editing by Shinjini Ganguli) | business |
AstraZeneca's antibody combination, Evusheld▼ ( tixagevimab co-packaged with cilgavimab) authorised for use in Great Britain for pre-exposure prophylaxis ( prevention) of COVID-19 | Evidence shows efficacy and protection ( estimated for at least six months) after one dose in high-risk populations *
AstraZeneca's Evusheld? ( tixagevimab co-packaged with cilgavimab) is authorised by the Medicines and Healthcare products Regulatory Agency ( MHRA) and is the first antibody combination for pre-exposure prophylaxis ( PrEP) against COVID-19 licensed in Great Britain. The use of this medicine is for adults who are not currently infected with ( or know exposure to) the COVID-19 virus and are unlikely to mount an adequate response to COVID-19 vaccination - including those for whom vaccination is not recommended.1
Tom Keith Roach, President, AstraZeneca UK, said: `` Evusheld fills an urgent gap in the UK's fight against COVID-19, providing protection for people for whom vaccination may not be effective and who are often amongst the most clinically vulnerable in society. We hope to see this critical medicine made available to UK patients as quickly as possible, in line with other countries. ''
Hugh Montgomery, Professor of Intensive Care Medicine at University College London, said: `` This announcement is really good news. Sensible public health actions with vaccination are the mainstay of protection for most individuals in the UK. However, for a considerable number in society with existing health problems, protection against the virus through vaccination is limited. Availability of this antibody medicine now offers an increased likelihood of pre-exposure protection, and all from a single, effective immunisation that can last for months. ''
Tixagevimab co-packaged with cilgavimab, formerly known as AZD7442, is a combination of two monoclonal antibodies given as separate sequential intramuscular ( IM) injections.1
About 500,000 people in the UK are immunocompromised and may benefit from this medicine for pre-exposure prophylaxis of COVID-19.2 Nearly 40% of people with immunocompromised or immunosuppressed conditions mount a low or undetectable immune response after vaccination and approximately 11% fail to generate any antibodies.3 This includes people with blood cancers, those taking immunosuppressive drugs after an organ transplant or for conditions including multiple sclerosis and rheumatoid arthritis.3
The primary data from the ongoing PROVENT Phase III trial ( which met its primary endpoint) showed a statistically significant reduction in the risk of developing symptomatic COVID-19 with AZD7442 compared to placebo. The trial has shown protection from the virus continuing for at least six months. The antibody was tolerated and follow-up is needed to establish the full duration of protection.1
Based on the primary analysis of 5,172 participants ( AZD7442 n = 3,441 and saline placebo n = 1,731), the antibody combination demonstrated a 77% relative risk reduction ( RRR) in incidence of symptomatic COVID-19 [ 95% Confidence Interval ( CI) 46-90; p
.
( C) 2022 M2 COMMUNICATIONS, source M2 PressWIRE | business |
CP NewsAlert: Health Canada approves Moderna's COVID-19 vaccine for kids ages 6 to 11 | OTTAWA — Health Canada has approved the use of Moderna's COVID-19 vaccine for children between the ages of six and 11 years old.
More Coming.
© 2022 The Canadian Press. All rights reserved., source Canadian Press DataFile | business |
North Asian buyers avoid Far East Russian crudes in March on sanctions, payment hassles | The combination of slowing domestic demand amid coronavirus lockdowns and falling international...
Crude oil from Far East Russia, usually a staple for North Asian refiners, is facing a dearth of buyers this month as mounting sanctions against Russia make the trade fraught with risk, sources told S & P Global Commodity Insights March 17.
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Following the failure of India's ONGC to attract any bids in its tender to sell a Far East Russian crude cargo last week, traders said other major sellers including Surgutneftegas and Gazpromneft may skip tenders and instead hope to strike deals through private negotiations. Surgutneftegas, Gazpromneft and ONGC declined to comment.
Sellers were said to be offering alternative finance, credit and logistics options to buyers in a bid to offload cargoes that were already valued at steep discounts to similar oil. But so far, buyers remain on the sidelines, wary of the risk to their reputation and of the challenges posed by sanctions.
The stalemate in trade for waterborne supply of Far East Russian crude, estimated at 700,000 b/d, underpins fears of an acute supply shortage for Asian refiners that are already facing dwindling margins. Traders say this may push many refiners in China, Japan and South Korea to cut run rates.
`` Refineries across Northeast Asia, including China, have been cutting run rates amid lower supply of Russian crudes and limited replacement crude alternatives, '' a trader with a Japanese trading house said.
Sanctions were making it difficult for companies to perform on trades well before Russia's invasion of Ukraine. At least a couple of Far East Russian crude cargoes were heard to have been shipped to China on a delivered duty paid or DDP basis, where the seller holds the cargo in onshore tanks and ships oil to the customer in small batches in exchange for cash payments.
The change in the trade terms was forced by sanctions on Russia prompting many banks to abstain from financing trade in Russian commodities.
Chinese independent refineries, end-users of ESPO cargoes, usually have to open a letter of credit with a banks in order to make the payment.
According to industry sources, when opening an L/C, the requirement is for a deposit equating to 20% of the full payment for the cargo. With a bank guarantee, buyers are allowed to settle the payment 30-90 days after they receive the cargo.
But no banks are currently willing to provide L/Cs for Russian-related commodities to independent refineries, which instead have turned to telegraphic transfers or T/Ts to fulfill contracts, which is as good as paying in cash, according to sources.
This upfront payment of around 110% -115% for a cargo could hurt cash flows, with the additional 10% -15% counted as a deposit to protect sellers against oil price surges, refinery sources said.
`` Buying ESPO via T/T is still an option, but the financial cost is much higher via T/T than L/C, '' a trade source said.
Some sellers of Russian cargoes are now said to be offering on a direct payment rather than L/C basis, but there are few takers.
`` Currently only very few trading companies are willing to take the open credit to sell crudes to independent refineries, '' the first source said, adding the last option would probably still be T/T, the cost of which was higher.
However, the second Singapore-based crude oil trader said buyers in China could have the option to purchase crude in Yuan or pay via the DDU incoterm to route Russian cargoes to China.
Nevertheless, very few buyers were willing to commit and undertake risks, the trader added.
Support from China was being seen as crucial for stressed Russian sellers, but has failed to take off due to the lack of clarity among buyers and payment hassles, sources said.
`` Honestly I think SOEs [ China's state-owned enterprises ] might not be in a hurry to touch Russian crude without a clear vision against this Ukraine-Russian situation, '' a trader with a North Asian refinery said.
Market participants said trading houses could be more active in buying Russian crude and fronting for buyers such as Chinese independent refineries.
`` Very limited direct Chinese buyers in Surgut tender, most are international trading houses, '' another trader with a North Asian refinery said.
For May-loading ESPO Blend crude, Trafigura was heard to have bought a cargo via private negotiations from Gazpromneft, but the information could not be verified. Trafigura did not comment.
Despite limited demand for Russian grades, trading houses have been active in moving the country's crude to Asia.
Indian Oil Corp. and fellow refiner HPCL were also heard to have bought Urals crude from Vitol on a delivered basis.
Urals is a medium sour Russian grade that loads from the Mediterranean and is often preferred in India and other Asian countries as an alternative to Oman Blend crude.
Trade sources said there was a high possibility that ONGC could channel the Sokol cargo back to its refining system, a unique situation given India's limited demand for Far East Russian crude. ONGC declined to comment.
Traders could continue to look at storing cheaper, discounted oil though a volatile and backwardated market, where current prices are higher than future prices, but this was loaded with risks, sources said.
`` If it [ the purchased oil ] is very cheap, yes [ can store ], but it is a really risky position [ when ] you don't have control of how many days it has to stay in storage. '' a trader with a Western oil producer said.
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Britain approves AstraZeneca's preventative COVID therapy | * MHRA approves Evusheld for preventing infections in adults
* Approval endorsed by government scientific advisory body
* Treatment given as an intramuscular shot
March 17 ( Reuters) - Britain's medicines regulator has approved AstraZeneca's antibody-based COVID-19 treatment for preventing infections in adults with poor immune response, marking a major step in the fight against the pandemic as infections surge globally.
The decision to grant approval for the treatment, Evusheld, was endorsed by the government's independent scientific advisory body, Britain's Medicines and Healthcare products Regulatory Agency ( MHRA) said https: //www.gov.uk/government/news/evusheld-approved-to-prevent-covid-19-in-people-whose-immune-response-is-poor on Thursday.
Figures showing a global rise in COVID-19 cases could herald a much bigger problem, the World Health Organization said this week, warning nations to remain vigilant.
Although 85% of Britons over the age of 12 have been vaccinated with two doses, some immune compromised individuals or those with a history of severe adverse reactions to a vaccine may need an alternative prevention option.
`` While the COVID-19 vaccines continue to be the first-line defence against COVID-19, we know that some people may not respond adequately to these vaccines, ' MHRA chief June Raine said.
Vaccines rely on an intact immune system to develop targeted antibodies and infection-fighting cells, but Evusheld contains lab-made antibodies designed to linger in the body for months to contain the virus in case of an infection.
The therapy was found to cut the risk of developing symptomatic COVID-19 by 77% in trials, with protection lasting for at least six months after a single dose, the MHRA said.
Evusheld has been also shown to save lives and prevent disease progression when given within a week of first symptoms.
Britain and AstraZeneca currently do not have an agreement for supply of Evusheld.
AstraZeneca in a statement said it hopes to see the therapy made available to Britons `` as quickly as possible ''.
Evusheld is under a European review and has been authorised in the United States to prevent COVID-19 infections in individuals with weak immune systems or a history of severe side effects from coronavirus vaccines.
The MHRA said that the treatment, given as an intra-muscular shot, should not be administered to people infected with the COVID-causing SARS-CoV-2 virus or who have had recent exposure to someone with the virus.
However, the regulator has cautioned that there was insufficient data to evaluate fully Evusheld's effectiveness against the highly contagious Omicron variant, adding that it is liaising with AstraZeneca on that.
AstraZeneca in December said a lab study had found the treatment retained neutralising activity against Omicron.
Eli Lilly, Regeneron and GSK some other drugmakers working on antibody-based COVID-19 therapies.
( Reporting by Pushkala Aripaka in Bengaluru Editing by David Goodman and Jason Neely) | business |
Weak demand, easing crude prices may prompt Chinese oil product exports in April | The combination of slowing domestic demand amid coronavirus lockdowns and falling international...
The combination of slowing domestic demand amid coronavirus lockdowns and falling international crude prices was easing pressure on Chinese refiners to keep oil product barrels at home to ensure supply, raising the possibility of exports in April, analysts said on March 17.
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The country's top economic planning body National Development and Reform Commission in the week ended March 13 asked oil companies to suspend April gasoline and gasoil exports to ensure domestic supplies amid international oil price spike, S & P Global Commodity Insights reported.
`` However, as domestic demand slows down, while crude prices lose steam, it looks less necessary to keep all the oil product barrels at home, '' a Beijing-based analyst said.
Platts Dated Brent was assessed at $ 106.48/b on March 16, down from a 14-year high of $ 137.65/b on March 8, S & P Global Commodity Insights data showed.
As talks between Russia and Ukraine progress and with signs of Iranian and Venezuelan crudes potentially returning, analysts expected crude prices to become more affordable than in the last few weeks, easing the threat of supply shortage.
Instead, `` oil product inventory is rising as transportation disrupted by lockdowns in more and more cities, which helps oil companies to appeal to NDRC to restore exports in April, '' a second Beijing-based analyst said.
China exported about 1.2 million-1.5 million mt of gasoline and gasoil in the fourth quarter of 2021, according to data from the General Administration of Customs.
The number of the country's COVID-19 confirmed cases has stood at over 1,000 since March 12, according to data from the National Heath Commission. This has led cities across 20 provinces and municipalities to implement movement restrictions with quasi-lockdowns seen in major cities including Shenzhen, Shanghai, Dongguan, and Jilin province.
S & P Global's Platts Analytics adjusted China's oil demand downward by 650,000 b/d for March and 400,000 b/d for April from its original estimates due to the movement controls, according to a report dated March 16.
`` Gasoline accounts for 60% of the demand loss while kero/jet takes around 26%. Damage to gasoil demand is estimated to be limited thus far due to the seasonal pull from industrial activities, '' Platts Analytics said in the report.
Moreover, gasoline, gasoil wholesale prices fell in China despite the government's decision to lift the ceiling guidance retail prices on March 18, reflecting weakened demand.
NDRC on late March 17 announced plan to lift ceiling retail prices of gasoline by Yuan 750/mt ( $ 13.9/b) and gasoil by Yuan 720/mt ( $ 15.22/b), effectively March 18, in line with international crude oil price changes during the previous 10 working days.
However, gasoline wholesale price in eastern China was estimated to fall Yuan 700/mt to Yuan 9,600/mt in the week March ending 19 from Yuan 10,300/mt in the previous week, according to local information provider Longzhong Information.
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ADRs End Mostly Higher; Rio Tinto, Toyota Trade Actively | International stocks trading in New York closed mostly higher on Thursday.
The S & P/BNY Mellon index of American depositary receipts rose 0.9% to 153.18. The European index was up 1.6% at 141.86. The Latin American index increased 2.5% to 207.57.
Meanwhile, the Asian index declined 0.5% to 187.35. And the emerging-markets index fell 0.5% to 316.54.
Rio Tinto PLC and Toyota Motor Corp. were among those whose ADRs traded actively.
A Rio Tinto executive has said the company is in talks with the military junta of Guinea regarding the West African nation's halting of work on the huge iron-ore deposits of Simandou. `` We're in discussion with the government of Guinea and support their view that co-investment and development of rail and port infrastructure is the best way to develop Simandou projects, '' Bold Baatar, Rio Tinto's director of copper, told reporters Wednesday. ADRs closed 2.9% higher at $ 74.84.
Toyota Motor Corp. is taking some additional production downtime, Barron's reported. This pause isn't just due to a lack of semiconductors, which is an issue that has plagued the car sector for more than a year. The new pause is being blamed on parts shortages caused by new Covid restrictions in Asia. ADRs eased 0.1% to $ 171.74.
( END) Dow Jones Newswires
03-17-22 1729ET | business |
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With a full scale invasion of Ukraine now under way, stock markets, global trade, energy markets, and commodities markets are all registering the impact of a new geo-political reality.
While much of the world is rebounding from the COVID-19 crisis’ economic downturn, global supply chains are facing continuing pressures from pandemic-prompted changes in consumption patterns, surging demand for goods, shortages of workers, and pre-existing political pressures—leading to high shipping volumes and freight costs. Analysts expect disruptions to persist through 2022.
Start every business day with our analyses of the most pressing developments affecting markets today, alongside a curated selection of our latest and most important insights on the global economy.
The U.S. Federal Reserve raised interest rates in the first of several expected monetary policy normalization changes—marking its first rate hike since 2018.
At the conclusion of its March 15-16 Federal Open Market Committee meeting, the Fed raised its benchmark interest rate 25 basis points ( bps) after keeping it at near zero since the beginning of the COVID pandemic. The Fed indicated that the year ahead will see seven total interest rate hikes, culminating in a 1.9% federal funds rate by year-end, followed by four more in 2023. The Fed’ s plans are more or less in line with S & P Global Economics’ previous projections for the central bank’ s actions. S & P Global Economics anticipated the Fed to raise interest rates six times this year, followed by five rate hikes across 2023-2024.
The Fed also changed its economic and inflation forecasts for 2022, now expecting full-year growth of 2.8%, from 4% previously, and inflation to swell to 4.3%, from 2.6% in their earlier projections.
On the back of higher interest rates and the impacts from the Russian-Ukraine crisis, S & P Global Economics expects U.S. growth to fall 70 bps short of its earlier forecast, to 3.2% this year, driven primarily by the Fed’ s policy changes and, to an extent, by the Russia-Ukraine crisis. This projection is still in expansion territory and well above the U.S. economy’ s potential growth rate of approximately 2%, according to S & P Global Ratings Chief U.S. Economist Beth Ann Bovino.
`` Above all, the Fed doesn't want to shock the market, '' Callie Cox, a U.S. investment analyst at the financial services firm eToro, told S & P Global Market Intelligence. `` There's already enough uncertainty out there. And shocking the market isn't this Fed regime's style. ''
The FOMC noted in a statement at the conclusion of its meetings yesterday that “ inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher energy prices, and broader price pressures ” and that Russia’ s invasion of Ukraine and related events “ are likely to create additional upward pressure on inflation and weigh on economic activity. ” Additionally, the central bankers said in the statement that they expect to begin reducing the Fed’ s nearly $ 9 trillion balance sheet at a forthcoming meeting.
“ While the Fed’ s statement following [ yesterday’ s ] rate hike was notable for shifting the focus from COVID-19 to the Russia-Ukraine crisis, one thing was clear: The FOMC has taken out its sledgehammer to fight extreme price gains, ” Dr. Bovino told the Daily Update. “ Given their dramatic ‘ reset,’ the statement had dramatic changes, as well. However, with the continued mention of high inflation, this time along with high energy prices—not surprising because gasoline prices are now at record highs—it’ s clear that the idea of ‘ broader price pressures’ has fully ended any idea of a transitory factor tied to ‘ reopening’ items. It’ s clear that the Fed sees inflation as here to stay, and plans to do something about it. ”
While uncertainty continues as inflation remains at a 40-year high and the Russia-Ukraine conflict continues destabilizing energy markets, some clarity is developing. Banks across the U.S., eurozone, and U.A.E. stand to benefit from higher interest rates, according to S & P Global Ratings. And equities markets may not experience additional volatility from the interest rate hikes.
“ In theory, all else being equal, higher interest rates make equity investments less appealing, as they reduce the present value of corporate cash flows, and higher rates result in higher borrowing costs that eat into corporate earnings. Consistent with such theories, the prospect of monetary tightening has triggered declines in U.S. equities, with the S & P 500 starting the year with its worst January since 2009. But history offers caution against assuming a rate hike would necessarily imply the end of the bull run, ” Benedek Vörös, director of index investment strategy at S & P Dow Jones Indices, said in a recent commentary. “ The experiences of the past half century do not back the popular narrative that the start of a rate hike cycle necessarily goes hand in hand with broad-based losses for U.S. large caps. ”
Today is Thursday, March 17, 2022, and here is today’ s essential intelligence.Written by Molly Mintz.
For Asia-Pacific banks, the lack of material direct exposures to Russia and Ukraine counterparties will soften the impact of the conflict. But proximate downside risks—in particular, actual and potential secondary economic and other risks—lie ahead. The biggest risk of the Ukraine conflict is market volatility and higher commodity prices; emerging economies with large energy imports are most at risk. A widening of the conflict or further sanctions could push investors to haven positions, involving capital outflow from emerging markets, hitting assets, and currencies.
Banks, U.K. Government Set For Showdown Over COVID-19 Loan Guarantees
Banks are headed for a legal battle with the U.K. government over the terms of a state-guaranteed COVID-19 recovery loan scheme. The U.K. government's Department for Business, Energy and Industrial Strategy has estimated that £17.2 billion of such `` bounce back '' loans will not be repaid, with £4.9 billion of that due to fraud. Lawyers have said legal action could follow if the government believes banks have not acted properly—for instance, by carrying out insufficient checks on borrowers—and refuses to honor the guarantee.
Feature: U.S. Coal Producers Can not Ramp Up To Feed Russia's European Customers
The global coal market can not scale up to supply Russia's European customers, top coal producers said recently, which is reflected in coal prices and may hasten coal-fired generation retirements, especially in light of federal plans that would discourage coal burning. Since Russia invaded Ukraine Feb. 24, the Platts assessed normalized coal price, FOB Baltimore, has averaged about $ 178.75/mt, including a high of $ 240.70/mt on March 8-9, according to S & P Global Commodity Insights. The Platts assessment, since April 2018, has averaged $ 64.55/mt through the end of 2021, with a high of less than $ 146/mt Oct. 6-7, 2021.
As more renewable energy enters the grid, wind and solar generators increasingly compete for the same revenue streams. This results in a price cannibalization risk, in which renewables erode their own value over time. Recent renewable penetration trends in North America with wind and solar capacity additions are already showing signs of eroding prices in regions such as ERCOT and SPP. Managing Editor of Global Power Pricing Amy Gasca, Power Pricing Analyst Daryna Kotenko, and Senior Power Analyst Giuliano Bordignon discuss these trends in North America for historical capture price indexes, outlook on risks, and other expected technology drivers.
Asia's run rates and oil demand will come under pressure in coming months on the back of high oil prices and tight feedstock availability, and the swelling availability of spot Russian cargoes shunned by buyers elsewhere may do little to ease Asia's pain, speakers at the S & P Global Commodity Insights Asian Refining and Petrochemicals Summit said. In addition, higher energy prices are already adding to the headache of policymakers in Asia due to rising inflation and its potential impact on prices of food and agricultural commodities, the delegates said.
Due to the increased use of online video services during the height of the pandemic in 2020 and continued subscriber expansion in 2021, the adoption of online subscription video services in France is now on par with other Western European countries. Subscription video-on-demand adoption in France continued to expand in 2021, with 78% of internet households subscribing to at least one online subscription video service—up 5 percentage points from 2020. Growth in SVOD use is primarily from new households subscribing for the first time. Survey data shows that the average hours spent on digital entertainment returned to pre-pandemic levels during 2021. The survey also documents a shift away from live TV to more VOD viewing, with limited SVOD stacking. | business |
Moderna: Health Canada Approved Covid-19 Vaccine in Children Aged 6 to 11 | By Michael Dabaie
Moderna Inc. on Thursday said Health Canada approved the use of its Covid-19 vaccine Spikevax in children aged 6 to 11.
The company said Spikevax use was approved in a two-dose series of 50 micrograms per dose for active immunization. This follows recent authorizations of the company's Covid-19 vaccine in the same age group in Australia and the European Union, Moderna said.
Moderna's vaccine was investigated in the ongoing phase 2/3 `` KidCOVE '' study, an expansion study to evaluate the safety, tolerability, reactogenicity, and effectiveness of Spikevax given to healthy children 28 days apart.
Write to Michael Dabaie at michael.dabaie @ wsj.com
( END) Dow Jones Newswires
03-17-22 1144ET | business |
Supply chain snags at US ports seen stretching through 2022 | Weekly US coal production fell 5.5% on the week to 11.3 million st in the week ended March 12,...
Replacing Russian uranium and related nuclear fuel services if they are banned over that country's...
US coal production falls 5.5% on week: EIA
A perfect storm of logistics logjams amid a crush of incoming containerized imports has squeezed US resin exports just as supply availability is seen improving after a year of weather-related production setbacks.
US outflows of polyethylene, polypropylene and polyvinyl chloride in 2021 were 18.5% lower than in 2020, according to US International Trade Commission data, largely because severe weather events forced widespread production shutdowns that squeezed supply. Waterborne exports, which make up more than half of total outflows of those resins, fell nearly 33%.
By end-2021, supply availability had largely recovered with exports poised to ramp up.
However, a confluence of supply chain snags that had emerged separately earlier in 2021 roared back all at once, causing backups in waterborne outflows that market participants see lasting through much of 2022.
`` It's not any one person or one thing's fault, '' a logistics provider said. `` It's not the ports or truckers or warehouse people. I don't really see a clear path to this being over. ''
`` We're seeing rolls like never before, '' a resin trader said. `` There have always been times of rolls when they overbooked, but now it is constant. Every week we're getting full bookings that are being rolled. ''
A logistics source said producers can `` buy their way '' out of the problem by paying more to load cargoes or divert them to other ports for loading. The additional cost is often worth paying to avoid backups that can force rate cuts at production plants.
But traders typically lose money if they back out of export deals, leaving them with less flexibility, the logistics source said.
Eventually, backups can prompt railroads to issue embargoes to incoming railcars carrying resin for packaging to warehouses, effectively blocking future deliveries until the logjams are cleared.
`` It's just the same thing happening over and over, and we end up in this gridlock situation, '' the logistics source said.
Piecing together how so many parts of supply chains hit snags at the same time involves looking back to the first quarter of 2020, when COVID-19 began spreading, prompting shutdowns in Asia that upended worldwide trade flows.
As global consumer demand cratered, manufacturing and shipments out of Asia slowed, and US exports declined.
As China began reopening, COVID-19 had spread globally with shutdowns in other regions, including Europe, North America, Latin America and the Middle East. India also shut down in the second quarter of 2020 in an effort to stem the spread.
During initial Asian shutdowns, other regions grappled with the decline in imports, and when some Asian regions began reopening, other regions were shut down, sharply cutting import demand.
Then when other regions began reopening by mid-2020, demand surged for everything from new homes and cars to appliances and other big-ticket items.
That demand has remained strong, prompting more import flows that overwhelmed ports and companies that raced to rehire dock workers, truck drivers and others to keep supply chains moving.
The Ports of Los Angeles and Long Beach – the busiest container ports in the US – faced dozens of ships floating offshore waiting to berth throughout late 2020 and 2021, peaking at more than 100 vessels queued in the waters off Southern California in January of 2022.
Ships began diverting to other ports to unload cargoes and return to Asia to load up more containerized imports. Those diversions included major US resin-exporting ports: Houston, Texas, the second-largest petrochemical port in the world behind Rotterdam; Charleston, South Carolina; and Savannah, Georgia.
According to the National Retail Federation, the US received 25.84 million twenty-foot equivalent units, or TEUs, which are the containers commonly seen at ports or hooked up to semi-trailer trucks. Los Angeles and Long Beach received 10.1 million of those TEUs, or 39%, according to port statistics.
Savannah, a major import center for the US Southeast, received 2.84 million, or 11%; Houston received 1.76 million, or 6.8%; and Charleston received 1.36 million, or 5.3%.
New Orleans typically receives far fewer imports – 221,668 TEUs, or less than 1% of the 2021 total – and has empty containers shipped via barge from Federal Express's terminal in Memphis, Tennessee, to load with export-bound resin. Market sources said the issue for New Orleans, where imports fell 18% in 2021, is container vessels that don't stop.
US imports in January fell 1.2% year on year, according to Panjiva, the trade analysis unit of S & P Global Market Intelligence. Panjiva also said imports through Los Angeles and Long Beach in January fell 11.9% year over year, but rose in others. Other California ports saw a 30.3% increase in January imports, and increases of less than 10% were seen in the New York/New Jersey port system as well as ports in the US Southeast and Southwest.
Houston remains by far the top resin-exporting port in the US, having moved out 34% of 8.44 million mt of PE, PP and PVC exported in 2021. At the Port of Houston, resins and plastics made up 43.4% of all containerized exports in 2020, the most recent data available.
While overall PE, PP and PVC outflows declined in Houston, New Orleans and Los Angeles, they rose in Charleston and Savannah, USITC data show. Charleston also displaced Los Angeles as the third-largest exit point for waterborne exports of those three resins.
Charleston's PE, PP and PVC outflows in 2021 rose 68% to 479,443 mt, while Savannah's outflows of those resins rose 11% to 180,616 mt. Outflows from Los Angeles fell 47% to 223,054 mt, USITC data show.
Those shifts reflect the container clogs at Los Angeles and Long Beach, market sources said, but Charleston and Savannah are not immune to the import influx.
`` Congestion continues on both coasts, with ships queuing for berths at multiple ports, '' said Hackett Associates founder Ben Hackett said.
`` Problems remain with clearing import containers to their inland destinations while export containers are still being held back due to lack of space at the terminals. Until supply chain problems are sorted out with more drivers, trucks and inland storage space, we do not expect to see a rapid decline in the backlogs being experienced, '' he said.
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Nordic banks ' safe-haven status jeopardized by Baltic risks from Russia conflict | Thank you for your interest in S & P Global Market Intelligence! We noticed you 've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.
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Nordic banks could get caught up in the fallout from sanctions against Russia, even with limited direct exposure to the nation.
Swedbank AB ( publ) and Skandinaviska Enskilda Banken AB ( publ) both face second-order risks as they derive more than 10% of their pretax profit from Russia's neighbors in the Baltic region.
The two Swedish lenders ' Baltic operations have come into focus due to the likelihood that Estonia, Latvia and Lithuania will suffer if Russia's economy enters freefall as a result of embargos following the invasion of Ukraine. Those risks could undermine the appeal of investing in Nordic banks, which have traditionally been seen as shelters from turbulence due to strong capital buffers and low levels of problem loans.
`` If downside risks materialize, we question whether Nordics will broadly be seen as relative'safe havens ' this time, '' Credit Suisse said in a March 8 note.
Credit Suisse reduced its share price target for SEB by 16% and cut net profit estimates for 2022 and 2023 by 7%, saying that indirect effects from the conflict are likely to channel into earnings. Swedbank suffered a 15% reduction in its share-price target and a 6% cut in profit forecasts for this year and next.
Finland-based Nordea Bank Abp could also feel a pinch due to its home country's traditional trade ties with Russia, according to Credit Suisse.
Swedbank and SEB will both provide updates about the earnings impact from the conflict in their next interim reports, according to separate spokespeople. Both lenders also said they have little direct exposure to Ukraine or Russia.
SEB said that business in its home markets, including the Baltic countries, is not directly affected by the invasion. `` However, the war is having a major impact on the world economy, on trade, on energy prices and on markets, which of course will affect both us and our customers, '' a spokesperson said by email. The bank got 11.5% of 2021 pretax earnings from the Baltic region.
Swedbank said that `` uncertainty is causing negative reactions on the market, but the bank stands strong. '' It didn't directly comment on its Baltic operations, which contributed 16% of 2021 pretax earnings. Nordea declined to comment.
The secondary impact from the war on the Baltic countries is a `` key concern '' for lenders, said Salla von Steinaecker, bank analyst at S & P Global Ratings. Swedbank and SEB's Baltic operations will face a more challenging and volatile operating environment from the Russia-Ukraine conflict, she said.
The Baltic nations are at risk if Russia suffers an economic slump because of their trade links. Credit Suisse expects a more than 50% drop in Russian imports in 2022, which would cause a 3.9% drop in Lithuania's GDP, while Estonia and Latvia would suffer a 2.4% and 2.0% hit, respectively, according to Credit Suisse. Finland would see a 0.8% knock, compared with declines of 0.3% for the EU, 0.1% for the U.K. and between 0.1% and 0.2% for Sweden, Denmark and Norway, the bank said.
The Baltic economies would also suffer due to soaring energy costs and high inflation, and because war uncertainties dampen consumer confidence, DBRS Morningstar said in a March 7 report. This risks lowering loan demand, asset quality and profitability at SEB's and Swedbank's Baltic subsidiaries, said Mario De Cicco, the credit rating provider's vice president of global financial institutions.
`` The Russia-Ukraine conflict adds further uncertainty in an operating environment which has already been affected by the COVID-19 pandemic, '' De Cicco said. Still, there is yet to be any significant credit deterioration among the Nordic banks, and their Baltic branches have large capacities to absorb losses, he said.
Swedbank's lending to Estonia, Latvia and Lithuania amounted to 204.26 billion Swedish kronor at the end of 2021, representing 11.7% of total loans, while for SEB this figure stood at 158.82 billion kronor, or 9.0% of total loans.
Large Nordic lenders have so far avoided the worst of a European bank sell-off since the U.S. government warned of an imminent Russia invasion of Ukraine on Feb. 11, but the performance has been mixed. Swedbank and SEB shares have dropped 16.5% and 17.7%, respectively, while the stock of Nordic peers DNB Bank ASA and Svenska Handelsbanken AB ( publ) are down less than 10%.
A Berenberg analysis of bank stock performance over the past two decades found that the six largest Nordic lenders have historically outperformed their European peers in periods of crises. Exposures to the Baltics in the context of the war have now slightly impaired this status as a `` collective crisis safe-haven, '' Berenberg said in a March 4 note.
Still, Berenberg labeled Nordea, DNB and Handelsbanken `` strong defensive candidates '' given immaterial Baltic, Russian and Ukrainian exposures and strong capital return prospects.
Credit Suisse analysts, meanwhile, favor DNB, Handelsbanken and Danske Bank A/S as the `` most removed '' from geopolitical risks.
As of March 16, US $ 1 was equivalent to 9.45 Swedish kronor. | business |
Sokoman, Benton Intersect Gold in all Five Drill Holes over 5 km Strike Length Confirming Extensive Gold System at Grey River | Sokoman Minerals Corp. ( TSXV: SIC) ( OTCQB: SICNF) ( 'Sokoman ') and Benton Resources Inc. ( TSXV: BEX) ( 'Benton ') together, are pleased to announce the results from the maiden drill program at Grey River, Newfoundland.
The Alliance reports that the drilling has returned multiple intersections in drill holes covering 5.0 kilometers of strike length and is open in all directions. The results are highlighted by GR-21-01, the easternmost hole drilled, that intersected three distinct gold zones including a high-grade interval of 10.58 g/t Au over 1.80 m including 50.13 g/t Au over 0.35 m.
Timothy Froude, P. Geo., President and CEO of Sokoman states; 'The first drilling that tested the gold potential of this huge system has exceeded our expectations. It is hard to believe that the area has never been drilled for gold even though gold was first reported from the property in the 1980s. More exploration is required to understand the controls on the gold mineralization particularly the high-grade zones which are found in two areas on the property over four kilometers apart. The highest-grade results are from the easternmost hole ( GR-21-01) and all the mineralized zones are open in every direction. '
Stephen Stares, President and CEO of Benton states; 'It is important for shareholders to understand the scale and potential of this project. We 've essentially tested random areas of a huge silica zone to see if the system was carrying gold mineralization at depth. This maiden drill program has exceeded our expectations, and not only did we hit gold in every hole over 5 km, but we 've also confirmed high grades which is open in all directions. The alliance is very excited to get back working on this project and permitting for a more extensive exploration program including 25 to 30 drill holes is underway. I truly believe this very large ( > 10 km) silica system could be host to a very significant gold deposit and I can hardly wait to get drills turning again. '
Gold mineralization is associated with extensive silica zones containing 2% -20% disseminated and stringer pyrite in the > 10 km quartz/silica body in the eastern half of the property. The higher grades appear to be associated with discreet quartz-sulphide veins that cut the silica body at a low angle. Historic grab samples, and recent grab samples taken by Sokoman and Benton personnel, have given gold values ranging from 5 ppb to 225 g/t Au and drilling has confirmed the gold mineralized zones are extensive. Previously released assay values from GR-21-01 ( 37.65 g/t Au over 0.35 m) have increased to 50.13 g/t Au over 0.35 m due to re-assaying using the metallic screen method suggesting that free gold is present.
Previous workers have compared the gold mineralization at Grey River to the high-grade Pogo gold mine in the Tintina district of Alaska. The Pogo mine, to the end of 2019, produced 3.9M oz gold at 13.6 g/t Au ( Northern Star Resources, November 22, 2021).
COVID-19 Protocols
To ensure a working environment that protects the health and safety of the staff and contractors, Sokoman and Benton are operating under federally and provincially mandated and recommended guidelines during the current COVID-19 alert level. | business |
China stocks cheer government pledges of support, Ukraine peace hopes | - China shares rose on Thursday, extending a jump from the previous session after the country's top policymaker assured markets of stability and support, while hope of a breakthrough in ceasefire talks between Russian and Ukraine also boosted sentiment.
The blue-chip CSI300 index rose 2.0%, to 4,237.70, while the Shanghai Composite Index gained 1.4% to 3,215.04 points.
The benchmark Shanghai index had been at its lowest in nearly 21 months and down 16% for the year until Tuesday, hobbled by fears of a blowback on China from its dealings with sanctions-hit Russia, uncertainty in global demand and, in recent days, a spike in domestic COVID-19 cases that threatens to disrupt economic activity.
Vice Premier Liu He's assurances on Wednesday have helped it retrace a third of the losses.
The Hang Seng index jumped 7.0%, to 21,501.23, while the China Enterprises Index gained 7.5%, to 7,407.57 points. Both indexes, which have borne the brunt of selling of Chinese stocks this year, logged their biggest two-day gain since 1998.
The indexes had surged on Wednesday after Liu said Beijing would roll out more support for the Chinese economy as well as be cautious with measures for capital markets, which helped put a floor under sectors hurt by a prolonged regulatory crackdown.
Liu's comments were followed by supportive messages from five top financial regulatory bodies, including the People's Bank of China, the China Securities Regulatory Commission and the State Administration of Foreign Exchange.
`` With China's top leadership shifting their focus to expectation management, the line in the sand has been drawn. This may help markets find the bottom in the near term, '' Tommy Xie, vice president and head of Greater China Research at OCBC, wrote in a note to clients, adding a policy rate cut could come before the end of March.
`` In addition, attractive valuations may also attract long-term investors, should geopolitical risks not escalate further from here, '' he added.
The supportive comments also snapped seven consecutive sessions of outflows through China's Stock Connect programme on Wednesday. Refinitiv data showed inflows totalled 9.1 billion yuan ( $ 1.43 billion) on Thursday.,
Liu also said the government would continue to support local firms that seek to list overseas and added China's talks with U.S. regulators on overseas listings of Chinese firms have made positive progress.
Tech firms listed in Hong Kong rose 7.8% on Thursday, after a record 22% surge on Wednesday.
Internet behemoths and index heavyweights Alibaba Group and Meituan both gained over 12% each, while video-platform provider Bilibili Inc, search engine giant Baidu Inc and e-commerce platform JD.Com jumped over 15% each.
Chinese real estate developers were among the top gainers in both mainland and Hong Kong markets, with the Hang Seng Mainland Properties Index soaring 18%, after the official Xinhua news agency reported late Wednesday that China was putting a planned property tax trial this year on ice, citing the finance ministry.
The move helped ease concerns of more tightening measures in the floundering real estate sector, which has slumped for months owing to Beijing's campaign to reduce high debt levels.
Sunac China Holdings led the gains with a nearly 60% jump, while Country Garden Holdings, China's top property developer by sale, rose 28.4%, and the debt-laden Evergrande Group added 17.8%.
Developments in talks between Moscow and Kyiv also buoyed investor sentiment. Ukraine's President Volodymyr Zelenskiy said negotiations were becoming `` more realistic '', while Russian Foreign Minister Sergei Lavrov said proposals now being discussed were `` in my view close to an agreement ''. ( Reporting by Jason Xue and Andrew Galbraith; Editing by Kim Coghill and Krishna Chandra Eluri) | business |
China stocks extend gains on government pledges of support, Ukraine peace hopes | - China shares rose on Thursday, extending a jump from the previous session after the country's top policymaker assured markets of stability and support, with hope for a breakthrough in ceasefire talks between Russian and Ukraine also boosting sentiment.
The CSI300 index rose 3.2%, to 4,288.68 points at the end of the morning session, while the Shanghai Composite Index gained 2.6%, to 3,252.96.
The Hang Seng index added 5.8%, to 21,250.97. The Hong Kong China Enterprises Index gained 6.3%, to 7,321.86.
The indexes had surged on Wednesday after Vice Premier Liu He said Beijing would roll out more support for the Chinese economy as well as be cautious with measures for capital markets, which helped put a floor under sectors hurt by a prolonged regulatory crackdown.
Liu's comments were followed by supportive messages from five top financial regulatory bodies in the day, including the People's Bank of China, the China Securities Regulatory Commission and the State Administration of Foreign Exchange.
`` With China’ s top leadership shifting their focus to expectation management, the line in the sand has been drawn. This may help markets find the bottom in the near term, '' Tommy Xie, vice president and head of Greater China Research at OCBC said in a note to clients, adding a policy rate cut could come before the end of March.
`` In addition, attractive valuations may also attract long term investors should geopolitical risks not escalate further from here, '' he said.
The supportive comments also snapped seven straight sessions of outflows through China's Stock Connect programme on Wednesday. Refinitiv data showed inflows totalled 3.5 billion yuan ( $ 550 million) by the midday break on Thursday.,
Liu also said the government would continue to support local firms that seek to list overseas and added that China's talks with U.S. regulators on overseas listings of Chinese firms have made positive progress.
Tech firms listed in Hong Kong rose more than 7% on Thursday, after a record 22% surge on Wednesday.
Internet giants and index heavyweights Alibaba Group and Meituan both gained more than 10%, while video-platform provider Bilibili Inc and search engine giant Baidu Inc jumped more than 15% each.
However, to deal with a slowing economy and China's sweeping regulatory crackdown, Alibaba and Tencent Holdings are preparing to cut tens of thousands of jobs combined this year in one of their biggest layoff rounds, sources said.
Mainland developers trading in Hong Kong soared roughly 15%, after the official Xinhua news agency reported late Wednesday that China was putting a planned property tax trial this year on ice, citing the finance ministry.
The move helped ease concerns of more tightening measures in the floundering real estate sector, which has slumped for months as Beijing's campaign to reduce high debt levels triggered a liquidity crisis at some major property developers that spooked potential home buyers.
Sunac China Holdings led the jump with a nearly 50% gain, while Country Garden Holdings, China's top property developer by sale, and the debt-laden Evergrande Group added more than 20 each.
Developments in talks between Moscow and Kyiv also buoyed investor sentiment. Ukraine's President Volodymyr Zelenskiy said negotiations were becoming `` more realistic '', while Russian Foreign Minister Sergei Lavrov said proposals now being discussed were `` in my view close to an agreement ''.
Markets took a widely expected rate hike by the U.S. Federal Reserve in stride, despite worries about weakening global growth. The Hong Kong Monetary Authority followed suit with a 25 basis point increase of its own, as the city's currency is pegged to the U.S. dollar.
While China's official economic data for January and Febrary was unexpectedly upbeat, analysts say more policy support is still needed, with rising COVID-19 cases, a weak property market and global fallout from the war in Ukraine clouding the outlook.
Mainland China reported 1,317 new confirmed coronavirus cases on March 16, the national health authority said on Thursday, dropping slightly from 1,952 a day earlier.
The surging COVID-19 cases and China's zero-Covid policy are pointing to `` sizeable downside risk to macro and corporate earnings, '' Morgan Stanley said in a note, adding it would like to see an improvement on this for `` higher conviction on a sustainable rally. ''
( Reporting by Jason Xue and Andrew Galbraith; Editing by Kim Coghill) | business |
ZTO Express Cayman: Reports Fourth Quarter 2021 and Fiscal Year 2021 Unaudited Financial Results - Form 6-K | ZTO Reports Fourth Quarter 2021 and Fiscal Year 2021 Unaudited Financial Results
22.3 Billion Annual Parcels Increased Market Share to 20.6%
Adjusted Net Income Reached RMB4.9 Billion while Price Competition Cooled
US $ 0.25 per Share Dividend Announced for 2021
SHANGHAI, March 16, 2022/PRNewswire/ - ZTO Express ( Cayman) Inc. ( NYSE: ZTO and SEHK: 2057), a leading and fast-growing express delivery company in China ( `` ZTO '' or the `` Company ''), today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2021 [ 1 ]. The Company grew parcel volume 5.3 billion, or 31.1%, for 2021 while achieving high customer satisfaction as well as earnings growth. Cash generated from operating activities totaled RMB7.2 billion for the year.
Fourth Quarter 2021 Financial Highlights
Fiscal Year 2021 Financial Highlights
Operational Highlights for Fourth Quarter 2021
( 1) An investor relations presentation accompanies this earnings release and can be found at http: //zto.investorroom.com.
( 2) Adjusted EBITDA is a non-GAAP financial measure, which is defined as net income before depreciation, amortization, interest expenses and income tax expenses, and further adjusted to exclude the shared-based compensation expense and non-recurring items such as the net gain on disposal of equity investment and subsidiary which management aims to better represent the underlying business operations.
( 3) Adjusted net income is a non-GAAP financial measure, which is defined as net income before share-based compensation expense and non-recurring items such as net gain on disposal of equity investment and subsidiary in which management aims to better represent the underlying business operations.
( 4) One ADS represents one Class A ordinary share.
( 5) Adjusted basic and diluted earnings per American depositary share attributable to ordinary shareholders is a non-GAAP financial measure. It is defined as adjusted net income attributable to ordinary shareholders divided by weighted average number of basic and diluted shares, respectively.
1
Mr. Meisong Lai, Founder, Chairman and Chief Executive Officer of ZTO, commented, `` Facing COVID-19 pandemic shockwaves, signs of weakness in the economy and dislocations in industry dynamics, ZTO once again achieved satisfactory results in all three areas of our strategic focus for 2021. First, our quality of service and customer satisfaction continued to rank top above our industry peers; Secondly, our parcel volume grew 5.3 billion or 31.1% to reach 22.3 billion, with which, we maintained our number one position in market share at 20.6%; Thirdly, our adjusted net earnings expanded 7.8% to 4.9 billion, setting us further apart from the rest. ''
Mr. Lai added, `` While the growth prospects are intact for the long run, 2022 is likely a year of volatility or unexpectedness. We are watchful of what is taking place in the world and maintain vigilance and diligence in doing what we can and must. Capacity and efficiency are critical to the scale-dependent express delivery business. Our past success is built upon the strength of our vast network of infrastructure and well-integrated franchise-partners, both of which, took us years of consistent investments and cultivation. Together with an increasing level of standardization and digitization throughout our operations and our developing comprehensive logistic capabilities, we are ever so confident to secure a larger share of the growing market with greater cost efficiencies and achieve a bigger share of the profit than any of our competitors. ''
Ms. Huiping Yan, Chief Financial Officer of ZTO, commented, `` The impact from competition-driven price decline continued to diminish and, the 1.3% ASP decline for the fourth quarter brought the full year ASP decline for our core express delivery business to 5.7% or 7 cents, out of which, 3 cents was resulted from average parcel weight drop. During the second half of the year, various corporate initiatives were systemically implemented to improve visibility to pertinent and timely data valuable for analytics and quicker response. More of such implementations are on the way and, we have begun to see benefit on our earnings quality. ''
Ms. Yan added, `` Our corporate cost structure remained stable and efficient. SG & A as a percentage of revenue declined 0.2 pts to 5.4%. For the full year, capital expenditure totaled 9.3 billion and, we generated 7.2 billion of cash from operating activities which grew 45.8% year over year. We reasonably anticipate that cash generated from operating activities would well exceed capital expenditures for 2022. ''
2
Fourth Quarter 2021 Financial Results
Total Revenues were RMB9,217.5 million ( US $ 1466.4 million), an increase of 11.6% from RMB8,257.1 million in the same period of 2020. Revenue from the core express delivery business increased 15.7% compared to the same period of 2020, as a combined result of a 17.2% increase in parcel volume and a 1.3% decrease in parcel unit price. Revenue from freight forwarding services decreased by 38.9% compared to the same period of 2020 as cross border e-commerce demand and pricing gradually returned to normal post COVID-19 recovery. Revenue from sales of accessories, largely consisted of sales of thermal paper used for digital waybills, increased 4.7%. Other revenues were mainly consisted of financing services and advertising services receipts.
Total cost of revenues was RMB6,966.6 million ( US $ 1,093.2 million) compared to RMB6,398.8 million in the same period last year, an increase of 8.9% against 17.2% volume increase year over year.
Line haul transportation cost was RMB3,350.8 million ( US $ 525.8 million), an increase of 13.3% from RMB2,956.3 million in the same period last year. Line-haul transportation cost per parcel decreased 3.3% to RMB0.53 benefited mainly from improved operating efficiency through increased usage of high-capacity vehicles and better route planning. There were approximately 1,100 more self-owned and operated high-capacity vehicles in operation compared to the same period last year.
Sorting hub operating cost was RMB2,014.8 million ( US $ 316.2 million), an increase of 22.1% from RMB1,650.8 million in the same period last year. The increase was primarily consisted of ( i) RMB234.5 million ( US $ 36.8 million) increase in labor-associated costs, a net result of wage increases offset by automation-driven headcount reductions, and ( ii) RMB77.5 million ( US $ 12.2 million) increase in depreciation and amortization costs from increased number of installed automated sorting equipment and facilities. Sorting hub operating cost per unit increased 4.1% to RMB0.32. As of December 31, 2021, 385 sets of automated sorting equipment were in service, compared to 339 sets as of December 31, 2020.
Cost of accessories sold was RMB85.1 million ( US $ 13.4 million), decreased 22.1% compared with RMB109.3 million in the same period last year.
Other costs were RMB1,193.1 million ( US $ 187.2 million), an increase of RMB71.9 million ( US $ 11.3 million) compared to the same period last year. The increase was mainly consisted of an increase of RMB71.2 million ( US $ 11.2 million) in tax surcharge driven by the expiration of tax relief policies during Covid-19 outbreak.
3
Gross Profit was RMB2,250.9 million ( US $ 353.2 million), increased 21.1% from RMB1,858.3 million in the same period last year as a combined result of increased volume and decreased ASP absorbed by unit cost efficiency. Gross margin rate increased to 24.4% from 22.5% for the same period last year.
Total Operating Expenses were RMB196.9 million ( US $ 30.9 million), compared to RMB291.7 million in the same period last year.
Selling, general and administrative expenses were RMB472.3 million ( US $ 74.1 million), increased by 13.1% from RMB417.6 million in the same period last year, mainly from increases of compensation and benefits and office expenditures.
Other operating income, net was RMB275.4 million ( US $ 43.2 million), compared to RMB125.9 million in the same period last year. Other operating income/expense mainly consisted of ( i) RMB140.5 million ( US $ 22.0 million) of VAT super deduction and ( ii) government subsidies and tax rebates of RMB56.7 million ( US $ 8.9 million).
Income from operations was RMB2,054.0 million ( US $ 322.3 million), an increase of 31.1% from RMB1,566.6 million for the same period last year. Operating margin rate increased to 22.3% from 19.0% in the same period last year.
Interest income was RMB94.2 million ( US $ 14.8 million), compared with RMB105.6 million in the same period last year.
Interest expenses was RMB24.9 million ( US $ 3.9 million), compared with RMB12.2 million in the same period last year.
Loss from fair value changes of financial instruments was RMB0.3 million ( US $ 0.1 million), compared with RMB0.9 million in the same period last year, which reflected fair value changes, assessed using market-based redemption prices estimated by selling banks, on financial instruments.
Income tax expenses were RMB371.4 million ( US $ 58.3 million) compared to RMB289.6 million in the same period last year.
Net income was RMB1,747.7 million ( US $ 274.2 million), which increased by 35.3% from RMB1,291.6 million in the same period last year.
Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB2.18 ( US $ 0.34), compared to basic and diluted earnings per ADS of RMB1.55 in the same period last year.
Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB2.18 ( US $ 0.34), compared with RMB 1.55 in the same period last year.
Adjusted net income was RMB1,745.3 million ( US $ 273.9 million), compared with RMB1,290.5 million during the same period last year.
EBITDA was RMB2,741.6 million ( US $ 430.2 million), compared with RMB2,120.4 million in the same period last year.
Adjusted EBITDA was RMB2,739.2 million ( US $ 429.8 million), compared to RMB2,119.3 million in the same period last year.
Net cash provided by operating activities was RMB3,023.8 million ( US $ 474.5 million), compared with RMB2,040.3 million in the same period last year.
4
Fiscal Year 2021 Financial Results
Total Revenues were RMB30,405.8 million ( US $ 4,771.3 million), an increase of 20.6% from RMB25,214.3 million last year. Revenue from the core express delivery business increased by 23.7%, as a combined result of a 31.1% increase in parcel volume and a 5.7% decrease in parcel unit price mainly driven by per parcel weight decline and volume incentives. Revenue from freight forwarding services decreased by 17.9% compared to last year as cross border e-commerce demand and pricing gradually returned to normal post COVID-19 recovery. Revenue from sales of accessories, largely consisted of sales of thermal paper used for digital waybills, increased by 8.6%. Other revenues were mainly consisted of financing services and advertising services receipts.
Total cost of revenues was RMB23,816.5 million ( US $ 3,737.3 million) compared to RMB19,377.2 million in the same period last year, an increase of 22.9% against 31.1% volume increase year over year.
Line haul transportation cost was RMB11,487.8 million ( US $ 1,802.7 million), an increase of 32.1% from RMB8,697.1 million last year. Line-haul transportation cost per parcel was RMB 0.52, which increased 0.8% compared to last year. This was primarily due to improved operating efficiency through increased usage of high-capacity vehicles and better route planning offset by ( i) reduced toll road fee charges by a federal waiver policy which took effect in mid-February and lasted through early May in 2020 to provide relief and support economic recovery from COVID-19 outbreak, and ( ii) the increase of diesel price.
Sorting hub operating cost was RMB6,774.6 million ( US $ 1,063.1 million), an increase of 29.7% from RMB5,224.5 million last year. The increase was primarily consisted of ( i) RMB1,109.6 million ( US $ 174.1 million) increase in labor-associated costs, a result of wage increases and headcount increase against higher volume growth, and ( ii) RMB269.8 million ( US $ 42.3 million) increase in depreciation and amortization costs from increased number of installed automated sorting equipment and facilities. Sorting hub operating cost per unit declined by 1.1% to RMB0.30 compared with last year mainly driven by higher utilization of automation equipment and improved economies of scale.
Cost of accessories sold was RMB349.6 million ( US $ 54.9 million), decreased 10.6% compared with RMB391.3 million last year.
Other costs were RMB3,877.9 million ( US $ 608.5 million), an increase of RMB526.1 million ( US $ 82.6 million) from RMB3,351.7 million in 2020, primarily due to ( i) an increase in costs associated with serving key enterprise customers of RMB269.6 million ( US $ 42.3 million); and ( ii) an increase of RMB188.3 million ( US $ 29.5 million) in tax surcharge driven by the expiration of tax relief policies during Covid-19 outbreak.
5
Gross Profit was RMB6,589.4 million ( US $ 1,034.0 million), an increase of 12.9% from RMB5,837.1 million last year. Gross profit margin decreased to 21.7% from 23.1% in 2020, which resulted mainly from competition-led ASP decline partially offset by cost productivity gain.
Total Operating Expenses were RMB1,086.4 million ( US $ 170.5 million), compared to RMB1,082.7 million last year.
Selling, general and administrative expenses were RMB1,875.9 million ( US $ 294.4 million), an increase of 12.8% from RMB1,663.7 million last year. The increase was primarily due to ( i) an increase of RMB124.6 million ( US $ 19.5 million) in compensation and benefit expenses; ( ii) an increase of RMB62.9 million ( US $ 9.9 million) in headquarter facility expenses; and ( iii) an increase of RMB22.2 million ( US $ 3.5 million) in depreciation and amortization expenses.
Other operating income, net was RMB789.5 million ( US $ 123.9 million), compared with RMB581.0 million last year. The increase is mainly composed of ( i) the RMB250.3 million ( US $ 39.3 million) of VAT super deduction, ( ii) an increase in government subsidies and tax rebate of RMB23.4 million ( US $ 3.7 million), and offset by ( iii) RMB91.5 million ( US $ 14.4 million) ADR fee rebate.
Income from operations was RMB5,503.0 million ( US $ 863.5 million), an increase of 15.7% from RMB4,754.4 million last year. Operating margin decreased to 18.1% from 18.9% last year.
Interest income was RMB363.9 million ( US $ 57.1 million), compared with RMB442.7 million in 2020.
Gain on disposal of equity investees and subsidiary was RMB2.4 million ( US $ 0.4 million), compared with RMB1.1 million in 2020.
Gain from fair value changes of financial instruments was RMB52.9 million ( US $ 8.3 million), compared with negative RMB0.9 million in 2020, which reflected fair value changes, assessed using market-based redemption prices estimated by selling banks, on financial instruments.
Foreign currency exchange loss, before tax was RMB56.5 million ( US $ 8.9 million), mainly due to the depreciation of the onshore U.S. dollar-denominated bank deposits against the Chinese Renminbi.
Income tax expenses were RMB1,005.5 million ( US $ 157.8 million) compared to RMB689.8 million in 2020. In the third quarter of 2020, an income tax refund of RMB200.7 million was received by Shanghai Zhongtongji Network, a wholly owned subsidiary, for being recognized as a `` Key Software Enterprise '' that qualified for a preferential tax rate of 10% for tax year 2019.
Net income increased 8.7% to RMB4,701.3 million ( US $ 737.7 million) from RMB4,326.4 million in 2020. Net income margin was 15.5% in 2021 compared with 17.2% in 2020.
Basic and diluted earnings per ADS attributable to ordinary shareholders were RMB5.80 ( US $ 0.91), compared to basic and diluted earnings per ADS of RMB5.42 in the same period last year.
Adjusted basic and diluted earnings per ADS attributable to ordinary shareholders were RMB6.10 ( US $ 0.96), compared with that of RMB5.75 for 2020.
Adjusted net income was RMB4,947.0 million ( US $ 776.3 million), compared with RMB4,589.5 million last year.
EBITDA was RMB8,055.0 million ( US $ 1,264.0 million), compared with RMB6,892.0 million last year.
Adjusted EBITDA was RMB8,300.7 million ( US $ 1,302.6 million), compared with RMB7,155.1 million last year.
Net cash provided by operating activities was RMB 7,220.2 million ( US $ 1,133.0 million), increased by 45.8% from RMB4,950.7 million last year.
Business Outlook
Based on current market conditions and current operations, the Company's parcel volume for 2022 is expected to be in the range of 26.30 billion to 27.64 billion, representing a 18% to 24% increase year over year. Above estimates represent management's current and preliminary view, which are subject to change.
6
Special Dividend
The board of directors has approved a special dividend of US $ 0.25 per ADS and share for 2021 to shareholders of record as of the close of business on April 8, 2022. For holders of class A ordinary shares, in order to qualify for the dividend, all valid documents for the transfer of shares accompanied by the relevant share certificates must be lodged for registration with the Company's Hong Kong branch share registrar, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17th Floor, Hopewell Centre, 183 Queen's Road East, Wanchai, Hong Kong no later than 4:30 p.m. on April 8, 2022 ( Hong Kong Time). The payment date is expected to be April 22, 2022 for holders of class A ordinary shares and on April 27, 2022 for holders of ADSs.
Company Share Purchase
On November 14, 2018, the Company announced a share repurchase program whereby ZTO was authorized to repurchase its own Class A ordinary shares in the form of ADSs with an aggregate value of up to US $ 500 million during an 18-month period thereafter. On March 13, 2020, the board of directors of the Company approved the extension of the active share repurchase program to June 30, 2021. On March 31, 2021, the board of directors has approved changes to the share repurchase program, increasing the aggregate value of shares that may be repurchased from US $ 500 million to US $ 1 billion and extending the effective time by two years through June 30, 2023. The Company expects to fund the repurchases out of its existing cash balance. As of December 31, 2021, the Company has purchased an aggregate of 36,074,242 ADSs at an average purchase price of US $ 25.21, including repurchase commissions.
Exchange Rate
This announcement contains translation of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars were made at the exchange rate of RMB6.3726 to US $ 1.00, the noon buying rate on December 30, 2021 as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve Systems.
Use of Non-GAAP Financial Measures
The Company uses adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share, each a non-GAAP financial measure, in evaluating ZTO's operating results and for financial and operational decision-making purposes.
Reconciliations of the Company's non-GAAP financial measures to its U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures.
The Company believes that adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share help identify underlying trends in ZTO's business that could otherwise be distorted by the effect of the expenses and gains that the Company includes in income from operations and net income. The Company believes that adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by ZTO's management in its financial and operational decision-making.
Adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share should not be considered in isolation or construed as an alternative to net income or any other measure of performance or as an indicator of the Company's operating performance. Investors are encouraged to compare the historical non-GAAP financial measures to the most directly comparable GAAP measures. Adjusted EBITDA, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted earnings per American depositary share presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to ZTO's data. ZTO encourages investors and others to review the Company's financial information in its entirety and not rely on a single financial measure.
7
Conference Call Information
ZTO's management team will host an earnings conference call at 8:30 PM U.S. Eastern Time on Wednesday, March 16, 2022 ( 8:30 AM Beijing Time on March 17, 2022).
Dial-in details for the earnings conference call are as follows:
Please dial in 15 minutes before the call is scheduled to begin and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the following numbers until March 23, 2022:
Additionally, a live and archived webcast of the conference call will be available at http: //zto.investorroom.com. | business |
A record year punctuated by diversification to face upcoming challenges ( Swissquote Group Holding) | Swissquote’ s FY 21 release yielded a lot of optimism regarding the firm’ s growth prospects despite the current unsafe environment. While 2021 has been a record year, management has guided for similar revenue generation and profitability in 2022, on the back of product initiations and revenue diversification.
Although not a surprise given the pre-announcement at the beginning of January, Swissquote’ s results for 2021 were outstanding with revenues growing 49% yoy. Such a growth has been driven by outstanding customer acquisition with a record high net new money inflow of CHF9.6bn, on an organic basis ( 77,599 accounts have been opened in 2021). Also, this increase in accounts seems qualitative as the average deposit per account has increased to CHF114.6k from a bit less than CHF100k last year. This growth, coupled with exceptional market conditions over 2021 ( which have been subject to high volatility and recovered from COVID-19 turmoil), as well as the launch of crypto trading are fuelling a well diversified, net revenue generation which we believe to be crucial to face the potential global economic turmoil stemming from the Russia/Ukraine conflict or customers’ varying appetites for asset classes.
In fact, net revenue is almost perfectly split among multi-currencies cash, stocks, eFX and crypto assets. Going forward, we expect crypto assets’ income to increase at an even faster pace considering the new assets added to the tradable pool ( Tezos & Polkadot) as well as the enabling of crypto staking. Similarly, we welcome the firm’ s ability to generate 20% of its net revenues from its asset base ( 80% transaction based), which should progressively improve, at least on an absolute basis, on the back of increasing account openings and rising interest rates. A great point for the firm’ s sustainability.
Overall, the firm’ s performance has yielded a strong Basel III capital ratio of 26%, leaving room for further acquisitions ( and potentially bigger than Keytrade Bank Luxembourg). Coupled with the so far successful Yuh application ( 50% JV with Post Finance), Swissquote seems to have the relevant levers to fuel its high growth profile.
And lastly, the firm has proposed a CHF2.2 dividend per share, up c.47% from 2020. While Bloomberg consensus had expected a dividend of CHF3.0, we consider this dividend as satisfying, granting stability, while we should keep in mind that Swissquote has a growth profile and could use excess cash for fuelling its exponential growth.
Our model is under review. | business |
Micron asks some employees in China to work from home amid COVID resurgence | Memory chip maker Micron Technology said on Thursday it is encouraging employees at its engineering and customer sites in Shenzhen and Shanghai to work from home as coronavirus cases surge in China.
Operations in Xian, where the company has DRAM memory assembly and testing operations, are running normally as no restrictive measures are currently in place in the tech hub, the company said.
Separately, another U.S. chip firm and Apple Inc supplier ON Semiconductor said on Wednesday that its manufacturing facility in Shenzhen was closed from March 14 through March 20.
China's factories, including Foxconn have been opting for isolation bubbles to beat COVID curbs and keep production running. ( Reporting by Chavi Mehta in Bengaluru and Jane Lanhee Lee in San Francisco; Editing by Shailesh Kuber) | business |
House Votes to End Russia’ s Favored Trade Status; Senate Next | The information you requested is not available at this time, please check back again soon.
The U.S. Capitol in Washington, D.C., U.S., on Thursday, March 17, 2022. Irish Prime Minister Micheal Martin tested positive for Covid-19 while in Washington for St. Patrick's Day celebrations., Bloomberg
( Bloomberg) -- The U.S. House of Representatives voted overwhelmingly to end regular trade relations with Russia in a move that would allow the U.S. to sharply raise tariffs on Russian goods entering the country.
The bill, passed 424-8, would end what’ s known as most-favored-nation status for Russia, putting it in a category with other pariah states like North Korea and Cuba. The legislation would allow the U.S. to hit Russia with significantly higher tariffs than those it applies to other World Trade Organization members. The WTO has a core principle of treating all members equally.
Next step is for the Senate to consider the legislation, and Majority Leader Chuck Schumer said Thursday morning that body will quickly pass the bill, sending it to President Joe Biden to sign. The bill passed the House via a fast-track procedure used for measures that have broad support. Schumer highlighted that both parties are united in sending a clear message to Russian President Vladimir Putin.
The bill also applies Belarus, which has hosted the Russian troops invading Ukraine.
“ This very important legislation will send a message to Putin, ” Ukraine-born Representative Victoria Spartz, an Indiana Republican, said before the House vote.
Ending the normal trading relationship with Russia is the latest in a series of actions from Congress to intensify pressure on Russia’ s economy after Putin invaded Ukraine last month. The House last week voted to ban imports of Russian oil, though it’ s unclear if that will be considered in the Senate -- where some lawmakers say Biden’ s executive order taking the same action makes the move unnecessary.
The trade bill also includes an expansion of the the Global Magnitsky Human Rights Accountability Act. That would allow the Biden administration to impose further sanctions on Russian officials for human-rights violations.
The House also included the Magnitsky language in the legislation to ban Russian oil imports. Including it in this bill means that the measure can still advance even if the oil ban bill dies in the Senate.
About 5% of Russian exports went to the U.S. in 2020, according to International Monetary Fund data compiled by Bloomberg.
By mid-March 2022 a quarter of the WTO’ s 164 members -- collectively representing 58% of the global gross domestic product -- were poised to stop treating Russia as a most-favored-nation under WTO rules. Besides the U.S., the list includes the European Union’ s 27 members, Japan, the U.K., Canada, South Korea and Australia.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint
Powell quiets stock cacophony by scoffing at U.S. recession talk | general |
LME aluminium gains on supply concerns, China stimulus hopes | London aluminium prices edged higher on Friday, as supply risks lingered with talks between Russia and Ukraine showing no signs of material progress, while market sentiment was also buoyed by hopes of more economic support in top consumer China.
Three-month aluminium on the London Metal Exchange ( LME) had risen 0.6% to $ 3,406 a tonne by 0320 GMT. However, prices were down 2% so far in the week.
The most-traded April aluminium contract on the Shanghai Futures Exchange gained 2.7% to 22,695 yuan ( $ 3,569.18) a tonne, having earlier hit its highest since March 8.
Japan and Australia slapped fresh sanctions on Russian entities as punishment for Moscow's invasion of Ukraine, which the West says has been stalled by staunch resistance but continues to take a devastating toll on civilians.
FUNDAMENTALS
* LME copper rose 0.4% to $ 10,279 a tonne, lead was up 0.8% at $ 2,269, zinc was 0.5% higher at $ 3,845 and tin climbed 1.7% to $ 42,420.
* ShFE copper rose 1.4% to 73,250 yuan a tonne, lead climbed 0.5% to 15,265 yuan, zinc gained 0.6% to 25,560 yuan, and tin was up 2.3% at 335,180 yuan, while nickel fell 1.5% to 206,670.
* LME's benchmark nickel contract slumped to its daily limit for the second day in a row on Thursday and traders said it would probably continue to slide until it reached parity with the price of the metal in China.
* China's refined copper production in the first two months of 2022 rose 4.5% year-on-year to 1.7 million tonnes, data from the National Bureau of Statistics showed.
* China reported 2,388 new local COVID-19 cases with confirmed symptoms on March 17, official data showed on Friday, almost double the count a day earlier, as the country battles its biggest outbreak since the one originating in Wuhan in 2020.
* A road blockade affecting MMG Ltd's Las Bambas copper mine since March 1 was lifted on Thursday, the government said, allowing one of the world's largest producers of the red metal to ship the mineral onto clients worldwide.
* A union representing workers at BHP's sprawling Escondida copper mine in Chile, the world's largest copper mine, on Thursday threatened a work stoppage over what it claims are breaches in its collective contract.
* For the top stories in metals and other news, click or
MARKETS NEWS
* Stock markets took a breather after several days of sizeable gains, while commodities were set on edge by the lack of progress in Russia-Ukraine peace negotiations.
DATA/EVENTS ( GMT)
1400 US Existing Home Sales Feb
( $ 1 = 6.3586 Chinese yuan) ( Reporting by Eileen Soreng in Bengaluru; Editing by Subhranshu Sahu) | business |
China's factories opt for isolation bubbles to beat COVID curbs and keep running | Dubbed `` closed-loop management '', this approach has been part of China's efforts over the past two years to keep local transmission extremely low by global standards.
It was used for example at the Winter Olympics in Beijing to seal event personnel off from the public.
It is now being touted by local Chinese authorities as a solution for companies who want to stay open as the country tackles its biggest outbreak in two years.
Many of the harshest curbs have been applied in manufacturing hubs such as Shenzhen, Dongguan and Changchun, forcing numerous factories to shut.
Apple supplier Foxconn said it was able to restart some production at its campus in the southern tech hub of Shenzhen after it put such an arrangement in place.
State media outlet Securities Times said on Thursday that television maker TCL Corp, chip fab Semiconductor Manufacturing International Corp, and Apple supplier Shenzhen Deren Electronic Co Ltd were keeping factories in affected areas open via closed loop systems.
The companies did not respond to requests for comment.
Tesla is planning a similar arrangement for its Shanghai factory, Reuters reported on Wednesday.
On Thursday, Shenzhen, which has suspended buses, subways and all non-essential economic activity in a week-long containment programme, said it will allow firms to resume work in an `` orderly '' manner.
TOUGH REQUIREMENTS
Creating such bubbles, however is not easy. Foxconn said it could only apply the bubble on campuses that included both employee housing and production facilities.
Jin Yong, a factory worker in Shenzhen, told Reuters he had not stepped out of the electronics plant where he works since late February, when they started operating a `` closed-loop '' system for more than 2,000 workers.
While it was slightly depressing to not be able to leave for a walk, he said he felt that it was a good approach to battle COVID.
`` We have to take a COVID test every day. And every day we have to maintain a special code showing that we 've been tested within 24 hours, '' he said, describing the factory site as self-sufficient with a barber shop, canteen and fruit shop. The workers live in dormitories.
Companies also need to strictly follow government guidelines for how to manage staff inside the bubble. A notice from the Dongguan city government on Tuesday said firms had to control the flow of people on their sites to prevent large groups from gathering and to stop people from dining in the canteens.
One industrial zone in Dongguan went a step further by telling firms that they needed to cap the number of workers per 100 square metres at 10 people and sterilize factory floors, elevators and canteens at least three times a day.
But few factories will be able to meet such requirements, said Shenzhen-based Renaud Anjoran, CEO of quality control firm Sofeast Ltd, estimating that only hundreds out of the tens of thousands of factories in Shenzhen would have the resources to conduct closed-loop management.
He was not optimistic, for example, for small plants like his own of about 150 workers that was asked to suspend work on Wednesday evening. He worries losses could amount to `` millions of yuan '' if production stops for more than two weeks.
`` At least in 2020 some of the down time was during Chinese New Year, and we were forced to delay the re-opening a bit. This 2022 lockdown is much, much worse for manufacturers. ''
( Reporting by Josh Horwitz and Martin Pollard; Additional reporting by Yimou Lee in Taipei; editing by Brenda Goh and Jason Neely)
By Josh Horwitz and Martin Quin Pollard | business |
New York City's St Patrick's Day parade returns after COVID hiatus | Rain and grey skies did not keep revelers away.
`` It's the best thing for New York, '' said local resident Patrick Delaney. `` It's just what we need, a shot in the arm to take off the focus, lift our spirits. ''
Marching bands playing bagpipes, performers and politicians all walked to celebrate Irish heritage, along with members of the New York City Fire Department and Police Department.
The parade halted at noon and turned south towards Ground Zero for a moment of silence to mark the 20th anniversary of theSeptember 11 World Trade Center attacks.
`` It's a great day, '' said New York Attorney General Letitia James, adding that she was pleased `` to be an honorary Irish person. ''
The parade, which kicked off at 44th street on Fifth Avenue, drew visitors from overseas and from across the United States.
`` We came from Ireland to celebrate, to see the parade here, we 've seen so much about it, '' said Laura Taeny. `` We haven't been able to go to a parade in two years, so we're so excited to be here. ''
Others came from closer to home.
`` After two years not having this, it's great to be back, '' said Justine Pacheco from Nassau County, New York.
( Reporting by Christine Kiernan; editing by Diane Craft) | business |
Handbags at dawn: Chanel duels South Korean resellers in luxury boom | The storied French fashion and luxury company told Reuters it has seen traffic to its boutiques in South Korea skid since it began screening for customers it believed might be stocking up purely to flip to others in the resale market.
`` We were able to identify them ( bulk buyers) after having analysed their buying patterns. Since this policy was implemented, the traffic in our boutiques has decreased by 30%, '' Chanel told Reuters in a statement. It didn't disclose exactly how it deemed those customers to be potential bulk buyers, and the privately owned business doesn't disclose sales numbers by country.
Chanel's strategy, implemented since July last year, came as global demand for luxury goods was picking up after the worst of the coronavirus pandemic. South Korea is the world's seventh-biggest luxury goods market according to Euromonitor, and the research firm estimates it was one of only two of the top seven markets by revenue - the other being China - to see sales grow last year from 2019 levels.
Supply at brands like Chanel, though, is tightly controlled, preserving exclusivity and boosting appeal with no online shopping option beyond cosmetics, perfumes and some small accessories. Such is the appetite in downtown Seoul that long queues form before dawn outside department stores as shoppers brace for what's known as an 'open run ' - a sprint to Chanel's doors at opening time.
`` I arrived... at 5.30 a.m. for an open run and I was notified that there were more than 30 people in front of me, '' a shopper told Reuters in front of a Chanel boutique in Seoul. Speaking on condition of anonymity because of privacy concerns, he said by the time he entered the store - nearly 10 hours later - the item he wanted was sold out.
Reflecting such red-hot demand in the resale market, a Chanel medium classic flap bag was sold at 13.5 million won ( $ 11,031) - 20% more than its standard retail price - in January on KREAM, a platform offering everything from sneakers to tech and luxury goods that is an affiliate of tech giant Naver Corp.
KREAM, an acronym for 'Kicks Rule Everything Around Me ', was launched in 2020. It told Reuters its monthly transactions exceeded 100 billion won in December, and said South Korea's resale market is worth more than 1 trillion won - nearly $ 820 million - even at the most conservative estimates.
'QUEUE MANAGEMENT '
While resale platforms like KREAM offer a range of brands, Chanel, like Swiss watchmaker Rolex, is a particularly sought-after brand because of its status among couples in South Korea as one of the most popular wedding gifts, and frequent price increases of its most iconic handbags.
Chanel increased prices of some handbags, accessories and seasonal ready-to-wear earlier this month in Asia and Europe, including by 5% in South Korea - where prices have just been raised for the fifth time in nine months, according to Chanel Korea.
In tandem with its screening for bulk buyers, Chanel said it has implemented a `` queue management system '': Clients are asked to give their contact number and reason for visiting the store so that they can be informed via text messages when they will be able to enter the boutique.
Brand experts and consumers are divided on the impact of the new buying pattern on Chanel.
`` Consumers are voluntarily doing free ads for Chanel - camping outside ( boutiques), doing open runs, posting their experiences on social media, '' said Lee Eun Hee, a professor of consumer science at Inha University.
`` I think all those phenomena have helped Chanel draw younger customers and make a big chunk of money off it. ''
'LINE STANDERS '
Still, some consumers say long queues and waiting lists have put them off.
`` I just gave up buying a Chanel product long ago, '' said a Seoul resident in her 30s, declining to be named due to privacy concerns.
`` It's too difficult to buy one, with some 300 people usually on a waiting list, and by the time it's my turn, there is no product left. This really puts me off and I don't want to be at the centre of this craziness. ''
Not giving up any time soon are the bulk buyer-resellers.
Speaking on condition of anonymity because of the sensitivity of the matter, some resellers told Reuters they're hiring `` line standers '' for a fee of up to $ 125 a day to stand in queues or enter stores on their behalf.
One reseller in his 30s told Reuters he's been reselling his purchases at usually more than 20% profit - and it can be far more profitable when inventory level is low.
He said he sold a Chanel flap card holder recently on secondhand marketplace app Karrot for nearly 1 million won, 40% above its retail price - five minutes after it went up for sale.
( $ 1 = 1,223.8700 won)
( Reporting by Heekyong Yang in Seoul and Silvia Aloisi in Milan; Editing by Miyoung Kim and Kenneth Maxwell)
By Heekyong Yang and Silvia Aloisi | business |
MDA REPORTS FOURTH QUARTER AND FISCAL 2021 RESULTS | BRAMPTON, ON, March 17, 2022 /CNW/ - MDA Ltd. ( TSX: MDA), a leading provider of advanced technology and services to the rapidly expanding global space industry, today announced financial results for the fourth quarter and year ended December 31, 2021 demonstrating double-digit revenue growth, increased order bookings and healthy backlog.
MDA executed on its growth strategies in the fourth quarter with incremental wins across all three of its business areas, while delivering strong profitability and operating cash flow.
`` With our return to public markets, multiple strategic new customer awards, and increased scale across the business, 2021 was a transformational year for MDA, setting a strong financial and operational foundation for ongoing growth, '' said Mike Greenley, Chief Executive Officer of MDA. `` I am pleased with our fourth quarter performance which demonstrates strong execution and our team's ability to navigate the challenges resulting from the resurgence of the Covid-19 pandemic and supply chain disruptions. With continued business momentum, we see opportunities for significant value creation in the coming years. ''
FOURTH QUARTER 2021 HIGHLIGHTS
FULL-YEAR 2021 HIGHLIGHTS
2022 FINANCIAL OUTLOOK
As a leading space technology provider, we are leveraging our capabilities and expertise to execute on specific growth strategies across our end markets and business areas. Underlying industry trends for space continue to be strong and market activity remains robust. We believe our long term future growth pipeline is significant and underpinned by the existing contract awards of our key programs. With Telesat Lightspeed, Canadarm3, the Canadian Surface Combatant ( CSC) programs already under initial contracts, in Q4 we made and are continuing to make significant progress on next-phase contract negotiations, program definition and development, and risk reduction activities. We believe our backlog and recent awards announced in the first quarter of 2022, including Globalstar's LEO satellite constellation ( ~ $ 415 million contract) and Canadarm3 phase B ( $ 269 million contract), provide us with revenue visibility and a strong business foundation for 2022 and beyond.
We continue to monitor developments related to the Covid-19 pandemic and supply chain disruptions which can impact the timing of programs, our overall productivity and ability to engage directly with our customers. We are taking pro-active measures across our three business areas to mitigate the impact on our operations to the extent possible.
Consistent with the outlook provided in Q3 2021, we expect our 2022 revenues to be $ 750 – $ 800 million, representing robust year-over-year growth of approximately 55% – 65%, and expect 2022 adjusted EBITDA to be $ 140 – $ 160 million. Our 2022 forecasts are predicated on continued backlog growth in the first half of 2022, with year over year revenue inflection commencing in the second quarter of 2022 and accelerating throughout the balance of the year. We expect capital expenditures in 2022 to be $ 180 - $ 220 million, primarily comprising growth investments to support CHORUS and the previously outlined growth initiatives across our three business areas.
FINANCIAL OVERVIEW
KEY INDICATORS SUMMARY
Fourth Quarters Ended
Years Ended
( in millions of Canadian dollars, except for ratios)
December 31, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Revenues
$
115.5
$
100.2
$
476.9
$
411.5
Gross profit
$
45.4
$
28.6
$
167.8
$
117.3
Gross margin
39%
29%
35%
29%
EBITDA
$
22.9
$
11.6
$
123.3
$
65.7
Adjusted EBITDA
$
26.8
$
30.1
$
137.1
$
126.8
Adjusted EBITDA margin
23%
30%
29%
31%
As at
December 31, 2021
December 31, 2020
Backlog
$
864.3
$
562.5
Net debt to Adjusted EBITDA ratio
0.4x
3.8x
REVENUES BY BUSINESS AREA
Fourth Quarters Ended
Years Ended
( in millions of Canadian dollars)
December 31, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Geointelligence
$
52.8
$
47.6
$
190.7
$
184.5
Robotics & Space Operations
29.9
25.7
132.9
115.3
Satellite Systems
32.8
26.9
153.3
111.7
Consolidated revenues
$
115.5
$
100.2
$
476.9
$
411.5
Revenues
Consolidated revenues for the fourth quarter in 2021 were $ 115.5 million, representing an increase of $ 15.3 million ( or 15%) compared to the same quarter in 2020. The higher revenues in the quarter were driven by improved program performance and continued execution on our backlog, primarily in Satellite Systems and Robotics & Space Operations. Program performance improvements reflect operational excellence and strong cost control throughout the programs lifecycle. By business area, revenues in Geointelligence of $ 52.8 million represents a $ 5.2 million ( or 11%) increase from 2020 to 2021 driven by higher sales of satellite imagery and analytic services along with higher volume from the Canadian Surface Combatant ( CSC) program. Revenues in Robotics & Space Operations of $ 29.9 million represents a $ 4.2 million ( or 16%) increase year over year, largely driven by the higher volume of work performed on the Canadarm3 program. Revenues in Satellite Systems of $ 32.8 million were $ 5.9 million ( or 22%) higher compared to the fourth quarter in 2020, representing increased execution against our growing backlog.
For the full year, revenues were $ 476.9 million in 2021 which were $ 65.4 million ( or 16%) higher than 2020 revenues. The increase in revenues was driven by improved program performance and execution on our backlog, primarily in the Satellite Systems and Robotics & Space Operations businesses.
By business area, full year revenues in Geointelligence of $ 190.7 million represents a $ 6.2 million ( or 3%) increase from 2020 to 2021. While Geointelligence experienced growth in sales of satellite imagery and analytic services along with increased volume for the CSC program, this growth was partially offset by the ramp down of completed programs and a temporary interruption in activity on certain service contracts experienced in the third quarter of 2021. In Robotics & Space Operations, full year revenue of $ 132.9 million represents a $ 17.6 million ( or 15%) increase year over year. This increase is largely driven by the ramp up of work performed on the Canadarm3 program throughout the year. In Satellite Systems, full year revenue of $ 153.3 million represents a $ 41.6 million ( or 37%) increase from 2020 to 2021. This increase is primarily attributable to ramp up of work performed on contracts awarded in the back half of 2020 and first half 2021, amplified by improved program performance in 2021.
Gross Profit and Gross Margin
Gross profit reflects our revenues less cost of revenues. Fourth quarter gross profit of $ 45.4 million represents a $ 16.8 million ( or 59%) increase over 2020. Fourth quarter gross margin of 39% represents a 1,076 bps improvement compared to the same period in 2020. This increase reflects improved program execution and management of costs across all three business areas, coupled with increased investment tax credits ( ITC's) earned in Q4 2021 as compared to Q4 2020.
Full year gross profit of $ 167.8 million represents a $ 50.5 million ( or 43%) increase from 2020 to 2021. Full year gross margin of 35% represents a 677 bps improvement compared to 2020. This increase is attributable to our ability to manage program costs and mitigate execution risks throughout the year across all three business areas, coupled with increased ITC's earned over 2020.
Adjusted EBITDA and Adjusted EBITDA Margin
For the fourth quarter, adjusted EBITDA of $ 26.8 million in 2021 represents a decrease of $ 3.3 million compared to $ 30.1 million in 2020. Adjusted EBITDA margin declined to 23% in 2021 from 30% in 2020. The Canada Emergency Wage Subsidy ( CEWS) program ended in early Q4 of 2021, resulting in a CEWS contribution of only $ 0.8 million in the fourth quarter of 2021 compared to $ 8.4 million in the fourth quarter of 2020. Excluding the impact of CEWS, which we believe provides a better gauge of the underlying business performance, fourth quarter adjusted EBITDA increased by $ 4.3 million ( or 20%) year over year, and adjusted EBITDA margin, excluding CEWS, increased to 23% from 22% in the prior year.
For the full year, adjusted EBITDA of $ 137.1 million in 2021 represents an increase of $ 10.3 million ( or 8%) compared to $ 126.8 million in 2020. Adjusted EBITDA margin declined slightly to 29% in 2021 from 31% in 2020. While the Company achieved higher volumes of revenue and improved its realization of revenue into gross profit in 2021, these positive contributions to adjusted EBITDA were partially offset by a decrease in CEWS income of $ 16.8 million and higher R & D expenses in 2021. Excluding the impact of CEWS, adjusted EBITDA increased by $ 27.1 million ( or 32%) year over year, and adjusted EBITDA margin increased to 24% from 21% in the prior year.
Adjusted EBITDA, excluding CEWS income, is summarized in the table below.
Fourth Quarters Ended
Years Ended
( in millions of Canadian dollars)
December 31, 2021
December 31, 2020
December 31, 2021
December 31, 2020
Adjusted EBITDA
$
26.8
$
30.1
$
137.1
$
126.8
CEWS income
0.8
8.4
24.8
41.6
Adjusted EBITDA, excluding CEWS
$
26.0
$
21.7
$
112.3
$
85.2
Adjusted EBITDA margin, excluding CEWS
23%
22%
24%
21%
Backlog
The backlog as at December 31, 2021 was $ 864.3 million, an increase of $ 301.8 million compared to the backlog at December 31, 2020. We expect our backlog to continue to build in 2022 as we secure awards across our three businesses. The following table shows the build up of backlog over 2020.
Fourth Quarters Ended
Years Ended
( in millions of Canadian dollars)
December 31, 2021
December 31, 2020
December 31, 2021
December 31,2020
Opening Backlog
$
828.9
$
503.8
$
562.5
$
462.1
Less: Revenue recognized
( 115.5)
( 100.2)
( 476.9)
( 411.5)
Add: Order Bookings
140.1
158.9
767.9
511.9
Adjustments ( 1)
10.8
—
10.8
—
Ending Backlog
$
864.3
$
562.5
$
864.3
$
562.5
( 1) Adjustments in 2021 include reassessments of the values on certain customer contracts and effects of foreign exchange.
CONFERENCE CALL AND WEBCAST
MDA will host a conference call and webcast to discuss these financial results on Thursday, March 17th at 8:30 am ET. Interested parties can join the call by dialing 416-764-8609 ( Toronto area) or 1-888-390-0605 ( toll-free North America) or 080-0652-2435 ( toll-free international) and entering the conference ID 31310274. A live webcast of the conference call and an accompanying slide presentation will be available at https: //mda-en.investorroom.com/events-presentations.
A replay of the conference will be archived on the MDA website following the call. Parties may also access a recording of the call which will be available until March 24, 2022, by dialing 1-888-390-0541 and entering the passcode 310274 #.
NON-IFRS FINANCIAL MEASURES
This press release refers to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, the measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures, including EBITDA, adjusted EBITDA, Order Bookings and net debt, to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We define EBITDA as net income ( loss) before: i) depreciation of property, plant and equipment and amortization of intangible assets, ii) provision for ( recovery of) income taxes, and iii) interest expense and financing costs. Adjusted EBITDA is calculated by adding and deducting, as applicable, certain expenses, costs, charges or benefits incurred in such period which in management's view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including i) unrealized foreign exchange loss on foreign currency forward contracts ii) unrealized loss on embedded derivatives iii) restructuring costs iv) impairment of investments, and vi) share based compensation. Adjusted EBITDA as a percentage of revenue represents Adjusted EBITDA divided by revenue. Order Bookings is the dollar sum of contract values of firm customer contracts. Order Bookings is indicative of firm future revenues; however, it does not provide a guarantee of future net income and provides no information about the timing of future revenue. Net debt is is the total carrying amount of long-term debt, as presented in the 2021 Audited Financial Statements, less cash. Net debt is a liquidity metric used to determine how well the Company can pay all of its debts if they were due immediately.
FORWARD-LOOKING STATEMENTS
This press release may contain forward–looking information within the meaning of applicable securities legislation, which reflects the Company's current expectations regarding future events. Forward–looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward–looking information. Such risks and uncertainties include, but are not limited to the factors discussed under `` Risk Factors '' in the Company's Annual Information Form ( AIF) dated March 17, 2022 and available on SEDAR at www.sedar.com. MDA does not undertake any obligation to update such forward–looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. | business |
Snam: in 2021 investments in transport and storage infrastructure grow to around 1.3 billion euros | Snam: in 2021 investments in transport and storage infrastructure
grow to around 1.3 billion euros
Net profit guidance exceeded
* * *
San Donato Milanese ( Milan), March 17th, 2022 - The Board of Directors of Snam met yesterday under the chairmanship of Nicola Bedin and approved the consolidated financial statements, the draft statutory financial statements for 2021 and the 2021 Consolidated Non-FinancialStatement ( NFS) prepared in accordance with the Law Decree No. 254/2016. The Board also resolved to propose to the next Shareholders ' Meeting the distribution of a dividend of 0.2620 euros per share, of which 0.1048 euros per share have already been distributed as an interim dividend in January 2022.
Marco Alverà, CEO of Snam, commented: `` The figures posted by Snam in 2021, which record a growth in all the main indicators and a net profit exceeding guidance, are the result of the work undertaken in recent years by the whole team to further strengthening the company's position as a European leader in natural gas transport and storage, coupling attention to security and to diversification in the supplies with our commitment in the energy transition and ESG factors. Since 2016 over 6 billion euros have been invested in our transport, storage and regassification infrastructure, thereby strengthening our year-on-year commitment and making it more modern and secure.
This press release is available at
Snam Press Office
www.snam.it
T+ 39 02.37037273 ufficio.stampa @ snam.it
Snam Investor Relations
T+39 02.37037898 investor.relations @ snam.it
We have completed all our projects on time and within budget starting with TAP, which is a particularly fundamental initiative, especially in recent times. Our infrastructure has also proven to be central in recent weeks, when we have been working together with the European and domestic institutions as well as with the regulatory authority to contribute to current efforts aimed at further implementing storage and regasification capacity. Thanks to the solidity of our core business, to our commitment to the energy transition, to the ongoing optimization of financial management and to the quality of its people, Snam is well positioned to successfully continue its path of long-term sustainable development, even within this geopolitical and macroeconomic backdrop ''.
Summary of the results for the financial year 2021
Economic highlights
( million euros)
2020
2021
Change
% change
Regulated revenues
2,548
2,869
321
12.6
New business revenues
192
400
208
Total revenues
2,770
3,297
527
19.0
Operating costs ( a)
573
1,047
474
82.7
EBITDA ( a)
2,197
2,250
53
2.4
EBIT ( a)
1,424
1,430
6
0.4
Net profit ( a) ( b)
1,164
1,218
54
4.6
Financial highlights
( million euros)
2020
2021
Change
% change
Technical investments
1,189
1,270
81
6.8
Net invested capital as of December 31st
19,364
21,261
1,897
9.8
Net financial debt
12,892
14,021
1,129
8.8
Equity attributable to Snam shareholders
6,469
7,203
734
11.3
Page 2 / 20
Total revenues
Snam's revenues from the core business are in line with its investments in the natural gas transport, storage and regasification infrastructure as well as services supplied to system users. There is therefore no correlation between Snam's revenues and the gas price trend.
Total revenues for the 2021 financial year amounted to 3,297 million euros, an increase of 527 million euros ( +19.0% compared to the 2020 financial year) and include the variable charges to cover energy costs, equal to 311 million euros ( 60 million euros in 2020), an increase mainly due to the significant rise in gas prices recorded in the second half of 2021. Net of these effects, total revenues amounted to 2,986 million euros, posted an increase of 276 million euros ( +10.2%), due to the higher regulated revenues and the higher new businesses revenues relating, more specifically, to energy efficiency. The release of previous financial items also resulted in an increase in revenues ( +17 million euros).
Net of variable charges to cover energy costs, regulated revenues amounted to 2,558 million euros, 70 million euros up ( +2.8% compared to FY 2020), determined by: ( i) the increase in the RAB transport base ( +48 million euros, including the effect of the minor `` input based '' incentives); ( ii) the greater volumes of gas transported ( +5 million euros) following the gradual recovery of production activities as well as higher consumption due to colder weather conditions recorded in April and May. With regards to revenues for `` output based '' services, the increase recorded in the storage sector due to the expansion of services offered, was offset by a reduction in the transport sector.
Revenues from new businesses amounted to 400 million euros, 208 million euros up compared to the 2020 financial year, due to the positive contribution from energy efficiency activities driven by the strong development in the residential sector as well as the contribution from Mieci and Evolve, two companies that entered Snam's scope of consolidation at the end of 2020. International activities of Snam Global Solutions recorded a slowdown compared to the same period of 2020 due to travel restrictions relating to COVID-19 pandemic and the strong contribution, in 2020, from an important contract for the entry into operations of TAP.
Adjusted EBITDA
The adjusted EBITDA for the 2021 financial year amounted to 2,250 million euros, up by 53 million euros, equal to 2.4%, compared to 2020, due to the positive performance of the core business ( +65 million euros; +3.0%). On top of the abovementioned significant increase in regulated revenues, EBITDA also benefited from a positive impact on the performance of provisions for risks and charges, partly absorbed by the increase in employee costs owing to the development of the structure supporting the new businesses initiatives and the costs connected with the gradual return of staff to the offices, following the recovery of the pandemic. New businesses EBITDA, despite a growth in energy efficiency activities, was affected by COVID-19 pandemic effects,
Page 3 / 20
particularly in the biomethane business, due to higher complexity of plant operations and permitting, as well as in Snam Global Solutions which, in 2020, benefited from the contribution of over 11 million euros from an important contract.
Adjusted EBIT
The adjusted EBIT for the 2021 financial year amounted to 1,430 million euros, an increase of 6 million euros, equal to +0.4%, compared with the corresponding figure posted in 2020. The abovementioned increase in EBITDA was partly absorbed by higher amortization and depreciation ( -47 million euros, equal to 6.2%) resulting primarily from the entry into operation of new assets.
Net financial expenses
Net financial expenses amounted to 102 million euros, a reduction of 24 million euros ( - 19.0% compared to the adjusted net financial expenses for the 2020 financial year). This drop is mainly due to lower expenses related to net financial debt ( -14 million euros; - 9.7%) more specifically linked to a lower average cost of debt. The reduction in costs benefited from the measures taken to optimize the Group's financial structure implemented during the 2016-2021 period, particularly from the liability management operations, the actions to optimize cash management, as well as favourable market conditions which more than offset the increase in the net average debt.
Net income from equity investments
Net income from equity investments amounted to 294 million euros, an increase of 45 million euros, equal to 18.1%, compared to 2020.
The increase is attributable to the positive contribution from TAP ( +43 million euros), which came into operation on November 15th, 2020, and by Industrie De Nora, a stake of which was acquired in January 2021 ( +21 million euros), as well as by ADNOC Gas Pipelines ( +5 million euros), which entered the Group's scope of operations from July 2020. Interconnector contribution is also growing, due to the increase in sales of short- term capacity contracts. These effects were partly offset by the lower contribution from TAG ( -18 million euros), which had benefited from non-recurring items in 2020, and by DESFA ( -5 million euros), mainly following the expected lower tariffs resulting from a WACC reduction as well as in other regulatory items.
Adjusted net profit
The positive contribution from the core business and associate companies, combined with the ongoing optimization of the financial structure, led to a Group's adjusted net profit of 1,218 million euros, up by 54 million euros, equal to 4.6%, compared to the corresponding figure posted in 2020. This result exceeded the guidance of 1,170 million euros previously announced to the market.
The higher profit before tax ( +75 million euros, equal to 4.8%) was partly absorbed by the higher income tax ( -17 million euros, equal to 4.4%), net of the special items mainly
Page 4 / 20
represented by the effects of the tax realignment pursuant to the Law Decree No. 104 of August 14th, 2020.
Technical investments
Technical investments in 2021 amounted to 1,270 million euros, recording an increase on 2020 ( +81 million euros; +6.8%). The investments essentially relate to the transport sector ( 1,004 million euros) and to the natural gas storage sector ( 160 million euros). With regards to the regulated core business, the level of the investment plan announced for 2021 is confirmed.
Cash flow and net financial debt
The positive cash flow from operations ( 1,338 million euros), which was affected by the temporary cash absorption generated by the gas balancing activities, also related to the marked increase in the gas price, made it possible to finance all the requirements connected with the net technical investments ( -1,237 million euros, net of investment payables).Taking into account the net disbursements on equities and the repayments of the financial loan made to the associate company OLT, the free cash flow stood negative at 340 million euros. The net financial debt, following the equity cash flow essentially deriving from the payment to shareholders of the 2020 dividend ( 811 million euros, of which 326 million euros as an interim dividend and 485 million euros being the balance), increased by 1,129 million euros compared to December 31st, 2020, including the non- monetary items related to the financial debt ( 6 million euros).
On March 11th, the conversion period for the 400 million euros convertible bond due March 20th, 2022, expired. Around 384 million euros have been converted, corresponding to around 80 million shares, which have been transferred or will be transferred to investors in coming weeks. The remaining notional amount of the 2022 Convertible Bond, equal to approx. 16 million euros, will be redeemed in cash to investors on March 20th, 2022. Further to exercise of conversion requests, Snam will hold 9,111,340 shares in its portfolio, equal to 0.271% of the share capital.
In recent years, the role of sustainable finance and related instruments has assumed increasing importance in the global financial environment. Within this area, Snam has developed its positioning and commitment to ESG factors and to achieving the Sustainable Development Goals, guaranteeing for the company full access to the financial markets at competitive costs, with resulting positive effects on its economic, asset, financial and reputational position. In this respect, since 2018, the company has gradually aligned its financial strategy with the Group's sustainability goals, in order to reinforce its role in the energy transition, and to diversify its investor base as well as give visibility to its ESG initiatives and investments.
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SNAM S.p.A. published this content on 17 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2022 07:40:01 UTC. | business |
Aluminium rises on China stimulus hopes; nickel chaos continues | - Aluminium prices rose on Thursday as hopes of economic stimulus in leading global consumer China lifted global stock markets, while the London Metal Exchange's efforts to resume nickel trading remained chaotic.
Benchmark aluminium on the LME was up 3.8% at $ 3,381 a tonne at 1723 GMT. Prices have see-sawed since Ukraine was invaded on Feb. 24 by Russia, which produces 6% of global supply, hitting $ 4,073.50 on March 7 and $ 3,219.50 on March 15.
`` There are visible signs of China decelerating and that is likely to hit overall demand, '' said WisdomTree analyst Nitesh Shah.
Against that, demand for both aluminium and copper is likely to be boosted as the energy transition comes into sharper focus, especially in Europe, Shah said.
He said that industrial metals would be undersupplied '' pretty much across the board '' this year and predicted higher prices.
MARKETS: European and U.S. stock markets cemented strong gains made in Asian markets after China signalled more support for its spluttering economy and U.S. data showed a strong labour market and accelerating factory output.
Oil prices climbed about 7% and the U.S. dollar weakened.
CORONAVIRUS: Adding to positive sentiment, new cases of people with COVID-19 and showing symptoms of the disease in mainland China declined for a second straight day.
NICKEL: LME nickel fell 8% to $ 41,945 a tonne - the maximum allowed under new LME rules - as soon as the market opened, with only eight contracts traded.
Trading has made a chaotic resumption after being suspended last week when a short squeeze sent prices above $ 100,000. Nickel currently costs around $ 35,000 on the Shanghai Futures Exchange.
RUSSIA: The invasion of Ukraine entered its fourth week, with limited progress in peace talks.
The conflict has disrupted Russian and Ukrainian commodity exports and raised the cost of energy used by metals smelters.
GLOBAL ECONOMY: The Ukraine crisis could knock more than 1% off global economic growth this year and add 2.5% to inflation, the Organisation for Economic Co-operation and Development said.
INTEREST RATES: Investors are racing to work out how much monetary policy tightening the U.S. economy can handle as the Federal Reserve embarks on its rate-hike cycle.
METALS PRICES: Benchmark copper was up 2.3% at $ 10,280 a tonne, zinc rose 0.5% to $ 3,826.50, lead was flat at $ 2,252.50 and tin was down 1.8% at $ 41,500. ( Reporting by Peter Hobson Additional reporting by Eileen Soreng in Bengaluru Editing by David Goodman and Paul Simao) | business |
More than 30 companies to start making Pfizer's COVID pill | GENEVA ( AP) — Nearly three dozen companies worldwide will soon start making generic versions of Pfizer’ s coronavirus pill, the U.N.-backed Medicines Patent Pool that negotiated the deal said Thursday.
The Medicines Patent Pool said in a statement that agreements signed with 35 companies should help make Pfizer’ s antiviral nirmatrelvir, or Paxlovoid, available to more than half of the world’ s population.
Generic drugmakers across a dozen countries in Asia, the Caribbean, the Middle East and Eastern Europe will begin producing either the raw ingredients for the Pfizer drug or the pill itself. Among the companies offered a license was one in Ukraine, which has not yet been able to confirm it can participate.
“ This will make an enormous difference for countries. ” said Charles Gore, executive director of the Medicines Patent Pool. He said the availability of the Pfizer drug in some of the world's poorest countries is especially critical. “ They have been at the back of the queue for vaccines, so having a treatment like this in the armory will be absolutely critical to prevent deaths. ”
Gore estimated that some of the generic companies might be ready to submit their drugs for regulatory approval later this year, with some supplies available in 2023.
Pfizer’ s drug has been found to cut the risk of hospitalization or death in people at risk of severe COVID-19 by up to 90%; it is also thought to be effective against the omicron variant because it does not target the coronavirus’ spike protein, where most of the worrying mutations are.
Many health experts welcomed the deal, but pointed out that gaps remain. Some countries that have suffered devastating COVID-19 outbreaks, like Brazil, for example, are excluded from the deal. Under the terms of the agreements, Brazilian companies can manufacture the Pfizer pill, but the generic version will not be available for sale there.
Pfizer will not receive royalties from the sale of its drug by the generic companies as long as the coronavirus pandemic remains classified as a global health emergency by the World Health Organization.
In January, the Medicines Patent Pool announced a similar deal with Merck, when it signed deals with more than two dozen companies licensed to make their COVID pill, molnupiravir.
None of the companies that make COVID-19 vaccines have so far agreed to work with the group to allow other manufacturers to make their shots.
© 2022 The Canadian Press. All rights reserved., source Canadian Press DataFile | business |
[ EN DIRECT ] Guerre en Ukraine: les troupes russes tentent toujours d'encercler Kiev | ► Le site de la rédaction russe de RFI diffuse la radio publique ukrainienne ( en langue ukrainienne) depuis la page d'accueil.
Article mis à jour régulièrement, cliquez sur ce lien pour rafraîchir.
Les points essentiels:
► Sept pays occidentaux ( le Royaume-Uni, les États-Unis, l'Albanie, la France, la Norvège et l'Irlande) demandent une réunion d'urgence du Conseil de sécurité de l'ONU jeudi après-midi sur l'Ukraine en raison de la dégradation de la situation humanitaire dans le pays.
► Vladimir Poutine, le président russe, « est un criminel de guerre » selon Joe Biden, le président américain. Le Kremlin juge ces propos « inacceptables et impardonnables ».
► Les autorités ukrainiennes accusent l'armée russe d'avoir bombardé le Théâtre dramatique de Marioupol, ville assiégée, alors que « plus d'un millier de personnes » y avaient trouvé refuge. « Nous ne pardonnerons jamais cela », assure la municipalité sur Telegram. Le bilan humain est encore indéterminé.
► Les troupes russes tentent toujours d'encercler Kiev
► Mercredi, la Cour internationale de justice ( CIJ), le plus haut tribunal de l'ONU, a ordonné à la Russie de suspendre son invasion de l'Ukraine.
► Le Conseil de l'Europe a exclu officiellement la Russie en raison de sa guerre lancée contre l'Ukraine
Les horaires sont donnés en temps universel ( TU)
14h17: Au moins 21 morts dans une frappe russe près de Kharkiv
« Des militaires russes ont procédé à des tirs d'artillerie sur la ville de Merefa dans la région de Kharkiv vers 03H30 ( 01H30 TU) jeudi. Une école et un centre culturel ont été détruits. 21 personnes ont été tuées et 25 blessées dont 10 sont dans un état grave », a annoncé le parquet de la région de Kharkiv sur son compte Facebook.
14h00: la guerre permet de « purifier » la société russe des « traîtres », selon le Kremlin
Le conflit en Ukraine permet de révéler qui sont les « traîtres » en Russie et une « purification » du pays, a estimé ce jeudi le Kremlin revenant sur les propos très durs de la veille du président Vladimir Poutine. « Dans de telles situations, beaucoup de gens se révèlent être des traîtres et partent d'eux-mêmes de notre vie. Certains démissionnent, certains quittent le pays. C'est une purification. D'autres enfreignent la loi et sont punis en conformité avec la loi », a expliqué Dmitri Peskov, le porte-parole de la présidence russe.
13h40: les groupes russes peuvent désormais travailler « tranquillement » en Crimée, affirme Poutine
Le président russe Vladimir Poutine assure que les sanctions massives contre Moscou retiraient un poids pesant sur les entreprises du pays, qui désormais peuvent s'installer « tranquillement » sur la péninsule ukrainienne annexée de Crimée. « Les grands groupes russes, qui craignaient des sanctions,n'ont maintenant plus rien à craindre. Ils peuvent venir tranquillement sur la péninsule, notamment les banques, et travailler activement dans la région », a déclaré M. Poutine. « Les restrictions prises contre la Russie créent de nombreux problèmes, mais cen'est pas tout, elles ouvrent aussi de nouvelles possibilités », a-t-il ajouté, lors d'une réunion gouvernementale sur la situation économique en Crimée, huit ans après son annexion par Moscou.
13h35: une cinquantaine de Turcs auraient pu sortir de Marioupol
Une trentaine de Turcs se trouvent toujours dans la mosquée de Marioupol, et une cinquantaine a pu fuir cette ville ukrainienne assiégée par les forces russes, a indiqué jeudi à l'AFP le président de l'Association du lieu de culte. « Une trentaine de Turcs sont toujours dans la mosquée, une cinquantaine de personnes sont parties. Quelque 70 autres Turcs sont encore à Marioupol mais leur sortn'est pas connu, la ville subit de lourds bombardements, jen'ai pas d'informations sur eux », a expliqué au téléphone à l'AFP le président de l'association de la mosquée Souleiman, Ismail Hacioglu, qui est lui-même dans la ville ukrainienne d'Odessa. Selon lui, le groupe qui a pu quitter la cité portuaire dans un convoi a été arrêté par des soldats russes dans la ville de Tokmak, 170 km plus à l'ouest, dans la nuit de mercredi à jeudi, et y sont bloqués depuis.
13h05: peu d’ évolution sur les lignes de front
Selon les renseignements britanniques, les forces russes stagnent depuis plusieurs jours sur tous les fronts. Les progrès sont minimes que ce soit sur terre, en mer ou dans les airs, les forces ukrainiennes bien coordonnées leur opposant une forte résistance.
Même constat de l'armée ukrainienne qui indique un échec dans les opérations terrestres des forces russes qui multiplient en revanche les frappes contre les villes. Selon le maire adjoint de Marioupol, 80 à 90% de la ville ont été détruits ou endommagés depuis le début de l'offensive russe. Le gouverneur de Chernikhiv, au nord de Kiev, a annoncé la mort de 53 civils rien que pour la journée d'hier 16 mars. Tôt ce jeudi matin dans un quartier au sud-est de la capitale, un immeuble résidentiel a été détruit par des débris de missile, faisant au moins un mort et trois blessés. Une école a également été endommagée par des tirs de roquettes dans la ville de Merefa, dans la région de Kharkiv. Toujours au nord-est, les troupes russes ont encerclé la ville de Sumy, bombardé des infrastructures vitales et coupé les routes d'approvisionnement. L'état-major de l'armée ukrainienne affirme dans son point matinal avoir détruit dix cibles aériennes, incluant des chasseurs, des drones et des hélicoptères.
12h30: l'Unesco va fournir à des journalistes des casques et des gilets pare-balles
L'Unesco va fournir un premier lot de 125 casques et gilets pare-balles siglés « presse » pour que le « maximum possible de journalistes opérant en Ukraine ait cet équipement vital », annonce l'organisation onusienne dans le cadre de mesures d'urgence pour protéger les journalistes couvrant ce conflit. Depuis le début de la guerre en Ukraine, cinq journalistes - trois Ukrainiens, un Franco-Irlandais, un Américain - ont été tués. « Chaque jour, les journalistes et l'ensemble des professionnels des médias risquent leur vie en Ukraine pour informer la population locale et le monde entier de la réalité de cette guerre », souligne Audrey Azoulay, directrice générale de l'Unesco, dans un communiqué.
► À lire aussi: Guerre en Ukraine: un journaliste de Fox News et sa « fixeuse » ukrainienne tués près de Kiev
. @ UNESCO is implementing new emergency measures to protect # journalists in # Ukraine, providing training & sending protective equipment. We're also helping displaced journalist unions to continue their work & to support the free flow of information.📰 https: //t.co/efnGRZH86Z pic.twitter.com/CN9TAnju6I
12h15: un navire battant pavillon panaméen coulé par des tirs russes en mer Noire
Un navire marchand battant pavillon panaméen a été coulé par l’ armée russe en mer Noire. Deux autres navires ont été endommagés, mais se maintiennent encore à flot. Les équipages sont sains et saufs. C’ est Noriel Arauz, le responsable de l’ Autorité maritime du Panama, qui l’ a annoncé, sans donner de date: trois navires marchands battant pavillon panaméen ont été endommagés par des tirs de missiles russes, l’ un d’ entre eux a sombré. Noriel Arauz s'insurge: la marine de guerre russe interdit à des centaines de bateaux de différentes nationalités de sortir de la mer Noire - parmi eux, une dizaine de navires battant pavillon panaméen, transportant entre autres des céréales.
Après une première attaque fin février, Panama avait demandé d’ éviter de naviguer dans les eaux ukrainiennes et russes de la mer Noire, surtout en mer d’ Azov, qui baigne la partie est des côtes ukrainiennes, avec entre autres Marioupol. L'ouest, où est située Odessa, vit de son côté sous la menace constante d'un débarquement des forces russes. Depuis le début de la guerre, Moscou bloque en fait toute la partie nord de la mer Noire. Objectif: conquérir la côte ukrainienne - surtout l'est, pour faire la jonction entre la Russie et la Crimée. Mais il s'agit aussi de contrôler toute la mer Noire, pour sécuriser l'accès de la Russie aux mer du sud. Comme du temps de la Guerre froide, quand l'URSS et ses alliés contrôlaient, à l'exception de la Turquie, toute les rives de la mer Noire.
11h50: l'Ukraine doit cesser de violer les droits des prisonniers russes, selon HRW
L'ONG Human Rights Watch demande à l'Ukraine de cesser de mettre en scène les prisonniers de guerre russe car cela viole les conventions de Genève, selon un communiqué. « Les autorités ukrainiennes devraient cesser de poster sur les réseaux sociaux et messageries des vidéos de soldats russes prisonniers pour les exposer en public, notamment ceux qui sont humiliés ou menacés », selon un communiqué. « De tels traitements infligés aux prisonniers de guerre violent les protections prévues par les conventions de Genève » sur le droit international humanitaire, ajoute l'ONG.
L'Ukraine a diffusé des vidéos de prisonniers russes et en a fait parader devant la presse, forcés de livrer un repentir, une instrumentalisation qui a été par ailleurs dénoncée par le CICR, le Comité international de la Croix-Rouge, lequel a rappelé que les ennemis capturés devaient être traité avec « dignité ». « L'obligation de protéger les prisonniers de guerre de la curiosité du public, ainsi que de les préserver des intimidations ou humiliations fait partie des choses requises pour leur assurer un traitement humain et protéger leurs familles », déclare Aisling Reidy, conseillère juridique de l'ONG, dans le communiqué.
► Cliquez ici pour lire l'intégralité du communiqué
11h20: pour Paris, la Russie fait « semblant » de négocier
Le chef de la diplomatie française Jean-Yves Le Drian accuse la Russie de « faire semblant de négocier » un cessez-le-feu en Ukraine tout en continuant à « faire parler les armes ». Comme à Alep ( Syrie) ou Grozny ( Tchétchénie), la « logique russe (..) repose sur le triptyque habituel: des bombardements indiscriminés, des soi-disant `` corridors '' humanitaires conçus pour accuser ensuite l'adversaire de ne pas les respecter et des pourparlers sans autre objectif que de faire semblant de négocier », dit-il dans une interview au quotidien Le Parisien.
These are the indicative estimates of Russia's losses as of March 17, according to the Armed Forces of Ukraine. pic.twitter.com/lqY542d7fa
11h10: de nombreuses interrogations après le bombardement d’ un théâtre de Marioupol
Toujours beaucoup d'incertitudes, mais selon plusieurs sources officielles ukrainiennes la partie du théâtre dans laquelle s'étaient réfugiés les civils a résisté au bombardement. Leur évacuation est en cours et on ne sait toujours pas le nombre de personnes qui s'étaient abritées dans l'édifice ( plusieurs centaines voire plus d'un millier) et sur d'éventuelles victimes. Depuis mercredi, le bombardement du théâtre de Marioupol suscite inquiétude et indignation. Le sujet a été évoqué par le président ukrainien lui-même. « Le monde doit finalement admettre que la Russie est devenue un état terroriste », a lancé Volodymyr Zelensky.
Une société américaine spécialisée dans les images satellite a de son côté publié une photo prise en début de semaine de ce théâtre, on peut lire le mot « enfants » écrit en russe en immense lettres blanches de part et d'autre du bâtiment bombardé. En Russie, le ministère russe de la Défense a démenti ce bombardement, affirmant que l'immeuble avait été détruit par des forces ukrainiennes, un propos similaire à celui de la semaine dernière après le bombardement d'une maternité.
⚡️130 survivors saved so far from ruins of Mariupol Drama Theater, which Russians hit with massive bomb on March 16.The theater was known to house hundreds of women and children. Its bomb shelter reportedly survived the attack. The rescue efforts continue.
10h40: le pianiste Boris Berezovsky perd son agent après sa défense de l'invasion
L'agent du célèbre pianiste russe Boris Berezovsky a décidé jeudi de ne plus le représenter à l'étranger après que l'artiste a appelé sur la télévision russe à couper l'électricité de Kiev. « Notre bureau représente le pianiste Boris Berezovsky, artiste de génie et homme de paradoxe, depuis près de 20 ans, le suivant pas à pas dans sa carrière », ont indiqué les Productions Sarfati dans un communiqué transmis à l'AFP.
« Ce dernier s'est exprimé sur une chaîne de télévision russe lors d'un talk-show de pure propagande et a tenu des propos qui ont choqué, blessé et laissé tous ceux qui connaissent l'artiste et l'homme dans une totale stupéfaction. Cette incompréhension a été également pour nous la plus totale », ont ajouté ces producteurs, qui font tourner depuis 1948 des artistes, dont beaucoup de Russes, en France et à l'international. « Nous condamnons avec virulence les propos tenus lors de son intervention et sommes, hélas, dans l'obligation de suspendre la représentation de Boris Berezovsky au sein de notre bureau », précise le texte.
10h20: la guerre en Ukraine risque de coûter 1 point de croissance mondiale en un an, avertit l'OCDE
La guerre en Ukraine risque de coûter un point à la croissance mondiale en un an si ses effets sur les marchés énergétiques et financiers s'avèrent durables, a averti jeudi l'OCDE dans un rapport, et pourrait pousser l'inflation d'environ 2,5 points supplémentaires. L'Europe sera la région la plus affectée par les conséquences économiques de l'invasion russe, ajoute l'organisation internationale, en raison de ses liens économiques et énergétiques étroits avec la Russie, particulièrement concernant les États ayant une frontière avec Moscou ou Kiev.
► À lire aussi: Le Covid-19 et la guerre en Ukraine vont-ils faire vaciller l’ économie chinoise?
🔴 Economic and social impacts and policy implications of the war in # Ukraine with OECD SG @ MathiasCormann & Deputy SG and Chief Economist @ LauBooneEco. 🎥⤵ https: //t.co/zgLOUqgz1k
10h10: le Kremlin rejette la décision de la CIJ lui ordonnant de suspendre son offensive
Le Kremlin a rejeté ce 17 mars la décision de la Cour internationale de justice ( CIJ), plus haut tribunal de l'ONU, qui a ordonné la veille à la Russie de suspendre immédiatement ses opérations militaires en Ukraine. « Nous ne pourrons pas tenir compte de cette décision », a déclaré à la presse le porte-parole du Kremlin, Dmitri Peskov, en soulignant que les deux parties -la Russie et l'Ukraine- devaient être d'accord pour que la décision puisse être mise en œuvre. « Dans ce cas-là, aucun accord ne peut avoir lieu », a-t-il affirmé.
09h05: Moscou dit avoir remboursé 117 millions de dollars d'obligations
La Russie assure jeudi avoir payé une première échéance de remboursement d'obligations, éloignant dans l'immédiat la possibilité d'un défaut de paiement, alors que ses avoirs à l'étranger sont gelés par des sanctions occidentales. « L'ordre de paiement sur le remboursement d'intérêts d'obligations (...) d'une valeur totale de 117,2 millions de dollars (...) a été effectué », a indiqué le ministère russe des Finances dans un communiqué.
► À écouter aussi: La guerre en Ukraine précipite la fin de la mondialisation heureuse
08h20: Zelensky reçoit une ovation debout du Bundestag allemand
Le président ukrainien Volodymyr Zelensky a reçu ce jeudi matin une ovation debout du Bundestag allemand avant une intervention vidéo devant les députés, ont constaté des journalistes de l'AFP. Au lendemain d'un discours en vidéo devant le Congrès américain, le dirigeant ukrainien a débuté une allocution vidéo devant la chambre basse du Parlement au cours de laquelle il devait renouveler son appel à une aide militaire supplémentaire de la part de l'Allemagne.
Zelensky a exhorté l'Allemagne à abattre le nouveau « Mur » érigé en Europe contre la liberté depuis l'invasion russe de l'Ukraine. « Cher Monsieur le chancelier ( Olaf) Scholz, détruisez ce mur, donnez à l'Allemagne le rôle de leader qu'elle mérite », a lancé le dirigeant ukrainien.
07h45: une personne tuée lors d'une frappe à Kiev
Les débris d'un missile abattu au-dessus de Kiev ont entrainé jeudi la mort d'au moins une personne et fait trois blessés, ont indiqué les services de secours, l'armée russe ne relâchant pas la pression autour de la capitale ukrainienne. « À Kiev, les débris d'un missile abattu ont causé des dommages et un incendie dans un bâtiment de plusieurs étages », ont indiqué les services d'urgence, sur leur compte Telegram, précisant que l'explosion avait eu lieu vers 5h00 locales ( 3h00 TU).
« Selon des informations préliminaires, trente personnes ont été évacuées, parmi elles trois ont été blessées. Une personne est morte », a ajouté cette source. Toutes les vitres de cet immeuble de construction soviétique, d'une quinzaine d'étages, ont été soufflées, et plusieurs bâtiments avoisinants également endommagés, ont constaté des journalistes de l'AFP sur place. Les troupes russes tentent toujours d'encercler Kiev et ont multiplié depuis le début de la semaine les frappes contre des zones résidentielles, faisant au moins six morts.
► À lire aussi: Guerre en Ukraine: que deviennent les femmes et les enfants réfugiés en Pologne
06h45: le jour se lève sur Kiev où le couvre-feu a été levé
Nous avons eu confirmation que le couvre-feu est levé, raconte David Gormezano, envoyé spécial de France 24 qui est en train de se rendre dans la capitale ukrainienne. Nous avons pu joindre la journaliste ukrainienne avec qui nous avons travaillé ces derniers jours, qui nous a confirmé qu’ il y avait quelques voitures dans les rues et quelques rares passants. Donc, il semble que le couvre-feu ait été bel et bien levé ce matin. Cette nuit, on peut également signaler qu’ il y a eu à nouveau des explosions, au lever du soleil, autour de 5h à Kiev. Et comme précédemment, il y a eu des explosions de ce même type il y a plusieurs jours à peu près à la même heure. Elles sont très fortes, elles terrifient les résidents des quartiers qu’ elles touchent. Ces explosions ne font pas de victimes ou très peu de victimes. Et celles qui se sont produites ce matin n’ ont fait que des dégâts matériels d’ après nos informations.
Nous sommes actuellement sur l’ autoroute du sud qui permet de rentrer dans le centre-ville de Kiev. Cette autoroute est constellée de barrages. Ce sont parfois simplement des chicanes, des militaires contrôlent tous les véhicules ainsi que les papiers d’ identité des occupants. Pour l’ instant, la situation est relativement calme et nous allons pouvoir rentrer à nouveau dans Kiev ce matin.
► À lire aussi: Guerre en Ukraine: les yachts des oligarques russes dans le collimateur des Européens
05h45: les propos du célèbre pianiste russe Boris Berezovsky suscitent l’ indignation
« Quand les canons retentissent, les muses restent silencieuses. » Le pianiste russe Boris Berezovsky semble regretter aujourd’ hui ne n’ avoir pas suivi cet adage. Le célèbre musicien a suscité l’ indignation en affichant son soutien à la guerre que mène la Russie en Ukraine.Invité d’ un talk-show sur la première chaine de télévision russe, Boris Berezovksy s’ est livré à une légitimation de l’ invasion en Ukraine, digne des plus ardents défenseurs du régime. « Je comprends que nous ayons pitié des Ukrainiens, nous sommes très délicats ( …) mais ne devrions-nous pas juste nous en ficher, les encercler et leur couper l’ électricité? », s’ interroge le pianiste de renommée mondiale au lendemain de l’ attaque sur une maternité de Marioupol. Son voisin de plateau, un militaire qui participe à l’ émission, semble vouloir calmer ses ardeurs. « Ils n’ ont déjà plus d’ électricité, dit l’ officier, et on ne peut pas créer une catastrophe humanitaire de nos propres mains. »
Face au tollé dans le monde musical, Boris Berezovsky tente aujourd’ hui de se justifier, expliquant avoir forgé son opinion en consultant des politologues américains et occidentaux qui estiment que l’ Occident est également responsable de la situation actuelle. « Cela ne veut pas dire que je cautionne cette guerre ou n’ importe quelle guerre », a-t-il souligné. Pas sûr que ses propos soient jugés convaincants par le directeur artistique des festivals de musique classique La folle journée de Nantes et du Festival international de piano de La Roque-d'Anthéron. René Martin a fait savoir qu’ il n’ inviterait pas d’ artistes qui se sont positionnés en faveur du régime de Vladimir Poutine.
05h10: plusieurs centaines de médecins et malades seraient retenus en otage à l'hôpital de Marioupol
Ces otages seraient empêchés de sortir par les troupes russes depuis mardi. L'information a été révélée par une ONG ukrainienne qui a pu échanger avec l'une des personnes bloquées dans l'hôpital, et confirmée par le gouverneur de la région de Donetsk dans un communiqué. Les autorités locales et les militants des droits de l'homme s'inquiètent du sort des otages.
Je pense qu'après la terrible attaque contre l'hôpital pédiatrique de Marioupol, les Russes veulent des images pour leur propagande, des photos montrant que l'armée ukrainienne tire elle aussi sur un hôpital. C'est une démarche habituelle pour les Russes, ils l'ont fait à plusieurs reprises...
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Anne Cantener
04h10: en Pologne, la communauté ukrainienne se mobilise pour envoyer des gilets pare-balles en Ukraine
Dans le centre historique de Cracovie, le café Nic est tenu par de jeunes Ukrainiens. Depuis le début de la guerre, il est devenu un rendez-vous incontournable pour ceux qui veulent apporter une aide à la population en Ukraine. Avec l’ argent récolté, les gérants du café ont décidé d’ acheter du matériel militaire et de l’ envoyer au front, explique Alexander, l'un des gérants, à notre envoyée spéciale Murielle Paradon:
« La plupart des associations de Cracovie ont voulu s’ occuper des réfugiés ukrainiens, d’ une manière ou d’ une autre. Nous, comme on a des collègues qui travaillent dans l’ armée et qui connaissent le matériel, on s’ est dit qu’ on pouvait s’ occuper de ça. Mais bien sûr, c’ est plus difficile d’ acheter des gilets pare-balles que des couches pour bébé! »
Alexander et ses amis se sont mis en chasse de gilets pare-balles sur internet et en ont acheté dans des boutiques spécialisées en Pologne, puis à l’ étranger, car les équipements sont devenus rares. Il a fallu ensuite les acheminer en Ukraine. Nadia, une des gérante du café Nic, explique: « Notre organisation s’ occupe de la logistique, on a des contacts sur place, il faut remplir beaucoup de papiers. Mais aujourd’ hui, on en est à notre 16e convoi en camion pour l’ Ukraine. »
Ces équipements militaires sont devenus de plus en plus cher selon Nadia. Ils sont financés par des dons privés qui viennent de toute l’ Europe.
02h50: « Plus d'un millier » de personnes s'abritaient dans le théâtre bombardé, d'après un responsable local de Marioupol
Les autorités ukrainiennes ont affirmé que la Russie avait détruit mercredi un théâtre dans lequel s'étaient réfugiées plus d'un millier de personnes dans la ville assiégée de Marioupol. « Nous ne pardonnerons jamais cela », a indiqué la municipalité sur la messagerie Telegram. Le bilan humain de cette attaque reste, à ce stade, indéterminé.
01h45: portrait de Diana Khalilova, Ukrainienne née en Russie
Beaucoup d’ Ukrainiens ont une partie de leur famille en Russie. Et depuis le début de la guerre, ils tentent de passer outre la machine de propagande russe pour montrer ce qu’ il se passe réellement en Ukraine. C’ est le cas de Diana Khalilova. Clea Broadhurst et Jad El Khoury l'ont rencontrée à Odessa, dans le sud de l’ Ukraine.
Diana Khalilova est née en République fédérée russe du Daghestan mais a toujours vécu en Ukraine. Une grande partie de sa famille vit encore en Russie aujourd’ hui. Depuis 2014, elle porte un regard radicalement différent sur Moscou.
« Depuis 2014, j’ ai réalisé que je n’ avais rien en commun avec les Russes, car j’ ai commencé à beaucoup réfléchir à l’ histoire de la Russie, de cet empire habitué à prendre de plus en plus de terres, comme les oblasts de Donetsk et de Lougansk ainsi que la Crimée. »
Elle a tenté d’ expliquer à sa famille en Russie ce qu’ il se passait réellement en Ukraine, mais elle a été accueillie avec scepticisme: « J’ ai envoyé à mon cousin un article sur ce qu’ il s’ est passé à la maternité de Marioupol, en lui disant: `` tu vois ce que les Russes font aux civils, aux femmes enceintes, ici? ''. Mais la propagande russe répète que cette histoire est complètement fausse, que c’ est du théâtre. Et il y croit! »
Ce refus catégorique de ce qu’ il s’ est déroulé à Marioupol l’ a convaincu de rompre le contact avec le reste de sa famille: « Ça ne les intéresse pas de savoir si je vais bien ou pas, pas un seul message. J’ en ai déjà bloqué certains, dès le début. J’ ai coupé tous les ponts avec eux car ça prend trop d’ énergie, je ne peux pas contrer cette propagande. »
Plus que jamais, aujourd’ hui, Diana se sent Ukrainienne.
00h40: « Nous voulons la paix. La paix pour le peuple d'Ukraine. La paix pour le monde. Nous avons besoin de la paix maintenant. » Ce sont les mots d'Antonio Guterres, le secrétaire général des Nations unies. | general |
AstraZeneca ready to scrap plans for U.S. approval of COVID shot - FT | An AstraZeneca Plc executive said the British drugmaker would consider not submitting its COVID-19 vaccine for approval in the United States if the regulatory process takes too long, the Financial Times reported on Thursday.
The company's research and development head, Mene Pangalos, said AstraZeneca would instead focus on selling the vaccine in other countries, though it will continue talks with the U.S. Food and Drug Administration, according to the report. https: //on.ft.com/3IeoE97
AstraZeneca did not immediately respond to a Reuters request for comment.
`` We don't need to push it in places we are not needed or wanted, '' Pangalos told the Financial Times.
Giving up on U.S. approval would be a fresh setback for the vaccine which has had a tumultuous 18 months.
Last year, production problems forced the company to cut deliveries to the European Union, prompting the bloc to launch a legal challenge that has been settled.
Countries including Britain, Australia and Canada have also restricted its use among certain age groups following links to rare blood clots.
The shot has faced questions since late 2020, when the drugmaker and Oxford University published data from its first large-scale trial with two different efficacy readings as a result of a dosing error.
In March last year, U.S. health officials criticized the drugmaker for using `` outdated information '' to show how well its vaccine worked, a highly unusual public rebuke.
Days later, AstraZeneca published results showing diminished, though still strong, efficacy.
AstraZeneca Chief Executive Officer Pascal Soriot in July last year said it still planned to seek U.S. approval for its vaccine, authorized in some 170 countries, even though the process was taking longer than expected. ( Reporting by Manojna Maddipatla in Bengaluru; Editing by Devika Syamnath) | business |
Treasury yield curve nears inversion as Fed reveals aggressive rate hike push | The Federal Reserve's newly released rate hike projections have boosted the likelihood that the Treasury yield curve could soon invert, a key signal that a recession is near.
Central bank officials on March 16 predicted the benchmark federal funds rate will rise to nearly 3% in 2023, higher than many analysts expected. That jolted the government bond market, moving short-term Treasury yields closer to long-term interest rates and pushing up the odds of a possible inversion soon to come.
`` If the Fed follows through on these plans, it's going to be a bumpy ride with the possibility of a hard landing, '' said Kathy Jones, managing director and chief fixed-income strategist with the Schwab Center for Financial Research. `` We 'll be watching for a potential inversion of the yield curve as a signal that the Fed may go too far. ''
Curve inversion, where long-term borrowing costs fall below short-term rates, has preceded every recession over the past 50 years and is now closer to becoming a reality than it has been since the COVID-19 pandemic began. With so many rate hikes now expected so soon, shorter-date yields will likely continue to rise more rapidly than longer-dated yields, likely causing an inversion in the yield curve shortly, said Chris Wilgoss, head of markets treasury at Crown Agents Bank.
`` Markets will continue to question the long-term sustainability of growth and focus on the risk of a recession further down the line, '' Wilgoss said.
On March 16, the rate-setting Federal Open Market Committee boosted its benchmark federal funds rate by 25 basis points. The hike, the FOMC's first since 2018, was hardly a surprise.
Still, it came with a summary of the central bank's future expectations that showed that the majority of Fed officials anticipated six more rate hikes this year and three more in 2023. Following these forecasted hikes, the federal funds rate would rise to 2.8%, above the so-called `` neutral '' rate, which neither stimulates nor constrains the economy and the Fed believes is about 2.5%.
While Fed Chairman Jerome Powell stressed that the rate hike expectations from Fed officials were simply forecasts, he indicated that rate hikes were likely at the six remaining FOMC meetings this year and a reduction in the Fed's $ 9 trillion balance sheet could begin as soon as May.
`` The time for rate increases and shrinking the balance sheet has come, '' Powell said during his March 16 press conference.
This faster-than-expected tightening of the ultra-loose policy the central bank initially put in place back in March 2020 caused shorter-term Treasury yields to soar, while longer-term yields were largely unmoved.
The two-year Treasury yield rose to 1.95% on March 16, up 10 basis points from its March 15 settlement. The 30-year yield fell to 2.46%, down 3 basis points from its March 15 settlement.
`` The Fed sharply surprised the market by penciling in seven hikes and an overshoot of the neutral funds rate, '' said Gennadiy Goldberg, a senior interest rate strategist with TD Securities.
The gaps between shorter and longer-term rates also narrowed. The gap between the 2- and 10-year yields settled at just 24 basis points, while the gap between the 5- and 30-year yields fell to 28 basis points.
The indication from Fed officials that they will likely push rates above neutral in 2023 and then stay there in 2024 will likely continue to `` meaningfully '' flatten the yield curve and `` likely lead to inversion, '' said John Luke Tyner, a fixed-income analyst at Aptus Capital Advisors.
`` Historically, every time the Fed has tightened to neutral, let alone above, the economy stalled in short order, '' Tyner said.
While an inversion is a sign of a recession, it does not guarantee one, stressed Gregory Daco, chief economist for EY-Parthenon. The yield curve, for example, was inverted in 2019, but a recession did not follow.
`` I don't think it's necessarily recessionary at this point, '' Daco said. `` But there's certainly a risk that, in the current environment, the Fed overdoes it in terms of tightening and leads to an environment of rapidly tightening financial conditions that would filter to the real economy and could potentially lead to a recession. ''
During his press conference, Powell dismissed the likelihood of a recession as `` not particularly elevated, '' pointing to the strength of the labor market and claiming the U.S. economy would `` flourish in the face of less accommodative policy. ''
In addition, yield-curve inversion could be delayed or brief due to the coming balance sheet reduction, which could keep longer duration rates higher than they otherwise would be, said John Canavan, lead analyst with Oxford Economics.
`` Also, the longer period of higher inflation should weigh on the long-end of the curve given the uncertainty about when the aggressive Fed rate policy might succeed in helping to slow inflation back down, '' Canavan said. | business |
Azerbaijan confirms 99 more COVID-19 cases, 315 recoveries | Azerbaijan has detected 99 new COVID-19 cases, 315 patients have recovered, and eight patients have died, Trend reports citing the Operational Headquarters under Azerbaijani Cabinet of Ministers.
Up until now, 791,176 people have been infected with coronavirus in the country, 780,302 of them have recovered, and 9,641 people have died. Currently, 1,233 people are under treatment in special hospitals.
To reveal the COVID-19 cases, 5,677 tests have been carried out in Azerbaijan over the past day, and a total of 6,651,787 tests have been conducted so far.
Some 16,552 people were vaccinated against COVID-19 in Azerbaijan on March 17.
The first dose of the vaccine was injected into 818 citizens, the second one to 1,815 citizens, the third dose and the next doses to 13,119 citizens. Some 800 citizens was vaccinated with a booster dose after a positive test result for COVID-19.
Totally, up until now, 13,320,490 vaccine doses were administered, 5,317,085 citizens received the first dose of the vaccine, 4,809,138 people - the second dose, 2,972,338 people - the third dose and the next doses.
Some 221,929 citizens were vaccinated with a booster dose after a positive test result for COVID-19. | general |
Singapore jet fuel Q2-Q3 spread narrows 72% as China lockdowns stoke demand woes | In this week’ s highlights: All eyes are set on the IEA as it weighs long-term scenarios for global...
欧洲谈判代表在3月11日表示，与伊朗的核协议谈判 '' 由于外部因素 '' 陷入停顿，尽管他表示最终协议已经拟定，等待签署，这将开启伊朗大量的石油出口。...
Singapore second-third quarter jet fuel/kerosene swap spread narrowed sharply by 72.42% on the week to $ 5.43/b at the Asian close March 16, as coronavirus-led lockdowns raised worries about a potential slowdown in China, the world's largest importer of crude.
The Q2-Q3 jet fuel/kerosene derivative spread -- an indication of near-term sentiment -- was assessed at $ 5.43/b at the 0830 GMT Asian close on March 16, $ 14.26/b lower from a record high of $ 19.69/b on March 9, according to S & P Global Commodity Insights historical data that dates back to March 28, 2001.
Industry sources attributed the slump in the Q2-Q3 spread to uncertainty in demand after China sent nearly 30 million people into lockdown across the country, to contain its worst COVID-19 crisis since early 2020, spurred by the highly transmissible omicron variant of the coronavirus.
The government imposed movement restrictions in Shenzhen city and Jilin province, while China's largest city Shanghai is under a slew of pandemic-related limitations, as the country pursues its 'zero-COVID policy ', local media reported.
`` We are downward adjusting our demand estimation for China while observing the pandemic situation and the government's corresponding measures, '' said Sun Jianan, an analyst with S & P Global Commodity Insights ' Platts Analytics.
Analysts from Beijing, Shenzhen and Guangzhou have lowered their demand outlooks, with some of them expecting about a 4% cut in oil product demand from original projections.
Platts Analytics previously estimated China's oil demand at 15.8 million b/d in March, rising about 9% from February as economic activities resumed following Lunar New Year holiday and Winter Olympics, according to its monthly report dated March 9.
`` The impact on China's energy consumption is highly contingent on the duration of such stringent lockdowns, noting that the affected areas ' share of exports, car production, and even headline GDP are in the double digits, '' Han Tan, Exinity's chief market analyst told S & P Global.
In contrast, industry sources noted that jet fuel demand continues to gradually gain momentum in other parts of the region, particularly in India, Singapore and Vietnam, where local governments have relaxed border and travel restrictions.
Weekly scheduled airline capacity rose 0.1% on the week to 82.09 million seats for the week starting March 15, as small increases in Western Europe, North America, and South and Southeast Asia capacity offset a 3.1% fall in northeast Asia and 9.1% slump in Central/Eastern Europe, according to aviation data company OAG March 15.
OAG data showed that global seat capacity is currently at 77.1% of pre-pandemic levels from the week that began March 11, 2019.
At the Asian close March 16, the cash differential for Platts FOB Singapore jet fuel/kerosene was assessed 60 cents/b lower on the day at plus $ 3.17/b to the Mean of Platts Singapore jet fuel/kerosene assessment, S & P Global data showed. | business |
To Governance and Beyond: Cybersecurity as a Journey | In truth, cybersecurity is a complex topic, but that doesn’ t mean it has to be complicated. Any programme of change will appear to be complex and confusing if there isn’ t a clear process or project in place. I often say it’ s like trying to find your way across a busy city without a map – there are many ( complex) routes you can take, but it’ s not complicated. You just need to find your way from A to Z, which is always a lot easier if you have a map, a guide, and the right tools for the journey.
But our ( virtual) cities are increasingly complex because they have been created that way. Over many years of change and innovation, our networks and systems have been upgraded and updated to keep up with the demands of business and customer needs. This has led to a situation where we have created gaps within our infrastructure ( both virtual and physical). These then become windows of opportunity for cybercriminals or for data to slip through, unguarded and unprotected.
This complexity leaves us feeling lost and out of control, and unfortunately the issue of data breaches and incidents isn’ t going away any time soon.
As most practitioners and casual observers are aware, cybercrime and data breaches have continued to rise throughout the COVID-19 period. Recently, Verizon released its annual Data Breach Investigations Report 2021, stating there were 1,037 incidents that affected small companies of less than 1,000 employees. The pattern of attacks included System Intrusion, Miscellaneous ( Read more...)
* * * This is a Security Bloggers Network syndicated blog from The State of Security authored by Tripwire Guest Authors. Read the original post at: https: //www.tripwire.com/state-of-security/controls/governance-and-beyond-cybersecurity-as-a-journey/ | general |
Advanced Persistent Threat risks: creating a ‘ security-first’ environment for healthcare | Advanced Persistent Threat ( APT) groups are continuing to leverage unique and sophisticated techniques to compromise healthcare organisations across Europe and the rest of the world. Over the last year, the global pandemic has raised additional interest for APT actors both to gather information related to Covid-19, and use the disruption as a cover for their activities.
The healthcare industry is experiencing new methods of attack against its operations. New waves of attack have been responsible for threats against the European Medicines Agency, disruption to hospitals through ransomware, and concerns about weaknesses in the vaccine supply chain.
According to the joint alert from the Department of Homeland Security Cybersecurity and Infrastructure Security Agency and UK National Cyber Security Centre ( NCSC) released last year, officials have seen an increase in Coronavirus-related password spraying campaigns as part of their cyber operations. Detecting these attacks requires in-depth holistic visibility into networks to detect, mitigate, and reduce response times.
Securing data and monitoring medical devices is essential for patient well-being, making the job of hospital security operations teams especially challenging. There is a growing need for comprehensive detection and response solutions within the healthcare industry to overcome the threats posed by APT groups.
APT groups responsible for healthcare disruptions have been associated with a number of malicious attacks including phishing emails and password spraying. On top of this, threats to individual health privacy have accelerated, with ransomware and doxware attacks becoming more frequent. Ransomware has evolved from a commodity malware strain primarily targeting home users, to a devastating and effective tool in the arsenal of advanced threat groups.
The biggest challenge in protecting the healthcare sector from advanced threats is the unique and complex nature of the environment. Healthcare providers hold enormous amounts of sensitive information, they may run large campus style organisations, and typically have both commodity and specialised software and devices. Others in this industry may hold intellectual property of significant value that is of interest to both criminals and nation state actors.
Healthcare organisations are vulnerable to a variety of motives and may be targeted by many types of attacker. The targets of APT groups have included healthcare sectors involved in both national and international Covid-19 responses. Nation-state threat actors typically take interest in targeting research data or clinical trials data.
The healthcare sector needs to understand the imperative of cybersecurity within patient healthcare and react with a proactive approach to cybersecurity. If threat actor activity can be detected in the environment early enough in the kill-chain, security analysts stand a much better chance of unravelling the entire attack and reducing the risk to their organisation.
The threat landscape is continually evolving, with threat actors constantly searching for weaknesses, be that in people, process or technology. As more and more health information is digitalised and tele-health services grow in popularity the attack surface becomes larger, and the pay-off for threat actors increases.
In addition to the perfect storm of larger attack surfaces and persistent threat actors, many organisations, particularly in the public sector, may face budget constraints. Making the decision between investing in direct healthcare provision versus defending against bad actors is a trade-off no one wants to make, but given the current landscape those decisions may well be inevitable.
Given the received wisdom that “ it’ s when not if ” you will experience an attack that compromises your defences, visibility becomes a very important part of an overall cybersecurity strategy. It isn’ t enough to just deploy preventative technologies and hope that will suffice, continual monitoring of the environment is required, and will provide the basis for a variety of detection and response approaches.
A SIEM platform can provide the basis for that ongoing monitoring, providing comprehensive, single pane of glass visibility of the whole environment – including both legacy systems and cloud-based solutions. The data collected by the SIEM can further be leveraged for reporting, search, and analytics, surfacing individual events, or changes in behavior that may alert analysts to an attack in progress. Leveraging a SIEM in this way is key to reducing the time to detect. Reducing the time to detect is a key element in a successful security program, since dwell time is the threat actor’ s best friend.
The healthcare IT environment is growing increasingly complex and APT groups will continue to the exploit weaknesses created by the ever-changing nature of the industry. Healthcare security teams must stay abreast of the threats facing the medical sector and be prepared to act sooner rather than later.
To avoid the many consequences of increasingly common and sophisticated attacks, healthcare organisations must be ready to detect and respond to risks. The focus needs to be on becoming ‘ security-first’.
The post Advanced Persistent Threat risks: creating a ‘ security-first’ environment for healthcare appeared first on LogRhythm.
* * * This is a Security Bloggers Network syndicated blog from LogRhythm authored by Laura Halls. Read the original post at: https: //logrhythm.com/persistent-threat-security-first-healthcare/ | general |
COVID-19: Kazakhstan turns ‘ green’ | No region remains in the high COVID-19 risk ‘ red zone’ or moderate risk ‘ yellow zone’ as of today, March 17, the Telegram Channel of the Kazakh Interdepartmental Commission for preventing coronavirus spread reads, Trend reports citing Kazinform.
The cities of Nur-Sultan, Almaty, Shymkent as well as Almaty, Aktobe, Atyrau, Akmola, West Kazakhstan, East Kazakhstan, Zhambyl, Karaganda, Kostanay, Kyzylorda, Mangistau, North Kazakhstan, Pavlodar, and Turkestan regions are in the low COVID-19 risk ‘ green zone’. | general |
H & M takes on internet rivals with external fashion brands | Taking on fashion online marketplaces such as Zalando, Asos and Amazon, H & M started in February by expanding its offering in home market Sweden, as first reported by Fashion Network.
`` Customers are now able to shop from more brands in the H & M Group family, as well as from a curated selection of other fashion brands such as Lee, Wrangler and Kangol, among others, '' a spokesperson told Reuters by email.
`` We launched the concept in Germany in March. We will continue to add brands going forward and expand the concept to other markets. ''
Some of H & M's smaller and newer independent chains, such as & Other Stories and Arket, sell external brands, mainly accessories and shoes.
The H & M chain, which accounts for the bulk of the group's business, has previously only offered beauty products of external brands.
Even before the COVID-19 pandemic H & M was struggling to contend with declining footfall at the core H & M brand's physical stores in the face of tougher competition, not least from online platforms.
The H & M spokesperson said it had also introduced a second-hand offer at hm.com in Sweden.
( Reporting by Anna Ringstrom; Editing by David Goodman)
By Anna Ringstrom | business |
Russia’ s COVID-19 cases surge by almost 35,000 | Russia’ s COVID-19 case tally rose by 34,819 over the past day to 17,484,257, the anti-coronavirus crisis center reported on Thursday, Trend reports with reference to TASS.
In relative terms, the growth rate reached 0.2%.
As many as 5,008 people were hospitalized with COVID-19 in Russia over the past day, down 15.8% from a day earlier. The number of hospitalized patients decreased in 60 regions, while in 20 other regions the figure increased. A day earlier, 5,945 people were rushed to hospitals.
Moscow’ s COVID-19 cases surged by 1,352 over the past day versus 1,621 a day earlier, reaching 2,726,264, according to the anti-coronavirus crisis center. St. Petersburg’ s COVID-19 cases increased by 1,560 over the past day versus 1,569 a day earlier, reaching 1,483,077. | general |
Azerbaijan selects its Eurovision 2022 song [ PHOTO ] | Azerbaijan has selected its Eurovision 2022 Song to be performed on May 10-14 in Turin, Italy.
The country will be represented at the song contest 2022 by Nadir Rustamli, the Voice of Azerbaijan singing competition's winner.
`` I 've been absolutely thrilled to share this news with you - We have a song! We recorded it yesterday and I was super happy cause it was the one I 'd been really hoping for. I can't wait to share the song with you! Are you excited too?, '' the singer posted on Instagram.
Nadir has been into music since a young age. He took piano lessons for seven years, studied in music school and, while at university and joined a music band `` Sunrise '' as the front man. In the music band, he also served as the art director for the music band getting to indulge his creative side even further.
Nadir Rustamli will perform in the first part of the second semi-final of the Eurovision Song Contest 2022.
As a result of the draw, Azerbaijan's entry will perform on May 12. The first semi-final will take place on May 10.
The Azerbaijani delegation at Eurovision 2022 will be headed by composer and producer Isa Melikov.
Azerbaijan marked its debut in 2008 with the duo of Elnur and Samir, who managed to become the eighth in the final with their song `` Day after day ''.
The brilliant duet of Aysel and Arash, which represented Azerbaijan next year, took third place at the song contest, while Safura Alizada, who represented the country at the Eurovision 2010 in Oslo, became fifth.
On its fourth attempt with Ell and Nikki's `` Running Scared '' song, the Land of Fire won the event, bringing the contest to Baku's Crystal Hall in 2012. Ell and Nikki were the first mixed-gender duo to win the contest since 1963 and the first winners from Azerbaijan.
It is noteworthy that Azerbaijan reached the Top 5 in five consecutive contests - 3rd in 2009, 5th in 2010, 1st in 2011, 4th in 2012, and 2nd in 2013.
In 2018, Aysel Mammadova performed brilliantly at the Eurovision 2018 semi-final, but she couldn't make it to the final. The singer represented Azerbaijan with the song `` X My Heart ''.
Azerbaijan's Chingiz Mustafayev impressed all Eurovision fans with his stunning performance in 2019. The singer finished in eighth place at the song contest.
In 2020, the song contest was cancelled amid the coronavirus pandemic. However, fans of the music contest had a great chance to enjoy a spectacular show `` Eurovision: Europe Shine A Light '', featuring 41 songs of this year's entries.
During the show, Samira Efendi pleased Eurovision fans with the song `` Cleopatra '' about trusting your gut instinct, standing up for yourself and being a `` Queen '' - even when things get tough and especially if someone betrays or hurts you.
Last year, Samira Efendi performed in the second half of the Eurovision 2021 final with the song `` Mata Hari '' and took place the 20th place. Speaking about the meaning of the song, Efendi noted that it is about female power.
She thrilled Eurovision fans with stunning performance that featured a giant orb in the background.
At the end of the stage show, the orb was lifted into the air where it exploded in a rain of golden sparkles, leaving the image of Nazar, a symbol of fortune in Azerbaijan.
Efendi's costume was adorned with precious and semi-precious stones; it combined Azerbaijan's traditional elements but with a modern twist. The costume was designed by world-famous fashion designer Rufat Ismayil was behind her outfit. | general |
Winners of 27th Azerbaijan Championship in Rhythmic Gymnastics among seniors announced [ PHOTO ] | The awards ceremony of the winners and prize-winners in the 27th Azerbaijan Championship in Rhythmic Gymnastics among seniors was held at the National Gymnastics Arena in Baku, Trend reports.
Winners and prize-winners in the exercises with hoops, balls, clubs, and ribbons have been announced.
Arzu Jalilova won the gold ( 32.650 points), Zohra Aghamirova took the silver ( 31.300 points), and Ilona Zeynalova won the bronze medal in the exercise program with a hoop ( 26.100 points).
In the exercises with the ball, Zohra Aghamirova ( 34.000 points) rose to the highest step of the podium, Arzu Jalilova ( 30.850 points) ranked second, and Ilona Zeynalova ( 29.750 points) took the third position.
In the exercise program with clubs, Alina Gezalova grabbed the gold medal ( 28.100 points), Zohra Aghamirova won the silver ( 27.500 points), and Arzu Jalilova - the bronze medal ( 26.700 points).
Zohra Aghamirova ( 32.300 points) took first place in the exercise program with a ribbon, Arzu Jalilova ( 29.000 points) grabbed silver, and Kamilla Aliyeva ( 25.050 points) ranked third.
All the athletes represent the Ojag Sport Club.
The 27th Azerbaijan Championship in Rhythmic Gymnastics is being held on March 16-17 at the National Gymnastics Arena in Baku. In total, 41 gymnasts from Baku Gymnastics School, Ojag Sport Club, Republican Complex Sports School representing Baku, as well as athletes from Khirdalan’ s Zirve Sports Club, Sumgayit, Ganja and Mingachevir will compete in the Championship.
Gymnasts are competing in two age categories - juniors ( 2007-2009) and seniors ( 2006 and older).
After a two-year break, spectators will be able to watch the competitions in the National Gymnastics Arena due to mitigation measures under a special quarantine regime. They should have a valid COVID-19 vaccine certificate or an immune certificate, or otherwise a COVID-19 vaccine contraindication certificate excluding persons under the age of 18. | general |
Mariana Vasileva grateful to President Ilham Aliyev, First Lady Mehriban Aliyeva for attention, care to dev't of sports in Azerbaijan | Deputy Minister of Youth and Sport of the Republic of Azerbaijan Mariana Vasileva expressed gratitude to President of Azerbaijan Ilham Aliyev and First Lady Mehriban Aliyeva for their attention and care to development of sports in the country and athletes, Trend reports.
Vasileva made the remark while talking to reporters on the sidelines of the 27th Azerbaijan Championship in Rhythmic Gymnastics.
`` I am grateful for the opportunities created for both athletes and Azerbaijani people to regularly do sports. All the international sport events held in our country develop a sports culture of the country's population and affect the results of athletes, '' she stressed.
Speaking about the 27th Azerbaijan Championship in Rhythmic Gymnastics, Mariana Vasileva noted that it had become a holiday for young gymnasts.
`` The COVID-19 pandemic has affected every athlete in Azerbaijan. The 27th Azerbaijan Championship in Rhythmic Gymnastics became the first national competition in this gymnastic discipline after a long break. So, this is a time of celebration for most girls, and of course, many of them were worried before the competition and prepare for it very responsibly. Since 2022 new rules in rhythmic gymnastics came into force. Azerbaijan has not participated in international competitions so far, so the Championship is a good experience for our gymnasts, '' Vasileva said.
She also added that the first international start for Azerbaijani athletes is likely to be the World Cup in Bulgaria.
The deputy minister highly appreciated the gymnasts who took part in various international competitions organized in Baku this year.
“ Unfortunately, I was not present at all the competitions, but I followed their results. Congratulations to Azerbaijan, the Azerbaijan Gymnastics Federation, and all of us on exceptional results. For the first time in the history of Azerbaijani Trampoline Gymnastics World Cup, Seljan Magsudova won silver medal. After her, representatives of Acrobatic Gymnastics delighted us both at the World Age Group Competitions with gold, and at the World Championships with silver and bronze medals. I hope that the representatives of rhythmic and artistic gymnastics will continue this path at the upcoming competitions, ” Vasileva said.
She also outlined that many countries had applied for participation in the Championship.
`` There is always great interest from coaches, athletes and federations for competitions in Azerbaijan, since the organization here is at the highest level. We also have the best competitive and training base in the world, '' she added.
Mariana Vasileva stressed that she closely followed the performances of all Azerbaijani athletes both on the national and international arenas.
“ We are actively visiting the regions of the country and get acquainted with various issues on the sport, as well as with coaches and heads of sports complexes and institutions. Thanks to this, we can find a solution to these issues and make the right strategy, '' she said. | general |
A Look Inside the Careers of Four Women in Cybersecurity | Currently, women hold 25% of cybersecurity jobs globally. While that number has more than doubled since 2013, it still leaves a lot of room for growth. Why such a large gender gap? It’ s no secret that cybersecurity and tech in general have often been viewed as masculine industries. In some circles there are misguided ideas that men are more suited for STEM careers than women. The truth is, women bring critical knowledge, perspectives and experiences that are desperately needed in the cybersecurity space.
In this article, we’ ll introduce you to four women at Nuspire who have established careers they love in cybersecurity. You’ ll learn the varied paths they took to get into cybersecurity ( from highly technical to non-technical), what they love about it and their advice to other women looking for a career in the field.
What do you do for Nuspire? “ I’ m the CPO and CMO for Nuspire. On the product side, I’ m responsible for product management, which includes being of the voice of the client experience, services and features. For marketing, it’ s all about bringing our products and services to life in the eyes of perspective buyers and building brand awareness. ”
How did you get into cybersecurity? “ I’ ve always had an interest in technology and have worked in the B2B technology space since the start of my career. Some of the larger telecommunications companies I worked at had cybersecurity as part of their portfolio, and I found it really interesting. When I had the opportunity to join a company solely dedicated to cybersecurity, I was excited because the entire focus would be on stopping the bad guys and doing good in the world. ”
What do you love about working in cybersecurity? “ Cybersecurity is really about helping people and fighting cybercrime. I’ m not a SOC analyst or in a super technical role, but I get to be part of something that is rooted in protecting others. It’ s a way to give back. ”
What are your thoughts on the cybersecurity talent shortage – especially among women? “ There are stats out there that show women don’ t put themselves forward for a job if they don’ t have all the qualifications. Here’ s the deal – no one has all the qualifications. It’ s a matter of having the confidence to know that you have the drive and intellectual curiosity to do the job. ”
What advice do you have for women looking to get into cybersecurity? “ Look for resources on how to build the skillsets you need. I had a boss once that said, ‘ try to do the job before you get the job,’ which is a great way to learn not only what skills you may need to work on, but also what you like and don’ t like.
You should also have clarity on what you want to do in cybersecurity. I was talking to a friend who’ s also in this industry, and she said sometimes during interviews, candidates tell her they don’ t know what they want to do. This makes it really hard because there are so many types of jobs in cybersecurity, and it’ s not the recruiter’ s job to figure out where you fit. You don’ t have to know exactly what you want to do, but at least have an idea.
Once you’ re in the door, have a voice. Ask questions, be curious and find someone in the company who can be your advocate. ”
What do you do for Nuspire? “ I started at Nuspire as a service desk supervisor, where I managed the help desk. Then I moved into a client success manager ( CSM) role, which is all about making sure our clients are set up for success. I am always talking with our clients, making sure tickets are being worked on and ensuring their services are meeting their needs. ”
How did you get into cybersecurity? “ Believe it or not, I had no desire to get into cybersecurity – mainly because I didn’ t know much about it. Prior to my role at Nuspire, I worked in IT for a casino, and I really liked it, but COVID happened, and no one was coming to the casino. I saw this as an opportunity to explore new opportunities in the technology space, and Nuspire kind of fell in my lap. After researching the company and its values and culture, it turned out to be a perfect fit for me – and I learned I’ m really interested in cybersecurity. ”
What do you love about working in cybersecurity? “ I love that I can help people and that I’ m always learning something new. Cybersecurity is constantly changing – there’ s never a dull moment. ”
What are your thoughts on the cybersecurity talent shortage – especially among women? “ I grew up in a family that worked in the medical field. It was all about helping other people, and the expectation was that I would be a doctor or nurse or educator. I think women are often pushed in that direction of being the caregiver, which creates this perception that technology-focused fields aren’ t a viable career path. It’ s actually the opposite. ”
What advice do you have for women looking to get into cybersecurity? “ Just go for it! As women, we carry a lot, and we tend to overthink things. You don’ t have to know everything, and if you’ re not super techie but want a techie role, there are plenty of resources out there for you. Talk to friends in the field and ask a lot of questions. And don’ t be so afraid of rejection that you don’ t apply for a job you want. ”
What do you do for Nuspire? “ I’ m a threat hunt manager, which includes not only managing the threat hunt team, but also hunting threats myself. Our team is all about doing things proactively – we dig around for anomalies before they’ re alerted. When we find them, we do a lot of research and provide that information to our security operations center ( SOC). ”
How did you get into cybersecurity? “ I fell into it. I was one of those nontraditional college students who got married and had children before I went for my degree. I studied business administration back in the 1980s because I didn’ t want to be a secretary. One of my courses was Intro to Computers and I loved it so much, I switched my major to programming. I spent years building computers from the ground up, then opened my own company in 1994 and ran that for 20 years.
The evolution of the industry happened fast, so I went back to school in 2010 to become a certified computer forensics examiner, which piqued my interest because it was all about shutting the bad guys down. I did that for five years, then decided to close my business and move to another state. I didn’ t want to start a new business and thankfully, I connected with an MSSP, which is right up my alley. I’ m in my fourth year at Nuspire. ”
What do you love about working in cybersecurity? “ I love the constant change – I’ m always learning, always moving, always having that challenge. And I love that I can use what I’ m learning almost instantaneously. ”
What are your thoughts on the cybersecurity talent shortage – especially among women? “ When women look at a job description, they want to meet all the requirements before they apply. Men don’ t have the same reservations. When I was looking for a job, a close friend told me, ‘ Don’ t say no to yourself, let them tell you no,’ and that’ s the way I think we should approach job opportunities. ”
What advice do you have for women looking to get into cybersecurity? “ There are so many resources out there now, and many are free. For example, Udemy has a ton of inexpensive courses you can take to learn more about a variety of cybersecurity-focused topics. There are also a lot of meetups and local events you can attend to get a better sense of the industry and to meet people who can help you along your journey. ”
What do you do for Nuspire? “ I’ ve been at Nuspire for 10 years and am currently the manager of our service desk. I wear a lot of other hats in the organization, including operations liaison for internal software implementation. ”
How did you get into cybersecurity? “ I started as a stay at home mom, taking care of my three kids for 10 years. After that, I was a 911 operator and dispatcher, where I got a lot of experience in how to calm people down and stay focused on the situation. This translated well when I came to Nuspire almost 10 years ago. Overseeing the service desk requires empathy and the understanding that people want is to get their problem resolved. ”
What do you love about working in cybersecurity? “ Cybersecurity isn’ t just about penetration testing and stopping bad actors. There are so many people in support roles like HR, project management, installation teams, supporting the tools of the organization. These roles are just as valuable to fight security risks and once you start there, you can go anywhere in cybersecurity as you learn more about it. ”
What are your thoughts on the cybersecurity talent shortage – especially among women? “ Cybersecurity is a fast-growing field, and it can seem risky. I think women are often risk-averse, depending on where they are in their lives and careers. I also think it’ s a newer field in IT and women typically aren’ t the first to jump into a new technology.
What advice do you have for women looking to get into cybersecurity? “ Start to learn to think outside the box. We tend to be rule followers, and cyberattackers don’ t follow rules. Look at getting certifications in the cybersecurity field and join related groups like Women Who Code. Get a mentor to help guide you and don’ t be daunted to bring ideas to the table that’ s full of mostly men. ”
At Nuspire, we are honored to have these amazing women on our team. We know that closing the gender gap in cybersecurity brings more diversity in perspectives and experience, which is critical to addressing the challenges in our industry. Threat actors come from a variety of different backgrounds, and by having a diverse team that can identify with varied experiences, we can better defend against the bad guys.
The post A Look Inside the Careers of Four Women in Cybersecurity appeared first on Nuspire.
* * * This is a Security Bloggers Network syndicated blog from Nuspire authored by Team Nuspire. Read the original post at: https: //www.nuspire.com/blog/a-look-inside-the-careers-of-four-women-in-cybersecurity/ | general |
Winners among juniors at 27th Azerbaijan Championship in Rhythmic Gymnastics announced [ PHOTO ] | The awards ceremony of the winners and prize-winners of the 27th Azerbaijan Championship in Rhythmic Gymnastics among juniors was held at the National Gymnastics Arena in Baku, Trend reports.
Winners and prize-winners in the exercises with hoops, balls, clubs, and ribbons have been named.
Medina Demirova ranked first, Govkhar Ibrahimova ranked second while Fakhriya Aliyeva ranked third in the exercises with a hoop.
Demirova and Ibrahimova represent the Ocaq Sport Club while Fakhriya Aliyeva represents the Baku Gymnastics School.
Medina Demirova won the gold medal, Govkhar Ibrahimova won the silver medal while Laman Ahmadli won the bronze medal in the exercises with the ball. Laman Ahmadli is a representative of the Republican Complex Sports School.
Govkhar Ibrahimova ranked first, Medina Demirova ranked second while Maryam Aliyeva ranked third in the exercises with clubs. All three gymnasts represent Ocaq Sport club.
Medina Demirova grabbed gold, Laman Ahmadli grabbed silver while Govkhar Ibrahimova grabbed bronze in the exercises with ribbon.
The 27th Azerbaijan Championship in Rhythmic Gymnastics is held from March 16 through March 17.
In total, 40 gymnasts from Baku Gymnastics School, “ Ocaq Sport ”, “ Republican Complex Sports School ” representing Baku, as well as athletes from Khirdalan’ s “ Zirve ” Sports Club, Sumgayit, Ganja and Mingachevir are participating in the Championship.
Gymnasts are competing in two age categories - juniors ( 13-15 year-old) and seniors ( 16 year-old and older).
The winners are determined both in apparatus finals ( ball, hoop, clubs, ribbon) and in the all-around competitions.
After a two-year break, spectators are able to watch the competitions at the National Gymnastics Arena due to the mitigation measures within a special quarantine regime.
The spectators must have a valid COVID-19 vaccination certificate or immune certificate, a certificate of contraindications to COVID-19 vaccine except for people under 18. | general |
Why Email Security Matters | Despite the increasing popularity of instant messaging, video calls and other collaboration tools, email remains a core business tool for modern organizations. The number of emails exchanged globally per day is expected to exceed 376.4 billion by 2025. Due to its high importance in today’ s business landscape, emails have become the weapon of choice for cybercriminals to launch sophisticated attacks.
Emails are the entry point for several types of cybercrime including phishing, ransomware, malware and business email compromise ( BEC). More than 90% of all dangerous ransomware and malware enter an organization via email. According to Verizon’ s 2021 Data Breach Investigations Report, 36% of data breaches involved phishing.
Today, all business communications, from internal announcements to sales reports, are done through email. That’ s why email security should be the centerpiece of your organization’ s cybersecurity strategy to ensure confidential data remains confidential when your employees send and receive emails.
Email-related threats increased significantly since the onset of the COVID-19 crisis and continue to remain a serious threat to businesses even today. Phishing attacks are so successful because they are targeted and convincing, making them extremely hard to spot and prevent. While human error is regarded as one of the top causes of email attacks, the increasing frequency and complexity of email-based attacks can not be overlooked. The 2021 Tessian research found that employees receive an average of 14 malicious emails per year. With email attacks constantly evolving, traditional email security solutions like filters or built-in tools are not enough to repel today’ s sophisticated phishing threats.
The shift to remote work provided an advantageous opportunity to cybercriminals as reliance on email for communication grew further. A lack of security awareness training is one of the main reasons why email-based attacks have been so successful. According to security awareness training provider KnowBe4, about 38% of untrained end users would fail a phishing test. The company’ s 2021 Phishing Industry Benchmarking Report revealed careless clicking drops significantly after 90 days and 12 months of security awareness training. Educating your employees to spot some of the most common techniques used to deliver malicious emails can go a long way towards reducing your organization’ s susceptibility to these attacks.
The Check Point’ s Brand Phishing Report 2021 found threat actors impersonating leading brands to trick people into disclosing their personal information. Listed below are popular brands that cybercriminals imitated to deliver malicious emails:
Since these are popular, well-established brands, people trust them easily and divulge personal information without thinking twice.
Cybercriminals are getting smarter and their techniques more sophisticated. Malicious emails today are designed to evade traditional detection mechanisms like spam filters. More than 75% of IT leaders said the C-Suite is most likely to be targeted by phishing attacks. Here are some of the top phishing methods cybercriminals use to infiltrate organizations:
Impersonating brands: One of the most popular techniques used to deliver phishing emails is brand impersonation. An example would be using a fake Microsoft account to send the target an account expiry phishing email, asking him/her to click on the provided link to resolve the issue.
Phishing websites: These websites are another means of launching phishing attacks. Google proactively warns its users about unsafe sites and has issued nearly four million warnings as of September 2021. Cybercriminals create fraudulent websites that appear to be genuine by mimicking the sites of giant corporations to attract users. As per F5 SOC statistics, most phishing sites used encryption, with more than 70% using valid HTTPS certificates to deceive victims.
Malicious attachments: Another popular method is malicious file attachments. According to 2021 Tessian research, PDF files are the most common malicious attachments that come with phishing emails. The PDF file format allows cybercriminals to conceal malicious links, run JavaScript and distribute fake invoices. However, with businesses training and educating their employees to be careful with suspicious-looking emails, cybercriminals are noticing this shift. The research also found that more than 75% of malicious emails did not have an attachment.
Email is the No.1 threat vector. Your employees receive an average of 14 malicious emails per year. One careless click can put your business on the path to a cybersecurity disaster. Therefore, a layered data protection strategy is vital to combat today’ s advanced email threats.
Graphus — the world’ s first automated phishing defense platform — and Spanning SaaS backup work in tandem to build a strong defense against phishing attacks.
Spanning Backup for Microsoft 365, Google Workspace and Salesforce provides end-to-end data protection. Its powerful yet easy-to-use capabilities for administrators and end users empower them to find and restore data effortlessly. This helps save time and enhance productivity.
Employees can’ t click on an email that they don’ t get. That’ s the biggest reason why automated phishing protection with Graphus is a smart move for every business. The patented algorithm uses predictive reasoning and pattern recognition to create trusted email profiles based on your staff’ s email traffic patterns. TrustGraph compares incoming communications to these profiles to detect and prevent sophisticated phishing attacks.
TrustGraph not only checks a message against a safe sender list, but it also analyzes the content of messages using over 50 different attributes of your employees’ communications and learns to spot and stop suspicious messages before they land in anyone’ s inbox. Plus, it never stops improving your protection. Machine learning ensures that Graphus learns from every interaction, tailoring your company’ s protection to meet its unique needs.
A robust phishing defense combined with a reliable SaaS data backup solution creates a strong, multi-layered level of security that can save your organization time, money and resources.
See how Spanning securely backs up and helps restore your Microsoft 365, Google Workspace and Salesforce data.
* * * This is a Security Bloggers Network syndicated blog from Spanning authored by Spanning Cloud Apps. Read the original post at: https: //spanning.com/blog/why-email-security-matters/ | general |
Belgian decision on nuclear lifetime extensions imminent: report | The combination of slowing domestic demand amid coronavirus lockdowns and falling international...
Belgium's coalition government is to decide this week whether to extend the lives of the 1-GW Doel 4 and Tihange 3 nuclear reactors by up to 10 years to end-2035, according to public service broadcaster RTBF.
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Belgium plans to phase out its 6-GW, seven-reactor nuclear fleet by 2025 but if a March 18 report by network manager Elia shows security of supply could be threatened by this, the government still has the `` Plan B '' option to extend the lifetimes of 1-GW reactors at Doel 4 and Tihange 3.
`` By the end of the week, the seven parties of the Vivaldi coalition have set themselves the challenge of finally reaching an agreement on the energy transition in Belgium, '' RTBF said in a March 16 report.
Federal energy minister Tinne Van der Straeten is reported to have tabled a note relating to a bill providing for the extension of Doel 4 and Tihange 3 `` until Dec. 31, 2035 at the latest ''.
A spokesperson for the Council of Ministers was not immediately available to confirm the report.
The end-of-week meeting would also agree a temporary reduction of VAT on gas and electricity bills and a plan to boost renewables and reduce fossil fuel consumption, RTBF said.
The war in Ukraine has reignited a long-running debate in Belgium on the wisdom of closing a domestic source of power responsible for over 50% of the country's needs.
Indeed nuclear association Foratom said extensions for more than two Belgium reactors had been tabled.
`` For Germany it might be a little bit late to keep the last three reactors in operation even if efforts are being made to see what could be possible, but in Belgium discussions have encompassed possible extensions for more than two, '' Andrei Goicea, policy director at Foratom, told S & P Global Commodity Insights.
Goicea noted that availability of nuclear fuel in Europe was dependable and the industry was local. `` Most nuclear components are made in Europe, unlike other sectors [ solar and wind ] which rely on materials from outside Europe, '' he said.
He added that the credibility of the European Commission's REPowerEU strategy, announced in response to the Ukraine crisis, was undermined by its failure to recognize nuclear's role in the bloc's energy resilience.
`` We still have the challenge of how to replace fossil fuels. Some countries are replacing nuclear with fossil fuels [ Germany and coal ], while Belgium has a plan to move to gas-fired generation, '' Goicea said.
On Jan. 17 Belgium's nuclear safety agency FANC said the safe operation of Doel 4 and Tihange 3 after 2025 was possible if the government decided security of supply was threatened by their closure.
Nuclear generation increased its share in Belgium's electricity mix by over 10 percentage points year on year to 52.4% in 2021, according to data from transmission system operator Elia.
Belgium's nuclear capacity is set to decline by 2 GW in 2022/2023, with the Doel 3 reactor being decommissioned on Oct. 1, 2022, and Tihange 2 being decommissioned in February 2023.
In late October 2021, two 875-MW gas plants being developed by Engie at Vilvoorde and Awirs were awarded 15-year support contracts in the country's first capacity remuneration mechanism auction.
In all, 40 offers for a total 4.45 GW of existing and new capacity were awarded contracts at a weighted average price of Eur31,671.57/MW/year ( $ 36,644.16/MW/year) in the pay-as-bid auction.
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On Russia, finance needs to find its moral compass | The transition from LIBOR to RFR has brought challenges for structured products. There are still legacy IBOR products to consider and at the same time the pricing and risk systems need to be upgraâ¦
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Edited by Bill Coen and D. R. Maurice
The unprovoked invasion of a sovereign state by Russia has affected many people in many ways. With over three million Ukrainian refugees having now fled their homes in search of safety, it feels somehow empty to write about banks’ exposure to Russia or market interventions by the Russian central bank.
Not that these things don’ t matter. Au contraire, they do. And the market reaction to a raft of sanctions from the US, the European Union, the UK and other countries shows just how the global economy and the financial markets are intertwined.
The three European lenders most exposed to Russia going into the war were, perhaps unsurprisingly, Societe Generale, Raiffeisen Bank International ( RBI) and UniCredit.
At the time of writing, the banks’ shares are down 23%, 35% and 29%, respectively, since February 24. Not a good look.
While these banks stand out from the crowd, lenders in most western countries also had significant Russian exposures, according to the latest available figures. The same countries now united towards making Russia a financial markets pariah, had billions of US dollars in claims vis-à-vis Russian banks.
Needless to say, banks are not the only market players with links to Russia and its state-controlled institutions.
The largest state-backed pension funds around the globe, from Norway to Japan, from Europe and the US, also reported billions in exposure to the country. Digging into their financial disclosures reveals large exposures to Russia’ s two largest banks – Sberbank and VTB Bank – and its main energy companies, Gazprom and Rosneft. All of which have now been sanctioned.
Like it or not, by buying into Russia’ s top names, financial institutions played a role in contributing to beefing up Moscow’ s war chest.
Granted, there’ s an argument to be made about investing in a country such as Russia in order to dig it out from the mud of its past and launch it into a brighter future. The infamous ‘ Russian reset’ doctrine deployed by the Obama administration in 2009 was partially based on this thinking, but unravelled after just over three years.
But here’ s the thing. Even before last month’ s invasion, the writing was on the wall that Putin’ s strategic aims lacked any regard for human life, at home or abroad. After all, a good chunk of the currently proscribed companies and personnel made their first appearance on sanction lists after the annexation of Crimea in 2014.
The latest round of restrictive measures has just highlighted the extent of the connections with western institutions. Some banks and funds may now find themselves stuck with a bunch of Russian assets and exposures, and nowhere to offload them. The risk of big write-offs is looming ever closer – cue the world’ s smallest violin.
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Bunzl: AGM circular | This document is important and requires your IMMEDIATE ATTENTION. If you are in any doubt as to the action you should take, you are advised to consult your stockbroker, solicitor, accountant or other professional adviser authorised pursuant to the Financial Services and Markets Act 2000 immediately. If you have sold or transferred all of your ordinary shares in Bunzl plc you should pass this document to the purchaser or transferee, or to the person through whom the sale or transfer was effected for transmission to the purchaser or transferee.
Bunzl plc
Registered Office:
York House
45 Seymour Street
London
W1H 7JT
Registered in England
No. 358948
To the holders of ordinary shares
10 March 2022
Dear Sir or Madam
ANNUAL GENERAL MEETING ( 'AGM ')
The 2022 AGM of Bunzl plc ( the 'Company ') is to be held at 2.00 pm on Wednesday 20 April 2022 at The Great Hall, 60 Victoria Embankment, London, United Kingdom, EC4Y 0JP.
Based on current UK government advice in respect of the ongoing COVID-19 pandemic, we are intending to hold this year's AGM as a physical meeting and welcome shareholders to attend in person should they wish to do so. If you do plan to attend, we politely ask that you follow recommended health and safety precautions at all times during the AGM and maintain social distancing. Please do not attend the AGM if you are experiencing any COVID-19 symptoms at the time.
Given the ongoing situation with COVID-19, we will continue to closely monitor public health guidance and legislation concerning public gatherings and COVID-19 safety measures. Should circumstances change before the time of the AGM, including that restrictions on gatherings are re-introduced by the UK government, we will notify shareholders of any necessary changes to the AGM arrangements through a public announcement made via the Regulatory Information Service as early as possible before the date of the AGM. Any updates to the position will also be included on the Company's website at www.bunzl.com. You will see from the notice of meeting in Appendix 1 to this letter ( the 'Notice of Meeting ') that, in addition to the routine business to be dealt with at the AGM, there is one item of other business contained in Resolution 17. An explanation of Resolutions 3 to 17 inclusive is set out below and certain further information is given in the Appendices to this letter.
Ordinary Resolutions 3 to 9 ( Re-appointment of directors)
Under the Company's articles of association, at every AGM all the directors at the date of the Notice of Meeting shall retire from office and may offer themselves for re-appointment by the members. Each of the directors will once again retire at this year's AGM and will stand for re-appointment by the members. Biographical details of each director seeking re-appointment and their contributions to the long term sustainable success of the Company can be found in Appendix 2 to this letter.
Ordinary Resolutions 10 and 11 ( Re-appointment and remuneration of auditors)
PricewaterhouseCoopers LLP ( 'PwC ') were first appointed as the Company's auditors in May 2014 following a competitive tender process and have been re-appointed at each subsequent AGM. Following a review by the Audit Committee of PwC's independence and objectivity and of the effectiveness of the audit process, the Audit Committee recommended to the Board that PwC be re-appointed as the Company's auditors and, subject thereto, that such recommendation be put to shareholders for approval at this year's AGM. Resolution 10 therefore seeks approval for the re-appointment of PwC as the Company's auditors until the conclusion of the next general meeting at which accounts are laid before the Company. Resolution 11 seeks authorisation for the directors, acting through the Audit Committee, to set the auditors ' remuneration.
Ordinary Resolution 12 ( Approval of directors ' remuneration report)
Resolution 12 seeks shareholder approval for the directors ' remuneration report as set out on pages 125 to 149 ( inclusive) of the Annual Report for the year ended 31 December 2021, excluding the part of the report which sets out the directors ' remuneration policy. The directors ' remuneration report discloses how the Company's existing directors ' remuneration policy was implemented during 2021 and sets out details of each director's remuneration throughout the year. The vote is advisory and the directors ' entitlement to remuneration is not conditional upon the resolution being passed. At the Company's 2021 AGM, the directors ' remuneration policy was approved by shareholders. The directors ' remuneration policy is set out on pages 141 to 149 ( inclusive) of the Annual Report for the year ended 31 December 2021, for reference purposes only. There are no proposed changes to the directors ' remuneration policy which require shareholder approval to be sought at this year's AGM.
The Company's external auditors, PwC, have audited those parts of the directors ' remuneration report that are required to be audited and their report is set out on pages 214 to 221 ( inclusive) of the Annual Report for the year ended 31 December 2021.
Ordinary Resolution 13 ( Authority to allot ordinary shares)
Shareholders ' authority is required before the directors may allot ordinary shares in the Company. Resolution 13 replaces
the authority granted at last year's AGM. Paragraph ( a) of Resolution 13 would give the directors the authority to allot ordinary shares and to grant rights to subscribe for or to convert any securities into ordinary shares in the Company up to a maximum aggregate nominal amount equal to £36,150,121 which represents one third of the Company's issued share capital as at
10 March 2022.
In addition, and in line with guidance issued by the Investment Association ( the 'IA '), paragraph ( b) of Resolution 13 would give the directors the authority to allot ordinary shares and to grant rights to subscribe for or convert any securities into shares in connection with a rights issue, up to a further aggregate nominal amount of £36,150,121 which represents an additional one third of the nominal value of the Company's issued share capital as at 10 March 2022. In line with the IA guidance, authority under paragraph ( b) of Resolution 13 would only be used to allot shares pursuant to a fully pre-emptive rights issue.
While the directors do not have any present intention to issue new ordinary shares except under the Company's share option schemes and, if necessary, to satisfy the consideration payable for businesses to be acquired, the directors believe that having the additional allotment authority sought under Resolution 13 is in stakeholders ' best interests to ensure that the Company has maximum flexibility in managing its capital resources. The authorities supersede all previous authorities and will expire
15 months from the passing of the resolution or at the next AGM, whichever shall first occur. The directors intend to seek to renew these authorities at next year's AGM.
Special Resolution 14 ( General authority to disapply pre-emption rights)
Shareholders ' authority is required before the directors may allot ordinary shares in the Company ( including any ordinary shares which the Company has purchased and has elected to hold as treasury shares) for cash ( unless the issue or sale takes place pro rata to existing ordinary shareholders). Such an authority has been sought annually by the Company. The existing authority will expire at this year's AGM.
By proposing Resolution 14, the directors seek a renewal of such authority although, at present, there is no intention to exercise such authority.
Under the renewed authority, the directors may at any time, should appropriate circumstances arise, allot ordinary shares for cash in connection with pre-emptive offers or otherwise up to a maximum amount of 16,869,982 ordinary shares, being 5% of the Company's issued share capital as at 10 March 2022. In respect of this maximum amount, the directors confirm their intention to follow the provisions of the Pre-Emption Group's Statement of Principles ( the 'Principles ') regarding cumulative usage of authorities within a rolling three year period, where the Principles provide that usage of such authorities in excess of 7.5% of issued ordinary share capital should not take place, except in connection with an acquisition or specified capital investment referred to in the Principles, without prior consultation with shareholders.
This authority will expire 15 months from the passing of the resolution or at the next AGM, whichever shall first occur.
Special Resolution 15 ( Specific authority to disapply pre-emption rights in connection with an acquisition or specified capital investment)
The Principles state that, in addition to the general authority to allot ordinary shares for cash up to a maximum aggregate nominal amount equal to 5% of total issued ordinary share capital, as proposed in Resolution 14, the Pre-Emption Group is supportive of extending the general authority for certain purposes. Accordingly, and in line with the Principles, the directors are also seeking the authority to allot ordinary shares for cash on a non-pre-emptive basis up to an additional maximum aggregate nominal amount of £5,422,518, being 5% of the Company's issued share capital as at 10 March 2022. The maximum nominal value of equity securities which could be allotted, if the authorities under both Resolutions 14 and 15 were used, would be £10,845,036, being 10% of the total issued share capital of the Company as at 10 March 2022.
The additional authority proposed in Resolution 15 will only be used to fund one or more acquisitions or specified capital investments which are announced contemporaneously with the relevant issue, or which have taken place in the preceding six month period and are disclosed in the announcement of the issue, as referred to in the Principles. While the directors have no present intention of exercising this authority, the directors consider that the additional authority sought at this year's AGM will benefit the Company and its shareholders generally since there may be occasions in the future when the directors need the flexibility to finance acquisitions or capital investments by issuing shares for cash without a pre-emptive offer to existing shareholders. This authority will expire 15 months from the passing of the resolution or at the next AGM, whichever shall first occur.
Special Resolution 16 ( Purchase of own ordinary shares)
Resolution 16 replaces a similar authority granted to the directors at last year's AGM which is valid until the conclusion of this year's AGM.
No ordinary shares have been purchased under the current authority. The proposed authority will be exercised in the future only if the directors consider it to be in the best interests of the Company and its shareholders, given the market conditions and price prevailing at the time.
For a further explanation of this proposal and a brief summary of its taxation consequences, please see Appendix 3 to this letter.
2
Special Resolution 17 ( Notice of general meetings)
Resolution 17 also replaces a similar authority granted to the directors at last year's AGM to allow the Company to hold general meetings ( other than AGMs) on 14 clear days ' notice as required by section 307A of the Companies Act 2006. The shorter notice period would not be used as a matter of routine for such meetings but only where the flexibility is merited by the business of the meeting and is thought to be to the advantage of shareholders as a whole. The Company will also need to meet certain requirements for electronic voting under section 307A of the Companies Act 2006 before it can call a general meeting on
14 clear days ' notice.
The authority will be effective until next year's AGM, when it is intended that a similar resolution will be proposed.
Poll voting
The directors have again decided that voting on each of the Resolutions to be put to this year's AGM will be taken on a poll. The directors believe a poll vote is more representative of shareholders ' voting intentions because shareholders ' votes are counted according to the number of ordinary shares held and all votes tendered are taken into account. The results of the poll will be announced through a Regulatory Information Service and made available on the Company's website as soon as practicable following the closing of this year's AGM.
Issued share capital
Unless otherwise stated, all references to the Company's issued share capital in this letter are to the Company's issued ordinary share capital as at 10 March 2022, being the latest practicable date prior to the publication of this letter, which was 337,399,633 ordinary shares carrying one vote each. Therefore, the total voting rights in the Company as at 10 March 2022 was 337,399,633. The Company does not, as at 10 March 2022, being the latest practicable date prior to the publication of this letter, hold any shares in treasury.
Shareholder engagement
Prior to and during the AGM, shareholders may submit questions about the business to be conducted either in writing to the Company's registered office ( for the attention of the Company Secretary) or by email to BunzlAGM @ Bunzl.com. The Company will answer any questions that have been submitted prior to the date of the AGM during the AGM itself.
Shareholders are reminded that they may access a recording of the Company's 2021 annual results webcast, together with the associated presentation slides, in the 'Results and reporting hub ' section of the Company's website at www.bunzl.com.
Action to be taken
Shareholders are asked to complete the enclosed Form of Proxy and to post it to the Company's registrar, Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol BS99 6ZY as soon as possible, but in any event so as to arrive by no later than 2.00 pm on Thursday 14 April 2022 ( or not less than 48 hours before the time fixed for any adjourned AGM, provided that no account shall be taken of any part of a day that is not a working day). Completion and posting of the Form of Proxy will not preclude shareholders from attending and voting in person at this year's AGM, should they wish to do so.
Those submitting a proxy are encouraged to consider appointing the Chair of the AGM, rather than some other named person, as their proxy to ensure that their vote is counted in the event that public health guidance and/or legislation change between the date of this letter and the date of the AGM, such that it is no longer permissible or advisable for shareholders to attend the AGM in person. A user of the CREST system ( including a CREST Personal Member) may appoint a proxy by having an appropriate CREST message transmitted so as to be received by no later than 2.00 pm on Thursday 14 April 2022 ( or not less than 48 hours before the time fixed for any adjourned AGM, provided that no account shall be taken of any part of a day that is not a working day).
Documents available for inspection
Copies of the directors ' service agreements and letters of appointment will be available for inspection at any time during normal business hours on normal working days from and including the date of the Notice of Meeting up to and including 20 April 2022 at the Company's registered office, as will a copy of the Annual Report for the year ended 31 December 2021. All such documents will also be available for inspection in The Great Hall, 60 Victoria Embankment, London, United Kingdom, EC4Y 0JP from 1.45 pm on 20 April 2022 until the conclusion of this year's AGM.
Recommendation
The directors are unanimously of the opinion that the proposals described in this letter are in the best interests of the Company and its shareholders as a whole. Accordingly, they recommend shareholders vote in favour of the Resolutions set out in the Notice of Meeting in Appendix 1 to this letter, including those referred to above, as they intend to do in respect of their own beneficial holdings.
Dividend reinvestment plan ( 'DRP ')
The directors are proposing a final dividend of 40.8p per ordinary share in the Company for the year ended 31 December 2021 ( the 'Final Dividend ') for approval at this year's AGM. Pursuant to the DRP, shareholders will again be offered the opportunity to receive ordinary shares in the Company instead of any cash dividend to which they would otherwise have been entitled.
The DRP allows eligible shareholders to increase their shareholdings in the Company in a simple and cost-effective way. Once a shareholder has elected to participate in the DRP, any cash dividend will be reinvested in ordinary shares in the Company bought on the London Stock Exchange through a specially arranged share dealing service. As the DRP does not require the creation of any new ordinary shares in the Company and therefore does not lead to dilution of the value of the existing ordinary shares in the Company, the directors believe that the DRP is beneficial to the Company's shareholders as a whole.
3
If you have already joined, or choose to join the DRP, the Final Dividend will be used to buy ordinary shares in the Company. A dealing commission of 0.75% of the value of the ordinary shares purchased will be charged ( subject to a minimum of £2.50) and deducted from the amount of the Final Dividend. Stamp duty reserve tax will also be charged at the prevailing rate ( currently 0.5% of the total consideration payable for the ordinary shares purchased) and deducted from the amount of the Final Dividend. If you have not already joined the DRP and wish to do so, you may check whether you are eligible by referring to the terms and conditions of the DRP and subsequently apply online at www.investorcentre.co.uk. Alternatively, you may contact the Company's registrar, Computershare Investor Services PLC, on 0370 889 3257 to request the terms and conditions of the DRP and a printed mandate form, which must be returned to them at Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol BS99 6ZZ, so as to arrive no later than 5.00 pm on 13 June 2022 if you wish to participate in the DRP in respect of the Final Dividend. If you have already joined the DRP and wish to continue receiving dividends in shares, or if you have not already joined the DRP and wish to continue receiving dividends in cash, you need take no further action.
Information about the timetable in relation to the Final Dividend, the terms and conditions of the DRP ( which are incorporated by reference into this letter) and how to join the DRP can also be found in the 'Dividend information ' section of the Company's website at www.bunzl.com.
The timetable relating to the payment of the Final Dividend is as follows:
Ordinary shares quoted ex-dividend
19 May 2022
Record date
20 May 2022
Payment date
4 July 2022
Further copies of this letter may be obtained from the Company's registrar, Computershare Investor Services PLC, The Pavilions, Bridgwater Road, Bristol BS99 6ZZ, during normal business hours on normal working days from the date of this letter until
14 April 2022. Yours faithfully
Peter Ventress
Chairman
4
Appendix 1
Notice of Meeting
NOTICE IS HEREBY GIVEN that the eighty-second Annual General Meeting ( 'AGM ') of Bunzl plc ( the 'Company ' or 'Bunzl ') will be held at The Great Hall, 60 Victoria Embankment, London, United Kingdom, EC4Y 0JP on Wednesday 20 April 2022 at
2.00 pm to consider and, if thought fit, pass the following Resolutions:
Ordinary Resolutions
such authority to apply until the end of next year's AGM ( or, if earlier, 15 months from the passing of the resolution) but so that during this period the Company may make offers, and enter into agreements, which would, or might, require ordinary shares to be allotted or rights to subscribe for or to convert securities into ordinary shares to be granted after the authority ends and the directors may allot ordinary shares or grant rights to subscribe for or convert securities into ordinary shares under any such offer or agreement as if the authority had not ended.
Special Resolutions
14. General authority to disapply pre-emption rights
THAT, if Resolution 13 is passed, the directors of the Company be given power to allot equity securities ( as defined in section 560 ( 1) of the Companies Act 2006) for cash under the authority given by that Resolution and/or to sell ordinary shares held by the Company as treasury shares for cash as if section 561 of the Companies Act 2006 did not apply to any such allotment or sale, such power to be limited:
and so that the directors may impose any limits or restrictions and make any arrangements which they consider necessary or appropriate to deal with treasury shares, fractional entitlements, record dates, legal, regulatory or practical problems in, or under the laws of, any territory or any other matter; and
5
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Bunzl plc published this content on 17 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2022 16:20:05 UTC. | business |
South African Reserve Bank to hike repo rate to 4.25% on March 24 | Fifteen of 19 economists polled in the last week predicted the repo rate would rise by 25 basis points to 4.25% on March 24, while the remaining four said it would be left unchanged.
The poll predicted inflation would average 5.5% this year, up from last month's survey consensus of 5.0% and near the top of the SARB's 3-6% target range. It is forecast to average 4.4% in each of the following two years.
However, eight of nine economists who answered an additional question said there was a high risk of further upgrades to medium-term inflation forecasts in the coming months.
`` Supply challenges and bottlenecks that faced the globe from the onset of the COVID-19 pandemic now look to worsen, regardless of whether tensions between Russia and Ukraine calm down in the coming weeks, '' Jeffrey Schultz, economist at BNP Paribas, said.
The survey echoed last month's findings when economists said the SARB would step up the pace of its tightening cycle and raise its repo rate for the second consecutive month next week, with additional increases likely in the second and third quarters.
`` The war's effects are also likely to have a more persistent, elevated effect on inflation and so has bolstered market expectations of interest rate hikes in South Africa, '' said Annabel Bishop, economist at Investec.
Disruptions caused by the war in Ukraine could also challenge a strong global trade recovery, the World Bank said, although talks of compromise from both Moscow and Kyiv lifted hopes on Wednesday for a potential breakthrough after three weeks of war.
The economy was expected to grow by 1.9% this year before slowing to 1.8% for the next two years. Last week, Statistics South Africa confirmed GDP grew 4.9% in 2021 compared to a 6.4% contraction in 2020.
The U.S. Fed on Wednesday raised interest rates for the first time since 2018 and laid out an aggressive plan to push borrowing costs to restrictive levels next year.
( For other stories from the Reuters global economic poll:)
( Reporting and polling by Vuyani Ndaba; editing by Barbara Lewis)
By Vuyani Ndaba | business |
AZAL holds presentation for travel agents in Istanbul | On March 16th, a presentation of new opportunities and prospects for the development of cooperation between the flag carrier of Azerbaijan ( AZAL) and travel agents of Turkey was held in Istanbul.
The event was focused on discussion of the implementation of sales in Turkey. The tasks connected with operation of flights during the COVID-19 pandemic were also considered at the meeting.
The event was organized by Aviareps Turkey, the world's leading airline and tourism management company.
Mr. Fuad Yusifov, the Head of Production and Marketing Department of “ Azerbaijan Airlines ”, delivered an opening speech at the meeting, emphasizing not only the fraternal, but also the strategically important nature of international relations between Azerbaijan and Turkey.
Specialist in tourism, Ms. Arzu Guliyeva, made a presentation on tourism potential of the country, noting its broad tourism prospects.
Within the framework of the event, the presentation was made by the Manager of AZAL’ s Route Network for Asia and the Middle East, Mr. Elvin Raziyev. He noted that Turkey is the leading country in terms of the number of flights operated to/from Azerbaijan.
Istanbul is the most connected city in the route network of AZAL. Flights are operated both by “ Azerbaijan Airlines ” to the new airport in Istanbul and by the low-cost carrier “ Buta Airways ” to Sabiha Gokcen Airport.
It is also worth noting that citizens of Azerbaijan and Turkey can easily travel between the two countries using only their biometric ID cards. The ease of travel is an additional incentive to increase passenger traffic between the two countries.
Thousands of tourists from Azerbaijan and Turkey travel between the two countries every year, and this figure will continue to grow as restrictions imposed due to the pandemic are lifted. | general |
Examining the pre-war health burden of Ukraine for prioritisation by European countries receiving Ukrainian refugees - The Lancet Regional Health – Europe | The recent escalation of conflict after the Russian invasion of Ukraine on February 24, 2022, has already displaced 2,800,000 Ukrainian refugees,1United Nations High Commissioner for Refugees ( UNHCR). Operational data Portal. Ukraine refugee situation. Available from: http: //data2.unhcr.org/en/situations/ukraine. Accessed 14 March 2022Google Scholar and the number is expected to rise in days ahead. Ukrainians can move freely between European Union Member States ( EU MS) for up to 90 days, while the Council of the European Union has approved for the first time the adoption of the Temporary Protection Directive, which will allow a one-year, renewable permit to reside and to access essential services ( including health assistance) in all EU MS.2European Commission. Proposal for a COUNCIL IMPLEMENTING DECISION establishing the existence of a mass influx of displaced persons from Ukraine within the meaning of Article 5 of Council Directive 2001/55/EC of 20 July 2001, and having the effect of introducing temporary protection COM/2022/91 final. Available from https: //eur-lex.europa.eu/legal-content/EN/TXT/? uri=CELEX% 3A52022PC0091 & qid=1646384923837. Accessed 12 March 2022Google Scholar This will possibly facilitate a fair distribution of refugees beyond Western Balkans, already struggling with migration flows in recent years. Once entitlement to health assistance is formalized in all EU MS, there are some major aspects of the Ukraine health profile that should be considered to forecast refugees’ health needs.
With a Human Development Index of 0.779, Ukraine is ranked 40th out of 42 European countries and 74th worldwide.3WHO, European health for all database. https: //gateway.euro.who.int/en/datasets/european-health-for-all-database/. Accessed 12 March, 2022Google Scholar Since 2014 the country has been facing a humanitarian crisis affecting 5 million people, of which 3.8 million are in need of emergency health services,4World Health Organization. Regional office for Europe. Ukraine's humanitarian crisis 2014-2022. Available at WHO/Europe | Ukraine emergency - Ukraine's humanitarian crisis 2014-2022. Accessed 12 March 2022.Google Scholar despite the efforts to reorganize the health system and improve healthcare through the release of the 2015-2020 National Health Reform Strategy.5Ministry of Health of Ukraine. National health reform strategy for Ukraine 2015-2020. Available at: https: //en.moz.gov.ua/strategy. Accessed 12 March 2022.Google Scholar Mortality rate for children under 5-year-old has been constantly declining since 1994, reaching 8.1 per 1,000 live births in 20206The World Bank. Available at: https: //data.worldbank.org/indicator/SH.DYN.MORT? locations=UA. Accessed 12 March 2022.Google Scholar ( still far from the EU 3.9). Routine vaccination coverage has gradually increased since 2015, but remains suboptimal.7European Centre for Disease Prevention and Control ( ECDC) Operational Public Health Considerations for the Prevention and Control of Infectious Diseases in the Context of Russia's Aggression Towards Ukraine. ECDC, Stockholm2022: 2022Google Scholar Measles vaccination coverage is 81.9%, after the outbreak in 2017-2018, which registered the highest European number of cases.7European Centre for Disease Prevention and Control ( ECDC) Operational Public Health Considerations for the Prevention and Control of Infectious Diseases in the Context of Russia's Aggression Towards Ukraine. ECDC, Stockholm2022: 2022Google Scholar Due to low vaccination coverage ( 84%), in October 2021 an outbreak of circulating vaccine-derived poliovirus type 2 was registered. Ukraine has been planning a catch-up polio vaccination campaign from 1st February 20227, which was interrupted by the current conflict. The country has the 4th highest tuberculosis incidence rate among WHO EU Region countries,8World Health Organization. Regional Office for Europe. World Tuberculosis Day: supporting Ukraine in scaling up TB diagnosis and treatment. 23 March, 2021. Available at: https: //www.euro.who.int/en/countries/ukraine/news/news/2021/3/world-tuberculosis-day-supporting-ukraine-in-scaling-up-tb-diagnosis-and-treatment. Accessed 12 March 2022.Google Scholar and the second highest prevalence of HIV/TB coinfection ( 26%) 7European Centre for Disease Prevention and Control ( ECDC) Operational Public Health Considerations for the Prevention and Control of Infectious Diseases in the Context of Russia's Aggression Towards Ukraine. ECDC, Stockholm2022: 2022Google Scholar, with drug-resistant TB representing 29% of new diagnoses.8World Health Organization. Regional Office for Europe. World Tuberculosis Day: supporting Ukraine in scaling up TB diagnosis and treatment. 23 March, 2021. Available at: https: //www.euro.who.int/en/countries/ukraine/news/news/2021/3/world-tuberculosis-day-supporting-ukraine-in-scaling-up-tb-diagnosis-and-treatment. Accessed 12 March 2022.Google Scholar Tuberculosis requires a prolonged treatment ( 6-24 months), including drugs whose administration still represents a challenge in several countries. Ukraine has also the second-largest HIV epidemic in the WHO EU Region ( 37.5 per 100,000 in 2020), with a treatment coverage of 57%, lower than in EU ( 82%).7European Centre for Disease Prevention and Control ( ECDC) Operational Public Health Considerations for the Prevention and Control of Infectious Diseases in the Context of Russia's Aggression Towards Ukraine. ECDC, Stockholm2022: 2022Google Scholar The COVID-19 epidemic situation is also concerning, with a significant increase ( 555%) of cases between January-February 2022, a fatality rate of 2.2% and a low vaccination coverage ( 35%).7European Centre for Disease Prevention and Control ( ECDC) Operational Public Health Considerations for the Prevention and Control of Infectious Diseases in the Context of Russia's Aggression Towards Ukraine. ECDC, Stockholm2022: 2022Google Scholar
Further, noncommunicable diseases ( NCDs) in Ukraine contribute to 91% of deaths, especially cardiovascular disease ( 67%),9World Health Organization. Regional office for Europe. STEPS: prevalence of noncommunicable disease risk factors in Ukraine 2019. Available at: https: //apps.who.int/iris/bitstream/handle/10665/336642/WHO-EURO-2020-1468-41218-56060-eng.pdf? sequence=1 & isAllowed=y. Accessed 12 March 2022.Google Scholar with an age-adjusted death rate for ischemic heart disease more than six times higher than in EU countries,3WHO, European health for all database. https: //gateway.euro.who.int/en/datasets/european-health-for-all-database/. Accessed 12 March, 2022Google Scholar and a diabetes prevalence in adults of 7.1%.9World Health Organization. Regional office for Europe. STEPS: prevalence of noncommunicable disease risk factors in Ukraine 2019. Available at: https: //apps.who.int/iris/bitstream/handle/10665/336642/WHO-EURO-2020-1468-41218-56060-eng.pdf? sequence=1 & isAllowed=y. Accessed 12 March 2022.Google Scholar Approximately 33% of the Ukrainian population experience mental illnesses in their lifetime ( especially internally displaced people already present in the country), with one of the highest suicide rates of the world10Hook K. Bogdanov S. Mental health care in Eastern Europe and Central Asia: an analysis of needs and a call for greater investment.Lancet Reg Health Eur. 2021; 10 ( Jul 29PMID: 34806062; PMCID: PMC8589706) 100182https: //doi.org/10.1016/j.lanepe.2021.100182Google Scholar and high rates of alcohol related deaths.3WHO, European health for all database. https: //gateway.euro.who.int/en/datasets/european-health-for-all-database/. Accessed 12 March, 2022Google Scholar
A timely and appropriate health assistance for Ukrainian refugees in all European receiving countries should consider these pre-war public health aspects, adopting some priority actions to tackle them and to ensure the continuity of care within countries: -A syndromic surveillance system should be implemented,7European Centre for Disease Prevention and Control ( ECDC) Operational Public Health Considerations for the Prevention and Control of Infectious Diseases in the Context of Russia's Aggression Towards Ukraine. ECDC, Stockholm2022: 2022Google Scholar tailoring it to assess health needs other than epidemic-prone diseases, including NCDs and mental health.-Vaccination should be strengthened, ensuring COVID-19 protection, polio and measles outbreak containment, and adequate per age immunization coverage.-Adequate efforts to ensure the continuum of care for NCDs and infectious chronic diseases must be guaranteed ( HIV and TB included), ensuring rapid and appropriate procedures for the procurement and distribution of drugs and supply in all EU MS.-Mental health must be protected with appropriate linguistic and cultural mediation, and encouraging family reunification of refugees, especially as the need for mental health assistance is expected to rise, both for those already affected, and for people experiencing war-related trauma, in both adult and paediatric age.-An effective European health information system for Ukrainian refugees would facilitate the management of chronic diseases. Personal data protection and cross-border continuity of care could be ensured through the adoption of digital tools, such as that one proposed for the EU Digital COVID green Certificate, where people decide to share their personal information case by case.
The right to a fair and equitable healthcare must always be guaranteed, and particularly protected in emergency situations and vulnerabilities, like those that people fleeing Ukraine are suffering.
Conceptualization: MV, FB; Data curation: FB, CN; Project administration: MV; Resources: TJ, RG, CN, BF, MV; Supervision: MV, MM, CF Writing-original draft: MV, FB, CN, RG; Writing-review & editing: MV, FB, CN, RG, TJ, CF, MM.
This research received no specific grant from any funding agency in the public, commercial, or not-for-profit sectors.
All authors have nothing to disclose. | tech |
FTSE 100 extends gains as BoE hikes rate but outlook clouded | ( For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)
* BoE hikes rates for the third time to curb inflation
* Ocado Group slides as co-held JV lowers annual outlook
* FTSE 100 up 1.3%, FTSE 250 adds 0.3%
March 17 ( Reuters) - UK's FTSE 100 extended gains on Thursday, as oil majors lifted the commodity-heavy index, while the Bank of England raised interest rates as expected and struck a less hawkish tone on further hikes.
The FTSE 100 climbed 1.3% with oil majors Shell and BP gaining 3.2% and 2.1%, respectively, tracking a rally in crude prices over supply concerns.
The domestically focused mid-cap index rose 0.3%.
Shares in global companies including Diageo and British American Tobacco rose - in their case by 2.8% and 1.2% respectively - while sterling weakened on the rate hike news.
The BoE raised Bank Rate to 0.75% from 0.5%, its third consecutive hike since the COVID-19 pandemic, to rein in fast-rising inflation, but softened its language on the need for more increases.
Policymakers pushed back against investors ' bets that Bank Rate will rise sharply to around 2% by the end of this year.
`` Clearly the deteriorating growth outlook is becoming more of a concern to the MPC, and the easing off on the monetary tightening accelerator evidences this, '' Stuart Cole, head macro economist at Equiti Capital, said.
`` The MPC may also be recognising that current inflationary pressures are largely supply-side driven and as such there is little the MPC can do to fight them. ''
The UK's commodity-heavy benchmark index has outperformed its European peers as investors embraced commodity stocks to protect their portfolios from the impact of supply shortages and soaring inflation.
Banks edged lower as investors saw the central bank's stance on further monetary tightening to be less hawkish than expected.
`` In the longer run, we expect them to benefit from higher interest rates, though rising inflation pressures could tame appetite, '' Ipek Ozkardeskaya, senior analyst at Swissquote, said.
The BoE said inflation was set to reach around 8% in April, almost a percentage point higher than it forecast last month, and warned it could rise further later in the year.
Among individual stocks, Ocado Group fell 8.2% after Ocado Retail, its joint venture with Marks & Spencer cut its annual sales forecast. ( Reporting by Amal S and Bansari Mayur Kamdar in Bengaluru; Editing by Anil D'Silva, Vinay Dwivedi and Andrew Heavens) | business |
Cambodia: Opposition Politicians Convicted in Mass Trial | Help us continue to fight human rights abuses. Please give now to support our work
Politically Motivated Prosecutions an Attack on Democracy
( Bangkok) – A Cambodian court convicted 19 opposition politicians and activists on March 17, 2022, after an unfair trial in which no credible evidence was brought against the defendants, Human Rights Watch said today. The trial appears to have been aimed at sidelining political opponents of Prime Minister Hun Sen and the ruling Cambodian People’ s Party ( CPP).
The Phnom Penh Municipal Court sentenced 19 senior and local members of the opposition Cambodia National Rescue Party ( CNRP), plus one defendant’ s relative, to between five and ten years in prison. Seven people currently abroad were tried and convicted in absentia and sentenced to ten-year prison sentences based on three counts of unsubstantiated charges of “ incitement, ” “ inciting military personnel to disobedience, ” and “ conspiracy. ”
“ The mass trial and convictions of political opponents on baseless charges is a witch hunt that discredits both the Cambodian government and the country’ s courts, ” said Phil Robertson, deputy Asia director at Human Rights Watch. “ Foreign governments, the United Nations, and donors should call out this attack on the political opposition and Cambodia’ s remaining vestiges of democracy. ”
Authorities have held twelve of the convicted opposition politicians in pretrial detention at Phnom Penh’ s Correctional Center 1 ( CC1) for up to two years, and released one other politician on bail due to health reasons. The court dropped the charges against the latter, but the twelve detained opposition members were sentenced to five years in prison based on “ incitement ” and “ conspiracy ” charges. They will be required to serve three years and eight months in prison, with the remainder of the sentences suspended. The charges against the 20 referenced several issues, including the formation of the overseas opposition Cambodia National Rescue Movement ( CNRM) in 2018, and social media comments criticizing the government.
On February 24, the Phnom Penh court concluded the last trial hearing in the case against the defendants. They are former CNRP leader Sam Rainsy, Eng Chai Eang, Ho Vann, Mu Sochua, Nut Romduol, Tioulong Saumura, Tok Vanchan, Long Phary, Khut Chroek, Ngin Khean, Yim Sareth, Kheum Pheana, Thai Sokunthea, Keo Thai, Nhem Vean, Chum Chan, Sok Chantha, Pheat Mab, Sun Thun, and Hin Chhan. The defendant Chhon Bunchhat is Hin Chhan’ s cousin and not a CNRP member. The prosecutor sought and obtained arrest warrants against the opposition leaders abroad, including Sam Rainsy, Eng Chai Eang, and Mu Sochua.
During the trial, the prosecutor argued that the defendants conspired to topple the government, pointing to the planned return by the exiled CNRP leadership to Cambodia in November 2019. He accused the group, without basis, of being part of a “ secret network ” that sought to disrupt Cambodia’ s economy, encourage the military to disobey the government, and use the Covid-19 pandemic to undermine the government’ s credibility, thereby causing uprisings.
The prosecutor claimed that the group was responsible for causing the partial suspension of the European Union’ s “ Everything But Arms ” ( EBA) trade preferences in August 2020. The EU Commission found that Cambodia violated the agreement’ s underlying core international human rights and labor rights treaties, in particular through serious violations of civil and political rights.
Since the government intensified its crackdown on the political opposition after the ruling-party-controlled Supreme Court dissolved the CNRP in November 2017, many activists fled the country because they feared arbitrary arrest or other forms of retaliation against them and their families.
In 2021, Cambodian authorities prosecuted hundreds of people based on their political affiliation, for peaceful activism, or for exercising their free speech rights. The trial of the 20 politicians and activists is the first of what is expected to be further mass trials in the coming months. The authorities have also repeatedly delayed the trial of Kem Sokha, the CNRP leader, on unsubstantiated, politically motivated treason charges brought in September 2017. His trial only recommenced in mid-January 2022.
After exiled CNRP leaders announced that they would return to Cambodia in November 2019, the authorities arrested at least 125 former CNRP members and activists inside the country. At least 78 faced politically motivated charges. While all but four of them were released on bail in December 2019, the bogus charges were never dropped, and the activists remain subject to re-arrest.
Human Rights Watch has documented that more than 60 political prisoners are in pretrial detention or prison in Cambodia, including members of the political opposition, community activists, and trade unionists.
Members and observer states at the UN Human Rights Council should strongly condemn Cambodia’ s mass political trials and other serious rights violations at the upcoming session addressing the human rights situation in Cambodia on March 29, Human Rights Watch said.
“ Cambodia’ s politicized courts have facilitated Prime Minister Hun Sen’ s effort to destroy the last remnants of democratic freedoms and civil and political rights in the country, ” Robertson said. “ Concerned governments should do all they can to reverse this assault on the Cambodian people. ”
Movement Restrictions on Rights Activists in Vietnam | general |
XR Immersive Tech Issues Corporate Update | March 17, 2022 07:45 ET | Source: XR Immersive Tech Inc. XR Immersive Tech Inc.
VANCOUVER, British Columbia, March 17, 2022 ( GLOBE NEWSWIRE) -- XR Immersive Tech Inc. ( “ Immersive Tech ”, or the “ Company ”) ( CSE: VRAR) ( FSE:79W) ( OTCQB: FNTTF) is pleased to provide the following corporate update on its operations as it continues to build its next-generation Immersive Entertainment Platform of Metaverse tools and VR experiences for the out-of-home entertainment industry. The Company is focused on three core pillars of its business in 2022: 1) Hyper-immersive™ VR Attractions; 2) Uncontained O/S which is the software powering our attractions and used by our global network of operators and creators; and 3) our SynthesisVR Network engine powering over 300 VR arcade centers globally. Immersive Tech would like to share some of the highlights achieved over the past year, in the first quarter of 2022 to-date, as well as provide some insight into what we are working on for the upcoming year.
“ 2021 was a transformative year for the Company where we achieved several key corporate, M & A and operational milestones and built a strong foundation for future growth and innovation. We achieved public listings on the CSE in Canada, the OTC in the US and on the Frankfurt exchange, completed the successful acquisition of Synthesis VR, attracted key industry veterans for our board and advisory team, strengthened our patent portfolio and continued to generate sales for our products. 2022 is shaping up to be an even bigger and more exciting year as our team embarks on the next stage of bringing our Metaverse to life, ” says Tim Bieber, XR Immersive Tech CEO.
The Company had a successful launch of its UNCONTAINED™ attraction, dubbed the Physical Portal to the Metaverse, at the in-person IAAPA global attractions expo in Orlando Florida. We transported the standalone attraction to Orlando for the four day event and showcasing it to over 28,000 industry participants to rave reviews. The Company has so far secured LOI’ s for sales of 12 UNCONTAINED™ units and secured 1 definitive agreement for its first client launch in Chicago in Q2, 2022 ( see the release here). Two additional units under LOI will be installed in Las Vegas as well ( read the release here). Ahead of the release of UNCONTAINED™ at the global attractions industry expo in Orlando Florida the Company announced details of their in-house developed hyper-immersive game for their UNCONTAINED platform titled “ Deep Signal ”. Leaning on the Company's past experience in building rich escape experiences, the first game in the Deep Signal franchise is a multiplayer sci-fi narrative experience. Deep Signal serves as the premier example of the core technologies and experiential aspects of what Uncontained games can be. See the release and cinematic game trailer here.
The Company revealed plans for its Uncontained/OS software platform which currently powers the Uncontained hardware platform, which will allow brands, operators, and partners to leverage our software to build physical and real world social experiences in the Metaverse. While Immersive Tech is working on the physical elements for UNCONTAINED™, in parallel, the team has been developing a specialized operating system to handle the programming infrastructure. This will ensure that both current and future experiences will be able to be integrated dutifully. Uncontained/OS will also be open for any creator to license and use to create and control their own hyper-immersive experiences whether entertainment, enterprise, brands, training simulators etc. Read the full OS release here.
The Company closed on its acquisition of Synthesis VR Inc. ( “ Synthesis VR ”) as announced on February 22, 2022 and has successfully transitioned the Synthesis VR management, development and support teams into the overall Immersive Tech team. The acquisition adds revenue and experienced team members to the Company, but most importantly a software SaaS platform which powers over 300 VR arcades globally and a marketplace of over 325 VR games that are licensed to this operator network. Synthesis VR is rapidly becoming the largest VR out-of-home entertainment marketplace for games, educational and training experiences worldwide. Read the full acquisition release here.
Synthesis VR released an industry first support for Android-based standalone headsets ( such as Oculus Quest 2, Pico Neo, HTC Focus 3) including a first to market digital rights management ( “ DRM ”) solution for its network of over 300 global VR arcade operators and beyond. We believe this solves a significant issue that arcades and entertainment centers have who buy Android-based stand-alone headsets for use in their location-based VR games with respect to not having the ability to manage the VR sessions or to offer legally licensed content – until now. Read the full release here.
The Company and Synthesis VR are focussed on growth of the network, including additional products releases for the Synthesis operator network throughout 2022.
Immersive Tech has also grown its partnership network to include some leading organizations, including working with the Xperi DTS Audio XR team to pioneer the first headphone free ambient spatial 3D audio experience in a game experience. See the release here.
The Company also forged an instrumental development deal to work closely with the market leader VR headset manufacturer, HTC Corporation ( the maker of the VIVE headsets). The development relationship with HTC will ensure the Company is at the cutting edge of VR technology. Alvin Wang Graylin, a director of the Company and the President of HTC China, has been helpful in providing key industry insight and access to necessary resources. Further details can be found here.
The Company has filed for two patents with the Canadian Intellectual Property Office. The first Canadian patent application is titled “ System and Method for Plug and Play VR ” and covers the overall UNCONTAINED VR gaming package including, but not limited to, customer viewing, on-site installation, overall coordination, competitive gameplay, blockchain-based rewards tokens and integration of all these features with immersive effects.
The second Canadian patent application is titled “ System and Method for Immersive Effects ” and covers Immersive Tech's unique intellectual property around providing immersive effects for different experiences which include, but are not limited to, virtual reality gaming.
The Company has also secured five trademarks; Hyper-Immersive™, UNCONTAINED™, Immersive Tech™, Deep Signal™ ( the first VR hyper-immersive game) and Making the Metaverse real™.
The Company will continue to file for patents on additional unique intellectual property related to its hyper-immersive control systems and other products as these are rolled out. Read the full patent release here.
The Company continues to do custom Immersive projects for new and existing clients including a follow on contract with Leaps by Bayer ( Bayer Pharmaceuticals) to create and manage new escape game branded challenges for its 2022 event world tour, which will see the experience travel to multiple countries. This project will entail the Company adapting the existing 40-foot shipping container branded experience it created for Bayer in 2019 by adding additional escape game experiences for its global event activations team. The original experience video can be seen here.
In Q1 of 2022 the Company announced the completion and unveiling of a custom mixed media escape experience built for the world renowned magician Chris Ramsay. Ramsay has nearly 6 million subscribers on YouTube alone and focuses his content around puzzles and magic. With well over 1 billion video views on his YouTube channel, Chris Ramsay is one of the most popular social influencer magicians in the world. The experience features Immersive Tech’ s proprietary Uncontained/OS automation platform to control a wide range of immersive props, turning an originally vacant room in Ramsay’ s studio into a futuristic hotel aboard a space station. The project also included a limited edition at-home experience also designed by the Immersive Tech team. The experience features custom Ramsay cards, booklet and a mobile app escape experience which fans purchased after the video to further engage with the experience. To-date the video ( see it for yourself here) has been viewed nearly 900,000 times.
Over the course of 2021 the Company was able to secure several leading industry and influential executives for its board of directors, senior management and advisory team. The following list of Directors and advisors were handpicked for their experience in leading the VR industry, vision for the future of the Metaverse and connections in the out-of-home entertainment industry.
Alvin Wang Graylin ( Director) Alvin is the President of HTC China and also serves as Vice Chairman of the Industry of Virtual Reality Alliance and the President of the Virtual Reality Venture Capital Alliance. Read more here.
Cathy Hackl ( Director) Cathy is the CEO of Futures Intelligence Group, is a Metaverse Strategist and Tech Futurist, as well as a thought leader in the fields of Virtual Reality, Augmented Reality and Spatial Computing. Read more here.
Lance Priebe ( Advisory Board member) Lance is the founder of Hyper Hippo Entertainment ( well known for the AdVenture Capitalist game franchise), and previously created one of the largest online game platforms, “ Club Penguin ” which he sold to Disney. Read more here.
Kevin Williams ( Advisory Board member) Kevin has an extensive background in the development and sales of a wide range of amusement attractions and VR applications. He is the Co-Founder & Technology Director at Spider Entertainment as well as being a Walt Disney alumni following his years as an esteemed Walt Disney Imagineer. Read more here.
Dan Burgar ( Advisory Board member) Dan is the Co-founder of Shape Immersive, a company specializing in the building of VR/AR + 3D development that collaborates with brands like Redbull, Disney, Star Atlas and RTFKT. Dan is also the President of the Vancouver VR/AR Association and the CEO of Frontier Collective. Read more here.
Steven Dooner ( Business Development Director) Steve is a strategic hire for the Company heading up business development and sales. He has over 40-years of location-based entertainment ( “ LBE ”) experience, including helping with the launch of Chuck E Cheese, ESPNZone, and managing the major $ 1.5B park expansion of Tokyo Disneyland. Read more here.
The Company was successful in listing its common shares on the Canadian Securities Exchange ( the “ CSE ”) and its shares commenced trading on September 8, 2021. This listing followed an over-subscribed equity financing which closed in April 2021 raising $ 2,360,000 ( see here).
Shortly after its CSE listing, the Company pursued international listings to further its reach to European and US investment markets and announced its common shares began trading on the Frankfurt Stock Exchange ( the “ FSE ”) on September 29, 2021 and on the OTCQB on November 29, 2021. On December 13, 2021, the Company announced its common shares were made DTC eligible to provide greater liquidity for shareholders.
The Company was also successful in securing a loan facility for $ 3,000,000 with Westdale Construction Co. Limited as announced December 20, 2021 to facilitate sales and growth opportunities ( see here).
We believe 2022 will continue to bring exciting new developments as we build on the foundation of our recent accomplishments and overall strategy that incorporates strong partnerships, cutting-edge technology, a growing intellectual property portfolio, multiple products and solutions, all with a strong team bringing leading innovation in the Metaverse. We are committed to building the Metaverse and would like to thank our dedicated team for their focus and dedication to innovation and growth as we continue to pursue our goals for 2022.
Tim Bieber, Director and Chief Executive OfficerXR Immersive Tech Inc. ( formerly Fantasy 360 Technologies Inc. d/b/a Immersive Tech) https: //www.immersivetech.co/
Contact - Tim BieberEmail: investors @ immersivetech.coTelephone: +1-604-283-3029
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. Any securities referred to herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. Person absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.
Immersive Tech ( formerly Fantasy 360 Technologies Inc.) is building the industry's premier location-based Metaverse Platform. Since 2016 the Company has been an industry leader in Social Entertainment, Virtual Reality ( VR) and Augmented Reality ( AR) entertainment attractions. With its Hardware Platform UNCONTAINED and its Software Platform Uncontained/OS and its growing network of over 300 VR operators through Synthesis VR,, the Company helps its stakeholders build user experiences unmatched in realism, depth and immersion. The Company builds experiences on its platforms for some of the world's largest companies including: Intel, Bayer, Capital One, Scotia Bank, the US Food and Drug Administration, Allegiant Airlines and more.
This news release contains “ forward-looking information ” and “ forward-looking statements ” ( collectively, “ forward-looking information ”) within the meaning of applicable securities laws. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “ believes ”, “ expects ”, “ anticipates ”, “ estimates ”, “ intends ”, “ plans ”, “ continues ”, “ project ”, “ potential ”, “ possible ”, “ contemplate ”, “ seek ”, “ goal ”, or similar expressions, or may employ such future or conditional verbs as “ may ”, “ might ”, “ will ”, “ could ”, “ should ” or “ would ”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information in this news release includes, without limitation, statements regarding the future plans and objectives of the Company, its business, execution of business strategy, future performance and future growth, development initiatives, business prospects, synergies and opportunities of Immersive Tech and its related subsidiaries, the Company’ s expansion initiatives and pursuit of M & A activity, and other factors beyond the Company’ s control.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of its experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances at the date such statements are made, including, but not limited to, the Company being able maintain its business as presently contemplated, new product development and innovation, we may not be able to achieve anticipated milestones; delays or stoppages in the Company's business activities resulting from the COVID-19 pandemic; key personnel risk; business integration risks; failure to capitalize on business opportunities and develop revenue-generating activities, risks inherent to equity and debt markets and their effects on our share price, and such other assumptions presented in the Company’ s disclosure record. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
Neither the CSE nor its Regulation Services Provider ( as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. | general |
Can Opec-Plus Survive Russia Predicament? | The potential for Russia to become an oil market pariah presents the latest challenge for Opec-plus. Russia has been a critical member of the producer group since its inception in 2017, and Opec members — led by Saudi Arabia — appear to have little interest in distancing themselves from Russia following its invasion of Ukraine. Opec-plus has overcome several threats to its unity over its five-year lifespan, but the Russian predicament and corresponding price shock may be its stiffest test yet. “ I don't think anything will change for now [ in terms of Russia's partnership with Opec ], ” one Opec-plus delegate told Energy Intelligence. “ But no one knows. ” The group fell apart in March 2020 when Saudi Arabia surprised the world by launching an oil price war aimed at maximizing its market share after failing to agree with Russia on extending the Opec-plus pact to support crude prices. But just weeks later, Opec-plus bounced back, responding to a global demand collapse triggered by the Covid-19 pandemic with a historic pact to remove 9.7 million barrels per day from the market. Over the following 18 months, Opec-plus managed to return markets back to balance and restore prices to sustainable levels. For some Mideast members like Saudi Arabia, Russia has also become a key strategic partner in the geopolitical sphere. | general |
Exploration Enters New, Focused Era | Exploration is picking up fresh juice after Covid-19 era troughs. An overwhelming swing to scarcity sentiment in oil and gas markets, energy security concerns and higher prices could offer companies more leeway in the near term to pursue exploration targets that could shore up delivery of incremental barrels in the mid-to-latter part of this decade. But this, along with rampant warnings about industry underinvestment, is unlikely to kick off another major exploratory boom. The uptick in activity comes off a notable low: Rystad Energy estimates oil and gas discoveries hit a 75-year trough in 2021, with new volumes tallied at a scant 4.7 billion barrels of oil equivalent. Wood Mackenzie expects global exploration spending of $ 20 billion and $ 25 billion in 2022, with wildcatting dominated by supermajors and national oil companies ( NOCs). The next few years may represent the last chance for companies to prove up resources in acreage they paid a pretty penny for in past decades and cement workable projects in their lineups for delivery in the mid-to-late 2020s. After that, many expect oil demand to start falling. | general |
The response to COVID-19 among drug retail outlets in Indonesia: A cross-sectional survey of knowledge, attitudes, and practices - The Lancet Regional Health – Western Pacific | BackgroundPharmacists have been at the frontline of the COVID-19 response in Indonesia, providing medicines, advice, and referral services often in areas with limited healthcare access. This study aimed to explore their knowledge, attitudes, and practices during the pandemic, so that we can be better prepared for future emergencies.MethodsA cross-sectional online survey of community pharmacists and pharmacy technicians in Indonesia was conducted between July and August 2020. The dataset was analysed descriptively, and logistic regression was used to explore willingness to participate in COVID-19 interventions.Findings4716 respondents participated in the survey. Two-thirds ( 66·7%) reported knowing only “ a little ” about COVID-19 and around a quarter ( 26·6%) said they had not received any COVID-19 guidelines. Almost all were concerned about being infected ( 97·2%) and regularly took steps to protect themselves and their clients ( 87·2%). Stock-outs of Personal Protective Equipment ( PPE) and other products ( 32·3%) was the main reason for not taking any precautions. Around a third ( 37·7%) mentioned having dispensed antibiotics to clients suspected of having COVID-19. To support COVID-19 response efforts, most respondents were willing to provide verbal advice to clients ( 97·8%), distribute leaflets to clients ( 97·7%), and participate in surveillance activities ( 88·8%). Older respondents, those identifying as male, and those working in smaller outlets were more willing to provide information leaflets. Those working in smaller outlets were also more willing to engage in outbreak surveillance.InterpretationDrug retail outlets continue to operate at the frontline of disease outbreaks and pandemics around the world. These providers have an important role to play by helping to reduce the burden on facilities and providing advice and treatment. To fulfil this role, drug retail outlets require regular access to accurate guidelines and steady supplies of PPE. Calls for drug retail outlet staff to plat in response efforts including the provision of information to clients and surveillance could ease escalating pressures on the health system during future outbreaks.FundingThis study was funded by a grant from the Department of Foreign Affairs and Trade, Australia, under the Stronger Health Systems for Health Security Scheme.
Pharmacists have been at the frontline of the COVID-19 response in Indonesia, providing medicines, advice, and referral services often in areas with limited healthcare access. This study aimed to explore their knowledge, attitudes, and practices during the pandemic, so that we can be better prepared for future emergencies.
A cross-sectional online survey of community pharmacists and pharmacy technicians in Indonesia was conducted between July and August 2020. The dataset was analysed descriptively, and logistic regression was used to explore willingness to participate in COVID-19 interventions.
4716 respondents participated in the survey. Two-thirds ( 66·7%) reported knowing only “ a little ” about COVID-19 and around a quarter ( 26·6%) said they had not received any COVID-19 guidelines. Almost all were concerned about being infected ( 97·2%) and regularly took steps to protect themselves and their clients ( 87·2%). Stock-outs of Personal Protective Equipment ( PPE) and other products ( 32·3%) was the main reason for not taking any precautions. Around a third ( 37·7%) mentioned having dispensed antibiotics to clients suspected of having COVID-19. To support COVID-19 response efforts, most respondents were willing to provide verbal advice to clients ( 97·8%), distribute leaflets to clients ( 97·7%), and participate in surveillance activities ( 88·8%). Older respondents, those identifying as male, and those working in smaller outlets were more willing to provide information leaflets. Those working in smaller outlets were also more willing to engage in outbreak surveillance.
Drug retail outlets continue to operate at the frontline of disease outbreaks and pandemics around the world. These providers have an important role to play by helping to reduce the burden on facilities and providing advice and treatment. To fulfil this role, drug retail outlets require regular access to accurate guidelines and steady supplies of PPE. Calls for drug retail outlet staff to plat in response efforts including the provision of information to clients and surveillance could ease escalating pressures on the health system during future outbreaks.
This study was funded by a grant from the Department of Foreign Affairs and Trade, Australia, under the Stronger Health Systems for Health Security Scheme.
Research in context Evidence before this studyPharmacies and drug stores play an important role in serving the community as they are often the first point of contact within the health system. Calls for drug retail outlet staff to play a more active role in COVID-19 response efforts are increasing. However, these providers face major challenges, including increased risk of transmission inside outlets and a lack of training in pandemic preparedness. Our study investigated the response of community pharmacies in Indonesia to consumer needs during the pandemic. To the best of our knowledge, this is the largest survey of pharmacists and pharmacy technicians working at drug retail outlets in a Southeast Asian country during the COVID-19 crisis. Added value of this studyWe analysed attitudes and self-reported knowledge, and practice of pharmacists and pharmacy technicians across Indonesia's 34 provinces. The majority of respondents expressed concern about being infected and were willing to participate in COVID-19 response efforts. Our study supports previous research on the potential risks faced by pharmacists during pandemics, while providing new evidence on issues such as the common use of antibiotics among suspected COVID-19 patients. Implications of all the available evidenceThis study provides evidence on the importance of drug retail outlets during the current COVID-19 crisis in Indonesia. Access to guidelines and protocols related to the pandemic as well as uninterrupted supplies of personal protective equipment ( PPE), is essential for these frontline health workers. Pharmacists and pharmacy technicians have considerable potential to help combat COVID-19 and any future pandemics. The Indonesian government should increase efforts to engage with them.
Pharmacies and drug stores play an important role in serving the community as they are often the first point of contact within the health system. Calls for drug retail outlet staff to play a more active role in COVID-19 response efforts are increasing. However, these providers face major challenges, including increased risk of transmission inside outlets and a lack of training in pandemic preparedness. Our study investigated the response of community pharmacies in Indonesia to consumer needs during the pandemic. To the best of our knowledge, this is the largest survey of pharmacists and pharmacy technicians working at drug retail outlets in a Southeast Asian country during the COVID-19 crisis.
We analysed attitudes and self-reported knowledge, and practice of pharmacists and pharmacy technicians across Indonesia's 34 provinces. The majority of respondents expressed concern about being infected and were willing to participate in COVID-19 response efforts. Our study supports previous research on the potential risks faced by pharmacists during pandemics, while providing new evidence on issues such as the common use of antibiotics among suspected COVID-19 patients.
This study provides evidence on the importance of drug retail outlets during the current COVID-19 crisis in Indonesia. Access to guidelines and protocols related to the pandemic as well as uninterrupted supplies of personal protective equipment ( PPE), is essential for these frontline health workers. Pharmacists and pharmacy technicians have considerable potential to help combat COVID-19 and any future pandemics. The Indonesian government should increase efforts to engage with them.
In the midst of the COVID-19 pandemic, there are increasing calls for pharmacists to play a more active role in the public health response, beyond dispensing of medicines and other supplies. In particular, it has been suggested that in the context of pandemics, pharmacists could be involved in outbreak surveillance,1Al-Quteimat O.M. Amer A.M. SARS-CoV-2 outbreak: how can pharmacists help?.Res Soc Adm Pharm. 2021; 17 ( Feb): 480-482Google Scholar, 2Cadogan C.A. Hughes C.M. On the frontline against COVID-19: community pharmacists’ contribution during a public health crisis.Res Soc Adm Pharm. 2021; 17: 2032-2035Google Scholar, 3Ung C.O.L. Community pharmacist in public health emergencies: quick to action against the coronavirus 2019-nCoV outbreak.Res Soc Adm Pharm. 2020; 16: 583-586Google Scholar, 4Zheng S.Q. Yang L. Zhou P.X. Li H.B. Liu F. Zhao R.S. Recommendations and guidance for providing pharmaceutical care services during COVID-19 pandemic: a China perspective.Res Soc Adm Pharm. 2021; 17: 1819-1824Google Scholar, 5Hayden J.C. Parkin R. The challenges of COVID-19 for community pharmacists and opportunities for the future.Ir J Psychol Med. 2020; 37: 198-203Google Scholar, 6Aruru M. Truong H.A. Clark S. Pharmacy Emergency Preparedness and Response ( PEPR): a proposed framework for expanding pharmacy professionals’ roles and contributions to emergency preparedness and response during the COVID-19 pandemic and beyond.Res Soc Adm Pharm. 2021; 17: 1967-1977Google Scholar health education,7Miller S. Patel N. Vadala T. Abrons J. Cerulli J. Defining the pharmacist role in the pandemic outbreak of novel H1N1 influenza.J Am Pharm Assoc. 2012; 52: 763-767Google Scholar drug trials,8Goff D.A. Ashiru-Oredope D. Cairns K.A. et al.Global contributions of pharmacists during the COVID-19 pandemic.J Am Coll Clin Pharm JACCP. 2020;: 1-13Google Scholar vaccine delivery,9Schwerzmann J. Graitcer S.B. Jester B. et al.Evaluating the impact of pharmacies on pandemic influenza vaccine administration.Disaster Med Public Health Prep. 2017; 11: 587-593Google Scholar testing,10Mukattash T.L. Jarab A.S. Abu-Farha R.K. et al.Willingness and readiness to test for COVID-19; a qualitative exploration of community pharmacists.Int J Clin Pract. 2020; 74Google Scholar and programs to support patient medication adherence.11Kretchy I.A. Asiedu-Danso M. Kretchy J.P. Medication management and adherence during the COVID-19 pandemic: perspectives and experiences from low-and middle-income countries.Res Soc Adm Pharm. 2021; 17 ( Jan): 2023-2026Google Scholar These roles become critical when clinical services are heavily committed, especially in countries where health systems are under-resourced.2Cadogan C.A. Hughes C.M. On the frontline against COVID-19: community pharmacists’ contribution during a public health crisis.Res Soc Adm Pharm. 2021; 17: 2032-2035Google Scholar However, the operation of pharmacies and drug stores during COVID-19 poses significant challenges. A small but growing number of studies have pointed to major gaps in measures to control disease transmission inside pharmacies12Khojah H.M.J. Community pharmacy services and preparedness during COVID-19 outbreak in Madinah, Saudi Arabia.Saudi Pharm J. 2020; 28: 1402-1407Google Scholar, 13Itani R. Karout S. Khojah H.M.J. et al.Community pharmacists’ preparedness and responses to COVID-19 pandemic: a multinational study.Int J Clin Pract. 2021;: 1-10Google Scholar, 14Alshahrani A. Readiness of community pharmacists to play a supportive and advocacy role in the fight against corona virus disease.Risk Manag Healthc Policy. 2020; 13: 3121-3133Google Scholar as well as inappropriate behaviour by clients that can undermine staff safety.15Zaidi S.T.R. Hasan S.S. Personal protective practices and pharmacy services delivery by community pharmacists during COVID-19 pandemic: results from a national survey.Res Soc Adm Pharm. 2021; 17: 1832-1837Google Scholar Studies have also raised concerns about the lack of appropriate training in pandemic preparedness available to pharmacy staff.6Aruru M. Truong H.A. Clark S. Pharmacy Emergency Preparedness and Response ( PEPR): a proposed framework for expanding pharmacy professionals’ roles and contributions to emergency preparedness and response during the COVID-19 pandemic and beyond.Res Soc Adm Pharm. 2021; 17: 1967-1977Google Scholar,16Hoti K. Jakupi A. Hetemi D. Raka D. Hughes J. Desselle S. Provision of community pharmacy services during COVID-19 pandemic: a cross sectional study of community pharmacists’ experiences with preventative measures and sources of information.Int J Clin Pharm. 2020; 42: 1197-1206Google Scholar
In Indonesia, community pharmacies and drug stores often serve as the first point of contact with the health system for many patients. Community pharmacies must always be attended by a qualified pharmacist and drug stores by a pharmacy technician, who oversee the dispensing of medicines. Only community pharmacies can sell prescribed medicines including antibiotics. Hereon we refer to them both as ‘ drug retail outlets’. According to official data from the Indonesian Ministry of Health ( MOH), the country's population of around 270 million is served by approximately 135,000 licensed drug retail outlets.17World Bank. Indonesia health sector review. Pharmaceuticals: Why reform is needed [ Internet ]. 2009. Available from: http: //documents.worldbank.org/curated/en/299321468284127594/pdf/594710BRI0Phar10Box358283B01PUBLIC1.pdfGoogle Scholar,18The Indonesian Ministry of Health. Mapping of Pharmaceutical Facilities 2013 - 2018 ( Aplikasi Pemetaan Sarana Kefarmasian 2013-2018) [ Internet ]. [ cited 2021 Aug 5 ]. Available from: https: //www.farmalkes.kemkes.go.id/index.php? req=view services & p=rekapitulasiIkotGoogle Scholar Around 10% of these outlets serve the provider network for Indonesia's national health insurance scheme, the Jaminan Kesehatan Nasional or simply the ‘ JKN’, which is designed to make health services accessible to all citizens by the end of 2024.19Hermansyah A. Wulandari L. Kristina S.A. Meilianti S. Primary health care policy and vision for community pharmacy and pharmacists in Indonesia.Pharm Pract ( Granada). 2020; 18 ( Jul 22): 2085Google Scholar
There have been increasing calls for greater involvement of pharmacists and pharmacy technicians ( who typically work under the supervision of pharmacists) in the response to COVID-19,8Goff D.A. Ashiru-Oredope D. Cairns K.A. et al.Global contributions of pharmacists during the COVID-19 pandemic.J Am Coll Clin Pharm JACCP. 2020;: 1-13Google Scholar,20Kristina S.A. Herliana N. Hanifah S. The perception of role and responsibilities during covid-19 pandemic: a survey from indonesian pharmacists.Int J Pharm Res. 2020; 12: 3034-3039Google Scholar,21Hess K. Bach A. Won K. Seed S.M. Community pharmacists roles during the COVID-19 pandemic.J Pharm Pract. 2020; Google Scholar which is taking a huge toll on the population and health system of Indonesia. As of early February 2022, more than 4·3 million cases and 144,000 deaths were reported in the country, including thousands of frontline health workers.22Lapor COVID-19. Terima Kasih Pahlawan Kesehatan Indonesia [ Internet ]. 2020 [ cited 2021 Aug 5 ]. Available from: https: //nakes.laporcovid19.org/Google Scholar,23WHO. WHO Coronavirus Disease ( COVID-19) Dashboard With Vaccination Data [ Internet ]. World Health Organization. 2021 [ cited 2022 Feb 2 ]. Available from: https: //covid19.who.int/region/searo/country/idGoogle Scholar
In this paper, we report findings from a survey of the attitudes, self-reported knowledge and practice of pharmacists and pharmacy technicians in Indonesia during the COVID-19 pandemic. After presenting the findings, we discuss recommendations to strengthen their contribution to future response activities in Indonesia and other Low- and Middle-Income Countries ( LMIC). To our knowledge, this is the largest empirical study of health professionals working in drug retail outlets during the COVID-19 pandemic in Indonesia.
Participants were registered pharmacists and pharmacy technicians working in drug retail outlets in Indonesia. These private practitioners may be part of major retail chains or small pharmacies owned by individuals or groups. A pharmacist will have a bachelor's degree in pharmacy and a pharmacist registration training certificate. In contrast, a pharmacy technician will have graduated from a pharmacy technician school, obtained a three-year diploma in pharmacy, or received a bachelor's degree in pharmacy without holding a pharmacist registration training certificate. Pharmacists have primary responsibility for the dispensing of medicines, narcotics, and psychotropic substances to the public on presentation of a prescription from a doctor, while pharmacy technicians may assist pharmacists with dispensing.24Pemerintah Republik Indonesia. Peraturan Pemerintah Republik Indonesia No 51 Tahun 2009. 2009.Google Scholar Typically, the pharmacy owner and pharmacists-in-charge will enter into a cooperation agreement covering salary and profit sharing. By regulation, pharmacists are entitled to monthly professional fees for managing the pharmacy, consultation fees, benefits including health insurance as well as revenue sharing. While a minimum salary has been determined by some branches of the Indonesian Pharmacists Association ( IAI), the actual salary is at the discretion of the pharmacy owner.25Ikatan Apoteker Indonesia. Peraturan Organisasi tentang Standar Minimal Jasa Profesi Apoteker di Apotek dan Klinik. Indonesia; 2019 p. 1–6.Google Scholar
A cross-sectional online survey of registered pharmacists and pharmacy technicians was conducted between July and August 2020. The Checklist for Reporting Results of Internet E-Surveys ( CHERRIES) 26Eysenbach G. Improving the quality of Web surveys: the Checklist for Reporting Results of Internet E-Surveys ( CHERRIES).J Med Internet Res. 2004; 6 ( Sep 29–e34): e34Google Scholar was used to guide development of the study design.
An invitation to participate in the study was circulated through the IAI and the Indonesian Pharmacy Technicians Association ( PAFI). The invitation, containing a link to an online survey, was sent via email and WhatsApp to a contact person in all 34 provincial branches of these two professional organisations. These persons then forwarded the invitation to more than 500 representatives at the district level using their contact lists. All members of the associations who were currently working in a pharmacy or drug store were eligible to take part in the study. Random sampling was not possible due to the lack of an up-to-date register of all active pharmacists and pharmacy technicians. At the beginning of the survey, a screening question was asked to ensure respondents were eligible to participate. A large target the sample of 2000 respondents was based on resource constraints and our existing networks with pharmacy and pharmacy technician associations established under the PINTAR ( Protecting Indonesia from the Threat of Antibiotic Resistance) study.27Wulandari L.P.L. Khan M. Liverani M. et al.Prevalence and determinants of inappropriate antibiotic dispensing at private drug retail outlets in urban and rural areas of Indonesia: a mixed methods study.BMJ Glob Heal. 2021; 6e004993Google Scholar
The questionnaire was designed to collect data on demographic characteristics, knowledge and understanding of COVID-19, hygiene and safety measures, experience of serving clients with suspected COVID-19, and willingness to be involved in specific pandemic response activities, including providing verbal advice to clients, distributing information leaflets on COVID-19, and participating in disease surveillance ( e.g., reporting the number of clients presenting with symptoms). Questions on hygiene and safety measures were developed using the COVID-19 pandemic emergency guidelines published by the International Pharmaceutical Federation ( FIP) and other pharmacy professional bodies28International Pharmaceutical Federation. FIP Covid-19 Information Hub [ Internet ]. 2020 [ cited 2021 Aug 5 ]. Available from: https: //www.fip.org/coronavirusGoogle Scholar,29The Pharmacy Guild of Australia. Pandemic Planning and Guidelines - Pharmacy Guild of Australia [ Internet ]. 2020 [ cited 2021 Aug 5 ]. p. 11. Available from: https: //www.guild.org.au/resources/business-operations/covid-19/covid-19-guide-for-community-pharmacyGoogle Scholar as well as the Indonesian national guidelines for pharmacists.30Indonesian Pharmacist Association. Standard operational procedures on provision of services to clients during COVID-19 pandemic [ Standar Prosedur Operasi Pelayanan Pelanggan Selama Masa KLB COVID-19 ]. 2020.Google Scholar
The original questionnaire was developed in English, translated into Indonesian, and then back-translated to confirm accuracy of the translation.31Brislin R.W. Back-translation for cross-cultural research.J Cross Cult Psychol. 1970; 1: 185-216Google Scholar The questionnaire was refined after being piloted among 46 pharmacy students at the Universitas Islam Indonesia in Yogyakarta and public health researchers in the Center for Tropical Medicine, at the Universitas Gadjah Mada ( UGM) for improved accuracy and ease of comprehension.
Respondents could access a mobile or desktop version of the questionnaire, developed using the REDCap electronic data collection tool.32Harris P.A. Taylor R. Minor B.L. et al.The REDCap consortium: building an international community of software platform partners.J Biomed Inform. 2019; 95 ( Jul) 103208Google Scholar,33Harris P.A. Taylor R. Thielke R. Payne J. Gonzalez N. Conde J.G. Research electronic data capture ( REDCap) -a metadata-driven methodology and workflow process for providing translational research informatics support.J Biomed Inform. 2009; 42 ( Apr): 377-381Google Scholar The survey was available online for eight weeks between July and August 2020. Fortnightly follow-up reminders were sent via the WhatsApp app. At the end of the survey, all respondents were provided with written guidance from UGM on how to strengthen pandemic response efforts in the community.
Data cleaning, validation, coding, and analysis were undertaken by YM and LPLW using STATA version 13, with oversight from a senior statistician ( ML). Descriptive statistics were used to report means, frequencies, and percentages, by pharmacy and pharmacy technician sub-groups. We used the total number of complete responses to each question as the denominator. Bivariate and multivariable analyses were used to explore associations between participant characteristics and their willingness to participate in COVID-19 response efforts, using simple and multivariable logistic regression, respectively. The outcome of interest was a respondent's willingness to participate in specific COVID-19 related activities. Answers to these questions were re-categorised as binary variables “ very willing ” versus “ moderately willing ” and “ unwilling ”. Bivariate analysis was conducted using age, gender, type of workplace, level of concern about acquiring COVID-19, and number of suspected COVID-19 clients seen in the last week. Only variables that demonstrated a statistically significant association in the bivariate analysis ( p < 0·05) were included in the multivariable analysis with no adjustment of p-values for multiple comparisons.
All research activities were conducted in compliance with a protocol approved by the medical research ethics committees of the Universitas Gadjah Mada ( KE/FK/0464/EC/2020) and the University of New South Wales ( HC191012). The questionnaire was entirely anonymous and no personal identifiers ( including name, location, IP address) were collected. Informed consent was obtained electronically on the first page of the survey and respondents could only proceed if consent was provided.
The study sponsor had no role in the study design, data collection, data analysis and interpretation, writing the report, or the decision to submit the paper for publication.
Of the 7096 staff who clicked on the link to the survey, 6270 were eligible to participate. Of these, three-quarters ( 4716/6270) gave their consent to participate in the study ( Figure 1). Due to the recruitment methods used in this study, it was not possible to calculate a response rate.Figure 1Respondent flowchart.View Large Image Figure ViewerDownload Hi-res image Download ( PPT)
Participants came from all 34 provinces of Indonesia, with a third located in Java: East Java ( 454/4716; 11·5%); Central Java ( 438/4716; 11·1%); and West Java ( 433/4716; 10·9%) ( Figure 2). The mean age of respondents was 32 years with the majority ( 3356/3985; 84·3%) aged between 21 and 40 years. Over three-quarters of respondents were female ( 1847/4043; 78·6%), and two-thirds had a bachelor's degree or higher ( 2659/3982; 66·8%). The majority worked at an independent drug retail outlet ( 3378/3911; 86·4%), defined as an individual business that was not affiliated with any chain, and more than half ( 2029/4000, 50·8%) had worked as a pharmacist or pharmacy technician for 6 years or more. Around 12% of respondents were also owners of the facilities where they worked ( Table 1).Figure 2The number of survey respondents by province.View Large Image Figure ViewerDownload Hi-res image Download ( PPT) Table 1Respondent characteristics.VariablesN (%; 95% CI) Age group ( years) ( N= 3985) ≤ 301779 ( 44·6; 43·1-46·2) 31-401584 ( 39·8; 38·2-41·3) 41-50461 ( 11·6; 10·6-12·6) > 50161 ( 4·0; 3·5-4·7) Missing731 ( 15·5) Gender ( N= 4043) Male750 ( 18·6; 17·4-19·8) Female3213 ( 79·5; 78·2-80·7) Rather not say80 ( 2·0; 1·5-2·4) Missing673 ( 14·3) Highest education level ( N= 3982) Diploma1323 ( 33·2; 31·8-34·7) Bachelor's degree and above2659 ( 66·8; 65·3-68·2) Missing734 ( 15·6) Occupation ( N= 4009) Pharmacist ( not owner) 1809 ( 45·1; 43·6-46·6) Pharmacy technician ( not owner) 1711 ( 42·7; 41·2-44·2) Pharmacy technician and owner83 ( 2·1; 1·6-2·5) Pharmacist and owner406 ( 10·1; 9·2-11·1) Missing707 ( 15·0) Type of drug retail outlet ( N= 3911) Independent pharmacy3135 ( 80·2; 78·9-81·3) Chain pharmacy481 ( 12·3; 11·3-13·4) Independent drug store243 ( 6·2; 5·5-7·0) Chain drug store52 ( 1·3; 1·0-1·7) Missing805 ( 17·1) Work experience ( years) ( N= 4000) < 1398 ( 10·0; 9·0-10·9) 1-51573 ( 39·3; 37·8-40·8) 6-101015 ( 25·4; 24·0-26·7) > 101014 ( 25·4; 24·0-26·7) Missing716 ( 15·2) Number of outlets currently working at ( N= 3986) 12975 ( 74·6; 73·3-75·9) 2750 ( 18·8; 17·6-20·0) 3 * According to the Indonesian Ministry of Health, pharmacists and pharmacy technicians are prohibited from working at more than three outlets.34261 ( 6·6; 5·8-7·4) Missing730 ( 15·5) Number of staff in main outlet where respondent works ( N= 3912) > 3 staff members1893 ( 48·4; 46·8-49·9) ≤3 staff members2019 ( 51·6; 50·0-53·2) Missing804 ( 17·0) Location of main outlet where respondent works ( N= 3953) Java2255 ( 57·0; 55·5-58·6) Outside Java1698 ( 43·0; 41·4-44·5) Missing763 ( 16·2) According to the Indonesian Ministry of Health, pharmacists and pharmacy technicians are prohibited from working at more than three outlets.34Kemenkes R.I. Peraturan Menteri Kesehatan Republik Indonesia No 889 Tahun 2011 tentang Registrasi, Ijin Praktek dan Izin Kerja Tenaga Kefarmasian. Kementerian Kesehatan Republik Indonesia, 2011: 4Google Scholar Open table in a new tab
Table 2 shows that almost all respondents reported having some knowledge of COVID-19 ( 3453/3461; 99·8%) and having received some information on COVID-19 ( 3384/3461; 97·8%). However, two-thirds ( 2308/3461; 66·7%) felt that they still knew only a little about COVID-19 at the time of this survey. The information received about COVID-19 was most commonly around disease transmission ( 3134/3384; 92·6%), while updates on screening and testing practices were the least common ( 1903/3384; 56·2%). Two-thirds of respondents ( 2339/3376; 69·3%) stated they had read pharmacy guidelines on COVID-19 that had been produced by groups such as the World Health Organization ( WHO), FIP, IAI, or the Indonesian MOH. The majority of respondents correctly identified the main ways that COVID-19 is spread [ i.e., through touching infected objects and then the face ( 93·4%) and through inhaling droplets ( 79·1%) ]. The vast majority also knew that drinking dirty water, the faecal-oral route, and mosquito bites were not main modes of transmission. Pharmacists were more likely to have received COVID-19 related information, and were often correct in their understanding about transmission, compared to pharmacy technicians.Table 2Self-reported knowledge and access to information on COVID-19 among pharmacists and pharmacy technicians.VariablesPharmacistPharmacy technicianTotalN (%; 95% CI) N (%; 95% CI) N (%; 95% CI) Self-reported level of knowledge about COVID-19⁎⁎p < 0.05. ( N=3461) Know nothing1 ( 0·05; 0·0-0·4) 7 ( 0·5; 0·0-0·9) 8 ( 0·2; 0·1-0·4) Know a little1187 ( 60·9; 58·7-63·1) 1120 ( 74·0; 71·7-76·2) 2308 ( 66·7; 65·1-68·2) Know a lot759 ( 38·9; 36·8-41·2) 386 ( 25·5; 23·4-27·8) 1145 ( 33·1; 31·5-34·7) Missing1245 ( 26·4) Received any information on COVID-19 ( N=3462) Yes1913 ( 98·2; 97·5-98·7) 1471 ( 97·2; 96·2-97·9) 3384 ( 97·8; 0·97·2-98·2) No35 ( 1·8; 1·3-2·5) 42 ( 2·8; 2·1-3·7) 78 ( 2·2; 0·18·0-28·0) Missing1254 ( 26·4) Source of information ( N=3384) * Respondents could tick more than one answer.Online ( e.g., social media, website) ⁎⁎p < 0.05.1793 ( 93·7; 92·5-94·7) 1295 ( 88·0; 86·2-89·6) 3088 ( 91·3; 90·2-92·2) Offline ( e.g., newspaper, professional organisation, conversation with friends) ⁎⁎p < 0.05.1790 ( 93·6; 92·3-94·5) 1314 ( 89·3; 87·6-90·8) 3104 ( 91·7; 90·7-92·6) Both online and offline⁎⁎p < 0.05.1730 ( 90·4; 89·0-91·7) 1175 ( 79·9; 77·8-81·8) 2905 ( 85·6; 84·6-86·9) Missing1332 ( 28·2) What topics related to COVID-19 have you received information on? ( N=3384) * Respondents could tick more than one answer.How COVID-19 is transmitted⁎⁎p < 0.05.1825 ( 95·4; 94·3-96·2) 1309 ( 88·9; 87·2-90·5) 3134 ( 92·6; 91·7-93·4) Who is most at risk for COVID-19⁎⁎p < 0.05.1751 ( 91·5; 90·2-92·7) 1170 ( 79·5; 77·4-81·5) 2921 ( 86·3; 85·1-87·4) Symptoms of COVID-19⁎⁎p < 0.05.1728 ( 90·3; 88·9-91·6) 1125 ( 76·5; 74·2-78·6) 2853 ( 84·3; 83·0-85·5) Causes of COVID-19⁎⁎p < 0.05.1686 ( 88·1; 86·6-89·5) 1120 ( 76·1; 73·9-78·2) 2806 ( 82·9; 81·6-84·2) Prevention of COVID-191604 ( 83·8; 82·1-85·4) 1041 ( 70·7; 68·4-73·0) 2645 ( 78·2; 76·7-79·5) Latest number of COVID-19 cases⁎⁎p < 0.05.1450 ( 75·8; 73·8-77·6) 942 ( 64·0; 61·5-66·4) 2392 ( 70·7; 69·1-72·2) Latest number of COVID-19 related deaths⁎⁎p < 0.05.1435 ( 75·0; 73·0-76·9) 926 ( 62·9; 60·4-65·4) 2361 ( 69·8; 68·2-71·2) Latest number of recovered cases⁎⁎p < 0.05.1428 ( 74·6; 72·6-76·5) 913 ( 62·1; 59·6-64·5) 2341 ( 69·2; 676-70·7) Treatment for COVID-19⁎⁎p < 0.05.1303 ( 68·1; 65·9-70·2) 623 ( 42·3; 39·8-44·8) 1926 ( 56·9; 55·2-58·6) Screening and testing for COVID-19⁎⁎p < 0.05.1233 ( 64·4; 62·3-66·5) 670 ( 45·5; 43·0-48·1) 1903 ( 56·2; 54·6-57·9) Missing1332 ( 28·2) Have you been given any guidelines on COVID-19 that relate to drug retail outlets? ⁎⁎p < 0.05. ( N=3376) Yes1423 ( 74·4; 72·4-76·3) 916 ( 62·5; 60·0-65·0) 2339 ( 69·3; 67·7-70·8) No435 ( 22·7; 20·9-24·7) 464 ( 31·7; 29·3-34·1) 899 ( 26·6; 25·1-28·1) Don't know54 ( 2·8; 2·1-3·7) 84 ( 5·7; 4·6-7·1) 138 ( 4·1; 3·4-4·8) Missing1340 ( 28·4) In your understanding, what are the main ways COVID-19 is spread? ( N= 3457) * Respondents could tick more than one answer.Touching an infected surface, then face⁎⁎p < 0.05.1855 ( 95·3; 94·2-96·1) 1374 ( 91·1; 89·5-92·3) 3229 ( 93·4; 92·5-94·1) Inhaling droplets⁎⁎p < 0.05.1683 ( 86·4; 84·8-87·8) 1052 ( 69·7; 67·3-71·9) 2736 ( 79·1; 77·7-80·5) Touching an infected person1003 ( 51·5; 49·2-53·7) 798 ( 52·9; 50·3-55·3) 1801 ( 52·1; 50·4-53·7) Contact with the blood of an infected person822 ( 42·2; 40·0-44·4) 588 ( 38·9; 36·5-41-4) 1410 ( 40·7; 39·2-42·4) Breathing in the air238 ( 12·2; 10·8-13·7) 155 ( 10·3; 8·8-11·9) 393 ( 11·4; 10·4-12·5) Faecal-oral route⁎⁎p < 0.05.138 ( 7·1; 6·0-8·3) 75 ( 4·9; 3·9-6·2) 213 ( 6·2; 5·4-7·0) Drinking dirty water⁎⁎p < 0.05.52 ( 2·7; 2·0-3·5) 25 ( 1·6; 1·1-2·4) 77 ( 2·2; 1·7-2·7) Mosquito bites11 ( 0·6; 0·3-1·0) 10 ( 0·6; 0·3-1·2) 21 ( 0·6; 0·4-0·9) Missing1259 ( 26·7) Respondents could tick more than one answer. p < 0.05. Open table in a new tab
Figure 3 summarises practices reportedly undertaken by pharmacists and pharmacy technicians to protect themselves, other staff, and clients against COVID-19. The three most common practices were wearing a face mask ( 1725/1736; 99·4% and 1284/1291; 99·5%), instructing clients to wear a face mask ( 1680/1739; 96·6% and 1255/1291; 97·2%), and putting hand sanitiser at the entrance or cash counter of an outlet ( 1658/1741; 95·2% and 1257/1291; 97·4%). More than one-third of the respondents ( 613/1738; 35·2% and 641/1291; 49·6%) reported that a disinfection chamber had recently been installed in a store where they currently worked. The three most common pieces of advice given to clients by pharmacists and pharmacy technicians ( Figure 4) were to wear a face mask ( 1436/1516; 94·7% and 975/1080; 90·3%), to wash hands carefully and regularly ( 1368/1516; 90·2% and 924/1080; 85·6%), and to self-isolate at home if displaying COVID-19 symptoms ( 1246/1516; 82·2% and 860/1080; 79·6%).Figure 3Practices of pharmacists and pharmacy technicians related to COVID-19.View Large Image Figure ViewerDownload Hi-res image Download ( PPT) Figure 4Advice provided to clients by pharmacists and pharmacy technicians on COVID-19.View Large Image Figure ViewerDownload Hi-res image Download ( PPT)
Around a fifth of respondents ( 532/3034; 17·5%) stated that they had been visited by clients whom they suspected of having COVID-19 in the last week. This varied by province from 0% to 40·9% ( Figure 5). Reasons for suspecting a client was infected included: presence of common symptoms ( 268/532; 50·4%); travelled to a high-risk COVID-19 region ( 233/532; 43·8%); reported contact with a close friend or relative with COVID-19 ( 114/532; 21·4%); or the client said they thought they had the virus ( 25/532; 4·7%) ( Figure 6).Figure 5Proportion of respondents who suspected seeing clients with COVID-19 in the last week, by province.View Large Image Figure ViewerDownload Hi-res image Download ( PPT) Figure 6Reasons for suspecting a client had COVID-19.View Large Image Figure ViewerDownload Hi-res image Download ( PPT)
Among those respondents who suspected they had been visited by a client with COVID-19, the most commonly perceived symptoms were a cough ( 235/268; 87·7%) and fever ( 211/268; 78·7%), but many other symptoms such as sore throat, sneezing, and difficulty breathing were also reported ( Figure 7). Items commonly purchased by these clients included: vitamins, immune boosters ( e.g., Imunos®), cough medicines, influenza and cold medicines, hand sanitisers, antipyretics, antiseptics, and PPE such as surgical masks, and fabric masks. It was more common for pharmacy technicians to dispense dexamethasone ( 120/242; 49·6% vs. 80/244; 32·8%), azithromycin ( 89/240; 37·1% vs. 39/242; 16·1%) and other antibiotics ( 124/244; 50·8% vs. 63/246; 25·6%), to clients suspected of having COVID-19 compared to pharmacists ( Figure 8).Figure 7Symptoms of clients suspected of having COVID-19.View Large Image Figure ViewerDownload Hi-res image Download ( PPT) Figure 8Medicines and other products sold to clients suspected of having COVID-19.Show full caption * including those containing an antibiotic. * * excluding azithromycin and lozenges.View Large Image Figure ViewerDownload Hi-res image Download ( PPT)
* including those containing an antibiotic.
* * excluding azithromycin and lozenges.
Almost all ( 2505/2576; 97·2%) respondents expressed concern about contracting COVID-19, ranging from “ a little worried ” to “ very worried ”. Many respondents reported taking regular safety precautions with 69·4%, 54·3%, and 45·2% reporting that they wore face masks, washed their hands, and used hand sanitiser regularly throughout the day, respectively. An additional 28·4%, 39·1%, and 46·4% of respondents reported taking these precautions every time they served a client. Among those who had not taken any safety precautions ( 12·8%), the most common reasons cited were that they were unable to access PPE and other products such as hand sanitiser due to stock-outs ( 32·3%); found it uncomfortable to wear PPE ( 37·3%); could not afford PPE and other products ( 29·1%); or were concerned that items such as face shields might frighten clients ( 23·2%).
Almost half of the respondents ( 1052/2445; 43·0%) said that they believed COVID-19 rapid antibody test kits were sold by some drug retail outlets. A quarter ( 691/2445; 28·3%) of respondents felt that they should be made available through drug retail outlets, with another third ( 842/2445; 34·4%) reporting they were not sure. When asked about the likely price and sources of rapid antibody test kit, 88·6% ( 249/1051) estimated them to be under Rp.500000 ( 36 USD) and most commonly obtained from licensed wholesalers ( 874/1049; 83·3%), only 10·1% ( 106/1049) suspected they were obtained from online sellers.
Respondents were asked about their willingness to participate in public health responses to COVID-19 by providing verbal advice to clients ( e.g., social distancing and when/where to seek medical advice); distributing information leaflets about COVID-19 prevention to clients ( e.g., good hygiene practices and how to wear a face mask); and participating in surveillance activities ( e.g., reporting the number of clients with key symptoms). The vast majority of respondents indicated a willingness ( i.e., “ moderately or very willing ”) to be involved in all activities [ i.e., provide verbal advice ( 97·8%), distribute information leaflets on COVID-19 ( 97·7%), and participate in surveillance activities ( 88·8%) ( Table 3) ].Table 3Respondents’ willingness to engage in the COVID-19 response, by respondent and workplace characteristics.Willingness to provide verbal advice on COVID-19 to the client ( N=2353) PredictorsUnwilling ( 55/2353; 2·3%) Moderately willing ( 688/2353; 29·4%) Very willing ( 1610/2353; 68·4%) N (%; 95% CI) N (%; 95% CI) N (%; 95% CI) Age ( years) < 3027 ( 2·5; 1·7-3·7) 314 ( 29·6; 26·9-32·7) 718 ( 67·8; 64·9-70·5) 31-4021 ( 2·2; 0·1-3·4) 278 ( 29·3; 26·5-32·3) 649 ( 68·5; 65·4-71·3) 41-505 ( 1·8; 0·1-4·3) 81 ( 29·6; 24·5-35·4) 188 ( 68·6; 62·7-73·7) > 502 ( 3·0; 0·0-1·2) 12 ( 18·2; 10·9-30·3) 52 ( 78·8; 66·2-86·6) GenderMale6 ( 1·3; 0·5-3·4) 127 ( 27·2; 23·4-31·4) 333 ( 71·5; 67·2-75·3) Female49 ( 2·7; 0·2-2·8) 544 ( 29·4; 27·4-31·6) 1252 ( 67·9; 65·7-70·0) Rather not say0 ( 0·0; 0·0-0·0) 17 ( 45·9; 30·6-62·1) 20 ( 54·1; 37·9-69·4) Main workplacePharmacy53 ( 2·4; 1·8-3·1) 643 ( 29·4; 2·7-3·1) 1484 ( 68·2; 66·1-70·0) Drug store2 ( 1·2; 0·3-4·6) 45 ( 26·8; 20·6-34·0) 121 ( 72·0; 64·7-78·3) Size of workplace > 3 staff members27 ( 2·4; 1·6-3·4) 338 ( 29·4; 26·8-32·1) 782 ( 68·2; 65·5-70·8) ≤ 3 staff members28 ( 2·3; 1·6-3·4) 350 ( 29·1; 26·7-31·7) 823 ( 68·5; 65·8-71·1) Concerned about getting COVID-19Not worried3 ( 4·8; 1·5-13·8) 18 ( 28·6; 18·7-40·9) 42 ( 66·6; 54·1-77·2) A little22 ( 2·2; 1·4-3·8) 315 ( 32·0; 29·3-35·1) 643 ( 65·8; 52·6-68·5) Very worried30 ( 2·3; 1·6-3·2) 35 ( 27·2; 24·7-29·7) 920 ( 70·5; 68·0-72·9) Number of suspected COVID-19 clientsNone46 ( 2·3; 0·2-3·1) 582 ( 29·7; 27·7-31·8) 1329 ( 68; 65·8-69·9) ≤10 clients9 ( 2·9; 0·2-5·5) 82 ( 26·5; 21·9-31·8) 218 ( 70·6; 65·2-75·3) > 10 clients0 ( 0·0; 0·0-0·0) 688 ( 29·3; 20·4-40·0) 58 ( 70·7; 59·9-79·5) Willingness to distribute information leaflets on COVID-19 ( N=2350) PredictorsUnwilling ( 54/2350; 2·3%) Moderately willing ( 681/2350; 28·9%) Very willing ( 1615/2350; 68·7%) Age ( years) < 3026 ( 2·5; 1·6-3·6) 349 ( 32·9; 30·1-35·8) 684 ( 64·6; 61·6-67·4) 31-4022 ( 2·3; 1·5-3·5) 257 ( 27·1; 24·3-30·0) 669 ( 70·6; 67·6-73·4) 41-506 ( 2·2; 0·9-4·8) 57 ( 20·9; 16·4-26·1) 210 ( 76·9; 71·5-81·6) > 500 ( 0·0; 0·0-0·0) 16 ( 24·2; 15·8-37·1) 50 ( 75·8; 62·9-84·1) GenderMale5 ( 1·1; 0·4-2·5) 115 ( 24·7; 21·0-28·9) 346 ( 74·2; 70·0-78·0) Female49 ( 2·7; 2·0-3·5) 547 ( 29·6; 27·6-31·8) 1251 ( 67·7; 65·5-69·7) Rather not say0 ( 0·0; 0·0-0·0) 19 ( 51·3; 35·4-66·9) 18 ( 48·7; 33·0-64·6) Main workplacePharmacy51 ( 2·3; 1·8-3·1) 638 ( 29·3; 27·4-31·2) 1492 ( 68·4; 66·4-70·3) Drug store3 ( 1·8; 0·6-5·3) 43 ( 25·4; 19·4-32·5) 123 ( 72·8; 65·6-78·9) Size of workplace > 3 staff members33 ( 2·9; 2·0-4·0) 360 ( 31·4; 28·8-34·2) 754 ( 65·7; 62·9-68·4) ≤ 3 staff members21 ( 1·7; 1·1-2·7) 321 ( 26·7; 24·3-29·3) 861 ( 71·6; 68·9-74·0) Concern of getting COVID-19Not worried5 ( 7·9; 3·3-17·8) 19 ( 30·2; 20·0-42·6) 39 ( 61·9; 49·3-73·1) A little25 ( 2·5; 1·7-3·7) 285 ( 29·0; 26·3-31·9) 673 ( 68·5; 65·4-71·2) Very worried24 ( 1·8; 1·2-2·7) 377 ( 28·9; 26·5-31·4) 903 ( 69·3; 66·7-71·7) Number of suspected COVID-19 clientsNone44 ( 2·3; 1·7-3·0) 568 ( 29·0; 27·1-31·1) 1346 ( 68·7; 66·6-70·7) ≤10 clients8 ( 2·6; 1·3-5·1) 94 ( 30·3; 25·4-35·7) 208 ( 67·1; 61·6-72·1) > 10 clients2 ( 2·4; 0·6-9·3) 19 ( 23·2; 15·3-33·6) 61 ( 74·4; 63·8-82·7) Willingness to participate in surveillance activities ( N=2350) PredictorsUnwilling ( 264/2350; 11·2%) Moderately willing ( 1074/2350; 45·7%) Very willing ( 1012/2350; 43·1%) Age ( years) < 30111 ( 10·5; 8·7-12·4) 516 ( 48·6; 45·6-51·6) 434 ( 40·9; 37·9-43·9) 31-40116 ( 12·2; 10·3-14·5) 411 ( 43·4; 40·2-46·5) 421 ( 44·4; 41·3-47·6) 41-5032 ( 11·7; 8·3-16·1) 117 ( 42·7; 36·9-48·6) 125 ( 45·6; 39·8-51·6) > 505 ( 7·8; 3·2-17·5) 28 ( 43·8; 32·1-56·1) 31 ( 48·4; 36·4-60·6) GenderMale50 ( 10·7; 8·2-13·9) 206 ( 44·2; 39·7-48·8) 210 ( 45·1; 40·6-49·6) Female209 ( 11·3; 9·9-12·8) 849 ( 46·0; 43·7-48·2) 789 ( 42·7; 40·5-44·9) Rather not say5 ( 13·5; 5·7-28·9) 19 ( 51·4; 35·4-66·9) 13 ( 35·1; 21·5-51·8) Main workplacePharmacy242 ( 11·1; 9·8-12·5) 1012 ( 46·4; 44·3-48·5) 927 ( 42·5; 40·4-44·6) Drug store22 ( 13·0; 8·7-19·0) 927 ( 42·5; 29·7-44·2) 85 ( 50·3; 42·8-57·8) Size of workplace > 3 staff members149 ( 13·0; 11·2-15·1) 551 ( 48·0; 45·2-50·9) 447 ( 39·0; 36·2-41·8) ≤ 3 staff members115 ( 9·6; 8·0-11·4) 523 ( 43·5; 40·7-46·2) 565 ( 46·9; 44·2-49·8) Concerned about getting COVID-19Not worried8 ( 12·5; 6·3-23·1) 29 ( 45·3; 33·5-57·6) 27 ( 42·2; 30·7-54·6) A little107 ( 10·9; 9·1-13·0) 475 ( 48·4; 45·2-51·6) 399 ( 40·7; 37·6-43·7) Very worried14 ( 11·4; 9·8-13·3) 570 ( 43·7; 41·0-46·4) 586 ( 44·9; 42·2-47·6) Number of suspected COVID-19 clientsNone218 ( 11·1; 9·8-12·6) 892 ( 45·6; 43·4-47·8) 848 ( 43·3; 41·1-45·5) ≤10 clients41 ( 13·2; 9·9-17·5) 142 ( 45·8; 40·3-51·4) 127 ( 40·9; 35·6-46·5) > 10 clients5 ( 6·1; 2·5-13·9) 40 ( 48·8; 38·1-59·6) 37 ( 45·1; 34·7-56·0) Open table in a new tab
Table 4 shows results of the multivariable analysis of factors associated with respondents reporting to be “ very willing ” to participate in the interventions described above. Older respondents [ age group 34-40 years old ( AOR 1·26 ( 1·04 - 1·52)) and age group 41-50 years old ( AOR 1·82 ( 1·34 -2·48)) ], those identifying as male [ AOR 1·31 ( 1·04 – 1·66) ], and those working in smaller drug retail outlets with 3 or fewer staff [ AOR 1·31 ( 1·10 – 1·56) ] were more willing to provide COVID-19 information leaflets to clients. Respondents who worked in drug retail outlets with fewer staff were more willing to engage in COVID-19 surveillance activities [ AOR 1·36 ( 1·15 – 1·61) ]. No correlates of willingness to provide verbal advice on COVID-19 to clients were found to be statistically significant ( Supplementary Table 4).Table 4Correlates of willingness to participate in COVID-19 response.PredictorsWillingness to distribute leaflets on COVID-19 to clientsWillingness to participate in COVID-19 related surveillance activitiesAOR @ AOR: Adjusted Odds Ratio. * ‘ very willing’ compared to ‘ moderately willing’ and ‘ unwilling’ combined. ( 95% CI) p-valueAOR @ AOR: Adjusted Odds Ratio. * ‘ very willing’ compared to ‘ moderately willing’ and ‘ unwilling’ combined. ( 95% CI) p-valueAge ( years) ≤30131-401·26 ( 1·04 - 1·52) 0·01841-501·82 ( 1·34 – 2·48) < 0·001 > 501·58 ( 0·88 – 2·82) 0·125GenderFemale1Male1·31 ( 1·04 – 1·66) 0·020Rather not say0·46 ( 0·24 – 0·89) 0·021Type of drug retail outletPharmacy1Drug store1·23 ( 0·90 – 1·70) 0·187Size of drug retail outlet > 3 staff members11≤3 staff members1·31 ( 1·10 – 1·56) 0·0031·36 ( 1·15 – 1·61) < 0·001Level of concern about getting COVID-19Not worriedA littleVery worriedNumber of suspected COVID-19 clientNone≤10 clients > 10 clients @ AOR: Adjusted Odds Ratio. ‘ very willing’ compared to ‘ moderately willing’ and ‘ unwilling’ combined. Open table in a new tab
Many studies have explored the actions and experiences of public sector health workers during the COVID-19 crisis but far fewer have focussed on pharmacists and pharmacy technicians working in private drug retail outlets. Our study highlights the important roles these providers perform during the current pandemic in Indonesia as well as the challenges they face. It was revealed that reliable information including guidelines for those working in drug retail outlets has not been readily available. While stadard operating procedures were issued by key professional organisations including the IAI and the FIP in early March 2020,28International Pharmaceutical Federation. FIP Covid-19 Information Hub [ Internet ]. 2020 [ cited 2021 Aug 5 ]. Available from: https: //www.fip.org/coronavirusGoogle Scholar,30Indonesian Pharmacist Association. Standard operational procedures on provision of services to clients during COVID-19 pandemic [ Standar Prosedur Operasi Pelayanan Pelanggan Selama Masa KLB COVID-19 ]. 2020.Google Scholar these had not reached all providers by the time of the survey. Easy access to accurate and timely information is crucial, especially given the proliferation of “ infodemic ” around COVID-19, much of which is driven by social media.35Dzingirai B. Matyanga C.M.J. Mudzviti T. Siyawamwaya M. Tagwireyi D. Risks to the community pharmacists and pharmacy personnel during COVID-19 pandemic: perspectives from a low-income country.J Pharm Policy Pract. 2020; 13: 1-6Google Scholar Compared to pharmacists, fewer pharmacy technicians reported having received information about COVID-19. Increased steps should be taken to ensure guidelines and training are available to all pharmacists and pharmacy technicians.
Actions to protect staff and clients from COVID-19 including the wearing of face masks, instructing clients to wear a face mask, and providing hand sanitiser to clients were commonly practised. Most respondents also provided COVID-19 related information to clients including advice on wearing a face mask and washing their hands properly. While these safety measures have been widely implemented by staff working in community pharmacies in many countries,13Itani R. Karout S. Khojah H.M.J. et al.Community pharmacists’ preparedness and responses to COVID-19 pandemic: a multinational study.Int J Clin Pract. 2021;: 1-10Google Scholar,14Alshahrani A. Readiness of community pharmacists to play a supportive and advocacy role in the fight against corona virus disease.Risk Manag Healthc Policy. 2020; 13: 3121-3133Google Scholar,16Hoti K. Jakupi A. Hetemi D. Raka D. Hughes J. Desselle S. Provision of community pharmacy services during COVID-19 pandemic: a cross sectional study of community pharmacists’ experiences with preventative measures and sources of information.Int J Clin Pharm. 2020; 42: 1197-1206Google Scholar there have been reports that they have sparked patient anxiety and even aggression,5Hayden J.C. Parkin R. The challenges of COVID-19 for community pharmacists and opportunities for the future.Ir J Psychol Med. 2020; 37: 198-203Google Scholar fuelled by longer waiting times5Hayden J.C. Parkin R. The challenges of COVID-19 for community pharmacists and opportunities for the future.Ir J Psychol Med. 2020; 37: 198-203Google Scholar and increased out-of-pocket costs.16Hoti K. Jakupi A. Hetemi D. Raka D. Hughes J. Desselle S. Provision of community pharmacy services during COVID-19 pandemic: a cross sectional study of community pharmacists’ experiences with preventative measures and sources of information.Int J Clin Pharm. 2020; 42: 1197-1206Google Scholar Similarly, our study showed that some respondents were worried about frightening clients by using PPE, particularly face shields. They also reported barriers to accessing PPE and infection control products such as hand sanitiser, a challenge experienced in many other LMIC.36Haque M. Kumar S. Charan J. Bhatt R. Islam S. Dutta S. et al.Utilisation, availability and price changes of medicines and protection equipment for COVID-19 among selected regions in India: findings and implications.Front Pharmacol. 2021; 11 ( Jan 14): 1-17Google Scholar,37Godman B. Haque M. Islam S. et al.Rapid assessment of price instability and paucity of medicines and protection for COVID-19 across Asia: findings and public health implications for the future.Front Public Heal. 2020; 8 ( Dec 14): 1-19Google Scholar This highlights the need for further strategies to assist pharmacists and pharmacy technicians in implementing safety and security measures during pandemics.
Around a third of respondents mentioned that they had provided antibiotics to clients suspected of having COVID-19. Over-the-counter dispensing of antibiotics without prescription is common in Indonesia, driving another impending pandemic, antimicrobial resistance.42Rawson T.M. Ming D. Ahmad R. Moore L.S.P. Holmes A.H. Antimicrobial use, drug-resistant infections and COVID-19.Nat Rev Microbiol. 2020; 18: 409-410Google Scholar Prior to the COVID-19 pandemic in Indonesia, we documented the frequent dispensing of Fradiomycin/Gramicidin lozenges by staff at community pharmacies and drug stores.27Wulandari L.P.L. Khan M. Liverani M. et al.Prevalence and determinants of inappropriate antibiotic dispensing at private drug retail outlets in urban and rural areas of Indonesia: a mixed methods study.BMJ Glob Heal. 2021; 6e004993Google Scholar In this current study, we confirmed reports of the increase in demand for the antibiotic Azithromycin. This is likely because it is specifically mentioned in guidelines for management of patients with COVID-19.38Burhan E, Susanto AD, Nasution SA, et al. Protokol Tatalaksana Pasien Terkonfirmasi Covid-19. 2020; 4.Google Scholar Although most patients with COVID-19 do not also have a bacterial infection and therefore do not require any antibiotics, in the face of the pandemic, avoiding the use of antibiotics has been challenging. Other studies have also reported increased use of antibiotics in the community in both LMICs43Elsayed A.A. Darwish S.F. Zewail M.B. Mohammed M. Saeed H. Rabea H. Antibiotic misuse and compliance with infection control measures during COVID-19 pandemic in community pharmacies in Egypt.Int J Clin Pract. 2021; 75: 1-11Google Scholar44Sulis G. Batomen B. Kotwani A. Pai M. Gandra S. Sales of antibiotics and hydroxychloroquine in India during the COVID-19 epidemic: an interrupted time series analysis.PLOS Med. 2021; 18 ( Knight GM, editor) ( Jul 1) e1003682Google Scholar and high income countries.45Mian M. Sreedharan S. Giles S. Increased dispensing of prescription medications in Australia early in the COVID-19 pandemic.Med J Aust. 2021; 214: 428-429Google Scholar Pharmacy technicians were more likely than pharmacists, to report selling antibiotics and other prescription-only medicines. This finding is consistent with a study ( pre-COVID19) from Abu Dhabi showing that pharmacy technicians are more likely to sell antibiotics to their clients compared to pharmacists.39Dameh M. Green J. Norris P. Over-the-counter sales of antibiotics from community pharmacies in Abu Dhabi.Pharm World Sci. 2010; 32: 643-650Google Scholar Countries should be closely tracking the use of antibiotics amid the COVID-19 pandemic and training health workers on antimicrobial stewardship.40Adebisi Y.A. Jimoh N.D. Ogunkola I.O. et al.The use of antibiotics in COVID-19 management: a rapid review of national treatment guidelines in 10 African countries.Tropical Medicine and Health. 2021; 49: 51Google Scholar,41Chitungo I. Dzinamarira T. Nyazika T.K. Herrera H. Musuka G. Murewanhema G. Inappropriate antibiotic use in Zimbabwe in the COVID-19 Era: a perfect recipe for antimicrobial resistance.Antibiotics. 2022; 11Google Scholar
Most respondents in this study were willing to support COVID-19 response efforts by providing verbal advice to clients, distributing information leaflets, and/or participating in early warning systems in the event of a disease outbreak. Given that pharmacists and pharmacy technicians are often the only point of contact with the health system for rural and/or remote communities, there is potential to expand their role as sources of reliable information both for COVID-19 and future pandemics. Smaller outlets were more willing to engage in outbreak surveillance activities. This might have been due to the less complex administrative issues that the smaller outlets would have needed to complete compared to the larger outlets, particularly those working in chain pharmacies.
At the time of the survey, drug retail outlets were not authorised to sell COVID-19 rapid antibody test kits or any type of test kits for COVID-19, yet it had been reported that some were selling these test kits at highly variable prices.46PatKlin PDS. Revisi Panduan Tatalaksana Pemeriksaan Rapid Test Antibody SARS-CoV-2 Metode Imunokromatografi. 2020 p. 1–15.Google Scholar In our study we asked participants about whether they suspected test kits were being sold despite the prohibition, and whether they felt retail drug outlets had a future role to play in their distribution. Around half of the respondents in our study believed these tests ( sourced from online sellers or wholesale sellers) were being sold and conducted at drug retail outlets and a quarter were in support of this.
A recent qualitative study from Jordan suggested a high level of willingness among community pharmacies to be involved in testing but expressed concerns about their lack of preparedness and training.10Mukattash T.L. Jarab A.S. Abu-Farha R.K. et al.Willingness and readiness to test for COVID-19; a qualitative exploration of community pharmacists.Int J Clin Pract. 2020; 74Google Scholar In order to explore the possibility of extending the role of pharmacists or pharmacy technicians in providing COVID-19 testing in Indonesia, it will be important for the government to engage with drug retail outlets proactively.47Hendarwan H. Syachroni S. Aryastami N.K. et al.Assessing the COVID-19 diagnostic laboratory capacity in Indonesia in the early phase of the pandemic.WHO South-East Asia J public Heal. 2020; 9: 134-140Google Scholar,48Djalante R. Lassa J. Setiamarga D. et al.Review and analysis of current responses to COVID-19 in Indonesia: period of January to March 2020.Prog Disaster Sci. 2020; 6100091Google Scholar
One of the main limitations of this online survey is that it is difficult to ascertain the non-response rate and whether there were systematic differences between those who chose to participate compared to those who did not, which might have in turn influenced our findings.49Andrews D. Nonnecke B. Preece J. Electronic survey methodology: a case study in reaching hard-to-involve internet users.Int J Hum Comput Interact. 2003; 16: 185-210Google Scholar For example, the under-representation of staff above 50 years of age, which may have been due to higher levels of internet illiteracy among older age groups, could have biased our results. We also could not determine if a respondent completed the survey more than once. It is also important to note that this study was conducted in the initial months of the COVID-19 pandemic. Given how quickly the pandemic is evolving in Indonesia, it could be that some of the issues identified have changed or been addressed. Caution should also be taken when interpreting the result on number of clients visiting the outlets, as this was based on estimates provided by drug outlett staff.
Our research has identified several key lessons for future response efforts. First, it has exposed the fragility of medical supply chains for infection control products including PPE and the need to strengthen local sourcing and production to help prevent the risk of stock-outs during any future health crises. Second, our results point to frequent antibiotic use among COVID-19 patients attending drug retail outlets in Indonesia. The potential knock-on effects this can have on the containment of antimicrobial resistance are significant.50Lucien M.A.B. Canarie M.F. Kilgore P.E. et al.Antibiotics and antimicrobial resistance in the COVID-19 era: perspective from resource-limited settings.Int J Infect Dis. 2021; 104: 250-254Google Scholar Third, it is likely that COVID-19 rapid antibody test kits were available among drug retail outlets ( especially via online pharmacies) despite not being approved for purchase. Future response efforts must involve the early monitoring and regulation of these tests to ensure their safe use in the community. Fourth, provided they have access to accurate guidance and information, many pharmacies are willing to actively participate in response efforts including through surveillance and communication. Thus, our study supports recent calls for expanding the role of private drug outlets during future outbreaks.6Aruru M. Truong H.A. Clark S. Pharmacy Emergency Preparedness and Response ( PEPR): a proposed framework for expanding pharmacy professionals’ roles and contributions to emergency preparedness and response during the COVID-19 pandemic and beyond.Res Soc Adm Pharm. 2021; 17: 1967-1977Google Scholar
Finally, what COVID-19 has shown globally is that effective whole-of-health system responses are needed to effectively deal with major public health threats. In countries like Indonesia where there is a dominant private sector, the ability to rapidly mobilise these actors is critical. What we have observed in this study is that while pharmacists have taken on many different roles to protect the community and their staff during the COVID-19 pandemic, these actions on the most part have been ad hoc and not well-integrated into national pandemic management. This is an ideal time for countries such as Indonesia to begin strengthening and updating existing regulatory and community health frameworks to accommodate the changing roles of drug retail outlets during public health crises.
Djoko Wahyono, Yulianto, John Kaldor, Rebecca Guy, Matthew Law, Shunmay Yeung, Virginia Wiseman.
The data that underpin these findings may be released following a written request to the last author.
All authors declare no competing interests.
The authors acknowledge the Department of Foreign Affairs and Trade, Australia, under the Stronger Health Systems for Health Security Scheme for supporting the study. We also thank the Indonesian Ministry of Health, Indonesian Pharmacist Association, Indonesian Pharmacy Technician Association at the national and district levels, and participants involved in this study.
Editor note: The Lancet Group takes a neutral position with respect to territorial claims in published maps and institutional affiliations.
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The future of banking is environmentally sustainable | As COVID-19 prompted people to think about their impact on the planet, banks have reviewed their approach to environmental, social & governance ( ESG) with fresh eyes. KPMG’ s 2021 ESG risks in banks report notes there is increasing demand from investors for sustainable products, as well as growing pressure from regulatory bodies to consider ESG risks. ‘ Green’ or ‘ sustainable lending’, which Accenture defines as lending in which ESG considerations play a key role in credit decisions, has taken off. It gives the example of “ giving a borrower incentive to meet ESG performance objectives ”, such as the conditions of the loan tied to carbon emissions. We’ ve already seen a handful of banks incorporate environmental and social responsibility into their products. For example, bunq in the Netherlands recently signed a deal with green lending platform Tulp to offer mortgages, helping customers “ make their homes more environmentally friendly ”. Bunq also has a green card where for every €100 you spend, they plant a tree. The idea followed an earlier initiative by Alipay owner Ant Financial in China, which won the UN environmental programme’ s top honour. The fintech ‘ gamified’ carbon footprint reduction by providing points for actions such as taking public transport instead of driving, then planting a tree when a certain number of points was accumulated, not only promoting environmental awareness but also re-vegetating semi-arid Mongolia. What would happen if the top 20 banks followed the lead of these financial organisations? The impact would be huge. Here are my predictions for environmental innovation in banking. Gamification of sustainable living to improve engagement Banks will follow Alipay’ s lead with the gamification of sustainability initiatives with a real-life outcome. Customers could win rewards for undertaking sustainable or ethical activities to improve not only their relationship with the environment but also engagement with their personal finances. For anyone who worries about their bank balance or is looking for a way to change their spending habits, this could prove a real motivator. This in turn, enables banks to better engage with their customers and create opportunities to upsell. Environmental impact scores to calculate interest and impact We will see banks undertake environmental audits of customers when they take out a loan and periodically throughout the life of their loan. If the customer can improve their impact on the environment, the bank will decrease the interest rate. This would be highly appealing to consumers looking to save, allowing banks to secure them as new customers more easily. This will extend into expenditure impact analysis, with positive potential to direct spend as well as investments. Prompts to take out ‘ green’ products and offset or influence expenditure Linked to expenditure analysis, we will get to a stage where companies will analyse what a customer is spending on. Many banking apps already classify what proportion of spending is on each category of product or service, and some banks are already using carbon footprint analysis to understand impact. On one level there will be increasing product offerings like say a ‘ green’ credit card which could, on behalf of the user, offset their carbon emissions. Also, the ability to influence spend towards choices with a lower environmental impact is an area where decisioning technology can come to the fore. Think of a recommendation to spend by category at the lowest environmental impact supplier. Personalised offers and intelligence on sustainable buying choices Banks will start trialling services – which consumers will be able to choose to opt-out of – which provide personalised offers and suggestions for what you buy based on its impact on the environment. This will give customers the option to consume more sustainably on a regular basis. With the customer’ s permission, a bank could analyse those spending patterns, and the bank could suggest alternative products, methods of transportation etc., that are less harmful to the environment via their monthly statement. The customer could even request that the data be combined with their location data from their mobile phone provider and expertise from a travel company to educate end-users on how a small change in behaviour or purchase choice can make a big difference to the environment. Some people will find this invasive, but others will love it. How will technology enable this? All of this has to be powered by technology that is able to be easily adapted to be used to support banks in for example changing lending processes, or integrating data for decisioning and providing options to customers. It will need easy to set up low code frameworks to make changes to processes quickly and easily, without the need for specialist coding knowledge. The data in your current account and main cards will become more important for analysis. Banks will look to feed information into a customer decision hub and arbitrate through different options based on customer spending patterns. For example, on suggesting spending via companies with a better ESG score or suggest spending alternatives by shop or industry category. Modern technology can also be used to automate supply chain audit processes such as checking a client’ s factories and third-party suppliers adhere to ESG principles in different locations– automating requests, escalating information to more senior people in the bank and sending reminder notifications so that senior management confirm receipt of ethical issues with customers during investigations. What’ s next? It will become commonplace that banks ask their suppliers ‘ How can you help us in our sustainability agenda?’ ESG topics won’ t just be firmly embedded at the top of an organisation and linked to an annual report by clients how they could be more sustainable. Increasingly, banks’ impact on the environment will be influenced by society as a whole as well as their staff. Like Open Banking, environmental sustainability initiatives won’ t just be driven by legislation; they will arise due to customer demand. Any banks that innovate now are not only playing their part in protecting the environment, they will be able to distinctly differentiate themselves, win the respect of consumers that also care about sustainability and welcome new ones too.
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Milan-San Remo: 10 riders to watch | Get access to more than 30 brands, premium video, exclusive content, events, mapping, and more.
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Jasper Stuyven won't defend his title due to illness. Photo: Getty Images
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Ahead of this weekend’ s first monument of the season, VeloNews picks out 10 star riders to watch at Milan-San Remo.
Selecting one rider from each team, we’ ve surveyed the form guide from Paris-Nice and Tirreno-Adriatico, and highlighted the riders we think have the best chance of victory on the iconic Via Roma.
Such has been the hype around Pogačar in recent weeks that many pundits would hand him the victory before a pedal stroke has even been turned but the reality is that Milan-San Remo is not like Strade Bianche or the hills of Tirreno Adriatico. Instead it’ s a 290-plus kilometer battle of attrition that levels the playing field between the all-rounders and the pure sprinters.
For all the talk of Pogačar simply riding away from 200 riders, the stark facts are that the terrain doesn’ t naturally lend itself to such a scenario and the field is a lot stronger than people give it credit for.
That’ s not to say Pogačar isn’ t the number one favorite. He’ s looked unstoppable this year and it’ s still utterly mystifying as to why we’ ve never seen him have a bad day on the bike ever since he moved into the WorldTour.
As Sean Kelly told VeloNews earlier this week, the kid is unstoppable and he has everything in his locker to win a San Remo. The only question mark is whether he can fend off every attack in the final, but if he does ride away from everyone on the Poggio — as some have predicted — then that conversation becomes moot.
Milan-San Remo is the easiest race to finish and the hardest to win, so for that reason alone it’ s unwise to crown a champion before we even reach the startline, but Pogačar’ s dominance has been that good in 2022 it’ s hard to look past him at this point.
The Belgian blew hot and cold in Paris-Nice after a tumble early in the race, but his show-stopping defense of Primož Roglič’ s yellow jersey was a timely reminder of his all-round ability.
Van Aert is one of the few riders who could potentially match Pogačar’ s predicted assault on the Cipressa or Poggio and then beat him in a sprint. Having Roglič as an ally will certainly help, with the Slovenian a potential shield for when Pogačar makes his anticipated move.
Van Aert’ s tactics are likely to be shaped by Pogačar to a certain extent but it would be unfair to suggest that the Belgian will simply wait for the UAE Team Emirates rider to make his move and then try and follow. Jumbo have strength in numbers and their team time trial performance on stage 1 of Paris-Nice demonstrated their collective superiority.
The Trek-Segafredo rider was on the periphery of the conversation ahead of last year’ s race and 12 months on from his win on the Via Roma, the Belgian finds himself in exactly the same position.
That’ s not a problem given that Stuyven used the element of surprise to such great effect last year when he kicked clear of a hesitant front group at the foot of the Poggio descent. The 29-year-old has been in reasonable form so far this year with a handful of respectable results but his campaign moves up a notch with the first monument of the season.
He made it through Paris-Nice without falling victim to illness and he will be hoping to become the first back-to-back winner since Erik Zabel in 2001. Can lightning strike twice?
It was Pidcock who let the gap open up to Stuyven back in 2021, but the British rider has made huge strides in such a short timeframe; winning world and Olympic titles, and becoming a major force in the spring classics.
By his own admission he’ s still learning the ropes at this level but his all-round ability has been enough to warrant talk of a 5 million Euro contract for next year, and a possible place on Ineos Grenadiers’ Tour de France lineup this July.
On paper, Pidcock has the complete arsenal to thrive in San Remo. He has the durability, the power on the climbs, a neat finish and the spontaneity needed to seize the right moment. The only question mark is over his health after he skipped Strade Bianche due to a stomach virus. If he’ s healthy and has a rider like Filippo Ganna to protect him on the Cipressa then he could be a genuine contender for the podium at the very least.
Ewan is the standout sprinter in the race. Not because he’ s the fastest, but because he’ s got the best climbing legs among the fastmen, while his two second places demonstrate just how close he’ s come to victory in the past.
The Australian has been on song this year too with three wins and second place in Kuurne last month. Unlike a number of riders on this list though, Ewan can only bank on one form of tactic in order to triumph. He can follow on the two final climbs but his sprinting prowess ensures he has few allies in the finale, and that he’ s unlikely to be the one closing down moves either. His sprint is potent but his odds rely on the kindness of others to close late attacks.
With the world champion Julian Alaphilippe out and the team on the back foot with injuries and illness, the responsibility of leadership in Milan-San Remo falls at the feet of a debutant who has never raced a monument.
Normally that would inspire a sense of trepidation but Jakobsen is no normal rider and it’ s fair to say that he’ s shuffled ahead of his rivals to become the best sprinter in the world in 2022.
Of course, there’ s a massive difference between 195km in Kuurne and the near 300km on offer in Milan-San Remo and plenty of Patrick Lefevere’ s sprinters have been undone by the distance in previous years. But whenever Jakobsen is set a challenge he seems to meet it head on and if there’ s an inkling of a reduced bunch sprint on the Via Roma, the 25-year-old has every chance of being there.
At the time of writing this Team DSM men’ s squad were still without a win in 2022, continuing their poor return from last season that saw them take just eight victories.
One of the few bright sparks in the current campaign has been Kragh Andersen who was a constant offensive presence during a brutal edition of Paris-Nice. Unlike a number of his teammates, the Dane is at least competing at the pointy end of races.
It was also Kragh Andersen who caught Stuyven in the finale last year before eventually fading to ninth after the Ewan group made contact in the closing meters. What last year demonstrated, however, was that the 27-year-old had the necessary talent to compete in nearly 300km races – something that had been missing from his repertoire until that point.
Given DSM’ s current plight, a rider needs to step up, and all the evidence in 2022 suggests that Kragh Andersen is the one to do it.
The three-time world champion has been on the wane for some time now but that doesn’ t mean that at the age of 32 he can no longer be competitive.
Even a fading Peter Sagan, and one that’ s coming back from a bout of COVID-19 can still play a part in races as significant as Milan-San Remo. On Wednesday the TotalEnergies rider took fifth in Milano-Torino and while that pales in comparison to what’ s coming this weekend, it still bodes well.
Sagan has been fourth in the last three editions of San Remo and although he’ s likely to be more of a follower than a leader on either the Cipressa or the Poggio, he remains a threat. Like Stuyven last year, Sagan has a chance of finally picking up the monument he’ s threatened to win but never quite managed.
Such a win would need to rely on a number of factors, not least the pure sprinters all being dropped or severely fatigued, and then for Sagan to exploit any form of hesitation from those still in the race. After such a disruptive start to the campaign it’ s a tall order but Sagan has the capacity and the experience to play another cameo role.
Experience suggests that Alexander Kristoff is the main man at Intermarché, and the Norwegian has been in decent form since the start of the season with a win and a splattering of podium places in the last few weeks.
He’ s a former winner too, but we’ ve gone for his 21-year-old teammate Grimay who has seamlessly found his feet at WorldTour level with a win in Mallorca at the start of the season and three fine top-tens in Paris-Nice earlier this month. He’ s never started a monument or even a race above the 250km mark, so the Eritrean heads into the unknown in many regards.
However pressure and expectancy appear to not phase him, and he heads to Milan without the hindrance of leadership. If Kristoff falters or is hampered by bad luck then the Belgian team has a top-notch understudy ready to fill in.
The American team has been ravaged by illness in the last few weeks and their Milan-San Remo squad has been no exception.
It’ s probably too early to count on Alberto Bettiol, who is still on his way back to full health, while James Shaw and Owain Doull might be given free roles in a race they have little pressure in. This team needs someone to step up and that could be Michael Valgren.
The 30-year-old knows how to win major races, and his form in the second half of 2021 was as good as we’ ve seen from him since 2018. He was 11th in Strade Bianche, and he’ s clearly not in peak form just yet, but if he can survive the Poggio and keep out of the wind throughout the entire day then there’ s every chance that he could pull off an unlikely result.
In many ways he’ s in a similar position to Stuyven some 12 months ago, and look how that worked out.
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Alexander Kristoff on Milan-San Remo: ' I 'm not as strong as I used to be, but I still have some legs ' | Get access to more than 30 brands, premium video, exclusive content, events, mapping, and more.
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Alexander Kristoff admits he won't be the five-star favorites in the classics, but hopes to pop a surprise. Photo: Luc Claessen/Getty Images
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Alexander Kristoff won’ t be mad if his name doesn’ t make the five-star favorite’ s list by the odds-makers for Milan-San Remo.
By his own admission, the veteran Norwegian sprinter knows his fastest days are behind him.
But that doesn’ t mean the 34-year-old isn’ t racing to win at Milan-San Remo and across the major spring classics. Experience also counts in these races, and if he’ s an elite group at the hard end of race, Kristoff could still deliver a surprise.
“ I don’ t consider myself at the same level at [ Wout ] van Aert, and these guys are the top-line favorites, ” Kristoff said. “ I don’ t see myself at their level at the moment. I still think I can make a good result when things come back together and I am still there. ”
Kristoff is on a one-year deal, and knows his future depends on hitting some results. So far in 2022, Kristoff won a race and hit the podium of another, results that bode well for the spring.
“ I am always a threat, and I hope to be there again this year, but I am getting older, ” he said. “ Maybe I am not as fast as I was 10 years ago, but I still have some legs to race. ”
Kristoff’ s won some big races in his career, including San Remo, Gent-Wevelgem and Tour of Flanders. In 2012, he led home the bunch to claim bronze at the Olympic road race, and nearly won the world title on home roads in 2017. Only a superbly timed sprint from Peter Sagan kept him out of the stripes.
At this stage of his career, Kristoff doesn’ t mind outsider status. In fact, he embraces it.
“ San Remo is the next big goal. I feel I am on track, but I am not as good as I was some years ago, so to say I will try to win Flanders is maybe a bit optimistic, ” he said. “ I hope to be in a forward position at the finish line, and score some points, and a top-10 would be great. Higher up is better. ”
Kristoff moves across to Intermarché-Wanty-Gobert Matériaux after four seasons at UAE Emirates where he rode alongside the rise of Tadej Pogačar, whom he says could win Saturday. Kristoff won stage 1 in the 2020 Tour de France that Pogačar later won yellow.
“ The way he is racing here, I think he can drop everyone, ” Kristoff said. “ From the Poggio, it’ s not a long way to the finish, and the way he is climbing, he is going to be difficult to beat. ”
Like many in the bunch, Kristoff got zapped by coronavirus this winter. Despite being vaccinated a total of five times — three times in Norway and twice more in the United Arab Emirates — he was diagnosed after Valenciana. Perhaps due to all his vaccines, he wasn’ t seriously ill, and came back barely a week later to win his first race in new team colors at Clásica de Almería.
“ I felt like I had a good start. I didn’ t manage so good in Tirreno, but the team is still confidence we can perform, ” he said.
He was 11th at Kuurne-Brussels-Kuurne, and ran out of gas on the final sprint Sunday at Tirreno to take sixth. Third on Wednesday at Milano-Torino confirms the speed is still there.
Kristoff’ s also watched how Milan-San Remo has changed, and how more riders are capable of fending off the chasing pack to avoid a bunch sprint down the Via Roma.
“ It was a bit more of a sprinter’ s race before, but now the stronger guys have figured out how to drop us on the Poggio, ” Kristoff said. “ It also depends on the wind conditions. It’ s always a very open race. ”
Kristoff now enters his busy season, and will race a full schedule from Harelbeke through Roubaix, only skipping Amstel Gold Race.
Ever the realist, Kristoff knows what he needs to do Saturday.
“ The key for me is to start in the front on the Poggio, ” he said. “ Because if I do not start in the front, I do not have a chance. ”
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Global Cut Flowers Market Trajectory & Analytics to 2027: | Dublin, March 17, 2022 ( GLOBE NEWSWIRE) -- The `` Cut Flowers - Global Market Trajectory & Analytics '' report has been added to ResearchAndMarkets.com's offering.Amid the COVID-19 crisis, the global market for Cut Flowers estimated at US $ 30.7 Billion in the year 2020, is projected to reach a revised size of US $ 43.8 Billion by 2027, growing at a CAGR of 5.2% over the analysis period 2020-2027.
Rose, one of the segments analyzed in the report, is projected to record a 5.9% CAGR and reach US $ 15.4 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Chrysanthemum & Gerbera segment is readjusted to a revised 4.9% CAGR for the next 7-year period.The U.S. Market is Estimated at $ 6 Billion, While China is Forecast to Grow at 7.5% CAGR
The Cut Flowers market in the U.S. is estimated at US $ 6 Billion in the year 2020. China, the world ` s second largest economy, is forecast to reach a projected market size of US $ 4.4 Billion by the year 2027 trailing a CAGR of 7.5% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.3% and 4.8% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR.Carnation Segment to Record 5.2% CAGR
In the global Carnation segment, USA, Canada, Japan, China and Europe will drive the 4.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US $ 3.6 Billion in the year 2020 will reach a projected size of US $ 5.1 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US $ 3.5 Billion by the year 2027, while Latin America will expand at a 6.5% CAGR through the analysis period.Select Competitors ( Total 125 Featured) -
For more information about this report visit https: //www.researchandmarkets.com/r/h5sidg
About ResearchAndMarkets.comResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. | general |
Global Precision Farming Market Forecasts to 2026: A | Dublin, March 17, 2022 ( GLOBE NEWSWIRE) -- The `` Precision Farming Market - Forecasts from 2021 to 2026 '' report has been added to ResearchAndMarkets.com's offering. The precision farming market is projected to witness a CAGR of 16.34% during the forecast period to reach a market size of US $ 11.039 billion by 2026, increasing from US $ 3.827 billion in 2019.
A modern farm management system identifies analyses and manages variability in fields by conducting crop production practices at the right place and time and in the right way, for optimum profitability, sustainability, and protection of the land resource.Market DriversBy application, weather tracking and forecasting, and irrigation management hold significant market share due to the importance of climate information and irrigation facilities to maximize productivity. Geographically, North America has the highest share in the market because of advanced farming technologies and the commercial viability of agriculture in the region.Growth Factors
Productivity and resource trade-offThe world population stood at 7.8 billion in 2021 with a growth rate of 1.1% according to the United Nations Population Fund and this number is expected to rise in the coming years but the land resources remain constant. The opportunity cost of increasing agricultural productivity is very high given the scarce resources. The use of modern farming techniques will aid to reach an optimal level of output coupled with mechanization, and substantial savings. The mounting demand for food globally propels the usage of precision farming techniques.Impact of COVID-19 on the Precision Farming MarketDue to the COVID-19 pandemic, the precision farming market will witness a marginal downturn in 2020, since government restrictions and lockdowns have resulted in supply chain issues and equipment shortage. The companies are placing a greater emphasis on allowing real-time decision-making in yield monitoring, crop health monitoring, field mapping, irrigation scheduling, and harvest management among other farming sectors.
For more information about this report visit https: //www.researchandmarkets.com/r/old3z3
About ResearchAndMarkets.comResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. | general |
Global Shade Sails Market Report 2022-2027 | Dublin, March 17, 2022 ( GLOBE NEWSWIRE) -- The `` Shade Sails Market - Global Outlook & Forecast 2022-2027 '' report has been added to ResearchAndMarkets.com's offering. The shade sails market by revenue is expected to grow at a CAGR of over 4.25% during the period 2022-2027.INDUSTRY OVERVIEW
Increasing construction activities in residential and non-residential sectors is expected to drive the growth of the shade sails. The rising commercial and residential building projects are extensively increasing shade sails demand.
The evolving construction sector with various replacements of old shade structures by the residential sector may supplement the shade sails industry. PVC material, other plastic shade sails materials, and waterproof shade sails that offer protection from rain and sun heat are gaining traction in the market. Geographically, APAC is projected to be the major revenue contributor to the shade sails industry in the upcoming years.
On broader aspects, the industry witnessed developments, with some precipitating to the local level, thereby creating demand for new and innovative products. Vendors must work in tandem with the ongoing trends to cater to local as well as national markets
The plastic segment witnessed a share of about 24% and is expected to grow at a CAGR of 4.91% during the forecast period. The waterproof shade sails are made from tightly woven HDPE, PVC material.
These materials are stretchy, breathable, and allow rain and wind to pass by without harming the shade. This segment is expected to witness an absolute growth of 33.32% by the end of 2027
APAC holds a key area of interest for vendors in the industrial construction business owing to the high demand for infrastructure.
Plastic shade sails witnessing significant demand over the years due to the rising product popularity and its ability to provide enhanced security and protection. Increasing demand for reliable and durable shade sail structures in the residential, commercial areas has led to developments and innovations in manufacturing.
First Choice Product Acquisition ( FCPRAC) acquires Shade Sails Direct, a U.S.-based company. Shade Sails Direct has been a leading supplier of Australian-made sail shades manufactured by SailShadeWorld; being their distribution center in Illinois, it has supplied the U.S. and Canadian markets with top-of-the-range shade products. The acquisition by FCPRAC includes existing stock, employment, supplier, and distribution contracts, thereby benefiting the rapid growth across countries
Key Topics Covered: 1 Research Methodology2 Research Objectives3 Research Process4 Scope & Coverage4.1 Market Definition4.1.1 Inclusions4.1.2 Exclusions4.1.3 Market Estimation Caveats4.2 Base Year4.3 Scope of The Study4.4 Market Segmentation4.4.1 Market by Type4.4.2 Market by Application4.4.3 Market Segmentation by Geography5 Report Assumptions & Caveats5.1 Key Caveats5.2 Currency Conversion5.3 Market Derivation6 Market at a Glance7 Introduction7.1 Overview7.1.1 History of Shade Sails7.1.2 Shade Sail Accessories7.1.3 Shade Sail Design Software7.1.4 Considerations While Designing Shade Sails7.1.5 Consumer Preferences7.2 Value Chain Analysis7.3 Frequently Asked Questions7.3.1 What Are Shade Sails Made Of? 7.3.2 How Is the Shade Sail Fabric Different from Awning Fabric? 7.3.3 What Are the Key Benefits of Shade Sails? 7.3.4 Are Shade Sail Fabrics Waterproof? Do They Block Rain? 7.3.5 How Does One Clean a Shade Sail? 7.3.6 What Equipment Is Required to Build and Install A Shade Sail? 7.3.7 Are Shade Sails Fabrics Heat Sealable? 7.3.8 How Much UV Protection Does Shade Sails Fabric Provide? 7.3.9 What Is the Best Type of Hardware Used to Build A Shade Sail? 7.4 Covid-19 Scenario8 Market Opportunities & Trends8.1 Revitalization of Old Buildings with Shade Sails8.2 Increasing Applications in Landscaping8.3 Waterproof Shade Sails with UV & Rain Protection8.4 Conservation of Environment8.5 Opportunity for Streetscapes9 Market Growth Enablers9.1 Consumer Preference for Shade Sails Over Normal Roof Blinds9.2 Growth in Tourism & Wellness9.3 Increasing Disposable Income10 Market Restraints10.1 Low Awareness in Growing Economies10.2 Low Quality & Improper Installation11 Market Landscape11.1 Market Overview11.2 Market Size & Forecast11.3 Five Forces Analysis12 Type12.1 Market Snapshot & Growth Engine12.2 Market Overview12.3 Fabric12.3.1 Market Overview12.3.2 Market Size & Forecast12.3.3 Market by Geography12.4 Plastic12.5 Fiberglass12.6 Others13 Application13.1 Market Snapshot & Growth Engine13.2 Market Overview13.3 Commercial13.4 Residential13.5 Industrial14 Geography14.1 Market Snapshot & Growth Engine14.2 Geographic Overview
For more information about this report visit https: //www.researchandmarkets.com/r/e3fbp8 | general |
Camfil School Air Filtration Launches New Initiative: FIGHT | Riverdale, March 17, 2022 ( GLOBE NEWSWIRE) -- Improving both ventilation and air filtration is a comprehensive strategy to reduce the spread of COVID-19 in schools, colleges and universities. In fact, American Rescue Plan ( ARP) funds are available to help with these costs.
Introducing fresh outdoor air into a building helps disperse virus particles, while air filtration can capture these small, airborne particles. How can air filtration strategies help mitigate virus risks in your educational facilities? Click the link to read the recently published Clean Air blog article:
Fighting the Spread of COVID-19 in Schools, Colleges, and Universities through Ventilation and Air Filtration.
The right air filters can dramatically improve the air quality in your school. Learn how to protect students and staff with our information pack that includes:
Via KISS PR Distribution - Media Contact: Az @ kisspr.com | general |
Stocks dip after Fed bounce, BoE adds a twist | Traders remained gripped by the war in Ukraine but, but with hopes of possible a peace deal faint but alive, the focus was back on big macro questions such as surging inflation rates, COVID and growth.
Wall Street futures were fractionally lower after a more than 2% jump the previous day when the Federal Reserve had raised U.S. interest rates - one of the key drivers of global borrowing costs - for the first time in more than three years.
Europe's main bourses also dipped after an initial rise although the overnight 3.5% leaps from the Nikkei in Tokyo and emerging market stocks following China's signals took MSCI world's three-day bounce over 6%
Sanctions-ravaged Russia still had not managed to get a crucial payment to its bond holders, meaning a historic default may be looming, and its ongoing shelling of Ukraine kept commodity markets gyrating wildly.
Oil prices sprang back over the symbolic $ 100 level again. The Kremlin had lashed out after U.S. President Joe Biden had labelled Russian President Vladimir Putin a war criminal on Wednesday, but Moscow also said it was putting `` colossal energy '' into Ukraine peace talks.
`` The reaction both this morning and overnight validates that the markets think the Fed is in line, or ahead of the curve, and doing the right thing, '' by hiking interest rates, Robert Alster, Chief Investment Officer of Close Brothers Asset Management, said.
He added it was also the `` right thing '' for the Bank of England to raise its rates for a third meeting running, back to its pre-pandemic level of 0.75%.
The move came alongside a revised prediction that UK inflation will peak at around 8% - almost four times its 2% target - after previous forecasts were overtaken by seismic shifts in energy markets following Russia's invasion of Ukraine.
`` The crunch point is that we are all expecting inflation to start coming down after Easter, '' Alster added. `` But if that doesn't happen then we all probably need to have a reset. ''
Metals markets faced more drama too as the benchmark nickel price on the London Metal Exchange's ( LME) slumped by its daily-allowed limit for the second day in a row. Traders warned that the drop was unlikely to stop until prices reached parity with those for the metal in China.
Bond markets meanwhile were beginning to settle again after the Fed's hike had seen Treasury yields spike to nearly three-year highs. The Fed had signalled that it also planned to hike again at every meeting for the remainder of this year to aggressively curb inflation.
Ten-year Treasuries were last at 2.12% while Germany's benchmark 10-year Bund yield slipped back 2 basis points to 0.382% having started the day edging higher. [ GVD/EUR ]
Global growth worries were clearly niggling though. Despite the BoE hike and higher inflation forecast, the fact one BoE rate setter had wanted to keep rates on hold amid the current uncertainty saw the pound dip to a day's low of $ 1.3096.
`` The decision of MPC member Cunliffe to vote for no change to policy however, adds a more significant dovish twist to this decision, '' James Athey at fund manager abrdn said.
`` The reality is that inflation is headed towards 10% and the Bank has a mandate to deal with that. To be backing away from this duty with interest rates still below 1% feels irresponsible. ''
Graphic: UK inflation surging:
GOOD JOBS
Wall Street was set to open buoyed by another fall in the number of Americans filing for unemployment benefits, proof that the jobs market remains strong in the world's largest economy.
The dollar, though, remained on the back foot in the FX markets. The dollar index, which tracks it against six other major currencies, was slightly weaker at 98.365 after also dropping 0.5% on Wednesday. [ /FRX ]
Where the dollar showed some strength was against Japan's currency, standing at 118.80 yen, not too far from the more than six year high of 119.13 reached overnight amid a widening monetary policy gap.
The Bank of Japan is widely seen keeping its vast stimulus programme in place on Friday as the economy there continues to sputter.
Meanwhile, concerns about a sharp slowdown in China, which is battling a spreading COVID-19 outbreak with ultra-restrictive measures, were assuaged after its Vice Premier Liu He on Wednesday has signalled more stimulus was on the way.
Investment bank JPMorgan was the latest to cut its China growth forecast to under 5% for the year, although for markets that was just more fuel for the stimulus supporters.
Hong Kong's Hang Seng index had surged more than 5% overnight, adding to a 9% leap on Wednesday. Beaten down sectors including tech and real estate soared, with Country Garden Services Holdings and Country Garden Holdings climbing about 28% and 26%, respectively.
Online giant Alibaba leapt 9%, China's blue chips gained 2.3%, extending the previous day's 4.3% rebound while Japan also saw outsized gains, with the Nikkei vaulting 3.5% and touching a two-week peak.
( Reporting by Marc Jones; Editing by Toby Chopra)
By Marc Jones | business |
Dried Fruits and Edible Nuts Market Growth at 5.1% - | Pune, March 17, 2022 ( GLOBE NEWSWIRE) -- Dried Fruits and Edible Nuts Market report delivers a complete overview of key components like drivers, limitations, historic and current trends, technical development, and future growth. Research report contains company analysis, size, share, revenue and sales of the company, current advancements. Dried Fruits and Edible Nuts market analysis also focuses on the global key top industry players in the market, with details such as company profiles, capacity, production, price, cost, revenue.
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Dried fruit is fruit from which the majority of the original water content has been removed either naturally, through sun drying, or through the use of specialized dryers or dehydrators. Dried fruit has a long tradition of use dating back to the fourth millennium BC in Mesopotamia, and is prized because of its sweet taste, high caloric and nutritive value, and long shelf life. Edible Nut is a hard-shelled seed consisting of an edible kernel or meat enclosed in a woody or leathery shell.
The global Dried Fruits and Edible Nuts market size is estimated to be worth USD 231140 million in 2022 and is forecast to a readjusted size of USD 311520 million by 2028 with a CAGR of 5.1% during the review period.
The top players are concentrating mostly on technical developments in order to increase efficiency. The long-term growth patterns for this market can be taken by continuing the current development progresses and financial strength to participate in the best strategies.
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China is the largest market for dried fruit and edible nuts, with a market share of about 40%, followed by Africa, South Asia, Europe and the United States, each with about 10%.
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New research offers fresh thinking about payments regulation post-Brexit | This industry report explores the impact of regulation and outlines how industry, lawmakers and regulators can work together to strengthen and enhance the country’ s payments infrastructure and regulatory and supervisory frameworks, following both Brexit and in light of the expanding digitalisation of the economy.With commerce and day-to-day personal finance transactions increasingly moving online, regulatory priorities must continue to shift from financial stability to supporting market innovation. Similarly, technologies that were unthinkable around the turn of the millennium like digital identity frameworks and distributed ledger technology have entered mainstream conversations and are likely to have profound impacts for the sector.The report identifies a number of opportunities that lawmakers, regulators and industry may wish to take advantage of. With payments as a foundational pillar of the financial services market and wider economy, as well as a creator of jobs and investment, the report outlines how the payments sector can drive change, in-part, through self-regulation and how its future should involve collaboration between market participants and regulatory stakeholders. It goes on to discuss how UK payment firms operate internationally, the importance of international market infrastructure access, including SEPA, and the need for regulations to continue to provide international parity to support, and reduce friction in, cross-border payments.Reviewing everything from major socioeconomic trends to recent case law, the report outlines practical next steps.Tony Craddock, Director General at The Payments Association, comments: “ It is an exciting and challenging time to be in the payments space. In a very short time, we have seen the explosive growth of the FinTech industry, the arrival of distributed ledger technology like cryptocurrency and stablecoins and the UK leaving the EU while simultaneously adopting PSD2 regulations. This is a timely report that grapples with the major issues in the payments industry and produces ideas on how to create the next generation of regulations, and we are keen to see how the wider industry reacts to the proposals we make. ” Jana Mackintosh, UK Finance, says: “ We believe that regulators and industry have an opportunity to think afresh about payments regulation and supervision. This industry report will help players in the sector to reflect on the digitalisation of payments and consolidate past learnings that can be drawn upon as the industry moves forward. Brett Carr, Senior Associate Fintech & Payments, Latham & Watkins, adds: “ “ We are proud to lend our firm’ s legal expertise and deep fintech and payments experience to this report at such an important time for the sector. The UK and EU payments markets have experienced a prolonged period of regulatory change punctuated by implementation challenges, the impacts of Brexit, Covid-19 and a shifting supervisory strategy of the regulators. With question marks remaining over the UK’ s priorities for the regulation and development of the fintech sector, market participants will be anticipating how the regulatory environment is set to progress. This report presents a compelling case for greater cooperation between the industry, lawmakers and regulators, and calls for an evolution in approach that both enables and supports innovation. ” | tech |
Seeing the Unseen: A New Lens on Visibility at Work | This issue’ s special report explores new ways that leaders can identify which key performance indicators will advance their teams toward their ever-shifting objectives.
This issue’ s special report explores new ways that leaders can identify which key performance indicators will advance their teams toward their ever-shifting objectives.
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During a recent trip to company headquarters, I arrived much more aware of the surfaces I might encounter than before COVID-19: the turnstile at reception, door and faucet handles, elevator buttons, lunch trays, my keyboard and desk. Given the invisibility of viruses, I was anxious about what I couldn’ t see. Still, I was confident that safety protocols had been taken extremely seriously, because a good many other people had worked to make all these surfaces shiny, clean, and fresh.
These essential workers continued to perform these important and oftentimes risky jobs throughout the pandemic, even as “ knowledge workers ” generally did their jobs from the comfort of home. These shadow workers do the important stuff behind the scenes that many of us who have been working remotely throughout the pandemic take for granted in our relatively frictionless social worlds — until the system breaks down. We expect that the items we’ ve ordered online will arrive on time because by and large they do; when they don’ t, we become irritated. We wonder in frustration why the school bus routes have suddenly changed. We lose our way when our Wi-Fi signal is weak.
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Back-ordered items and understocked shelves make visible the complex global supply chains — operated by people worldwide — that keep commerce moving. For many of us in the Global North who have long assumed the abundance and availability of most products, these disruptions force us to engage in a new way of seeing. We recognize the surfaces as no longer smooth and frictionless; the seams have begun to show. But friction is a creative force, an energy that opens up the possibilities for innovation and positive change.
The past two years have taught many of us that what’ s visible isn’ t a straightforward proxy for truth or fact. Just because someone looks well doesn’ t mean they are; people with COVID-19 can be asymptomatic, and people who appear happy may be burned out. Likewise, unequal access to health care remained largely out of the public eye before COVID-19. Statistics on disease-related mortality rates have made visible the failings inherent in many of our “ unseen ” systems — political, economic, and social. When the invisible comes into view, it should become more difficult to ignore the ways in which inequity has been normalized by those who benefit most from it.
While we tend to assume that everyone is in the same boat, we may have many more choices than the people around us: the single mom who is required to go to a physical place of work while trying to manage remote learning for her young children; the home health aide who also cares for an elderly parent; the retail worker reliant on public transportation; and the many front-line workers whose jobs put them at risk daily and who find it difficult to cover their basic costs of living.
The disruptive forces of the current historical moment have moved many people to look anew at the invisible and unequally distributed power flows reproduced in our health care and educational systems, public policies, financial institutions, technologies, and, of course, workplaces. Seeking visibility into systems, practices, and policies is one way to begin to start seeing more clearly.
In some sense, “ seeing what you want to see ” means seeing what you already believe. That’ s fine if you seek consensus, but it’ s not a good formula for innovative thinking. Pressure is necessary to effect real change. This often involves challenging the status quo and stepping out of what has not been recognized as a fixed perspective.
Surrounding yourself with people with similar experiences, beliefs, and perceptions about the world can foreclose on the possibility of thinking differently. On teams, shared assumptions can result in people coming up with the same or similar solutions to a set of challenges. While these solutions may help people like you, they may fail to address the needs of others who are not. Take, for example, the failure to optimize early smartphone cameras for darker skin tones, or how facial recognition technologies identify White faces with a higher degree of accuracy compared with those of people of color. Technological biases of this kind ensure that some people are seen, while others remain unseen or perhaps seen in a very unfavorable light. This lack of recognition has wide-ranging social, economic, and political ramifications.1
Leading with intention and attention means embracing a questioning mindset and accounting for the ideas and individuals we are listening to as well as those we are not. Good leaders understand that the most imaginative teams are made up of individuals from different backgrounds. These leaders seek to orchestrate opportunities within the team for respectful debate and deeper inquiry and, in the process, invite the possibility of new ways of thinking and doing.
It takes proactivity and a sustained commitment to engage in conversations with people with experiences different from your own. Leaders can create significant change by embracing friction, modeling new values, and listening with genuine curiosity. Here, adopting the mindset of an anthropologist is of great value: being open to diversity, asking questions respectfully, listening with care, and developing an awareness of the systems that shape and are shaped by the social realities of individuals and communities.
As cultural anthropologist Gillian Tett wrote, “ Trying to navigate the 21st-century world only using the tools developed in the 20th century, such as rigid economic models, is like walking through a dark wood with a compass at night and only looking down on the dial. Your compass may be technically brilliant and tell you where to aim. But if you only focus on the dial, you may walk into a tree. Tunnel vision is deadly. We need lateral vision. ” 2
One part of this lateral vision is an appreciation for context and a genuine curiosity to learn about the pulls, pressures, and resulting practices — seen and unseen — that shape how individuals go about their daily lives. For instance, companies that have created policies around flexible work arrangements are responding to what they have learned about the unique contexts of working parents ( especially women) and caretakers who would otherwise be forced to leave their jobs. Formalizing back-to-work policies that allow for remote and hybrid arrangements can reinforce the message, “ Just because we don’ t see you here, that doesn’ t mean you’ re not seen. ”
Likewise, organizations that are taking action to help employees who may be struggling with mental health issues — some of which have been compounded by overwork, underappreciation, and the increased stress of the past two years — are acknowledging that even if someone’ s suffering isn’ t visible, that doesn’ t make it any less real. Similarly, company leaders who have made concrete and measurable commitments to building a more diverse and equitable workforce are in some sense saying, “ I see you, you belong, and you matter. ”
The past two years have made more visible what many of us otherwise overlooked. The frictionless experiences many of us enjoy hide a range of social realities and ways of working; while the terminal at the grocery checkout is contactless for customers, a worker behind the scenes still cleans it manually. In today’ s workplace, it’ s essential to recognize that there’ s always more than meets the eye.
Martha Bird ( @ anthro tweeter) is a business anthropologist at ADP focused on understanding the cultural contexts of work and workplaces.
1. “ Coded Bias, ” directed by Shalini Kantayya ( New York: 7th Empire Media, 2020), is a documentary film on the discovery of racial bias in facial recognition algorithms that features the research Joy Buolamwini conducted during her time at the MIT Media Lab.
2. G. Tett, “ Anthro-Vision: A New Way to See in Business and Life ” ( New York: Avid Reader Press, 2021). | business |
Fuelling the Russian shortfall | The combination of slowing domestic demand amid coronavirus lockdowns and falling international...
Europe's high sulfur fuel oil requirements largely depend on exports from Russia. In this episode of the Oil Markets Podcast, S & P Global Commodity Insights reporters Stepan Lavrouk, Mary Tiernan and David Petutschnig discuss with Joel Hanley the impact of the war in Ukraine on not just fuel oil, but also bunker fuel and vacuum gasoil.
Tell us more about your podcast preferences so we can keep improving our shows. Take our two-minute survey here: https: //bit.ly/plattspod22
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Japan's Fukushima earthquake shuts dozen power plants, Sendai, Chiba refineries | The combination of slowing domestic demand amid coronavirus lockdowns and falling international...
A magnitude 7.4 earthquake occurred offshore Fukushima in northeastern Japan late March 16, shutting a dozen coal, gas and oil-fired power plants along with the Sendai refinery in the region, as well as a Chiba refinery in Tokyo Bay.
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Japanese power and oil industry sources said March 17 that they are still assessing impact from the earthquake-led shutdowns of power plants and refineries on fuels and refined products as there's no clarity on when these facilities would restart.
The power plant outages come at a time when Japan is still in the midst of the winter power demand season, with the northeastern region continuing to experience relatively cold weather. It also coincides with Japan's relatively low LNG stocks for power generation, should coal-fired power plant outages lead to a shift in demand to gas-fired power.
On March 17, Japan Electric Power Exchange marked the day ahead 24-hour price at Yen 47.75/kwh for March 18, nearly triple from Yen 17.94/kwh for March 17. JEPX marked the day ahead day-time price at Yen 64.09/kwh on March 17, up nearly quadruple from Yen 16.83/kwh the previous day.
The 7.4 magnitude earthquake -- which was revised higher from 7.3 initially -- hit at a depth of 57 km -- which was revised lower from 60 km -- offshore Fukushima at 11:36 pm local time ( 1436 GMT) on March 16, with tsunami warnings issued initially in the northeast, but the alerts have been lifted, according to the Japan Meteorological Agency.
The strong earthquake resulted in the closure of at least 6.22 GW in combined generation capacity at 12 coal, gas and oil-fired power plants in northeastern Japan, power utilities said in filings to the Hatsuden Joho Kokai System, or HJKS.
The power plant outage is down to about 5.41 GW in combined generation capacity as of 11:30 am local time March 17, according to the HJKS information as well as information compiled by the Ministry of Economy, Trade and Industry.
Tohoku Electric's 523 MW No. 3-2 gas-fired unit at its Shin Sendai thermal power plant as well as ENEOS ' unspecified refining units at its 270,000 b/d Negishi refinery in Tokyo Bay have been restarted following shutdowns in the wake of the earthquake as of 10:30 am local time March 17, according to company's spokespeople.
ENEOS has also restarted the 431 MW oil-fired power unit at its Negishi plant, METI said in its latest update.
Tohoku Electric's Shin Sendai 523 MW No. 3-1 gas-fired unit is also expected to be restarted March 17, METI said in its latest update on the earthquake impact.
Hitachi Zosen's 112 MW No. 3 gas-fired unit at the No. 1 Ibaraki plant is also likely to be restarted March 17 while Nippon Steel's 136 MW coal-fired unit at its Kamaishi thermal power plant is set to resume operations March 18, METI said.
Nippon Paper's 149 MW coal/biomass-fired unit at its Ishinomaki Hibarino power plant is also expected to restart March 20, according to METI.
In the wake of power plant outages caused by the earthquake in the Tohoku region, the Organization for Cross-Regional Coordination of Transmission Operators issued its second order March 17 for Tohoku Electric Power Network to receive up to 1 GW of electricity from other regional utilities over 6 am to 11 am local time to ensure sufficient supply.
The OCCTO had earlier ordered Tohoku Electric Power Network to receive up to 1.4 GW of electricity from other regional utilities over 2:30 am to 6 am local time to ensure power supply in the Tohoku region.
In an attempt to ensure its electricity supply, Tohoku Electric restarted 200 MW No. 3-6 gas-fired unit at the Higashi Niigata thermal power plant and the 50 MW No. 5-1 gas-fired unit at the Niigata thermal power plant, a company spokesperson said.
The earthquake shut Tohoku Electric's 1 GW No. 1 coal-fired unit at the Haramachi thermal power plant in Fukushima, as well as its No. 3-1 and No. 3-2 combined-cycle gas-fired units with a capacity of 523 MW each at the Shin Sendai thermal power plant.
It also shut JERA's No. 5 and No. 6 coal-fired units, with 600 MW capacity each, at the Hirono thermal power plant in Fukushima, as well as Fukushima Gas Power Co.'s No. 1 and No. 2 gas-fired units, with 590 MW each, the companies said in its filings to HJKS.
Japan Petroleum Exploration's Soma LNG import terminal in Fukushima has suspended operations following power outages, the company said.
The earthquake also shut Sendai Power Station's 112 MW coal-fired unit as well as Hitachi Zosen's 112 MW No. 3 gas-fired unit at the No. 1 Ibaraki plant and ENEOS ' 431 MW oil-fired power unit at its Negishi plant in Tokyo Bay.
It shut Soma Kyodo Power Company's 1 GW No. 1 coal-fired unit at its Shinchi power plant in Fukushima as well as Nippon Steel's 136 MW coal-fired unit at its Kamaishi thermal power plant in Iwate and Nippon Paper's 149 MW coal/biomass-fired unit at its Ishinomaki Hibarino power plant in Miyagi, according to METI.
LNG stocks held by Japan's major power utilities rebounded 17% on the week from the current winter low to 1.72 million mt March 13, data released by METI showed March 16.
The rebound in the LNG stocks came after the levels dropped 18% on the week to 1.47 million mt March 6, falling below the previous low for this winter of 1.63 million mt on Feb. 6.
The earthquake triggered electricity outages at about 148,100 households in the Tohoku area and at nearly 2.085 million households in the Tokyo area, METI said.
The Tohoku electricity outage is down to 2,800 households, while the Tokyo area restored electricity at all of 2.085 million households as of 2:30 pm local time March 17, METI said.
The earthquake had not resulted in any suspension of city gas supply, METI said.
Japan's largest refiner ENEOS ' 145,000 b/d Sendai refinery in the northeast and 129,000 b/d Chiba refinery in Tokyo Bay were shut following the earthquake, a company spokesperson said March 17.
There was an automatic shutdown across the refining units at ENEOS ' Sendai plant due to the tremors, while all the refining units at the Chiba plant were shut as a result of power outages, the spokesperson said.
The refiner has now restarted the Negishi refining units that were shut due to the power outage, but unspecified units at its Kawasaki refinery remain shut, the spokesperson added.
ENEOS ' waterborne and truck oil product shipments at its Sendai and Chiba refineries have also been suspended, and it was not clear when the services would resume, another company spokesperson said.
ENEOS, however, has resumed its waterborne and truck oil product shipments at its Negishi and Kawasaki refineries following suspensions as a result of power outages, the spokesperson said.
An ENEOS spokesperson said that the refiner has shut one of the two crude distillation units at the Kawasaki refinery as a result of the earthquake-led power outages.
Meanwhile, Idemitsu Kosan shut a part of unspecified units at its Keihin refinery in Tokyo Bay as a result of power outages but it will restart the units March 18, a company spokesperson said. Its waterborne and truck oil product shipments, however, maintained normally in Tokyo Bay.
Cosmo Oil and Fuji Oil have maintained normal refining operations along with waterborne and truck oil product shipments in Tokyo Bay, according to company spokespeople.
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Blood test may indicate higher risk pregnancies in patients with COVID-19: Once developed, test could improve care of COVID-19 in pregnancies -- ScienceDaily | Research has shown pregnant people with COVID-19 have a higher risk of stillbirths and other pregnancy complications. Anecdotal reports have also reported potentially higher cases of stillbirths caused by certain variants, leading to increased concern in the scientific community. Scientists identified a link between COVID placentitis, in which the virus infects the placenta, and these poor outcomes, but can only diagnose instances of placentitis after delivery by examining the placenta.
The new paper, published this week in the journal PLACENTA, illuminates a link between placentitis and circulating SARS-CoV-2 virus.
`` Right now, we don't know if there's placentitis until after the fact, '' said Northwestern's Dr. Leena Mithal, the paper's first author. `` We're laying groundwork for further studies so that in the future, people who are diagnosed with COVID during pregnancy may be able to get a test that will help identify pregnancies that may be at higher risk of stillbirth or fetal distress. ''
Mithal is an assistant professor of pediatric infectious diseases at Northwestern University Feinberg School of Medicine and an attending physician at Ann & Robert H. Lurie Children's Hospital of Chicago. Dr. Jeffery Goldstein, the director of perinatal pathology at Feinberg, led the study and is the corresponding author.
Placentitis affects between 1% and 2% of pregnant people infected with COVID-19. Unlike many pregnancy complications, the risk of placentitis and stillbirth isn't linked to the severity of the virus. Dr. Elisheva Shanes, a co-investigator of the study and assistant professor of perinatal and autopsy pathology at Feinberg, said that makes predicting which placentas are at risk next to impossible, because an asymptomatic infection could just as easily have complications as a very sick person.
Using a biorepository of blood taken from pregnant people during the pandemic in 2020, the scientists looked at the blood of participants who had tested positive for COVID-19 during pregnancy -- six who were positive for placentitis and 12 controls who were not. Then, scientists at the Center for Pathogen Genomics and Microbial Evolution looked for RNA of the virus in maternal blood using the same PCR-based test usually performed on nasal swabs.
Of those who had placentitis, two had low levels of viral RNA ( called viremia) in their blood; none of the controls did. One of the people with viremia had a stillbirth, and the other had a well infant; all participants who tested negative for the marker delivered healthy babies.
`` The part of the placenta infected by the virus is also the part that's in contact with maternal blood, '' Shanes said. `` So if there's infection in these cells, the virus may also be found in the blood. If a pregnant person had COVID and no placentitis, we wouldn't expect to find virus in the blood. ''
Most pregnant patients with COVID-19 will go on to have normal pregnancies. Improved versions of this test and additional studies to validate the finding could help obstetricians develop plans for those who are at a high risk of placentitis and stillbirth, Shanes said. Investigators plan to conduct follow-up studies with larger pools of participants and hope other labs will build on the small body of literature to further validate the findings.
The best way to protect both the parent and baby is to get vaccinated, the authors said. In their observations, stillbirths have been more common in unvaccinated patients.
`` We don't know why viremia does or doesn't affect some people, but the vaccine does seem to protect against severe complications, '' Mithal said.
The all-Northwestern team also includes Sebastian Otero, Lacy Simons, Judd Hultquist, Emily Miller and Egon Ozer.
The study, `` Low-level SARS-CoV-2 viremia coincident with COVID placentitis and stillbirth, '' received support from Friends of Prentice, the Stanley Manne Children's Research Institute and from institutional resources supported by the National Center for Advancing Translational Sciences ( UL1TR001422). The team is also supported by the National Institute of Biomedical Imaging and Bioengineering ( K08EB030120), the National Institute of Allergy and Infectious Diseases ( K23AI139337), and the National Institute of Health ( R21 AI163912, U19 AI135964). | science |
Santa Barbara Surf Film Festival 2022 - The Santa Barbara Independent | March 18 & 19 | Surf X Film X Art X Community
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( Santa Barbara, CA) – The 2022 Santa Barbara Surf Film Festival is back for the first time post-pandemic with a whole new vibe. This year’ s Covid friendly, two-day event, held at the Community Arts Workshop space ( CAW) – 631 Garden Street in downtown Santa Barbara- features a captivating surf cinema lineup and live local music with indoor and outdoor activities that allow for ample space in a more immersive, engaging experience.
We’ re proud to announce our official selection of films for the 2022 SBSFF:
Feature film selections: “ Searching for Tom Curren ”, the 25-year remastered release, by Sonny Miller, “ Waterman ” by Isaac Halasima, “ Snapt 4 ” by Logan Dulien, “ Morning of the Earth ”, 50th year anniversary remastered in 4K, by Albert Falzon, and “ Birth of the Endless Summer ” by Richard Yelland
Short film selections: “ 93 Letters from Marge ” by Heather Hudson, “ RE-MOTE: The Lost Reels ” by Albert Falzon, “ Art Form ” by Matt Kleiner, and “ 805 Presents: Beautiful Silence ” featuring Nate Tyler.
SBSFF will kick-off Friday afternoon ( March 18) with happy hour at 4:00 pm, presented by Nosotros Tequila, and live music by the folk-rock band, Uncle Uncle, followed by 6:30 pm and 7:50 pm showings.
Saturday features a full-day line-up. 10:00 am – 1:30 pm is our Grom Program, with a short film sponsored by Surf Happens, and a live performance from the kids’ band Wombo Combo.
On both days we invite our guests to come out to enjoy the all-day, live, musical performances including an acoustic set by Albatross, Ukulele music by Annalie Ilagan, and music by Denny Aaberg and Simone Reddingius, our extraordinary film line-up, and happy hour presented by Nosotros Tequila.
Explore art in multiple mediums, including a large format exhibition of the works by Albert Falzon. Taste specially crafted artisan food & drinks, cruise through our open-air market with local vendors & sponsor activations, and get to know our nonprofits.
In line with our missions to benefit the community, our silent auction and raffle proceeds will benefit our three partner non-profits: The Surf Happens Foundation, Heal the Ocean, and Surfrider.
Purchase tickets and view the full schedule at: www.SantaBarbaraSurfFilmFestival.com
Single Day, Two-Day, VIP, and Grom Program Tickets Available.
Follow us on social media @ SBsurffilmfest and join our email list on the SBSFF website to hear more event details as they are released.
# # # #
SCHEDULE:
FRIDAY, March 18th
4:00 PM Nosotros Tequila Happy Hour4:30 PM Music by Uncle Uncle 6:00 PM 805 Presents: Beautiful Silence featuring Nate Tyler – Short Film Selection 6:30 PM RE-MOTE: The Lost Reels – Short Film Selection 7:10 PM Live music by Albatross ( acoustic set) 7:50 PM Searching for Tom Curren – Feature Film Selection9:00 PM Live Music – TBD
SATURDAY, March 19th
10:00 AM Grom Program – Tickets Sold Separately10:30 AM ▪︎ Surf Happens- Short Film11:30 AM ▪︎ Wombo Combo, Youth Band12:00 PM ▪︎ Snapt 4- Feature Film Selection 2:00 PM Birth of the Endless Summer – Feature Film Selection4:00 PM Nosotros Tequila Happy Hour and Live music by: Annalie Ilagan4:30 PM 93 Letters from Marge – Short Film Selection5:15 PM Live music by Denny Aaberg and Simone Reddingius6:00 PM Waterman – Feature Film Selection8:00 PM Art Form – Short Film Selection 8:15 PM Morning of the Earth – Feature Film Selection
Our 2022 Sponsors Include:
Visit Santa Barbara, Firestone, Nosotros Tequila, Glasshouse, Pro Farms, Surf Happens, Waiakea, High Seas Mead, Oil Slick, Sunstone, and Montecito Gourmet.
Non-Profit Partners:
Surf Happens Foundation
The Surf Happens Foundation raises funds to provide scholarships and free surf programs to deserving youngsters in partnership with Surf Happens Surf School. Improving lives by sharing the joy of surfing and inspiring ocean stewardship. We strive to build a natural connection to the sea for every person we teach – and we create the foundation for a healthy lifestyle. We believe human beings must be stewards of our environment and we are students to respect and protect our natural resources.
Heal the Ocean
From capping leaking oil wells to Styrofoam recycling and cleanup orders, HTO is a non-profit organization that fights for a cleaner Ocean for all. Heal the Ocean focuses on wastewater infrastructure – sewers and septic systems – as well as Ocean dumping practices that have contributed to ocean pollution. We are focused on Santa Barbara County, but our methods are now serving as a model for other coastal
communities across the country.
Surfrider
Surfrider works to keep the oceans in Santa Barbara and the surrounding community clean by doing clean-ups, working with restaurants to make them more sustainable, informing the community on how to be more environmentally friendly, weekly ocean water testing, and raising money for resources that make being environmentally friendly easier. | general |
Full Belly Files: Indulgences Unite | Fifth-Ever Burger Week Began Days After World of Pinot Noir
This edition of Full Belly Files was originally emailed to subscribers on March 11, 2022. To receive Matt Kettmann’ s food newsletter in your inbox each Friday, sign up at independent.com/newsletters.
How many burgers have you eaten yet?
If you’ d seen a printed version of the Santa Barbara Independent or Independent.com first thing yesterday morning announcing the launch of our fifth-ever Burger Week, you could have eaten two burgers for breakfast ( there are two with eggs!), one for lunch, one for dinner, and one for dessert by now. As you may have read in last week’ s Full Belly Files, I already had two under my belt before the week kicked off: the Surf and Turf from Mesa Burger and the Billy Goat from Padaro Beach Grill.While I am certainly tempted by the Kalua Pork Burger at Live Oak Café and the spicy French-Ethiopian Croquette at Petit Valentien — among the dozen or so other $ 7 burgers on sale until March 16 — I’ ll probably hold off on too many more burgers for now. For that, blame this past weekend of sheer indulgence at World of Pinot Noir, which was held at the Ritz-Carlton Bacara for the first time since the pandemic took hold.
My schedule was basically blurry-eyed early morning’ til exhausted bedtime on both Friday and Saturday. Highlights included attending a lunch hosted by Adam Lee, who was sharing his Clarice and Beau Marchais wines; speaking about the glories of the Sta. Rita Hills on a panel thrown by Walt Wines; moderating a funny while informative, two-hour, 10-wine Garys’ Vineyard panel; and emceeing the dinner focused on celebrating the S.L.O. Coast, which I’ ve been touting since 2015. ( More on that below.)
Given that the last live WOPN took place in March 2020 — the “ beginning of the end ” as we morbidly joked — this year’ s event marked a symbolic return to a somewhat familiar reality. People were relaxed, most masks were gone, our smiles were genuine — and visible. It felt right to be back at the Bacara sipping on pinot from around the world as the pandemic finally lets most of us breathe a little easier. Hopefully that trend sticks and ushers in a year of many more chances to reconnect with everyone we’ ve been missing.
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Back in 2015, just a year after I’ d been hired as a contributing editor for Wine Enthusiast, I started reporting a story about the “ S.L.O. Coast, ” a loosely affiliated band of vineyards and winemakers who produced wine from San Luis Obispo County’ s coastal areas. ( I may have actually first learned of this group while writing this story in 2014 for the Indy.)
At the time, they were proposing to turn the S.L.O. Coast into an official wine-growing appellation, and I could see why. In a world where many wine appellations are based as much on politics and history as geography and climate, the S.L.O. Coast is a truly unique and unified terroir, with more than 400,000 acres smashed in between the Pacific Ocean and the western ridgeline of the Santa Lucia Mountains.In 2016, I published this story, which focused primarily on the S.L.O. Coast but also on some spots in Santa Cruz and Carpinteria. I implied that the federal approval of the appellation was imminent, but I was wrong. In fact, the S.L.O. Coast Wine Collective wouldn’ t even submit their application until July 2017 and then, well, everyone waited.
This week, almost five years later, thanks to COVID delays and administration changes, the federal government finally approved the S.L.O. Coast as an appellation, known in official-speak as an American Viticultural Area, or AVA. Here is my report on the news for Wine Enthusiast.
This region, which also includes the existing Arroyo Grande and Edna valleys, is very much worth your attention, because its mix of established and emerging brands is about as exciting as California winemaking can be. Though mostly pinot noir and chardonnay, it also includes plenty of aromatic whites and cool-climate Rhônes. The wines are fresh yet intense, a combination that ensures both immediate pleasure and long-term life.
For those interested in learning more, I’ ll be moderating a couple panels up in Pismo Beach on April 2 as part of the S.L.O. Coast Wine Classic, which has events that entire weekend. Get tickets here.
In addition to Burger Week, this week’ s paper and website includes the following food & drink articles:
Also, not to get too confusing with Burger Week in our midst, but we also posted this story by Rebecca Horrigan on XO Santa Barbara’ s XO Deluxe Burger. It will be in print at some point, but we need to give Burger Week some breathing room.
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Iran reveals COVID-19 data for March 17 | As many as 2,580 people have been infected with the coronavirus ( COVID-19) in the past 24 hours in Iran, reads the statement of the Ministry of Health and Medical Education of Iran, Trend reports.
In addition, 98 people have died from the coronavirus over the past day.
At the same time, the condition of 2,234 people remains critical.
So far, more than 48.5 million tests have been conducted in Iran for the diagnosis of coronavirus.
In total, about 146 million doses of vaccines have been used in Iran so far. A total of 63.7 million doses have been used on the first stage, 56.4 million doses - on the second stage, and 25.5 million doses – on the third stage.
Iran continues to monitor the coronavirus situation in the country. According to recent reports from Iranian officials, over 7.13 million people have been infected, and 139,387 people have already died.
Meanwhile, over 6.8 million people have reportedly recovered from the disease. The country continues to apply strict measures to contain the further spread of the virus.
Reportedly, the disease was brought to Iran by a businessman from Iran's Qom city, who went on a business trip to China, despite official warnings. The man died later from the disease. The Islamic Republic announced its first infections and deaths from the coronavirus on Feb. 19.
The outbreak in the Chinese city of Wuhan - which is an international transport hub - began at a fish market in late December 2019.
The World Health Organization ( WHO) on March 11 declared COVID-19 a pandemic. Some sources claim the coronavirus outbreak started as early as November 2019. | general |
Neutralisation sensitivity of the SARS-CoV-2 omicron ( B.1.1.529) variant: a cross-sectional study - The Lancet Infectious Diseases | BackgroundThe SARS-CoV-2 omicron ( B.1.1.529) variant, which was first identified in November, 2021, spread rapidly in many countries, with a spike protein highly diverged from previously known variants, and raised concerns that this variant might evade neutralising antibody responses. We therefore aimed to characterise the sensitivity of the omicron variant to neutralisation.MethodsFor this cross-sectional study, we cloned the sequence encoding the omicron spike protein from a diagnostic sample to establish an omicron pseudotyped virus neutralisation assay. We quantified the neutralising antibody ID50 ( the reciprocal dilution that produces 50% inhibition) against the omicron spike protein, and the fold-change in ID50 relative to the spike of wild-type SARS-CoV-2 ( ie, the pandemic founder variant), for one convalescent reference plasma pool ( WHO International Standard for anti-SARS-CoV-2 immunoglobulin [ 20/136 ]), three reference serum pools from vaccinated individuals, and two cohorts from Stockholm, Sweden: one comprising previously infected hospital workers ( 17 sampled in November, 2021, after vaccine rollout and nine in June or July, 2020, before vaccination) and one comprising serum from 40 randomly sampled blood donors donated during week 48 ( Nov 29–Dec 5) of 2021. Furthermore, we assessed the neutralisation of omicron by five clinically relevant monoclonal antibodies ( mAbs).FindingsNeutralising antibody responses in reference sample pools sampled shortly after infection or vaccination were substantially less potent against the omicron variant than against wild-type SARS-CoV-2 ( seven-fold to 42-fold reduction in ID50 titres). Similarly, for sera obtained before vaccination in 2020 from a cohort of convalescent hospital workers, neutralisation of the omicron variant was low to undetectable ( all ID50 titres < 20). However, in serum samples obtained in 2021 from two cohorts in Stockholm, substantial cross-neutralisation of the omicron variant was observed. Sera from 17 hospital workers after infection and subsequent vaccination had a reduction in average potency of only five-fold relative to wild-type SARS-CoV-2 ( geometric mean ID50 titre 495 vs 105), and two donors had no reduction in potency. A similar pattern was observed in randomly sampled blood donors ( n=40), who had an eight-fold reduction in average potency against the omicron variant compared with wild-type SARS-CoV-2 ( geometric mean ID50 titre 369 vs 45). We found that the omicron variant was resistant to neutralisation ( 50% inhibitory concentration [ IC50 ] > 10 μg/mL) by mAbs casirivimab ( REGN-10933), imdevimab ( REGN-10987), etesevimab ( Ly-CoV016), and bamlanivimab ( Ly-CoV555), which form part of antibody combinations used in the clinic to treat COVID-19. However, S309, the parent of sotrovimab, retained most of its activity, with only an approximately two-fold reduction in potency against the omicron variant compared with ancestral D614G SARS-CoV-2 ( IC50 0·1–0·2 μg/mL).InterpretationThese data highlight the extensive, but incomplete, evasion of neutralising antibody responses by the omicron variant, and suggest that boosting with licensed vaccines might be sufficient to raise neutralising antibody titres to protective levels.FundingEuropean Union Horizon 2020 research and innovation programme, European and Developing Countries Clinical Trials Partnership, SciLifeLab, and the Erling-Persson Foundation.
The SARS-CoV-2 omicron ( B.1.1.529) variant, which was first identified in November, 2021, spread rapidly in many countries, with a spike protein highly diverged from previously known variants, and raised concerns that this variant might evade neutralising antibody responses. We therefore aimed to characterise the sensitivity of the omicron variant to neutralisation.
For this cross-sectional study, we cloned the sequence encoding the omicron spike protein from a diagnostic sample to establish an omicron pseudotyped virus neutralisation assay. We quantified the neutralising antibody ID50 ( the reciprocal dilution that produces 50% inhibition) against the omicron spike protein, and the fold-change in ID50 relative to the spike of wild-type SARS-CoV-2 ( ie, the pandemic founder variant), for one convalescent reference plasma pool ( WHO International Standard for anti-SARS-CoV-2 immunoglobulin [ 20/136 ]), three reference serum pools from vaccinated individuals, and two cohorts from Stockholm, Sweden: one comprising previously infected hospital workers ( 17 sampled in November, 2021, after vaccine rollout and nine in June or July, 2020, before vaccination) and one comprising serum from 40 randomly sampled blood donors donated during week 48 ( Nov 29–Dec 5) of 2021. Furthermore, we assessed the neutralisation of omicron by five clinically relevant monoclonal antibodies ( mAbs).
Neutralising antibody responses in reference sample pools sampled shortly after infection or vaccination were substantially less potent against the omicron variant than against wild-type SARS-CoV-2 ( seven-fold to 42-fold reduction in ID50 titres). Similarly, for sera obtained before vaccination in 2020 from a cohort of convalescent hospital workers, neutralisation of the omicron variant was low to undetectable ( all ID50 titres < 20). However, in serum samples obtained in 2021 from two cohorts in Stockholm, substantial cross-neutralisation of the omicron variant was observed. Sera from 17 hospital workers after infection and subsequent vaccination had a reduction in average potency of only five-fold relative to wild-type SARS-CoV-2 ( geometric mean ID50 titre 495 vs 105), and two donors had no reduction in potency. A similar pattern was observed in randomly sampled blood donors ( n=40), who had an eight-fold reduction in average potency against the omicron variant compared with wild-type SARS-CoV-2 ( geometric mean ID50 titre 369 vs 45). We found that the omicron variant was resistant to neutralisation ( 50% inhibitory concentration [ IC50 ] > 10 μg/mL) by mAbs casirivimab ( REGN-10933), imdevimab ( REGN-10987), etesevimab ( Ly-CoV016), and bamlanivimab ( Ly-CoV555), which form part of antibody combinations used in the clinic to treat COVID-19. However, S309, the parent of sotrovimab, retained most of its activity, with only an approximately two-fold reduction in potency against the omicron variant compared with ancestral D614G SARS-CoV-2 ( IC50 0·1–0·2 μg/mL).
These data highlight the extensive, but incomplete, evasion of neutralising antibody responses by the omicron variant, and suggest that boosting with licensed vaccines might be sufficient to raise neutralising antibody titres to protective levels.
European Union Horizon 2020 research and innovation programme, European and Developing Countries Clinical Trials Partnership, SciLifeLab, and the Erling-Persson Foundation.
The SARS-CoV-2 omicron variant ( B.1.1.529) has rapidly replaced the highly transmissible delta variant ( B.1.617.2) in many countries.1Viana R Moyo S Amoako DG et al.Rapid epidemic expansion of the SARS-CoV-2 omicron variant in southern Africa.Nature. 2022; ( published online Jan 7.) https: //doi.org/10.1038/s41586-022-04411-yGoogle Scholar Compared with the original SARS-CoV-2 virus, the archetypical omicron ( BA.1) variant harbours two deletions, one insertion, and 30 amino acid differences in the viral spike protein, including many mutations known or predicted to confer resistance to neutralising antibodies. However, their combined effect, and the phenotypic effects of a number of novel omicron mutations, were unknown.
The deletions and insertions in the viral spike protein of the omicron variant are located within the N-terminal domain, a known target of neutralising antibodies,2McCallum M De Marco A Lempp FA et al.N-terminal domain antigenic mapping reveals a site of vulnerability for SARS-CoV-2.Cell. 2021; 184 ( 47.e16): 2332Google Scholar and the receptor binding domain, which exhibits 15 non-synonymous mutations, many of which cluster in and around the angiotensin-converting enzyme 2 ( ACE2) receptor binding motif ( figure 1). Mutations at amino acid positions 484, 417, and 501 are common to multiple variants of concern, and these three mutations alone ( but E484K instead of E484A in the omicron variant) explain the majority of resistance exhibited by the beta ( B.1.351) variant,3Wibmer CK Ayres F Hermanus T et al.SARS-CoV-2 501Y.V2 escapes neutralization by South African COVID-19 donor plasma.Nat Med. 2021; 27: 622-625Google Scholar which has no other receptor binding domain mutations. Deep mutational scanning data suggest that E484A and K417N, in addition to G446S and Q493R ( which are not present in other variants of concern) are the largest contributors to the resistance profile of the omicron variant.4Greaney AJ Loes AN Crawford KHD et al.Comprehensive mapping of mutations in the SARS-CoV-2 receptor-binding domain that affect recognition by polyclonal human plasma antibodies.Cell Host Microbe. 2021; 29 ( 76.e6): 463Google ScholarFigure 1Omicron spike mutationsShow full captionChanges in the NTD ( left) and RBD ( right) that have potential immunological significance are labelled. Residues on either side of a deletion are shown in green, and point mutations and insertions are shown in red. Changes are visualised on a model of an omicron spike protomer.12Mirdita M Ovchinnikov S Steinegger M ColabFold—making protein folding accessible to all.https: //doi.org/10.5281/zenodo.5123297Date accessed: February 18, 2022Google Scholar NTD=N-terminal domain. RBD=receptor binding domain.View Large Image Figure ViewerDownload Hi-res image Download ( PPT)
Changes in the NTD ( left) and RBD ( right) that have potential immunological significance are labelled. Residues on either side of a deletion are shown in green, and point mutations and insertions are shown in red. Changes are visualised on a model of an omicron spike protomer.12Mirdita M Ovchinnikov S Steinegger M ColabFold—making protein folding accessible to all.https: //doi.org/10.5281/zenodo.5123297Date accessed: February 18, 2022Google Scholar NTD=N-terminal domain. RBD=receptor binding domain.
Research in contextEvidence before this studyTowards the end of 2021, the novel SARS-CoV-2 omicron ( B.1.1.529) variant rapidly replaced the highly transmissible delta ( B.1.617.2) variant in many countries. Sequencing showed that the omicron variant was extensively diverged from all other previously known lineages and harboured a number of mutations in the viral spike protein, including many mutations known or predicted to confer resistance to neutralising antibodies. However, the combined effect of these mutations, and the phenotypic effects of a number of novel omicron mutations, were unknown, and no experimental data were available on the resistance of omicron to neutralising antibodies at the onset of this study. We searched PubMed from database inception to Dec 19, 2021, without language restrictions, for articles using the search terms: “ ( ( SARS-CoV-2) AND ( ( Neutralisation) OR ( Neutralisation)) AND ( ( Omicron) OR ( B.1.1.529))) ”. Our search yielded 17 articles, of which four were directly relevant. Two preprints evaluated neutralisation of live omicron isolates for recipients of the BNT162b2 mRNA vaccine ( Pfizer–BioNTech), reporting an approximate 36-fold to 40-fold reduction in sensitivity relative to ancestral SARS-CoV-2 isolates. Two preprints reported resistance of omicron spike pseudotyped viruses to neutralisation by serum from convalescent and vaccinated individuals ( BNT162b2, mRNA-1273 [ Moderna ], and Ad26.COV2.S [ Johnson & Johnson ] vaccine recipients), demonstrating low or undetectable titres against the omicron variant after infection or primary vaccination but substantial cross-neutralisation of omicron after an additional mRNA vaccine dose. An additional preprint not identified in the literature search reported on the neutralisation of the omicron variant by a panel of monoclonal antibodies ( mAbs), showing that the omicron variant evaded neutralisation by approximately 85% of mAbs tested.Added value of this studyThis study provides in-vitro data on the sensitivity of the omicron variant to antibody-mediated neutralisation and quantifies the loss of neutralisation potency by vaccine and convalescent serum standards, as well as by five mAbs incorporated in licensed antibody therapies. Furthermore, we assessed neutralising activity against the omicron variant in sera from two Swedish cross-sectional cohorts, providing insight into population-level immunity against the omicron variant in Sweden at present. The initial serum neutralisation results from this study were disseminated just 13 days after the omicron variant was first reported to WHO.Implications of all the available evidenceIn agreement with several studies done in parallel, we identified that most mAbs incorporated into therapeutics licensed for human use have little or no neutralising activity against the omicron variant, which is likely to undermine their efficacy. One mAb, S309 ( the parent of sotrovimab), retained potency against omicron, suggesting that sotrovimab might retain clinical utility. Furthermore, the results of this study and others have shown that the omicron variant displays profound escape from neutralising antibodies in serum samples obtained after infection or vaccination, which is likely to underpin the reductions in vaccine effectiveness observed in real-world settings. However, in a real-world cohort of blood donors from Stockholm ( Sweden), reduced but detectable cross-neutralisation of the omicron variant was evident, suggesting that loss of protection at the population level might be less substantial in certain groups. We showed that although little or no cross-neutralisation of the omicron variant was identified in the sera of convalescent individuals, individuals who had been infected before being vaccinated had considerably higher neutralising potency against the omicron variant, highlighting the benefit of vaccination in individuals who have been previously infected. This finding is in line with other studies that emphasised the benefits of an additional vaccine dose in broadening neutralising antibody responses, including against the omicron variant.
Towards the end of 2021, the novel SARS-CoV-2 omicron ( B.1.1.529) variant rapidly replaced the highly transmissible delta ( B.1.617.2) variant in many countries. Sequencing showed that the omicron variant was extensively diverged from all other previously known lineages and harboured a number of mutations in the viral spike protein, including many mutations known or predicted to confer resistance to neutralising antibodies. However, the combined effect of these mutations, and the phenotypic effects of a number of novel omicron mutations, were unknown, and no experimental data were available on the resistance of omicron to neutralising antibodies at the onset of this study. We searched PubMed from database inception to Dec 19, 2021, without language restrictions, for articles using the search terms: “ ( ( SARS-CoV-2) AND ( ( Neutralisation) OR ( Neutralisation)) AND ( ( Omicron) OR ( B.1.1.529))) ”. Our search yielded 17 articles, of which four were directly relevant. Two preprints evaluated neutralisation of live omicron isolates for recipients of the BNT162b2 mRNA vaccine ( Pfizer–BioNTech), reporting an approximate 36-fold to 40-fold reduction in sensitivity relative to ancestral SARS-CoV-2 isolates. Two preprints reported resistance of omicron spike pseudotyped viruses to neutralisation by serum from convalescent and vaccinated individuals ( BNT162b2, mRNA-1273 [ Moderna ], and Ad26.COV2.S [ Johnson & Johnson ] vaccine recipients), demonstrating low or undetectable titres against the omicron variant after infection or primary vaccination but substantial cross-neutralisation of omicron after an additional mRNA vaccine dose. An additional preprint not identified in the literature search reported on the neutralisation of the omicron variant by a panel of monoclonal antibodies ( mAbs), showing that the omicron variant evaded neutralisation by approximately 85% of mAbs tested.
This study provides in-vitro data on the sensitivity of the omicron variant to antibody-mediated neutralisation and quantifies the loss of neutralisation potency by vaccine and convalescent serum standards, as well as by five mAbs incorporated in licensed antibody therapies. Furthermore, we assessed neutralising activity against the omicron variant in sera from two Swedish cross-sectional cohorts, providing insight into population-level immunity against the omicron variant in Sweden at present. The initial serum neutralisation results from this study were disseminated just 13 days after the omicron variant was first reported to WHO.
In agreement with several studies done in parallel, we identified that most mAbs incorporated into therapeutics licensed for human use have little or no neutralising activity against the omicron variant, which is likely to undermine their efficacy. One mAb, S309 ( the parent of sotrovimab), retained potency against omicron, suggesting that sotrovimab might retain clinical utility. Furthermore, the results of this study and others have shown that the omicron variant displays profound escape from neutralising antibodies in serum samples obtained after infection or vaccination, which is likely to underpin the reductions in vaccine effectiveness observed in real-world settings. However, in a real-world cohort of blood donors from Stockholm ( Sweden), reduced but detectable cross-neutralisation of the omicron variant was evident, suggesting that loss of protection at the population level might be less substantial in certain groups. We showed that although little or no cross-neutralisation of the omicron variant was identified in the sera of convalescent individuals, individuals who had been infected before being vaccinated had considerably higher neutralising potency against the omicron variant, highlighting the benefit of vaccination in individuals who have been previously infected. This finding is in line with other studies that emphasised the benefits of an additional vaccine dose in broadening neutralising antibody responses, including against the omicron variant.
Such substantial antigenic drift might undermine protection afforded by currently licensed vaccines and monoclonal antibodies ( mAbs) used in the clinic. We therefore aimed to characterise, using a pseudotyped virus assay, the sensitivity of the omicron variant to neutralisation by relevant monoclonal antibodies, pooled serum from vaccine recipients and convalescent individuals, serum samples from previously infected and previously infected-then-vaccinated hospital workers, and serum from a random sample of blood donors.
For this cross-sectional study, we studied two cohorts. The first cohort comprised serum samples from 40 blood donors ( anonymised and therefore with unknown exposure and vaccination status), donated during week 48 of 2021 ( Nov 29–Dec 5), in Stockholm, Sweden. The second cohort comprised serum samples from previously infected hospital workers at the Karolinska University Hospital ( Stockholm, Sweden; as described previously5Elfström KM Blomqvist J Nilsson P et al.Differences in risk for SARS-CoV-2 infection among healthcare workers.Prev Med Rep. 2021; 24101518Google Scholar) who were confirmed to be SARS-CoV-2 positive by PCR in April or May, 2020. 17 previously infected hospital workers had serum sampled in November, 2021, after vaccine rollout, and nine had serum sampled in June or July 2020, before vaccination ( defined as convalescent samples hereafter). Informed consent was obtained from all participants included in the hospital worker and convalescent cohorts as part of an ethics approval ( decision number 2020-01620, with amendments 2020-02881, 2020-05630, and 2021-04377) from the Swedish Ethical Review Authority. The blood donor cohort and the omicron-positive sample from which the spike was cloned were anonymised and thus not subject to ethical approvals, as per advisory statement 2020–01807 from the Swedish Ethical Review Authority.
Plasma and serum pooled standards were also studied, including the first WHO International Standard for anti-SARS-CoV-2 immunoglobulin ( 20/136), pooled from convalescent patients in 2020. Additionally, pooled serum standards from vaccinated individuals ( including BEI Resources NRH-17727, NRH-17846, and NRH-20012) 6Xiang J Katz L Winokur PL et al.Establishment of human post-vaccination SARS-CoV-2 standard reference sera.medRxiv. 2022; ( published online Jan 25, 2022.) ( preprint).https: //doi.org/10.1101/2022.01.24.22269773Google Scholar were provided by the National Institute of Allergy and Infectious Diseases at the National Institutes of Health. For the three pools, serum was isolated approximately 3 months after completion of the primary vaccination series ( mean 69 days [ SD 14·9 ] for recipients of the BNT162b2 mRNA vaccine [ Pfizer–BioNTech ], 102 days [ 13·3 ] for recipients of the mRNA-1273 [ Moderna ] vaccine, and 83 days [ 19·0 ] for recipients of the Ad26.COV2.S [ Johnson & Johnson ] vaccine) from six donors with no history of infection who were aged between 18 and 55 years ( mean age 44·2 years [ SD 15·1 ] for BNT162b2 recipients, 52·2 years [ 16·0 ] for mRNA-1273 recipients, and 36·8 years [ 12·5 ] for Ad26.COV2.S recipients).7Hansen J Baum A Pascal KE et al.Studies in humanized mice and convalescent humans yield a SARS-CoV-2 antibody cocktail.Science. 2020; 369: 1010-1014Google Scholar The interval between first and second vaccine doses was approximately 3 weeks for BNT162b2 recipients and 4 weeks for mRNA-1273 recipients, with no second dose given for Ad26.COV2.S recipients.
We produced in-house versions of clinically relevant mAbs: casirivimab ( REGN-10933),7Hansen J Baum A Pascal KE et al.Studies in humanized mice and convalescent humans yield a SARS-CoV-2 antibody cocktail.Science. 2020; 369: 1010-1014Google Scholar imdevimab ( REGN-10987),7Hansen J Baum A Pascal KE et al.Studies in humanized mice and convalescent humans yield a SARS-CoV-2 antibody cocktail.Science. 2020; 369: 1010-1014Google Scholar bamlanivimab ( LY-CoV555),8Gottlieb RL Nirula A Chen P et al.Effect of bamlanivimab as monotherapy or in combination with etesevimab on viral load in patients with mild to moderate COVID-19: a randomized clinical trial.JAMA. 2021; 325: 632-644Google Scholar etesevimab ( LY-CoV016),8Gottlieb RL Nirula A Chen P et al.Effect of bamlanivimab as monotherapy or in combination with etesevimab on viral load in patients with mild to moderate COVID-19: a randomized clinical trial.JAMA. 2021; 325: 632-644Google Scholar and S3099Pinto D Park Y-J Beltramello M et al.Cross-neutralization of SARS-CoV-2 by a human monoclonal SARS-CoV antibody.Nature. 2020; 583: 290-295Google Scholar ( from which sotrovimab was derived). mAbs were expressed in Expi293 cells and purified using protein G Agarose columns ( appendix pp 3–4).
For use in the pseudovirus neutralisation assay, an omicron variant spike protein was molecularly cloned from an anonymised diagnostic sample, suspected to contain omicron due to S-gene target failure, which was subsequently confirmed by sequencing. The approach and primers used for the construction of the omicron spike expression plasmid are described in the appendix ( pp 2–3, 5). The resulting spike plasmid had an amino acid sequence identical to the omicron consensus, using native codons from amino acids 43–1000, and was codon optimised outside of this region. Plasmids encoding the spikes from the B.1 ( D614G), mu ( B.1.621), and delta variants were obtained from the G2P-UK National Virology consortium.10Newman J Thakur N Peacock TP et al.Neutralising antibody activity against SARS-CoV-2 variants, including omicron, in an elderly cohort vaccinated with BNT162b2.bioRxiv. 2021; ( published online Dec 24.) ( preprint).https: //doi.org/10.1101/2021.12.23.21268293Google Scholar
HEK293T cells ( CRL-3216; ATCC, Manassas, VA, USA) and HEK293T-ACE2 cells ( stably expressing human ACE2) were cultured in Dulbecco's Modified Eagle Medium ( high glucose, with sodium pyruvate) supplemented with 10% fetal calf serum, 100 units per mL penicillin and 100 μg/mL streptomycin. Cultures were maintained in a humidified 37°C incubator ( 5% CO2).
The pseudovirus neutralisation assay was done as previously described.11Sheward DJ Mandolesi M Urgard E Kim C Beta RBD boost broadens antibody-mediated protection against SARS-CoV-2 variants in animal models.Cell Rep Med. 2021; 2100450Google Scholar Spike-pseudotyped lentivirus particles were generated by the co-transfection of HEK293T cells with a relevant spike plasmid, an HIV gag-pol packaging plasmid ( 8455; Addgene, Watertown, MA, USA), and a lentiviral transfer plasmid encoding firefly luciferase ( 170674; Addgene) using polyethylenimine.
Neutralisation was assessed in HEK293T-ACE2 cells. Briefly, pseudoviruses sufficient to produce approximately 30 000 relative light units were incubated with serial three-fold dilutions of serum for 60 min at 37°C in a black-walled 96-well plate. 10 000 HEK293T-ACE2 cells were then added to each well, and plates were incubated for 48 h. Luminescence was measured using Bright-Glo Luciferase Assay System ( Promega, Madison, WI, USA) on a GloMax Navigator Microplate Luminometer ( Promega). Neutralisation was calculated relative to the average of eight control wells infected in the absence of serum. All fold-changes reported use titres from neutralisation assays run in parallel.
Individual ID50 values for each sample against each variant were calculated in GraphPad Prism ( version 9.0) by fitting a four-parameter logistic curve to neutralisation by serial three-fold dilutions of serum. For comparisons of titres across variants, we used non-parametric Wilcoxon matched-pairs tests. To assess whether fold reductions were normally distributed, we used a Shapiro-Wilk test in Prism. We assayed all available samples and no sample size calculations were performed.
The omicron spike protein used for the visualisation ( figure 1) was modelled in AlphaFold2 ( appendix p 4). We created a list of amino acid positions mutated in the omicron variant that were potentially relevant for mAb escape on the basis of whether, for each reported mAb, they were proximal to the mAb–receptor binding domain interface, and we cross-referenced this list with deep mutational scanning13Starr TN Greaney AJ Addetia A et al.Prospective mapping of viral mutations that escape antibodies used to treat COVID-19.Science. 2021; 371: 850-854Google Scholar data against that specific antibody ( appendix p 4).
The funders had no role in study design, data collection, data analysis, data interpretation, writing of the manuscript, or the decision to submit for publication.
The WHO International Standard Immunoglobulin ( 20/136) had approximately 40-fold lower ID50 titres against omicron compared with wild-type SARS-CoV-2 ( from 1765 [ 0·6 IU/ml ] to 43 [ 23·4 IU/ml ]; figure 2A), indicating substantial resistance to antibodies elicited by infection with early variants of SARS-CoV-2.Figure 2Neutralisation of the SARS-CoV-2 omicron ( B.1.1.529) variant by reference reagentsShow full captionNeutralisation of the omicron variant and wild-type SARS-CoV-2 by the first WHO International Standard for anti-SARS-CoV-2 immunoglobulin from convalescent individuals ( A), and neutralisation of the omicron variant, delta ( B.1.617.2) variant, and wild-type SARS-CoV-2 by pooled sera standards from recipients of the mRNA-1273 vaccine ( Moderna; B), BNT162b2 mRNA vaccine ( Pfizer-BioNTech; C), and the Ad26.Cov2.S vaccine ( Johnson & Johnson; D). Error bars show SD around the mean. The WHO International Standard for anti-SARS-CoV-2 immunoglobulin was assayed only once per variant due to reagent limitations.View Large Image Figure ViewerDownload Hi-res image Download ( PPT)
Neutralisation of the omicron variant and wild-type SARS-CoV-2 by the first WHO International Standard for anti-SARS-CoV-2 immunoglobulin from convalescent individuals ( A), and neutralisation of the omicron variant, delta ( B.1.617.2) variant, and wild-type SARS-CoV-2 by pooled sera standards from recipients of the mRNA-1273 vaccine ( Moderna; B), BNT162b2 mRNA vaccine ( Pfizer-BioNTech; C), and the Ad26.Cov2.S vaccine ( Johnson & Johnson; D). Error bars show SD around the mean. The WHO International Standard for anti-SARS-CoV-2 immunoglobulin was assayed only once per variant due to reagent limitations.
We assessed neutralisation of the omicron variant, delta variant, and wild-type SARS-CoV-2 by pooled serum standards6Xiang J Katz L Winokur PL et al.Establishment of human post-vaccination SARS-CoV-2 standard reference sera.medRxiv. 2022; ( published online Jan 25, 2022.) ( preprint).https: //doi.org/10.1101/2022.01.24.22269773Google Scholar from recipients of BNT162b2 ( Pfizer-BioNTech), mRNA-1273 ( Moderna), and Ad26.COV2.S ( Johnson & Johnson) vaccines. We found that neutralisation of omicron was substantially reduced ( by seven-fold to > 40-fold), across the vaccine standard serum pools ( figure 2B–D; appendix p 9).
While neutralising activity in serum sampled shortly following vaccination provides critical information about the antibody responses elicited and boosted by vaccines, immunity at the population level and real-world vaccine protection incorporates not just vaccination but a variety of previous and subsequent exposures, as well as waning14Levin EG Lustig Y Cohen C et al.Waning immune humoral response to BNT162b2 COVID-19 vaccine over 6 months.N Engl J Med. 2021; 385: e84Google Scholar, 15Seow J Graham C Merrick B et al.Longitudinal observation and decline of neutralizing antibody responses in the three months following SARS-CoV-2 infection in humans.Nat Microbiol. 2020; 5: 1598-1607Google Scholar of the responses to these. Therefore, to provide a snapshot of immunity at the population level before the introduction of omicron, we assessed neutralisation by sera from two cohorts from Stockholm, Sweden. Geometric mean neutralising ID50 titres for the blood donors were approximately eight-fold lower against the omicron variant than against wild-type virus ( figure 3A). However, the reduction in neutralising activity was heterogeneous, with some sera nearly 90-fold less potent and others having no significant reduction in potency, indicating the presence of cross-neutralising antibodies in a subset of donors. Similarly, geometric mean ID50 titres from hospital workers were around five-fold lower against the omicron variant than against wild-type virus ( figure 3B), and considerable inter-individual variation was observed ( figure 3C; table 1). Fold changes in neutralising ID50 titres in both cohorts were consistent with a log-normal distribution ( appendix p 10), and the potency with which a sample neutralised the omicron variant correlated with its ability to cross-neutralise other variants ( appendix p 8).Figure 3Neutralisation of the omicron ( B.1.1.529) variant by serum samplesShow full captionPaired pseudovirus neutralisation titres against wild-type SARS-CoV-2 and the omicron variant in the blood donor cohort ( n=40; A) and hospital worker cohort ( n=17; B), and comparison of the fold reduction in titres between the blood donor and hospital worker cohorts ( C). Neutralisation titres against wild-type SARS-CoV-2 and the omicron variant for samples obtained from previously infected hospital workers before vaccination ( n=9; D) and for the subset of the hospital workers who received two doses of the BNT162b2 mRNA vaccine ( n=7; E). Numbers above the graphs are geometric mean titres. Dotted lines in parts A, B, D, and E show the lowest dilution tested in the assay; the dotted line in part C indicates no difference in geometric mean titre. Error bars in part C show the geometric mean and 95% CI. ID50=reciprocal serum dilution that produces 50% inhibition.View Large Image Figure ViewerDownload Hi-res image Download ( PPT) Table 1ID50 titres against omicron and wild-type SARS-CoV-2 in hospital workers infected with SARS-CoV-2 in early 2020Wild-type SARS-CoV-2 ID50Omicron ID50Fold change in ID50 ( wild-type vs omicron) Self-reported vaccine history * Calendar months between most recent immunisation and day of serum sampling are shown in parentheses.Individual A8404320UnknownIndividual B4422132ChAdOx1 and BNT162b2 ( 4 months) Individual C6867341Two doses of BNT162b2 ( 4 months) Individual D185792Two doses of BNT162b2 ( 8 months) Individual E8792144Two doses of ChAdOx1 ( 5 months) Individual F2301023UnknownIndividual G137178ChAdOx1 and BNT162b2 ( 4 months) Individual H259367Two doses of BNT162b2 ( 8 months) Individual I4401792Two doses of ChAdOx1 ( 4 months) Individual J22025494UnknownIndividual K3822072Two doses of ChAdOx1 ( 5 months) Individual L4511553Two doses of BNT162b2 ( 5 months) Individual M338369UnknownIndividual N2691617Two doses of BNT162b2 ( 8 months) Individual O374840531Two doses of BNT162b2 ( 2 months) Individual P2912213Two doses of BNT162b2 ( 4 months) Individual Q11664932UnknownAge of individuals ranged from 28 to 74 years ( median 54 years [ IQR 41–62 ]). ID50=reciprocal serum dilution that produces 50% inhibition. * Calendar months between most recent immunisation and day of serum sampling are shown in parentheses. Open table in a new tab
Paired pseudovirus neutralisation titres against wild-type SARS-CoV-2 and the omicron variant in the blood donor cohort ( n=40; A) and hospital worker cohort ( n=17; B), and comparison of the fold reduction in titres between the blood donor and hospital worker cohorts ( C). Neutralisation titres against wild-type SARS-CoV-2 and the omicron variant for samples obtained from previously infected hospital workers before vaccination ( n=9; D) and for the subset of the hospital workers who received two doses of the BNT162b2 mRNA vaccine ( n=7; E). Numbers above the graphs are geometric mean titres. Dotted lines in parts A, B, D, and E show the lowest dilution tested in the assay; the dotted line in part C indicates no difference in geometric mean titre. Error bars in part C show the geometric mean and 95% CI. ID50=reciprocal serum dilution that produces 50% inhibition.
Age of individuals ranged from 28 to 74 years ( median 54 years [ IQR 41–62 ]). ID50=reciprocal serum dilution that produces 50% inhibition.
Historical samples obtained from nine hospital workers after confirmed SARS-CoV-2 infection, but before vaccination, showed a near-complete loss of neutralising activity against the omicron variant ( figure 3D). However, for seven hospital workers who received two doses of the BNT162b2 vaccine after infection, robust cross-neutralisation of the omicron variant was evident in a number of individuals ( figure 3E), highlighting the improvement in the neutralisation of the omicron variant afforded by vaccination in previously infected individuals.
We assessed the sensitivity of the omicron variant to neutralisation by several clinically relevant mAbs that have previously been licensed or authorised for human use. Casirivimab ( REGN-10933), imdevimab ( REGN-10987), etesevimab ( Ly-CoV016), and bamlanivimab ( Ly-CoV555) did not neutralise the omicron variant at the highest concentration tested ( 10 μg/mL; table 2). However, the parent antibody of sotrovimab, S309, maintained its activity, with only a two-fold reduction in potency against the omicron variant compared with ancestral B.1 ( D614G) virus ( table 2), which is likely to be attributable to the location of the epitope that sotrovimab binds to being outside of the highly mutated receptor binding motif.Table 2Neutralising potency of clinically relevant monoclonal antibodies against the SARS-CoV-2 omicron ( B.1.1.529) variantD614G IC50 ( μg/mL) Omicron IC50 ( μg/mL) Fold change in IC50 ( omicron vs D614G) Mutations * Mutated amino acid positions modelled on the omicron receptor binding domain, proximal to the antibody interface, are listed.Casirivimab ( REGN-10933) 7Hansen J Baum A Pascal KE et al.Studies in humanized mice and convalescent humans yield a SARS-CoV-2 antibody cocktail.Science. 2020; 369: 1010-1014Google Scholar0·009 > 10 > 1100417†Functional evidence ( from deep mutational scanning data13) for an effect on antibody binding of mutations at that amino acid position., 484†Functional evidence ( from deep mutational scanning data13) for an effect on antibody binding of mutations at that amino acid position., 493†Functional evidence ( from deep mutational scanning data13) for an effect on antibody binding of mutations at that amino acid position., 477, 478Imdevimab ( REGN-10987) 7Hansen J Baum A Pascal KE et al.Studies in humanized mice and convalescent humans yield a SARS-CoV-2 antibody cocktail.Science. 2020; 369: 1010-1014Google Scholar0·008 > 10 > 1200440†Functional evidence ( from deep mutational scanning data13) for an effect on antibody binding of mutations at that amino acid position., 446†Functional evidence ( from deep mutational scanning data13) for an effect on antibody binding of mutations at that amino acid position.Bamlanivimab ( LY-CoV555) 8Gottlieb RL Nirula A Chen P et al.Effect of bamlanivimab as monotherapy or in combination with etesevimab on viral load in patients with mild to moderate COVID-19: a randomized clinical trial.JAMA. 2021; 325: 632-644Google Scholar0·007 > 10 > 1400484†Functional evidence ( from deep mutational scanning data13) for an effect on antibody binding of mutations at that amino acid position., 493†Functional evidence ( from deep mutational scanning data13) for an effect on antibody binding of mutations at that amino acid position., 478Etesevimab ( LY-CoV16) 8Gottlieb RL Nirula A Chen P et al.Effect of bamlanivimab as monotherapy or in combination with etesevimab on viral load in patients with mild to moderate COVID-19: a randomized clinical trial.JAMA. 2021; 325: 632-644Google Scholar0·04 > 10 > 270417†Functional evidence ( from deep mutational scanning data13) for an effect on antibody binding of mutations at that amino acid position., 493, 501, 505, 477Sotrovimab ( S309) 9Pinto D Park Y-J Beltramello M et al.Cross-neutralization of SARS-CoV-2 by a human monoclonal SARS-CoV antibody.Nature. 2020; 583: 290-295Google Scholar0·10·22339IC50=50% inhibitory concentration. * Mutated amino acid positions modelled on the omicron receptor binding domain, proximal to the antibody interface, are listed.† Functional evidence ( from deep mutational scanning data13Starr TN Greaney AJ Addetia A et al.Prospective mapping of viral mutations that escape antibodies used to treat COVID-19.Science. 2021; 371: 850-854Google Scholar) for an effect on antibody binding of mutations at that amino acid position. Open table in a new tab
IC50=50% inhibitory concentration.
Neutralising antibodies are a mechanistic correlate of SARS-CoV-2 vaccine protection.16Khoury DS Cromer D Reynaldi A et al.Neutralizing antibody levels are highly predictive of immune protection from symptomatic SARS-CoV-2 infection.Nat Med. 2021; 27: 1205-1211Google Scholar Although other components of the immune system contribute to protection from severe disease, the significant reduction in neutralisation sensitivity observed in this study is likely to translate into a reduction in vaccine-mediated protection against infection. This hypothesis is supported by the rapid spread of the omicron variant in countries with high vaccine coverage.17UK Health Security AgencyTechnical briefing 32. SARS-CoV-2 variants of concern and variants under investigation in England.https: //assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment data/file/1042046/Technical Briefing 32.pdfDate: Dec 17, 2021Date accessed: February 18, 2022Google Scholar
We found that there was a marked reduction in neutralisation potency against the omicron variant for serum pools from convalescent donors and recently vaccinated individuals, and from individual convalescent donors sampled soon after initial infection. This finding is consistent with several other contemporaneous studies.18Cele S Jackson L Khoury DS et al.Omicron extensively but incompletely escapes Pfizer BNT162b2 neutralization.Nature. 2021; ( published online Dec 23.) https: //doi.org/10.1038/s41586-021-04387-1Google Scholar, 19Wilhelm A Widera M Grikscheit K et al.Reduced neutralization of SARS-CoV-2 omicron variant by vaccine sera and monoclonal antibodies.bioRxiv. 2021; ( published online Dec 8.) ( preprint).https: //doi.org/10.1101/2021.12.07.21267432Google Scholar, 20Planas D Saunders N Maes P et al.Considerable escape of SARS-CoV-2 omicron to antibody neutralization.Nature. 2021; ( published online Dec 23.) https: //doi.org/10.1038/s41586-021-04389-zGoogle Scholar However, sera from a high-exposure cohort5Elfström KM Blomqvist J Nilsson P et al.Differences in risk for SARS-CoV-2 infection among healthcare workers.Prev Med Rep. 2021; 24101518Google Scholar of hospital workers who had been infected, then vaccinated, achieved substantial cross-neutralisation of the omicron variant, which correlates with their ability to cross-neutralise other variants. This finding suggests that responses to the SARS-CoV-2 spike protein broaden with increasing antigenic exposure, which has been shown for other variants in the context of both previous infections21Wang Z Muecksch F Schaefer-Babajew D et al.Naturally enhanced neutralizing breadth against SARS-CoV-2 one year after infection.Nature. 2021; 595: 426-431Google Scholar and three doses of vaccination.22Choi A Koch M Wu K et al.Safety and immunogenicity of SARS-CoV-2 variant mRNA vaccine boosters in healthy adults: an interim analysis.Nat Med. 2021; 27: 2025-2031Google Scholar
Serum samples from a cohort of blood donors in Stockholm also showed substantial cross-neutralisation of the omicron variant. On average, the fold reduction in neutralising antibody titres against the omicron variant was only marginally greater than that of the previously infected, then vaccinated, hospital worker cohort. Such cross-neutralisation in a real-world cohort would not have been predicted from the responses observed soon after vaccination.18Cele S Jackson L Khoury DS et al.Omicron extensively but incompletely escapes Pfizer BNT162b2 neutralization.Nature. 2021; ( published online Dec 23.) https: //doi.org/10.1038/s41586-021-04387-1Google Scholar At the time of sampling, most individuals in Sweden had only received two vaccine doses, thus this breadth of antibody response might be explained by the frequency of exposure to SARS-CoV-2 before, or following, vaccination in Stockholm. At the time of anonymous blood donor sampling, 78% of adults ( ≥18 years) had received two vaccine doses.23FolkhälsomyndighetenStatistik för vaccination mot COVID-19.https: //www.folkhalsomyndigheten.se/folkhalsorapportering-statistik/statistikdatabaser-och-visualisering/vaccinationsstatistik/statistik-for-vaccination-mot-covid-19/Date accessed: January 18, 2022Google Scholar Testing recommendations in Sweden make it difficult to directly estimate the proportion of the population who had been infected with SARS-CoV-2. In early 2021, before mass vaccination, the seroprevalence of anti-SARS-CoV-2 antibodies in blood donors in Stockholm was estimated at around 20%,24Castro Dopico X Muschiol S Christian M et al.Seropositivity in blood donors and pregnant women during the first year of SARS-CoV-2 transmission in Stockholm, Sweden.J Intern Med. 2021; 290: 666-676Google Scholar and there have subsequently ( before sampling of the current blood donor cohort) been two waves of SARS-CoV-2 infection, dominated by the highly transmissible alpha ( B.1.1.7) and delta variants. Previous infection rates are thus expected to have been high in the blood donor cohort, which could contribute to cross-neutralising responses. Alternatively, systematic differences might exist in cross-neutralisation for samples obtained immediately after a second immunisation compared with those sampled later. Affinity maturation of antibody lineages over the course of months after SARS-CoV-2 infection enabled the cross-neutralisation of heterologous sarbecoviruses and SARS-CoV-2 variants of concern,25Muecksch F Weisblum Y Barnes CO et al.Affinity maturation of SARS-CoV-2 neutralizing antibodies confers potency, breadth, and resilience to viral escape mutations.Immunity. 2021; 54 ( 68.e7): 1853Google Scholar which has also been demonstrated for the omicron variant.26Sheward DJ Pushparaj P Das H et al.Structural basis of omicron neutralization by affinity-matured public antibodies.bioRxiv. 2022; ( published online Jan 4.) ( preprint).https: //doi.org/10.1101/2022.01.03.474825Google Scholar
From a global health perspective, the marked reduction in neutralisation of the omicron variant by serum obtained from previously infected, but unvaccinated individuals raises the question as to whether such individuals can be considered immune. Vaccine effectiveness afforded by two doses seems to be significantly reduced against infection with the omicron variant.27Collie S Champion J Moultrie H Bekker L-G Gray G Effectiveness of BNT162b2 vaccine against omicron variant in South Africa.N Engl J Med. 2021; ( published online Dec 29.) https: //doi.org/10.1056/NEJMc2119270Google Scholar Furthermore, the cross-neutralising antibody responses in individuals who had been infected then vaccinated in the hospital worker cohort indicate that vaccination of previously infected individuals is of considerable value.
mAbs represent important treatment and prophylactic options for certain categories of patients, and can significantly reduce morbidity in those otherwise at risk for severe COVID-19.28Weinreich DM Sivapalasingam S Norton T et al.REGEN-COV antibody combination and outcomes in outpatients with COVID-19.N Engl J Med. 2021; 385: e81Google Scholar Considering the complete resistance of the omicron variant to several clinically relevant mAbs, now supported by several studies,20Planas D Saunders N Maes P et al.Considerable escape of SARS-CoV-2 omicron to antibody neutralization.Nature. 2021; ( published online Dec 23.) https: //doi.org/10.1038/s41586-021-04389-zGoogle Scholar, 29Cao Y Wang J Jian F et al.Omicron escapes the majority of existing SARS-CoV-2 neutralizing antibodies.Nature. 2021; ( published online Dec 23.) https: //doi.org/10.1038/s41586-021-04385-3Google Scholar treatment options should be informed by rapid SARS-CoV-2 genotyping in regions where the omicron variant and other variants are co-circulating. This finding also highlights the need for rapid diversification of our clinical mAb portfolio to protect against unpredictable reduction in potency against future variants and for the further development of small-molecule antivirals against more conserved targets. There is also a need to rapidly screen variants for their sensitivity to clinical antibody therapeutics.
Methodologically, the current standard practice for generating pseudovirus spike expression plasmids for novel variants relies on site-directed mutagenesis when only a small number of mutations differ from an existing plasmid construct or gene synthesis to generate entire spike genes. Exceptional urgency is demanded by the emergence of a rapidly spreading novel variant with a large number of spike mutations. Molecular cloning from a diagnostic sample allowed us to circumvent gene synthesis delays and share pseudovirus neutralisation data just 8 days after receipt of the diagnostic samples suspected to contain the omicron variant and 13 days after the variant was first reported to WHO. One risk associated with this approach is that if the expression of a non-codon-optimised spike protein is too low, pseudovirus entry into target cells might be too inefficient to accurately quantify neutralisation. For this reason, our cloning strategy retained as much of the codon-optimised backbone as possible, especially in the C-terminal region of the spike, which is not mutated in the omicron variant. It is not clear whether such a strategy would universally succeed with all variants; therefore, a dual approach that attempts gene synthesis and direct cloning ( when samples are available) would mitigate this risk.
Limitations of this study include the absence of vaccination and infection information for the anonymous blood donors and the heterogeneity in vaccination histories of the hospital workers. As a result, the drivers of the observed variability in the ability to cross-neutralise the omicron variant could not be assessed. Furthermore, although we evaluated serum pools post-vaccination with BNT162b2, mRNA-1273, and Ad26.COV2.S vaccines, each of these were pools of serum from only six individuals, and a single individual with cross-neutralising antibodies could influence the apparent cross-neutralisation for the entire pool. Nevertheless, the use of these standardised reagents enables future efforts to calibrate vaccine titres, across assays and variants. Additionally, we have not yet assessed the relative sensitivity of other members of the omicron clade, including BA.2, nor of emerging sublineages with additional mutations that might have a substantial impact on neutralising antibodies.
Ultimately, long-term protection against SARS-CoV-2, including antigenic variants that will arise, might require updated vaccines or vaccines that elicit more broadly cross-neutralising antibodies. Until such vaccines are available, our data from two different cohorts suggest that there is incomplete loss of neutralisation against the omicron variant. It has previously been shown with other variants that a third dose of an unmodified vaccine might have a broadening effect on the antibody response.23FolkhälsomyndighetenStatistik för vaccination mot COVID-19.https: //www.folkhalsomyndigheten.se/folkhalsorapportering-statistik/statistikdatabaser-och-visualisering/vaccinationsstatistik/statistik-for-vaccination-mot-covid-19/Date accessed: January 18, 2022Google Scholar Even in the absence of a broadening effect, in many donors, the magnitude of reduction in neutralisation observed against the omicron variant suggests that it might be possible to boost antibody titres into a protective range using currently licensed vaccines. Indeed, emerging evidence suggests that a third dose of licensed vaccines enhances protection against symptomatic infection, hospitalisation, and death associated with the omicron variant.30UK Health Security AgencyCOVID-19 vaccine surveillance report ( week 4).https: //assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment data/file/1050721/Vaccine-surveillance-report-week-4.pdfDate: Jan 27, 2022Date accessed: February 18, 2022Google Scholar
DJS, DPM, GBKH, JA, and BM conceptualised the study. DJS and BM did the formal analysis. DJS, CK, XCD, and RD conducted the assays. AP, DJS, and BM designed the methodology. DJS and BM were responsible for the figures and tables. RAE, STR, JD, GBKH, and JA provided resources. DJS, GBKH, STR, JA, and BM oversaw the study. DJS and BM wrote the initial draft. DJS, DPM, GBKH, JA, and BM reviewed and edited the manuscript. DJS and BM have accessed and verified all of the data. DJS, GBKH, JA, and BM were responsible for the decision to submit the manuscript for publication.
All relevant data for the hospital worker cohort is included in table 1. Individual-level neutralisation data for the blood donor and convalescent cohorts will be available without restriction upon reasonable request, upon publication. Requests should be directed to the corresponding author ( [ email protected ]).
STR is a cofounder of and held shares in deepCDR Biologics, which has been acquired by Alloy Therapeutics. DJS, GBKH, and BM have intellectual property rights associated with antibodies that neutralise the omicron variant. All other authors declare no competing interests.
We thank the G2P-UK National Virology consortium funded by the UK Medical Research Council and UK Research and Innovation ( grant MR/W005611/1) and the Barclay Lab at Imperial College London for providing B.1, B.1.351, B.1.617.2, and B.1.621 spike-encoding plasmids. We thank Penny Moore and The National Institute For Communicable Diseases Of South Africa for providing a B.1.351 spike plasmid, which was generated using funding from the South African Medical Research Council. The pCMV-dR8.2 dvpr plasmid was a gift from Bob Weinberg ( Addgene plasmid 8455; Addgene, Watertown, MA, USA). The pBOBI-FLuc plasmid was a gift from David Nemazee ( Addgene plasmid 170674; Addgene). We acknowledge all staff at the Department of Clinical Microbiology, Karolinska University Hospital ( Stockholm, Sweden), involved in SARS-CoV-2 routine diagnostics, S-gene screening, and sequencing. We thank Klara Lenart and Karin Loré for providing the WHO International Standard for anti-SARS-CoV-2 immunoglobulin. We thank Matthew Hall and Jack Stapleton for providing the vaccine standards ( pooled human serum samples for the Pfizer-BioNTech vaccine [ BEI resources NRH-17727 ], Moderna vaccine [ BEI resources NRH-17846 ], and Johnson & Johnson vaccine [ BEI resources NRH-20012 ]). This study was supported, in part, by funding from the European Union Horizon 2020 research and innovation programme ( grant number 101003653 [ CoroNAb ]) to GBKH, STR, and BM; the European and Developing Countries Clinical Trials Partnership programme supported by the European Union ( grant number RIA2020EF-3030-RADIATES) to BM; SciLifeLab ( VC-2021-0033) to BM and JA; and the Erling-Persson Foundation to BM and GBKH.
Download.pdf (.98 MB) Help with pdf files Supplementary appendix | tech |
UK's P & O Ferries sacks 800 staff; unions threaten standoff | The shock move caused delays around Britain's busiest port, Dover, and drew threats of a standoff as trade unions urged their members to defy any instructions to leave P & O ships. The government condemned the way P & O handled the announcement.
P & O's move was also denounced by unions and described as a public relations disaster on social media after the BBC broadcast a clip of an unidentified man announcing the news in a pre-recorded Zoom message.
`` Your final day of employment is today, '' the man said, outlining plans to use a third-party crew provider. P & O did not immediately comment when asked to verify the video.
Owned by Dubai ports firm DP World, P & O is recovering from two years of disruption when COVID-19 prevented tourists from travelling on its routes between Britain, France, Ireland and elsewhere in northern Europe.
P & O, which has almost 4,000 employees and operates more than 30,000 sailings a year, said it had lost 100 million pounds ( $ 131 million) year-on-year and the business was no longer viable in its current form.
`` This is not sustainable, '' a spokesperson for P & O said. `` Our survival is dependent on making swift and significant changes now. Without these changes there is no future for P & O Ferries. ''
It said passengers should not travel to ports unless their journey was essential.
Transport union RMT said it had advised its members who worked for P & O not to leave their vessels. The union said security guards with handcuffs were looking to board ships to remove staff. Reuters could not independently verify that.
The job losses come at a politically sensitive time for the government, with inflation set to reach 8% in April and consumers facing tax rises and soaring energy bills in what opposition politicians have billed a 'cost of living crisis '.
Transport department minister Robert Courts said the way workers were informed of their dismissal was insensitive and completely unacceptable, and that he had told the company that.
`` There can be no doubt that the pandemic has had a devastating impact on the finances of many travel companies, including P & O, '' he told parliament. `` But while their finances are matters for them, and them alone, to take, I would have expected far better for the workers involved. ''
British unions and opposition politicians have accused some companies of using a `` fire and rehire '' tool that allows them to move staff on to weaker contracts with lower pay, as they seek to rebuild after the pandemic.
`` No ifs, no buts - an overseas conglomerate can not be given free rein to sack workers in secure jobs here in Britain at the click of a button, and replace them with agency staff, '' said Louise Haigh, the opposition Labour Party's transport spokeswoman.
In March 2021, DP World reported an 11% jump in 2020 revenue and said it would continue to invest in the segment even as it acknowledged that P & O Ferries and Ferrymasters had been through a `` particularly challenging time '' due to COVID-19.
( $ 1 = 0.7630 pounds)
( Reporting by William James and Muvija M; Editing by Kate Holton, Jan Harvey, Emelia Sithole-Matarise, Tim Ahmann and Paul Simao)
By William James and Muvija M | business |
Ukraine war hits container freight rates, but could Covid-19 outbreaks revive them? | Rates slide to their lowest levels for months — but coronavirus restrictions could soon reverse the slide | general |
New study finds higher rates of newly diagnosed type 2 diabetes after infection with mild COVID-19 -- ScienceDaily | The analysis of health records from 1,171 general and internal medicine practices across Germany conducted by Professor Wolfgang Rathmann and Professor Oliver Kussfrom the German Diabetes Center at Heinrich Heine University, Dusseldorf, Germany, and Professor Karel Kostev ( IQVIA, Frankfurt, Germany) found that adults who recover from mostly mild COVID-19 appear to have a significantly higher risk of developing type 2 diabetes than a matched control group who had other types of respiratory infections, which are also frequently caused by viruses.
If confirmed, these results indicate that diabetes screening in individuals after recovery from mild forms of COVID-19 should be recommended, researchers say. This potential link between COVID-19 and diabetes is also being investigated in various ongoing studies, including on the CoviDiab registry and other studies connected to so called 'long COVID '.
Previous studies have noted that inflammation caused by SARS-CoV? 2 may damage insulin-producing beta cells, causing them to die or change how they work, resulting in acute hyperglycaemia ( high blood glucose). Tissues becoming less reactive to insulin due to inflammation in the body is also thought to be a possible cause. Sedentary lifestyles brought on by lockdowns could also be playing a role. This may explain why new-onset hyperglycaemia and insulin resistance have been reported in COVID-19 patients with no prior history of diabetes.
However, it is unclear whether these metabolic changes are temporary or whether individuals with COVID-19 may be at increased risk of developing chronic diabetes. Furthermore, there is a lack of studies investigating the incidence of diabetes after recovery from COVID-19 in mild cases.
To provide more evidence, the researchers analysed electronic health records from the Disease Analyzer database, which included information on 8.8 million adults who visited 1,171 general and internal medicine practices across Germany between March 2020 and January 2021. This included 35,865 patients who were diagnosed with COVID-19. The incidence of diabetes after COVID-19 was compared with a cohort of individuals ( average age 43 years; 46% women) who were diagnosed with an acute upper respiratory tract infection ( AURI) ( but not COVID-19) within the same timeframe, matched for sex, age, health insurance coverage, index month of COVID-19 or AURI diagnoses and comorbidities ( obesity, high blood pressure, high cholesterol, heart attack, stroke). Regression models were used to calculate incidence rate ratios ( IRRs) for type 2 diabetes and other forms of diabetes.
Individuals with a history of COVID-19 or diabetes, and those using corticosteroids within 30 days after the index dates were excluded. During an average follow-up of 119 days for COVID-19 and 161 days for AURI, the numbers of hospitalisations were similar in both groups ( COVID-19: 3.2% vs controls: 3.1%; median number of hospital stays: 1 in both cohorts).
The researchers found that new cases of type 2 diabetes were more common in patients who tested positive for COVID-19 than those with an AURI ( 15.8 vs 12.3 per 1000 people per year) giving an incidence rate ratio ( IRR) of 1.28. In simple terms, this means that the relative risk of developing type 2 diabetes in the COVID group was 28% higher than in the AURI group. The IRR for the COVID group was not increased in other unspecified forms of diabetes.
`` COVID-19 infection may lead to diabetes by upregulation of the immune system after remission, which may induce pancreatic beta cell dysfunction and insulin resistance, or patients may have been at risk for developing diabetes due to having obesity or prediabetes, and the stress COVID-19 put on their bodies speeded it up, '' says lead author Professor Wolfgang Rathmann. `` The risk of abnormally high blood sugar in individuals with COVID-19 is most likely a continuum, depending on risk factors such as injury to beta cells, an exaggerated inflammatory response, and changes in pandemic-related weight gain and decreased physical activity, '' adds co-author Professor Oliver Kuss.
Prof Rathmann adds: `` Since the COVID-19 patients were only followed for about three months, further follow-up is needed to understand whether type 2 diabetes after mild COVID-19 is just temporary and can be reversed after they have fully recovered, or whether it leads to a chronic condition. ''
Although type 2 diabetes is not likely to be a problem for the vast majority of people who have mild COVID-19, the authors recommend that anyone who has recovered from COVID-19 be aware of the warning signs and symptoms such as fatigue, frequent urination, and increased thirst, and seek treatment right away.
The authors note some limitations to their study, including that limited information on hospitalisations and individuals diagnosed with COVID-19 outside of general practice ( e.g. in hospitals or at COVID-19 test centres) may limit the accuracy of the results. Similarly, they were unable to control for body mass index because the data were not available and the incidence of type 1 diabetes was not investigated due to the small number of cases. Finally, they note that their findings might not be generalisable to other populations. | science |
Cyber Security Takeover May Harm Competition: UK Regulator | US cyber security giant NortonLifeLock's planned purchase of Czech rival Avast for more than $ 8 billion risks harming competition and could face an in-depth probe, Britain's regulator warned on Wednesday.
The Competition and Markets Authority ( CMA) said in a statement that it had concerns over the deal, but NortonLifeLock expressed surprise at the news after winning clearance elsewhere.
The pair announced the blockbuster takeover last year to create a leading consumer business as internet activity boomed during the pandemic.
`` As the companies are close competitors, with few other significant rivals, the CMA is concerned that if completed the proposed deal could lead to a reduction in competition in the UK market, '' the regulator said in a brief statement.
`` This could lead to UK consumers getting a worse deal when looking for cyber safety software in the future. ''
Both companies have five days to submit proposals to address its concerns.
The CMA will then decide whether to launch an in-depth competition investigation.
The news sent Avast's share price slumping more than 11 percent in midday trade on the London stock market.
[ Read: SecurityWeek 2021 Cybersecurity Mergers & Acquisitions Report ]
`` NortonLifeLock regards this decision as surprising, '' it said in a separate statement, adding the deal had already been cleared in Germany, Spain and the United States.
`` The parties believe that the merger can only benefit consumers across the globe, including in the UK, through increased innovation and greater consumer freedom and choice. ''
The US company `` remains confident '' that the deal would win approval.
Businesses worldwide are at threat from an increasingly lucrative form of digital hostage-taking, or ransomware attacks, that typically see hackers encrypting victims ' data and then demanding money for restored access.
At the same time, online activity exploded in popularity during the coronavirus pandemic and continues to boom.
Internet-based retail sales surged during the lockdowns as consumers were forced to shop via their smartphones and computer screens.
Related: SecurityWeek Study: Over 430 Cybersecurity Mergers & Acquisitions Announced in 2021
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S.Korean stocks hits 2-week high on Fed rate hike; won jumps most in 2 years | * KOSPI rises, foreigners net buyers
* Korean won strengthens against U.S. dollar
* South Korea benchmark bond yield falls
* For the midday report, please click
SEOUL, March 17 ( Reuters) - Round-up of South Korean financial markets:
* * South Korean shares ended at a near two-week high on Thursday, as tech heavyweights tracked their U.S. peers higher after the Federal Reserve hiked rates as expected, while signs of progress in Russia-Ukraine peace talks also aided sentiment.
* * The Korean won posted its sharpest gain in nearly two years, while the benchmark bond yield fell.
* * The benchmark KOSPI closed up 35.28 points, or 1.33%, at 2,694.51.
* * Tracking a 5% surge in the Philadelphia Semiconductor Index, chip giants Samsung Electronics and SK Hynix rose 1.14% and 6.44%, respectively, while battery maker LG Energy Solution rose 3.44%.
* * The Fed announced a quarter percentage point increase in the overnight federal funds rate and laid out an aggressive plan for further increases to combat inflation.
* * Fresh talks of compromise from Russia and Ukraine lifted hopes for a potential breakthrough, further boosting market sentiment just as China promised to roll out more economic stimulus.
* * Foreigners turned net buyers for the first time in nine sessions, gobbling up net 462.6 billion won ( $ 381.14 million) worth of shares.
* * South Korea reported another daily record of COVID-19 cases of 621,328.
* * The finance minister said authorities would strengthen efforts to stabilise the foreign exchange market should currency movements be excessive, and extend loosened currency market measures.
* * The won ended at 1,214.3 per dollar on the onshore settlement platform, 1.76% higher than its previous close, logging the sharpest gain since late-March 2020.
* * In offshore trading, the won was quoted at 1,213.7, while in non-deliverable forward trading its one-month contract was quoted at 1,213.7.
* * In money and debt markets, June futures on three-year treasury bonds rose 0.20 point to 107.63.
* * The benchmark 10-year yield fell by 6.7 basis points to 2.698%. ( $ 1 = 1,213.7300 won) ( Reporting by Joori Roh; Editing by Rashmi Aich) | business |
Badger Infrastructure Solutions Ltd. Announces 2021 Fourth Quarter and Annual Financial Results, a Dividend Increase and a Normal Course Issuer Bid | CALGARY, Alberta, March 17, 2022 ( GLOBE NEWSWIRE) -- Badger Infrastructure Solutions Ltd. ( “ Badger ”, the “ Company ”, “ we ”, “ our ” or “ us ”) ( TSX: BDGI) reported fourth quarter and annual 2021 results today. All results are presented in Canadian dollars unless otherwise stated.
2021 Fourth Quarter and Annual Financial and Operational Highlights
“ We are encouraged by the improving revenue trends as 2021 progressed, but we were challenged in aligning our operator staffing with the uneven market recovery, which was impacted by the two COVID-19 waves during the year. This resulted in margin compression in 2021 from historical levels as we hired and trained operators in anticipation of a more fulsome market recovery, ” said Paul Vanderberg, President and Chief Executive Officer.
“ Indications from our customers suggest continued market recovery. Our investment in operators, investment in strengthening our sales and marketing organization and realignment of our operations network, positions Badger to capture the volume from higher construction levels as delayed project work resumes. We plan to add between 150 to 180 units to our excavation services fleet and retire between 40 and 60 units in 2022, ” concluded Mr. Vanderberg.
Key Financial Highlights
( 1) '' Adjusted EBITDA '' and `` Adjusted EBITDA margin '' are not standardized financial measures prescribed by IFRS and may not be comparable to similar measures presented by other companies or entities. See “ Non-IFRS Financial Measures ” for additional detail on the definition and calculation of Adjusted EBITDA and Adjusted EBITDA margin. See page 14 of the Company’ s 2021 Annual MD & A for additional details on RPT. ( 2) Per share, basic and diluted measures calculated by dividing the respective financial measure with the weighted average common shares outstanding for the respective period. ( 3) See “ Share Capital ” on page 12 of the Company’ s 2021 Annual MD & A for additional details.2022 Business OutlookDespite continued COVID-19 related challenges experienced early in the first quarter of 2022 due to the Omicron variant, Badger is encouraged by market indications of improving business activity as the year progresses. Badger anticipates that COVID-19 related challenges will decline across North America allowing for delayed projects to resume. Badger is also seeing improved macro-economic conditions in oil and gas, and in the broader non-residential construction activity in the U.S.
Badger’ s investment in hiring and training operators and support staff in advance of the anticipated recovery positions the Company well to capture the anticipated volume related to the improvements in the business and construction activity, especially during the spring and summer construction season ramp up. The Company has also strengthened its sales and marketing organization and realigned its operations network for better market and operating focus.
The Company’ s fleet is well positioned to take advantage of the expected market recovery in 2022 and the Company expects to produce between 150 and 180 hydrovacs and retire between 40 and 60 hydrovacs. Badger expanded production capacity at its Red Deer, Alberta plant in 2021 and anticipates access to adequate component supply to meet 2022 production targets.
The Company will focus on returning towards historical revenue growth and margin levels as the year progresses by focusing on improved pricing and controlling costs, including management of current fuel price increases and fuel recovery fees. Badger anticipates that operating leverage will improve as business activity levels increase and become more consistent. The 2022 focus will be supported by continued advancement of the Company’ s business platforms and operating model.
Badger continues to be encouraged by the need for near and long-term reinvestment in North America’ s critical infrastructure, including the addition of new sustainable energy technology; and Badger is well positioned to capture the material growth opportunity for non-destructive excavation across North America.
2021 Fourth Quarter and Annual Results Conference CallA conference call and webcast for investors, analysts, brokers and media representatives to discuss the 2021 fourth quarter and annual results is scheduled for 7:00 a.m. MT on Friday, March 18, 2022. Internet users can listen to the call live, or as an archived call from Badger’ s website at www.badgerinc.com under Investor Relations: Events, Webcasts & Presentations. To participate in the call, dial: 1-844-740-2014 and enter passcode 9441067. A playback of the call will be available until Friday, April 1, 2022. To access the playback, dial: 1-855-859-2056 and enter passcode 9441067.
2021 Fourth Quarter Disclosure DocumentsBadger’ s 2021 Annual MD & A and 2021 Audited Consolidated Financial Statements, along with all previous public filings of Badger Infrastructure Solutions Ltd. may be found on SEDAR at www.sedar.com.
Non-IFRS Financial MeasuresThis press release contains references to certain financial measures, including some that do not have any standardized meaning prescribed by IFRS and that may not be comparable to similar measures presented by other companies or entities. These financial measures are identified and defined below. See “ Non-IFRS Financial Measures ” on page 16 of the Company’ s 2021 Annual MD & A, which is incorporated by reference into this press release and is available on SEDAR at, for detailed reconciliations of these Non-IFRS financial measures.
“ Adjusted EBITDA ” is earnings before interest, taxes, depreciation and amortization, share-based compensation, gains and losses on derivative instruments, gains and losses on sale of property, plant and equipment and gains and losses on foreign exchange. Adjusted EBITDA is a measure of the Company’ s operating profitability and is therefore useful to management and investors as it provides improved continuity with respect to the comparison of operating results over time. Adjusted EBITDA provides an indication of the results generated by the Company’ s principal business activities prior to how these activities are financed, the results are taxed in various jurisdictions and assets are amortized. In addition, Adjusted EBITDA excludes gains and losses on sale of property, plant and equipment as these gains and losses are considered incidental and secondary to the principal business activities, it excludes gains and losses on foreign exchange as such gains and losses can vary significantly based on factors beyond the Company’ s control and it excludes share-based compensation and gains and losses on derivative instruments as these expenses can vary significantly with changes in the price of the Company’ s common shares.
“ Adjusted EBITDA margin ” is Adjusted EBITDA as defined above, expressed as a percentage of revenues.
Key Financial Metrics and Other Operational Metrics “ Revenue per truck per month ” ( “ RPT ”) is a measure of hydrovac fleet utilization. It is calculated using hydrovac and hydrovac related revenue only. RPT is calculated on both a consolidated basis and for each geographic segment by dividing hydrovac and hydrovac related revenue for each segment, in the respective local currency, by the average number of hydrovacs in the segment during the period.
See “ Key Financial Metrics and Other Operational Metrics ” in the Company’ s 2021 Annual MD & A for additional details on RPT.
Cautionary Statements Regarding Forward-Looking Information and StatementsCertain statements and information contained in this press release and other continuous disclosure documents of the Company referenced herein, including statements and information that contain words such as “ could ”, “ should ”, “ can ”, “ anticipate ”, “ expect ”, “ believe ”, “ will ”, “ may ”, “ continues to ”, “ target ”, “ focused on ”, “ proposed ” and similar expressions relating to matters that are not historical facts, constitute “ forward-looking information ” within the meaning of applicable Canadian securities legislation. These statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements and information. The Company believes the expectations reflected in such forward-looking statements and information are reasonable, but no assurance can be given that these expectations will prove to be correct. Such forward-looking statements and information included in this press release should not be unduly relied upon. These forward-looking statements and information speak only as of the date of this press release.
In particular, forward-looking information and statements in this press release include, but are not limited to the following:
The forward-looking information and statements made in this press release rely on certain expected economic conditions and overall demand for Badger’ s services and are based on certain assumptions. The assumptions used to generate this forward-looking information and statements are, among other things, that:
There will not be significant changes in profit margins due to pricing changes driven by market conditions, competition, regulatory factors or other unforeseen factors.
Risks and other uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements include, but are not limited to: political and economic conditions; industry competition; price fluctuations for oil and natural gas and related products and services; Badger’ s ability to attract and retain key personnel; the availability of future debt and equity financing; changes in laws or regulations, including taxation and environmental regulations as well as COVID-19 related regulations ( e.g. vaccination mandates) which may adversely impact the labour supply and operating costs of Badger; extreme or unsettled weather patterns; and fluctuations in foreign exchange or interest rates.
Readers are cautioned that the foregoing factors are not exhaustive. Additional information on these and other factors that could affect the Company’ s operations and financial results is included in reports on file with securities regulatory authorities in Canada and may be accessed through the SEDAR website ( www.sedar.com) or at the Company’ s website. The forward-looking statements and information contained in this press release are expressly qualified by this cautionary statement. The Company does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
About Badger Infrastructure Solutions Ltd.|Badger Infrastructure Solutions Ltd. ( TSX: BDGI) is North America’ s largest provider of non-destructive excavating services. Badger works for contractors and facility owners in a broad range of infrastructure industries. These market segments consist primarily of infrastructure projects in areas such as energy generation, electricity and natural gas transmission networks, roads and highways, telecommunications, water and sewage treatment and general municipal infrastructure. Customers in these segments typically operate near high concentrations of underground power, communication, water, gas and sewer lines, particularly in large urban centres where safety and economic risks are high and therefore non-destructive excavation provides a safe alternative for certain customers excavation requirements. The Company’ s key technology is the Badger Hydrovac™, which is used primarily for safe excavation around critical infrastructure and in congested underground conditions. The Badger Hydrovac uses a pressurized water stream to liquefy the soil cover, which is then removed with a powerful vacuum system and deposited into a storage tank. Badger manufactures and designs its truck-mounted hydrovac units, giving Badger the opportunity to incorporate feedback from its hydrovac operators into its existing and future design and manufacturing processes.
For further information: Paul Vanderberg, President and CEODarren Yaworsky, Senior Vice President Finance and CFOTrevor Carson, Vice President, Investor Relations and Corporate Development
Badger Infrastructure Solutions Ltd.ATCO Building II4th Floor, 919 11th Avenue, SWCalgary, Alberta T2R 1P3Telephone ( 403) 264-8500Fax ( 403) 228-9773
Source: Badger Infrastructure Solutions Ltd.
| business |
Bank of England raises rates in 8-1 vote | Eight out of nine members of the Monetary Policy Committee ( MPC) voted to raise Bank Rate to 0.75% from 0.5%, following the U.S. Federal Reserve's decision on Wednesday to raise borrowing costs for the first time since the COVID-19 pandemic.
Deputy Governor Jon Cunliffe voted to keep rates on hold, warning of a big hit to demand from higher commodity prices. Economists polled by Reuters had expected a unanimous vote for higher rates.
STORY:
MARKET REACTION:
STOCKS: The main benchmark stock index ticked higher as the pound weakened.
FOREX: The pound was last down 0.3% at $ 1.3096, the day's low, after trading as high as $ 1.3211 before the BoE decision. Against the euro, the British currency weakened 0.4% to 84.36 pence versus 83.68 pence before the vote.
MONEY MARKETS: Bond markets trimmed their expectations on the amount of rate hikes for the rest of the year with the Bank of England's next meeting in May no longer signaling a full rate hike.
COMMENTS:
GUY FOSTER, CHIEF STRATEGIST AT BREWIN DOLPHIN, LONDON:
`` With inflation so high it would be tempting for the MPC to really assert themselves with a sharper rate increase but since the invasion of Ukraine a more cautious approach has won out.
`` It's a risky game with high wage inflation, a tight labour market and inflation expectations very elevated too. More interest rate increases seem necessary and a brisker pace now could make the eventual adjustment easier. ''
MARC OSTWALD, CHIEF ECONOMIST, ADM INVESTOR SERVICES INTERNATIONAL:
`` It's debatable whether the next 25 bps rate hike will be May or June, and ( the BOE) is likely to pause thereafter. It may indeed be the case that they could signal a pause in May, given that the Bank's Agents will be put on high alert to monitor reaction to April's household energy price hikes, National Insurance and Council Tax hikes. ''
ED HUTCHINGS, HEAD OF RATES AT AVIVA INVESTORS, LONDON:
`` In contrast to both the U.S. Federal Reserve and the European Central Bank, the Bank of England delivered a relatively dovish message to investors today. Going into the meeting, the market was already pricing in more than six 0.25% hikes by the end of 2022, thereby taking the Central Bank rate to around 2% with the potential for more.
`` However, with the vote being 8-1, and the lone voter being for no change, there was more of a focus on slower growth and its impact on households going forward. Gilt yields should now be more supported, thus reducing further concerns around sizeable moves higher in yield in the near term. ''
DEAN TURNER, ECONOMIST AT UBS GLOBAL WEALTH MANAGEMENT:
`` The minutes highlight the ongoing inflationary pressures facing the UK economy and the tight labour market. Given this backdrop, we expect the Bank to hike rates again at its next meeting in May, taking base rates to the 1% mark.
`` In our view, with the Bank of England likely to deliver further hikes in the coming months, we expect sterling to recover as the year progresses and still look for the pound to finish the year higher than where it currently sits. ''
STUART COLE, HEAD MACRO ECONOMIST, EQUITI CAPITAL, LONDON:
`` Clearly the deteriorating growth outlook is becoming more of a concern to the MPC, and the easing off on the monetary tightening accelerator evidences this.
`` Alongside this, the MPC may also be recognising that current inflationary pressures are largely supply-side driven and as such there is little the MPC can do to fight them, and concluded that the deflationary impact of the fiscal tightening facing the UK from this April will be enough to counter the inflationary boosting potential of higher wages claims. ''
IPEK OZKARDESKAYA, SENIOR STRATEGIST AT SWISSQUOTE, SWITZERLAND:
`` Obviously with the fact that we have a conflict in Ukraine going on and its impact on global growth, maybe the move is a little bit more dovish, but I don't believe that the expectations have changed for the Bank of England.
SAM COOPER, VICE-PRESIDENT OF MARKET RISK SOLUTIONS AT SILICON VALLEY BANK, LONDON:
`` No surprise in the decision from the BoE to hike today, however the dissent from Cunliffe provides a dovish tilt and has prompted traders to revise bets on the pace of future rate hikes, immediately weighing on sterling strength. ''
( Reporting by the London Markets Team; Compiled by Saikat Chatterjee; Editing by Catherine Evans) | business |
EMA expects data on Omicron-specific vaccine as early as April | The European Medicines Agency's ( EMA) leading vaccine expert on Thursday said that data on COVID-19 vaccines tailored for the Omicron variant should be available between April and the start of July, potentially paving the way for approval this summer.
Vaccine makers such as Moderna and Pfizer have begun testing COVID-19 vaccines designed to target Omicron after data showing that two initial COVID-19 vaccine doses provide only partial protection against the variant.
Based on data for Omicron-specific vaccines, the agency will decide on a timeline for the potential granting of approval.
The agency hopes to have the data this summer, thereby increasing the chances of a vaccine being available for use in the autumn, said Marco Cavaleri, the EMA's head of vaccines strategy.
The EMA added that its review of Russia's Sputnik V coronavirus vaccine has been halted.
`` There is no activity in the review... and I don’ t anticipate any in the immediate future, '' Fergus Sweeney, head of the Clinical Studies and Manufacturing Taskforce, said without elaborating.
The World Health Organization ( WHO) on Wednesday delayed its assessment of Sputnik V for emergency use because of Russia's invasion of Ukraine.
A WHO official said the agency was facing other operational issues, including difficulties in booking flights and using credit cards. ( Reporting by Manas Mishra in Bengaluru and Ludwig Burger in Frankfurt Editing by David Goodman) | business |
Wall Street indexes fall as investors digest a flurry of US data | Meanwhile, China's stock markets soared after the government decided to intervene to stop the domestic stock market rout, pledging support for equities and overseas listing. The return of a less punitive and more constructive attitude from Beijing has long been expected by investors, who saw it as a good relay for the faltering Western economic momentum. In any case, it is helping to reinvigorate investors ' appetite for risk, because there are not many other reasons to be enthusiastic. The war in Ukraine is creating additional uncertainty in many areas, adding to inflationary pressures. Officials from both countries said that talks towards a cease-fire agreement have advanced significantly. However, some Western commentators are doubting Russia's willingness to compromise, as bombardments continue at a fast pace. Rescue efforts were also under way in Mariupol, to save people trapped in a theatre shelled by the Russian army.
US stocks opened lower as traders assessed a flurry of readings on the US economy. Housing starts rose above expectations to 1.769 million annual rate in February from 1.657 million in January ( vs 1.7 million rate expected). Building permits were down to 1.859 million rate from 1.895 million previous, ( 1.85 million expected). In addition, Jobless claims fell to 214,000 last week ( 220,000 expected). Finally, the Philadelphia Fed Manufacturing index rose to 27.4 in March from 16 in February, ( vs 14.8 expected by Bloomberg).
Oil prices rose, after the International Energy Agency forecast the loss of 3 million barrel-per-day of Russian output in April.
The Fed said nothing unexpected yesterday, raising rates by a quarter point, cutting its growth forecast and raising its projections for price increases. However, it reassured U.S. investors by trying to appear calm about the economic situation. The market's forecasts were confirmed ( seven quarter-point rate hikes this year) and there were no real signals of more hawkishness from members of the Board of Governors, which recorded only one dissonant vote out of eight in favor of a half-point hike. After some hesitation, Wall Street made big gains.
Less growth, higher interest rates, doubts about inflation... stagflation has made a notable comeback in the catalog of risks identified by investors. So much so that it was cited by 62% of fund managers surveyed by Bank of America in its monthly survey, the highest level since September 2008. During episodes of stagflation ( i.e. low growth and high inflation, for those who don't follow), stocks that are most likely to rise are those that are low risk, rather large and have a good level of pricing power.
In the coming days, the markets are likely to remain torn between several trends. First, there are concerns about the current economic environment and the future performance of companies. Then, the Chinese awakening, which remains a powerful catalyst, even if it is only presumed for the time being. Finally, of course, the war in Ukraine and its economic and geopolitical consequences.
Yesterday, Russia did not honor the payment of its debt in dollars, which opens the way to the usual thirty days of tolerance to settle the bill.
Economic highlights of the day:
The European consumer price index for February, the Bank of England's decision on its rates, the United States the Philly Fed index for March, the new weekly jobless claims and building permits for February and the industrial production for February are on the agenda today.
The dollar/euro pair is trading at EUR 0.9030. The ounce of gold is recovering a bit at USD 1946. Oil is rising with North Sea Brent crude at USD 105.26 and U.S. light crude WTI at USD 101.76. US debt yields are holding their recent peaks at 2.14% over 10 years, while German debt is stabilizing at 0.36% over the same duration. Bitcoin is trading at 41020.
On markets:
* Tesla - The automaker said Thursday it is doing its best to maintain production at its Shanghai site while cooperating with Chinese authorities in the fight against the resurgence of the COVID-19 epidemic in the country. Tesla's stock is down 0.7% in premarket trading.
* Accenture - The IT consulting group reported better-than-expected quarterly revenue on Thursday on the back of growing demand for its cloud and security services. The share jumped 5.3% in pre-market trading.
* Adobe and Fedex are scheduled to report quarterly results after the close of Wall Street.
* KKR - The investment fund announced on Thursday that it will buy Japanese real estate asset manager MC-UBSR, a joint venture between Mitsubishi and UBS Asset Management created in 2000, for 230 billion yen to strengthen its presence in the archipelago.
* Yum China Holdings announced on Thursday that its board of directors had raised the amount of the restaurant chain's share buyback plan by $ 1 billion to $ 2.4 billion.
Analyst recommendations: | business |
CORRECTION - Badger Infrastructure Solutions Ltd. Announces 2021 Fourth Quarter and Annual Financial Results and a Dividend Increase | CALGARY, Alberta, March 17, 2022 ( GLOBE NEWSWIRE) -- In a release issued earlier today by Badger Infrastructure Solutions Ltd. ( TSX: BDGI) please note that all references to the normal course issuer bid have been excised. The corrected release follows:
Badger Infrastructure Solutions Ltd. ( “ Badger ”, the “ Company ”, “ we ”, “ our ” or “ us ”) ( TSX: BDGI) reported fourth quarter and annual 2021 results today. All results are presented in Canadian dollars unless otherwise stated.
2021 Fourth Quarter and Annual Financial and Operational Highlights
“ We are encouraged by the improving revenue trends as 2021 progressed, but we were challenged in aligning our operator staffing with the uneven market recovery, which was impacted by the two COVID-19 waves during the year. This resulted in margin compression in 2021 from historical levels as we hired and trained operators in anticipation of a more fulsome market recovery, ” said Paul Vanderberg, President and Chief Executive Officer.
“ Indications from our customers suggest continued market recovery. Our investment in operators, investment in strengthening our sales and marketing organization and realignment of our operations network, positions Badger to capture the volume from higher construction levels as delayed project work resumes. We plan to add between 150 to 180 units to our excavation services fleet and retire between 40 and 60 units in 2022, ” concluded Mr. Vanderberg.
Key Financial Highlights
( 1) '' Adjusted EBITDA '' and `` Adjusted EBITDA margin '' are not standardized financial measures prescribed by IFRS and may not be comparable to similar measures presented by other companies or entities. See “ Non-IFRS Financial Measures ” for additional detail on the definition and calculation of Adjusted EBITDA and Adjusted EBITDA margin. See page 14 of the Company’ s 2021 Annual MD & A for additional details on RPT. ( 2) Per share, basic and diluted measures calculated by dividing the respective financial measure with the weighted average common shares outstanding for the respective period. ( 3) See “ Share Capital ” on page 12 of the Company’ s 2021 Annual MD & A for additional details.2022 Business OutlookDespite continued COVID-19 related challenges experienced early in the first quarter of 2022 due to the Omicron variant, Badger is encouraged by market indications of improving business activity as the year progresses. Badger anticipates that COVID-19 related challenges will decline across North America allowing for delayed projects to resume. Badger is also seeing improved macro-economic conditions in oil and gas, and in the broader non-residential construction activity in the U.S.
Badger’ s investment in hiring and training operators and support staff in advance of the anticipated recovery positions the Company well to capture the anticipated volume related to the improvements in the business and construction activity, especially during the spring and summer construction season ramp up. The Company has also strengthened its sales and marketing organization and realigned its operations network for better market and operating focus.
The Company’ s fleet is well positioned to take advantage of the expected market recovery in 2022 and the Company expects to produce between 150 and 180 hydrovacs and retire between 40 and 60 hydrovacs. Badger expanded production capacity at its Red Deer, Alberta plant in 2021 and anticipates access to adequate component supply to meet 2022 production targets.
The Company will focus on returning towards historical revenue growth and margin levels as the year progresses by focusing on improved pricing and controlling costs, including management of current fuel price increases and fuel recovery fees. Badger anticipates that operating leverage will improve as business activity levels increase and become more consistent. The 2022 focus will be supported by continued advancement of the Company’ s business platforms and operating model.
Badger continues to be encouraged by the need for near and long-term reinvestment in North America’ s critical infrastructure, including the addition of new sustainable energy technology; and Badger is well positioned to capture the material growth opportunity for non-destructive excavation across North America.
2021 Fourth Quarter and Annual Results Conference CallA conference call and webcast for investors, analysts, brokers and media representatives to discuss the 2021 fourth quarter and annual results is scheduled for 7:00 a.m. MT on Friday, March 18, 2022. Internet users can listen to the call live, or as an archived call from Badger’ s website at www.badgerinc.com under Investor Relations: Events, Webcasts & Presentations. To participate in the call, dial: 1-844-740-2014 and enter passcode 9441067. A playback of the call will be available until Friday, April 1, 2022. To access the playback, dial: 1-855-859-2056 and enter passcode 9441067.
2021 Fourth Quarter Disclosure DocumentsBadger’ s 2021 Annual MD & A and 2021 Audited Consolidated Financial Statements, along with all previous public filings of Badger Infrastructure Solutions Ltd. may be found on SEDAR at www.sedar.com.
Non-IFRS Financial MeasuresThis press release contains references to certain financial measures, including some that do not have any standardized meaning prescribed by IFRS and that may not be comparable to similar measures presented by other companies or entities. These financial measures are identified and defined below. See “ Non-IFRS Financial Measures ” on page 16 of the Company’ s 2021 Annual MD & A, which is incorporated by reference into this press release and is available on SEDAR at, for detailed reconciliations of these Non-IFRS financial measures.
“ Adjusted EBITDA ” is earnings before interest, taxes, depreciation and amortization, share-based compensation, gains and losses on derivative instruments, gains and losses on sale of property, plant and equipment and gains and losses on foreign exchange. Adjusted EBITDA is a measure of the Company’ s operating profitability and is therefore useful to management and investors as it provides improved continuity with respect to the comparison of operating results over time. Adjusted EBITDA provides an indication of the results generated by the Company’ s principal business activities prior to how these activities are financed, the results are taxed in various jurisdictions and assets are amortized. In addition, Adjusted EBITDA excludes gains and losses on sale of property, plant and equipment as these gains and losses are considered incidental and secondary to the principal business activities, it excludes gains and losses on foreign exchange as such gains and losses can vary significantly based on factors beyond the Company’ s control and it excludes share-based compensation and gains and losses on derivative instruments as these expenses can vary significantly with changes in the price of the Company’ s common shares.
“ Adjusted EBITDA margin ” is Adjusted EBITDA as defined above, expressed as a percentage of revenues.
Key Financial Metrics and Other Operational Metrics “ Revenue per truck per month ” ( “ RPT ”) is a measure of hydrovac fleet utilization. It is calculated using hydrovac and hydrovac related revenue only. RPT is calculated on both a consolidated basis and for each geographic segment by dividing hydrovac and hydrovac related revenue for each segment, in the respective local currency, by the average number of hydrovacs in the segment during the period.
See “ Key Financial Metrics and Other Operational Metrics ” in the Company’ s 2021 Annual MD & A for additional details on RPT.
Cautionary Statements Regarding Forward-Looking Information and StatementsCertain statements and information contained in this press release and other continuous disclosure documents of the Company referenced herein, including statements and information that contain words such as “ could ”, “ should ”, “ can ”, “ anticipate ”, “ expect ”, “ believe ”, “ will ”, “ may ”, “ continues to ”, “ target ”, “ focused on ”, “ proposed ” and similar expressions relating to matters that are not historical facts, constitute “ forward-looking information ” within the meaning of applicable Canadian securities legislation. These statements and information involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements and information. The Company believes the expectations reflected in such forward-looking statements and information are reasonable, but no assurance can be given that these expectations will prove to be correct. Such forward-looking statements and information included in this press release should not be unduly relied upon. These forward-looking statements and information speak only as of the date of this press release.
In particular, forward-looking information and statements in this press release include, but are not limited to the following:
The forward-looking information and statements made in this press release rely on certain expected economic conditions and overall demand for Badger’ s services and are based on certain assumptions. The assumptions used to generate this forward-looking information and statements are, among other things, that:
There will not be significant changes in profit margins due to pricing changes driven by market conditions, competition, regulatory factors or other unforeseen factors.
Risks and other uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements include, but are not limited to: political and economic conditions; industry competition; price fluctuations for oil and natural gas and related products and services; Badger’ s ability to attract and retain key personnel; the availability of future debt and equity financing; changes in laws or regulations, including taxation and environmental regulations as well as COVID-19 related regulations ( e.g. vaccination mandates) which may adversely impact the labour supply and operating costs of Badger; extreme or unsettled weather patterns; and fluctuations in foreign exchange or interest rates.
Readers are cautioned that the foregoing factors are not exhaustive. Additional information on these and other factors that could affect the Company’ s operations and financial results is included in reports on file with securities regulatory authorities in Canada and may be accessed through the SEDAR website ( www.sedar.com) or at the Company’ s website. The forward-looking statements and information contained in this press release are expressly qualified by this cautionary statement. The Company does not undertake any obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
About Badger Infrastructure Solutions Ltd.|Badger Infrastructure Solutions Ltd. ( TSX: BDGI) is North America’ s largest provider of non-destructive excavating services. Badger works for contractors and facility owners in a broad range of infrastructure industries. These market segments consist primarily of infrastructure projects in areas such as energy generation, electricity and natural gas transmission networks, roads and highways, telecommunications, water and sewage treatment and general municipal infrastructure. Customers in these segments typically operate near high concentrations of underground power, communication, water, gas and sewer lines, particularly in large urban centres where safety and economic risks are high and therefore non-destructive excavation provides a safe alternative for certain customers excavation requirements. The Company’ s key technology is the Badger Hydrovac™, which is used primarily for safe excavation around critical infrastructure and in congested underground conditions. The Badger Hydrovac uses a pressurized water stream to liquefy the soil cover, which is then removed with a powerful vacuum system and deposited into a storage tank. Badger manufactures and designs its truck-mounted hydrovac units, giving Badger the opportunity to incorporate feedback from its hydrovac operators into its existing and future design and manufacturing processes.
For further information: Paul Vanderberg, President and CEODarren Yaworsky, Senior Vice President Finance and CFOTrevor Carson, Vice President, Investor Relations and Corporate Development
Badger Infrastructure Solutions Ltd.ATCO Building II4th Floor, 919 11th Avenue, SWCalgary, Alberta T2R 1P3Telephone ( 403) 264-8500Fax ( 403) 228-9773
Source: Badger Infrastructure Solutions Ltd.
| business |
U.S. Industrial Production Increased in February as Manufacturing Output Rebounded | By Xavier Fontdegloria
Industrial production in the U.S. rose in February driven by higher activity in the manufacturing sector, which recovered from worker absenteeism as the Covid-19 Omicron wave receded over the month.
Industrial production -- which includes factory, mining and utility output -- rose at a seasonally adjusted 0.5% in February compared with the previous month, according to data from the Federal Reserve released Thursday. The increase is in line with economists expectations in a poll by The Wall Street Journal.
Industrial output rose by 1.4% in January, as cold temperatures throughout the month prompted a surge in utility output.
In February, gains were led by the manufacturing sector, which is the biggest component of industrial production. Factory activity rose 1.2% on month after having been little changed in each of the previous two months, the Fed said.
Most major industry groups posted gains. However, motor vehicle and parts production fell 3.5% on month, signaling that the sector continued to be restrained by a shortage of electronic components.
Supply-chain bottlenecks have shown signs of improvement recently as demand has cooled somewhat, but the war in Ukraine and Covid-19 lockdowns in China could deal a further blow to persistent supply-side problems, economists say.
Mining output rose by a marginal 0.1%, as a decline in oil and gas extraction was offset by an increase in support activity for oil and gas operations, the Fed said.
Utilities output fell 2.7% after increasing 10.4% the previous month as temperatures normalized and demand for heating declined.
On an annual basis, industrial production rose 7.5% in February, the Fed said. In the same month a year earlier, however, severe winter weather depressed industrial activity.
Capacity utilization -- which reflects how much industries are producing compared with what they could potentially produce -- increased by 0.3 percentage point to 77.6% in February, the Fed said.
Write to Xavier Fontdegloria at xavier.fontdegloria @ wsj.com
( END) Dow Jones Newswires
03-17-22 0948ET | business |
5 Biggest News Stories of the Week: March 17 | As the saying goes, the news never stops — but there’ s a lot of it out there, and all of it doesn’ t always pertain to our readers. In this weekly news roundup, we’ ll cover the top news stories that matter most to our diversity focused audience.
With the passing of the “ Don’ t Say Gay ” bill and other policies in Florida, some are saying the state is ground zero for a “ culture war. ”
There’ s speculation that Florida Gov. Ron DeSantis is passing hard-right policy bills to appeal to the state’ s GOP base in an election where the “ Governor’ s Mansion, three Cabinet seats and all 160 seats of the Florida Legislature are up for grabs, ” Politico reports.
Republicans have controlled the state for 25 years, which has led to tax cuts, looser regulations for businesses and clashes with teachers’ unions for charter school vouchers.
Other controversial legislative issues in the state include a proposal that would prevent abortions after 15 weeks of pregnancy, increased immigration enforcement and HB 1 or the “ anti-riot bill, ” which DeSantis approved in April 2021.
While Republicans are making hard-right moves, they are being challenged by people and companies in the state and throughout the nation.
Florida Sen. Shev Jones, a Black Democrat who is the first openly gay senator in the state, tried to convince the GOP Senate to weaken the bill, although his efforts did not work.
Disney gave money to politicians behind the bill, so employees of the amusement park and entertainment giant staged walkouts. Disney CEO Bob Chapek apologized for having nothing to say at first on the matter and said the company would stop political donations in the state for an “ undetermined amount of time. ”
Much of the news right now is focused on Russia’ s invasion of Ukraine — and rightfully so. But racist comments have been made by journalists in coverage of the topic, which is a bigger issue of how the American media perpetuates “ these racially driven issues and impacts how even the most well-intentioned reporting is carried out and passed on to the public, ” DiversityInc Contributor Brian Good writes.
News anchors and reporters from various media outlets have described Ukrainians as being “ relatively civilized, ” “ European people with blue eyes and blond hair being killed, ” and “ prosperous, middle-class people ” who “ look like any European family you would live next door to. ”
It’ s been shown that Americans tend to pay less attention to people involved in wars in other parts of the world, and they’ ve been conditioned to do so because they don’ t look like them. They can’ t relate to them.
MSNBC’ s Joy Reid pointed out that “ the coverage of Ukraine has revealed a pretty radical disparity in how human Ukrainians look and feel to Western media compared to their browner and Blacker counterparts, with some reporters using very telling comparisons in their analyses of the war. ”
She added that “ we don’ t need to ask ourselves if the international response would be the same if Russia unleashed their horror on a country that wasn’ t white and largely Christian because Russia has already done it — in Syria. ”
One of the largest memorials dedicated to racial equity in the U.S. is being constructed in the Boston Common, which is one of the oldest public parks in the nation.
The 22-foot-high memorial, named “ The Embrace, ” is being designed by artist Hank Willis Thomas and architectural firm MASS Design Group.
The bronze statue will have four intertwined bronze arms, paying tribute to the social justice values of Dr. Martin Luther King Jr. and Coretta Scott King. The Boston Commons was chosen as the home of the statue because this is where Dr. King led 22,000 people in a march for civil rights from “ a playground in Roxbury down Columbus Avenue to the Boston Common, ” according to the New England Historical Society.
The groundbreaking for the memorial is set to take place in April and the completed project will be unveiled on MLK Day in 2023.
“ Black Panther ” Director Ryan Coogler was arrested in January after he attempted to take out $ 12,000 from a bank in Atlanta.
The situation was misinterpreted by a teller at the bank who told her boss she suspected an attempted robbery. The police report says Coogler was wearing a COVID-19 mask, a hat and sunglasses and handed a withdrawal slip to the teller with a note saying he wanted to take the $ 12,000 out of his checking account. It also said he wanted the money counted elsewhere to be discreet because he was taking the money out for a medical assistant who worked for his family and wanted discretion because of the large sum of money needed.
An automatic notification was triggered since the amount was over $ 10,000. The teller then told her boss she suspected a robbery and the police were called. The teller told a newspaper she feared for her safety.
Coogler was briefly detained and released after proving his identity. He told TMZ that the “ situation should have never happened. ”
Brandi Benner’ s Facebook post of a photo of her daughter holding a Black baby doll and the story behind it has gone viral on social media.
Benner’ s post shows her daughter Sophia, who is white, holding the doll with a huge grin on her face, which she picked out at a Target store as a reward.
When checking out, a cashier asked the girl if she was going to a birthday party and buying the doll for her friend. After receiving blank stares from Sophia and Benner, she then asked if she was sure that was the doll she wanted. Sophia said, “ Yes, please! ”
The cashier then told Sophia and her mother that the doll didn’ t look like her and that the store had “ lots of other dolls that look more like you. ”
Benner said Sophia still insisted she wanted the Black doll and responded to the cashier saying: “ Yes, she does. She’ s a doctor like I’ m a doctor. And I’ m a pretty girl and she’ s a pretty girl. ”
Originally published at adp.com. ADP ranked No. 8 on The DiversityInc Top 50 Companies for Diversity list in 2021. As business leaders work to confront and overcome inequality and discrimination in the workplace, it’ s essential to include compensation in the discussion. Pay equity is a key approach in combatting the…
Originally published at abbott.com. Abbott ranked No. 4 on The DiversityInc Top 50 Companies for Diversity list in 2021. What happens when the medical caretakers are ill-equipped to care for your personal caretakers? The answer — so far — for the cardiovascular care of women and people of color has not…
Originally published at sanofi.us. Sanofi ranked No. 27 on The DiversityInc Top 50 Companies for Diversity list in 2021. Amy Richards is a researcher at Sanofi’ s lab in Framingham, Mass. focusing on rare neurodegenerative diseases. Amy is part of a team of scientists working on the GBA-related Parkinson’ s disease project, …
Originally published at newsroom.hilton.com. Hilton ranked No. 1 on The DiversityInc Top 50 Companies for Diversity list in 2021. To mark Women’ s History Month and International Women’ s Day, Hilton is placing a spotlight on its earlier female team members, who helped # BreakTheBias in its more than 100-year history. Patricia Page-Champion, …
Originally published stories.td.com. TD Bank ranked No. 14 on The DiversityInc Top 50 Companies for Diversity list in 2021. When Ekiuwa Aire went looking for books on African culture to help teach her children about their heritage, little did she know the path would lead her to not only become…
Originally published at stories.td.com. Dr. Nasreen Khatri is an award-winning registered clinical psychologist, gerontologist and neuroscientist. TD Bank ranked No. 14 on The DiversityInc Top 50 Companies for Diversity list in 2021. When it comes to financial health, the sad reality is that single women are largely ignored by society….
Originally published at tiaa.org. TIAA ranked No. 9 on The DiversityInc Top 50 Companies for Diversity list in 2021. TIAA, a leading provider of financial services in the academic, research, medical, cultural and government field, has been recognized as one of 2022 World’ s Most Ethical Companies by the Ethisphere Institute, a global…
Originally published at tiaa.org. TIAA ranked No. 9 on The DiversityInc Top 50 Companies for Diversity list in 2021. TIAA, a leading provider of secure retirements, is shining a light on the staggering 30% retirement income gap between men and women through its new # retireinequality movement. Women still earn less…
Originally published at pressroom.toyota.com. Toyota Motor North America ranked No. 7 on The DiversityInc Top 50 Companies for Diversity list in 2021. Creating limitless possibilities for all is the inspiration behind Driving Possibilities, a new $ 110-million education and community-focused program developed by Toyota. Driving Possibilities leverages Toyota’ s more than 60…
Originally published at newsroom.wf.com. Wells Fargo ranked No. 25 on The DiversityInc Top 50 Companies for Diversity list in 2021. Wells Fargo announced resources designed to help increase the growth of women-owned small businesses, including a $ 1.5 million grant to How Women Lead aimed at disrupting the unequal venture capital ( VC) …
Would an extra day off help professionals with work-life balance? https: //t.co/ibkpEndW14 3 hours ago
Employee Resources Groups ( ERGs) are experiencing a major growth surge. But are ERGs in their current form the answ… https: //t.co/cjnt9RSa7i March 16, 2022
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Delta breakthrough infection generates broad neutralizing antibody response in double vaccinated individuals -- ScienceDaily | In the new study, researchers collected sera from individuals attending St. Thomas ' Hospital in London who tested positive for COVID-19 and had received 2 doses of either the Pfizer or AstraZeneca vaccines. They measured how much antibody the person produced and whether the antibodies were able to prevent infection of cells by different SARS-CoV-2 variants of concern.
The researchers found that in vaccinated individuals, there was a rapid and robust IgG recall response following breakthrough infection. This antibody response had broad neutralizing activity against current variants of concern, including omicron. The neutralization potency was 4.5-fold reduced against omicron compared to delta whereas it was 28.9-fold reduced for people who were unvaccinated.
`` Overall, a breakthrough infection effectively boosts the vaccine response, which could provide broad protection against current variants of concern, '' said co-author Katie Doores, Ph.D., Reader in the Department of Infectious Diseases, King's College London, in the United Kingdom. `` Recent studies show a third vaccine dose dramatically increases the neutralizing antibody response, particularly against omicron. Our data suggests a delta breakthrough infection can also act as an effective booster. This study provides insights into population immunity in double COVID-19 vaccinated individuals where SARS-CoV-2 transmission levels remain high. ''
Dr. Doores said they are now studying the immune response in more detail by isolating monoclonal antibodies from individuals experiencing breakthrough infections. | science |
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Stricter UK mortgage risk-weight rules that kicked in on January 1 lopped 157 basis points off NatWest Group’ s Common Equity Tier 1 ( CET1) ratio, inflating risk-weighted assets ( RWAs) by £14.8 billion ( $ 19.5 billion).
New constraints from the Prudential Regulation Authority ( PRA) include recalibrated loss-risk parameters and a minimum 10% exposure-weighted risk-weight for the UK residential mortgage portfolio. The measures apply to all UK banks.
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