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War Puts Peak Demand Debate Back in Focus | It should not surprise that BP has backtracked on its earlier prediction that 2019 marked the peak for global oil demand. As the worldwide economy and oil consumption roared back over the past year, consensus coalesced across much of the industry that peak demand was unlikely to occur before the late 2020s. Beyond that, however, the trajectory for demand remains as muddled as ever — and Russia’ s invasion of Ukraine has now added another big layer of uncertainty. BP’ s controversial prediction was made in the 2020 throes of the Covid-19 pandemic, which ravaged oil consumption and spurred massive government stimulus programs that promised to accelerate the energy transition. While near-term demand has proved more resilient than BP envisioned, the longer-term threats to demand — society’ s drive to tackle climate change and the push for net-zero emissions — remain intact and look more serious than ever. BP’ s assertion that 2019 may have marked the peak for demand at around 100 million barrels per day assumed that global GDP would fall by 2.5% from 2019 levels in 2025. The UK major now concedes that the economic toll of the pandemic “ looks set to be less severe than previously anticipated. ” | general |
Max Hayter explores the tension between city and country | Having spent much of his 20s “ doing floristry, and furniture design, and waitering, and all sorts of bits and bobs ”, Max Hayter realised that what he really loved was making images. “ I never really knew it was a career, ” he tells CR.
Hayter started assisting fashion photographer Oliver Hadlee-Pearch, and a year in, just as Covid hit, he began thinking seriously about what he wanted to achieve with his own work.
“ Everyone says you should think about what projects mean a lot to you, and your own stories, ” he says. “ Before lockdown, I’ d only been [ making work ] a short while anyway but I had three months in a house where I could ask what I was interested in, what stories I wanted to tell, how I wanted to tell them, and a lot of that was very research-based.
“ I’ m pretty obsessive with the things I get into. I did a very short photography history course that the Museum of Modern Art [ in New York ] offered for free online during Covid, and did lots of research. The main thing that stuck out was that the people whose work I really respected and liked, it didn’ t matter what it looked like. It was more how it felt, what they were communicating, and why they were in a position to tell that story. ”
Hayter says he quickly settled on an “ origin story ” idea – something semi-autobiographical that would reflect his childhood in rural England, an experience he describes as “ slightly fragmented in a way ”.
“ I was pretty isolated growing up, ” he explains. “ We moved from London when I was four to a valley in the middle of nowhere with no-one, and I guess boredom is an interesting concept. It’ s a great tool for your imagination. ”
Having experienced the divisions between city and country through his own move to London later in life, as well as wider conversations about “ the intersectionality between rural and wider culture ”, Hayter assembled a team and headed to his dad’ s home in Shropshire.
There he began working on a short film, centred around a young man called Hector and his experience of rural life. It’ s accompanied by a linked photography series entitled Tranquility, which follows the same character and was shot in and around the stables close to Hayter’ s family home. A second series, Townies, is similarly set in the countryside.
There’ s a dreamy, perhaps slightly otherworldly aesthetic that ties Hayter’ s work together. He worked with a casting agent and stylist for all three projects, layering his own, constructed narratives onto a real-life rural backdrop which can, at times, feel like it’ s hiding something more sinister.
“ We wanted to set up some tableaux, from the beginning, that you could walk through and would set the scene in a way, ” explains the photographer. “ In my view, the great projects I really like let you in on a secret, and we wanted to let you in on the secret of farm life within that world of magical realism.
“ I’ m hopefully going to shoot another film, more in the vein of darkness, and that’ s a topic I’ m fascinated by, ” he continues. “ People idolise the countryside, but it’ s a really wild and dangerous and beautiful and loving and all-consuming place. At the same time, it’ s very complicated and bumpy, and can be beautiful and horrible. I know, and have seen and heard, of crazy stuff that happens. ”
Hayter hopes to continue making a mix of still and moving image work. He says he values the “ magic ” of photography as much as the narrative possibilities of film, and is currently planning a new documentary about sibling relationships. He’ s also finishing his first short, which is set to be released later this year.
“ I’ m really trying to think about how you can create tension and make images interesting, ” he adds. “ How can I try and make images we haven’ t seen before, whether that’ s different people in different roles, or a different take on everything. ”
max-hayter.com | business |
Harassment of public health officials widespread during the initial phase of the COVID-19 pandemic, study finds -- ScienceDaily | The study also found that more than half of surveyed local public health departments -- 57 percent -- had been targets of harassment. In addition, the study found that across state and local health departments, 222 public health officials left their positions during this time period. Over one-third of those departures -- 36 percent -- involved officials who had experienced some form of harassment.
The study, to be published online March 17 in the American Journal of Public Health, provides scope and context to departures of public health officials during the first phase of the pandemic. The findings underscore the importance of prioritizing worker safety and well-being in health departments and in public health systems, especially in times of crisis and discord.
`` This is a wakeup call for the field about the need to prioritize the long-term protection of our public health workforce, '' says Beth Resnick, DrPH, assistant dean for Practice and Training and senior scientist in the Department of Health Policy and Management at the Bloomberg School. `` Taking care of the workforce needs to be a fundamental component of the public health infrastructure that doesn't end when the pandemic does. ''
The U.S. public health system is built on a network of local and state officials working to promote and protect health. According to estimates, there are over 2,500 local and state public health departments across the U.S. The pandemic -- involving a new virus about which little was known and for which there were initially no treatments or vaccines -- brought considerable challenges for public health departments. Documented incidents of threats and harassment have led to reduced job satisfaction and burnout among public health workers. The harassment and departures, which have continued beyond the study period, are happening at a time when sound public health guidance and leadership is needed most.
For their study, the researchers drew from two main sources, a survey and media reports. A survey of local public health departments conducted October 2020 to February 2021 by the National Association of County and City Health Officials ( NACCHO) identified the 1,499 harassment cases. The researchers reviewed media reports about departures to get additional details. In addition to media reports, the researchers reviewed supplemental materials, including public health department news releases, social media accounts, local boards of health meeting minutes, and personal communications with journalists and health department representatives.
The researchers analyzed responses from 583 local U.S. departments to a NACCHO Forces of Change survey module on harassment. More than half of the local health departments responding ( 57 percent, 335 departments) identified unique reports of harassment targeting leadership or staff, for a total of 1,499 incidents. The most reported form of harassment among the surveyed 583 local health departments was on social media, with 296 local health departments reporting social media harassment. Of these, 194 incidents specifically targeted local health department leaders.
The researchers also analyzed media reports of 256 actual or threatened departures of both state and local health officials, which included 120 resignations. The departures spanned 42 states in the U.S. and involved 48 state health department officials and 174 local health department officials.
To get a sense of the impact of the harassment and departures on the public health workforce, the researchers conducted content analysis of media reports, supplemental materials, and input from public health practitioners. The research team identified five common themes of health officials ' experience: a sense of being underappreciated, undersupported, villainized, caught up in politics, and disillusioned.
The authors suggest that training public health officials on how to respond to political and societal conflict, improving professional support systems, providing employee support, making investments in long-term public health staffing and infrastructure, and establishing sound reporting systems for incidents are key to reducing acts of harassment against public health officials and supporting officials when incidents do occur.
`` No public health professional should feel undervalued, unsafe, or be questioning the fundamental mission and purpose of their work, '' says Resnick. `` We need to do better and prioritize worker well-being and safety by implementing policies that reduce undermining, ostracizing, and intimidating behaviors to support these key workers and leaders. ''
`` Pandemic-related workplace violence and its impact on public health officials, March 2020-January 2021 '' was written by Julie Ward, Elizabeth Stone, Paulani Mui, and Beth Resnick.
The study was supported by the Lipitz Public Health Policy Faculty Award through the
Johns Hopkins Institute for Health and Social Policy; the National Institute of Child Health and Human Development ( T32-HD 094687) and the National Institute of Mental Health ( T32-MH 109436). | science |
UK Stocks-Factors to watch on March 17 | Britain's FTSE 100 index is seen opening higher on Thursday, with futures inching up 0.44%.
* OCADO RETAIL: British online supermarket Ocado Retail on Thursday reported a 5.7% year-on-year fall in revenue in its latest quarter, which it said partly reflected a softening of the overall market.
* CINEWORLD: Britain's Cineworld said on Thursday it expects its performance to improve this year thanks to pent-up demand and a full slate of movies, after posting a smaller annual loss helped by the success of Marvel's '' Spider-Man: No Way Home ''.
* ASTRAZENECA PLC: British drugmaker AstraZeneca Plc will pay $ 775 million to settle a patent dispute with Japan's Chugai Pharmaceutical Co Ltd related to the ALS drug Ultomiris, it said on Thursday.
* ASTRAZENECA: Britain's medicines regulator said on Thursday it had approved AstraZeneca's antibody-based treatment to prevent COVID-19 in people whose immune response is poor.
* HARBOUR ENERGY: Harbour Energy, the British North Sea's biggest oil and gas producer, reported 2021 free cashflow of $ 678 million on Thursday as it reported its first full-year results after its merger with Premier Oil.
* DELIVEROO: Deliveroo said it aimed to reach breakeven in core earnings in around two years ' time and predicted a 15-25% rise in the value of gross transactions on its platform this year, a slowdown from 70% in 2021 when it was boosted by lockdowns.
* OIL: Oil prices climbed after the International Energy Agency ( IEA) said markets could lose three million barrels per day ( bpd) of Russian crude and refined products from April.
* FTSE 100: London's FTSE 100 rose to near two-week highs on Wednesday as prospects of peace talks between Russia and Ukraine and Chinese stimulus lifted investor sentiment globally, while investors awaited the U.S. Federal Reserve's policy decision due later in the day.
* For more on the factors affecting European stocks, please click on:
TODAY 'S UK PAPERS
> Financial Times
> Other business headlines ( Reporting by Aby Jose Koilparambil and Sinchita Mitra in Bengaluru) | business |
European polyethylene and Ukraine: a new set of challenges – Asian Chemical Connections | Understand market developments and complex data and what they mean to you.
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A NEW NORMAL for European ( PE) markets could be underway, replacing the divided world of the last 10 months, as the chart below suggests.
The Old Normal involved very tight European PE markets and robust pandemic-driven demand. Supply was tight because of major US production losses ( the US is structurally long, and Europe is the US’ s main export destination) and lower imports from Asia and the Middle East because of container costs and shortages.
This occurred as Asian supply increased due to big new capacities in China and South Korea –- and as China’ s economy began its long-term slowdown because of Common Prosperity.
Between the second week of January 2014, when our margin assessments began, until the first week of April 2021, the average premium for northwest Europe ( NWE) high-density polyethylene ( HDPE) margins over northeast Asia ( NEA) was $ 385/tonne.
But from the second week of April 2021 until the first week of March 2022, the average premium rose to an astonishing $ 1,081/tonne.
For the week ending 11 March, the NWE premium over NEA fell to $ 723/tonne from the previous week’ s $ 1,088/tonne. In what might not be a coincidence, $ 723/tonne was close to the same level as the first week of April 2021 – before the great run-up began.
The same patterns are detectable in low-density ( LDPE) and linear-low density ( LLDPE) margins.
Now let’ s show this in terms of actual margins rather than differentials.
Northeast Asian margins are amidst their longest-ever run of consecutive weeks of negative values, which began in the second week of December 2021. During that week, NEA margins were at minus $ 95/tonne versus a positive $ 1,081//tonne in NWE.
But last week, NEA margins were minus $ 476/tonne – the second lowest level on record ( the lowest level being the previous week) – with NWE margins at just $ 247/tonne.
We only have one month of US HDPE export data for 2022 – 253,722 tonnes for January. This is a sharp fall from January 2021 at 354,905 tonnes.
It is, of course, impossible to discern any trend from just one month’ s data. But if there is no repeat of last year’ s major production problems and with new capacity coming online, US HDPE exports could total 4.5m tonnes in 2022 compared with last year’ s 2.9m tonnes.
This year’ s US LLDPE and LDPE exports may also see significant increases if production returns to normal and as new capacity comes online.
But, as I said, it is too early to draw any conclusions on the effects of US exports on the European HDPE business in 2022. US exports clearly, however, need monitoring very closely.
The chart below is a reminder of the big feedstock-cost advantages that the ethane-based US producers often enjoy over their naphtha-based European competitors.
What we do know is that the big surge in naphtha feedstock costs in Europe is having a major negative effect on the region’ s PE industry. The chart below shows the spread between tonnes of CFR NWE naphtha and tonnes of free delivered NWE injection grade HDPE –- along with Brent crude prices.
Spreads have so far in March this year averaged $ 586/tonne, comfortably higher than their lowest level since January 2014 of $ 296/tonne – which occurred in May of that year. This is despite Brent crude averaging $ 118/bbl in March 2022 versus $ 110/bbl in May 2014.
The Ukraine-related run-up in oil prices is combining with reported problems with European naphtha supply. Fifty per cent of Europe’ s naphtha requirement comes from Russia.
Russian oil and naphtha shipments to Europe have not been sanctioned. But ICIS pricing reports that nobody is buying Russian naphtha, perhaps because of Russia’ s expulsion from the SWIFT bank transactions system. European refinery operating rates are said to have been reduced on the high oil costs.
The coronavirus outbreak is getting worse in China. Cases had risen to 5,000 on Tuesday with 28 of China’ s 31 mainland provinces affected by restrictions.
“ The measures in China, home to about one-third of global manufacturing, are disrupting the production of finished goods like Toyota and Volkswagen cars and Apple’ s iPhones, as well as components such as circuit boards and computer cables, ” wrote the New York Times in this article.
China’ s Yantian container port, the world’ s third largest, is reported to have effectively shut down because of the lockdowns affecting the city of Shenzhen, where the port is located. Other ports may also be affected.
These new supply-chain problems could add to European inflation. Eurozone inflation had already reached 5.8% in February, way above the European Central Bank’ s forecast for 2022 of 3.2% –- and well above its target range of 2%.
Such are the inflationary pressures that we could be into demand destruction territory for PE in Europe as people cut back on even grocery spending.
Another challenge for the European PE industry may arrive next winter when the weather turns cold, and as the EU tries to reduce dependence on Russian gas by two-thirds over the next 12 months.
Meeting this target is said to be aspirational rather than realistic, based on the availability of alternative supplies of gas, coal and nuclear energy.
So, could we see reduced electricity supply? If this were to happen, it is thought industrial rather than domestic users would see their supplies of electricity cut. Might the European refining and petrochemicals industries be affected? I have no idea, as the situation is so fluid and complex.
If Europe sees a recession, the fall in electricity demand might be sufficient to meet the EU target. As with US HDPE imports, watch the electricity supply space very closely.
The Ukraine crisis is so fluid that of course what you’ ve just read will likely be very quickly out of date. But I hope that the above comments will help European PE producers plan for the risks ahead.
What I see as vital is integrating oil, natural gas, petrochemicals feedstock and PE market intelligence and data to an extent that has rarely, if ever, been needed before.
For support from ICIS in how to achieve this, contact me at john.richardson @ icis.com.
ICIS is part of the LexisNexis® Risk Solutions Group portfolio of brands. | general |
Fed finally moves against inflation with rate hike | In a new policy statement marking the end of its full-on battle against the coronavirus pandemic, the U.S. central bank flagged the massive uncertainty the economy faces from the war in Ukraine and the ongoing health crisis, but still said `` ongoing increases '' in the target federal funds rate `` will be appropriate '' to curb the highest inflation in 40 years.
STORY: STATEMENT:
MARKET REACTION:
STOCKS: The S & P 500 pared strong gains and was last up 0.43%
BONDS: The 10-year U.S. Treasury note yield rose to 2.2261%, and the 2-year yield rose to 1.9997% The 2s/10s yield curve flattened to 23.05 basis points
FOREX: After a brief pop higher, the dollar index moved back to a 0.08% loss
COMMENTS:
JASON PRIDE, CHIEF INVESTMENT OFFICER OF PRIVATE WEALTH AT GLENMEDE, PHILADELPHIA, PENNSYLVANIA
`` The Fed followed through today on what was already assumed to be a foregone conclusion, by raising the federal funds rate by a quarter-percent. This is likely only the first step in a larger campaign of policy normalization from the Fed, as it seeks to rein in hotter-than-normal inflation.
`` The press release introduced fresh language highlighting the uncertainty prompted by the conflict between Russia and Ukraine, noting that `` the invasion and related events are likely to create additional upward pressure on inflation and weigh on economic activity. '' The war in Eastern Europe is unlikely to halt the Fed's tightening plans, but it may prompt caution on the speed of rate hikes as the economic effects of the conflict become better understood.
JOSEPH LAVORGNA, AMERICAS CHIEF ECONOMIST, NATIXIS, NEW YORK
`` The Fed is reacting to the market's fear of inflation. So, they validated expectations of seven hikes this year.
`` They're going to try to be aggressive here in raising rates. I wish Jay Powell and company all the best of luck because they're not going to get anywhere near as they think, unless they're willing to throw a lot of people out of jobs, because that's what's going to happen. Because we're going to have a recession. This is a recession forecast.
`` This is magical forecasting. I don't think it holds up to historical scrutiny. You got a weakening economy, and you are going to take rates well above where they say neutral is. Neutral is lower than where they believe it is. I just don't see the Fed being able to engineer this kind of tightening for what right now is inflationary demand destruction.
PAUL ASHWORTH, CHIEF US ECONOMIST, CAPITAL ECONOMICS, TORONTO ( via email)
`` The Fed began its tightening cycle with a 25bp hike today and, despite the uncertainty caused by the war in Ukraine and China's efforts to contain the spread of the Omicron variant, officials look set to hike rates by an additional 25bp at each of the remaining six policy meetings this year, which would take the fed funds target range to between 1.75% and 2.00%. As the statement put it `` ongoing increases in the target range will be appropriate ''. The pace of tightening is then expected to slow, with the median projection pointing to a 25bp rate hike at every other meeting next year, taking the target range to between 2.75% and 3.00% by end-2023. That would take the policy rate slightly above the median estimate of the neutral rate, which was lowered very slightly to 2.4%. Even after the rally in rate expectations in recent days, the Fed's own projections are on the hawkish side.
HINESH PATEL, PORTFOLIO MANAGER, QUILTER INVESTORS, LONDON
`` It is early days in the hiking program, but we finally have lift off at the Federal Reserve. Despite being behind the likes of the Bank of England this has been a very well telegraphed and managed rate rise, even with the threats of Omicron, China's regulatory crackdown and now the knock on effects of the war in Ukraine.
`` None of these threats, however, are resolved by monetary policy and with the inflation shock reverberating around the system the Fed needs to move back to normalcy, at least to build in some insurance for when easing will once again be required in the future. ''
SCOTT LADNER, CHIEF INVESTMENT OFFICER, HORIZON INVESTMENTS, CHARLOTTE, NORTH CAROLINA
`` What is driving it down is really the aggressiveness of the Federal Reserve. The one key thing the Fed is forecasting is to push interest rates above neutral and every time interest rates go above neutral, the economy tips into recession sometime after that. ''
`` This looks like a Fed that is intending on causing recession in order to stamp out the inflation problem and that is as short sighted as calling inflation transitory a year ago. ''
`` What they're reacting to isn't the 25 basis point rate hike that was well telegraphed and fairly well expected, what they're really reacting to is the new dot plot from the Fed showing that they anticipate also seven rate hikes this year. ''
ROBERT PAVLIK, SENIOR PORTFOLIO MANAGER, DAKOTA WEALTH MANAGEMENT, FAIRFIELD, CONNECTICUT
`` It was pretty much right in line with what the market expected. ''
`` What we were seeing heading into this is buy the rumor, and now we are seeing a little bit of sell the news. ''
`` It's really going to be a focus on how many interest rate hikes are these Fed ( officials) forecasting this year and how fast are they going to roll off the balance sheet. ''
( This story refiles to correct location of Glenmede to Philadelphia, Pennsylvania)
( Compiled by the U.S. Finance & Markets Breaking News team) | business |
Oil edges higher after three-day slide as volatility continues | Oil rose after a three-day slide as investors weighed the fallout from Russia’ s invasion of Ukraine and Covid-19 lockdowns in China following its worst outbreak since the start of the pandemic.
Futures in New York climbed above $ 96 a barrel after slumping 13% over the past three sessions. The war has severely disrupted Russian oil flows, and the International Energy Agency predicted output from the key OPEC+ member will drop by about a quarter next month. Libya’ s prime minister said the cartel should boost supply faster to help solve the “ energy crisis. ”
“ Tight markets are generally more volatile and so when you throw in a supply risk as large as Russia, that just takes volatility to another level, ” said Warren Patterson, Singapore-based head of commodities strategy at ING Groep NV. “ The weakness we have seen in the market over the past week or so does mean that there is little risk premium priced in, which leaves the market vulnerable if the Russia-Ukraine situation was to deteriorate. ”
Investors are also monitoring a virus resurgence in China, the world’ s largest oil importer. Traffic congestion levels in partially locked down Shanghai are more that a third lower than a year ago and there are also restrictions on movement in the manufacturing hub of Shenzhen and Jilin province.
Rapid developments around the war in Europe and the ensuing sanctions are driving wild fluctuations in the market, and holdings in oil contracts have slumped due to the volatility. UK Prime Minister Boris Johnson said that he’ s optimistic Saudi Arabia may raise output after a meeting with the kingdom’ s Crown Prince, but he got no guarantees that would occur.
While buyers are shunning Russian crude despite heavy discounts, the nation is planning little change to loadings of its flagship Urals crude from its Baltic and Black Sea ports in early April. It’ s not clear whether the shipments will all be able to find buyers, so actual loadings may be different.
Russia said a Ukrainian proposal that it would become a neutral country but retain its own armed forces could be viewed as a compromise, offering for some hopes for a cease-fire. A Ukrainian official cautioned that issues remained and said talks hadn’ t progressed significantly. | general |
3D Avatars in Meetings: How Employees can Connect in Metaverse? | These AI stocks are loved by millionaires. If you want
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Recently, the CEO of Microsoft, Bill Gates predicted that virtual meetings will be held in the metaverse in forthcoming years. Everyone saw how the world changed during a pandemic, every sector suffered a lot but slowly adopted the new normal. Bill Gates predicts that virtual meetings will no longer be held through 2D camera image grids but your 3D digital avatars will attend metaverse meetings. This article features how employees can connect in metaverse meetings, the advantages of the metaverse, and some important concerns.
Remote work is becoming a trend, so holding virtual meetings on platforms like Zoom, Meet and Teams has quickly become the new normal. However, anyone who has been in any such meeting has experienced its many caveats first hand. For example, you will usually have to take turns, you can’ t see each other and there are countless distractions.
Virtual reality offers the opportunity to set an immersive meeting experience with virtual workstations that are fully interactive. It’ s even better because you can see body language and hear space audio, so you can talk over each other rather than alternating turns. You may use your hands to communicate, which is a big component of how we interact with one another, and then lean in to alter your attention based on posture, which is another important aspect of communication.
The metaverse can be described as a virtual universe where clients can “ live ” by utilizing different types of innovation like virtual reality, augmented reality, and artificial intelligence. The thought is that individuals can work, play, and remain associated with companions through different virtual exercises ( for example meetings, concerts, events, and so forth)
The thought behind metaverse meetings is that clients would sign into their 3D avatars and walk to the metaverse meeting room as if they were in a physical meeting space in the workplace. For remote employees to appropriately encounter metaverse meetings – they would have to utilize some type of VR goggles ( like Oculus) to get the full insight of body language, expressions, and voice. Metaverse companies are experiencing users driving demand for more interactive online experiences where they can fully and easily participate in sessions, network with peers, identify new leads and, most importantly, nurture human interaction.
The spread of Covid-19 moved numerous 2020 and 2021 meetings on the web. A few occasions were extraordinary; they used innovation to carry new encounters to individuals. However, a few virtual occasions missed the mark. The metaverse may end up being the solution. Once completely understood, the metaverse could convey a highly interactive experience where individuals can move uninhibitedly and take part in two-way dialogues without expecting to leave their homes. As a matter of fact, the metaverse’ s capacity to rise above location and even languages is one reason it’ s so exciting. No longer will people need to travel great distances to gather. Among the best benefits of the metaverse is its availability. Whenever done accurately, the metaverse could permit individuals from around the globe to meet up in one space ( but on the web) in manners that were beforehand absurd or restrictively expensive.
One main issue about metaverse meetings is security. Toward the start of the pandemic, Zoom went through major scrutiny as video chats and online classrooms were being hijacked by hackers. This is a worry for metaverse meetings, where it’ s normal that private business-related discussions will occur. How might associations have the option to door their meetings so that only those invited can join? A second concern is user access to the accessories required to successfully meet in the metaverse ( e.g. VR goggles). Organizations would need to provide this equipment to their employees, which is currently a heavy ticket item.
Although virtual 2D meetings have become the norm, it’ s highly conceivable that we will keep on advancing to a significantly more virtual approach to working in the metaverse. While this actually feels like a modern dream, Bill Gates believes it’ s a couple of years away. That being said, there are a ton of elements that still need to be addressed before metaverse meetings become a reality.
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Commodity Futures Trading Commission chairman Rostin Behnam has said the CFTC will “ carefully consider ” a proposal by cryptocurrency exchange FTX that would give retail traders direct access to cleared derivatives, bypassing brokers.
The remarks come as exchanges including CME Group and Cboe Global Markets race to better integrate crypto derivatives into US financial markets.
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Rogue algos could spark ‘ systemic’ crashes, warns Goldman exec | 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¦
To ease the pain associated with meeting compliance targets, global institutions are exploring ways to become more efficient by integrating regulatory and business initiatives.
Wire payment fraud is a major growing risk for financial institutions in the aftermath of the COVID-19 pandemic. These cases of fraud donât just hurt finâ¦
Asia Risk is proud to present Asia Risk Live, a face-to-face event in Hong Kong and Singapore. An opportunity to reconnect in person to learn and exchange new ideas.
View our latest in market leading training courses, both public and in-house.
The Energy Risk Awards recognise the leading firms in energy risk management. Corporates, financial players, technology and data firms, consultancies, brokers and exchanges are all welcome to submit â¦
The Asia Risk Awards recognize best practices in risk management and derivatives use by banks and financial institutions around the region.
Take a look at the wide variety of events and training on offer.
This eBook is based on the 2021 industry research by Acuiti, as well as the FIS Readiness Report. Youâll find plenty of support for a move to AI-powered cloud computing, a modular approach that ensurâ¦
Maximising value from better risk management and deal efficiency This Risk.net survey and white paper, commissioned by SS & C Intralinks, assesses the outlook for the CMBS market in the US and Europe, â¦
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Edited by Bill Coen and D. R. Maurice
It’ s been almost 12 years since algorithmic trading strategies used by high-frequency traders helped trigger the “ flash crash ” of 2010. Yet rogue algorithms still have the potential to derail the financial system, according to the head of operational risk at Goldman Sachs Bank Europe.
Speaking on a March 15 panel debating non-financial risk during Risk.net’ s Op Risk Global spring event, Hagen Rafeld – formerly of Deutsche Bank and KPMG – discussed a range of expectations for the years ahead
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Net zero banks playing catch-up in ECB climate review | 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¦
To ease the pain associated with meeting compliance targets, global institutions are exploring ways to become more efficient by integrating regulatory and business initiatives.
Wire payment fraud is a major growing risk for financial institutions in the aftermath of the COVID-19 pandemic. These cases of fraud donât just hurt finâ¦
Asia Risk is proud to present Asia Risk Live, a face-to-face event in Hong Kong and Singapore. An opportunity to reconnect in person to learn and exchange new ideas.
View our latest in market leading training courses, both public and in-house.
The Energy Risk Awards recognise the leading firms in energy risk management. Corporates, financial players, technology and data firms, consultancies, brokers and exchanges are all welcome to submit â¦
The Asia Risk Awards recognize best practices in risk management and derivatives use by banks and financial institutions around the region.
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This eBook is based on the 2021 industry research by Acuiti, as well as the FIS Readiness Report. Youâll find plenty of support for a move to AI-powered cloud computing, a modular approach that ensurâ¦
Maximising value from better risk management and deal efficiency This Risk.net survey and white paper, commissioned by SS & C Intralinks, assesses the outlook for the CMBS market in the US and Europe, â¦
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Edited by Bill Coen and D. R. Maurice
European banks that belong to the Glasgow Financial Alliance for Net Zero ( GFANZ) are failing to meet basic supervisory expectations for climate and environmental risk disclosures, the European Central Bank has concluded.
However, banks affiliated with the initiative say it will play a constructive role in helping to manage climate risk.
The ECB included a special focus on GFANZ member banks in a preliminary assessment of preparedness for upcoming Pillar III requirements.
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Humoral responses after second and third SARS-CoV-2 vaccination in patients with immune-mediated inflammatory disorders on immunosuppressants: a cohort study | BackgroundDisease-specific studies have reported impaired humoral responses after SARS-CoV-2 vaccination in patients with immune-mediated inflammatory disorders treated with specific immunosuppressants. Disease-overarching studies, and data on recall responses and third vaccinations are scarce. Our primary objective was to investigate the effects of immunosuppressive monotherapies on the humoral immune response after SARS-CoV-2 vaccination in patients with prevalent immune-mediated inflammatory disorders.MethodsWe did a cohort study in participants treated in outpatient clinics in seven university hospitals and one rheumatology treatment centre in the Netherlands as well as participants included in two national cohort studies on COVID-19-related disease severity. We included patients aged older than 18 years, diagnosed with any of the prespecified immune-mediated inflammatory disorders, who were able to understand and complete questionnaires in Dutch. Participants with immune-mediated inflammatory disorders who were not on systemic immunosuppressants and healthy participants were included as controls. Anti-receptor binding domain IgG responses and neutralisation capacity were monitored following standard vaccination regimens and a three-vaccination regimen in subgroups. Hybrid immune responses—ie, vaccination after previous SARS-CoV-2 infection—were studied as a proxy for recall responses.FindingsBetween Feb 2 and Aug 1, 2021, we included 3222 participants in our cohort. Sera from 2339 participants, 1869 without and 470 participants with previous SARS-CoV-2 infection were analysed ( mean age 49·9 years [ SD 13·7 ]; 1470 [ 62·8% ] females and 869 [ 37·2% ] males). Humoral responses did not differ between disorders. Anti-CD20 therapy, sphingosine 1-phosphate receptor ( S1P) modulators, and mycophenolate mofetil combined with corticosteroids were associated with lower relative risks for reaching seroconversion following standard vaccination ( 0·32 [ 95% CI 0·19–0·49 ] for anti-CD20 therapy, 0·35 [ 0·21–0·55 ] for S1P modulators, and 0·61 [ 0·40–0·90 ] for mycophenolate mofetil combined with corticosteroids). A third vaccination increased seroconversion for mycophenolate mofetil combination treatments ( from 52·6% after the second vaccination to 89·5% after the third) but not significantly for anti-CD20 therapies ( from 36·8% to 45·6%) and S1P modulators ( from 35·5% to 48·4%). Most other immunosuppressant groups showed moderately reduced antibody titres after standard vaccination that did not increase after a third vaccination, although seroconversion rates and neutralisation capacity were unaffected. In participants with previous SARS-CoV-2 infection, SARS-CoV-2 antibodies were boosted after vaccination, regardless of immunosuppressive treatment.InterpretationHumoral responses following vaccination are impaired by specific immunosuppressants. After standard vaccination regimens, patients with immune-mediated inflammatory disorders taking most immunosuppressants show similar seroconversion to controls, although antibody titres might be moderately reduced. As neutralisation capacity and recall responses are also preserved in these patients, this is not likely to translate to loss of ( short-term) protection. In patients on immunosuppressants showing poor humoral responses after standard vaccination regimens, a third vaccination resulted in additional seroconversion in patients taking mycophenolate mofetil combination treatments, whereas the effect of a third vaccination in patients on anti-CD20 therapy and S1P modulators was limited.FundingZonMw ( The Netherlands Organization for Health Research and Development).
Disease-specific studies have reported impaired humoral responses after SARS-CoV-2 vaccination in patients with immune-mediated inflammatory disorders treated with specific immunosuppressants. Disease-overarching studies, and data on recall responses and third vaccinations are scarce. Our primary objective was to investigate the effects of immunosuppressive monotherapies on the humoral immune response after SARS-CoV-2 vaccination in patients with prevalent immune-mediated inflammatory disorders.
We did a cohort study in participants treated in outpatient clinics in seven university hospitals and one rheumatology treatment centre in the Netherlands as well as participants included in two national cohort studies on COVID-19-related disease severity. We included patients aged older than 18 years, diagnosed with any of the prespecified immune-mediated inflammatory disorders, who were able to understand and complete questionnaires in Dutch. Participants with immune-mediated inflammatory disorders who were not on systemic immunosuppressants and healthy participants were included as controls. Anti-receptor binding domain IgG responses and neutralisation capacity were monitored following standard vaccination regimens and a three-vaccination regimen in subgroups. Hybrid immune responses—ie, vaccination after previous SARS-CoV-2 infection—were studied as a proxy for recall responses.
Between Feb 2 and Aug 1, 2021, we included 3222 participants in our cohort. Sera from 2339 participants, 1869 without and 470 participants with previous SARS-CoV-2 infection were analysed ( mean age 49·9 years [ SD 13·7 ]; 1470 [ 62·8% ] females and 869 [ 37·2% ] males). Humoral responses did not differ between disorders. Anti-CD20 therapy, sphingosine 1-phosphate receptor ( S1P) modulators, and mycophenolate mofetil combined with corticosteroids were associated with lower relative risks for reaching seroconversion following standard vaccination ( 0·32 [ 95% CI 0·19–0·49 ] for anti-CD20 therapy, 0·35 [ 0·21–0·55 ] for S1P modulators, and 0·61 [ 0·40–0·90 ] for mycophenolate mofetil combined with corticosteroids). A third vaccination increased seroconversion for mycophenolate mofetil combination treatments ( from 52·6% after the second vaccination to 89·5% after the third) but not significantly for anti-CD20 therapies ( from 36·8% to 45·6%) and S1P modulators ( from 35·5% to 48·4%). Most other immunosuppressant groups showed moderately reduced antibody titres after standard vaccination that did not increase after a third vaccination, although seroconversion rates and neutralisation capacity were unaffected. In participants with previous SARS-CoV-2 infection, SARS-CoV-2 antibodies were boosted after vaccination, regardless of immunosuppressive treatment.
Humoral responses following vaccination are impaired by specific immunosuppressants. After standard vaccination regimens, patients with immune-mediated inflammatory disorders taking most immunosuppressants show similar seroconversion to controls, although antibody titres might be moderately reduced. As neutralisation capacity and recall responses are also preserved in these patients, this is not likely to translate to loss of ( short-term) protection. In patients on immunosuppressants showing poor humoral responses after standard vaccination regimens, a third vaccination resulted in additional seroconversion in patients taking mycophenolate mofetil combination treatments, whereas the effect of a third vaccination in patients on anti-CD20 therapy and S1P modulators was limited.
ZonMw ( The Netherlands Organization for Health Research and Development).
Research in contextEvidence before this studyBefore the COVID-19 pandemic, studies had shown impaired humoral immune responses after routine vaccinations in patients on immunosuppressants. Before the start of the Dutch SARS-CoV-2 vaccination campaign, we launched this study to investigate the immune response after SARS-CoV-2 vaccination in patients with immune-mediated inflammatory disorders and immunosuppressants. We searched PubMed and medRxiv for articles published in English between Dec 1, 2020, and Oct 29, 2021, focusing on humoral immune responses after vaccination against SARS-CoV-2 in patients with immunosuppressive treatment using the following terms: “ SARS-CoV-2 ”, “ vaccine ”, “ immunocompromised ”, “ immune-suppressed ”, “ immunosuppressive ”, “ auto-immune ”, and “ immune-mediated inflammatory disorder ”, and identified 35 studies ( three in preprint). Of those studies, 24 focused on specific immune-mediated inflammatory disorder groups ( eg, rheumatological disorders, inflammatory bowel disorders, or multiple sclerosis), ten focused solely on other immunocompromised patients ( eg, those who had undergone transplantation), and one focused both on immune-mediated inflammatory disorders and other immunocompromised categories. Studies varied markedly in humoral assays, timing of assessments, combination of monotherapy and combination therapies in treatment groups, composition of control groups, and controlling for potential previous SARS-CoV-2 infections. Anti-CD20 therapy, sphingosine 1-phosphate receptor ( S1P) modulators, and mycophenolate mofetil were consistently associated with decreased seroconversion in studies investigating these treatments. For several other immunosuppressants, reduced antibody titres without reduced seroconversion rates have been reported.Added value of this studyThis large and disease-overarching study shows that specific immunosuppressants are associated with impaired humoral responses after SARS-CoV-2 vaccination. Moreover, this study shows that impaired responses can be rescued by an early third vaccination in patients on mycophenolate mofetil treatments, whereas the effect of the third vaccination in patients on anti-CD20 therapy and S1P modulators is limited. We show that most immunosuppressants had no effect on seroconversion rates, but some were associated with lower antibody titres. By studying hybrid immune responses—ie, vaccination responses after previous SARS-CoV-2 infections—and by studying third vaccinations in a subgroup, we show that recall responses are generally unaffected by immunosuppressants. Additionally, we report that antibody neutralisation capacity was not affected. The prospective, disease-overarching design with predefined immunotherapies allows for reliable estimates and comparison of risks between different treatments for the most prevalent immune-mediated inflammatory disorders, but also for rare disorders for which immunogenicity studies are unlikely to be done.Implications of all the available evidenceIn patients with immune-mediated inflammatory disorders, humoral responses are impaired by specific immunosuppressants. Results from this and other studies suggest that in a majority of patients with immune-mediated inflammatory disorders, humoral responses to vaccination are largely intact. Humoral responses can be improved through an early third vaccination, although effects for anti-CD20 therapy and S1P modulators are limited, with absent humoral responses in more than half of patients.
Before the COVID-19 pandemic, studies had shown impaired humoral immune responses after routine vaccinations in patients on immunosuppressants. Before the start of the Dutch SARS-CoV-2 vaccination campaign, we launched this study to investigate the immune response after SARS-CoV-2 vaccination in patients with immune-mediated inflammatory disorders and immunosuppressants. We searched PubMed and medRxiv for articles published in English between Dec 1, 2020, and Oct 29, 2021, focusing on humoral immune responses after vaccination against SARS-CoV-2 in patients with immunosuppressive treatment using the following terms: “ SARS-CoV-2 ”, “ vaccine ”, “ immunocompromised ”, “ immune-suppressed ”, “ immunosuppressive ”, “ auto-immune ”, and “ immune-mediated inflammatory disorder ”, and identified 35 studies ( three in preprint). Of those studies, 24 focused on specific immune-mediated inflammatory disorder groups ( eg, rheumatological disorders, inflammatory bowel disorders, or multiple sclerosis), ten focused solely on other immunocompromised patients ( eg, those who had undergone transplantation), and one focused both on immune-mediated inflammatory disorders and other immunocompromised categories. Studies varied markedly in humoral assays, timing of assessments, combination of monotherapy and combination therapies in treatment groups, composition of control groups, and controlling for potential previous SARS-CoV-2 infections. Anti-CD20 therapy, sphingosine 1-phosphate receptor ( S1P) modulators, and mycophenolate mofetil were consistently associated with decreased seroconversion in studies investigating these treatments. For several other immunosuppressants, reduced antibody titres without reduced seroconversion rates have been reported.
This large and disease-overarching study shows that specific immunosuppressants are associated with impaired humoral responses after SARS-CoV-2 vaccination. Moreover, this study shows that impaired responses can be rescued by an early third vaccination in patients on mycophenolate mofetil treatments, whereas the effect of the third vaccination in patients on anti-CD20 therapy and S1P modulators is limited. We show that most immunosuppressants had no effect on seroconversion rates, but some were associated with lower antibody titres. By studying hybrid immune responses—ie, vaccination responses after previous SARS-CoV-2 infections—and by studying third vaccinations in a subgroup, we show that recall responses are generally unaffected by immunosuppressants. Additionally, we report that antibody neutralisation capacity was not affected. The prospective, disease-overarching design with predefined immunotherapies allows for reliable estimates and comparison of risks between different treatments for the most prevalent immune-mediated inflammatory disorders, but also for rare disorders for which immunogenicity studies are unlikely to be done.
In patients with immune-mediated inflammatory disorders, humoral responses are impaired by specific immunosuppressants. Results from this and other studies suggest that in a majority of patients with immune-mediated inflammatory disorders, humoral responses to vaccination are largely intact. Humoral responses can be improved through an early third vaccination, although effects for anti-CD20 therapy and S1P modulators are limited, with absent humoral responses in more than half of patients.
Since the start of vaccination against SARS-CoV-2, concerns have been raised about the efficacy of vaccines in patients treated with immunosuppressants. Patients with immune-mediated inflammatory diseases, which include a wide range of disorders such as rheumatoid arthritis, inflammatory bowel disease, and multiple sclerosis, are frequently treated with either broad or targeted immunosuppressants. Several immunosuppressants used in immune-mediated inflammatory disorders have been associated with impaired seroconversion rates after SARS-CoV-2 vaccination, most notably anti-CD20 therapies, sphingosine 1-phosphate receptor ( S1P) modulators, and mycophenolate mofetil.1Furer V Eviatar T Zisman D et al.Immunogenicity and safety of the BNT162b2 mRNA COVID-19 vaccine in adult patients with autoimmune inflammatory rheumatic diseases and in the general population: a multicentre study.Ann Rheum Dis. 2021; 80: 1330-1338Google Scholar, 2Braun-Moscovici Y Kaplan M Braun M et al.Disease activity and humoral response in patients with inflammatory rheumatic diseases after two doses of the Pfizer mRNA vaccine against SARS-CoV-2.Ann Rheum Dis. 2021; 80: 1317-1321Google Scholar, 3Moor MB Suter-Riniker F Horn MP et al.Humoral and cellular responses to mRNA vaccines against SARS-CoV-2 in patients with a history of CD20 B-cell-depleting therapy ( RituxiVac): an investigator-initiated, single-centre, open-label study.Lancet Rheumatol. 2021; 3: e789-e797Google Scholar, 4Tallantyre EC Vickaryous N Anderson V et al.COVID-19 vaccine response in people with multiple sclerosis.Ann Neurol. 2022; 91: 89-100Google Scholar For most other common immunosuppressants, such as methotrexate, reduced antibody titres without impaired seroconversion rates have been reported.2Braun-Moscovici Y Kaplan M Braun M et al.Disease activity and humoral response in patients with inflammatory rheumatic diseases after two doses of the Pfizer mRNA vaccine against SARS-CoV-2.Ann Rheum Dis. 2021; 80: 1317-1321Google Scholar On the basis of these observations, third vaccinations have been implemented for selected patients with immune-mediated inflammatory disorders to improve immune responses.
Several important questions remain. First, because disease-overarching studies are scarce, it is unknown whether results from one specific disease can be translated to other diseases, particularly rare immune-mediated inflammatory disorders in which large cohort studies are unlikely. Second, the clinical relevance of reduced antibody titres after vaccination is unclear because data on the minimal antibody threshold required for protection are absent.5Milne G Hames T Scotton C et al.Does infection with or vaccination against SARS-CoV-2 lead to lasting immunity?.Lancet Respir Med. 2021; 9: 1450-1466Google Scholar Third, it is unclear whether the neutralising capacity of antibodies is reduced in patients with reduced titres, as suggested in some studies of patients on methotrexate or mycophenolate mofetil.6Kantauskaite M Müller L Kolb T et al.Intensity of mycophenolate mofetil treatment is associated with an impaired immune response to SARS-CoV-2 vaccination in kidney transplant recipients.Am J Transplant. 2022; 22: 634-639Google Scholar, 7Moyon Q Sterlin D Miyara M et al.BNT162b2 vaccine-induced humoral and cellular responses against SARS-CoV-2 variants in systemic lupus erythematosus.Ann Rheum Dis. 2021; ( published online Oct 4.) https: //doi.org/10.1136/annrheumdis-2021-221097Google Scholar, 8Hod T Ben-David A Olmer L et al.Humoral response of renal transplant recipients to the BNT162b2 SARS-CoV-2 mRNA vaccine using both RBD IgG and neutralizing antibodies.Transplantation. 2021; 105: e234-e243Google Scholar, 9Mahil SK Bechman K Raharja A et al.The effect of methotrexate and targeted immunosuppression on humoral and cellular immune responses to the COVID-19 vaccine BNT162b2: a cohort study.Lancet Rheumatol. 2021; 3: e627-e637Google Scholar Fourth, the effects of third vaccinations on humoral responses have not been studied in patients with immune-mediated inflammatory disorders. Finally, humoral recall responses in patients with immune-mediated inflammatory disorders have not yet been investigated extensively, although they are essential for the durability of SARS-CoV-2 immunity. In the absence of long-term follow-up studies investigating immunological changes in patients with immune-mediated inflammatory disorders on immunosuppressants, hybrid immune responses—ie, responses that develop after vaccination of individuals previously infected with SARS-CoV-2—can be used as a proxy model for recall responses since such responses rely greatly on memory B cells.10Goel RR Apostolidis SA Painter MM et al.Distinct antibody and memory B cell responses in SARS-CoV-2 naïve and recovered individuals following mRNA vaccination.Sci Immunol. 2021; 6eabi6950Google Scholar, 11Wang 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
We aimed to investigate the effects of various prevalent immunosuppressive monotherapies on humoral SARS-CoV-2 vaccination response in a large, national, disease-overarching cohort of patients with prevalent immune-mediated inflammatory disorders. We also sought to investigate effects of immunosuppressants on repeated antigen exposure by assessing the effect of selected immunosuppressive therapies on humoral responses after third vaccinations in patients with immune-mediated inflammatory disorders without a previous SARS-CoV-2 infection, and to investigate hybrid immune responses in patients with immune-mediated inflammatory disorders who had SARS-CoV-2 infections before vaccination.
We did a cohort study in participants treated in outpatient clinics in seven university hospitals and one rheumatology treatment centre in the Netherlands as well as participants included in two national cohort studies on COVID-19-related disease severity ( appendix pp 3–4).12Boekel L Steenhuis M Hooijberg F et al.Antibody development after COVID-19 vaccination in patients with autoimmune diseases in the Netherlands: a substudy of data from two prospective cohort studies.Lancet Rheumatol. 2021; 3: e778-e788Google Scholar, 13van Kempen ZLE Strijbis EMM Al MMCT et al.SARS-CoV-2 antibodies in adult patients with multiple sclerosis in the Amsterdam MS cohort.JAMA Neurol. 2021; 78: 880-882Google Scholar
Eligible participants were aged older than 18 years, diagnosed with any of the prespecified immune-mediated inflammatory disorders ( appendix pp 3–4), and were able to understand and complete questionnaires in Dutch. Participants with known pregnancy during study entry and those undergoing concomitant treatment with immunosuppressants ( ie, chemotherapy) for cancer or organ transplantation ( including stem-cell transplantation) were excluded.
Participants were actively recruited to fit into predefined monotherapy treatment groups as maintenance treatment for the primary analysis ( appendix pp 3–4). These immunosuppressants and immunomodulatory treatments were prioritised based on relevance ( ie, frequently prescribed and expected effect on vaccine efficacy) and feasibility. For brevity, immunosuppressive and immunomodulatory treatments are grouped as immunosuppressive treatments throughout the manuscript. For the secondary analysis, we recruited participants treated with less frequently prescribed, but clinically relevant, monotherapies and frequently prescribed combination therapies. To assess hybrid responses following vaccination, we actively recruited participants with documented previous SARS-CoV-2 infections before vaccination. A subset of participants without evidence of previous SARS-CoV-2 infection, previously vaccinated with two mRNA vaccines, and treated with either anti-CD20 therapy ( monotherapy or in combination), S1P modulators, mycophenolate mofetil ( monotherapy or in combination), methotrexate, tumour necrosis factor ( TNF) inhibitors, or purine antagonists were enrolled for third vaccination analysis.
As controls, we recruited patients with immune-mediated inflammatory disorders not on systemic immunosuppressants and healthy controls ( appendix pp 3–4). For healthy controls, two additional inclusion criteria applied: no active or previous autoimmune, oncological, or haematological disease; and no current or previous treatment with systemic immunosuppressive medication in the past year. Additional methods are described in the appendix ( pp 3–4).
This study was approved by the medical ethical committee ( NL74974.018.20 and EudraCT 2021-001102-30). All participants provided written informed consent.
Clinical data were collected by the investigators using a standardised electronic case record form ( eCRF) and by sending online questionnaires to participants. Questionnaires were used to register demographics and dates of any positive PCR for SARS-CoV-2. Investigators completed eCRFs using data from the electronic patient files. Patient files were used to register immune-mediated inflammatory disorder diagnosis, and start and stop dates for any immunosuppressant used since Jan 1, 2021, or Jan 1, 2020, for treatments with long-term effects ( ie, anti-CD20 therapies or cyclophosphamide).
Serum samples were collected by venipuncture or by participants at home using a fingerprick set ( custom set, DaklaPack Europe, Lelystad, Netherlands), which was sent at baseline ( before the first vaccination), day 28 after first vaccination, and day 28 after the second vaccination ( when applicable). Serum samples after vaccination were received at the central test laboratory at day 33 ( median [ IQR 30–39 ]). For the third vaccination, serum samples were collected on the day of vaccination, at day 7 after, and at day 28 after the third vaccination. Participants returned their serum tube ( Minicollect 450548, Greiner Bio-One, Alphen aan den Rijn, Netherlands) to the central test laboratory ( Sanquin, Amsterdam, Netherlands).
The presence of SARS-CoV-2 antibodies was investigated using three assays in the central laboratory; all assays were developed in house. The primary assay was a quantitative anti-receptor binding domain ( RBD) IgG ELISA, as described previously.14Vogelzang EH Loeff FC Derksen NIL et al.Development of a SARS-CoV-2 total antibody assay and the dynamics of antibody response over time in hospitalized and nonhospitalized patients with COVID-19.J Immunol. 2020; 205: 3491-3499Google Scholar, 15Steenhuis M van Mierlo G Derksen NIL et al.Dynamics of antibodies to SARS-CoV-2 in convalescent plasma donors.Clin Transl Immunology. 2021; 10e1285Google Scholar Anti-RBD IgG titres were expressed as arbitrary units ( AU) per mL and were compared with a serially diluted calibrator ( arbitrarily assigned a value of 100 AU/mL) consisting of pooled convalescent plasma. Signals below the limits of detection were imputed as 0·1 AU/mL. Seroconversion after vaccination was defined as an antibody concentration of more than 4 AU/mL ( 99% specificity in pre-pandemic sera).14Vogelzang EH Loeff FC Derksen NIL et al.Development of a SARS-CoV-2 total antibody assay and the dynamics of antibody response over time in hospitalized and nonhospitalized patients with COVID-19.J Immunol. 2020; 205: 3491-3499Google Scholar, 15Steenhuis M van Mierlo G Derksen NIL et al.Dynamics of antibodies to SARS-CoV-2 in convalescent plasma donors.Clin Transl Immunology. 2021; 10e1285Google Scholar
In addition, we used a semiquantitative total antibody bridging ELISA to detect antibodies against the RBD in baseline samples before vaccination to identify participants with previous SARS-CoV-2 infection. Sensitivity of the semiquantitative RBD bridging ELISA is higher than the anti-RBD IgG ELISA in very low antibody ranges ( 98·1% sensitivity and 99·5% specificity).14Vogelzang EH Loeff FC Derksen NIL et al.Development of a SARS-CoV-2 total antibody assay and the dynamics of antibody response over time in hospitalized and nonhospitalized patients with COVID-19.J Immunol. 2020; 205: 3491-3499Google Scholar
To detect SARS-CoV-2 infection in samples after the first vaccination, we used a semiquantitative total antibody bridging ELISA to detect antibodies against nucleocapsid, as described previously, but using a truncated version of the nucleocapsid protein to enhance specificity ( specificity > 99%, sensitivity 95%).16Nguyen DL Nguyen ET Bechtold ML Effect of Immunosuppressive therapies for the treatment of inflammatory bowel disease on response to routine vaccinations: a meta-analysis.Dig Dis Sci. 2015; 60: 2446-2453Google Scholar
Antibody neutralisation capacity against SARS-CoV-2 WA1/2020 was investigated for monotherapy treatment groups in participants without previous SARS-CoV-2 infection using a competition assay that measures blocking antibodies by assessing inhibition of RBD-binding to angiotensin-converting enzyme 2 ( ACE2). We have previously demonstrated good correlation between this assay and classic virus neutralisation assays.15Steenhuis M van Mierlo G Derksen NIL et al.Dynamics of antibodies to SARS-CoV-2 in convalescent plasma donors.Clin Transl Immunology. 2021; 10e1285Google Scholar
Definitions for immunosuppressants, active treatment, and grouping of combination therapies are described in the appendix ( pp 3–4). In summary, immunosuppressants were defined as either immunosuppressive or immunomodulating treatment in the 3 months before first or third vaccination, or in the 12 months before vaccination in case of long-acting therapies. We predefined nine monotherapy groups: anti-CD20 therapy, calcineurin inhibitors, corticosteroids, dupilumab, intravenous or subcutaneous immunoglobulins, methotrexate, purine antagonists, TNF inhibitors, and ustekinumab. Combination therapy groups were grouped in the following order: any combination therapy involving anti-CD20 therapy, mycophenolate mofetil in combination with corticosteroids, purine antagonists or methotrexate in combination with TNF inhibitors, dual combination therapies of corticosteroids with any other immunosuppressant, and dual combination therapies with purine antagonists or methotrexate with any other immunosuppressant. We defined a completed SARS-CoV-2 vaccination as having had two vaccinations of the same type for ChAdOx1 nCoV-19 ( Oxford–AstraZeneca), BNT162b2 ( Pfizer–BioNtech), and CX-024414 ( Moderna) vaccines, regardless of the interval, and one vaccination for Ad.26.COV2.S ( Janssen). As a third dose, either CX-024414 or BNT162b2 was administered. A previous SARS-CoV-2 infection was defined as a self-reported positive PCR for SARS-CoV-2 with or without evidence of anti-RBD antibodies at baseline or anti-nucleocapsid antibodies at follow-up.
For the primary objective to investigate effects of various prevalent immunosuppressive monotherapies on humoral SARS-CoV-2 vaccination response, the primary outcome was the relative risk with corresponding 95% CI for seroconversion after completed vaccination, for nine predefined monotherapy treatment groups. For the secondary objective to investigate effects of immunosuppressants on repeated antigen exposure, the outcomes were seropositivity rate and antibody titre after each vaccination.
For the primary objective, we a priori defined a difference in the proportion of patients not reaching seroconversion of at least 15% between a treatment and control group to be clinically meaningful, and we predefined nine monotherapy groups to be included in the primary analysis, yielding a sample size of 175 per monotherapy group ( appendix pp 3–4).16Nguyen DL Nguyen ET Bechtold ML Effect of Immunosuppressive therapies for the treatment of inflammatory bowel disease on response to routine vaccinations: a meta-analysis.Dig Dis Sci. 2015; 60: 2446-2453Google Scholar After the start of recruitment, we observed that recruitment lagged while other studies reported much larger effects than 15% for some immunosuppressants, such as anti-CD20 therapies.3Moor MB Suter-Riniker F Horn MP et al.Humoral and cellular responses to mRNA vaccines against SARS-CoV-2 in patients with a history of CD20 B-cell-depleting therapy ( RituxiVac): an investigator-initiated, single-centre, open-label study.Lancet Rheumatol. 2021; 3: e789-e797Google Scholar, 17Mrak D Tobudic S Koblischke M et al.SARS-CoV-2 vaccination in rituximab-treated patients: B cells promote humoral immune responses in the presence of T-cell-mediated immunity.Ann Rheum Dis. 2021; 80: 1345-1350Google Scholar, 18Novak F Nilsson AC Nielsen C et al.Humoral immune response following SARS-CoV-2 mRNA vaccination concomitant to anti-CD20 therapy in multiple sclerosis.Mult Scler Relat Disord. 2021; 56103251Google Scholar Therefore, we decided to include the predefined monotherapy groups in the primary analyses regardless of the number of observations, and adjusted the CI accordingly. Notably, calcineurin inhibitors were not included in the primary analysis because of a small number of observations in this group.
Only participants without a previous SARS-CoV-2 infection were included for the primary analysis. As a reference, we used a combined control group of patients with immune-mediated inflammatory disorders not taking immunosuppressants and healthy controls.
In the secondary analysis, we investigated the relative risk for seroconversion in other less frequent monotherapy treatment groups and combination therapy groups in participants without a previous SARS-CoV-2 infection. For both analyses, for participants with seroconversion after vaccination, we investigated the association, reported as fold change, between log-transformed anti-RBD IgG titres and treatment groups. Antibody neutralisation capacity was analysed using scatterplots showing log-transformed anti-RBD IgG titres and the percentage non-inhibited signal ( appendix p 9). For the primary objective, all estimates derived from multivariate models from the primary and secondary analysis were corrected for age, sex, and vaccine type ( categorised as vector or mRNA vaccines). 95% CIs for the primary analysis were adjusted using Bonferroni's correction; 95% CIs for secondary analyses were not adjusted.
For the secondary objective, we did the following analyses. For third vaccinations, we focused on the added value of a third vaccination by comparing the change in proportion of participants with seroconversion after second and third vaccination using McNemar's test. We calculated the proportion of participants who seroconverted from a third vaccination ( participants without seroconversion after the second vaccination but with seroconversion after the third vaccination) and the proportion of participants with loss of seroconversion before the third vaccination ( participants with seroconversion after the second vaccination but absent anti-RBD antibodies on the day of the third vaccination). Notably, for the loss of seroconversion calculation, some serum samples from the day of the third vaccination were missing, leading to altered group sizes for this calculation. We also investigated changes in antibody titres using Wilcoxon signed-rank test between the following timepoints: between day 28 after the second and third vaccination; and between the day of third vaccination and day 28 after the third vaccination. We investigated induction of hybrid immunity by comparing anti-RBD IgG titres at day 28 after the first and second vaccination between participants with and without a previous SARS-CoV-2 infection. For this analysis, immunosuppressants were grouped into poor responders based on low seroconversion percentage ( ie, those on anti-CD20 therapy [ monotherapy or combination therapy ], S1P modulators, or mycophenolate mofetil [ monotherapy or combination therapy ]) and other immunosuppressants.
We did a sensitivity analysis to investigate potential effects of different immune-mediated inflammatory disorders on seroconversion when controlling for treatment groups ( appendix p 11). We investigated the potential influences of our choices in selecting and grouping immunosuppressants for the primary and secondary analysis by using an alternative strategy in which we included all immunosuppressants separately in a logistic regression model ( appendix p 12). Additionally, we investigated the effects of missing serological data by repeating primary analyses using a multivariate imputation model ( appendix p 15). Data analysis was done with R ( version 4.1.0). This study is registered at the Netherlands Trial Registry, NL8900.
The funder of the study had no role in study design, data collection, data analysis, data interpretation, or writing of the report.
Between Feb 2 and Aug 1, 2021, we included 3222 participants in our cohort. 2339 participants ( were included in the analyses, 1869 without previous SARS-CoV-2 infection and 470 with previous SARS-CoV-2 infection. The mean age of participants was 49·9 years [ SD 13·7 ]; 1470 [ 62·8% ] were women and 869 [ 37·2% ] were men. Of the 1692 participants on immunosuppressants, 1273 were on monotherapy and 419 were on combination therapy. The control group consisted of 473 patients with immune-mediated inflammatory disorders not on immunosuppressants and 174 healthy controls. A subgroup of 201 participants without previous SARS-CoV-2 infection were analysed after a third vaccine dose ( figure 1). Participant characteristics are shown in the table.Figure 1Study flow chartShow full caption * Insufficient data to categorise SARS-CoV-2 infection status.View Large Image Figure ViewerDownload Hi-res image Download ( PPT) TableDemographic and clinical characteristics of the study participantsNo previous SARS-CoV-2 infectionPrevious SARS-CoV-2 infectionPatients on immunosuppressants ( n=1376) Patients not on immunosuppressants ( n=382) Healthy controls ( n=111) Patients on immunosuppressants ( n=316) Patients not on immunosuppressants ( n=91) Healthy controls ( n=63) Age, years50·4 ( 14·3) 52·0 ( 12·9) 49·4 ( 10·1) 46·7 ( 13·3) 48·2 ( 11·7) 46·6 ( 11·6) SexFemale855 ( 62·1%) 256 ( 67·0%) 77 ( 69·4%) 187 ( 59·2%) 54 ( 59·3%) 41 ( 65·1%) Male521 ( 37·9%) 126 ( 33·0%) 34 ( 30·6%) 129 ( 40·8%) 37 ( 40·7%) 22 ( 34·9%) Vaccine receivedBNT162b2 ( Pfizer–BioNTech) 812 ( 59·0%) 186 ( 48·7%) 52 ( 46·8%) 198 ( 62·7%) 62 ( 68·1%) 14 ( 22·2%) CX-024414 ( Moderna) 368 ( 26·7%) 137 ( 35·9%) 51 ( 45·9%) 89 ( 28·2%) 20 ( 22·0%) 47 ( 74·6%) ChAdOx1 nCoV-19 ( Oxford–AstraZeneca) 173 ( 12·6%) 48 ( 12·6%) 2 ( 1·8%) 23 ( 7·3%) 8 ( 8·8%) 0 ( 0·0%) Ad.26.COV2.S ( Janssen) 23 ( 1·7%) 11 ( 2·9%) 6 ( 5·4%) 6 ( 1·9%) 1 ( 1·1%) 2 ( 3·2%) Number of immunosuppressants per participant11034 ( 75·1%).... 239 ( 75·6%).... 2312 ( 22·7%).... 69 ( 21·8%).... ≥330 ( 2·2%).... 8 ( 2·5%).... Immune-mediated inflammatory disordersRheumatic disordersRheumatoid arthritis200 ( 14·5%) 24 ( 6·3%).. 41 ( 13·0%) 3 ( 3·3%).. Spondylarthritis79 ( 5·7%) 18 ( 4·7%).. 21 ( 6·6%) 3 ( 3·3%).. Systemic lupus erythematosus133 ( 9·7%) 12 ( 3·1%).. 29 ( 9·2%) 0 ( 0·0%).. Vasculitis * Including small-vessel, medium-vessel, and large-vessel vasculitis and other forms of vasculitis except giant cell arteritis.61 ( 4·4%) 8 ( 2·1%).. 5 ( 1·6%) 0 ( 0·0%).. Other rheumatic disease†Including Sjögren's syndrome, giant-cell arteritis, polymyalgia rheumatica, and others.29 ( 2·1%) 7 ( 1·8%).. 2 ( 0·6%) 1 ( 1·1%).. Inflammatory bowel diseaseCrohn's disease216 ( 15·7%) 32 ( 8·4%).. 53 ( 16·8%) 11 ( 12·1%).. Ulcerating colitis92 ( 6·7%) 51 ( 13·4%).. 23 ( 7·3%) 10 ( 11·0%).. Other inflammatory bowel diseases‡Including autoimmune hepatitis and autoimmune sclerosing cholangitis.37 ( 2·7%) 4 ( 1·0%).. 5 ( 1·6%) 2 ( 2·2%).. Neurological disordersMultiple sclerosis and neuromyelitis optica spectrum disorder§Including six patients with neuromyelitis optica spectrum disorder.179 ( 13·0%) 86 ( 22·5%).. 45 ( 14·2%) 26 ( 28·6%).. Inflammatory neuropathies and myopathies¶Including chronic inflammatory demyelinating polyneuropathy, multifocal motor neuropathy, and inflammatory myositis.123 ( 8·9%) 11 ( 2·9%).. 30 ( 9·5%) 4 ( 4·4%).. Myasthenia gravis69 ( 5·0%) 40 ( 10·5%).. 15 ( 4·7%) 3 ( 3·3%).. Dermatological disordersAtopic dermatitis82 ( 6·0%) 2 ( 0·5%).. 28 ( 8·9%) 1 ( 1·1%).. Other dermatological‖Including vitiligo, pemphigus, psoriasis, and others.76 ( 5·5%) 87 ( 22·8%).. 19 ( 6·0%) 27 ( 29·7%).. Data are mean ( SD) or n (%). * Including small-vessel, medium-vessel, and large-vessel vasculitis and other forms of vasculitis except giant cell arteritis.† Including Sjögren's syndrome, giant-cell arteritis, polymyalgia rheumatica, and others.‡ Including autoimmune hepatitis and autoimmune sclerosing cholangitis.§ Including six patients with neuromyelitis optica spectrum disorder.¶ Including chronic inflammatory demyelinating polyneuropathy, multifocal motor neuropathy, and inflammatory myositis.‖ Including vitiligo, pemphigus, psoriasis, and others. Open table in a new tab
* Insufficient data to categorise SARS-CoV-2 infection status.
In the primary analysis, relative risk for seroconversion for anti-CD20 therapy was 0·32 ( 95% CI 0·19–0·49) after completed vaccination, and the relative risks for other immunosuppressants were not significantly reduced compared with controls ( 39 [ 30·5% ] of 128 on anti-CD20 therapy seroconverted vs 479 [ 97·2% ] of 493 controls; figure 2A, 2B; appendix p 9). In participants who seroconverted, anti-CD20 therapy was associated with substantial reductions in anti-RBD IgG titres ( figure 2C, 2D). TNF inhibitors, dupilumab, intravenous and subcutaneous immunoglobulin, and methotrexate were associated with moderate reductions in anti-RBD IgG titres ( figure 2C, 2D). For purine antagonists, ustekinumab, and corticosteroids, fold change estimates were similar to other groups but were not significant ( figure 2C, 2D).Figure 2Humoral response following SARS-CoV-2 vaccination ( primary analysis) Show full caption ( A) Percentage ( with error bars indicating 95% CIs) of participants with seroconversion ( ie, anti-RBD IgG titre > 4 AU/mL) for each group. ( B) The predicted relative risk for seroconversion compared with controls, adjusted for confounders and multiple comparisons. ( C) Anti-RBD IgG titres for each group. Grey dots indicate titres below the threshold for seroconversion ( indicated by the dashed grey line), and black dots are above this threshold. Solid horizontal lines indicate the median per group. ( D) The predicted fold change in anti-RBD titres for participants with seroconversion compared with controls. AU=arbitrary units. RBD=receptor binding domain. TNF=tumour necrosis factor. * The control group is composed of healthy controls and patients with immune-mediated inflammatory disorders not on immunosuppressants. Seroconversion and anti-RBD IgG titres at day 28 after completed SARS-CoV-2 vaccination for participants without previous SARS-CoV-2 infection treated with immunosuppressants.View Large Image Figure ViewerDownload Hi-res image Download ( PPT) Figure 2Humoral response following SARS-CoV-2 vaccination ( primary analysis) Show full caption ( A) Percentage ( with error bars indicating 95% CIs) of participants with seroconversion ( ie, anti-RBD IgG titre > 4 AU/mL) for each group. ( B) The predicted relative risk for seroconversion compared with controls, adjusted for confounders and multiple comparisons. ( C) Anti-RBD IgG titres for each group. Grey dots indicate titres below the threshold for seroconversion ( indicated by the dashed grey line), and black dots are above this threshold. Solid horizontal lines indicate the median per group. ( D) The predicted fold change in anti-RBD titres for participants with seroconversion compared with controls. AU=arbitrary units. RBD=receptor binding domain. TNF=tumour necrosis factor. * The control group is composed of healthy controls and patients with immune-mediated inflammatory disorders not on immunosuppressants. Seroconversion and anti-RBD IgG titres at day 28 after completed SARS-CoV-2 vaccination for participants without previous SARS-CoV-2 infection treated with immunosuppressants.View Large Image Figure ViewerDownload Hi-res image Download ( PPT)
( A) Percentage ( with error bars indicating 95% CIs) of participants with seroconversion ( ie, anti-RBD IgG titre > 4 AU/mL) for each group. ( B) The predicted relative risk for seroconversion compared with controls, adjusted for confounders and multiple comparisons. ( C) Anti-RBD IgG titres for each group. Grey dots indicate titres below the threshold for seroconversion ( indicated by the dashed grey line), and black dots are above this threshold. Solid horizontal lines indicate the median per group. ( D) The predicted fold change in anti-RBD titres for participants with seroconversion compared with controls. AU=arbitrary units. RBD=receptor binding domain. TNF=tumour necrosis factor. * The control group is composed of healthy controls and patients with immune-mediated inflammatory disorders not on immunosuppressants. Seroconversion and anti-RBD IgG titres at day 28 after completed SARS-CoV-2 vaccination for participants without previous SARS-CoV-2 infection treated with immunosuppressants.
( A) Percentage ( with error bars indicating 95% CIs) of participants with seroconversion ( ie, anti-RBD IgG titre > 4 AU/mL) for each group. ( B) The predicted relative risk for seroconversion compared with controls, adjusted for confounders and multiple comparisons. ( C) Anti-RBD IgG titres for each group. Grey dots indicate titres below the threshold for seroconversion ( indicated by the dashed grey line), and black dots are above this threshold. Solid horizontal lines indicate the median per group. ( D) The predicted fold change in anti-RBD titres for participants with seroconversion compared with controls. AU=arbitrary units. RBD=receptor binding domain. TNF=tumour necrosis factor. * The control group is composed of healthy controls and patients with immune-mediated inflammatory disorders not on immunosuppressants. Seroconversion and anti-RBD IgG titres at day 28 after completed SARS-CoV-2 vaccination for participants without previous SARS-CoV-2 infection treated with immunosuppressants.
In the secondary analysis, relative risks for seroconversion were decreased for S1P modulators, anti-CD20 combination therapies, and mycophenolate mofetil in combination with corticosteroids ( figure 3A, 3B; appendix p 9). Mycophenolate mofetil and JAK inhibitors, and most combination treatment groups, were associated with moderate reductions in anti-RBD IgG titres ( figure 3C, 3D).Figure 3Humoral response following SARS-CoV-2 vaccination ( secondary analysis) Show full captionSeroconversion and anti-RBD IgG titres at day 28 after completed SARS-CoV-2 vaccination for participants without previous SARS-CoV-2 infections treated with immunosuppressants included in the secondary analysis. ( A) The percentage ( with error bars indicating 95% CIs) of participants with seroconversion ( ie, anti-RBD IgG titre > 4 AU/mL) for each group. ( B) The predicted relative risk for seroconversion compared with controls. ( C) Anti-RBD IgG titres for each group. Grey dots indicate titres below the threshold for seroconversion ( indicated by the dashed grey line); black dots are above this threshold. Solid horizontal lines indicate the median per group. ( D) The predicted fold change in anti-RBD titres for participants with seroconversion compared with controls. AU=arbitrary unit. JAK=Janus kinase. MMF=mycophenolate mofetil. RBD=receptor binding domain. S1P=sphingosine 1-phosphate receptor. TNF=tumour necrosis factor. * The control group is composed of healthy controls and patients with immune-mediated inflammatory disorders not on immunosuppressants. †Details on other immunosuppressants are shown in the appendix ( pp 5–6).View Large Image Figure ViewerDownload Hi-res image Download ( PPT) Figure 3Humoral response following SARS-CoV-2 vaccination ( secondary analysis) Show full captionSeroconversion and anti-RBD IgG titres at day 28 after completed SARS-CoV-2 vaccination for participants without previous SARS-CoV-2 infections treated with immunosuppressants included in the secondary analysis. ( A) The percentage ( with error bars indicating 95% CIs) of participants with seroconversion ( ie, anti-RBD IgG titre > 4 AU/mL) for each group. ( B) The predicted relative risk for seroconversion compared with controls. ( C) Anti-RBD IgG titres for each group. Grey dots indicate titres below the threshold for seroconversion ( indicated by the dashed grey line); black dots are above this threshold. Solid horizontal lines indicate the median per group. ( D) The predicted fold change in anti-RBD titres for participants with seroconversion compared with controls. AU=arbitrary unit. JAK=Janus kinase. MMF=mycophenolate mofetil. RBD=receptor binding domain. S1P=sphingosine 1-phosphate receptor. TNF=tumour necrosis factor. * The control group is composed of healthy controls and patients with immune-mediated inflammatory disorders not on immunosuppressants. †Details on other immunosuppressants are shown in the appendix ( pp 5–6).View Large Image Figure ViewerDownload Hi-res image Download ( PPT)
Seroconversion and anti-RBD IgG titres at day 28 after completed SARS-CoV-2 vaccination for participants without previous SARS-CoV-2 infections treated with immunosuppressants included in the secondary analysis. ( A) The percentage ( with error bars indicating 95% CIs) of participants with seroconversion ( ie, anti-RBD IgG titre > 4 AU/mL) for each group. ( B) The predicted relative risk for seroconversion compared with controls. ( C) Anti-RBD IgG titres for each group. Grey dots indicate titres below the threshold for seroconversion ( indicated by the dashed grey line); black dots are above this threshold. Solid horizontal lines indicate the median per group. ( D) The predicted fold change in anti-RBD titres for participants with seroconversion compared with controls. AU=arbitrary unit. JAK=Janus kinase. MMF=mycophenolate mofetil. RBD=receptor binding domain. S1P=sphingosine 1-phosphate receptor. TNF=tumour necrosis factor. * The control group is composed of healthy controls and patients with immune-mediated inflammatory disorders not on immunosuppressants. †Details on other immunosuppressants are shown in the appendix ( pp 5–6).
Seroconversion and anti-RBD IgG titres at day 28 after completed SARS-CoV-2 vaccination for participants without previous SARS-CoV-2 infections treated with immunosuppressants included in the secondary analysis. ( A) The percentage ( with error bars indicating 95% CIs) of participants with seroconversion ( ie, anti-RBD IgG titre > 4 AU/mL) for each group. ( B) The predicted relative risk for seroconversion compared with controls. ( C) Anti-RBD IgG titres for each group. Grey dots indicate titres below the threshold for seroconversion ( indicated by the dashed grey line); black dots are above this threshold. Solid horizontal lines indicate the median per group. ( D) The predicted fold change in anti-RBD titres for participants with seroconversion compared with controls. AU=arbitrary unit. JAK=Janus kinase. MMF=mycophenolate mofetil. RBD=receptor binding domain. S1P=sphingosine 1-phosphate receptor. TNF=tumour necrosis factor. * The control group is composed of healthy controls and patients with immune-mediated inflammatory disorders not on immunosuppressants. †Details on other immunosuppressants are shown in the appendix ( pp 5–6).
Analysis of binding of RBD to ACE2, the receptor on SARS-CoV-2 target cells, was used to evaluate neutralisation capacity of antibodies in the serum samples. We found that between different monotherapy groups, antibody blocking capacity for the RBD protein was similar to that of the control group ( appendix p 10). No effects of the different immune-mediated inflammatory disorders on seroconversion were observed when adjusted for immunosuppressants ( appendix p 11). Moreover, a different grouping strategy of immunosuppressants and missing serological assessments did not affect the results ( appendix pp 12–15). Serology results according to sex and vaccine type in the control group are shown in the appendix ( pp 16–17).
Figure 4 shows humoral responses after a third vaccination; clinical characteristics are shown in the appendix ( pp 18–19). The median time between second and third vaccination was 111 days ( IQR 100–119; appendix pp 18–19). After the third vaccination, 31 ( 45·6%) of 68 patients in the anti-CD20 group, 15 ( 48·4%) of 31 in the S1P modulator group, and 17 ( 89·5%) of 19 in the mycophenolate mofetil group seroconverted ( figure 4A; appendix p 20). Compared with the second vaccination, 13 ( 19·1%) of 68 patients in the anti-CD20 therapy group, eight ( 25·8%) of 31 in the S1P modulator group, and seven ( 36·8%) of 19 in the mycophenolate mofetil group gained seroconversion after the third vaccination. Between the second vaccine dose and the day of the third dose, seroreversion—ie, loss of seroconversion—was seen in seven ( 10·6%) of 66 patients in the anti-CD20 therapy group, four ( 13·3%) of 30 in S1P modulator group, and none in the mycophenolate mofetil group ( figure 4A; appendix p 20).Figure 4Humoral response following a third SARS-CoV-2 vaccinationShow full captionSeroconversion and anti-RBD IgG titres up to the third SARS-CoV-2 vaccination. The percentage ( with error bars indicating 95% CIs) of participants with seroconversion ( ie, anti-RBD IgG titre > 4 AU/mL) 28 days after each vaccination for different immunosuppressant groups ( A) and the control group ( B) are shown. The dark coloured parts of the bars represent the proportion of participants who remained seropositive after their second vaccination. The anti-RBD IgG titres for different immunosuppressant groups ( C) and the control group ( D), from before first vaccination to after third vaccination, are shown. Vertical dashed lines represent first, second, and third vaccine doses. Dots represent serum samples before first vaccination, 28 days after first vaccination, at second vaccination ( day 42; absent in MMF plus other immunosuppressant group and S1P modulator group), 10 days after second vaccination ( day 52), 28 days after second vaccination ( day 70), at third vaccination ( day 190), 7 days after third vaccination ( day 197; absent in MMF plus other immunosuppressant group), and 28 days after third vaccination ( day 218). AU=arbitrary unit. MMF=mycophenolate mofetil. RBD=receptor binding domain. S1P=sphingosine 1-phosphate receptor. T1=28 days after first vaccination. T2=28 days after second vaccination. T3=28 days after third vaccination. TNF=tumour necrosis factor. * Details on other immunosuppressants are shown in the appendix ( pp 5–6). †The control group is composed of healthy controls and patients with immune-mediated inflammatory disorders not on immunosuppressants.View Large Image Figure ViewerDownload Hi-res image Download ( PPT)
Seroconversion and anti-RBD IgG titres up to the third SARS-CoV-2 vaccination. The percentage ( with error bars indicating 95% CIs) of participants with seroconversion ( ie, anti-RBD IgG titre > 4 AU/mL) 28 days after each vaccination for different immunosuppressant groups ( A) and the control group ( B) are shown. The dark coloured parts of the bars represent the proportion of participants who remained seropositive after their second vaccination. The anti-RBD IgG titres for different immunosuppressant groups ( C) and the control group ( D), from before first vaccination to after third vaccination, are shown. Vertical dashed lines represent first, second, and third vaccine doses. Dots represent serum samples before first vaccination, 28 days after first vaccination, at second vaccination ( day 42; absent in MMF plus other immunosuppressant group and S1P modulator group), 10 days after second vaccination ( day 52), 28 days after second vaccination ( day 70), at third vaccination ( day 190), 7 days after third vaccination ( day 197; absent in MMF plus other immunosuppressant group), and 28 days after third vaccination ( day 218). AU=arbitrary unit. MMF=mycophenolate mofetil. RBD=receptor binding domain. S1P=sphingosine 1-phosphate receptor. T1=28 days after first vaccination. T2=28 days after second vaccination. T3=28 days after third vaccination. TNF=tumour necrosis factor. * Details on other immunosuppressants are shown in the appendix ( pp 5–6). †The control group is composed of healthy controls and patients with immune-mediated inflammatory disorders not on immunosuppressants.
In the S1P modulator group and the mycophenolate mofetil group, antibody titres at 28 days after the third vaccination were higher than antibody titres after second vaccination ( figure 4C). In the other immunosuppressant groups, antibody titres did not increase further ( figure 4C). Of note, all groups showed an increase in antibody titres between the day of third vaccination and day 28 after third vaccination ( figure 4C). In most patients, this could be already be observed at day 7 after the third vaccination, indicating a rapid recall response ( figure 4C).
Previous SARS-CoV-2 infections were identified using both a self-reported positive PCR and positive anti-RBD or anti-nucleocapsid antibodies in 178 ( 37·9%) of 470 participants, positive anti-RBD or anti-nucleocapsid antibodies in 244 ( 51·9%) participants, or a self-reported positive PCR in 48 ( 10·2%) participants. The median time between a positive PCR and first vaccination was 166 days ( IQR 86–220). The appendix ( pp 22–23) shows results for the hybrid humoral responses among patients in poor-responder groups ( ie, anti-CD20, S1P modulators, and mycophenolate mofetil combination treatments), other immunosuppressants, and controls. After first vaccination, seroconversion rates and anti-RBD IgG titres were higher in all groups of participants with previous SARS-CoV-2 infection than in groups of participants without previous SARS-CoV-2 infections, indicative of a boost response. In participants with previous SARS-CoV-2 infections, anti-RBD IgG titres after the first vaccination were lower in participants treated with other immunosuppressants or poor responder immunosuppressants than in controls. Higher anti-RBD IgG titres after a second vaccination were seen in participants with previous SARS-CoV-2 infection treated with immunosuppressants.
In this large disease-overarching cohort of the most prevalent immune-mediated inflammatory disorders, we show that the type of immunosuppressive monotherapy or combination therapy is of major relevance for humoral responses following SARS-CoV-2 vaccination. After standard vaccination regimens, patients on most immunosuppressants showed seroconversion rates, neutralisation capacity, and recall responses similar to controls. Patients on methotrexate, TNF inhibitors, or purine antagonist showed moderate reductions in antibody titres that were not increased after a third vaccination. Patients on anti-CD20 monotherapy or combination therapies, S1P modulators, and mycophenolate mofetil with corticosteroids or other combinations showed impaired responses after standard vaccination. A third vaccination resulted in additional seroconversion in those on mycophenolate mofetil combination treatments, whereas effects for anti-CD20 therapy and S1P modulators were limited.
Our results confirm and expand findings from disease-specific studies in patients with immune-mediated inflammatory disorders and other patient groups on anti-CD20 therapies, mycophenolate mofetil with corticosteroids, and S1P modulators.1Furer V Eviatar T Zisman D et al.Immunogenicity and safety of the BNT162b2 mRNA COVID-19 vaccine in adult patients with autoimmune inflammatory rheumatic diseases and in the general population: a multicentre study.Ann Rheum Dis. 2021; 80: 1330-1338Google Scholar, 2Braun-Moscovici Y Kaplan M Braun M et al.Disease activity and humoral response in patients with inflammatory rheumatic diseases after two doses of the Pfizer mRNA vaccine against SARS-CoV-2.Ann Rheum Dis. 2021; 80: 1317-1321Google Scholar, 4Tallantyre EC Vickaryous N Anderson V et al.COVID-19 vaccine response in people with multiple sclerosis.Ann Neurol. 2022; 91: 89-100Google Scholar, 19Stumpf J Siepmann T Lindner T et al.Humoral and cellular immunity to SARS-CoV-2 vaccination in renal transplant versus dialysis patients: a prospective, multicenter observational study using mRNA-1273 or BNT162b2 mRNA vaccine.Lancet Reg Health Eur. 2021; 9100178Google Scholar In addition, we now present data showing that patients with immune-mediated inflammatory disorders treated with mycophenolate mofetil could benefit from a third vaccination, as was previously demonstrated for other populations.20Hall VG Ferreira VH Ku T et al.Randomized trial of a third dose of mRNA-1273 vaccine in transplant recipients.N Engl J Med. 2021; 385: 1244-1246Google Scholar In patients with immune-mediated inflammatory disorders on anti-CD20 therapies and S1P modulators, we observed marginal recall responses in participants with a previous SARS-CoV-2 infection or after a third vaccination, but overall humoral responses remained blunted. This finding is largely in line with what might be expected on the basis of the modes of action of these immunosuppressants. Previously, the formation of antigen-specific T cells after two vaccinations has been shown to be relatively unaffected by anti-CD20 therapy, whereas the sparse data available indicate severely reduced circulating antigen-specific T cells in those on S1P modulators.21Tortorella C Aiello A Gasperini C et al.Humoral- and T-cell-specific immune responses to SARS-CoV-2 mRNA vaccination in patients with MS using different disease-modifying therapies.Neurology. 2022; 98: e541-e554Google Scholar Intriguingly, increased susceptibility and increased severity of COVID-19 has not been demonstrated for patients with immune-mediated inflammatory disorders treated with S1P modulators, whereas for patients taking anti-CD20 therapies increased risks are observed. However, a considerable proportion of patients on anti-CD20 treatment might have asymptomatic or pauci-symptomatic SARS-CoV-2 infections.22Andersen KM Mehta HB Palamuttam N et al.Association between chronic use of immunosuppresive drugs and clinical outcomes from coronavirus disease 2019 ( COVID-19) hospitalization: a retrospective cohort study in a large US health system.Clin Infect Dis. 2021; 73: e4124-e4130Google Scholar, 23Simpson-Yap S De Brouwer E Kalincik T et al.Associations of disease-modifying therapies with COVID-19 severity in multiple sclerosis.Neurology. 2021; 97: e1870-e1885Google Scholar Taken together, these findings indicate that solely relying on humoral responses to determine future booster strategies for these patient groups is probably inappropriate. We need more clinical data on COVID-19 susceptibility and disease severity after vaccination, as well as informative and reliable cellular biomarkers to predict the risk of severe COVID-19 and vaccine effects in these particular groups. Moreover, high clinical vigilance for breakthrough infections is needed and use of early treatments, such as recombinant anti-SARS-CoV-2 monoclonal antibodies or novel, effective antiviral treatments might be indicated in case of infection.24Weinreich 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, 25Willyard C How antiviral pill molnupiravir shot ahead in the COVID drug hunt.Nature. 2021; ( published online Oct 8.) https: //doi.org/10.1038/d41586-021-02783-1Google Scholar
For patients taking most other monotherapy and combination therapies, we observed only moderately reduced antibody titres following standard vaccination, similar to what has been observed in other studies done in patients in specific immune-mediated inflammatory disorder groups.1Furer V Eviatar T Zisman D et al.Immunogenicity and safety of the BNT162b2 mRNA COVID-19 vaccine in adult patients with autoimmune inflammatory rheumatic diseases and in the general population: a multicentre study.Ann Rheum Dis. 2021; 80: 1330-1338Google Scholar, 2Braun-Moscovici Y Kaplan M Braun M et al.Disease activity and humoral response in patients with inflammatory rheumatic diseases after two doses of the Pfizer mRNA vaccine against SARS-CoV-2.Ann Rheum Dis. 2021; 80: 1317-1321Google Scholar, 7Moyon Q Sterlin D Miyara M et al.BNT162b2 vaccine-induced humoral and cellular responses against SARS-CoV-2 variants in systemic lupus erythematosus.Ann Rheum Dis. 2021; ( published online Oct 4.) https: //doi.org/10.1136/annrheumdis-2021-221097Google Scholar Currently, the clinical relevance of this observation is uncertain. A formal minimal antibody threshold for protection after vaccination has not been established for healthy individuals. Based on a predictive model, one study estimated that neutralising antibody levels of approximately 20% of the mean level in convalescents provide 50% protection against symptomatic infection, and levels of 3% of the mean level in convalescents provide 50% protection against severe disease.26Khoury 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 Our competition assay results using WA1/2020 suggest that the neutralisation capacity of the humoral response in patients taking most immunosuppressants is similar to healthy individuals and confirm studies in other populations showing that anti-RBD IgG correlates well with neutralisation capacity.7Moyon Q Sterlin D Miyara M et al.BNT162b2 vaccine-induced humoral and cellular responses against SARS-CoV-2 variants in systemic lupus erythematosus.Ann Rheum Dis. 2021; ( published online Oct 4.) https: //doi.org/10.1136/annrheumdis-2021-221097Google Scholar, 8Hod T Ben-David A Olmer L et al.Humoral response of renal transplant recipients to the BNT162b2 SARS-CoV-2 mRNA vaccine using both RBD IgG and neutralizing antibodies.Transplantation. 2021; 105: e234-e243Google Scholar, 27Levin 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 However, cross-variant neutralisation was not assessed, and we can not confirm that our findings also apply to other SARS-CoV-2 variants. In a previous study, using the same assay, median titre among convalescent individuals was 24 AU/mL.15Steenhuis M van Mierlo G Derksen NIL et al.Dynamics of antibodies to SARS-CoV-2 in convalescent plasma donors.Clin Transl Immunology. 2021; 10e1285Google Scholar Moreover, recall responses, as observed in hybrid immune responses and after a third vaccination, were largely similar to those in controls, implying that formation of memory B cells is not affected to a relevant degree by most immunosuppressants.10Goel RR Apostolidis SA Painter MM et al.Distinct antibody and memory B cell responses in SARS-CoV-2 naïve and recovered individuals following mRNA vaccination.Sci Immunol. 2021; 6eabi6950Google Scholar, 11Wang 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 Collectively, these results suggests that reductions in antibody titres for patients taking most immunosuppressants might not translate to a clinically significant loss of protection, at least not in the short term. Further studies on the clinical relevance of changes in antibody titres over time are needed to understand potential long-term effects in immunosuppressed patients and the need for subsequent booster vaccinations. Of note, a second vaccination further increased antibody titres in patients with previous SARS-CoV-2 infections treated with immunosuppressants. This finding supports completing a two-vaccination regimen in these patients and not reverting to a one-vaccine strategy, as was shown to be sufficient for healthy individuals after a previous SARS-CoV-2 infection.28Krammer F Srivastava K Alshammary H et al.Antibody responses in seropositive persons after a single dose of SARS-CoV-2 mRNA vaccine.N Engl J Med. 2021; 384: 1372-1374Google Scholar
The strengths of this study include the prospective and standardised collection of serology and clinical data in a large, disease-overarching cohort that has been specifically recruited to investigate effects of clinically relevant monotherapy and combination therapies with immunosuppressants. By investigating standard vaccination regimens, third vaccinations, and hybrid immune responses, this study creates a comprehensive overview of SARS-CoV-2 vaccination responses in patients with immune-mediated inflammatory disorders taking immunosuppressants, compared with patients with these diseases but not taking immunosuppressants and healthy controls. Moreover, we used both PCR and two different SARS-CoV-2 antibody responses to detect participants with previous SARS-CoV-2 infection. The main limitation is that we did not reach the predefined sample size for most immunosuppressants to test the hypothesis of at least 15% difference in seroconversion. For these groups, we can not exclude that seroconversion was lower than for controls, although we consider a 15% difference unlikely given the observed point estimates and findings of other studies. Additionally, we did not investigate potential dose effects on associations between immunosuppressants and humoral responses. Factors potentially influencing the hybrid immune response, such as the severity of SARS-CoV-2 infection,29Rijkers G Murk JL Wintermans B et al.Differences in antibody kinetics and functionality between severe and mild severe acute respiratory syndrome coronavirus 2 infections.J Infect Dis. 2020; 222: 1265-1269Google Scholar were also not addressed in this study.
In patients with immune-mediated inflammatory disorders, humoral responses following SARS-CoV-2 vaccination are impaired by specific immunosuppressants. After standard vaccination regimens, patients on most immunosuppressants show equal seroconversion to controls, although antibody titres might be moderately reduced. As neutralisation capacity and recall responses are preserved in patients showing optimal seroconversion rates after vaccination, the lower titres are not likely to translate in loss of ( short-term) protection. Patients on mycophenolate mofetil combination treatments, anti-CD20 therapy, and S1P modulators showed poor humoral responses after standard vaccination regimens, and a third vaccination increased seroconversion for those taking mycophenolate mofetil combination treatments, whereas effects for those on anti-CD20 therapy and S1P modulators were limited. Collectively, these results could inform physicians and policy makers about decisions on additional vaccinations in a very broad range of patients with immune-mediated inflammatory disorders using immunosuppressants.
All authors met the criteria for authorship set by the International Committee of Medical Journal Editors. TR, MS, SK, JBDK, AB, and OC did the serological assays; all other authors contributed in data acquisition. LW, KPJvD, and FE wrote the first draft of the manuscript. LW and KAHZ did the data analyses. LW, KPJvD, MS, EWS, and LYLK had full access to and verified the underlying data. All authors helped to revise the manuscript for important intellectual content and had final responsibility for the decision to submit for publication.
After publication, anonymised individual participant data and a data dictionary will be made available upon request to the corresponding author to researchers who provide a methodologically sound proposal. Data will be shared through a secure online platform.
FE and TWK report ( governmental) grants from ZonMw to study immune response after SARS-Cov-2 vaccination in autoimmune diseases. FE also reports grants from Prinses Beatrix Spierfonds, CSL Behring, Kedrion, Terumo BCT, Grifols, Takeda Pharmaceutical Company, and GBS-CIDP Foundation; consulting fees from UCB Pharma and CSL Behring; and honoraria from Grifols. AJvdK reports grants from CSL Behring and participation on an advisory board for Argen-X. ML reports a grant from Galapagos not related to this study, and honoraria from Bristol Myers Squibb, Pfizer, Takeda, and Tillotts. PIS is involved in clinical trials with many pharmaceutical industries that manufacture drugs used for the treatment of, for example, psoriasis and atopic dermatitis, for which financial compensation is paid to the department or hospital, and is a chief investigator of the TREAT NL registry taskforce and SECURE-AD registry. MWB is a secretary for the Dutch Experimental Dermatology Board; head of the pigmentary disorders group within the Dutch Dermatology Board; and reports honoraria from Pfizer, Sanofi, Novartis, and Fondation René Touraine. JK has speaking relationships with Merck Serono, Biogen Idec, TEVA, Sanofi, Genzyme, Roche, and Novartis; received financial support to his institution for research activities from Merck Serono, Bayer Shcering Pharma, Biogen Idec, GlaxoSmithKline ( GSK), Roche, Teva, Sanofi, Genzyme, and Novartis. BH reports unpaid positions as a medical adviser for several patient groups, a board position for ERN-SKIN, and associate editor for The British Journal of Dermatology; reports grants from AbbVie, Akari Therapeutics, Celgene, and Novartis; consulting fees from UCB Pharma, Novartis, and Janssen; and honoraria from AbbVie. JJGMV reports consulting fees from Argenx, Alexion, and NMD Pharma, and is a co-inventor on patent applications based on MuSK protein-related research. DJH reports grants from AbbVie, AstraZeneca, Janssen, LEO Pharma, and UCB; honoraria from AbbVie, Galderma, Janssen, Lilly, Pfizer, Sanofi, and UCB; and a paid position on an advisory board for BIOMAP IMI. PAvD participated on an advisory board for Octapharma. PvP reports grants from Alexion Pharma and GSK, and participation on advisory boards for GSK and Vifor Pharma. GRAMD ' H reports consulting fees from AbbVie, Agomab, AstraZeneca, AM Pharma, AMT, Arena Pharmaceuticals, Bristol Myers Squibb, Boehringer Ingelheim, Celltrion, Eli Lilly, Exeliom Biosciences, Exo Biologics, Galapagos, Index Pharmaceuticals, Kaleido, Roche, Gilead, GSK, Gossamerbio, Pfizer, Immunic, Johnson and Johnson, Origo, Polpharma, Procise Diagnostics, Prometheus Laboratories, Prometheus Biosciences, Progenity, and Protagonist; honoraria from AbbVie, Arena, Galapagos, Gilead, Pfizer, Bristol Myers Squibb, and Takeda; and participation on advisory boards for AbbVie, Seres Health, Galapagos, and AstraZeneca. RBT reports honoraria from Sobi and Norgine, and participation on an advisory board for Norgine. HSG is a board member of the Dutch Society of Clinical Neurophysiology ( unpaid), reports grants from Prinses Beatrix Spierfonds, and received speaker fees from Shire/Takeda. KAHZ reports paid data safety monitoring board positions for Torrent and Foresee. All other authors declare no competing interests.
We thank ZonMw ( The Netherlands Organization for Health Research and Development, grant 10430072010007) for the funding of the study and the T2B partners, including the patient groups, and Health Holland for the support in this study. This collaboration project is financed by the PPP Allowance made available by Top Sector Life Sciences & Health to Samenwerkende Gezondheidsfondsen ( SGF) under project number LSHM18055-SGF to stimulate public–private partnerships and co-financing by health foundations that are part of the SGF. We also thank E P Moll van Charante ( Department of Public and Occupational Health and Department of General Practice, Amsterdam UMC, University of Amsterdam; and Amsterdam Public Health Research Institute, Amsterdam, Netherlands), J A Bogaards ( Department of Epidemiology and Data Science, Amsterdam UMC), and R A Scholte ( Clinical Research Unit, Amsterdam UMC, University of Amsterdam) for their guidance in the data safety monitoring board.
Download.pdf ( 2.26 MB) Help with pdf files Supplementary appendix
Humoral response following SARS-CoV-2 vaccination: not all immunosuppressants are created equalIt is well established that many patients on immunosuppression have an attenuated humoral response to SARS-CoV-2 vaccination.1,2 Indeed, people with immune dysregulation have a higher risk of SARS-CoV-2 breakthrough infection despite vaccination than do immunocompetent people.3 As understanding of the SARS-CoV-2 vaccine response among immunosuppressed populations evolves, a hierarchy among agents is emerging, with recipients of lymphocyte-depleting therapies, such as rituximab and mycophenolate mofetil, at greatest risk of a reduced immune response. Full-Text PDF | tech |
Stocks steady after Fed hike, BoE's turn next | - Europe's stock markets consolidated strong gains made in Asia on Thursday, after China signalled more support for its spluttering economy and the Federal Reserve had pressed ahead with the first U.S. interest rate rise in more than three years.
Traders remained gripped by the devastating war in Ukraine, but with hopes of possible a peace deal faint but alive they were also watching to see if the Bank of England raises UK interest rates again later too.
The EuroSTOXX 600 was 0.1% lower after an initial rise. Earlier 3.5% leaps by both the Nikkei in Tokyo and emerging market stocks meant MSCI's main world index was still up and more than 6% higher in the last three days, albeit after a torrid start to the year.
Sanctions-ravaged Russia's ongoing shelling of Ukraine meant commodity markets continued to gyrate wildly with oil prices back over the symbolic $ 100 level again. The Kremlin lashed out at U.S. President Joe Biden labelling Russian President Vladimir Putin a war criminal, but said it was putting `` colossal energy '' into peace talks.
Metals markets faced more drama after nickel trading had to be halted again on London Metal Exchange again on Wednesday.
`` 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, Chief Investment Officer of Close Brothers Asset Management, Robert Alster, said.
He added it would also be the `` right thing '' for the Bank of England to raise its rates later for a third meeting running, back to its pre-pandemic level of 0.75%.
The BoE last month predicted inflation will peak at around 7.25% in April - almost four times its 2% target - but that forecast has been overtaken by seismic shifts in European 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. ''
The stock market gains had followed a 2.2% surge on Wall Street's S & P 500 overnight.
Bond markets meanwhile were beginning to settle after Treasury yields had spiked to nearly three-year highs following the Fed's signal that it also planned to hike rate 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, extending the previous session's gains to hit 0.408%, its highest since November 2018 DE10YT=RR.
The more upbeat sentiment in recent days means there are '' fewer excuses for central banks to delay policy tightening, '' ING rates strategists said in a note to clients.
ASIA RISES
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 98.476 after also dropping 0.5% on Wednesday.
Where the dollar showed some strength was against Japan's currency, standing at 118.82 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.
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) | business |
WHO Delays Authorization of Russia's Sputnik V Indefinitely | Russia’ s hopes of expanding access to its Sputnik V COVID-19 vaccine have been stymied due to the invasion of Ukraine. On Wednesday, the World Health Organization indefinitely postponed the evaluation of the vaccine due to the ongoing conflict and the economic sanctions leveled against Russia.
According to the Associated Press, during a press conference Wednesday, vaccines expert Mariangela Simao said the global health agency had been scheduled to inspect Russian manufacturing facilities as part of the protocol for WHO approval. The inspection was set for March 7. However, the Russian government initiated its invasion of Ukraine on Feb. 24.
Simao said the inspections have been postponed largely due to economic sanctions. Simao noted that the sanctions have made it difficult to book a flight into Russia on western airlines. Also, the sanctions have caused banks and credit card companies to suspend business in Russia, which would hinder the WHO team’ s ability to operate within Russia.
Officials with the Russian Direct Investment Fund ( RDIF) that has backed the development of Sputnik V, the first vaccine authorized for use against the COVID-19 infection, have been striving for WHO approval of the vaccine. A green light from WHO would make Sputnik V eligible for use through the United Nation’ s COVAX effort to send vaccines across the globe.
Shortly after Russia invaded Ukraine, the RDIF issued a statement decrying the western-led sanctions that were, according to the organization, hindering the ability of the vaccine to be more widely available. Additionally, the RDIF suggested that the goal of the sanctions was to allow western-developed vaccines, such as the mRNA medications developed by Moderna and the Pfizer/BioNTech team, to gain market traction in areas where the drugs are not currently used.
“ The restrictions imposed by the U.S. authorities complicating RDIF efforts on the international promotion of the Russian vaccine products, have been lobbied by a number of large Western pharmaceutical companies. As a result of such unfair competition, billions of people around the world may be deprived of access to effective and safe Russian-made vaccines, ” RDIF said in a statement at the time, as BioSpace previously reported.
Sputnik V is an adenoviral vector vaccine developed by Moscow’ s Gamaleya Institute. The vaccine has been genetically designed to infect cells in order to make those cells manufacture spike proteins of the SARS-CoV-2 virus. Data, which led to Sputnik becoming the world’ s first authorized vaccine, has shown that medication produces a strong and lasting immune response against COVID-19. In February, RDIF touted data from a comparative study in Italy that showed Sputnik V demonstrated more than two times higher titers of virus-neutralizing antibodies to the Omicron variant than two doses of Pfizer’ s mRNA vaccine. | general |
Nearly 400 gallons of gas were stolen from a North Carolina gas station after the payment system was bypassed, owner says | Hardik Patel said he will start shutting off the power to his pumps after business hours after 398 gallons of gas were stolen from his Bizzy Bee Grocery Store and Gas Station in High Point, North Carolina, Monday.
Surveillance footage showed a car pull up near the pumps and someone appeared to use a device to bypass the payment system, Patel said. After that, more than 15 cars pulled up and filled their tanks over the course of 45 minutes, taking $ 1,600 worth of gas, Patel said.
`` I 've been in business for 15 years and owned other gas stations. I have never seen something like this, '' Patel told CNN. `` It wasn't free, they were stealing. ''
Patel said police were alerted to the theft by people who called to report several cars at the station after-hours.
The incident comes as gas prices have climbed to recent record highs. The national average reached $ 4.33 a gallon Monday after setting four records in a row last week. As of Thursday morning, the average was $ 4.29 a gallon, according to AAA.
The spike in gas prices is partially a result of sanctions against oil producer Russia over its invasion of Ukraine as well as a market that was already inflated by lowered production during the Covid-19 pandemic.
The soaring prices have prompted police around the country to warn drivers to protect the gas in their tanks by either purchasing a locking gas cap, parking in a visible well-lit area or avoiding parking in public places for long periods of time.
In North Carolina, Patel said if his station is subjected to gas theft `` too often, '' he 'll have to consider whether he should stay in the business.
`` If I lose more than I make, there might be some things to think about, '' he said.
The High Point Police Department is investigating the theft at Patel's station and has not made any arrests. | business |
What the end of oligarchs’ money means for European football | EUROPEAN FOOTBALL clubs’ revenues have been battered in recent years. For those lucky teams with generous owners that would once not have mattered much. But the days of sugar daddies bailing out clubs seem numbered. One of the originators of this owner-as-benefactor model was Roman Abramovich, a Russian oligarch who owns Chelsea, an English club. After Russia invaded Ukraine in February, Mr Abramovich put Chelsea up for sale, lest it be seized as part of sanctions placed on him by the British government. But the government has banned the sale. It may soften its stance so long as Mr Abramovich does not profit from the disposal. It has also stopped the club from selling tickets and merchandise. For now, Chelsea’ s future is uncertain. But Mr Abramovich’ s departure would have wider implications. What might the end of oligarch finance mean for European football?
Mr Abramovich’ s purchase of Chelsea in 2003 boosted the game in Europe. Prior to his arrival, revenue from three main sources—broadcasting rights, match-day sales and commercial deals—was already rising steeply. Mr Abramovich added a fourth, through soft loans of around £1.5bn ( $ 2bn) from his personal fortune. This enabled a spending spree that delivered 21 trophies, including two victories in the leading European club competition, the Champions’ League. It also encouraged others to spend aggressively to compete. This “ short-termist culture of the sport…is one of the reasons why football has not operated according to the highest standards of governance, ” says Simon Chadwick of EMLYON Business School.
A host of clubs, from Portsmouth to Barcelona, have spent beyond their means over the past two decades. Chelsea’ s model was soon copied. Manchester City was bought by Sheikh Mansour, a member of Abu Dhabi’ s ruling family in 2008; Paris St Germain ( PSG) was snapped up by a branch of Qatar’ s sovereign-wealth fund, controlled by its royal family, in 2011. Both set about pouring money into their clubs. Much of this additional cash ended up in players’ pockets through high salaries and in even more stratospheric transfer fees. In 2017 PSG spent a world-record €222m ( $ 263m) to buy a Brazilian forward, Neymar, from Barcelona.
Neymar’ s transfer will probably not be surpassed for some time. The value of broadcasting rights is no longer growing. German clubs receive less than they used to; in France, the collapse in 2020 of the broadcaster that held the rights to the domestic league resulted in Amazon’ s stepping in with a cut-price offer. Even the English Premier League, widely considered the most glamorous and competitive in the world, failed to secure more money from broadcasters when it agreed a new domestic-rights deal in 2021. As for other revenue sources, match-day sales flatlined amid covid-19 lockdowns. Even with fans back in the stands, ticket sales represent a small fraction of clubs’ total income. And sponsors have tightened their belts too. The speed with which clubs have jumped to exploit the fashion for cryptocurrency assets, occasionally without doing due diligence, reflects the scarcity of big commercial deals.
This squeeze comes amid greater scrutiny of who owns and funds football clubs. When another English club, Newcastle United, was bought by Saudi Arabia’ s public-investment fund in 2021, fans of football and human-rights advocates both protested. Now that Mr Abramovich has been forced to give up Chelsea, clubs have good reason to become more cautious about backers linked to dodgy regimes. By the same token, for potential owners, clubs are no longer safe places to store their wealth.
European teams are increasingly turning to American private-equity funds. Since the pandemic began, such firms have bought controlling stakes in Burnley in England; AS Roma, Parma Calcio and Venezia in Italy; and Toulouse in France. They see European clubs as undervalued when compared with American sports teams and believe there is money to be made by running them more professionally. That suggests, however, that they will control costs more tightly than owners such as Mr Abramovich.
Another consequence could be a renewed push to reform the football calendar. The owner-financed clubs were the least committed to the ill-fated European Super League, a plan to squeeze more money out of the game by giving big clubs more opportunities to play each other. Teams such as Chelsea and Manchester City were the least committed to it because they already had plenty of money. Others without such generous owners, such as Barcelona, Real Madrid and Juventus, are still keen on the idea. In a bid to placate them, UEFA, the European governing body, has plans to expand the Champions League.
As for Chelsea, its fate depends on the identity of its new owner. Potential buyers reportedly include the Ricketts family, who own the Chicago Cubs baseball team, and a consortium led by Sir Martin Broughton, a British businessman. It would be remarkable if Chelsea were to find owners with pockets as deep as Mr Abramovich’ s. Instead, its new owners are more likely to seek to reduce its persistent losses, which have averaged around £75m a year since 2003. The days of lavish spending, it seems, are over.
The regime claims it is testing satellite equipment; America says it is firing long-range missiles. Both may be true.
Published since September 1843 to take part in “ a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress. ”
Copyright © The Economist Newspaper Limited 2022. All rights reserved. | business |
NCA’ s Sweets & Snacks Expo to leave its Chicago home in 2023 | The National Confectioners Association ( NCA), the trade fair’ s organisers, announced the news from Miami at this week’ s State of the Industry Conference.
Beginning in 2024, the Sweets & Snacks Expo will cycle through a rotation of two years at the Indiana Convention Center in Indianapolis, followed by one year at the Las Vegas Convention Center in Las Vegas until 2032. McCormick Place in Chicago will host the 2022 and 2023 Sweets and Snacks Expos.
In 2021, the show relocated to Indianapolis because of the COVID-19 pandemic.
The announcement comes as the show convenes to celebrate 25 years of candy and snack innovation in May in Chicago.
`` Indianapolis and Las Vegas are the right fit to meet the growing demand for our show and enable it to continue providing the innovation, insights and connections that the candy and snacks industries want and need, '' said NCA President & CEO John Downs.
`` This decision is all about the show's future, and it was driven by our exhibitor and attendee community, for our exhibitor and attendee community. ''
The NCA said the decision to relocate the Sweets & Snacks Expo to Indianapolis and Las Vegas was made after careful deliberation by the Sweets & Snacks Expo Committee, which is chaired by Ed Seibolt, Ferrero/Fannie May Confections Vice President of Sales and Business Development, and on the NCA Board of Trustees.
`` We saw great success in Indianapolis during the 2021 Sweets & Snacks Expo, with many attendees expressing a desire to return, '' Seibolt said. `` Similarly, Las Vegas is an international destination with the facilities and attractions to help the Sweets & Snacks Expo continue to scale. I believe all parties will benefit tremendously from everything our new host cities have to offer. ”
The Sweets & Snacks Expo brings together confectionery and snack retailers, manufacturers and suppliers to showcase the latest product innovations, for the host city it brings significant financial impact and the 2022 show is expected to generate $ 21m for Chicago.
“ It has been a great pleasure engaging with the staff, board, and business members of the National Confectioners Association over the past 18 months and hosting the Sweets & Snacks Expo last June, ” said Leonard Hoops, president & CEO of Visit Indy. “ After the success of the 2021 show under particularly challenging conditions, Indy and the NCA were clearly a natural fit for long-term growth. The 2024 show can’ t come soon enough and we look forward to hosting these amazing people and businesses, small and large, for many years to come. ”
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Canadian inflation seen peaking at or above 6%; more rate hikes in the cards | Canada's inflation rate has already surged well above the 5.1% that the Bank of Canada forecast for the first quarter in January, highlighting the tough road ahead to get price growth back down to the 2% target.
The central bank will have to balance efforts to tamp down on soaring prices against the risks that spiraling levels of mortgage debt could make Canada's economy more sensitive to interest rate hikes than before the coronavirus pandemic.
Some investors worry that the BoC could cut short the economic expansion if it tightens too fast.
A Reuters survey of economists at five leading financial institutions and a consultancy showed that most now expect the Bank of Canada to hike borrowing costs four to five times in 2022, lifting its policy rate to 1.25% or 1.5% by the end of the year. Scotiabank is forecasting a year-end policy rate of 2.5%.
Canada's latest inflation data on Wednesday surprised on the upside, with the Consumer Price Index hitting a new 30-year high of 5.7% in February. The jump was driven by broad gains across all sectors.
All six economists surveyed now see inflation peaking at or above 6% in the coming months, with their year-end forecasts ranging from 3.3% to 5.8%. The BoC in January forecast fourth-quarter inflation of 3.0%.
`` The commodity price increases that we have seen in the past couple of weeks - that's something that a central bank would normally want to look through, '' said Josh Nye, a senior economist at RBC Capital Markets who was among those surveyed.
`` But with inflation already so far above the Bank of Canada's target, they 've said they're more concerned about upside surprises than they are about downside surprises on inflation. ''
CATCHING UP
The central bank raised its policy rate to 0.50% from 0.25% this month, its first increase in three years. Bank of Canada Governor Tiff Macklem said more rate hikes were coming and he left the door open to a rare half-percentage-point increase.
Money markets see a roughly 50% chance of the larger rate increase when the central bank issues its next policy decision on April 13. It has been almost 22 years since Canada saw a 50-basis-point rate hike.
The conflict in Ukraine and ensuing sanctions on Russia have played havoc with global supply chains, sending prices of many key commodities higher. Russia is one of the world's biggest energy producers, and both it and Ukraine are among the top exporters of grain.
Nye estimated the surge in oil prices since late February on its own will add about three-quarters of a percentage point to Canada's CPI.
U.S. inflation is expected to average 7.7% this quarter, according to a Reuters poll of 69 economists last week, up from the 7.1% forecast in February.
With Canada's economy firing on all cylinders, its central bank must now act forcefully on interest rates to tame price surges, said Derek Holt, head of capital markets economics at Scotiabank.
`` Given how far behind the inflation curve the Bank of Canada finds itself, they need to do something more convincing in order to demonstrate that they are serious about their inflation mandate, '' said Holt, who also participated in the survey.
Still, the central bank will need to take into account the potential that war will slow global economic activity, while also balancing the inflationary pressures coming from supply shortages due to the latest COVID-19 restrictions in major Chinese manufacturing hubs.
`` There is the probability of renewed supply chain issues in other goods that will also keep inflation more elevated than we previously anticipated, '' said Andrew Grantham, a senior economist at CIBC Capital Markets who was among those surveyed.
( Reporting by Julie Gordon in Ottawa; Editing by Denny Thomas and Paul Simao)
By Julie Gordon and Fergal Smith | business |
US governors look for ways to aid Ukraine, from field hospital kits to rebuilding funds | At a state disaster logistics warehouse in Solano County this week, California Gov. Gavin Newsom helped pack up a field hospital kit designed for use during the pandemic to treat 50 patients over three days. The self-contained package of hospital beds, IV-starter kits and poles, tourniquets, trauma and oxygen supplies, and automated external defibrillators fits in a 53-foot trailer that will now be deployed in Ukraine.
After loading and shrink-wrapping boxes for shipment alongside state emergency workers, the Democratic governor scrawled a message in black marker on one of the containers, promising that this would be just the first of multiple donations from his state. While some of the supplies California is offering Ukraine -- like PPE and ventilators -- were in critically short supply in the US just two years ago, the state now has an emergency stockpile that fills more than a million square feet of warehouse space, Newsom said.
`` What a gift for us, for all of us as taxpayers, as Californians, to do this, without any impact whatsoever in terms of our own capacity to maintain readiness and keep us safe, '' Newsom told reporters, describing the state as being in `` an abundant place. ''
California's donation will be added to a much larger March 26 shipment -- including emergency and chronic disease medications, antibiotics and backpacks filled with supplies for emergency first responders -- that is being assembled by the California-based charity Direct Relief and flown via a FedEx 777 charter to Poland, with all items specifically requested by the Ukrainian Ministry of Health.
The idea for California's medical supply donations stemmed from a recent meeting between Newsom and Consul General of Ukraine in San Francisco Dmytro Kushneruk. Officials with Direct Relief said California's donation was the first the charity had received from a state government or municipality that had included surplus Covid-19 supplies.
Direct Relief noted that medical-grade oxygen is critically needed in Ukraine and demand is likely to grow depending on both the course of the war and the pandemic.
`` We 'd be more than willing to work with other states, particularly if they have supplies that match the requests that we have from Ukraine, '' said Leighton Jones, Direct Relief's director of emergency response.
Newsom and a number of other US governors and municipal agencies are also collecting bulletproof vests, helmets and other protective equipment that has been requested by Ukraine. Vermont Gov. Phil Scott, a Republican who recently signed legislation to provide nearly $ 645,000 in humanitarian aid to Ukraine that is being sent through Save the Children, is supporting a body armor drive coordinated by Vermont law enforcement agencies through next Wednesday.
Ohio Gov. Mike DeWine, a Republican, has asked law enforcement agencies to look for personal protective gear that could be shipped to Ukraine, including expired or extra helmets and body armor. The equipment would be collected, DeWine's office said, only if a need is identified by US European Command, which is helping coordinate shipments of weapons to Ukraine.
Several other governors, including Utah Gov. Spencer Cox, have joined forces with private donors to aid in the collection of donations. Cox, a Republican, recently appeared at the launch of a fundraiser and community donation drive known as `` Driven to Assist, '' where private donors have pledged to match donations of up to $ 2 million as they also collect items for refugees like diapers, waterproof jackets, warm hats, mittens and base layers, as well as emergency thermal blankets, which will be flown to Europe.
In West Virginia, Gov. Jim Justice asked the legislature to approve $ 5 million in spending to help rebuild the maternity ward and children's hospital in Mariupol that was devastated by bombing. In a letter to the state legislature requesting rebuilding funds that would be used `` once the conflict has ended and the sovereign Ukraine is victorious, independent and free, '' the Republican governor said he hoped the pledge would `` spur others to contribute '' and `` show Putin that the free world stands together in support of Ukraine. ''
Some states are also taking steps to divest their retirement funds from Russian-owned assets while severing other financial ties with Russia. Phil Murphy, the Democratic governor of New Jersey, signed a new law last week unanimously approved by the legislature that aims to prevent companies that do business with the state from dealing with the Russian and Belarusian governments. It would prevent companies with such ties from bidding on or renewing state contracts, working with state agencies and qualifying for tax abatements.
At least 10 states have stopped selling Russian alcohol in their state-run liquor stores, but business analysts have questioned the efficacy of that move since very few US consumers buy vodka that is made in Russia and some smaller US companies that import it will be harmed by the boycotts.
Other states with defense contractors manufacturing weapons in their states have been touting the role that their state workers are playing in arming Ukraine.
Alabama Republican Gov. Kay Ivey took to Twitter to boast about Javelin anti-tank missiles being manufactured by Lockheed Martin in Troy, Alabama. `` We want the last thing Putin ever reads to be 'Made in Alabama, ' '' Ivey tweeted. | business |
White House Covid-19 response coordinator Jeff Zients is leaving his job | Zients will be replaced by epidemiologist Ashish Jha, the dean of Brown University's School of Public Health.
Biden praised Zients in a statement as `` a man of service and an expert manager '' and touted the progress the US has made in vaccinating Americans and beating back the pandemic under Zients ' watch.
`` I will miss his counsel and I 'm grateful for his service, '' Biden said.
The New York Times first reported the news of Zients ' departure.
Zients ' exit comes as the Biden administration is shifting to a new phase of its response to the pandemic, weeks after releasing a new strategy that seeks to move from crisis mode to emergency preparedness, aiming to manage the pandemic with fewer disruptions to daily life. His departure also comes as the White House struggles to secure billions of dollars in funding for the future of the US Covid response amid opposition from some Republican lawmakers.
Zients said at a conference earlier this week that Congress ' failure to pass supplemental Covid funding `` would result in severe consequences '' for efforts toward treatment, testing, vaccines and efforts to help deliver more vaccines globally and fight future variants.
Zients ' deputy Natalie Quillian will also depart the White House in April, a White House official said.
Biden said he was `` excited '' to name Jha to succeed Zients as the coordinator of the pandemic response, calling Jha `` one of the leading public health experts in America, and a well-known figure to many Americans from his wise and calming public presence. ''
`` And as we enter a new moment in the pandemic -- executing on my National COVID-19 Preparedness Plan and managing the ongoing risks from COVID -- Dr. Jha is the perfect person for the job, '' Biden said in a statement. `` I appreciate both Jeff and Dr. Jha for working closely to ensure a smooth transition, and I look forward to continued progress in the months ahead. ''
Jha wrote on Twitter that he is `` honored to have the opportunity '' to take on this role and said that despite the progress that has been made, there is still `` important work '' to be done.
`` We are not done. We are very likely to see more surges of infections. We may see more variants. We can't predict everything with certainty, '' Jha wrote. `` As much as I wish otherwise, the pandemic is not over. So let's keep our eye on the ball. Prepare for surges and variants. Work to ensure that schools, work, and other places of gathering remain safe. Vaccinate the world. ''
Zients ' successor
Jha is expected to assume his new role on April 5 and will take a temporary leave of absence from Brown, according to an announcement on the university's website.
He was appointed dean of Brown's School of Public Health in 2020, stepping into the role in the first fall of the Covid-19 pandemic after leading the Harvard Global Health Institute for six years, according to his biography on the Brown University website. He also taught global health at Harvard T.H. Chan School of Public Health and medicine at Harvard Medical School.
A general internist, Jha was a practicing physician at Veterans Affairs medical centers.
He previously co-chaired an international panel that examined the global response to the 2014-15 Ebola outbreak and was critical of the World Health Organization's slow response and delay in declaring a public health emergency to the outbreak that ravaged West Africa. But Jha has also advocated strongly for WHO, saying it plays a `` critical role in providing support during health emergencies '' and calling for improvements to the organization.
Jha has prior experience in a federal-level role, serving as a special assistant to the Department of Veterans Affairs secretary from 2009 to 2013.
This story has been updated with additional background and reaction. | business |
Adobe: How creative fellowships changed my life, with Shaandiin Tome | Image source: Alyssa, Adobe Stock.
Passion is a powerful force, but it takes more to kickstart a creative project. That goes double in creative industries, where even the most talented artists need to climb the long ladder to success, rung by rung. Finding the people, time, and money to start a project under these conditions is a challenge, to say the least.
Enter creative fellowships. Like academic fellowships that allow graduate students to run ambitious research projects in prestigious labs, creative fellowships give young creatives access to grants, networking opportunities, and mentorship from some of the most respected artists in their fields.
As part of Adobe's commitment to making creativity accessible for all, we offer a number of fellowships to young creatives from all backgrounds who want to explore their talent and learn from people they admire, in a constructive and collaborative environment. Through programs like the Sundance Ignite x Adobe Fellowship and Women at Sundance | Adobe Fellowship, we hope to remove the barriers - both social and industry-driven - that keep young, talented people from pursuing their passions.
Image via ©2019 Sundance Institute | Photo by Austin Madrid.
Which brings us to the big question - how does someone land a creative fellowship? To find out, we spoke with award-winning film director, Shaandiin Tome, about the fellowships that continue to shape her career to this day, and her tips on how to apply.
To call Tome a high achiever is an understatement. She graduated cum laude from the University of New Mexico with a BFA in Film and Digital Media Production. Most recently, at the 2022 SXSW Festival, her documentary short, Long Line of Ladies, was awarded the Short Film Jury Award for Documentary Short. She is an alumna of the 2016 Sundance Full Circle Fellowship, and her short film, MUD ( Hashtl'ishni), was screened at the 2018 Sundance Film Festival. In 2019, she was awarded the MAST Fellowship to create a feature film - a program by the Salt Lake City Film Society that grows artists into entrepreneurs to help them create art in every city across the globe.
Image via www.shaandiin.com.
In 2021, Tome was named a Women at Sundance | Adobe Fellow. Below, she reflects on her experiences, explains why fellowships are so valuable for young creators today, what it takes to get noticed.
Let's start with your first Sundance Fellowship in 2016 - What drew you to the program and how did that first experience inspire you to pursue more fellowship opportunities?
Film school helped me build my technical skills but wasn't the most creative environment. Despite studying the arts, I rarely saw creativity nurtured in my studies or applied on set. The Sundance Fellowship was a way to move past the academic side of art and collaborate with creative people who are as passionate about film as I am.
The experience struck me on two levels. For one, I felt empowered and encouraged to bring my creative vision to life, which is still a rare thing for a Diné woman in today's film industry. Just as importantly, I had entered a safe environment. Film industry hierarchies can be intimidating for young practitioners, and many prefer to stay quiet than risk looking foolish. Being able to relax around other fellows and talk shop with experienced practitioners was a revelation. I was hooked.
How have fellowships helped shape your career? As a woman of Diné ( Navajo people) heritage, how important was it for you to break through in film and tell your story on the Sundance stage?
To be successful in a creative field, you need talent, but you also need to get noticed. You also need a network of people who can nurture your talent and challenge you when necessary. Step into any meeting of Sundance fellows and you can instantly feel the talent, expertise, and hunger to learn, shared by everyone in the room.
Creatives often forget the business side of their industry because that's rarely the focus of our education. Fellowships exposed me to leading artists and businesspeople in film, which has been of huge value to my career, particularly as my interest in indigenous storytelling lies outside the norm of Hollywood.
Sundance's Indigenous fellowship programs were created years ago by Robert Redford but have since grown to include several fellowships for Indigenous artists at different stages of their career. That gives people like me a platform to carve our place in modern film, and the resources to bring our vision to life.
What advice do you have for someone after they win a fellowship? How can they take full advantage of the experience?
Some people treat their fellowship like an award to put on the mantle, but for those of us who want to learn and grow, becoming a fellow is the first step in a bigger journey.
The right fellowship is a golden ticket, giving you access to people, resources, and knowledge with the potential to change your life. Don't treat your application as the endgame. By becoming a fellow, you can get on the fast-track to achieving your goals, but only if you know why you're applying, set a course for what you want to achieve, and then draw on your new network to make that happen.
Any tips for young creatives who might feel intimated by the fellowship application process?
When I applied to my first fellowship, I just wanted to be surrounded by like-minded people. The career advantages are great, but the networking and inspiration I get from other filmmakers has always been the most valuable part of the experience.
The application process is rigorous, but that doesn't mean it has to be joyless. When I review Sundance fellowship applications, the entries that stand out are those don't follow a prescriptive format. The applicants who drafted them saw the process as a creative project and put their heart and soul into getting their unique vision across.
I also need to stress that getting a `` no '' may hurt, but it's never personal. As young creatives, we're still coming to terms with the rejection that's inherent to creative industries. `` No '' doesn't mean you're not an artist or that your talent isn't real. It simply means the moment's not right, so onto the next one.
With so many creators working alone at home during the pandemic, how do you stay connected to other fellows?
As artists, we often find ourselves on a lonely journey, and that goes double when you're just getting started. Bonding with fellow creatives can make you feel less alone. For instance, the Indigenous artists I 've met through Sundance meet regularly to help, mentor, and support each other in both life and work, even if we have to do that virtually these days.
The COVID-19 pandemic hasn't made things easy, but I still connect with other fellows over video as often as I can. It's not the same as meeting in person, which I hope to do again soon, but I always leave the discussions reminded that I have an incredible network that will always have my back.
Finally, what would you say to a young creative that's on the fence about applying for a fellowship?
Image via ©2019 Sundance Institute | Photo by Austin Madrid.
Every person should choose their own path, and I can only speak from my own experience with fellowships, which has been overwhelmingly positive.
There's so much to be gained from exposing yourself to smart, experienced people who understand where you're coming from as a young creative. Combine that with rare access to geniuses at the top of your industry and relationships with fellow artists around the world, and the opportunities for growth and learning are endless.
Do you need a fellowship to succeed? Of course not. But the skills, exposure, and knowledge I 've gained by collaborating with people I admire has been a major boost to my confidence and my career as a filmmaker.
Ready to apply?
Adobe and the Sundance Institute are back at it. We're looking for 10 emerging filmmakers, ages 18-25, to become our 2022 Sundance Ignite x Adobe Fellows. As part of your application, you 'll get the opportunity to submit a 15-minute short that shows off your unique voice and vision, and the passion you apply to your craft. Submit your film by March 23.
Check out the links below for more details and links to help with your application:
https: //blog.adobe.com/en/publish/2022/01/19/celebrating-and-empowering-everyone-with-a-story-to-tell-2022-sundance-film-festival
https: //blog.adobe.com/en/publish/2021/12/14/put-more-character-into-your-video-content-new-tools-for-titles-graphics-animation
https: //blog.adobe.com/en/publish/2022/01/24/get-my-film-in-sundance
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Adobe Inc. 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 22:20:09 UTC. | business |
Africa has plenty of covid doses, but it lags in jabs | IT IS LITTLE over a year since the first doses of life-saving vaccines were delivered to Africa under the Covid-19 vaccines Global Access Facility ( COVAX), a scheme aimed at helping poorer countries get inoculated. Yet what should have been a celebration of the region’ s fastest-ever vaccine rollout—with 400m doses jabbed into waiting arms—was instead marred by disappointment at how much more could have been achieved.
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As of March 15th, no less than 57% of world’ s population has been fully vaccinated against covid. Yet in Africa that share falls to 13%, according to Africa CDC, the continent’ s main public-health body. A year ago many African countries rightly complained that they had been pushed to the back of the queue as richer countries bought up most of the world’ s vaccines and producing countries banned exports.
Now supplies are no longer a constraint. In January COVAX had 436m doses to allocate, but received requests for just 100m doses, the first time that supply has outstripped demand. It has also stepped up its deliveries. According to the World Health Organisation ( WHO), the number of doses shipped every month to Africa doubled between November and January.
Instead of complaining about not getting vaccines, some countries are now protesting that they are being drowned in a deluge of the stuff and are unable to use it all. Last month Africa CDC appealed to donors to stagger the supply of their shots. “ We have not asked them to pause the donations, but to co-ordinate with us so that the new donations arrive in a way so that countries can use them, ” said John Nkengasong, the director of Africa CDC.
Increased deliveries are exposing logistical defects in distribution within countries, while weak health-care systems have been unable to jab doses into arms as fast as they get them. Across Africa as a whole just 62% of delivered vaccines have been administered and 29 countries have used less than half of their supplies, says the WHO. Among the worst laggards are the Democratic Republic of Congo, which has used 15% of its consignments and jabbed less than 2% of its eligible population, and Burundi, which has used less than 2%.
Also hidden in the averages are big gaps in vaccination rates between cities and the countryside. Although continent-wide data are not available, Githinji Gitahi, the chief executive officer of Amref Health Africa, an NGO, says this trend is clear across many countries, including Ghana, Kenya, Rwanda and Tanzania. In Kenya 51% of adults in Nairobi, the capital, had been fully vaccinated by March 16th. But in Mandera county, a poor semi-arid region next to the border with Somalia, only 10% had been fully jabbed.
Part of the reason is logistical. Freezers for storing vaccines are in short supply. But this should be surmountable. Take Uganda. By November just 14% of its eligible population had received their first dose. But in a push supported by donors including the American government, it bumped that rate up to 47% in just six weeks. In Ivory Coast, where many people were nervous about the jab, the government bumped up the vaccination rate from 22% to 36% in the month of December by running radio campaigns to allay people’ s fears. These speedy successes suggest that in many places the biggest shortage is not of freezers or nurses, but of zeal on the part of the authorities to go out and get injecting. ■
All our stories relating to the pandemic can be found on our coronavirus hub. You can also find trackers showing the global roll-out of vaccines, excess deaths by country and the virus’ s spread across Europe.
Published since September 1843 to take part in “ a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress. ”
Copyright © The Economist Newspaper Limited 2022. All rights reserved. | business |
Opinion: The Fed can't afford to move too slowly on interest rates | Especially after Russia's invasion of Ukraine and the renewed Covid outbreak in China, the Fed's timidity with interest rate increases likely means that we will have to learn to live with a prolonged period of high inflation. It also means that we should brace ourselves for a nasty economic recession when the Fed is eventually forced to raise interest rates more aggressively to get inflation under control.
Even before Russia's Ukraine invasion and China's new Covid outbreak, the US economy was dealing with an inflationary and financial market mess. Last year, the Fed kept interest rates too low for too long and allowed the broad money supply to increase at a rapid pace. It did so at a time when the economy was already recovering strongly and had received a historic $ 2 trillion in stimulus. It also continued to buy large amounts of Treasury bonds and mortgage-backed securities at the same time US equity valuations and housing prices were skyrocketing.
As bad as inflation has been, though, Putin's invasion of Ukraine will surely propel it even higher, given that Russia is a major world supplier of energy, grains and metals. After the invasion began in February, international oil prices spiked to more than $ 130 a barrel, causing gasoline prices to reach more than $ 4.30 a gallon. ( Oil prices have since dropped below $ 100 a barrel.) Prices for wheat and key industrial metals have also increased at a very rapid rate. And China's Covid-related lockdown of a number of major cities could also further boost inflation by continuing to disrupt the global supply chain.
By heightening geopolitical uncertainty, the Russian invasion appears to have taken some of the air out of the Fed's equity market bubble. Since the start of the year, the S & P 500 and the Nasdaq are down by around 11% and 18%, respectively. At the same time, interest rates on risky loans have been increasing and financial market volatility has risen.
It is against this unpalatable backdrop of excessively high inflation and deflating equity and credit market bubbles that the Fed must carefully weigh its next steps. Its decisions moving forward will have a very large bearing on the economy's direction for the remainder of the year. If it raises interest rates too aggressively, it might succeed in taming inflation, but it would be doing so at the risk of bursting the asset price and credit market bubbles. That, in turn, could precipitate an economic recession by wiping out household wealth and by causing strains in the financial system.
But if the Fed opts for a path of policy moderation, we could see a prolonged period of high inflation coupled with a sluggish economy, or stagflation. Worse yet, we should brace ourselves for a deep economic recession down the road when the Fed is eventually forced to slam on the monetary policy brakes to prevent inflation from spinning out of control. | business |
Omicron is changing China’ s covid strategy | FOR MOST of the covid-19 pandemic, a bargain based on tough love has bonded China’ s rulers and people. Leaders have imposed tight controls on an unlucky minority—meaning anyone hapless enough to cross paths or live near someone with covid, or even to be a close contact of these close contacts. Such unfortunates face being quarantined for days or weeks. Right now mainland China is enduring its first big outbreak of the Omicron variant, and the ranks of the unlucky have grown rapidly. At least 40m people are under some form of lockdown, including an entire province, Jilin. The southern metropolis of Shenzhen confined most residents to their homes except for trips to buy food, though it prefers the term “ life on pause ” to “ lockdown ”. Some border cities have spent months cut off from the rest of China.
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In return for those sacrifices by the unlucky, a majority of China’ s 1.4bn people have spent most of the pandemic leading relatively normal lives. As a result, it is common to hear ordinary folk praise strict covid controls. Even now, reported case numbers remain low by global standards, with about 3,000 new infections detected nationwide on March 15th, compared with 26,000 found on the same day in America. Keeping China mostly covid-free has cost residents a good deal of privacy. Those with smartphones must scan QR codes to enter public buildings or catch a taxi, train or domestic flight. The simplest walk in the park is logged by movement-tracking public-health apps installed on those same phones. The costs also include isolation from the world, for China has all but closed its borders for nearly two years.
Still, Chinese leaders are not shy about proclaiming this strategy, which they call their “ dynamic zero-covid ” policy, an act of love. They say it is proof that the Communist Party cares for all its people. They contrast China with countries such as America that have chosen to “ live with covid ” in the name of individual liberties, amid horrifying numbers of deaths. The party’ s love has a paternalist edge. Because officials risk the sack for cases found on their watch, they compete to invent ever-stricter rules. Like overprotective parents, authorities have treated suspected cases as medical emergencies. Anyone who develops a fever, for any reason, is meant to head to a fever clinic for hours of covid-detecting nasal swabs, chest scans and blood tests.
With the party’ s governing legitimacy bound up with keeping China covid-free and death numbers very low, leaders have to date rejected suggestions that they will have to change course, especially if that advice comes from foreigners. After inspecting pop-up quarantine clinics in Jilin, Sun Chunlan, a deputy prime minister, told officials to grit their teeth and “ win the battle of epidemic prevention, control and eradication ”. For all the defiant talk, there are signs that the authorities are ready to adjust their methods. Success in this endeavour comes with preconditions. Most important, to avoid a political crisis at home China will have to avoid the high death rates currently seen in its semi-autonomous territory of Hong Kong. The virus has exacted a grim toll on the city’ s unvaccinated old people, a category that is also dangerously large in the mainland. Even if China can avoid mass fatalities, the whole population is going to experience the pandemic differently. If China’ s covid bargain is to survive the Omicron strain, the public will have to accept a version that feels more tough and less loving.
Many Chinese are strikingly frightened of catching covid, after so many months of reports about pandemic deaths in the selfish, decadent West. The disease carries a stigma that extends beyond its impact on health. People who test positive know that many neighbours and work colleagues, and perhaps their child’ s schoolmates, too, will be quarantined on their account.
Yet Omicron spreads so fast that tracking systems are flagging too many close contacts to fit into hospitals. New guidelines from the National Health Commission duly state that patients with mild symptoms will be monitored in isolation sites, rather than in clinics or hospitals. In the name of treatment rather than prevention, China has approved an antiviral medicine, Paxlovid, made by an American firm, Pfizer. Netizens have responded with panic, tinged with nationalism. An alarmist blog post by a student at Jilin Agricultural Science and Technology University declared that youngsters were “ waiting to die ” after being told to quarantine together amid a covid scare. It was viewed hundreds of millions of times. Reports of Paxlovid’ s approval drew angry comments about its foreign origins, such as one asking: “ 900,000 Americans died from covid, is this medicine any good? ”
Officials are not becoming less strict. During recent lockdowns, some people faced quarantine for receiving a package sent from a city with cases, for instance. But officials are sounding less tolerant of some fears. Health chiefs have called for greater efforts to get the elderly vaccinated, noting that two-thirds of Chinese with severe covid are aged over 60, and two-thirds of those sick mature folk have not had jabs. Anti-Western propaganda does not help: official media have repeatedly cast doubt on the safety of m RNA shots used abroad. To date only Chinese-made vaccines have been approved in the country. Although they offer decent protection against severe disease and death, they do not prevent infection—and thus do little to stop the virus spreading.
Public fear has suited officials, helping to drive compliance with disruptive controls. Omicron poses a new test, being more contagious but less lethal than earlier variants. If authorities are not ready to open the country, they will need millions of Chinese to feel safe if told to isolate while mildly ill but not in a hospital. To achieve an exit strategy one day, they will need the public to trust potent, imported treatments. After shamefully concealing the start of this pandemic, Chinese officials acted like stern parents for two years. Now, they need to treat their people like adults. ■
All our stories relating to the pandemic can be found on our coronavirus hub. You can also find trackers showing the global roll-out of vaccines, excess deaths by country and the virus’ s spread across Europe.
Published since September 1843 to take part in “ a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress. ”
Copyright © The Economist Newspaper Limited 2022. All rights reserved. | business |
Does Rishi Sunak have the stomach for what he must swallow? | IN “ THE WIRE ”, a crime drama, a former mayor of Baltimore explains the realities of political office to his successor. “ The first day I became mayor, they sit me down at the desk—big chair, dark wood, lots of beautiful things—I’ m thinking: how much better can it get? ” In walks a flunkie carrying a silver bowl. “ ‘ What the hell is this?’ I said. ‘ It looks like shit. What do you want me to do with it?’ He says, ‘ Eat it.’ ” At that point more bowls arrive, a constant flow of immaculately presented excrement. “ That’ s what it is. You’ re sitting eating shit all day long. Day after day, year after year. ”
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No British politician has a more revolting menu in front of him than Rishi Sunak, the chancellor. Ahead of a spring statement on March 23rd, silver platters are coming fast and their contents are foul. Inflation is near 6% and may hit 10% later this year. Energy bills are likely to cost British households £38bn ( $ 45bn) extra over the next 12 months, or the equivalent of raising the marginal rate of income tax by six percentage points. A 2.5-percentage-point rise in national insurance, a payroll tax, split between employees and employers, will kick in from April. The price of diesel may reach £3 per litre by the end of 2022. Voters are already upset, yet worse is to come. Bowls are stacking up on the chancellor’ s desk.
The experience is new to Mr Sunak, whose political rise has been smooth and speedy. After attending Winchester, a fancy private school, and then Oxford University, he embarked on a career in finance, in which he made pots of money ( before marrying the daughter of a billionaire). When he entered politics in 2015, aged 34, he was given the constituency of Richmond in North Yorkshire, which contains two national parks, a direct train to London and the country’ s biggest Conservative majority. He was appointed chancellor less than five years after becoming an MP, in February 2020, just before Britain’ s first lockdown.
Compared with the current crisis, covid-19 was politically simple for the chancellor. Almost all economists argued that the government had to spend, and almost all politicians agreed. The temporary nature of a pandemic meant the Treasury could pump cash into the economy, with the state’ s balance-sheet bearing the brunt, as during wartime. It was most voters’ first sight of Mr Sunak, who came across as a slick finance guy, even as the prime minister, Boris Johnson, resembled a clown delivering a eulogy. A quick way to make voters like you is to give them £400bn. And Mr Sunak duly became Britain’ s most popular politician.
This time, his options are less palatable. Rocketing energy prices and inflation constitute a once-in-a-generation crisis hitting after a once-in-a-century crisis. The Treasury is jittery about whether the national balance-sheet can take more damage. There is no unanimity on what to do. Advice pours in, calling on Mr Sunak to delay tax rises or increase benefits or slash tax on fuel, or perhaps all of the above. Each would leave a nasty taste. Scrapping the rise in national insurance would make him look inconsistent and weak. Cutting fuel duty would be popular but difficult to reverse, slaughtering a government cash cow. It would also increase demand for oil, precisely when geopolitics requires the opposite. As for raising benefits, Conservatives dislike nothing so much.
Swallowing the inedible is easier if there is a reason. Those chancellors who reshaped Britain from 11 Downing Street all had a clear vision. When they did unappetising things, such as slashing spending in the case of George Osborne, or holding fast to inherited Conservative spending plans, as Gordon Brown did for New Labour, it was with a sense of purpose. In a recent lecture Mr Sunak offered a competent diagnosis of Britain’ s economic ills: businesses invest too little, workers lack skills and new technologies should be more flexibly regulated. But he had less to say about how to fix these long-standing problems. It was a plea for fewer bowls, rather than a plan for disposing of them.
Grumbles about Mr Sunak’ s political naivety are common among Conservative MPs and advisers. The issue, however, is not that the 41-year-old is relatively young for a chancellor. Mr Osborne was around the same age when he became chancellor in 2010, but he had been in politics for 16 years, working through the embers of Sir John Major’ s government in the 1990s, New Labour hegemony in the 2000s and the financial crisis. Although fresh-faced, he was battle-scarred. By contrast, Mr Sunak was still a junior minister for local government in the summer of 2019.
Criticism of Mr Sunak’ s political nous is overdone. Increasing national insurance, which is paid by people of working age, to fund health and social care, which are mainly required by the retired, is the closest a Conservative chancellor can come to taxing Labour voters for the benefit of Tory ones. ( Labour won a plurality of working-age voters in the most recent general election; the Conservatives won a big majority of the over-60s and two-thirds of the over-70s.) Likewise, freezing income-tax allowances is about the most politically astute stealth tax imaginable. High inflation coupled with rigid allowances lets extra cash pour into government coffers, without budging the headline rate of tax. Betting markets still put Mr Sunak as favourite to succeed Mr Johnson as prime minister. For someone who is “ crap at politics ”, as one Labour aide puts it, he is remarkably successful.
Yet the things that made Mr Sunak popular—in particular, spending lots of money—are the things that the chancellor professes to dislike. He has consistently called for lower taxes and a smaller state, even while raising taxes and spending more. Memories of the state’ s largesse during the pandemic have faded. Instead, anger is growing at the government’ s miserliness when it comes to the rocketing energy bills. For many Britons, Mr Sunak will become the face of economic misery. For Mr Johnson, an expert in allowing other people to take the blame, this is no bad thing. For Mr Sunak, it will be hard to swallow. ■
Published since September 1843 to take part in “ a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress. ”
Copyright © The Economist Newspaper Limited 2022. All rights reserved. | business |
Tunisia bans sex work, endangering sex workers | STATE-LICENSED prostitution in Tunisia dates back at least as far as the Ottoman conquest nearly half a millennium ago—and has persisted to the present day. In 2011 at least 300 sex workers were operating legally under the government’ s auspices. Almost every big city had a licensed brothel, regulated by the interior ministry’ s bureau of morals. Prostitutes could be registered as fonctionnaires—civil servants. The system, however, is being phased out—much to the detriment of the prostitutes.
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The first setback was the overthrow of the authoritarian but largely secular government in 2011, since it empowered Islamists with puritanical attitudes. Most brothels were forced to close. Only two well-known ones are thought to have survived the Islamist purge: one in the city of Sfax, the other in Sidi Abdallah Guech, the red-light district of Tunis, the capital.
The sex business was buffeted even more fiercely in 2020 when a wholesale lockdown in the face of covid-19 meant that the remaining brothels had to close. Women who worked in them were forced to ply their trade illicitly, in public parks and hotels. They often became prey to exploitation, extortion and violence at the hands of police, pimps and criminals.
“ There were reasons why we preferred working with the government, ” says a prostitute from Sfax. Even if the pay was less generous in a licensed brothel, where the going rate was 10.5 Tunisian dinars ( $ 3.60) per client, it was preferable to the 30 dinars you might make on your own, because it was safer. “ At least in the brothel I had police protection. They could control the clients and make sure they used condoms, ” she says.
With state oversight unclear, many Tunisian prostitutes now rely on voluntary associations to safeguard their health and welfare. “ Rapes and attacks against women have risen since the brothels closed, ” says Bouthayna Aoussaoui, who runs an organisation that helps the women. In 2018 a survey found that around 6% of Tunisia’ s sex workers had HIV. By last year, after the brothels had closed, the figure had risen to 11%, she says. The puritans, predictably enough, had merely made matters worse.
Published since September 1843 to take part in “ a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress. ”
Copyright © The Economist Newspaper Limited 2022. All rights reserved. | business |
Covid-19 jabs are making other inoculations less contentious | NATSUME AKI had a promising career as a J-pop star. By the time she turned 23, in 2014, she had become the poster girl of a trendy new anime. Yet as her fame grew, so did a tumour inside her womb. A cervical-cancer diagnosis knocked her off stage and plunged her into despair. She lost her fertility. “ It’ s not like I was already thinking of having kids at the time, but the fact that I no longer had a choice crushed me, ” Ms Natsume says.
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Similar misfortune befalls many Japanese women, mostly in their late 20s to 30s. Every year some 10,000 contract cervical cancer, and 3,000 die from it. Many survivors suffer infertility and other complications, such as early menopause. Yet all of this is avoidable. The human papillomavirus ( HPV) vaccine, first approved by America’ s Food and Drug Administration in 2006, makes cervical cancer preventable. It is widely used in the rich world. Australia, where inoculation rates are 80%, may eliminate the disease as a public-health burden by 2035.
In Japan, however, few women have had the jab. The government approved the vaccine in 2009. In 2013 it included it in its routine immunisation programme, making it free for girls aged 12-16. But just a few months after that, spurious allegations of side-effects such as paralysis and seizures led the government to drop its recommendation. Vaccination rates plummeted from some 70% of the target age-group to less than 1%. A study by Hokkaido University reckons this will cause 5,000 additional deaths among women born between 1994 and 2007. “ It’ s a public-health tragedy, ” says Michael Reich of Harvard University.
Ms Natsume became a vocal proponent of vaccination. In 2019 she decided to enter politics herself as an assemblywoman in Arakawa, a district in Tokyo. Mihara Junko, a former deputy health minister who became a politician in 2010 after surviving cervical cancer and a hysterectomy, served as a role model. Arakawa’ s local government sent out brochures about the vaccine and held seminars and events. Such efforts helped: a survey suggested uptake of the vaccine rose from under 2% of eligible girls in 2018 to over 25% two years later. Ms Mihara persuaded more local authorities to inform residents about the vaccine. Some 60% of municipalities sent out notices.
Yet the national government still refrained from recommending the vaccine. Japan has among the highest rates of vaccine scepticism in the world. Surveys from 2015-19 reported by the Lancet, a medical journal, found that only 9% of Japanese believed vaccines were safe, and just 15% thought them effective. But, confounding the fears of many public-health experts, Japan has embraced the covid-19 jab: 80% of the adult population is fully vaccinated.
As inoculations became routine, resistance to the HPV vaccine also weakened. That has nudged the national government to change its stance. Lawmakers could “ no longer uphold their claim ” about the vaccine’ s dangers, says Jimi Hanako, an upper-house member from the ruling Liberal Democratic Party, who has pushed for the health ministry to resume recommending the vaccine. It will do so from April.
The policy reversal highlights an awkward truth. “ It was always about politics, not science, ” says Shibuya Kenji, an epidemiologist at the Tokyo Foundation for Policy Research, a think-tank. Sensational media reports focused on teenage girls’ suffering. Patriarchal attitudes warped discussion. Since HPV is transmitted sexually, conservative politicians said protection was unnecessary—women should be reserving themselves for marriage. A handful of political heavyweights sided with the vaccine’ s alleged victims, so policymakers shied away from the topic.
All municipalities will now have to send out notices to target households. Older women who missed out during the period when the vaccine was not officially recommended will get free jabs. Yet advocates reckon that a more forceful public-information campaign is needed to restore inoculation levels to what they were. Vaccination requires parental consent in Japan, and a survey in 2021 revealed that only 13% of parents are willing to get their daughters inoculated. Many hurdles remain, but, as Ms Natsume puts it, “ All we can do is continue raising our voices. ” ■
All our stories relating to the pandemic can be found on our coronavirus hub. You can also find trackers showing the global roll-out of vaccines, excess deaths by country and the virus’ s spread across Europe.
A judge called Najib Razak a “ national embarrassment ”. Voters seem not to mind
A judge called Najib Razak a “ national embarrassment ”. Voters seem not to mind
Published since September 1843 to take part in “ a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress. ”
Copyright © The Economist Newspaper Limited 2022. All rights reserved. | business |
Elaine Loughlin: Is Micheál Martin the unluckiest Taoiseach ever? | President Joe Biden meets virtually with Taoiseach Micheál Martin in the Oval Office of the White House. Picture: Patrick Semansky/AP/Shutterstock
Having been thrown in at the deep end of a global pandemic, war in Europe and spiralling inflation, Micheál Martin will go down as possibly the unluckiest Taoiseach in history, and that was before Covid robbed him of the honour of St Patrick's Day in the Oval Office.
Tuesday was one of those balmy golden evenings in Washington and Taoiseach Micheál Martin was finally feeling the glow.
Out on the lawn of the Irish ambassador's residence, he mingled with Irish-American representatives, diplomats and dignitaries and had a conversation with the Ukrainian ambassador to the US Oksana Makarova on the terrace.
After two years of restrictions, lockdowns, missed opportunities and difficult decisions, it felt like Mr Martin was finally getting to do what a Taoiseach should do.
His wife Mary, who was denied the opportunity to share in the momentous occasion of being by his side when he was elected Taoiseach in 2020, smiled on with pride as he addressed the crowd.
Unveiling a sculpture of John Hume in the leafy garden of the residence, Mr Martin told those in attendance: “ John's work is as vital as ever, perhaps, above all, it teaches us the importance of patience and persistence in the search for political agreement. ”
After more than three decades toiling at local and national level, in government and for long periods on the opposition benches, patience and persistence are two skills that Mr Martin has honed and mastered.
But that patience can only have been tested to the max when word of his positive Covid result came through in dramatic fashion on Wednesday evening, just hours before he was due to met President Joe Biden in the White House.
Having missed out on the St Patrick's Day visit last year because of the pandemic, it was evident Mr Martin was looking forward to sitting down in the world's most famous office with the leader of the United States.
`` Meeting President Biden is not about getting anything out of it in one sense, because it's going to be first of all a pleasant meeting of one Irishman with another Irishman, '' Mr Martin told the contingent of Irish reporters who had travelled to Washington to cover his programme of events.
The American trip came off the back of four manic days of engagements for the Taoiseach, who had travelled to Versailles for a meeting of EU leaders the previous Thursday, before flying to London for a weekend of festivities which included attending the Six Nations rugby match with British prime minister Boris Johnson and walking in the St Patrick's Day parade.
While clearly at ease in speaking to the 70 or so invited guests at the Hume event, he noted privately he had been taken aback by the fact there had been absolutely no restrictions in the UK and the public were going about their business as if Covid had never existed.
After missing out on the many little perks and privileges that come with the office of An Taoiseach, the Washington trip was finally a chance to share and celebrate his political achievement with his family.
Included in this was having his son Micheál Aodh and his girlfriend by his side at a showing of Riverdance in the Kennedy Centre on Tuesday night.
It was in stark contrast to the image of Martin eating a chickpea salad with a boiled egg as he watched Micheál Aodh tog out for Cork during Covid — not from the Páirc Uí Chaoimh stands, but alone from Government Buildings.
Wednesday got off to a bad start when it was announced that US vice-president Kamala Harris’ s husband Douglas Emhoff had tested positive for Covid-19, meaning the set-piece breakfast in the Naval Observatory would not go ahead the following day.
But the Taoiseach got on with his day and remained upbeat.
When asked about rising Covid cases at home, Mr Martin expressed some concern but stressed the current variant was not having a significant impact on ICU numbers.
`` The good news is that vaccines are still very effective in terms of preventing serious illness, '' he added.
That day, he gave a key address at the US Chamber of Commerce, spoke to Ukrainian president Volodymyr Zelenskyy over the phone and presented Stripe founders and brothers John and Patrick Collison with the Science Foundation of Ireland St Patrick’ s Day medal.
The strict protocols meant that all those due to be in the Oval Office on Thursday, including Mr Martin, underwent antigen testing by the White House medical team, before the entourage headed for the $ 1,000-a-head Ireland Funds gala dinner. | general |
Has Silicon Valley lost its monopoly over global tech? | SILICON VALLEY feels like a college reunion these days. As covid-19 restrictions are lifted across America, tech-bros ( and the occasional tech-gal) who have not met in person in ages are high-fiving each other all over the place. Firms from Alphabet to Zynga are urging workers back to the office. Venture capitalists are flocking back from second homes by Lake Tahoe or ranches in Wyoming. Foreigners, who during the pandemic became a rarer sight in San Francisco than unicorns, can again be spotted south of Market Street, a popular pasture for startups valued at $ 1bn or more.
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The people look the same. Yet the place feels different. Your guest columnist, who is heading to Berlin after spending a total of 12 years, including all of the pandemic, in San Francisco over the past three decades, suspects that many returnees will feel like strangers in a strange land. Not because everyone seems suddenly obsessed with the decentralised “ web3 ” ( which they are) or because the valley has peaked ( which it hasn’ t). Silicon Valley has changed, and not just as a result of the pandemic.
When this stand-in Schumpeter moved there in the mid-1990s, even some top venture capitalists drove lumbering clunkers. Now a zippy Tesla is de rigueur ( with a Ferrari often sitting in the garage). Similarly, the hub’ s business metabolism, which few places could match to begin with, has sped up. In the pandemic job-hopping became even more rampant and rapid. Many firms offer six-figure cash bonuses and pay rises of 25% to retain talent. Promising startups can raise money in days rather than weeks. Last year more than 17,000 venture-capital ( VC) deals were cut in America, 40% more than in 2020, according to PitchBook, a data provider.
All that money pouring into a limited number of deals helped raise late-stage startups’ median valuation to $ 115m in 2021, nearly double the level in 2020. Outside investors, including hedge funds such as Tiger Global and Coatue Management that used to invest mainly in public markets, have piled in. These newcomers bring a new philosophy, in which a firm’ s performance and its fit in the overall portfolio trump conventional VC considerations such as knowing the founder or understanding the industry.
Valuations may already have suffered as a result of rising interest rates. But the cash will not disappear. Non-traditional investors, from private-equity firms to family offices, keep coming. And money isn’ t the only accelerant. Tech itself has chivvied things along, too. Zoom makes it easier for people to interview for a new job and for entrepreneurs to pitch to potential investors. In the words of Mike Volpi of Index Ventures, a VC firm, “ This has created a much more efficient market. ”
It has also created a much more global one. In the late 1990s Silicon Valley’ s startup uniform of washed-out T-shirt, shorts and hairy legs was ( thankfully) confined to the Bay Area. Today’ s less off-putting Silicon Valley look—untucked shirt, khaki trousers, white trainers—is the fashion choice of founders everywhere. Less sartorially, whereas as a few years ago a base in the valley was still a must for ambitious entrepreneurs, engineers and investors, now they no longer have to be physically present to get access to capital, talent and know-how. Established tech firms, too, are expanding their geographical footprint. Many are building offices in such places as Austin and New York. A few, including Hewlett Packard Enterprise and Oracle, have relocated their headquarters to Texas. The Brookings Institution, a think-tank, recently estimated that 31% of tech jobs are now offered in “ superstar metro areas ” such as Silicon Valley, down from 36% before the pandemic.
VCs, for their part, have learned they do not need to drive to a startup or smell the founder to make a lucrative deal. Sequoia, a VC stalwart, no longer requires live in-person pitches from entrepreneurs and is perfectly happy with pre-recorded video presentations. More of Sequoia’ s fellow VCs on Sand Hill Road, the historic centre of VC-dom in Palo Alto, are eyeing Europe. Venture investments across the Atlantic have shot up from less than $ 40bn in 2019 to more than $ 93bn last year—pulling nearly equal with Silicon Valley, according to CBInsights, another data provider. Sequoia—king of the Sand Hill, having wrested the crown from Kleiner Perkins, the dotcom-era lord—recently opened offices in London. Other VC firms are planning European outposts. Plenty already have Asian ones.
The Bay Area has lost its “ geographical monopoly ” in tech, sums up Phil Libin, a serial entrepreneur who runs mmhmm, a video-conferencing firm ( whose investors include Sequoia). Mr Libin himself now lives in Bentonville, Arkansas, better known as the home of Walmart than as a tech hub.
Some of this dispersion may slow or even reverse. As covid-19 fades into endemicity, even Zoom-hardened venture capitalists would rather interrogate a startup founder over a bottle of a Napa cabernet than over a video call. They may also become more discerning about where to put their capital now that it is becoming costlier. This could favour nearby startups on which it is easier to keep an eye.
Will all this make Silicon Valley more parochial, and less relevant? Don’ t bet on it. It is true that the next trillion-dollar company may not come from Silicon Valley, the place, as most of the current crop have done. But the odds are that it will emerge from Silicon Valley, the mindset. Its high-octane venture capitalism and, increasingly, its capitalists and capital have infused technology scenes from Stockholm to Shanghai and São Paulo. That may be bad news for landlords in San Francisco, second-rate entrepreneurs in Mountain View and other rent-seekers who took advantage of the Bay Area’ s initial geographical monopoly. For everyone else, be it tech workers south of Market who can at last afford a flat nearby or innovators in Mumbai able to tap Silicon Valley money and expertise, it is a boon. ■
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Published since September 1843 to take part in “ a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress. ”
Copyright © The Economist Newspaper Limited 2022. All rights reserved. | business |
Fashion Has Finally Found its Sense of Humour, and It's No Joke | Designers are doing away with fashion’ s affinity for dour demeanours in favour of comical creations for spring.
For the third look of her Spring 2022 show, Puppets and Puppets creative director Carly Mark sent headwear resembling giant blocks of Emmenthal and Parmesan down the runway, and, no, this was not an early April Fool’ s joke. A proud Midwesterner ( born in Detroit), the designer told Vogue she sought to make “ her own artisanal Green Bay Packers cheesehead. ” But the assortment that followed on the catwalk perhaps warrants more of a tacky tablescape comparison, as models earnestly sported tinsel scarves, fruitpatterned shirts, bags decorated with croissants and dresses accentuated with tea saucers.
While the obvious inclination is to label the designer a fashionable oddball or outlier, this kitschy foray into fromage wasn’ t the strangest thing on the runways; comical couture dominated the spring season. Fashion, it would seem, has a new sense of humour.
For many of Mark’ s campy compadres, this wasn’ t a stretch and led to bigger and bolder creations. Satirical label Moschino took its garments back to kindergarten, with juvenile prints and plush “ lamb ” handbags. Schiaparelli floated umbrella hats and inflatable parkas. Loewe’ s exquisitely eclectic heels took inspiration from birthday candles and bars of soap. And Comme des Garçons did its best Zoolander “ Derelicte ” impression, with couture crafted from trash bags.
For other less-comically-inclined designers, this trend injected new energy and dynamism into their designs. Burberry paired tan trench coats with oversized elf ears. Models at MM6 by Maison Martin Margiela donned literal checkerboards and spiderwebs. Even Givenchy, known for its urban elegance, presented handbags that were part jack-o’ -lantern, part basketball.
Most surprising was the emergence of a new supermodel family: the Simpsons. Thanks to creative director Demna Gvasalia of Balenciaga, Springfield took over Paris Fashion Week. The result was a highly entertaining series of misadventures as the world’ s favourite cartoon family goofed their way through French couture. Highlights included Marge in a green pagoda-shouldered gown getting stuck in a doorway, Homer nearly fainting after seeing the whopping price tag of a “ Balenciagaga ” creation, Sideshow Bob’ s futile attempt to fit his clown feet into the brand’ s Speed sneakers and an animated yet still sombre Anna Wintour.
This wink at fashion’ s affinity for dour demeanours is fitting, considering the industry’ s comically deficient reputation. Hayley Elsaesser — a Toronto-based designer renowned for her playful patterns and cheeky aesthetic — even went so far as to cite this perception in her brand’ s origin story. “ Growing up, I was always a practical joker and loved wearing crazy outfits, ” she says over the phone. “ But when I started studying fashion in university, I realized that the industry feels the need to portray this very specific serious image. So I was like, ‘ F that! I’ m going to be the antithesis and just have fun and do what I want.’ ”
“ When you laugh heartily, you can relax and forget the moment you’ re in. It’ s an escape. ”
Barbara Atkin, a global trend forecaster and lifestyle branding consultant, says that this reputation originates from the days before social media, when the small group of editors and buyers who attended the shows were tasked with dictating what “ everyone was going to wear for that season. ” She particularly emphasizes the amount of responsibility and bottom-line revenue involved. “ I mean, it’ s a giant industry, so when that much money is at stake, it becomes serious business, ” she says via video chat. She also debunks the myth that humour and fashion are mutually exclusive, despite the economics. “ There have always been moments of levity, ” she adds. Case in point: Elsa Schiaparelli’ s lobster dress — made famous by Mrs. Wallis Simpson, Duchess of Windsor — which was created in 1937 during the Great Depression. Jonathan Walford, co-founder and curatorial director of the Fashion History Museum in Cambridge, Ont., explains that when Schiaparelli began her ascent up the style ladder, her aesthetic was initially quite architectural. It wasn’ t until the latter half of the era that satire started playing such a pivotal role in her work. “ Somewhere in the mid-’ 30s, Elsa lightened up and began experimenting with prints and surrealism — she seemed to be having more fun, ” he reveals.
Historically, adds Walford, periods of great distress can often lead to times of great jocularity. ( Think the Roaring Twenties after World War I and the Swinging Sixties after World War II.) Of course, when life gets tough, joy can easily get lost and the fight to remain optimistic can feel endless. So when the proverbial black cloud is lifted, society has a communal desire to make up for lost time and lost happiness. “ Fashion is a reflection of the moment; it’ s a mirror of what’ s going on, ” notes Atkin. “ It’ s a cliché, but it’ s true: Laughter is the best medicine. And when you laugh heartily, you can relax and forget the moment you’ re in. It’ s an escape. ”
Such is what’ s happening now. Given the state of the world over the past two years, even writing the word “ fun ” feels slightly rebellious. But shoppers and designers alike have seemingly gained a new appreciation for comedy, prompting many to embrace more colour, whimsy and ( now) wit in their wardrobes.
“ We used to be filled with fear and isolation, ” says Atkin. “ I think COVID-19 was the last straw — it opened up the gates where everyone said ‘ Let’ s stop being so serious.’ I mean, we still have a lot of serious things to do — designers aren’ t neglecting that — but let’ s find some time to laugh together. ”
Elsaesser also points to the psychological effect of fashion. “ Clothing has a unique power to affect your mood and make you feel better, ” she says. “ So when you put on something fun and colourful, it puts you in the frame of mind to have a positive, fun day. ”
Humour could even be considered a sustainable tool, directing consumers to shop for more investment pieces. “ I always used to say that if you’ re going to be a good conscious consumer, you have to stop shopping altogether, ” says Atkin. “ But we know this is unrealistic because we are consumers; therefore, we consume. So what are you actually going to buy? Things that you don’ t already own that make you feel good and you’ re going to want to keep forever. When you’ re buying something with a sense of humour, it’ s a work of art. It’ s not disposable; rather, it adds longevity to the garment. ”
Whether comical couture is an environmental strategy or a bid for attention has yet to be seen, but chances are it’ s most likely the latter. Viral social media moments have become fashion’ s most coveted currency, as designers fight for the spotlight among Instagram influencers and TikTok creators. “ It’ s a way to maintain the brand’ s relevancy, ” says Elsaesser. “ Luxury customers are getting older; to stay current, designers have to appeal to younger demographics — it’ s no longer a given that people are going to pay attention to you just because you’ re a big name. ” She points to Burberry’ s use of elf ears as a perfect example of this, which directly played into the “ Cottagecore ” microtrend ( think Anne of Green Gables meets fairy princesses) that consumed TikTok in 2021.
Even if you’ re not an attention seeker, there is beauty in this unapologetically joyful fashion cleanse. The new landscape is all about connecting the dots, online and offline, between pop culture, clothing and communities and the healing power of laughter. Like with sporting a cheesehead at a football game, we’ re all in on the joke.
This article first appeared in FASHION’ s March issue. Find out more here.
2022 St. Joseph Media All Rights Reserved | general |
Country celebrates St Patrick's Day after three-year gap as Covid cases are on the rise again | `` I think the message is to enjoy Patrick's Day and take basic precautions in terms of your own health and in terms of the Covid situation, '' Micheál Martin said.
The country will today enjoy its first full St Patrick's Day celebrations since 2019 with thousands taking to the streets for parades in every town and city.
The Taoiseach has tested positive for Covid just hours before he was due to meet US president Joe Biden in Washington DC.
Ahead of today's celebrations, Micheál Martin expressed concern about rising Covid-19 case numbers but insisted the Government was not considering a re-introduction of restrictions at this point. Some 30,000 new cases have been officially confirmed in only the last two days.
Asked what advice he would give the public over the St Patrick's Day weekend, the Taoiseach said: `` I think the message is to enjoy Patrick's Day but obviously be comfortable in what you're doing and take basic precautions in terms of your own health and in terms of the Covid situation. ''
Mr Martin pointed out that hospitals were coming under `` real pressure '' as they tried to deal with the surge in cases, although he noted that the numbers in intensive care units ( ICUs) were not rising.
He said the situation was being kept under constant review by chief medical officer Tony Holohan and Stephen Donnelly, the health minister, but the Cabinet had not discussed introducing any restrictions.
Also in Washington, Professor Philip Nolan, former head of the National Public Health Emergency Team ( Nphet), said the rise in cases was “ not worrying ”.
He described the situation as an “ exit wave ” and said vaccination continued to protect against serious illness.
“ It is not translating into serious harm. It is not translating into people in intensive care requiring ventilation anything like it did in previous waves, so to a certain extent this is expected, ” he said.
He said before Nphet stood down, its “ strong advice ” was to keep wearing masks in high-risk situations.
Although ICU numbers were not rising, higher case numbers and large numbers of people needing regular care were placing a strain on hospitals, the HSE chief operations officer Anne O'Connor told a briefing.
She expressed particular concern at record-breaking overcrowding at Cork University Hospital ( CUH) and University Hospital Limerick.
`` We have never before seen the level of attendances in sites like Limerick and CUH, '' she said.
“ The numbers coming through the doors are just so high and, when you look at Limerick and other sites, one of the standards they are assessed against is dignity and privacy. ''
It is nigh on impossible in terms of the numbers. | general |
Why Ireland needs its ministers to stroll in the world's 'St Patty's Day ' parade | Taoiseach Micheál Martin poses for a photo with Irish Ambassador Daniel Mulhall, third left, members of Tourism Ireland and cast members of 'Riverdance ' during a reception event at the Kennedy Center in Washington, DC.
Thursday should have been a big day for Micheál Martin, both personally and politically.
It was to be the first time in 12 years that a Fianna Fáil Taoiseach set foot in the Oval Office after Covid cancelled the annual trip to the White House last year - a positive Covid test has robbed Mr Martin of that opportunity and it will have to be another virtual meeting with Joe Biden.
`` Meeting President Biden is not about getting anything out of it in one sense, because it's going to be first of all a pleasant meeting of one Irishman with another Irishman, '' Mr Martin said ahead of the positive Covid test result.
Since touching down in Washington on Monday night Mr Martin has already enjoyed a Riverdance show, met the lads from Stripe, unveiled a bust of John Hume and attended the $ 1,000-a-head Ireland Funds gala dinner.
This year our Taoiseach, Attorney General as well as ministers and ministers of state, are jetting off to destinations across the globe from New Zealand to Colombia, as well as multiple European countries and US states as part of 33 high-level visits abroad.
It is easy to dismiss the annual world tour as a junket where the Guinness flows, the rivers run green and leprechaun hats and clichés come out in force, but other countries must look on with envy as our political representatives get welcomed into rooms which others have to lobby hard to just knock on the door of.
St Patrick's Day provides the Government with an unparalleled opportunity to network and build trade, tourism, economic, educational, agricultural and political links.
Earn their keep
While walking in the local 'Patty's Day parade ' is almost always on the itinerary, our ministers abroad, just like in years gone by, will be expected to earn their keep this year.
`` When the ambassador gets a minister or a minister of state into a country, they work them to the bone because it's an opportunity for them to promote their objectives, '' said independent TD Seán Canney, who served in the previous government.
He travelled to China and Hong Kong in 2017, where hammering out a beef trade deal and lobbying for more airline routes was top of the list of priorities.
`` I spent eight days over there. They were eight long, hard days promoting Ireland in China and Hong Kong. It involved meeting with Irish people who were doing business in China; visiting universities where we have Irish schools and we were promoting student exchanges between China which is very beneficial to our universities, '' he said.
While the trips are gruelling, Mr Canny said it is a huge honour to represent the country abroad and the dividends can be seen after.
`` I had meetings at that time with Department of Agriculture officials and ministers in China in relation to the export of beef to China. About 18 months later, that agreement was put in place. I was part of the overall process. ''
Planning of the St Patrick’ s Day programme begins towards the end of the previous calendar year; experiences from the St Patrick’ s Day programme are shared as missions report back to HQ in the Department of Foreign Affairs immediately after the conclusion of visits.
`` St Patrick’ s Day provides an opportunity to promote Ireland’ s interests overseas, with levels of publicity and media attention unmatched by the national day of any other country, '' a Department of Foreign Affairs spokesperson said. | general |
Lidl goes large on land, sites and partners search | Major mixed use Blarney village development with a proposed Lidl: the plan is under Judicial Review
DEVELOPERS are being wooed by rapidly-expanding retail operator Lidl, indicating the broadening mix of developments they may become part of, or enter into joint agreements on.
They’ ll include extending the number of stores with residential elements especially, linking in with other retailers such as Jysk and Australian pharmacy Chemist Warehouse, along with other amenities, cafes, offices and integrating with social hubs.
The canvas approach to developments may also be of interest to other site and landowners, as the company which marked its 21st ‘ coming of age’ milestone last year, during muted Covid-19 pandemic times laid out plans to invest €550 million in new stores and upgrades.
Some €150 million of that will be in the southern region of 43 stores in five counties served by the sprawling c 300,000 sq ft Charleville Regional Distribution Centre, built in the early to mid 2000s, and which is a nexus for 1,200 regional employees.
And, about €100 million of that sum alone is due to go into Cork city and county, reveals Conor Nagle, Lidl’ s Regional Managing Director, with Cork targeted for c ten new outlets by 2024.
The 40-year old Limerick native’ s comments come as they are about to go to tender for construction of a new €16 million store in Ballincollig. It's a redevelopment of its existing underutilised site at the West City Retail Park, creating a larger store, adjoining café, and joining with other retailers Jysk, Chemist Warehouse and with a unit targeted at an electrical retailer.
Elsewhere, Lidl’ s plans to anchor a major, mixed-use development in a pivotal Blarney village centre location – the old Blarney Park Hotel site controlled by retailer Frieda Hayes and where a mixed-use 16,780 sq m retail and commercial scheme with residential element - is currently under Judicial Review with, it’ s expected, a decision to be made in coming weeks.
Also imminent in the Lidl store roll-out plan is a store in the heart of Douglas village: again, it’ s part of the emerging mixed-use model/scheme, to include eight overhead apartments.
It’ s currently under An Bord Plananala review, and is Lidl’ s second attempt to get into an affluent suburban Douglas location, having had a previous greenfield site rejected. The current anticipated site is located by KFC, McDonalds and the new Aldi which was built on the former Cinema World site.
If granted, the two discount German retailers will be cheek-to-jowl, or, within a trolley-dash of one another, in a Cork suburb as they are in many other locations, such as Cork’ s Wilton. The Bord decision on the Douglas store is considered to be imminent.
Right now Lidl is ahead of Aldi in terms of store location roll-out: it has c 173 stores in the Republic since coming here in 2000, vs Aldi’ s 150 since it arrived a year earlier in 1999: Lidl has 40 additional stores in Northern Ireland, while Aldi does not operate in the North.
Latest Kantar retail market figures show Lidl with a 12.2% share of the Irish grocery market, Aldi has 11.7%, while the jostling continues for the title of biggest retailer between Dunnes, currently at 23% with 114 stores in the Republic and 17 in Northern Ireland, SuperValu at 22% ( with 223 stores here) and Tesco ( 152 stores) at 21.9% market share.
On a recent Irish Examiner visit to and tour of the Charleville Distribution Centre ( disappointingly, there is no enormous ‘ Centre Aisle’ – all the specials for the coming weeks are in anonymous brown boxes and crates) Regional MD Conor Nagle said they were very deliberately targeting Cork developers, with aims to expand sites taking in lease or purchase options, joint developments and more.
These are an evolution from the typical store stand-alone model to date of 1,300 or 1,700 sq m stores on 2/2.5 acre sites with parking: site costs can vary from €600k to €6m, and currently construction inflation which had been in low, single-digit figures, is now showing at 13-14%.
| general |
Alnylam sues Pfizer, Moderna over technology used in COVID vaccines | The world knows Pfizer's and Moderna's COVID-19 shots as `` messenger RNA, '' or mRNA, vaccines, so called for the genetic code they use to train the body against the coronavirus.
But just as critical to their existence and effectiveness is the lipid nanoparticle shell that encapsulates the mRNA, which otherwise would be quickly eroded after injection into the body. Giuseppe Ciaramella, who led Moderna's infectious disease research from 2014 to 2018, even described lipid nanoparticles as the `` unsung hero '' of mRNA vaccines in a 2021 interview with Chemical and Engineering News — a fact Alnylam cited in its lawsuit against Moderna.
Alnylam has a significant interest in lipid nanoparticles as it spent a decade working on them in its quest to develop medicines that use another type of RNA. The company's research was rewarded with nearly two dozen patents on positively charged, biodegradable lipids, including one granted just last month that covers use of that technology for delivery of RNA-based `` active agents. ''
It's this new patent, numbered 11,246,933 or '933, that Alnylam claims Pfizer and Moderna are infringing with the sale of their COVID-19 vaccines. In the two lawsuits, Alnylam claims the lipids Pfizer and Moderna use in their vaccines are covered under the '933 patent.
Alnylam isn't seeking to halt sales, but rather aims to win an infringement judgment and monetary damages, which could be significant given the high sales of both Moderna's and Pfizer's shots.
In at least Moderna's case, Alnylam also cites discussions the two companies had about Moderna licensing Alnylam's lipid nanoparticle technology, which concluded in 2014 without an agreement being reached.
Lipid nanoparticles also are the subject of Arbutus and Genevant's suit against Moderna.
In an emailed statement, Moderna described Alnylam's suit as `` blatant opportunism, '' and said its lipid nanoparticles `` do not resemble Alnylam's LNPs, and any assertion that the Alnylam patent covers. '' The nanoparticles it uses in its COVID-19 vaccine, Moderna said, are built around lipids it designed starting in 2014.
While it's unclear how Alnylam's suits might proceed, court cases can take years to unfold. That may increase the pressure on at least Moderna, according to Dennis Ding, an analyst at Jefferies.
`` [ Moderna ] now needs to prepare and engage on multiple fronts defending its LNP technology in trials that could take multiple years and millions of dollars to fund, and it simply could be more efficient to settle in the near term, '' he wrote in a March 17 note to clients.
Moderna shares fell about 3% Thursday morning, while a broader biotech industry index rose by about 1%.
Note: This story has been updated to include comment from Moderna.
Topics covered: Pharma, biotech, FDA, gene therapy, clinical trials, drug pricing and much more.
Analysts expect that deal engines are ready to start firing again following the recent quiet period. Still, uncertainty remains about how biopharma acquisitions could play out in the coming months.
At an industry conference Monday, a group of venture investors noted changes in how long biotechs are taking to raise money, and a shifting outlook among investors who specialize in shepherding young companies to an IPO.
Topics covered: Pharma, biotech, FDA, gene therapy, clinical trials, drug pricing and much more.
Topics covered: Pharma, biotech, FDA, gene therapy, clinical trials, drug pricing and much more.
Analysts expect that deal engines are ready to start firing again following the recent quiet period. Still, uncertainty remains about how biopharma acquisitions could play out in the coming months.
At an industry conference Monday, a group of venture investors noted changes in how long biotechs are taking to raise money, and a shifting outlook among investors who specialize in shepherding young companies to an IPO.
Topics covered: Pharma, biotech, FDA, gene therapy, clinical trials, drug pricing and much more. | tech |
European Hotel Performance Tumbles Since Ukraine War | Get exclusive stories and unlimited access to Skift.com news
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Cameron Sperance, Skift
March 17th, 2022 at 1:00 PM EDT
It's still only one data point, but Europe's softened hotel performance is a warning signal to major hotel company executives who previously tried to downplay the impact the Ukraine War would have on their European portfolios.
Cameron Sperance
War in Ukraine appears to have finally made an impact on European hotel revenue.
European hotel performance was 27 percent off 2019 levels last week compared to a 13 percent decline the week prior, according to STR data. The 13 percent decline was an improvement from three weeks ago, and analysts at the time were unsure why hotel performance was improving during Russia’ s invasion of Ukraine.
The drag on performance arrived after major hotel companies like Accor, Hilton, Marriott, and IHG announced they would continue operating hotels in Russia but pause plans for future openings, development, and investments there.
“ While one week does not make a trend, we have to think that Russia/Ukraine concerns are a major factor in this deceleration, ” Truist Securities analysts noted in this week’ s report on the 27 percent drop.
The executives at many major hotel companies prior to the recent STR data release noted the Ukraine war had little to no impact on their overall performance in Europe. Marriott CEO Anthony Capuano, while speaking at a JPMorgan conference earlier this month, said the company had yet to see “ material cancellation volume ” into Western Europe.
“ The forward bookings through the spring and summer looks strong, and we expect to see more and more cross border travel, ” Capuano added.
Europe wasn’ t the only market to feel a hotel performance sting last week.
Hotel revenue per available room — the industry’ s key performance metric — was 51 percent below 2019 levels in China last week. That’ s down from being 42 percent off 2019 levels the week prior.
Chinese hotel performance slipped below the U.S. and Europe in recent months as a result of its tough crackdown on newly reported cases with new waves of targeted lockdowns and travel restrictions. But a recent surge of new cases tied to the Omicron variant ushered in a new wave of lockdowns in areas like Shanghai and the northeastern province of Jilin.
The decline in performance is a significant fall for the country that initially led the global hotel industry’ s recovery from the pandemic. China’ s zero-tolerance approach to new surges is attributed to the fact that outbreaks, even if they pale in comparison to the case counts reported in the U.S., could quickly overwhelm the country’ s healthcare system. Leaders were also reportedly concerned by the lower vaccination rate of China’ s more vulnerable, elderly population.
Chinese President Xi Jinping Thursday noted the country should stick to its “ Covid-zero ” strategy but also called for more targeted measures that could reduce the economic impact of such a tough mitigation policy. While details were sparse, that should theoretically be good news for hotels in the region.
The one bright spot for the largest three hotel markets in the world last week came from the U.S., where hotels were only 3 percent down from 2019 levels. But the real boost was in group bookings, according to Truist Securities.
“ Past the headline stats we view decent improvement in midweek travel, especially on Group, ” analysts noted. “ Group occupancy had one of the best weekly occupancy results vs. 2019 since COVID that we can recall. ”
Subscribe to Skift Pro to get unlimited access to stories like these ( $ 30/month) | general |
'How on earth could you rate Suicide Squad 16? ' among complaints to Irish Film Censor | The father of a teenager not allowed to see the movie, Suicide Squad, said “ stupid decisions ” had ruined their night. Photo: PA/Warner Brothers
A ban on a child going to see the Suicide Squad, and one person’ s “ terror and guilt ” about bringing their child to see an unexpectedly violent movie were among the criticisms received by the Irish Film Censor last year.
However, the number of complaints to the Irish Film Classification Office ( IFCO) tumbled last year with cinemas forced to close for long periods due to Covid-19 restrictions. Figures from IFCO reveal that 20 formal complaints were lodged in 2019, but there have been just nine in the period since then.
That included only three last year with one parent writing of how they felt “ irresponsible ” after bringing their 12-year-old son and nine-year-old daughter to see the film ‘ Free Guy’.
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They wrote: “ I went through emotions of terror and guilt at bringing my kids to this movie as constant violence and language unfolded on the screen. ” Eventually, her son turned to her and said: “ Mammy, I don’ t like this movie, it’ s scary and too violent … at that point, I decided, right, let’ s get out of here. ”
The mother went home and again watched the trailer for the film with her husband but said it gave no sense of what was in store in the actual movie.
“ There were no signs from the trailer of the violence and killings and language it contained, ” she said.
“ It was indeed a very stressful experience and I simply ask that you pay particular interest to movies like this in the future and to be extremely careful in selecting their age appropriateness. ”
Suicide Squad
Another family had the opposite complaint after their 13-year-old son was refused entry to the ‘ Suicide Squad’, which was rated 16. | general |
Taoiseach 'feeling good ' but 'disappointed ' to miss Oval Office meeting with Biden | Taoiseach Micheal Martin has tested positive for Covid while in Washington during his visit to America this week END 04/09/2020 Covid-19 Pandemic ( Coronavirus), Ireland. Photo: Sasko Lazarov/Rollingnews.ie
The Taoiseach has spoken of his disappointment at missing out on a meeting in the Oval Office with President Joe Biden after testing positive for Covid-19. | general |
America’ s prison system is becoming more inhumane | THE INMATES at Logan Correctional Centre, a women’ s prison in rural Illinois, have to endure a lot. The kitchens are infested with cockroaches. The ceilings are crumbling. Many of the buildings are full of black mould. The showers and toilets often break down, and the plumbing occasionally backs up, pumping sewage onto the floors. According to Lauren Stumblingbear, a 36-year-old former inmate who was released last July after serving nearly a decade for taking part in an armed robbery, perhaps craziest of all were the raccoons. The critters were living in the housing unit of the prison, she says. “ They would come down through holes in the ceiling. ”
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From March of 2020, however, even the raccoons seemed mild compared with what prisoners had to cope with. When covid-19 arrived, they were confined to their cells. For the first two weeks they could not shower or make phone calls. They could not use the commissary, because it was run by prisoners who were no longer allowed to move around, and had to eat sandwiches brought to their cells. “ We sat there for months just not doing anything, ” says Ms Stumblingbear. Covid ripped through the prison anyway. Two years later, the latest lockdown has only just been lifted.
Conditions in America’ s prisons were terrible even before the pandemic. Like Logan, many have been dilapidated, overcrowded and understaffed for decades. A federal investigation of Alabama prisons in 2019 exposed rape, murder and drug trafficking. Guards not only failed to prevent it but were sometimes implicated.
The pandemic has pushed the system close to collapse. “ Inhumane conditions prevail in prisons and jails in the United States at all levels of government, federal, state and local, ” says Jon Ossoff, a Democratic senator from Georgia, who launched a working group on conditions in federal prisons in February. Even as the virus recedes, chronic staff shortages suggest conditions may not improve much.
According to data from the Department of Justice, in 2018 the number of deaths in state prisons hit the highest level since recording started in 2001. Though illness accounted for the vast majority, homicides and suicides also set records. Preliminary data for 2020 show deaths in state and federal prisons increased by 46% over 2019—unsurprisingly, given how fast covid spread inside. Violence may well have increased too, but it is hard to tell, because state departments of corrections often do not release information about it ( local jails, which are usually reserved for suspects awaiting trial, are even worse). So evidence is patchy. A single jail in St Louis had four riots last year, as prisoners protested about delays to their court hearings.
One silver lining is that fewer people are in prison. Data collated by the Prison Policy Initiative, a think-tank, showed that the total number of people in state and federal prisons fell by around 14% from January 2020 to December 2021, to the lowest level in decades. That does not necessarily mean that the total number of people locked up has fallen by as much, however, since many have ended up serving their sentences in local jails instead, as prison authorities did not want to admit potentially infected people. And though some states promised to release people early to reduce numbers, in reality the entire reduction has come from admitting fewer people in the first place, says John Pfaff, of Fordham University in New York.
Now that the virus is receding, the number of prisoners may rise again, suggests Mr Pfaff, as jury trials resume. Yet many prison officers chose to quit or retire as covid raged. And as wages surge elsewhere, fewer are joining to replace them. Last summer, nearly one-third of positions in federal prisons were vacant.
In September an anonymous guard at Lee Arrendale State prison, a women’ s facility in Georgia, told state representatives that “ on a good day ” there might be as few as six or seven officers to guard 1,200 inmates. Hannah Riley, of the Southern Centre for Human Rights, an advocacy group, reckons 70% of positions in the state are unfilled. ( The Georgia Department of Corrections did not reply to a request for comment.) Georgia is now under investigation from federal authorities, such is the extent of violence inside.
What does this all add up to? Even with the recent decline, America imprisons more people than any other criminal-justice system. Black and Hispanic people are especially likely to be locked up. In 2018 one in 45 black men was in prison ( and more still in jails). Poor conditions are not only egregious human-rights violations. They also make prison less effective. A Department of Justice study from 2018 found that five out of six people released from state prisons were rearrested within nine years. The fact that prisoners are warehoused with limited access to education or mental-health treatment, in a place where drug abuse and gangs are rife, is surely part of the reason.
Worsening conditions are likely to lead to more reoffending. Restrictions on visits mean many prisoners have lost contact with family over the past two years, says Jobi Cates, the founder of Restore Justice, a charity in Illinois which presses for criminal-justice reform. Visits are “ everything for our people ”, she says, but prisons have been slow to bring them back. It is not only family members who have been kept out, but also teachers, therapists and others who help prepare people for release.
Electronic means of keeping in contact got worse, too, because of staff shortages and worries about moving people around. “ They made it to where you can only get one phone call a day, ” says NaJei Webster, who was released from a prison in Illinois in September, and who now works for Ms Cates’ s charity. Prisoners can get access to email through tablet computers, but these cost money—not only for the machine but also per email sent. Sending money to prisoners to pay for these services comes with exorbitant fees, charged by firms such as Global Tel Link and JPay, which saw its revenues spike in 2020.
The tragedy is that falling prison populations ought to be an opportunity to close some of the worst institutions. And state budgets are unusually replete with cash. Mr Ossoff says he has found that improving conditions in prisons ( unlike releasing people) has bipartisan support. With several Republicans, he is pushing for more congressional oversight of prisons. But prison-guard unions are reluctant to accept changes that make their jobs harder, and, thanks to the staff shortages, they are more powerful than ever. It seems more likely that things will get worse. ■
All our stories relating to the pandemic can be found on our coronavirus hub. You can also find trackers showing the global roll-out of vaccines, excess deaths by country and the virus’ s spread across Europe.
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Published since September 1843 to take part in “ a severe contest between intelligence, which presses forward, and an unworthy, timid ignorance obstructing our progress. ”
Copyright © The Economist Newspaper Limited 2022. All rights reserved. | business |
Biden expresses desire to visit Ireland again | Joe Biden, centre, visited Ireland while vice president. Picture: Maxwell’ s Photography/PA
US president Joe Biden said he would love to visit Ireland again, but could not say when he would get to see the country he described as the “ motherland ”.
Taoiseach Micheál Martin said he had reiterated his invite to the US president to visit Ireland.
He made his comments during his trip to Washington to mark the St Patrick’ s Day celebrations.
Mr Martin extended the invitation during a virtual meeting with the president after the Fianna Fáil leader tested positive for Covid-19 on Wednesday evening. | general |
Warby Parker Announces Fourth Quarter and Full Year 2021 Results | 2021 revenue increased 37% to $ 540.8 million
Active customers increased 22% to 2.20 million
Warby Parker Inc. ( NYSE: WRBY) ( the “ Company ”), a direct-to-consumer lifestyle brand focused on vision for all, today announced financial results for the fourth quarter and full year ended December 31, 2021.
“ 2021 was a milestone year for Warby Parker, and one filled with moments that reinforce our commitment to driving scale and creating impact, ” said Co-Founder and Co-CEO Neil Blumenthal. “ Despite the ongoing impacts of the pandemic, our 2021 performance reflects the strength of our brand, our unique value proposition, and the resilience of our highly engaged team as we continue to deliver long-term sustainable growth. As we turn the page to 2022, we’ ve never been more energized by the possibilities in front of us. ”
“ We operate in a large and growing category and are emerging from the pandemic in a position of strength. During 2021, our business grew significantly, expanded profitability, and gained share, ” added Co-Founder and Co-CEO Dave Gilboa. “ From broadening our glasses, contacts, and exam offerings to opening 40 new stores and introducing first-to-market digital tools, this year we look forward to solving more problems, delighting more customers, and creating even more value and impact for our stakeholders. ”
Fourth Quarter and Full Year 2021 Highlights
Fourth Quarter 2021 Financial Results
For the fourth quarter of 2021, compared to the fourth quarter of 2020:
Due to the impact of COVID-19, Warby Parker is making full year 2021 financial comparisons against full years 2020 and 2019. The consolidated statements of operations for the fourth quarter and full year of 2019 are included in the tables at the end of this release for reference.
For the fourth quarter of 2021, compared to the fourth quarter of 2019:
Full Year 2021 Financial Results
For the full year 2021, compared to the full year 2020:
For the full year 2021, compared to the full year 2019:
Balance Sheet Highlights
Warby Parker ended 2021 with $ 256.4 million in cash and cash equivalents.
2022 Outlook
For the full year 2022, Warby Parker expects:
“ While the end of 2021 and the start of 2022 were impacted by Omicron, we are incredibly proud to have delivered another year of robust growth, ” said Chief Financial Officer Steve Miller. “ And as we look ahead to 2022 and beyond, we are focused on executing Warby Parker’ s distinct growth strategies to increase our 1% market share within the growing $ 160 billion eyewear market. At the heart of it all remains our team’ s commitment to designing and delivering innovative products and services that will help the world see. ”
The guidance and forward-looking statements made in this press release and on our conference call are based on management's expectations as of the date of this press release and do not incorporate future unknown direct or indirect impacts from further resurgences in COVID-19, including the Delta and Omicron variants.
( 1) Please see the reconciliation of non-GAAP financial measures to the most comparable GAAP financial measure in the section titled “ Non-GAAP Financial Measures ” below.
Webcast and Conference Call
A conference call to discuss Warby Parker’ s 2021 results as well as Q1 and 2022 outlook is scheduled for 8:00 a.m. ET today. To participate, please dial 844-200-6205 from the U.S. or 929-526-1599 from international locations. The conference passcode is 322754. A live webcast of the conference call will be available on the investors section of the Company’ s website at investors.warbyparker.com where presentation materials will also be posted prior to the conference call. A replay will be made available online approximately two hours following the live call for a period of 90 days.
Forward-Looking Statements
This press release and the related conference call, webcast and presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, expectations of future operating results or financial performance, including expectations regarding achieving profitability and our GAAP and non-GAAP guidance for the for the quarter ending March 31, 2022 and the year ending December 31, 2022; management’ s plans, priorities, initiatives and strategies; and expectations regarding growth of our business. Forward-looking statements are inherently subject to risks and uncertainties, some of which can not be predicted or quantified. In some cases, you can identify forward-looking statements because they contain words such as “ anticipate, ” “ believe, ” “ contemplate, ” “ continue, ” “ could, ” “ estimate, ” “ expect, ” “ intend, ” “ may, ” “ plan, ” “ potential, ” “ predict, ” “ project, ” “ should, ” “ target, ” “ toward, ” “ will, ” or “ would, ” or the negative of these words or other similar terms or expressions. You should not put undue reliance on any forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved, if at all.
Forward-looking statements are based on information available at the time those statements are made and are based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control, that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this press release may not occur and actual results could differ materially from those anticipated or implied in the forward-looking statements. These risks and uncertainties include our ability to manage our future growth effectively; our expectations regarding cost of goods sold, gross margin, channel mix, customer mix, and selling, general, and administrative expenses; planned new retail stores in 2022 and going forward; increases in component and shipping costs and changes in supply chain; our ability to compete successfully; our ability to manage our inventory balances and shrinkage; our ability to engage our existing customers and obtain new customers; the growth of our brand awareness; the effects of the ongoing COVID-19 pandemic; the effects of seasonal trends on our results of operations; our ability to stay in compliance with extensive laws and regulations that apply to our business and operations; our ability to adequately maintain and protect our intellectual property and proprietary rights; our reliance on third parties for our products, operation and infrastructure; our duties related to being a public benefit corporation; the ability of our Co-Founders and Co-CEOs to exercise significant influence over all matters submitted to stockholders for approval; the effect of our multi-class structure on the trading price of our Class A common stock; and the increased expenses associated with being a public company. Additional information regarding these and other risks and uncertainties that could cause actual results to differ materially from the Company's expectations is included in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021, filed with the Securities and Exchange Commission ( the “ SEC ”), and our Annual Report on Form 10-K for the year ended December 31, 2021, to be filed with the SEC. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.
Additional information regarding these and other factors that could affect the Company’ s results is included in the Company’ s SEC filings, which may be obtained by visiting the SEC's website at www.sec.gov. Information contained on, or that is referenced or can be accessed through, our website does not constitute part of this document and inclusions of any website addresses herein are inactive textual references only.
Glossary
Active Customer is defined as a unique customer that has made at least one purchase of any product or service in the preceding 12-month period.
Average Revenue per Customer is defined as net revenue for a given period divided by the number of Active Customers as of the end of that same period.
Non-GAAP Financial Measures
We use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income, Adjusted earnings per share, Adjusted cost of goods sold ( “ Adjusted COGS ”), Adjusted gross profit, and Adjusted selling, general, and administrative expenses ( “ Adjusted SG & A ”) as important indicators of our operating performance. Collectively, we refer to these non-GAAP financial measures as our “ Non-GAAP Measures. ” The Non-GAAP Measures, when taken collectively with our GAAP results, may be helpful to investors because they provide consistency and comparability with past financial performance and assist in comparisons with other companies, some of which use similar non-GAAP financial information to supplement their GAAP results.
Adjusted EBITDA is defined as net income ( loss) before interest and other income ( loss), taxes, and depreciation and amortization as further adjusted for stock-based compensation expense and related employer payroll taxes, non-cash charitable donations, and non-recurring costs such as direct listing or other transaction costs. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by net revenue.
Adjusted net income is defined as net income ( loss) adjusted for stock-based compensation expense and related employer payroll taxes, non-cash charitable donations, and non-recurring costs such as direct listing or other transaction costs, and as further adjusted for estimated income tax on such adjusted items.
Adjusted earnings per share is defined as Adjusted net income ( loss) divided by weighted average shares outstanding.
Adjusted COGS is defined as cost of goods sold adjusted for stock-based compensation expense and related employer payroll taxes.
Adjusted gross profit is defined as net revenue minus Adjusted COGS.
Adjusted SG & A is defined as SG & A adjusted for stock-based compensation expense and related employer payroll taxes, non-cash charitable donations, and non-recurring costs such as direct listing or other transaction costs.
The Non-GAAP Measures are presented for supplemental informational purposes only. A reconciliation of historical GAAP to Non-GAAP financial information is included under “ Selected Financial Information ” below.
We have not reconciled our Adjusted EBITDA margin guidance to GAAP net income ( loss) margin, or Net Margin, because we do not provide guidance for GAAP Net Margin due to the uncertainty and potential variability of stock-based compensation and taxes, which are reconciling items between GAAP Net Margin and Adjusted EBITDA margin. Because such items can not be reasonably provided without unreasonable efforts, we are unable to provide a reconciliation of the Adjusted EBITDA Margin guidance to GAAP Net Margin. However, such items could have a significant impact on GAAP Net Margin. | business |
GameStop posts surprise loss, plans to launch NFT marketplace | The information you requested is not available at this time, please check back again soon.
GameStop Corp. store in West Hollywood, California, U.S., Bloomberg
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GameStop Corp. reported a surprise loss during the holiday quarter and said it would launch a marketplace for nonfungible tokens by the end of the second quarter of fiscal 2022.
The company reported an adjusted loss of US $ 1.86 a share, while analysts had projected a profit of 84 cents. Net sales rose 6.2 per cent to US $ 2.25 billion in the three months ended Jan. 29, the video game retailer said Thursday in a statement. Analysts had projected US $ 2.23 billion. The shares fell about 9 per cent in extended trading.
GameStop has suffered from a combination of supply chain issues and an opaque business strategy. Over the last several years, it has churned through a variety of business concepts with mixed reactions from investors and customers.
The market has been waiting to hear more about GameStop’ s plans for its NFT marketplace initiative after reports of the project surfaced earlier this year. The company last month announced a partnership with Australian gaming startup Immutable X to establish a fund to provide grants to NFT content creators. In the earnings announcement, GameStop said it would provide Immutable with as much as US $ 150 million in IMX tokens if it achieves certain milestones.
Chairman Ryan Cohen, the co-founder of pet supply company Chewy Inc., joined the board last year with a vision to revive growth, which has slowed as players shifted from buying gaming discs to digital downloads. The company was further battered by the Covid pandemic which shuttered retail shops.
“ It’ s hard to see much a future for the company given the huge secular shift in its core end market, ” Vital Knowledge analyst Adam Crisafulli said. “ And while gimmicks like an NFT marketplace may help attract interest in the stock, it’ s unlikely to translate into a huge financial benefit. ”
GameStop’ s shares have swung wildly over the past year. They gained almost 700 per cent in 2021 but are down 41 per cent this year, closing at US $ 87.70 in New York on Thursday.
The latest push into NFTs has excited investors, but there are still few details about the plan. The company said Thursday that it has hired “ dozens of additional individuals with experience in areas such as blockchain gaming, ecommerce and technology, product refurbishment and operations. ”
Reggie Fils-Aime, a former board member of GameStop and former president of Nintendo of America Inc., condemned the company’ s recent direction at a panel at the South by Southwest conference last week.
“ You can go on the GameStop website. Try and find a strategy. There is no articulated strategy, ” Fils-Aime said. “ I come from the business perspective that you need to articulate your strategy to all of your key constituents. ” | general |
War in Ukraine will take global economic toll, OECD warns | Russia’ s war in Ukraine will disrupt commerce and clog up supply chains, slashing economic growth and pushing prices sharply higher around the globe, the Organisation for Economic Co-operation and Development ( OECD) has warned.
In a grim new assessment, the 38-country OECD said that over the next year, the conflict would reduce gross domestic product ( GDP) – the broadest measure of economic output – by 1.08% worldwide, by 1.4% in the 19 European countries that share the euro currency and by 0.88% in the United States.
But government spending and tax cuts could partially limit the damage, the organisation said.
The Russian invasion came at a time when prices were already surging and supply chains were snarled, fallout from an unexpectedly strong recovery from the coronavirus recession. | general |
Backlash as P & O Ferries make 800 staff redundant with immediate effect | Three P & O ferries, Spirit of Britain, Pride of Canterbury and Pride of Kent moor up in the cruise terminal at the Port of Dover in Kent as the company has suspended sailings ahead of a `` major announcement '' but insisted it is `` not going into liquidation ''. Picture: Gareth Fuller/PA Wire
P & O Ferries made 800 staff redundant with immediate effect and suspended crossings for the next few days, sparking a backlash from politicians and unions who criticised plans to hire cheaper agency workers instead.
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.
P & O's move was immediately condemned 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.
The ferry group, which has been hit by Covid-19 travel restrictions in the last two years, has almost 4,000 employees and operates more than 30,000 sailings a year on major routes including between Britain, France, and Ireland. Dubai ports firm DP World bought the company in 2019.
`` As part of the process we are starting today, we are providing 800 seafarers with immediate severance notices and will be compensating them for this lack of advance notice with enhanced compensation packages, '' a spokesperson for P & O said. | general |
US funds edge towards SOFR adoption | 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¦
To ease the pain associated with meeting compliance targets, global institutions are exploring ways to become more efficient by integrating regulatory and business initiatives.
Wire payment fraud is a major growing risk for financial institutions in the aftermath of the COVID-19 pandemic. These cases of fraud donât just hurt finâ¦
Asia Risk is proud to present Asia Risk Live, a face-to-face event in Hong Kong and Singapore. An opportunity to reconnect in person to learn and exchange new ideas.
View our latest in market leading training courses, both public and in-house.
The Energy Risk Awards recognise the leading firms in energy risk management. Corporates, financial players, technology and data firms, consultancies, brokers and exchanges are all welcome to submit â¦
The Asia Risk Awards recognize best practices in risk management and derivatives use by banks and financial institutions around the region.
Take a look at the wide variety of events and training on offer.
This eBook is based on the 2021 industry research by Acuiti, as well as the FIS Readiness Report. Youâll find plenty of support for a move to AI-powered cloud computing, a modular approach that ensurâ¦
Maximising value from better risk management and deal efficiency This Risk.net survey and white paper, commissioned by SS & C Intralinks, assesses the outlook for the CMBS market in the US and Europe, â¦
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Edited by Bill Coen and D. R. Maurice
Pimco led US mutual funds in the industry’ s increasing adoption of swaps referencing the US secured overnight financing rate at the end of last year, but funds continued to show large exposures to the outgoing US dollar Libor benchmark, according to an analysis of filings made to the Securities and Exchange Commission ( SEC).
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Propelling business innovation and efficiency in financial services with AI | 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¦
To ease the pain associated with meeting compliance targets, global institutions are exploring ways to become more efficient by integrating regulatory and business initiatives.
Wire payment fraud is a major growing risk for financial institutions in the aftermath of the COVID-19 pandemic. These cases of fraud donât just hurt finâ¦
Asia Risk is proud to present Asia Risk Live, a face-to-face event in Hong Kong and Singapore. An opportunity to reconnect in person to learn and exchange new ideas.
View our latest in market leading training courses, both public and in-house.
The Energy Risk Awards recognise the leading firms in energy risk management. Corporates, financial players, technology and data firms, consultancies, brokers and exchanges are all welcome to submit â¦
The Asia Risk Awards recognize best practices in risk management and derivatives use by banks and financial institutions around the region.
Take a look at the wide variety of events and training on offer.
This eBook is based on the 2021 industry research by Acuiti, as well as the FIS Readiness Report. Youâll find plenty of support for a move to AI-powered cloud computing, a modular approach that ensurâ¦
Maximising value from better risk management and deal efficiency This Risk.net survey and white paper, commissioned by SS & C Intralinks, assesses the outlook for the CMBS market in the US and Europe, â¦
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Edited by Bill Coen and D. R. Maurice
This article was paid for by a contributing third party.More Information.
In recent years artificial intelligence ( AI) has unleashed the power of data across a range of business functions in the financial services landscape. With the increasing adoption and augmentation of AI and machine learning applications comes the growing realisation of new dimensions for risk managers today – notably, bias and unfair outcomes from automated decision systems, as well as low transparency and accountability issues. External unpredictable factors and data constraints play a role too – in 2020, fraud detection systems were shaken by the turbulence of the Covid-19 pandemic, which served as a reminder for firms to enhance AI model design, testing and data governance methods for possible risk scenarios.
In addition to augmenting data governance and recalibration of internal processes considering external risk factors, regulation plays a vital role. Regulators across jurisdictions have been framing governance standards and guidelines for safeguarding risks and vulnerabilities associated with AI and machine learning. The uncertainty now lies in how senior financial services professionals are tackling these multifaceted risk concerns to augment AI capabilities and ensuring compliance for the future.
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In pictures: St Patrick's Day parades return across the country | American-Irish actor John C. Reilly takes part in the St Patrick's Day Parade in Dublin, which has returned in full. Picture: Brian Lawless/PA Wire
After disappearing for the last two years due to Covid-19, the country has finally been able to celebrate St Patrick's Day.
Parades awash with green took place across Ireland after the easing of Covid-19 restrictions.
In March 2020, swathes of St Patrick’ s Day plans were cancelled with the onset of the global pandemic, with parades axed across the country.
Today it was a different story as thousands lined the streets to enjoy the parades.
Here is a snapshot of the celebrations across the island.
| general |
US Treasury urged to investigate private equity insurers | 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¦
To ease the pain associated with meeting compliance targets, global institutions are exploring ways to become more efficient by integrating regulatory and business initiatives.
Wire payment fraud is a major growing risk for financial institutions in the aftermath of the COVID-19 pandemic. These cases of fraud donât just hurt finâ¦
Asia Risk is proud to present Asia Risk Live, a face-to-face event in Hong Kong and Singapore. An opportunity to reconnect in person to learn and exchange new ideas.
View our latest in market leading training courses, both public and in-house.
The Energy Risk Awards recognise the leading firms in energy risk management. Corporates, financial players, technology and data firms, consultancies, brokers and exchanges are all welcome to submit â¦
The Asia Risk Awards recognize best practices in risk management and derivatives use by banks and financial institutions around the region.
Take a look at the wide variety of events and training on offer.
This eBook is based on the 2021 industry research by Acuiti, as well as the FIS Readiness Report. Youâll find plenty of support for a move to AI-powered cloud computing, a modular approach that ensurâ¦
Maximising value from better risk management and deal efficiency This Risk.net survey and white paper, commissioned by SS & C Intralinks, assesses the outlook for the CMBS market in the US and Europe, â¦
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Edited by Bill Coen and D. R. Maurice
The chairman of the US Senate’ s banking committee has called on federal and state regulators to investigate private equity-owned insurers, arguing the firms are threatening retiree incomes by taking more investment risk than traditional life insurers, while operating under a more forgiving capital regime.
Athene, owned by Apollo Global Management, was cited as an example. Around 11% of the firm’ s assets were invested in collateralised loan obligations ( CLOs) as of June 2021, Risk.net reported
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Taoiseach in Covid isolation for 10 days after testing positive in US | The Taoiseach could now have to remain in America for 10 days, meaning he will miss a Covid remembrance ceremony this weekend and a meeting of EU leaders in Brussels next week.
The Taoiseach has been forced into Covid isolation for 10 days in the US after a dramatic 24 hours which saw him miss out on a meeting with President Joe Biden in the Oval Office.
Micheál Martin was escorted out of an Ireland Funds dinner in Washington on Wednesday night during the appetisers, when his PCR test came back positive, just hours before he was due to go the White House.
The Taoiseach could now have to remain in America for 10 days, meaning he will miss a Covid remembrance ceremony this weekend and a meeting of EU leaders in Brussels next week.
However, officials were tonight scrambling to reorganise plans and could not say exactly when the Taoiseach will return to Ireland. | general |
Delta Air Lines to Raise Pay by 4 Percent for Almost All Staff | Get exclusive stories and unlimited access to Skift.com news
Access exclusive travel research, data insights, and surveys
Aishwarya Nair and David Shepardson, Reuters
March 17th, 2022 at 4:00 PM EDT
Delta hasn't offered raises in two years so this decision is long overdue — and most probably necessary when the labor market is so tight. It doesn't hurt that the least unionized major airline in the U.S. can do this without protracted tussles with labor leaders.
Rashaad Jorden
Delta Air Lines will raise pay by 4% for nearly all its employees globally effective May 1, according to a company memo seen by Reuters.
A company spokeswoman, who confirmed the increase, said it would be received by about 75,000 employees, but that it would not apply to pilots, who are covered under a union contract, and some others including senior-level executives.
Delta Chief Executive Ed Bastian said in the memo to employees that the Atlanta-based airline is “ seeing healthy demand for spring and summer travel as customers continue to return to Delta, with corporate offices re-opening, business travelers rebuilding face-to-face relationships and international restrictions lifting. ”
The “ base pay increase, for eligible scale and merit employees globally, ” Bastian wrote, “ is the direct result of the dedication, hard work and excellence that you demonstrate every day. ”
He added that Delta continues to be “ optimistic in our ability to generate a profit this year. ”
Bastian noted that it was March 2020 when “ the United States declared a national emergency over the Covid-19 outbreak, which began the most difficult and challenging time in the history of our company. We’ ve come a long way since the darkest days of 2020. ”
Congress provided $ 54 billion in Covid-19 payroll assistance to U.S. airlines, covering much of their payroll costs over an 18-month-period that ended in September 2020.
( Reporting by Aishwarya Nair in Bengaluru and David Shepardson in Washington; Editing by Shailesh Kuber and Tim Ahmann)
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Watch: Taoiseach holds virtual meeting with Joe Biden | The Taoiseach and US President Joe Biden held a virtual meeting after Micheál Martin tested positive for Covid on Tuesday night. | general |
Iwobi leaves it extra late to down Newcastle at frenzied Goodison | Leaving it late: Everton's Alex Iwobi scores a 99th-minute winner for his side against Newcastle United at Goodison Park. Pic: Stu Forster/Getty Images
Everton 1 Newcastle 0
Alex Iwobi may rank as one of Everton’ s least successful signings of the Farhad Moshiri but even a misfit can have his day. His greatest contribution in a blue shirt came with Everton down to 10 men, the goal drought having stretched back to the first half of February. It was the 99th minute when he exchanged passes with Dominic Calvert-Lewin and slid a shot under Martin Dubravka. He secured just Everton’ s third win in 21 league games. Perhaps, in the process, he changed the course of a season.
Frank Lampard’ s first league game in charge of Everton was at St James’ Park and a defeat formed part of a wider swing between the clubs. Newcastle sacked Steve Bruce when 11 points behind Everton and kicked off here nine ahead of them. It explained why their supporters began in buoyant mood, taunting their hosts with choruses of the name of Rafael Benítez. A man who has managed both clubs is held in far higher esteem on Tyneside than this part of Merseyside. The visitors also came to jeer Jordan Pickford, though those chants had less meaning with coronavirus sidelining the goalkeeper. Asmir Begovic, who lacks his Sunderland connections, deputised and avoided embarrassment when Fabian Schär tried to lob him from 60 yards.
Booed off against Wolves on Sunday, Everton had the crowd firmly behind them as they made an up-tempo start. Yet the only early opportunity they mustered was when Ben Godfrey headed straight at Martin Dubravka. With Calvert-Lewin not deemed fit enough to start alongside Richarlison, Lampard had made the unexpected decision to use Anthony Gordon as a No 10 but, seemingly struggling with injury, he was a passenger at times as Newcastle assumed the initiative. | general |
Joe Biden commends Irish people for taking in thousands of Ukrainian refugees | President Joe Biden meets virtually Taoiseach Micheál Martin in the Oval Office of the White House, Thursday, March 17, 2022, in Washington. Martin tested positive for COVID-19 Wednesday. ( AP Photo/Patrick Semansky)
US President Joe Biden has commended the Irish people for taking in thousands of Ukrainian refugees, describing it as `` amazing ''.
Speaking via video link to Taoiseach Micheál Martin, whose Oval Office meeting was cancelled after he tested positive for Covid, President Biden described the actions of Russia in Ukraine as `` inhumane ''.
He added: `` What Ireland is doing now, what you are doing, taking in Ukrainian refugees, speaks so loudly about your principles. And it's amazing. I want to publicly compliment you for it. ''
More than 7,000 people who have fled Ukraine have already arrived in Ireland
The President said the virtual meeting came at `` a moment when demands on unity in the world are really accelerating ''.
`` We have to be united and we certainly are, '' he said.
| general |
Pandemic mood: Much worse than a bad Monday | The Covid-19 pandemic has been depressing, demoralizing, and stressful for people around the world. But is there any way to measure exactly how bad it has made everyone feel?
A new study led by MIT researchers attempts just that, through a massive examination of hundreds of millions social media posts in about 100 countries. The research, which analyzes the language terms used in social media, finds a pronounced drop in positive public sentiment after the pandemic set in during early 2020 — with a subsequent, incremental, halting return to prepandemic status.
To put that downturn in perspective, consider a prepandemic fact that the same kind of analysis uncovered: Typically, people express the most upbeat emotions on social media on weekends, and the most negative ones on Monday. Worldwide, the onset of the pandemic induced a negative turn in sentiment 4.7 times as large as the traditional weekend-Monday gap. Thus the early pandemic months were like a really, really bad Monday, on aggregate, globally, for social media users.
“ The takeaway here is that the pandemic itself caused a huge emotional toll, four to five times the variation in sentiment observed in a normal week, ” says Siqi Zheng, an MIT professor and co-author of a new paper detailing the study’ s results.
The paper, “ Global evidence of expressed sentiment alterations during the Covid-19 pandemic, ” appears today in Nature Human Behaviour.
The authors are Jianghao Wang, an associate professor at the Institute of Geographic Sciences and Natural Resources Research, Chinese Academy of Science, in Beijing; Yichun Fan, a PhD candidate in MIT’ s Department of Urban Studies and Planning ( DUSP) and the Sustainable Urbanization Lab ( SUL); Juan Palacios, a postdoc at the MIT Center for Real Estate and SUL; Yuchen Chai, a researcher at DUSP and SUL; Nicolas Guetta-Jeanrenaud, a graduate student in the MIT Technology and Policy Program ( TPP); Nick Obradovich, a senior research scientist at the Max Planck Institute for Human Development in the Center for Humans and Machines; Chenghu Zhou; and Zheng, who is the Samuel Tak Lee Champion Professor of Urban and Real Estate Sustainability at MIT and faculty director of the MIT Center for Real Estate and SUL.
To conduct the study, the researchers examined 654 million location-identified social media posts from Twitter in about 100 countries. The posts appeared between Jan. 1, 2020, and May 31, 2020, an early phase of the global pandemic.
The researchers used natural-language processing software to evaluate the content of the social media, and examined the language of pandemic-period posts in relation to historical norms. Having previously studied the effects of pollution, extreme weather, and natural disasters on public sentiment, they found that the pandemic produced bigger changes in mood than those other circumstances.
“ The reaction to the pandemic was also three to four times the change in response to extreme temperatures, ” Fan observes. “ The pandemic shock is even larger than the days when there is a hurricane in a region. ”
The biggest drops in sentiment occurred in Australia, Spain, the United Kingdom, and Colombia. The countries least affected by the pandemic in these terms were Bahrain, Botswana, Greece, Oman, and Tunisia.
The study also revealed a potentially surprising fact about temporary lockdown policies — namely, that lockdowns did not appear to have much of an effect on the public mood.
“ You can’ t expect lockdowns to have the same effect on every country, and the distribution of responses is quite wide, ” says Fan. “ But we found the responses actually largely centered around a very small positive reaction [ to lockdowns ]. … It’ s definitely not the overwhelmingly negative impact on people that might be expected. ”
As to why people might have reacted like this, Zheng says, “ On the one hand, lockdown policies might make people feel secure, and not as scared. On the other hand, in a lockdown when you can not have social activities, it’ s another emotional stress. The impact of lockdown policies perhaps runs in two directions. ”
Because many factors might concurrently affect public sentiment during a lockdown, the researchers compared the mood of countries during lockdowns to those with similar characteristics that simultaneously did not enact the same policies.
The scholars also evaluated patterns of sentiment recovery during the early 2020 period, finding that some countries took as long as 29 days to erase half of the dropoff in sentiment they experienced; 18 percent of countries did not recover to their prepandemic sentiment level.
The new paper is part of the Global Sentiment project in Zheng’ s Sustainable Urbanization Lab, which studies public sentiment as expressed through social media, rather than public-opinion polling.
“ The traditional approach is to use surveys to measure well-being or happiness, ” Zheng observes. “ But a survey has smaller sample size and low frequency. This a real-time measure of people’ s sentiment. ”
The MIT researchers were supported in part by the Massachusetts Consortium on Pathogen Readiness; support for the other researchers was in part provided by the National Science Foundation of China and the Youth Innovation Promotion Association of the Chinese Academy of Sciences. | business |
Covid deaths hit new daily high in South Korea amid surge in Omicron cases | A medical worker guides people waiting for a coronavirus test at a makeshift site in Seoul, South Korea ( Ahn Young-joon/AP)
South Korea has reached another daily record in Covid-19 deaths as health officials reported more than 621,000 new infections on Thursday.
The figures underscore a massive Omicron surge that has been worse than feared and threatens an already over-stretched hospital system.
The 429 deaths reported in the latest 24 hours were nearly 140 more than the previous one-day record set on Tuesday.
Fatalities may rise further in coming weeks considering the intervals between infections, hospital admissions and deaths.
The total of 621,266 new coronavirus cases diagnosed by health workers was also a record daily jump, shattering Wednesday’ s previous high of 400,624.
That pushed the national caseload to more than 8.2 million, with more than 7.4 million cases added since the start of February.
The outbreak has been significantly bigger than what had been forecast by government health authorities, who maintain that Omicron is nearing its peak.
Officials have tried to calm public fears amid concerns about a faltering pandemic response, saying that Omicron is no more deadly than seasonal influenza for vaccinated people and less dangerous than the Delta strain that hit the country hard in December and early January.
South Korea still has a much lower rate of Covid-19 deaths in relation to size of population than the United States or many European nations, which officials attribute to high vaccinations with more than 68% of the population having received booster shots. | general |
Fears for hospital system as 300 Covid outbreaks identified in nursing homes | There are currently 46 patients being treated in ICU for Covid. File photo
Covid-19 infection rates are continuing to rise across the country with 300 outbreaks identified in nursing homes and 1,031 patients in hospital with the virus, prompting officials to warn about pressure on the hospital system.
An additional 24 Covid-deaths were notified last week, bringing the total death toll for the pandemic to 6,629.
HSE officials have said the positivity rate from testing now stands at 38%, and while there is less severe illness from Covid currently, they have raised concerns about pressure on hospitals as numbers grow.
There are currently 46 patients being treated in ICU for Covid. HSE data also shows one child with Covid-19 in ICU on Wednesday evening.
On Wednesday night, there were no ICU beds available across Munster hospitals. The paediatric ICUs in CHI at Crumlin and Temple Street, which take seriously ill children from around the country, were also full. | general |
James Bond and Spider-Man spark audience recovery at Cineworld | Cineworld has said a “ strong ” slate of films at the end of 2021, including James Bond film No Time To Die and Spider-Man: No Way Home, helped audience numbers to rebound sharply.
However, the world’ s second largest cinema chain said that the spread of the Omicron variant of Covid-19 and a lack of major releases impacted its trade over January and February.
It added that it expects strong trading to kickstart this month due to a strong and full slate of films, including The Batman.
Mooky Greidinger, chief executive of Cineworld, said the group is now “ well positioned to execute its strategy and capitalise on the highly anticipated movie schedule ” over the rest of the year. | general |
AstraZeneca May Abandon US Regulatory Efforts for COVID-19 Vaccine | The COVID-19 vaccine co-developed by the University of Oxford and AstraZeneca is used throughout the world — but not in the U.S. In fact, it has not yet been submitted for Emergency Use Authorization ( EUA) to the U.S. Food and Drug Administration. And now there are suggestions that it never will be.
Back in April 2020, AstraZeneca and the University of Oxford seemed to be ahead of everyone else in developing a COVID-19 vaccine. The Jenner Institute at Oxford had tested a vaccine for an earlier coronavirus in 2019, proved it was not harmful to humans and demonstrated its effectiveness in macaque monkeys in the National Institutes of Health’ s Rocky Mountain Laboratory in Montana.
And in March 2021, the company reported results from a U.S. Phase III trial of the vaccine, demonstrating 79% efficacy at preventing symptomatic COVID-19 and 100% efficacy at preventing severe disease and hospitalization. But then there were issues raised about the Data and Safety Monitoring Board ( DSMB) that was supervising the trial, suggesting that some of the data may have been outdated and incomplete. Then there were issues with rare blood clots in some patients after it had been authorized in other parts of the world. As a result, for a time in April 2021, many countries halted distribution of the vaccine while the blood clotting was evaluated.
Meanwhile, AstraZeneca delayed submitting the vaccine to U.S. regulators for EUA. On Thursday, Sir Mene Pangalos, AstraZeneca’ s executive vice president, BioPharmaceuticals R & D, said the company was considering not submitting it to the FDA if it finds it is “ banging its head against a brick wall indefinitely. ”
Instead, it would focus on other countries, although it would continue talks with the FDA. Back in April 2021, almost a year ago, AstraZeneca had indicated its plans to submit within weeks.
“ We don’ t need to push it in places we are not needed or wanted, ” Pangalos told the Financial Times. “ If we don’ t end up submitting it for a BLA [ Biologics License Application ], I don’ t think it will have an impact around the world. ”
Probably not, with more than 70% of the eligible U.S. population already vaccinated with shots from Moderna, Johnson & Johnson or Pfizer-BioNTech. And early on, AstraZeneca indicated it was going to focus on lower-income countries. To date, the company has already delivered approximately 2.6 billion doses of its vaccine. Even there, it hasn’ t been free of problems. Per the Irish Times, AstraZeneca has been sued by the European Commission over delays in delivery ( which was settled) and the blood clotting problems mentioned above.
On the part of U.S. regulators, they haven’ t acted particularly interested. One senior official told the Financial Times, “ That product has fallen off my radar. ” Another told them, “ Astra is not going to get approved here - we don’ t need it. ”
That isn’ t the same story with the company’ s antibody therapy for COVID-19, Evusheld. The U.S. government had acquired more than a million doses with plans to buy more, even though funding for COVID-19 relief is currently a bouncing ball in Congress, which is debating whether to fund more and where the money would come from.
Yesterday, Evusheld was authorized in the U.K. by the Medicines and Healthcare products Regulatory Agency ( MHRA). It is designed for adults who are not currently infected to COVID-19 and are unlikely to have an appropriate response to vaccines. | general |
Endeavour Mining: Q4 2021 Results Presentation | FY & Q4-2021
OPERATIONAL & FINANCIAL RESULTS
Presentation
17 March 2022
DISCLAIMER & FORWARD LOOKING STATEMENTS
Some of the indicators used by Endeavour in this presentation represent non-IFRS financial measures, including sustaining capital per ounce, non-sustainingcapital per ounce, cash cost per ounce, all in sustaining cash cost per ounce, all in sustaining margin, adjusted EBITDA, adjusted EPS, operating cash flowpre-workingcapital and operating CFPS pre working capital. These measures are presented as they can provide useful information to assist investors with their evaluation of the pro forma performance. Since the non-IFRS performance measures listed herein do not have any standardized definition prescribed by IFRS, they may not be comparable to similar measures presented by other companies. Accordingly, they are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Please refer to the non-GAAP measures section of the Company's most recently filed management discussion and Analysis for a reconciliation of the non-IFRS financial measures used in this presentation.
This presentation contains `` forward-looking statements '' within the meaning of applicable securities laws. All statements, other than statements of historical fact, are `` forward-looking statements '', including but not limited to, statements with respect to Endeavour's plans and operating performance, the timing and amount of estimated future production, costs of future production, future capital expenditures, the success of exploration activities, the anticipated timing for the payment of a shareholder dividend and statements with respect to future dividends payable to the Company's shareholders, the completion of studies, mine life and any potential extensions, the future price of gold and the share buyback program. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as `` expects '', `` expected '', `` budgeted '', `` forecasts '', `` anticipates '', believes '', `` plan '', `` target '', `` opportunities '', `` objective '', `` assume '', `` intention '', `` goal '', `` continue '', `` estimate '', `` potential '', `` strategy '', `` future '', `` aim '', `` may '', `` will '', `` can '', `` could '', `` would '' and similar expressions.
Forward-looking statements, while based on management's reasonable estimates, projections and assumptions at the date the statements are made, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward- looking statements, including but not limited to: risks related to the successful integration of acquisitions or completion of divestitures; risks related to international operations; risks related to general economic conditions and the impact of credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; Endeavour's financial results, cash flows and future prospects being consistent with Endeavour expectations in amounts sufficient to permit sustained dividend payments; the completion of studies on the timelines currently expected, and the results of those studies being consistent with Endeavour's current expectations;
actual results of current exploration activities; production and cost of sales forecasts for Endeavour meeting expectations; unanticipated reclamation expenses; changes in project parameters as plans continue to be refined; fluctuations in prices of metals including gold; fluctuations in foreign currency exchange rates; increases in market prices of mining consumables; possible variations in ore reserves, grade or recovery rates; failure of plant, equipment or processes to operate as anticipated; extreme weather events, natural disasters, supply disruptions, power disruptions, accidents, pit wall slides, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; delays in the completion of development or construction activities; changes in national and local government legislation, regulation of mining operations, tax rules and regulations and changes in the administration of laws, policies and practices in the jurisdictions in which Endeavour operates; disputes, litigation, regulatory proceedings and audits; adverse political and economic developments in countries in which Endeavour operates, including but not limited to acts of war, terrorism, sabotage, civil disturbances, non-renewal of key licenses by government authorities, or the expropriation or nationalization of any of Endeavour's property; risks associated with illegal and artisanal mining; environmental hazards; and risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic.
Although Endeavour has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward- looking statements. Please refer to Endeavour's prospectus published on 9 June 2021 and its most recent Annual Information Form filed under its profile at www.sedar.comfor further information respecting the risks affecting Endeavour and its business.
Clinton Bennett, Endeavour's Vice President of Metallurgy and Process Improvement, a Fellow of the Australasian Institute of Mining and Metallurgy, is a `` Qualified Person '' as defined by National Instrument 43-101-Standards of Disclosure for Mineral Projects ( `` NI 43-101 '') and has reviewed and approved the technical information in this presentation.
Note: All amounts are in US $, except where indicated, and may differ from the Management Report due to rounding
SPEAKERS
SÉBASTIEN DE
MARK
JOANNA
PATRICK
MARTINO
MONTESSUS
MORCOMBE
PEARSON
BOUISSET
DE CICCIO
President and CEO
COO
CFO
EVP Exploration
VP, Strategy and
and Growth
Investor Relations
TABLE OF CONTENTS
1
2
3
4
5
FY-2021 HIGHLIGHTS
Q4-2021 FINANCIAL RESULTS
OPERATING PERFORMANCE BY MINE
CONCLUSION
APPENDIX
01
SECTION 1
FY-2021 HIGHLIGHTS
Attachments
Disclaimer
Endeavour Mining 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 08:20:06 UTC. | business |
U.S. taps GM, Oracle, airline CEOs for Homeland Security advisory panel | Secretary Alejandro Mayorkas said he was adding 33 members in advance of the council's first meeting set for Monday, which is tasked with helping `` define the department's strategic vision, strengthen the department to better meet the increasingly dynamic and rapidly evolving threat landscape, and harness technology and innovation to modernize the programs it administers. ''
Others being named include the chief executives of Polaris, Duke Energy and Chobani LLC.
Mayorkas told reporters that he picked `` leaders in a diverse array of fields with a diverse breadth of expertise, so that not only can we tap that expertise, but quite frankly, we can hear from them the concerns that they have. ''
U.S. airlines have faced international travel restrictions over the past two years over COVID-19 and have been pressing the Biden administration in recent weeks to end requirements for masks on airplanes and to end a requirement that international air passengers get a negative COVID-19 test a day before flying to the United States.
Automakers, including GM, were hit by border disruptions from Canadian trucking protests in February that caused cuts to production in the United States.
Mayorkas said the executives would help the department `` capitalize on the power of technological innovation, and serve our country by living up to our highest ideals. ''
The Transportation Security Administration plans to launch a pilot project with Apple to allow people in eight states to add their driver license or state ID to their iPhone and Apple Watch Wallet for use at airport checkpoints.
Other advisory members include former Cabinet secretaries under Democratic and Republican presidents, executive leaders of national law enforcement organizations and non-profit organizations.
( Reporting by David Shepardson and Ted Hesson, Editing by Franklin Paul and Nick Zieminski)
By David Shepardson | business |
Oil surges 7% amid warnings of Russian supply shortages | ( Updates prices, adds comments, new byline; changes dateline, previous LONDON)
HOUSTON, March 17 - Oil prices climbed about 7% on Thursday, continuing a series of wild daily swings, as the market rebounded from several days of losses on renewed focus on supply shortages in coming weeks due to sanctions on Russia.
Oil benchmarks in recent weeks have experienced their most volatile period since mid-2020. After sliding as buyers cashed in on the run-up, prices resumed their upward trend on expectations that shortages will soon squeeze the energy market.
Benchmark Brent crude futures gained $ 7.95, or 8.08%, to $ 105.89 a barrel by 1:00 p.m. EDT ( 1700 GMT). U.S. West Texas Intermediate ( WTI) crude was up $ 6.83, or 7.15%, to $ 101.86 a barrel.
In the last eight trading sessions, Brent oil has traded as high as $ 139 per barrel and as low as $ 98 per barrel - a more than $ 40 per barrel spread.
Numerous nations have banned purchases of Russian oil to punish Moscow for its invasion of Ukraine nearly three weeks ago. Russia, which calls the military action a `` special operation, '' is the world's biggest exporter of crude oil and fuel products. Refiners and end-users must make quick adjustments for coming weeks.
`` There are renewed worries in the market that we could lose some more Russian oil, '' John Kilduff, partner at Again Capital LLC, said.
The International Energy Agency said 3 million barrels per day ( bpd) of Russian oil and products could be shut in from next month. That loss would be far greater than an expected drop in demand of 1 million bpd from higher fuel prices, the IEA said.
Morgan Stanley raised its Brent price forecast by $ 20 for the third quarter to $ 120 a barrel, predicting a fall in Russian production of about 1 million bpd from April.
The bank noted that loadings continue at Russian ports, but the share with `` destination unknown '' is rising. Also, there are more Russian tankers on the water as these exports are `` starting to struggle to find a market. ''
The supply squeeze will more than offset a downward global demand revision of about 600,000 bpd, the bank said.
Still, prices were being held back by worries about demand after a surge in coronavirus cases in China.
`` It's a one-two punch... demand side is increasingly becoming a question mark, '' Kilduff added.
On Wednesday, prices sagged after government data showed U.S. crude inventories climbed 4.3 million barrels last week, contrary to analysts ' expectations for a 1.4 million barrel decline.
The oil market largely shrugged off Wednesday's expected decision by the U.S. Federal Reserve to raise interest rates by one-quarter of a percentage point.
Sentiment brightened somewhat after China pledged policies to boost financial markets and economic growth, while a decline in new COVID-19 cases there spurred hopes lockdowns will be lifted and factories will resume production. ( Additional reporting by Ahmad Ghaddar in London, Muyu Xu in Beijing; editing by Jason Neely, Marguerita Choy, David Gregorio and Tim Ahmann) | business |
Binance says users in Ontario restricted from using its platform | The dispute between Binance and OSC started in June last year, when the exchange announced its decision to quit Ontario after a regulatory crackdown on crypto exchanges in the province for allegedly failing to meet securities laws.
However, in December, Binance notified investors that it was allowed to continue its operations in Ontario while still being unregistered in the province, the OSC said.
In the undertaking, Binance also made a slew of other commitments, including halting trading in existing Ontario accounts, with certain exceptions that the company said were necessary `` to protect investors ''.
The crypto exchange also offered to provide fee waivers and reimbursements to certain Ontario users, and said it would hire an independent third party to oversee the implementation of its commitments.
While Binance's business boomed during the COVID-19 pandemic, with retail and institutional investors alike warming to crypto, the company has come under heavy fire from regulators around the world.
The crypto giant also withheld information and kept weak money-laundering checks even as it said it welcomed government oversight, Reuters reported earlier.
( Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber) | business |
Supporting Ukrainian refugees may require extra borrowing | Paschal Donohoe: 'It will be a lot later in the year until we're really clear on what are the economic consequences of hosting those who will be coming to our country looking for refuge. '
The financial implications of taking in Ukrainian refugees will not be known until later in the year, the finance minister has said.
Paschal Donohoe, speaking to the Irish Examiner in London, said that he was open to using the €3bn remaining in a Covid contingency fund for the housing and welcoming of refugees but said that it was not clear if additional borrowing would be needed.
Mr Donohoe said that a key challenge was the fact that Covid-19 remains a concern and supports are still in place to meet it.
`` We will look at the use of any funds that are in place [ in the contingency fund ] but the challenge that we will have is that Covid itself has not gone away, '' Mr Donohoe said.
`` We still have consequences from that crisis that we still have to find and still have to respond to.
`` It is too early for us to be able to form a very clear view on what are the additional costs that we will have to pay.
`` What we will have in the stability programme update that we will do in March is we will make our first serious forecast regarding what will be the additional economic impact that the war will have and what that will mean for our growth and tax forecasts. ''
But I do think it will be a lot later in the year until we're really clear on what are the economic consequences of hosting those who will be coming to our country looking for refuge.
`` But we will meet those commitments. ''
Mr Donohoe said there had been debate in the EU on the idea of putting in place a support mechanism for countries that are asked to take in refugees.
However, he said that any programme similar to the Covid recovery fund had not been agreed because the EU was in the `` early phase of implementing the EU recovery fund itself ''.
`` There is a debate underway in relation to that but there's no agreement on it and no substantive plan on the issue, '' he said.
Meanwhile, Simon Harris, the further education minister, has proposed an Erasmus programme that would create EU scholarships for Ukrainian students. | general |
What Endemic Covid Means for Travel in Asia | Get exclusive stories and unlimited access to Skift.com news
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Peden Doma Bhutia, Skift
March 17th, 2022 at 6:30 AM EDT
In a region of the world out front in shifting away from pandemic status, the formula is quite easy to figure out, for now: Endemic = less restrictions = more tourists = faster travel recovery = stronger economy.
Peden Doma Bhutia
Set to welcome international travelers from next month, Malaysian Prime Minister Ismail Sabri Yaakob announced the country’ s transition to the endemic phase; neighboring Thailand has set July 1 as the deadline to declare Covid as endemic.
Having done away with its Covid-zero strategy, Singapore is moving ahead with its plan to treat Covid as endemic, while the Philippines’ move to relax travel restrictions is also in tune with the archipelago’ s adoption of an endemic mindset.
The clarion call from Asian tourism hubs to declare Covid as endemic is providing an element of stability to a sector fraught with uncertainty triggered by government flip-flops around border reopening. Along with parts of Africa, Asia is out front with the shift to an endemic stage.
Travel under the pandemic globally has certainly been a quagmire of confusion, but Asia, in particular, has been particularly hard to get a handle on with rules changing so often from country to country — some super strict, others not as much. An endemic stage will certainly go a long way to ease those frustrations for travelers, and give destinations an opportunity to market again without so many caveats for entry.
As many Asian countries initially approached a close-to-zero Covid policy, consulting firm McKinsey observed that the return to travel has been slower in Asia than much of Europe and the Americas. In 2021, for example, Asia-U.S. flows witnessed the slowest recovery at only 17 percent of 2019 levels, Asia-Europe was not much better at 22 percent.
“ The tourism and hospitality industries have not only had to cope with lower travel demand over the last few years, but also a large amount of uncertainty amidst a constantly-changing regulatory environment, ” said Hermione Joye, Google’ s sector lead for travel in APAC. “ Moving to an endemic phase will hopefully provide a stable and more predictable environment for these industries to grow — not just in terms of revenues, but also in their ability to attract, retain and train the talent needed to take the industry to new heights. ”
Joye observed that the move to endemic could also help reduce travel-related friction involving confusion around destination entry, costly testing, quarantine guidelines, insurance requirements, etc.
Even as moves such as vaccination certificates would continue to remain in place to help travelers feel safe, the shift to the endemic phase would help to offer a more seamless and less complex travel experience.
Citing pent-up demand, McKinsey hoped travel would bounce back sharply after restrictions are removed. “ With a lot of cross-elasticity between destinations, travelers would make their choice depending on where the entry requirements are clear, stable and easy. ”
The endemic move would start putting Asian destinations back on the radar of tourists both within and outside the region.
“ Flight demand into Thailand has increased 53 percent ( vs. December 2021) since it resumed its Test & Go program in February this year. Demand for Cambodia over the last month has risen significantly, so has that to the Maldives, ” Google’ s Joye shared.
Businesses like Airbnb are already witnessing a lot of enthusiasm for cross-border travel as border restrictions gradually ease in the region. “ After being unable to travel abroad for so long, people are excited to take that long-awaited overseas trip, something we’ ve seen reflected in searches on Airbnb following several border reopening announcements, ” said Amanpreet Bajaj, Airbnb’ s general manager for Southeast Asia, India, Taiwan and Hong Kong,.
Even as the switch to endemic indicates things going back to normal, stakeholders believe that many of the fundamental shifts in travel they saw emerge during the pandemic will stay on.
As travelers embark on cross-border trips, Bajaj expects people to take the newfound flexibility they’ ve embraced as domestic travelers. Airbnb took note of some trends where they have seen the average trip length increase by about 15 percent, with stays of more than seven days being incredibly popular. “ Long-term stays of at least 28 nights were also our fastest-growing category by trip length in Q4 of 2021, ” Bajaj said as he pointed towards the flexibility that remote working has offered, allowing untethered workers to blur the lines between travel and living.
As Asian destinations start reopening, factors such as flight availability and comfort level for last-minute changes would be most attractive initially to travelers from within Asia rather than the West, noted McKinsey.
However, clarity and communication on requirements would continue to be the key to woo travelers.
Subscribe to Skift Pro to get unlimited access to stories like these ( $ 30/month) | general |
Irish tourism begins long road to recovery on St. Patrick's Day | The national holiday traditionally kicked off the tourism season before COVID-19 cut the number of arrivals in Ireland below 5 million in both 2020 and 2021 from the record 20 million in 2019, four times the country's population.
For Cathal O'Connell, whose green Paddywagon coaches bus visitors from around the world to tourist spots like the Cliffs of Moher, Giant's Causeway and Blarney Stone, winning back 40% to 50% of his pre-pandemic customers this year `` would be a win ''.
`` From what I 'm getting bookings wise, and my business would be a good barometer, that's what it looks like, '' said O'Connell, who unlike many hospitality operators could not fall back on a booming staycation market over the past two summers.
`` Had it gone on another year, we would have gone under and we were probably one of the most successful tourist companies in the country. We 'll make a heavy loss this year. If we can get back to break-even in the next three years, we 'll be doing well. ''
O'Connell said he was essentially `` asset stripping '' to get back to profit, had started to sell some of his 70 buses and had so far shut three of Paddywagon's seven tourist shops. Having employed 188 people in 2019, it now has a staff of 35.
Around 10% of Ireland's workforce was employed in tourism-related sectors before the pandemic, behind only Iceland and Spain among OECD members.
North American tourists, who represented nearly a quarter of all visitors in 2019, were beginning to come back and `` doing what Americans do best, going for the higher end '', O'Connell said. The European market had yet to recover at all, he added.
Ireland's main transatlantic carrier, Aer Lingus, is seeing strong demand over the St Patrick's weekend, celebrated with an additional bank holiday this year, a spokesperson said. The airline's capacity is close to 70% of 2019 levels this week.
Low-cost rival Ryanair, Europe's largest airline by passenger numbers, plans to operate its largest ever summer schedule from Dublin Airport, where traffic hit 77% of 2019 levels in the past week, an airport spokesperson said.
The return of flight capacity from a year ago when Ireland had the strictest travel curbs in the EU also prompted a buoyant outlook from the country's largest hotel operator, Dalata hotel Group, earlier this month.
For Paddywagon owner O'Connell, the sight on Thursday of huge crowds lining Dublin's main thoroughfare of O'Connell Street, home to one his four stores that for now remain open, already represents `` a major comeback ''.
`` Two months ago we wouldn't have predicted this. It 'll all come back, '' he said. `` It's like a footballer with a bad injury - it just takes time to get back on the pitch. ''
( Reporting by Padraic Halpin; Editing by Nick Macfie)
By Padraic Halpin | business |
Strong FY2021 performance driven by Believe's attractivity to artists and labels demonstrating the strength of its digital platform model | Strong FY2021 performance driven by Believe’ s attractivity to artists and labels demonstrating the strength of its digital platform model
Group’ s revenue growth: +30.7% with organic growth at +29.9%
Digital revenue growth: +33.6% reflecting solid market share gains
Adjusted EBITDA margin of 4%, up 230bps resulting from the business growth
Paris, March 17, 2021 – Believe ( Ticker: BLV, ISIN: FR0014003FE9), one of the world’ s leading global digital music companies, published today its FY 2021 sales and earnings.
Denis Ladegaillerie, Founder and CEO, said: “ In 2021, Believe has once again demonstrated its capacity to deliver strong and profitable growth while continuing to invest for the future. We are very proud to have attracted and supported the development of a record number of amazing independent artists and labels around the world throughout the year. We have continued to invest in hiring and training the best people in our industry and in building innovative digital technologies to become the best development and monetization platform for digital music artists. A platform based on the driving forces of respect, fairness, transparency and expertise at the center of ‘ Shaping Music for Good’, our CSR program. We ended the year on a strong quarter and delivered operational and financial results well above initial objectives presented at IPO, a key milestone of the year. The current world situation will have short term consequences, but the resilience of our model will allow us to reap the benefits of the long-term growth and transformation of the digital music and digital artist markets. ”
Key highlights
FY’ 21 strong performance reflected Believe’ s positioning at the core of the digital music revolution and the unparalleled attractivity of its digital platform model for artists and labels looking for digital solutions and expertise, at each stage of their career.
Digital revenues reached a new record growing by 33.6% partially driven by positive market dynamics in key countries, including fast growth in several emerging markets. As a result, net revenues also reached a record high level. These favorable trends were supported by strong and profitable investment in local teams over the past 24 months, notably in Asia ( India, Greater China, South-East Asia) and in Europe ( including France, Russia, Eastern Europe and Türkiye) as music digitalization is accelerating in these regions and more music genres are switching to digital. The model’ s attractivity was proven in all markets, as illustrated by the significant increase of artists and labels joining Believe: the number of artists served directly or via labels by the Group reached the milestone of c. 1 million compared to c 850,000 in FY’ 20.
In Europe, while ramping up its local presence and revenues in several countries, Believe consolidated its market position specifically in France, which was the first country where its offering has been fully deployed. The focus around local acts combined with the digital know-how and expertise resulted in a strong performance of the roster in FY’ 21: with 41 albums in the Top 200 new releases, Believe reached a 28% market share for the top-streaming albums locally. This is the result of a development strategy based on gradual organic investment and strategic partnerships that Believe has been consistently deploying to address the growth of the digital music monetization and the increase of its addressable market. The Group has kept investing organically during the year and concluded two strategic partnerships with Play Two and Jo & Co in H2’ 21, which strengthened its market share across genres of music that have not yet fully transitioned to digital and positioned Believe as the second-biggest player in the French new music releases market. The two labels started working with Believe on a small part of their catalog before entering discussions on shareholding and will benefit from the full services proposed by the Group.
In Asia, Believe’ s attractivity has also been illustrated by two strategic partnerships with Think Music ( India) and with Viva Music & Artists Group ( Philippines), which have also been both convinced by the digital expertise and know-how of the Group. Accelerated investment in the central platform between 2018 and early 2021 reinforced capabilities as a global digital powerhouse and ensured quality of service at high scale and in all geographies. In addition, since 2020 the Group has accelerated its investments in local teams in Asia, further reinforcing its capacity to leverage the unique scalable technology central platform to maximize exposure and grow digital revenues of artists and labels, which positions Believe as one of the leading partners in the region.
Committed to offer the best level of service to the global artist market, including the music creator segment, the Group pursued the localization of TuneCore platform ( Automated Solutions) adding 5 languages ( Czech, Dutch, French Canadian, Turkish and Polish) after deploying the service in 7 languages in FY’ 20. As a result, revenues were generated 40% outside the US and non-US music creators represented 60% of the newly acquired customers in FY’ 21. TuneCore also launched in Q4’ 21 a new distribution service, Social Platforms, whereby music can be uploaded to social media as a pre-step to releasing music to streaming and download platforms. Creators are now able to distribute their music directly into the music libraries of social media networks including TikTok, YouTube, Facebook, Instagram, and Reels. The launch attracted a younger customer base, which TuneCore was not highly successful in acquiring so far.
Believe continued rolling out best-in-class solutions and technology to develop artists at any stage of their career, particularly in building a suite of marketing automation solutions to support artists’ by helping them execute efficient go-to-market and audience development strategies. After successfully introducing a SaaS media buying automation platform and a TikTok viral measurement tool in Q3’ 21, Believe launched in Q4’ 21 a new solution enabling smart audit of thousands of YouTube Channels, as video platforms are increasingly becoming key contributors to monetization. The review is fully automated and scans YouTube channels and seamlessly recommends music-designed actions to optimize settings to better respond to the YouTube algorithm. Believe also developed further automatization to help artists to promote their projects with a new smart feature helping artists to auto-generate creative assets ( stories, posts, images, videos). These creative assets aim at easing artists promoting their music and engage fans on any streaming and social platforms.
Investments made in the last years translated into accelerated revenue growth and increased profitability in FY’ 21. Group’ s Adjusted EBITDA has increased significantly from €7.7 million in FY’ 20 to €23.3 million in FY’ 21 and Adjusted EBITDA margin more than doubled to reach 4.0%, on track with the Group mid-term trajectory. Free cash flow has also improved, with efficient control on investment and working capital needs.
Throughout FY’ 21, Believe has been delivering over expectations both on operational and financial objectives and is on track with its strategic roadmap to build the best development platform for local artists and labels in the digital ecosystem.
RevenuesFY’ 21 revenues grew by +30.7% to reach €577.2 million, largely driven by strong organic growth ( +29.9%). Digital revenues, which represented 90.9% of Group’ s revenues ( compared with 89.0% in FY’ 20), were up +33.6%, reflecting streaming market growth and solid market share gains. The Group further benefitted from its positioning at the core of the digital music industry and on the fastest growing markets, strengthened by the accelerated investment in local teams. The expansion of services offering in key markets was beneficial to revenue growth, which was also driven by gain of new artists and labels ( representing an addition of around 150,000 artists compared to FY’ 20). The Group’ s digital expertise resulted in a strong performance of the catalogue in FY’ 21, further reinforcing its attractivity to artists and labels. Non-digital sales improved by +8.0% over the year following a challenging FY’ 20 for physical sales and live business. After a solid recovery in H1’ 21, physical sales were down in the second half of the year albeit slightly better than expected. The impact of Group’ s decision to reduce its exposure to contracts with physical heavy content, notably in Germany was, however, mitigated by a solid slate of releases at the end of the year. Live business did not resume as it remained subject to restrictions throughout the year in most countries in the context of the Covid-19 pandemic.
This strong performance in FY’ 21 was conducted throughout the year and Q4 trends were aligned with previous quarters. Revenues grew by +30.8% to reach €173.1 million in Q4 2021, reflecting strong organic growth ( +32.3%) and a negative forex impact related mainly to the fall of the Turkish Lira at the end of the year and to a lesser extent to the dollar. Digital revenues were up +35.9% as Believe continued gaining share across the world and as several key markets remained on fast growth aligned with Q2 and Q3 trends.
Revenues by geography: growth in all geographies, with a particularly sharp increase in emerging markets notably in the Asia Pacific and Africa region
In FY’ 21, revenues in Asia Pacific and Africa grew strongly at +63.4% compared to last year and represented 22.6% of Group revenues ( versus 18.1% in FY’ 20). Market dynamics notably in Asia remained strong throughout the year. In addition, the Group expanded its premium services offering in several countries ( India, Greater China, Indonesia, …), reinforcing its attractivity and its market position.
Americas grew by +35.8% and represented 14.5% of total revenues ( versus 13.9% in FY’ 20), resulting from strong activity level in Latin America throughout the year. The positioning on local artists and solid investment in local teams nurtured this solid pace of growth.
Europe ( excluding France and Germany) recorded revenue growth of +35.4% and represented 28.5% of total revenues in FY’ 21 ( versus 27.6% in FY’ 20), including a small positive perimeter impact related to DMC label in Türkiye, which was consolidated in August 2020. Organic and external developments across the region, including the build-up of local teams have been successful and resulted in a level of activity particularly strong in Russia, Eastern Europe and Türkiye.
In France, revenues increased by +18.5% in FY’ 21, driven by the strong performance of artist services activities and further growth in artists and labels solutions, which resulted into significant digital sales increase ( +20.2%) and market share gains. The overall performance was however penalized by a severe drop in physical sales in the second half compared to last year.
In Germany, revenues increased by +5.2% in FY’ 21, as the Group witnessed stronger revenue growth in Q4’ 21 ( +16.6%) compared to previous quarters. The ongoing reorganization of the activities to reduce exposure to physical sales penalized the level of activity in FY’ 21, but a solid slate of releases notably at Nuclear Blast partially offset the impact, while digital revenues remained dynamic. France and Germany respectively represented 16.6% and 17.7% of Group revenues in FY’ 21 ( versus 18.4% and 22.0% respectively in FY’ 20).
DMS & Revenues by segment
In terms of segment, Premium Solutions, Digital Music Sales ( DMS, non IFRS measure defined in appendix), which are the basis of digital revenues in the segment recorded significant growth of 35.6% to reach €492.3 million in FY’ 21. Revenues amounted to €541.3 million, up +32.4% year-over-year reflecting strong organic growth ( +31.2%) and a positive perimeter effect related to the integration of the Turkish label DMC in August’ 20. With more music genres becoming digital, Believe accelerated its investment in key markets and expanded its service offerings in several countries. This resulted in a strong performance throughout the year, with Q4’ 21 aligned in terms of organic growth and slightly uplifted by the strategic partnership with Play Two signed early November.
Automated Solutions reported DMS of €358.1 million, down ( 1.9)% year-over-year, reflecting slow organic growth due to a challenging comparison basis and a negative forex impact. TuneCore DMS were particularly strong in H2’ 20 as music creators were numerous to subscribe to the service and recorded an elevated distribution rate, which made the annual comparison challenging. Revenues, which are not directly correlated to DMS due to the subscription model of TuneCore, amounted to €35.8 million, up 10.4% compared to FY’ 20 driven organically ( +13.7%). At the end of the year, addition of new customers and distribution rates were more aligned with historic trends, resulting in a progressive improvement in Q4’ 21.
Adjusted EBITDA
In line with the strong organic growth, Adjusted EBITDA pre-central platform costs1 grew by 37.3% in FY’ 21 to reach €83.3 million ( versus €60.7 million in FY’ 20). The increase was primarily driven by the strong growth witnessed in Premium Solutions, mitigated by accelerated investment in local teams throughout 2021 to fuel growth in future years. Automated Solutions Adjusted EBITDA was below last year, reflecting sustained investment in technology and the development of new services directly recorded in the segment, while revenue growth remained limited due to a lower rate of distribution compared to last year, therefore impacting subscription revenues. Overall, the Adjusted EBITDA margin pre-central platform costs amounted to 14.4%, an improvement compared to last year ( 13.7%) and further progress toward historical annual level ( 16% in FY’ 18 and FY’ 19), notwithstanding a strong investment cycle in local sales, marketing and support teams.
The Group’ s Adjusted EBITDA amounted to €23.3 million in 2021, a significant increase compared to last year ( €7.7 million). Central platform costs amounted to € ( 60.0) million, up 13.2% compared to FY’ 20. The Group had massively invested in the central platform since the end of 2018 to manage increased numbers of countries and commercial offers and ensure a high quality service level such as preferred partners status at all key digital service providers. As announced at the IPO, the Group continued investing in the central platform with a greater focus on digital marketing and data analysis, but the scale up phase has been secured. As a consequence, Central Platform costs therefore did not grow as rapidly as revenues and were lower as a% of total revenues at 10.4% in FY’ 21 versus 12.0% in FY’ 20. As a result, Adjusted EBITDA margin reached 4.0% in FY’ 21 compared to 1.7% in FY’ 20, or a 230 basis point improvement year-over-year.
Operating loss ( EBIT) EBIT amounted to € ( 21.0) million in FY’ 21, a slight improvement compared to FY’ 20, which was a loss of €21.7 million. However, it also included € ( 5.3) million of costs related to the initial public offering completed in June’ 21. Restated from this item, EBIT improved by €6.0 million year-over-year.
Free cash flow and cash at year end
Free cash flow was negative €30.7 million in FY’ 21, a €7.1 million improvement year-over-year notwithstanding higher negative working capital variation, partially offset by the Adjusted EBITDA increase and lower capital expenditures compared to FY’ 20, which included capex related to headquarter expansion ( €26.7 million in FY’ 21 vs. €34.7 million in FY’ 20). Negative working capital reflects advances paid to selected labels and artists in Premium Solutions gearing them for growth. As anticipated, the level of customer advances continued to progress on par with business growth in H2’ 21 but decreased as a% of revenues compared to H1’ 21, which included several renewals with large labels on longer term deals. This stabilization resulted in a positive variation in H2’ 21. As a result, working capital variation was negative € ( 15.5) million in FY’ 21 and represented c. 11% of the annual revenue increase, slightly above the level expected at the IPO ( c. 10%).
Net cash and cash equivalents amounted at €262.7 million at the end of December’ 21, reflecting the net proceeds of the IPO completed in June and the execution of the four M & A transactions, with €57 million spent in H2’ 21 in line with the targeted M & A strategy presented at the IPO.
Environmental, Social & Governance
The Group leveraged its listing to review its compensation approach to better align it with its CSR strategy. Believe is therefore closely monitoring three indicators, which represent 30% of the performance criteria in the variable compensation of Denis Ladegaillerie, Group’ s founder and CEO, and 33% of the performance criteria retained for the long-term incentive plan that has been implemented in 2021 for key managers. These criteria are aligned with the Group’ s global CSR strategy and its commitment to develop diverse and local talent, cultivate talent for the digital music era and empower community to have a long-term impact:
The Group is currently preparing its first extra-financial performance reporting ( DPEF), which will be published as part of its 2021 Universal Registration Document before the end of April. The information aforementioned will be fully detailed in the reporting.
Focus on Russia & Ukraine
The priority has been and remains to ensure the safety of team members, artists and that of their families in the region, to fully comply with international sanctions and to support humanitarian efforts for Ukrainian refugees.
Believe has undertaken the following measures in Russia:
The Group has taken steps to operate in full compliance with international sanctions and recommendations and is closely monitoring their evolution to take any new required action.
In order to support peace and freedom of speech and to support the Ukrainian people, Believe has:
Believe is closely monitoring developments in the Russia-Ukraine crisis and its potential impacts on the economic and financial environment. The activity in the region Europe ( excluding France and Germany), which comprises Russia and Ukraine is expected to be penalized by a much lower level of business in the country compared to FY’ 21. Believe generated c. 9% of Group’ s revenues in Russia and Ukraine in FY’ 21 at an Adjusted EBITDA margin that was below the Adjusted EBITDA margin of business segments ( FY’ 21: c. 13% versus 14.4% for the Group pre-central platform costs). Around 60% of this activity is local ( out of which c. 65% were generated with non-Russian digital service providers, which have mostly stated that they stopped their music content monetization notably in the country in the last few days). The rest of revenues ( 40%) are generated outside of Russia and Ukraine ( export sales). The exposure to the ruble is indirect as the Group has been paid in euros by digital service providers until now but those providers charge their services in local currencies to the end users.
FY 2022 outlook & confirmed mid-term objectives
In FY’ 22, Believe is expected to continue benefitting from positive structural market trends and further leverage the attractivity of its global digital platform model, which has been reinforced throughout FY’ 21. The Group should therefore generate solid organic growth outside Russia. In addition, the organic performance will be positively uplifted by around 2.0% by the extension of service agreements concerning Play Two, Jo & Co, Think Music and VMAG, which have been concluded as part of the strategic partnerships signed with these companies in H2’ 21.
The Group plans to continue investing in the central platform and in its local teams in FY’ 22 to nurture its future profitable growth, while actively managing its investment cycle in the current environment.
The Group will have greater visibility on the Russian and Ukrainian business evolution in the second quarter as the local situation is evolving rapidly. Believe is therefore planning to provide more precise objectives upon Q1’ 22 release on May 3rd.
Overall, the Group is on track with its strategic roadmap to build the best development platform and confirms its mid-term trajectory, including a CAGR 2021-2025 comprised between +22% to +25% and Group Adjusted EBITDA of 5% to 7% by 2025, implying an Adjusted EBITDA margin of segments of 15% -16%, which corresponds to a ‘ high-growth period’ margin as revenue increase is largely reinvested. Believe remains confident in its capacity to achieve its long-term objective to reach an Adjusted EBITDA margin of 15% for the Group.
Webcast:
We will host a webcast https: //edge.media-server.com/mmc/p/uyzf6vcu and conference call starting at 6:30 p.m. CET today. Denis Ladegaillerie, our Founder and CEO, and Xavier Dumont, our Chief Operating Officer and Chief Financial Officer, will present FY 2021 revenues and earnings and answer questions addressed in the call or submitted through the webcast. All information related to the annual results are available on our investor website: Believe - Investors Website - Financials
Conference call details: France, Paris: +33 ( 0) 1 70 37 16 97United Kingdom, London: +44 ( 0) 2071 928011United States, New York: +1 646 774 02 19
Conference ID: 1436217
2022 financial agenda:3 May 2022: Q1 2022 revenues - Press release to be issued after market close
20 June 2022: Annual Shareholders’ Meeting
3 August 2022: H1 2022 earnings - Press release to be issued after market close
3 November 2022: Q3 2022 revenues - Press release to be issued after market close
Appendix
1. Use of Alternative Performance Indicators
To supplement our financial information presented in accordance with IFRS, we use the following non-IFRS financial measures:
2. Quarterly revenues by division
3. Q4 revenues by geography
4. Revenue breakdown between digital and non-digital sales
5. Digital sales growth
About BelieveBelieve is one of the world’ s leading digital music companies. Believe’ s mission is to develop independent artists and labels in the digital world by providing them the solutions they need to grow their audience at each stage of their career and development. Believe’ s passionate team of digital music experts around the world leverages the Group’ s global technology platform to advise artists and labels, distribute and promote their music. Its 1,430 employees in more than 50 countries aim to support independent artists and labels with a unique digital expertise, respect, fairness and transparency. Believe offers its various solutions through a portfolio of brands including TuneCore, Nuclear Blast, Naïve. Groove Attack and AllPoints. Believe is listed on compartment A of the regulated market of Euronext Paris ( Ticker: BLV. ISIN: FR0014003FE9).www.believe.com
Forward Looking statement This press release contains forward-looking statements regarding the prospects and growth strategies of Believe and its subsidiaries ( the “ Group ”). These statements include statements relating to the Group’ s intentions, strategies, growth prospects, and trends in its results of operations, financial situation and liquidity. Although such statements are based on data, assumptions and estimates that the Group considers reasonable, they are subject to numerous risks and uncertainties and actual results could differ from those anticipated in such statements due to a variety of factors, including those discussed in the Group’ s filings with the French Autorité des Marchés Financiers ( AMF) which are available on the website of Believe ( www.believe.com). Prospective information contained in this press release is given only as of the date hereof. Other than as required by law, the Group expressly disclaims any obligation to update its forward-looking statements in light of new information or future developments.Some of the financial information contained in this press release is not IFRS ( International Financial Reporting Standards) accounting measures.
1 Central platform costs account for the costs that can not be allocated by division
Attachment
| business |
Analysis-Europe faces struggle to escape Russian gas this year | The European Union's executive last week published a blueprint to cut EU dependency on Russian gas by two thirds this year and end all Russian fossil fuel imports well before 2030.
A more detailed proposal will follow in May. The Commission's initial plan said by the end of this year, the EU could replace the equivalent of 102 billion cubic metres ( bcm) of the total 155 bcm of Russian gas it receives every year.
The bulk of the savings would come from importing more liquefied natural gas ( LNG) and gas from alternative pipeline suppliers.
A quicker deployment of the renewable energy the EU plans to expand to curb its carbon emissions and encouraging consumers to save energy would further dent demand.
The EU targets exceed what the International Energy Agency ( IEA) and analysts estimate is feasible.
Global energy watchdog the IEA says Europe could cut Russian gas imports by 50 bcm this year, or just over 80 bcm if countries switched from gas to burning more high-emitting oil and coal. Jefferies analysts estimate the EU could replace around 65 bcm of Russian gas imports this year.
`` In the short term, the EU target is really unrealistic, '' said Joel Hancock, vice president of commodities research at investment bank Natixis. `` Europe is rather looking at a slow divorce from Russia over the next ten years. ''
EU member countries will be unable to simultaneously replenish gas in storage and cut Russian imports this year, Hancock said.
The Commission will by April propose rules requiring EU countries to fill gas storage 90% by Oct. 1 every year. EU storage, which is replenished over summer when demand and prices are typically lower, is 26% full.
DASH FOR GAS
One of the biggest hurdles to replacing so much gas this year is securing enough LNG.
The Commission says around 10 bcm of gas imports could come from alternative pipeline suppliers, while 50 bcm would be LNG. That is equivalent to around 10% of annual global LNG supply.
`` Obtaining this volume will be difficult: 50 bcm would represent a major additional draw on an already-tight global LNG market and additional demand can not be met by significant new capacity before the mid-2020s, '' Jesse Scott at German-based thinktank Agora Energiewende said.
The global gas market has been tight for a year, driving prices to record levels.
High prices in Europe have attracted supply from elsewhere. U.S. exporters have shipped record volumes of LNG to Europe for three consecutive months, at prices at least 10 times higher than a year ago.
Asia's LNG demand is also rising quickly every year, adding to Europe's challenges in securing cargoes. International coordination would be needed to avoid prices climbing further and to ensure poorer countries can afford the LNG they need.
In the months before Russia's invasion of Ukraine began on Feb. 24, the United States and the EU held talks with companies and governments about increasing gas supplies to Europe in the event of an emergency.
Quitting Russian gas would require `` a war-time effort '' of immediate action from Euopean governments, said Simone Tagliapietra at Brussels-based thinktank Bruegel.
`` Otherwise, if we go against each other and we start to compete like crazy for LNG, we will really then play the game of Putin and provide great benefits to the suppliers, '' he said.
Internationally, that would require using the EU's diplomatic firepower to coordinate with other major LNG buyers and to stimulate additional supply, analysts said.
`` If this is a strategy about merely buying whatever LNG is out there, I think that's a very difficult target to meet, '' said Nikos Tsafos of the U.S.-based Center for Strategic and International Studies ( CSIS).
`` If this is a strategy about helping to develop alternative suppliers to bring them to Europe, I think that becomes a lot more realistic. ''
Meanwhile, Europe's LNG import terminals - which take gas that has been chilled and liquefied for transport and reheat it to supply industry, power plants and homes - have limited capacity to receive more cargoes. Some countries plan new terminals, but they are major industrial projects and take years to complete.
COUNTING THE COST
Breaching long-term contracts for gas through pipelines from Russia would mean replacing those volumes with higher-priced spot purchases - a cost the EU has acknowledged.
`` We have to be aware that the companies who have signed long-term contracts with Gazprom do receive gas at significantly lower prices than we have to pay in the LNG market. So there will be impact on our energy prices, '' EU energy commissioner Kadri Simson told EU lawmakers on Tuesday.
EU energy bills have soared since late last year, prompting industrial firms to curtail production and many governments to subsidise fuel prices.
It is difficult to estimate the overall cost of the EU plan but it is likely to run into the hundreds of billions of euros, analysts said. The cost of EU gas imports from Russia has fluctuated between around 200-to-800 million euros per day this year so far.
Filling EU gas storage alone could this year cost 65 billion euros at February's gas prices, or 160 billion euros based on the record-high European gas prices seen earlier this month, according to CSIS.
While Europe's plan for alternative gas supplies this year may be a stretch, other elements could be more than achieved.
The Commission says 20 bcm of Russian gas could be replaced with wind and solar capacity in 2022 and 170 bcm - or 480 gigawatts ( GW) of wind and 420 GW of solar - by 2030. The EU had 189 GW of wind installed in 2021, industry group WindEurope said.
Climate change policies EU policymakers are negotiating could hit those 2030 targets - provided countries and companies invest enough.
If EU countries spent 240 billion euros over 2022-2025, they could collectively install 65 GW of wind and 150 GW of solar, Bloomberg Intelligence analysts say.
An EU proposal in May will attempt to accelerate permitting and ease bottlenecks that have held up installations. Public funding is also available, including from the EU's 800-billion-euro COVID-19 recovery fund.
Lisa Fischer, an energy policy expert at thinktank E3G, said the renewables targets were realistic, while Brussels was `` completely underestimating what can be done '' to displace gas demand using energy efficiency, if countries fast-tracked programmes to expand energy-saving renovations.
( $ 1 = 0.9113 euros)
( Reporting by Nina Chestney, Marwa Rashad and Kate Abnett; editing by Barbara Lewis)
By Nina Chestney, Marwa Rashad and Kate Abnett | business |
Offshore Achievement Awards honours industry stalwart Melfort Campbell | North Sea stalwart Melfort Campbell has been honoured at the Offshore Achievement Awards.
The glamorous industry gala saw the entrepreneur recognised for his “ outstanding services to the industry ” and received the Significant Contribution Award.
Mr Campbell is chairman and chief executive of IMES Group, an inspection and engineering services firm he first built up in the 1980s.
A former chairman of the CBI Scotland, Mr Campbell led a review of the oil and gas sector in 2014 and also sits on the Scottish Government’ s energy transition leadership group for the industry.
SPE Aberdeen, which runs the Offshore Achievement Awards, said Melfort Campbell was being recognised for having “ quietly given back to the industries that have helped him to succeed ”.
More than 400 guests celebrated in the black-tie ceremony at the P & J Live in Aberdeen, which has been delayed due to Covid-19 lockdowns.
A Diversity and Inclusion category was among the new fixtures to the awards, while the Young Professional segment had the highest number of entries to date.
The winners were as follows:
· Emerging Technology – ARC Marine
· Innovator – Organic Oil Recovery
· Digital Innovation – Fennex
· Internationalisation & Diversification – Motive Offshore
· Skills Development – Wood
· Net Zero – Serica
· Diversity & Inclusion – Baker Hughes
· Great Company – Exceed
· Young Professional – Dan Millard, Eserv
· Significant Contribution – Melfort Campbell, IMES Group | general |
China has abandoned its foreign students over covid zero — Quartz | In February 2020, Stephen Yiadom was about to board a plane from Accra, Ghana back to China, where he was studying management and engineering, when he heard an announcement that his flight was canceled. Two years later, he’ s still waiting to hear from Chinese officials and his university when he can return.
In 2020, hundreds of thousands of foreign students enrolled in universities outside their home country largely spent that year studying online. But in 2021, many countries announced plans to allow overseas students to return, including Australia, which had some of the world’ s strictest travel rules for much of the pandemic.
But China is still following a covid policy aimed at keeping cases as close to zero as possible. This week, it imposed a seven-day lockdown in its tech hub of Shenzhen, after an outbreak of less than 100 cases. Against this backdrop, it hasn’ t allowed most students back, and has offered no clarity about when it will. Now many of them face a stark choice—keep waiting, or abandon their degrees and start again from zero.
“ This complete ban is surprising and frustrating, ” said Yiadom, who is now in the PhD phase of his program at Jiangsu University. “ We have other colleagues who are studying in different countries other than China—in the US, in the UK, in the EU—they have been allowed to go back for on campus studies. But we are still back home. ”
China, itself a top source of foreign students to the US and the UK, has also been building itself into a destination for students, particularly from low and middle-income countries.
“ Training future generations of intellectuals, technicians, and political elites from other nations is a subtle yet important form of soft power, ” wrote Yang Rui, then lecturer of education at Australia’ s Monash University, in an overview note on China’ s growing soft power in education in 2007. “ This was the role of Great Britain at its imperial zenith and of the United States ever since the 1950s, and now China increasingly fills this role. ”
According to China’ s ministry of education, just before the pandemic hit, nearly half a million foreign students were studying in China, 60% of them from Asian countries, with South Korea the top source of students in the region; another 16% came from African nations.While many students enroll in language courses, an increasing number are pursuing higher degrees in STEM subjects, or in management. A slew of services has sprung up online offering to help foreign students enroll in graduate degrees or in English-language medical programs accredited to accept foreign students. And while some students secure scholarships, most pay their own way, often relying on family savings or loans.
“ Most people who want to go for medical education know that China, Philippines, and Russia are cheap alternatives for India, ” said Indian student Venkat Reddy. “ Since 10th grade, I knew China is an option if I don’ t get a seat in India. ”
His program at Jilin University costs under $ 8,000 a year for tuition and living expenses, and while that is a lot of money for his family, prior to the pandemic it seemed well worth it. “ I never expected China to be so advanced in the way they teach Western sciences, ” he said.
For Md Al Hasibuzzaman, who left Bangladesh to begin his medical degree at Ningbo University in 2016, studying in China was similarly an eye-opening experience of the country’ s advancement. His Google drive is full of photos of him on the Ningbo campus, in the cafeteria with fellow students, with professors at a hospital, and celebrating the spring festival.
“ China was my dream, ” he said. “ China gave me a better understanding of the new world, how people can think. I have right now many other views than a Bangladeshi student who didn’ t go abroad. ”
Students told Quartz they understood China’ s decision to close its borders in 2020, as many countries did when little was known about the virus and vaccines didn’ t yet exist. But since last year China has begun allowing in select foreign professionals, with strict quarantine requirements, and this year it hosted the Winter Olympics. Now, say students, they are puzzled about why they haven’ t been called back, or why their universities have been slow to reply to their queries.
A group called the China International Students Union, set up in January 2021 to advocate on this issue, has written to China’ s foreign ministry, and encouraged students to tweet their experiences under the hashtag # TakeUsBacktoChina, prompting some Chinese officials to respond.
China’ s foreign ministry has said it attaches high importance to foreign students, and this week said it is coordinating the return of a small number of students with “ actual needs, ” possibly following through on a pledge made to Pakistan’ s prime minister last month. And a handful of prestigious programs, such as NYU Shanghai, have reportedly been cleared to receive some international students. But for most students, the government’ s assurances have not turned into concrete steps.
“ We expect a bit of compassion from the Chinese government or universities, ” said Reddy. “ They act like there’ s no urgency to resolve the issue—that hurts the most. ”
When Yiadom logged on to the DingTalk platform in May 2020 to face quizzing from a thesis defense panel of five professors at Jiangsu University, it didn’ t go well. He kept having to rejoin because of network problems. The defense panel couldn’ t hear answers to his questions, and he ran out of time. It was only thanks to his professor’ s intervention, who explained the technical glitches Yiadom was facing, that he made it through.
Now pursuing his PhD, which focuses on occupational safety, he can’ t follow the hands-on elements of the program, such as equipment demonstrations and company visits. When the professor brings in a piece of equipment to show the class, he often isn’ t even able to get a good look at it online.
“ Very, very frustrating, ” said Stephen. “ And you don’ t know your way forward, whether to go on or not to go on because everything is stagnant, you are left alone to do everything yourself. ”
Mexican student Raúl Pineda, who is enrolled in an engineering program specializing in nuclear technology, had imagined a future as a liaison between Chinese nuclear companies and power projects in Mexico. But his research is also at a dead end, since he’ s not able to access the specialized software for his research from Mexico.
“ I can do nothing. I am checking my options in Taiwan, Canada, the US, ” said Tanqueda. “ I will have to begin again probably. ”
The situation is particularly dire for medical students. There were as many as 70,000 of them in the country in 2018, according to one estimate, while Indian news reports put those from India at around 20,000.
The fourth and fifth years involve clinical coursework and bedside training, and the final year is for a hospital rotation. Students who were in their fourth year or later when the pandemic hit, therefore, missed out on crucial hand-on training. In addition, some schools in China require students to complete all parts of their course and internship within eight years.
Meanwhile, local rules are confounding students’ efforts to salvage their medical degrees in their home countries. One Indian state, for example, has said it won’ t allow students who finished their final medical exams online to do local internships.
An online survey of more than 1,100 medical students by education researchers from three Chinese universities found that about 60% reported their online connections as “ poor to average, ” while about half said they couldn’ t count on an uninterrupted electricity supply.
For Hasibuzzaman, this is a make-or-break year. He completed his fifth year of studies online. But he should now be doing a year of practical training at a hospital so that he could graduate in May with the medical degree his family scraped and saved for. The chances of him being able to get an internship in Bangladesh or another country, he says, are slim.
“ I don’ t know what will happen with my whole career, my whole life, if I can not go back to China, ” said Hasibuzzaman. “ Everyone is waiting for that. If they can not go back in one year, they will maybe never be a doctor. ” | tech |
Alnylam files patent infringement lawsuits against Pfizer, Moderna | Alnylam said it was seeking damages over the use of lipid nanoparticle ( LNP) technology used in the Pfizer/BioNTech and Moderna vaccines to carry and deliver genetic material into the body.
Representatives for Pfizer and Moderna did not immediately respond to requests for comment on the lawsuits.
Shares of Moderna, whose lone commercial product is its COVID vaccine, were off about 4%. Pfizer shares were up 1.7% and Alnylam was up 2%.
Alnylam's lawsuit against Moderna says it discussed licensing its technology to the company in late 2013 or 2014, and shared confidential information about it with Moderna at the time.
The lawsuit against Pfizer said Alnylam's LNP technology is also `` essential '' to the effectiveness and safety of Pfizer's vaccine.
Arbutus Biopharma Corp separately sued Moderna in Delaware federal court last month, claiming Moderna's COVID-19 vaccine infringes its patents, which also relate to RNA-delivery technology.
The U.S. National Institutes of Health has also implied it may sue Moderna over a vaccine-related patent application that NIH says should have listed its scientists as co-inventors.
Alnylam asked the court for an undisclosed amount of money damages from Pfizer and Moderna. It said in a statement it does not intend to take action that impedes the production, sale or distribution of the vaccines.
Moderna has said its vaccine earned the company $ 17.7 billion in revenue in 2021. Pfizer said last month that it expected $ 32 billion in revenue from its vaccine this year.
( Reporting by Manojna Maddipatla in Bengaluru and Blake Brittain in Washington, D.C.; Editing by David Bario and Bill Berkrot) | business |
Shanghai copper, aluminium hit 1-week high on China stimulus hopes | Copper and aluminium prices in China touched a one-week high on Thursday, bolstered by hopes for more stimulus measures by the top metals consumer and a firmer risk appetite in broader Asian financial markets.
The most-traded April copper contract on the Shanghai Futures Exchange ended daytime trading up 0.8% at 72,250 yuan ( $ 11,377.95) a tonne, while aluminium gained 2.4% to 22,200 yuan. Earlier in the session, both metals touched a high since March 9.
Three-month aluminium on the London Metal Exchange ( LME) was 1.2% higher at $ 3,297.5 a tonne by 0710 GMT.
Chinese vice premier Liu He on Wednesday urged government bodies to roll out market-friendly policies, allaying some fears of a slowdown due to the resurgence in coronavirus cases.
`` Everyone is encouraged by the meeting yesterday and also in general the market is on a risk-on mood, '' said Hao Hong, head of research at BOCOM International.
This year the supply picture in China is expected to be better than last year with limits on production being relaxed while demand looks stronger with investment growth, especially in the infrastructure sector that consumes lots of materials, he added.
Investors are also watching out for signs of a compromise and progress at the ongoing talks between Russia and Ukraine.
Concerns that the conflict in eastern Europe and mounting sanctions on Moscow would interrupt metal flows and raise the cost of gas had boosted metal prices.
Nickel was not trading on the LME during Asia hours and is scheduled to open at 8 a.m. London time every day until further notice.
LME was forced to halt nickel trading on its electronic system within a minute of opening on Wednesday due to a technical glitch and when it resumed in the afternoon there were very few trades. The exchange also widened its nickel trading limit to 8%.
FUNDAMENTALS
* LME copper rose 0.6% to $ 10,116 a tonne, lead was up 0.6% at $ 2,265.5, zinc was 0.5% higher at $ 3,828.5 and tin fell 1.8% to $ 41,500.
* ShFE lead rose 1.2% to 15,280 yuan a tonne, zinc was up 0.9% at 25,310 yuan, while nickel fell 2.2% to 207,710 yuan and tin was down 0.5% at 327,890 yuan.
* The U.S. Federal Reserve on Wednesday raised interest rates for the first time since 2018, as anticipated, and laid out an aggressive plan to push borrowing costs to restrictive levels next year.
* For the top stories in metals and other news, click or
( $ 1 = 6.3500 Chinese yuan) ( Reporting by Eileen Soreng in Bengaluru; Editing by Uttaresh.V, Sherry Jacob-Phillips and Vinay Dwivedi) | business |
Some areas of China's Shenzhen city to restart work, public transport on March 18 | Certain areas in the five districts still need to have COVID control measures in place, according to the statement, which did not include more details.
Other districts should adopt differentiated COVID measures for companies, the statement said.
( Reporting by Roxanne Liu, Ella Cao and Brenda Goh; Editing by Hugh Lawson) | business |
AstraZeneca: antibody combination, Evusheld▼ ( tixagevimab co-packaged with cilgavimab) authorised for use in Great Britain for pre-exposure prophylaxis ( prevention) of COVID-19 | Attachments
Disclaimer
AstraZeneca 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 10:00:02 UTC. | business |
FedEx shares slip as profit growth misses Street target | U.S. delivery firm FedEx Corp posted lower-than-expected quarterly earnings on Thursday, hit by ongoing labor woes and the Omicron outbreak, and said second-half Ground margins will miss internal targets.
Shares of FedEx fell 3.5% to $ 219.90 in extended trading.
E-commerce shipments fueled revenue at FedEx and United Parcel Service during the COVID-19 pandemic, but FedEx has been less successful than its rival at translating that additional business into profit.
While labor challenges began to ease in the latest third quarter, FedEx Chief Operating Officer Raj Subramaniam said volume was softer than forecast due to Omicron.
`` As such, we expect our second-half Ground margins will be lower than our previous expectations and not reach double digits, '' Subramaniam said.
Executives said volume rebounded as Omicron waned. Still, analysts called out the growing gap between the Ground operations at UPS and FedEx.
`` You guys are operating, give or take, at an 8% margin. UPS is on its way to 12 (%). You guys used to be better, '' said Wolfe Research analyst Scott Group.
`` We're laser-focused on improving our margins, '' Subramaniam said.
In January, FedEx warned that Omicron infections had caused pilot shortages and delayed shipments in its aircraft-dependent Express operation. That news came after FedEx said staffing shortages in its non-union, contractor-based Ground division were hurting profits and delaying deliveries.
Meanwhile, the unionized workforce at UPS has been a bright spot in the tight U.S. labor market. UPS offers employees better pay and benefits than their non-union peers that deliver for FedEx and Amazon.com, which have struggled to hire and retain drivers and other key workers.
Memphis-based FedEx's adjusted net income for the fiscal third quarter increased almost 30% to $ 1.22 billion, or $ 4.59 per share. However, that missed analysts ' call for a profit of $ 4.64 per share, according to Refinitiv I/B/E/S Estimates.
Revenue for the quarter ended Feb. 28 grew nearly 10% to $ 23.6 billion.
FedEx on Thursday affirmed the full-year forecast it reinstated in December, again calling for earnings excluding items of $ 20.50 to $ 21.50 per share. In September, FedEx lowered that range to $ 19.75 to $ 21.00 per share. ( Reporting by Lisa Baertlein in Los Angeles and Aishwarya Nair in Bengaluru; Editing by Jonathan Oatis, Bernard Orr and Richard Pullin) | business |
Dealmakers see M & A pace slow as geopolitical turmoil takes toll | Bankers and lawyers speaking at the Tulane Law conference in New Orleans on Thursday noted that while conversations were still taking place and deals would continue to get done, the market volatility of recent weeks has made signing off on acquisitions more tricky.
`` I 'm finding myself, as a banker, advocating 'no ' to selling a company much more than I ever have before, '' said Gordon Dyal, the managing partner of investment banking advisory Dyal & Co.
`` No matter how attractive that premium is, the chance the deal falls apart and it's 18 months or 12 months from now, even if you negotiate a huge break fee, it doesn't matter because it does not compensate a company for its lost franchise. ''
The widespread economic and geopolitical upheaval caused by Russia's invasion of Ukraine is having significant ramifications on companies ' operations, sucking up the attention of leadership and putting some inorganic growth plans on the backburner.
`` It's very hard to have a board meeting to talk about M & A deals when you're sitting there wondering whether your general manager in Russia is going to go to jail for who knows how long, in a country where all of a sudden there truly are no rules, '' said Scott Barshay, chair of the corporate department at law firm Paul, Weiss, Rifkind, Wharton & Garrison.
Global dealmaking this year through mid-March is down around 20% on the same period in 2021, according to data provider Refinitiv.
While megadeals have tailed off, in the face of heightened regulatory scrutiny from the Biden administration, private equity firms continue to deploy substantial cash piles into new purchases.
Refinitiv data shows that while overall dealmaking is down, transactions involving buyout firms globally are up 12% year-to-date.
For corporations though, the ripples from war in Eastern Europe, which Russia calls a `` special operation '', are creating challenges on the back of emerging from the COVID-19 pandemic, plus supply chain issues and inflationary pressures.
CONNECTIONS
A unique aspect of this is that many corporate boards, which have been refreshed with new directors in the last two years - either by choice or amid investor pressure - have not met in person during the pandemic, making building trust between boards and management more difficult.
Lawyers said this lack of connectivity makes boards more cautious about pursuing growth opportunities that could include acquisitions, sales or other structural changes.
`` It is really hard to build up a sense of collegiality and trust and confidence in that environment. And, after all, boards are human beings and deals rely on people trusting each other and trusting the advice that they are receiving, '' said Melissa Sawyer, global head of M & A at Sullivan & Cromwell LLP.
The Tulane event, one of the most influential gatherings in the dealmaking community, is hosting its 34th edition in person, having been forced online last year by the pandemic. Its last live conference in 2020 took place just days before lockdown measures to contain COVID-19 were implemented.
As well as enjoying the benefits of meeting others in the flesh, and reestablishing professional and personal connections, the dealmakers spoke of confidence that their business would be equally buoyant in the months ahead.
`` It's busy. It's still busy. I think on the public side, we're seeing a lot of deals, '' said Barshay of Paul, Weiss.
`` I still have the numbers, even if the sizes are a bit lower. ''
( Reporting by Svea Herbst-Bayliss, David French and Krystal Hu in New Orleans; editing by Richard Pullin)
By Svea Herbst-Bayliss, David French and Krystal Hu | business |
Journey Medical Corporation Announces First Patient Dosed in Phase 3 Clinical Trial Evaluating DFD-29 ( Minocycline Modified Release Capsules 40 mg) for the Treatment of Rosacea | SCOTTSDALE, Ariz., March 17, 2022 ( GLOBE NEWSWIRE) -- Journey Medical Corporation ( NASDAQ: DERM) ( “ Journey Medical ”), a commercial-stage pharmaceutical company that focuses on the development and commercialization of pharmaceutical products for the treatment of dermatological conditions, today announced that the first patient has been dosed in a Phase 3 clinical trial to assess the safety, efficacy and tolerability of DFD-29 ( Minocycline Modified Release Capsules 40 mg) for the treatment of papulopustular rosacea. The Phase 3 clinical trials are part of a collaboration with Dr. Reddy’ s Laboratories Ltd. ( “ Dr. Reddy’ s ”) for the ongoing development and commercialization of the DFD-29 program.
Two multicenter, randomized, double-blind, parallel-group, active and placebo-controlled Phase 3 clinical trials will each enroll up to 320 adult patients with moderate to severe papulopustular rosacea ( “ PPR ”). One trial is enrolling patients in the United States and the other is enrolling in the United States and Europe. The studies will be randomized in a 3:3:2 ratio to DFD-29 ( Minocycline Hydrochloride Modified Release Capsules, 40 mg), Oracea® ( Doxycycline capsules 40 mg) or placebo once daily for 16 weeks. The primary objective of the studies is to evaluate the safety, efficacy and tolerability of DFD-29 compared to placebo for the treatment of PPR. The secondary objective is to evaluate the safety, efficacy and tolerability of DFD-29 compared to Oracea® ( Doxycycline capsules 40 mg).
Claude Maraoui, Co-Founder, President and Chief Executive Officer of Journey Medical, stated, “ Reaching this milestone marks another important inflection point for Journey Medical. We began as a commercial-stage pharmaceutical company and have evolved into a fully-integrated pharmaceutical company with a research and development division that has the capability to expand available dermatologic treatment options. Research to date demonstrates the potential of DFD-29 as a more effective treatment option that we hope to provide for the millions of patients worldwide that suffer with rosacea. ”
Research published in The Journal of Clinical and Aesthetic Dermatology in December 2021 determined DFD-29 40 mg demonstrated significantly greater efficacy than Doxycycline 40 mg, placebo and DFD-29 20 mg for the treatment of PPR, at plasma concentrations predicted to be below the antimicrobial threshold. The research comprised of two studies, a single-center open-label, three-arm, Phase 1 pharmacokinetic study with 24 randomized healthy subjects aged 18 to 45 years that received 21 days of once-daily dosing with DFD-29 40 or 20mg, or Doxycycline 40mg and a multicenter Phase 2 clinical trial with 205 randomized patients with mild-to-severe PPR who received once-daily DFD-29 40 or 20 mg, Doxycycline 40 mg, or placebo for 16 weeks. DFD-29 demonstrated statistical significance compared to both placebo and doxycycline on both co-primary endpoints—proportion of subjects with Investigator’ s Global Assessment ( “ IGA ”) treatment success ( grade 0 or 1 with at least a two grade reduction from baseline at week 16) and total inflammatory lesion count reduction from baseline to week 16. Most notably, DFD-29 had approximately double the efficacy compared to doxycycline on both co-primary endpoints.
About RosaceaRosacea is a chronic, relapsing, inflammatory skin condition that most commonly presents with symptoms such as deep facial redness, acne-like inflammatory lesions ( papules and pustules) and spider veins ( telangiectasia). Based on research in the British Journal of Dermatology, it is estimated that 415 million people suffer with rosacea worldwide.1 Rosacea is most frequently seen in adults between 30 and 50 years of age. Surveys conducted by The National Rosacea Society report more than 90 percent of rosacea patients said their condition had lowered their self-confidence and self-esteem, and 41 percent reported that it had caused them to avoid public contact or cancel social engagements. Among rosacea patients with severe symptoms, 88 percent said the disorder had adversely affected their professional interactions, and 51 percent said they had missed work because of their condition.
1. Gether L, Overgaard LK, Egeberg A, Thyssen JP. Incidence and prevalence of rosacea: a systematic review and meta-analysis. Br J Dermatol 2018 Feb 25. doi: 10.1111/bjd.16481
Oraycea® and Oracea® are registered trademarks of Galderma Holdings, S.A.
About Journey Medical CorporationJourney Medical Corporation ( NASDAQ: DERM) ( “ Journey Medical ”) is focused on identifying, acquiring, developing and strategically commercializing innovative, differentiated dermatology products through its efficient sales and marketing model. The company currently markets nine products that help treat and heal common skin conditions. The Journey Medical team is comprised of industry experts with extensive experience in developing and commercializing some of the most successful prescription dermatology brands. Journey Medical is located in Scottsdale, Arizona and was founded by Fortress Biotech, Inc. ( NASDAQ: FBIO). Journey is registered under the Securities Exchange Act of 1934, as amended, and files periodic reports with the U.S. Securities and Exchange Commission ( “ SEC ”). For additional information about Journey Medical, visit www.journeymedicalcorp.com.
Forward-Looking StatementsThis press release may contain “ forward-looking statements ” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. As used below and throughout this press release, the words “ we ”, “ us ” and “ our ” may refer to Journey Medical. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management’ s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of research and development activities; uncertainties relating to preclinical and clinical testing; risks relating to the timing of starting and completing clinical trials, including disruptions that may result from hostilities in Europe; our dependence on third-party suppliers; risks relating to the COVID-19 outbreak and its potential impact on our employees’ and consultants’ ability to complete work in a timely manner and on our ability to obtain additional financing on favorable terms or at all; our ability to attract, integrate and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The information contained herein is intended to be reviewed in its totality, and any stipulations, conditions or provisos that apply to a given piece of information in one part of this press release should be read as applying mutatis mutandis to every other instance of such information appearing herein.
Company Contacts: Jaclyn Jaffe and Bill BegienFortress Biotech, Inc. ( 781) 652-4500ir @ fortressbiotech.com
Media Relations Contact: Tony Plohoros6 Degrees ( 908) 591-2839tplohoros @ 6degreespr.com
| business |
Union issues strike notice to CP Rail as groups ask Ottawa to prevent work stoppage | TORONTO — Canadian Pacific Railway Ltd. said Thursday it has received strike notice from the union representing its engineers, conductors and other train employees.
The move is the latest escalation in a labour dispute at the Calgary-based railway that could result in a potential nation-wide work stoppage as early as 1 a.m. EST on Sunday.
CP Rail indicated Wednesday night that it had issued a 72-hour notice to the Teamsters Canada Rail Conference of its plan to lock out almost 3,000 employees on Sunday, if the union and the company are unable to come to a negotiated settlement or agree to binding arbitration.
The two sides are at odds over 26 outstanding issues, including wages, benefits and pensions.
But Canadian business organizations are calling on Ottawa to prevent a potential work stoppage at Canadian Pacific Railway Ltd., which could further hamper companies recovering from COVID-19 restrictions and supply chain problems.
Roughly 45 industry groups said Thursday that any disruption would hinder Canada's freight capacity and hurt the broader economy as it grapples with inflation, product shortages, rising fuel costs and the Russian invasion of Ukraine.
`` Any disruption would further cripple Canada’ s freight capacity and have a profound impact on not only rail shippers, but all shippers, including trucking and air, throughout the broader Canadian economy, '' the groups said in a statement.
`` It would do irrevocable damage to Canadian supply chains that would extend beyond our borders and harm our reputation as a reliable partner in international trade. ''
The groups behind the statement included the Retail Council of Canada, the Canadian Chamber of Commerce, the Canadian Manufacturers and Exporters and the Business Council of Canada.
Federal Labour Minister Seamus O’ Regan said Wednesday night that Ottawa is `` monitoring the situation closely '' and wants both parties to consider making compromises to reach a deal that is fair for workers and the employer.
But the industry groups want the government to go further.
`` CP has stated that it is willing to immediately enter binding arbitration to resolve this matter without a work stoppage, '' the groups said.
`` The government must do everything in its power to get the union to agree. ''
One of the groups that was part of the statement, the Canadian Federation of Independent Business, added that it's important for the government to ensure both parties remain at the negotiation table and service remain uninterrupted because it is already a challenging time for businesses.
The organization, which represents at least 110,000 small businesses, estimates only 35 per cent of businesses have returned to normal sales and about 89 per cent of small businesses are impacted by supply chain challenges, with retail, manufacturing, and construction businesses being the hardest hit sectors.
Three in ten business owners have seen their business’ costs increase by more than 20 per cent due to supply chain issues, while 39 per cent have waited waiting more than a month for shipments, CFIB said.
`` The work stoppage will cause additional burdens on many of these businesses and put their future and the livelihood of their employees at a greater risk, '' said Jasmin Guenette, vice-president of national affairs.
Canada's agriculture industry has also expressed concern about a potential work stoppage at CP.
Farm groups have warned any delay on the rail lines would affect everything from shipments of fertilizer and other inputs during the crucial spring seeding season, as well as deliveries of emergency livestock feed to drought-affected parts of the Prairies.
`` Disruptions such as this can reverberate and have consequences throughout the entire food supply chain, '' said Keith Currie, president of the Canadian Federation of Agriculture, in a news release.
This report by The Canadian Press was first published March 17, 2022.
Companies in this story: ( TSX: CP)
© 2022 The Canadian Press. All rights reserved., source Canadian Press DataFile | business |
EUROPEAN MIDDAY BRIEFING - Stocks Waver as -2- | The IEA cut its forecast for supplies this year to 99.5 million barrels a day.
In metals, nickel prices fell 8%, the new daily limit on the London Metal Exchange. The exchange reopened the nickel market Wednesday after a weeklong suspension caused by an unprecedented runup in prices that threatened the viability of some exchange members.
-- -
Gold was higher in the European session after volatile moves. Gold initially tumbled on the hawkish Fed statement and economic projections, but trimmed a good amount of losses after Fed Chair Powell signaled that the balance-sheet runoff announcement could occur as soon as May, Oanda said.
Investors don't need to look hard to find a reason to go defensive and buy gold, Oanda added, citing reasons such as lingering stagflation risks.
Read Barrons.com: Uranium Prices Are Through the Roof as the War Shifts Thinking on Nuclear Power
EMEA HEADLINES
Ocado Lowers FY 2022 Outlook as 1Q Retail Revenue Falls on Changing Customer Habits
Ocado Group PLC reported on Thursday a decline in sales in the first quarter of fiscal 2022 as pandemic restrictions eased and more customers returned to office working and said that it is lowering its full-year outlook as a result.
The online grocer and retail-technology specialist said retail revenue for the 13 weeks ended Feb. 27 fell 5.7% to 564.7 million pounds ( $ 742.5 million). This was linked to a 4% fall in U.K. grocery market sales amid higher prices, the company said, noting that the first-quarter performance was also up 32% when compared with the first quarter of fiscal 2020.
Deliveroo Expects Lower 2022 Growth, But Sees Mid-Term Path to Profit
Deliveroo PLC said Thursday that it expects to reach an adjusted Ebitda breakeven in the medium term despite forecasting a weaker 2022 due to market uncertainties.
The U.K. food-delivery company -- which started trading on the London Stock Exchange on April 7 -- said that it is targeting to adjusted earnings before interest, taxes, depreciation and amortization -- which strips out exceptional and other one-off items -- breakeven in the second half of 2023 or first half of 2024, which would be `` the next key milestone on the path to achieving its longer term profit ambitions. ''
Veolia to Pay Higher Dividend After Profit Increased in 2021
Veolia Environnement SA said Thursday it will increase its dividend after profit and revenue rose in 2021.
The French resource-management company said net profit increased to 404.3 million euros ( $ 446.1 million) from EUR88.8 million in 2020.
Rheinmetall Sees Sales Growth, Higher Margin in 2022
Rheinmetall AG said Thursday that it expects continued sales growth and a higher operating margin in the current year.
The German automotive-and-defense company said it sees an increase in annual sales of between 15% and 20% organically, while operating margin is expected at more than 11%. The forecast takes into consideration Germany's plans for possible procurements for the 2022 defense budget and the new special armed forces fund.
German Logistics Giant DB Schenker Set to Book More Than EUR1 Billion in FY21 Oper Pft
DB Schenker, the logistics arm of German railroad operator Deutsche Bahn AG, later this month will report more than one billion euros in operating profit, according to a person familiar with the company's supervisory board.
DB Schenker, which ships goods by air, sea and land, is set to book EUR1.2 billion in earnings before interest and tax for the 2021 fiscal year -- equivalent to $ 1.32 billion -- up from EUR711 million in fiscal 2020. Revenue during the 2021 fiscal year increased 33% to EUR23.4 billion, the person said.
KKR & Co. to Buy Japan Real-Estate Manager for $ 2 Billion
KKR & Co. has agreed to acquire a Japanese real-estate joint venture between Mitsubishi Corp. and UBS Group AG for $ 2 billion, it said Thursday.
KKR said the acquisition will deepen its presence in Japan and expand its global real-estate business.
Ukraine Awaits Word of Deaths, Survivors After Russia Hits Theater Turned Bomb Shelter
KYIV, Ukraine-The fate of hundreds of Ukrainian civilians in Mariupol was unclear early Thursday after Russian forces bombed a theater where they had been sheltering from fighting over the southern port city.
Mariupol has been the target of relentless shelling by Russian forces seeking to advance along Ukraine's southern coast.
Ukraine War's Global Economic Impact to Hit Poorest Hardest, OECD Says
Russia's invasion of Ukraine will be felt by households around the world through higher energy and food prices, with disruptions to trade and fragile confidence contributing to a significant weakening of global economic growth, the Organization for Economic Cooperation and Development said Thursday.
The Paris-based research body calculates that global economic growth will be 1.1 percentage points lower, and inflation just short of 2 1/2 points higher than if the invasion had not taken place. In late 2021, the OECD forecast the global economy would grow by 4.5% this year, and consumer prices would rise by 4.2%.
World Court Orders Russia to Suspend Military Action in Ukraine
The International Court of Justice on Wednesday directed Russia to suspend its military operations in Ukraine, issuing a preliminary but likely unenforceable order in Kyiv's suit contending that the Kremlin justified its invasion on the false pretext of stopping a purported genocide in Ukraine's Russian-speaking Luhansk and Donetsk regions.
The world court, an arm of the United Nations based in The Hague, has no independent power to enforce its decisions, and Russia already has argued the 15-member tribunal lacked jurisdiction over the dispute.
Putin Acknowledges Impact of Sanctions on Russian Economy
Russian President Vladimir Putin acknowledged that the country's economy had taken a profound blow from Western sanctions imposed on Moscow for the invasion of Ukraine.
`` Our economy will need deep structural changes in these new realities, and I won't hide this-they won't be easy; they will lead to a temporary rise in inflation and unemployment, '' Mr. Putin said in televised remarks on Wednesday before a video meeting with Russian government officials.
Russia Blames Sanctions for Pushing It Toward First Default Since 1998
Russia's finance minister said the country paid what it owed on its foreign debts on Wednesday but wasn't sure if the payments would go through, blaming U.S. sanctions for setting the country on the path toward default.
The Russian government is required to pay $ 117 million in interest payments on two dollar-denominated government bonds Wednesday. Failure to pay, or attempting to pay in rubles instead of dollars as required by the bonds, would set the stage for Russia to be placed in default by its creditors.
GLOBAL NEWS
Investors Slow Push Into Bank-Loan Funds
A red-hot run for bank-loan funds is losing steam.
Investors poured tens of billions of dollars into the funds in the last year, betting that the floating-rate debt would help them weather the coming wave of interest-rate increases by the U.S. Federal Reserve.
Shoppers Reach Their Limits on Some Price Increases
Apparel retailers and department stores are bumping up against pockets of price resistance, a sign that consumers are curtailing spending as inflation remains at the highest level in four decades.
Macy's Inc. tried to raise prices on some mattresses and sofas by $ 100, but shoppers pushed back, Chief Executive Jeff Gennette said. Clothing brand Bella Dahl raised prices on its T-shirts by about $ 20, then sales fell and the company rolled back the price increase. `` There was a revolt, `` said Steven Millman, its chief brand officer. `` If we go any higher, we 'll do half the sales. ''
China Launches Investigation Into Official Who Promoted Respect for Islam
TAIPEI-China's Communist Party has authorized a corruption inquiry into a senior official who was previously an influential advocate of Muslim culture, according to people familiar with the matter, in a signal of Chinese leader Xi Jinping's resolve to push ahead with the country's aggressive ethnic assimilation efforts.
Wang Zhengwei, a member of China's Muslim Hui minority and currently a vice chairman of China's top political advisory body, the Chinese People's Political Consultative Congress, is under investigation by the party's internal disciplinary watchdogs for abuse of power and corruption, the people said.
Fearing More Cyberattacks, Congress Requires Key Businesses to Report Digital Breaches
Amid a rush to thwart cyberattacks from foreign spies and criminal hacking groups, President Biden on Tuesday signed into law a requirement for key businesses to report to the government when they have been hacked.
The idea, which languished for a decade on Capitol Hill amid industry pushback, could correct a fundamental problem the U.S. government faces as it fights cybercriminals: No one knows how many companies get hit.
U.S. Covid-19 Hospital Admissions Near a Low, but New Risks Loom
A tangle of encouraging trends in the U.S. and concerning signs abroad are raising questions about the Covid-19 pandemic's trajectory.
Counts of newly admitted Covid-19 patients in U.S. hospitals are nearing their lowest recorded level after any prior surge. The seven-day average for patients with confirmed and suspected Covid-19 cases admitted to hospitals slid to 6,406 by Wednesday, down from a record high that topped 28,000 in January, a Wall Street Journal analysis of federal data shows.
Hong Kong Says It May Loosen Covid-19 Flight Bans, Quarantine
HONG KONG-Chief Executive Carrie Lam said her government is reviewing its Covid-19 measures, including lengthy quarantines and flight bans from key markets, that have isolated the Asian financial hub and drawn complaints from the global banks and major companies that operate in the city.
( MORE TO FOLLOW) Dow Jones Newswires
03-17-22 0718ET | business |
Rheinmetall: Earnings at all-time high – margin reaches 10.5% - Rheinmetall on course for profitable growth in 2022 | Earnings at all-time high - margin reaches 10.5% Rheinmetall on course for profitable growth in 2022
Fiscal 2021
Outlook for 2022: Sales growth and stable high margins
Rheinmetall AG, Düsseldorf, continued on its profitable growth trajectory and closed fiscal 2021 with record figures. New record highs were set for both the operating result and operating free cash flow. Thanks to high-volume major orders from military customers and because international automotive manufacturers were awarding more contracts again, the order backlog is also at an all-time high. Consolidated sales increased mainly in the civilian business, which was characterized in 2021 by increasing demand in the global automotive industry.
Rheinmetall forecasts continuing sales and earnings growth for fiscal 2022. In the altered security policy situation, the Group considers itself to be in an auspicious position to play an important role in the imminent increase in defence capabilities with military products in Germany and partner countries.
Armin Papperger, Chief Executive Officer of Rheinmetall AG, comments: `` Rheinmetall is on a very good course. Thanks to the strategy program concluded in 2021, we have completed the development into an integrated technology group in organizational terms. This is now paying off: For the first time, we have generated a record operating margin of more than half a billion. We are very proud of this achievement, which is based on all five of our divisions. ''
`` In light of the changed political situation in Europe, many countries are now intensifying their efforts for security. With our products, we will participate in increasing budgets for military equipment. Security - as shown by the current conflict - is the bedrock of our life in peace and freedom. Rheinmetall has a special obligation here. We have created excellent conditions to help shape the transformation of the markets and achieve our ambitious targets for sustainable profitable growth. This also applies to our civilian activities: With a growing share of sales attributable to alternative drive technologies, we are well on track to handle the transformation of the industry and leverage new growth potential. ''
Group's profits soar with rising sales - free cash flow nearly doubled
In fiscal 2021, the Rheinmetall Group generated consolidated sales of €5,658 million. Compared with the previous year's sales of €5,405 million ( adjusted for discontinued operations in accordance with IFRS 5), this is an increase of €253 million or 4.7%. Adjusted for currency effects, sales growth was 4.4%.
Fiscal 2021 was characterized by significant sales increases in the Sensors and Actuators and Materials and Trade divisions. With their civilian business, these divisions benefited from the - compared with the crisis year 2020 - increasing demand in the global automotive industry. In the other divisions, the sales level increased slightly. The international share of consolidated sales in the year under review was around 66% after 64% in the previous.
On December 31, 2021, the Rheinmetall backlog was €24.5 billion, a new high. This figure includes binding orders ( order backlog) and orders from framework contracts ( frame backlog) as well as the nominated backlog of the civilian business.
With growth of 33%, Rheinmetall significantly increased its consolidated operating result ( EBIT before special items) year-on-year in fiscal 2021. It increased by €148 million to €594 million, after €446 million ( previous year's figure adjusted for discontinued operations in accordance with IFRS 5) in fiscal 2020. This is the highest operating result in the company's recent history. The Group's operating margin was 10.5%, which was significantly higher than the previous year's figure of 8.3%.
Taking into account the positive special items of €14 million - primarily from a real estate sale - EBIT in the Rheinmetall Group was €608 million and thus €211 million above the previous year's figure of €398 million.
Earnings after taxes reached €332 million, significantly higher than the previous year's figure of €1 million. In the previous year, earnings included special items for impairment for piston production and provisions for restructuring measures.
After deduction of earnings attributable to non-controlling interests of €41 million ( previous year: €27 million), earnings attributable to shareholders of Rheinmetall AG were €291 million, compared with € 27 million in the previous year. This results in earnings per share of €6.72, compared with € 0.62 in the previous year. Adjusted earnings per share from continuing operations increased from €5.93 to €9.04.
On this basis, a dividend payment for fiscal 2021 of €3.30 per share will be proposed to the Annual General Meeting, compared with €2.00 in the previous year. This equates to a payout ratio of 36.5% of adjusted earnings per share ( previous year: 34%).
The operating free cash flow generated in the Rheinmetall Group in fiscal 2021 amounted to €419 million or 7.4% of sales. It was therefore well above the strategic target range of 3% to 5% of sales. Compared with €217 million in the previous year, free cash flow increased by around 93% in the period under review.
Vehicle Systems: Orders acquired worth more than €2.8 billion
The Vehicle Systems division, which operates in the sector of military wheeled and tracked vehicles, generated sales of €1,883 million in fiscal 2021, exceeding the previous year's figure of €1,846 million by 2.0%.
Significant sales contributions came from two major international projects relating to armored Boxer all-wheel-drive vehicles. In Australia, deliveries were made under the major order for 211 Boxer combat reconnaissance vehicles. In Great Britain, the start of production of the high-volume program to deliver 500 Boxer mechanised infantry vehicles resulted in initial sales.
Further significant sales were generated with the delivery of military trucks to the Bundeswehr and with logistic vehicles delivered to the Australian armed forces on the basis of a contract in place since 2013.
The order intake for the Vehicle Systems division in the year under review was €2,851 million, after €4,389 million in the previous year. With the order to modernize the British Challenger 2 main battle tank fleet, the division won a major contract of around €770 million to equip the European NATO land forces. Major new contracts were also signed with the armed forces in Germany. The delivery of armored engineering vehicles to the Bundeswehr has a net contract value of around €248 million; the further modernization of the Puma infantry fighting vehicle comprises an order volume of around €421 million ( net).
The division's operating result improved by around €24 million to a total of €174 million in 2021.
At 9.2%, the operating margin exceeded the previous year's figure of 8.1% thanks to a better product mix.
Weapon and Ammunition: Operating result increases to €218 million
The Weapon and Ammunition division generated sales of €1,233 million with its weapon system and ammunition activities in the year under review. Measured against the previous year, this represents an increase in sales of €34 million or 2.8%. The Propulsion Systems business unit made a contribution to this sales growth, increasing its sales by €15 million year-on-year, mainly due to growth in the civilian chemicals business. Another positive effect resulted from the development of new business areas by the newly founded Rheinmetall Project Solutions GmbH, which provides the Bundeswehr with logistical deployment services. Based on a framework agreement, initial sales worth €16 million have already been generated here.
At €1,403 million, order intake in the Weapon and Ammunition division was €357 million lower than the previous year's figure of €1,760 million, which was particularly high due to a large-volume individual order from Hungary. Significant individual orders in fiscal 2021 included the order for the modernization of the British Challenger 2 main battle tanks ' weapon systems in the amount of €134 million and orders from the Bundeswehr with a total volume of €283 million.
The operating result in the Weapon and Ammunition division rose by €33 million to around €218 million in fiscal 2021 ( previous year: €184 million), mainly due to the higher sales volume. The operating margin improved from 15.4% in the previous year to 17.6% in the year under review due to intensified cost optimization measures and a more profitable product mix in the traditional ammunition business.
Electronic Solutions: Operating margin increased to 10.6%
The Electronic Solutions division, which develops and produces solutions in the field of defence electronics, generated sales of €932 million in fiscal 2021, on a par with the previous year ( €931 million). Sales in the period under review were largely influenced by the delivery of air defence systems to an international customer and by sales as part of the German contribution to NATO's VJTF ( Very High Readiness Joint Task Force) forces. Other relevant sales came from the division's share in a major vehicle project for Australia and the expansion and modernization of Skyguard air defence systems for international customers.
The division recorded order intake of €1,021 million in fiscal 2021, compared with €1,065 million in the previous year. Significant incoming orders were booked for air defence systems and for electronic components in the modernization program for the German armed forces ' Puma infantry fighting vehicle.
The order backlog of the Electronic Solutions division amounted to €2,420 million at the end of fiscal 2021, compared with €2,298 million in the previous year. The order backlog thus increased by €122 million or around 5.3% year-on-year.
At €99 million, the division's operating result was up 7.6% on the previous year's figure of €92 million. The operating margin increased from 9.8% in the previous year to 10.6% in the year under review thanks to the successful completion of major orders and due to measures to reduce costs.
Sensors and Actuators: Significant increase in sales and operating result
The Sensors and Actuators division, which does business with its components and control systems for reducing emissions and for thermal management, increased its sales by 9.4% or €113 million to €1,315 million in the year under review following the pandemic-related slump in 2020. Significant increases in sales were generated in the first half of 2021 in particular. The second half of 2021 was dominated by the market shortage for electronic components and correspondingly reduced customer call-offs. The increase in the division's sales is significantly greater than the global growth in light vehicle production, which is put at 2.5% ( IHS Markit).
The division's booked business in fiscal 2021 was 48% higher than a year earlier at €2,472 million ( previous year: €1,665 million). The volume of orders for alternative drive systems almost doubled as against the previous year and attained a share in total booked business of roughly 30%.
The Sensors and Actuators division achieved an operating result of €103 million in fiscal 2021. This corresponds to a significant increase of €67 million compared with the previous year. The division's operating margin increased by 4.9 percentage points to 7.8%.
Materials and Trade: Operating result more than doubled
The Materials and Trade division, which supplies plain bearings and structural components and conducts global aftermarket business, increased sales in 2021 by 22% or €115 million to €651 million compared with the previous year, which was severely impacted by the coronavirus pandemic.
The Bearings and Trade business units showed a very good year-on-year sales performance. The Bearings business unit increased sales by 22% year-on-year. In the plain bearings business this was due to higher overall volume sales, which were achieved despite supply volume reductions at some automotive manufacturers due to the shortage of semiconductors. The business unit increased sales year-on-year in Europe in particular. In the Continuous Castings unit, the increase in sales resulted from a significant rise in tonnage and material price increases which could be passed on to customers.
The Trade business unit achieved 20% higher sales than a year earlier. The key factor here was the Independent Aftermarket unit, which considerably increased its sales in Western and Eastern Europe and Latin America above all. However, sales in the Original Equipment Supplier/Original Equipment business also exceeded the previous year's level.
Booked business in the Materials and Trade division came to €720 million in the period under review, a significant year-on-year increase of 26%. However, the previous year's figure was impacted by the cautious approach of automotive customers to orders in the pandemic situation.
The Materials and Trade division achieved an operating result of €51 million in fiscal 2021, up €22 million on the previous year. As a result, the division's operating margin increased by 2.4 percentage points year-on-year to 7.8%.
Rheinmetall Group forecast for 2022: Strong sales growth with stable high margins
Based on the current market outlooks, the Rheinmetall Group expects growth in sales and anticipates a higher operating margin combined with an improved operating result in fiscal 2022.
The Rheinmetall Group's annual sales are expected to increase organically by between 15% and 20% against the previous year's level in fiscal 2022 ( previous year's sales: €5,658 million). This growth forecast accounts for the latest knowledge regarding the German government's plans for possible procurements from the 2022 defence budget and the new special armed forces fund, more details of which have emerged in recent days.
In light of this, the growth forecast ( 8% to 10%) stated in the 2021 annual report could be adjusted to the current situation for the first time.
Based on the current sales forecast and taking into account holding costs, in fiscal 2022 Rheinmetall is expecting to see an improvement in the Group operating result and a Group operating margin of over 11% ( previous year's margin: 10.5%).
In line with the relevant current developments, Rheinmetall will make any necessary adjustments to its forecast during the course of the year.
Forward-looking statements and projections
This publication includes forward-looking statements. These statements are based on Rheinmetall AG's current estimates and projections and information available at this stage. Forward-looking statements are not a guarantee of future performance. They depend on a number of factors, include various risks and uncertainties and are based on assumptions that may prove to be incorrect. Rheinmetall is under no obligation to update the forward-looking statements in this publication.
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Rheinmetall AG 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 09:10:07 UTC. | business |
Nazanin Zaghari-Ratcliffe and Anoosheh Ashoori arrive in the UK after being freed from Iran | Early Thursday, British Foreign Secretary Liz Truss said in a tweet that Zaghari-Ratcliffe and fellow British Iranian national Anoosheh Ashoori `` have landed safely in the UK and are reunited with their families and loved ones. ''
`` Welcome home, '' she said.
Emotional photos posted on social media by Truss, Amnesty International UK and the FreeNazanin campaign group which pushed for her release, show Zaghari-Ratcliffe hugging her daughter Gabriella and husband Richard Ratcliffe upon her arrival at the RAF Brize Norton airbase in Oxfordshire.
Images also show Ashoori being reunited with his family.
The former prisoners were flown from Iran on a Royal Air Force plane, which landed in the UK just after 1:00 a.m local time Thursday.
Their release was hailed by UK Prime Minister Boris Johnson 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.
Zaghari-Ratcliffe's local UK Member of Parliament Tulip Siddiq tweeted a photo of her on board a plane Wednesday as she made 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. ''
Ashoori's family said in a statement on Twitter, `` 1673 days ago our family's foundations were rocked when our father and husband was unjustly detained and taken away from us. Now, we can look forward to rebuilding those same foundations with our cornerstone back in place. ''
Ashoori was held in Iran for five years after he was arrested by Iranian intelligence agents in Tehran in 2017. He was convicted of spying for Israel's Mossad intelligence agency and sentenced to prison for 12 years, Iran state news agency IRNA reported.
Decades-old debt settled
Zaghari-Ratcliffe and Ashoori's return home came as Truss announced 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.
Mayor of London Sadiq Khan said he was `` delighted '' that Zaghari-Ratcliffe had been freed from `` wrongful imprisonment '' in a statement Wednesday.
'Start being a normal family again '
Zaghari-Ratcliffe's husband Richard said the release of his wife means they can `` start being a normal family again. ''
Before her arrival back in the UK, Ratcliffe told reporters she got picked up by the Iranian Revolutionary Guard at 11:00 a.m. local time ( 3:30 a.m ET) and 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.
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 |
Irish Taoiseach abruptly leaves DC gala attended by Biden after testing positive for Covid | Martin left the gathering for The Ireland Funds after his positive result was confirmed, according to PA Media, a UK-based news agency. Irish Ambassador to the US Daniel Mulhall announced the results to the room, a person who attended the dinner told CNN.
A White House official said Biden is not considered a close contact of Martin. The pair was set to hold a bilateral meeting at the White House on Thursday, but the official said the schedule will be changed.
CNN has reached out to Martin's office and the Irish Embassy in Washington for comment.
In a photo posted online by the Press Association, Martin is seen sitting next to House Speaker Nancy Pelosi at the event. CNN reached out to Pelosi's office for comment.
Biden spent less than an hour at the gala and was not seen by a CNN producer in attendance in close proximity to the Taoiseach.
Biden gave his 15-minute remarks from a lectern slightly away from the guests seated in the hall and left shortly after for the White House.
Martin became the Taoiseach in June 2020. The Irish leader typically has a standing invitation to the White House on St. Patrick's Day, which is Thursday. Last year, Biden and Martin met virtually due to the coronavirus pandemic.
As he opened his remarks Wednesday, Biden referenced a meeting between him and Martin when Biden was the US vice president and Martin was the Irish foreign minister.
`` We both have come full circle -- you're Taoiseach and I 'm President. What the hell are we going to do? '' Biden said. | business |
‘ They don’ t know about war’: The legacy of forgotten horrors | SNA ANSA, Cambodia – The land mine that killed Ma Simet and two others was laid decades ago. The devices are designed to endure. They can outlast monsoons and droughts, years of political upheaval and submerged histories — until the cataclysmic moment of contact.
On Jan. 10, under an early hot sun, the men worked to remove mines from a field, vestiges of a time when Cambodia was at war with itself and suffered as a victim of a larger conflict. By late morning, they had discovered a Russian-made anti-tank mine. Nestled nearby, unseen by them, was an anti-personnel device, which targets anyone trying to defuse the larger explosive.
The two men closer to the detonation were obliterated. All that was left of one was a couple of fingers and a patch of scalp. Ma Simet, 32, was a bit farther away. His body was found intact.
“ Even though his face was burned, it was like he was sleeping peacefully, ” said Khuon Savin, his widow. “ I don’ t care about the history. I just want those mines gone before they hurt other people. ”
The three men’ s deaths are reminders of how an unearthed past continues to shatter Cambodia’ s present, even if most of the population has no memory of the country’ s deadliest years.
Two-thirds of Cambodians are younger than 30. They were born long after the Khmer Rouge unleashed its totalitarian terror and extinguished up to one-quarter of the nation’ s population in the 1970s, long after the U.S. carpet-bombing campaigns that poisoned their earth with 500,000 tons of ordnance during the Vietnam War.
People want to gaze ahead, a natural impulse of the young — and of those who wish not to remember.
Ma Syloun preparing for her brother’ s funeral, in Sna Ansa, Cambodia, Jan. 23. “ I don’ t want to think about this terrible history. It’ s better to look forward, ” she said. | NADIA SHIRA COHEN / THE NEW YORK TIMES
But in soil still stained by the legacy of genocide and crimes against humanity, new blights have taken root: kleptocratic rulers, runaway corruption and a chasm of inequality.
Ma Simet knew the weight of history. His job deactivating unexploded ordnance was a daily reminder of a past that had ravaged his parents’ generation and that of their parents. His siblings knew the effort to eradicate mines was important, but they say there is little point in excavating the deeper truths about what happened long ago. His widow agrees.
Yet their lives will continue to be formed by this act of forgetting and of the sudden surfacing of trauma. Far from being freed from history, Ma Simet’ s eight siblings, whose ages span from 19 to 41, are living the arc of modern Cambodia, a time of phenomenal change but also tremendous imbalance.
The current leadership of Cambodia has encouraged a national amnesia, allowing authoritarianism and its attendant ills to flourish again.
The country is led by Hun Sen, a strongman who after 37 years in power is the world’ s longest-serving prime minister. He started off in the Khmer Rouge before aligning himself with the forces that swept aside the regime. Hun Sen has destroyed the political opposition, groomed his son as a successor and allowed for the enrichment of an elite that once espoused communist ideals.
At Ma Simet’ s funeral in late January, in a shaded pagoda complex rebuilt after the Khmer Rouge destroyed it, his mother, Mak Leuk, received the mourners.
“ My son’ s death had value for the nation, ” she said, “ but we have lost our blood. ”
Among those at the funeral was Kao Kea, the widow of Mak Leuk’ s brother. He too, was killed by a land mine, nearly 30 years ago.
Kao Kea, 58, shook her head at the chances that two men would be killed by these hidden remnants of the past, planted at the same time perhaps, but detonating a generation apart.
The waterfront along the Mekong River in Phnom Penh, on Jan. 29. Much of the population has no personal memory of the country’ s deadliest years. | NADIA SHIRA COHEN / THE NEW YORK TIMES
“ The young generation, they don’ t know about war, and even me, I’ m from that generation, but I don’ t know much about it either, ” she said. “ Maybe we should remember. Because if we don’ t, what will stop us from making the same mistakes again? ”
For all the strides Cambodia has made — three decades of peace and economic growth, at least until the coronavirus pandemic — the country is still defined by its violent past. Like Rwanda, Srebrenica or Darfur, Cambodia stands as a byword for the worst impulses of humanity.
Yet much of that past remains unspoken, even if Cambodia’ s youth are confronting the nation’ s repressive leaders. Most of the textbooks that educated today’ s young adults touched lightly on the atrocities committed by the Khmer Rouge. In villages, those who killed still live next to relatives of those they killed. Within families, personal histories are obscured.
In late January, Khuon Savin sat with her parents mourning her husband.
Khuon Savin knew that her father, Khuon Khai, 63, had been a soldier for a Cambodian force that battled the Khmer Rouge. This was after the Vietnamese invasion in late 1978, which ousted the more radical communists.
Sitting with his wife and daughter, Khuon Khai had a confession. After his mother died of starvation, he had served in the very force that had precipitated her death: the Khmer Rouge.
“ I just followed others, ” he said. “ I had no parents. I didn’ t want to die. ”
It was the first time his daughter and wife had heard his secret. Days before, his son-in-law had been killed by a Khmer Rouge mine.
His wife, Soum Vai, looked at the man seated next to her, the man to whom she been married for 35 years.
“ I’ m afraid of him now, ” she said, covering her face. “ My father, my family members, were killed by the Khmer Rouge. ”
A transistor radio sat next to Khuon Khai, its antenna leaning against the wall. He listens to Buddhist sermons every day.
“ It helps give me peace of mind, helps my sins to be forgiven, ” he said.
At noon, Ma Syloun, the youngest of Ma Simet’ s eight siblings, logs on to her college classes, which are being held online because of COVID-19. She does not have a laptop, but she does have a scholarship to the Royal University of Law and Economics and a Chinese-made smartphone to watch her professors.
Khuon Savin ( left) with her parents in their home in Siem Reap, Cambodia, on Jan. 19. Days before, her husband, Ma Simet, died in a demining accident, Khuon Khai ( right) revealed a long-held secret: He had served in the Khmer Rouge. | NADIA SHIRA COHEN / THE NEW YORK TIMES
Cambodia’ s youth have opportunities that the earlier postwar generation never enjoyed. Ma Syloun’ s oldest sister works in a garment factory. Never having finished primary school, she can barely write her own name. For those who emerged from the Khmer Rouge era and the years of civil war, mere survival was an accomplishment.
By the time Ma Syloun came along, she was not only able to finish high school but also won funding for college in Phnom Penh, Cambodia’ s capital — the only student from her high school that year who did. She decided to study law, her interest sparked by her family’ s land being seized without proper compensation.
Over the past two decades, much of Cambodia’ s farmland and forests has ended up in the hands of foreign investors and local developers tied to the ruling Cambodian People’ s Party. Socialist in its founding, the governing force has long since embraced the trappings of capitalism, defending its material gains with thuggery and graft.
The streets of Phnom Penh, a city once emptied of cars by the Khmer Rouge, later the domain of United Nations peacekeeping vehicles, are now choked with the traffic jams common in many Asian megacities. Vast villa complexes, gilded with Louis XIV flourishes and Venetian domes, ring the capital on what was once farmland.
The progeny of former Marxist revolutionaries are some of the most conspicuous consumers of Cambodia’ s new money — and their impunity is fiercely protected. A political activist who exposed the business empire controlled by Hun Sen’ s extended family was fatally shot while sitting at a Phnom Penh cafe.
The wealth gap can seem unbridgeable to many Cambodians, even if the number of those living in absolute poverty has declined sharply. En Poy, 33, the sole survivor of the Jan. 10 accident that killed Ma Simet and two others, was maimed by another land mine when he was a child. He has dodged death twice, lost an eye and part of an arm.
He is so deeply in debt that he is considering returning to his job finding land mines. More than half of Cambodian households, his included, owe money to what critics say are predatory microfinancing institutions.
Some of Ma Syloun’ s classmates, rich students from Phnom Penh, do not understand why she can not join calls for some group projects. To afford life in Phnom Penh, she works at a restaurant, seven days a week, for $ 80 a month. Since she is studying on her phone, she writes her assignments on paper.
Rice fields near a village in Siem Reap province, Cambodia, home to the family of Ma Simet’ s wife, Jan. 19. | NADIA SHIRA COHEN / THE NEW YORK TIMES
“ They say they’ ll take my name off the group work, ” she said. “ They say I’ m lazy. ”
She shows photos of these classmates, posing on social media, sipping icy drinks in air conditioning.
Ma Syloun brings rice from her village of Sna Ansa to Phnom Penh. It is cheaper than buying city rice. Her father has sold a buffalo and cows for her education.
She acknowledges that her chances of becoming a lawyer are slim. Many white-collar jobs are secured through connections and under-the-table payments, the kind of inequalities that led many Cambodians to initially welcome the Khmer Rouge.
“ In our country, without money and a strong network, you are nothing, ” she said.
On the outskirts of Phnom Penh, on a dusty road crowded with motorcycles and trucks carrying garment workers to factories, stands a cream-colored edifice set against a vast lawn: the Extraordinary Chambers in the Court of Cambodia.
There, over the past 16 years, what are known as the Khmer Rouge trials have unfolded, through a U.N.-sponsored process that was supposed to bring a measure of justice and catharsis to Cambodia. This, though, is hardly the Nuremberg trials, which delved into Nazi horrors, or South Africa’ s Truth and Reconciliation Commission, which was meant to help mend the rifts of apartheid.
The Khmer Rouge trials have cost more than $ 300 million. Yet only three defendants have been found guilty. Two others died in the course of the trials, and two cases against lower-level commanders were dismissed, one in December.
Luxury houses going up in Sen Sok, on the outskirts of Phnom Penh, on Jan. 25. The area has seen a construction boom in the past five years. | NADIA SHIRA COHEN/THE NEW YORK TIMES)
From the beginning, the scope of the court, with its mix of Cambodian and international judges, was limited to a handful of men and women who were considered senior leaders of the Khmer Rouge or those most responsible for its horrors.
Hun Sen’ s government worked to slow down the effort, according to human rights lawyers and legal scholars. Dredging the past could be risky for the ruling party, which is stocked with Khmer Rouge defectors and their disciples.
“ The artifacts of a terrible history, the experience of surviving genocide, shapes Cambodia’ s future, ” said Sophal Ear, a dean at the Thunderbird School of Global Management at Arizona State University, whose father died during the Khmer Rouge era.
When she was in high school, Ma Syloun visited the court with her mother, Mak Leuk, whose younger sister was taken in for questioning by the Khmer Rouge and never seen again. Mak Leuk’ s parents died of disease when she was 11 years old. Decades on, she, unlike many others, has told her nine children of these tragedies, of the three cups of rice stretched into a watery gruel for 150 people, of her skeletal frame with legs swollen from malnutrition.
Sitting at her brother’ s funeral, Ma Syloun said her mother has told her those stories, over and over.
Buddhist monks chanted, the incantations broadcast by loudspeaker over a village where history’ s aggressors and victims still coexist, where farmers’ landholdings grow smaller with each year.
“ I don’ t want to think about this terrible history, ” Ma Syloun said. “ It’ s better to look forward. ” | tech |
European Space Agency suspends Mars mission with Russia | Sign up for CNN's Wonder Theory science newsletter. Explore the universe with news on fascinating discoveries, scientific advancements and more.
The ExoMars Rover, a collaboration between ESA and the Russian space agency Roscosmos, had been on track to leave for Mars in September this year. But ESA said last month that Russia's invasion of Ukraine had made that `` very unlikely. ''
The decision to suspend cooperation with Roscosmos on the project was made unanimously by ESA's ruling council, which met in Paris on Wednesday and Thursday to assess the situation arising from the war in Ukraine. The council said it had authorized a study to see whether there were any options `` for a way forward '' for the mission.
Launch windows are delicate and timely for missions heading to Mars from Earth. The rover, known as both ExoMars and Rosalind Franklin in honor of the English chemist and DNA pioneer, was initially scheduled to launch in July 2020 but was delayed by the coronavirus pandemic.
The space agency said in a statement that it deeply deplored `` the human casualties and tragic consequences of the aggression towards Ukraine. While recognising the impact on scientific exploration of space, ESA is fully aligned with the sanctions imposed on Russia by its Member States. ''
The mission is intended to search for life on Mars and investigate the history of water on the red planet. The rover has the capability to drill beneath the surface of Mars to a depth of 6.5 feet ( 2 meters), where the scientists hope they may find signs of life.
Despite suspending the Mars mission, ESA said that the International Space Station program continues to operate as planned.
`` The main goal is to continue safe operations of the ISS, including maintaining the safety of the crew. ''
There are currently four NASA astronauts, two Russian cosmonauts and one European astronaut living and working on board the orbiting outpost. On Friday, three more Russian cosmonauts are expected to arrive.
The mounting geopolitical tensions have seen retired US astronaut Scott Kelly clash on Twitter with the head of the Russian space agency.
Such conflicts are `` damaging '' to the space station's mission, a NASA official has warned. The agency said it's still working closely with Roscosmos, and NASA astronaut Mark Vande Hei will `` for sure '' return from the space station later this month aboard a Russian Soyuz spacecraft as previously planned.
In light of the situation in Ukraine, the ESA will convene an extraordinary session of the space agency's ruling council in the coming weeks, the statement said. | business |
Should Americans be worried about COVID — again? | COVID-19 cases are dropping in the U.S. and mask mandates are being repealed all over. Yet over a third of the wastewater sample sites across the U.S. showed rising COVID-19 levels in the first 10 days of March. So is COVID-19 going away or not?
For the experts, there are quite a few reasons to believe Americans shouldn’ t let their guard down just yet. “ The world has decided COVID is over for some reason — and that really worries me, ” said Akiko Iwasaki, a professor of immunobiology at Yale School of Medicine. “ Lifting all of these mandates so quickly is asking for trouble. ”
Throughout the pandemic, U.S. COVID-19 trends have largely trailed those in Europe and the U.K. by a few weeks. For most of the European region, COVID-19 cases are on the rise again after plunging from their winter omicron peaks.
“ With cases rising abroad, scientific and medical experts have been clear that in the next couple of months, there could be increasing cases of COVID-19 here in the United States as well, ” White House press secretary Jen Psaki warned during a briefing Tuesday night.
Her remarks came just two weeks after the White House dropped its mask requirements.
“ What’ s happening in Europe could very well be a preview for the U.S., especially without masks, ” Yale’ s Iwasaki said.
There are three main factors driving the uptick in international infections, all of which could apply to the U.S., experts said. The first is that omicron’ s dubious cousin, labeled BA. 2, is reportedly more transmissible than its predecessor, according to a pre-print study from Denmark. In Europe, it has quickly overtaken the initial omicron strain, BA.1, and now accounts for the majority of cases in the U.K., according to its Office of National Statistics.
This hasn’ t happened in the U.S. just yet, though over the past few weeks BA.2 has been rising in prevalence in the U.S. It currently accounts for just under a quarter of overall cases, according to the Nowcast data from the U.S. Centers for Disease Control and Prevention ( CDC).
Data from the U.K. Health Security Agency show that the country’ s rise in COVID-19 cases happened concurrently with BA.2 accounting for more than half of overall infections.
Andy Pekosz, a virologist at Johns Hopkins Bloomberg School of Public Health, said that it’ s important to look at whether a variant’ s rise in prevalence corresponds with an increase in cases overall. Though the percentage of BA.2 cases in the U.S. has nearly doubled in the last week, there hasn’ t yet been a corresponding rise in COVID-19 infections, he pointed out.
Phoebee Curtis, 9, receives a COVID-19 vaccine in Albuquerque, New Mexico, on Nov. 10. Many experts warn that there are quite a few reasons to believe Americans shouldn’ t let their guard down regarding COVID-19 just yet. | PAUL RATJE / THE NEW YORK TIMES
A reason for the lag in rising U.S. COVID-19 cases rising could be “ the delay in the appearance of BA.2 here, ” Pekosz said. “ The U.S. was also a few weeks behind most of Europe in lifting public health interventions — so the fact that BA.2 is growing here and public health interventions are being lifted will make it difficult to assess the contribution of each to any future increase in cases. ”
Waning immunity is another factor driving the spike in infections abroad. Despite high vaccination rates across much of Europe, booster rates still hover around 50%. In the U.S., booster rates are even lower, according to the CDC. Protection from the initial two-dose vaccine series wanes after six months. Plus, immunity from prior infection also decreases over time and newer variants can render antibodies from past strains less effective.And the third factor is that mask mandates have lifted across the globe and people’ s behavior has changed. This isn’ t the sole cause of rising cases, but combined with waning immunity and a more transmissible variant, it certainly could contribute to a rise in cases.
“ Irrespective of what variant is circulating, when those public health interventions go away, you should expect to see either a plateauing, or maybe a slight bump up in cases, ” Pekosz said.
BA.2 appears to be no more severe than omicron, meaning that for most healthy, vaccinated people, symptoms are pretty mild. British researchers found that BA.2 does not seem to carry a higher risk of hospitalization than the original omicron mutation.
But concerns lie in the many unknowns with omicron, which is still relatively new. The same U.K. researchers found cases of reinfection with BA.2 after omicron infection, meaning people can’ t rely on prior immunity to prevent future infections. Studies are ongoing to better understand why that might be the case with BA.2.
Some epidemiologists have expressed concern that the virus may be evolving to produce more problematic variants. European researchers argue in Nature Reviews Microbiology that omicron demonstrated COVID-19’ s ability to mutate rapidly over a short period of time in order to better evade a person’ s immunity and even to diverge genetically among sub-lineages, as BA.2 does.
Pekosz said the question of whether omicron can cause long COVID is still largely a mystery. Even less is known about how BA.2 factors into the long COVID equation. The condition, in which symptoms of the virus linger long after infection, can be debilitating and has been linked to serious neurological and cardiac problems.
“ It’ s not clear how effectively omicron infection leads to long COVID, ” he said. “ Again, it’ s so different from other variants, it wouldn’ t surprise me if it had a different rate of inducing long COVID. ”
Two years of pandemic life have given us some strategies for softening the virus’ s blow.
There’ s no indication, yet, of plans to bring masks back. Face coverings have been ditched in schools, and holdouts such as public transit are set to drop their requirements next month.
A pharmacist prepares doses of the Moderna COVID-19 vaccine in Hagerstown, Maryland, on Feb. 22. | KENNY HOLSTON / THE NEW YORK TIMES
Ali Mokdad, a professor at the Institute of Health Metrics and Evaluation and chief strategy officer for population health at the University of Washington, said he does not think it’ s necessary to bring back mask mandates in the U.S. right now — especially with warmer weather on the way. But in higher risk settings, and for more vulnerable populations, he recommends masking up.
Pekosz, from Johns Hopkins, said that should include kids under five who still have not been approved for the vaccine and other unvaccinated school-age children. Children under 17 were hospitalized at alarming rates during the omicron surge.
“ If you’ re in one of those groups that are at high risk of severe COVID, it’ s perfectly acceptable for you to continue to mask up when you go inside or in group settings, ” Pekosz said. “ I’ ve always encouraged people if they don’ t feel comfortable not wearing a mask, they should put a mask on and continue to do that. ”
Experts have continued to emphasize that the best protection we have against the virus — and against severe disease and long COVID — are vaccines. The two-shot messenger RNA vaccines and boosters, such as those made by Pfizer BioNTech and Moderna Inc., reduce the risk of severe disease. But most people are due for a booster, which is essential for bolstering immunity against newer variants.
According to several studies, two shots of the vaccine plus a booster dose were effective in preventing hospitalization with both delta and omicron, with an added bonus for those who have also had a breakthrough infection.
Antivirals and at-home tests are more widely available than during prior surges, which may help if COVID-19 cases start to rise sharply again. Funding for new treatments is strained though, the White House has warned. This month, the administration of U.S. President Joe Biden opened its second wave of at-home test ordering, allowing households that have already received their four tests to request another round through the U.S. Postal Service program. | tech |
After China avows market stability, investors want proof | SHANGHAI/TOKYO – China’ s top financial policymaker rescued stock markets from a bloodbath this week with a promise of stability, but plenty of investors reckon mere words will not restore lasting calm in an economy beset with multiple large risks.
Hong Kong markets, which have borne the brunt of the brutal selloff in Chinese stocks, rallied fiercely after Vice Premier Liu He’ s assurances on stability, regulatory clarity and monetary easing.
Investors worried by more somber concerns, chiefly around a potential blowback on China from its dealings with sanctions-hit Russia and a spike in domestic COVID-19 cases that threatens to disrupt economic activity, weren’ t convinced.
Alan Song, chairman of Harvest Capital, a Chinese private equity firm, likened the rally in stocks to drowning investors clutching at straws, and expects the rebound will be short-lived because fundamental reasons for the rout remain.
“ Hoping that a speech can change market trends, is like expecting a WeChat message can change the world, ” Song said, referring to a popular Chinese social messaging app.
China needs to earnestly resolve Sino-U.S. antagonism and improve its anti-virus strategy, as “ trillions in market value wiped off is a colossal loss that requires serious reflection, ” he said.
Liu’ s speech caused the Hang Seng index to leap from 2008 lows and clock a massive 2-day rally. Stocks of sectors targeted in China’ s regulatory crackdown, mainly technology, have bounced.
The decline in stocks this year had wiped out about $ 1.3 trillion or 17% of China’ s main CSI300 index market value from January through Tuesday. Even after the rally, Chinese stocks markets remain the world’ s worst performers this year, after Russia.
As proof of the lack of investor conviction, Sat Duhra, portfolio manager at Janus Henderson Investors, points to the narrowness of the rally, even within Chinese markets.
The bounce in China also failed to enliven stocks such as Taiwan Semiconductor Manufacturing Company and Australian miners, whose fortunes are linked to China.
“ I certainly wouldn’ t be brave enough to be adding to China today, ” Duhra said Wednesday.
Duhra says he senses a change in the sentiment toward China, driven not just by concerns that China’ s close ties with Russia will draw Western ire, but also a host of problems such as power outages, property sector woes, rising household debt and an ambitious growth target.
“ There’ s a lot of things that you could put together and say, this doesn’ t look very good, ” he said. “ Those issues have not gone away. ”
Morgan Stanley analysts noted how various ministries had sprung into action after Liu’ s speech at a meeting of the Financial Stability and Development Committee, a regulatory body under the State Council, which is China’ s Cabinet.
State-run Xinhua news agency reported the finance ministry was putting a plans on hold for a trial property tax this year.
China’ s securities regulator said it would strive to reach an agreement with U.S. counterparts on cooperating over the audit of Chinese firms as soon as possible. As a result, U.S.-listed shares of JD.com and Alibaba notched their biggest daily percentage advances as they appeared at less risk of being delisted by New York exchanges.
Yin Peixin, an investment manager at RBH Asset Management in Shanghai, said despite the immediate boost to market sentiment, Liu’ s remarks won’ t change the course of the Sino-U.S. conflict, or China’ s worsening coronavirus situation.
“ I think Sino-U.S. decoupling is inevitable. It’ s just a matter of time, ” Yin said.
The Ukraine crisis was also forcing companies to take sides, deepening geopolitical rifts, and rhetoric wouldn’ t stop the spread of the coronavirus, he said.
Yuan Yuwei, a fund manager at hedge fund house Water Wisdom Asset Management, said the rebound won’ t reverse the trend of global investors exiting China stocks to avoid the rising risks Beijing could also face sanctions.
“ China is being forced to pick sides ” in the Ukraine conflict, said Yuan, who still holds short positions in Chinese tech firms such as Meituan and Li Auto.
For a global investor, ” if you own a lot of China holdings, of course you’ re worried, as China and Russia are both seen as rivals by the U.S., ” and the fear is deepened by what you’ ve seen happen to Russian assets, he said. | tech |
Experimental Interferon Could be New Weapon Against COVID-19 Hospitalization, Deaths | Eiger BioPharmaceuticals announced that its single-dose therapeutic Peginterferon Lambda ( Lambda) reduced the risk of hospitalization and emergency room visits by 50% in a predominantly vaccinated population.
Eiger boasts the second-largest study to date in COVID-19 outpatients, with nearly 2,000 participants recruited from 12 sites in Brazil. The Phase III trial results indicate that Lambda was highly superior as compared to placebo, and showed that only 2.7% of those treated with the therapeutic required hospitalization or an emergency room visit. Additionally, treatment with Lambda cut the risk of COVID-19 related death by 60%. Eiger also reports that only one COVID-19 related death occurred in the treatment group.
`` These data demonstrate that a single subcutaneous injection of Lambda has the potential to be a convenient, 'one and done ' treatment to reduce the severity of COVID-19, reducing hospitalizations and death – even in a vaccinated population, '' said Eiger President and CEO David Cory.
Lambda is a late-stage type III interferon ( IFN) that works by stimulating immune responses that are critical in providing the body protection from viral infections. More specifically, IFN lambdas are important in maintaining a balanced antiviral response in the respiratory tract, a system that is heavily impacted in COVID-19 infections. Importantly, using IFN lambdas helps to prevent the “ cytokine storm ”, a life-threatening systemic inflammatory syndrome that can stem from other activated IFNs, from developing.
Eiger is looking forward to discussing the results with the U.S. Food and Drug Administration with eyes on Emergency Use Authorization ( EUA) approval, which allows unapproved medical treatments to be used in emergencies where there are no other adequate alternatives. If authorized, Eiger believes that Lambda could be prescribed more broadly to reduce the number of hospitalizations, illness severity and deaths among those infected with COVID-19. It also stands a chance to reduce the probability of infection after exposure in adults.
Currently, the FDA has approved Veklury ( remdesivir) for use in certain COVID-19 patients. Several other treatments are also available under EUA, including Olumiant ( baricitinib), REGEN-COV ( casirivimab and imdevimab) and Actemra ( tocilizumab).
`` Lambda has demonstrated a reduction of risk in COVID-19-related hospitalizations or deaths in this clinical study in a predominantly vaccinated population, something that no other investigational drug has achieved – this is a game-changing event, '' said Principal Investigator Edward Mills, Ph.D. `` The COVID-19 pandemic continues to be a global public health emergency, and outpatient treatments that can be quickly and efficiently administered to newly diagnosed SARS-CoV-2 patients are desperately needed with a goal of reducing COVID-19 complications. ''
Eiger believes that its treatment may also be potent against future emerging variants of SARS-CoV-2. After treatment, viral sequencing was conducted on all patients which showed that the primary endpoints were achieved across all variants tested, including Omicron. Because Lambda stimulates immune responses critical to innate defenses, it potentially has a mechanism of action that is agnostic to variants of SARS-CoV-2. | general |
Research Roundup: Spider Silk Stabilizes Cancer-Suppressing Protein and More | Maybe Spider-Man was on to something. Although spider silk and synthetic forms have been used for a wide range of applications, including bullet-proof clothing, biodegradable bottles and bandages and surgical thread, new research suggests it may have a use for cancer therapies. For that and more research news, continue reading.
The p53 protein plays a key role in the immune system's defense against cancer. P53 acts partially by finding and preventing genetic mutations that can cause cancer. That has made it an interesting target for cancer drugs, but unfortunately, the protein breaks down quickly in the cells. Researchers at the Karolinska Institute have found that by adding a spider silk protein to p53, the resultant protein is more stable while still able to kill cancer cells. They published their research in the journal Structure.
`` The problem is that cells only make small amounts of p53 and then quickly break it down as it is a very large and disordered protein, '' said Michael Landreh, a researcher at the Department of Microbiology, Tumor and Cell Biology, Karolinska Institute. `` We 've been inspired by how nature creates stable proteins and have used spider silk protein to stabilize p53. Spider silk consists of long chains of highly stable proteins, and one of nature's strongest polymers. ''
They attached a tiny piece of a synthetic spider silk protein onto the human p53 protein. They then introduced it into cells, where the cells began to churn out large quantities of the protein. The new protein was more stable than ordinary p53 and killed cancer cells. Using various techniques, including electron microscopy, computer simulations and mass spectrometry, they believe the spider silk portion gave structure to p53's disordered segments. Future research will focus on how the different parts of the protein interact to prevent cancer and how well cells tolerate the spider-silk component of the combination protein.
A research team with The Scripps Research Institute has developed a smartphone app that can determine a user's genetic risk for coronary artery disease ( CAD). And their study found that people who used it and who were at high risk spoke to their physicians about appropriate medication. The app, called MyGeneRank, takes individuals ' genetic data from the 23andMe genetic testing firm and calculates a CAD risk score based on that data. Of the 721 people who participated in the study who provided complete information, the individuals with high-risk scores were significantly more likely to begin taking statins or other drugs to lower cholesterol compared to people with higher risk scores — about twice as likely. They began by promoting the app at scientific conferences as well as a Facebook advertising campaign, which brought in 3,800 eligible respondents, 721 of whom supplied enough initial and follow-up data for the analysis. Their next steps are larger, long-term studies of CAD risk-scoring apps that will include physicians and evaluate differences in cardiovascular health outcomes, like heart attacks.
New research from RCSI University of Medicine and Health Sciences found that the association between so-called `` bad '' cholesterol, LDL-C, and heart attack and stroke, might not be as strong as previously thought. And in that regard, it questions the efficacy of statins when used to lower LDL-C and decrease the risk of cardiovascular disease. They found that the connection between decreasing LDL-C with statins had inconsistent and inconclusive results on their impact on cardiovascular disease outcomes such as myocardial infarction, stroke, and all-cause mortality.
Researchers with the University of Bologna and IRRCCS Istituto delle Scienze Neurologiche di Bologna, Bologna, Italy, developed a potential diagnostic skin test for Parkinson's disease. Currently, the disease is diagnosed with consensus clinical evaluation of symptoms. The researchers found that the presence of neuronal deposits of phosphorylated alpha-synuclein ( p-syn) in the brain and the skin of PD patients distinguishes them from people with parkinsonism symptoms from the accumulation of another protein, tau. They believe this might help with early diagnosis and differential diagnosis of Parkinson's among various parkinsonism subtypes. All the synucleinopathies, such as atypical parkinsonism, progressive supranuclear palsy ( PSP) and corticobasal syndrome ( CBS) have similar symptoms, but an accumulation of tau causes them. Parkinson's disease, however, is marked by an accumulation of p-syn.
About a third of all autism spectrum disorder ( ASD) is believed to be caused by de novo DNA changes, such as non-inherited mutations. Researchers at Baylor College of Medicine and Texas Children's Hospital were studying de novo variants in fruit flies that occur in the Simons Simplex Collection ( SSC), a gene complex associated with ASD that occurs in about 2,600 families. They also accidentally discovered a new form of rare disease due to a gene dubbed GLRA2 in the process. They were working with a fruit fly model to determine the biological consequences of the ASD-associated variants and chose 79 ASD variants in 74 genes identified in the SSC. They found that manipulation of many of these genes in the fruit flies modified their behavior, which offered functional evidence that the gene variants in humans had functional consequences. They developed more than 300 fly strains and determined 30 ASD-linked variants with functional differences compared to the reference gene. In focusing on one of the genes, GLRA2, they found a rare variant of this X-linked gene that was associated with neurological characteristics they had not seen before. One of their conclusions is that ASD may not be one disorder involving many genes but might be hundreds of genetic disorders.
A study published in Pediatrics found that children and adolescents diagnosed with asthma do not have a higher risk for COVID-19 infection than children without asthma. The research was conducted by Duke University investigators and analyzed the electronic health records of 46,900 children ages five to 17 in North Carolina. Of them, 6,324 had asthma. The study involved a period from March 1, 2020, to September 30, 2021, which included the Delta surge but not the Omicron surge. | general |
COVID-19 Update: The Diabetes Connection, WHO Concerned about BA.2 | Viral infections can have a broad range of side effects, such as myocarditis, and COVID-19 is no different. But there is evidence that COVID-19 infection might be linked to an increase in diabetes, particularly Type 1 diabetes, an autoimmune disease most commonly diagnosed in children. For that and more, continue reading.
It’ s evident that diabetes and obesity are associated with a greater risk of COVID-19. But there has been some evidence that COVID-19 can lead to diabetes. In some cases, SARS-CoV-2 — as well as other viruses — can attack the islet cells in the pancreas that manufacture insulin. This could trigger at least temporary diabetes in susceptible people. However, increased cases of diabetes may reflect other factors, such as pandemic restrictions, delayed medical care, or unhealthy eating habits and inactivity in people at risk of Type 2 diabetes. In addition, some of the steroids used to treat COVID-19 can cause diabetes; sometimes it resolves, sometimes it doesn’ t.
A Centers for Disease Control study of U.S. insurance databases found diabetes was significantly more common in children who had COVID-19. However, the report didn’ t separate Type 1 diabetes, an autoimmune disease typically affecting children, and Type 2, which is associated with obesity. The University of Michigan’ s Mott Children’ s Hospital, for example, has observed a 30% increase in Type 1 diabetes compared to before the pandemic. They haven’ t analyzed how many had previous cases of COVID-19, but there is concern that there’ s a connection to the dramatic increase.
Rady Children’ s Hospital in San Diego reported Type 1 diabetes cases rocketed almost 60% during the first year of the pandemic compared to the previous 12 months. But only 2% had active COVID-19, and the study, which was published in JAMA Pediatrics, did not have information on other types of previous infections. But the jump was alarming and “ clearly there’ s a lot more work to be done to try to answer why this is happening, ” said co-author Dr. Jane Kim.
After initial surges from the Omicron BA.1 variant, the pandemic seemed to fade. Still, many parts of the world are seeing another wave, driven in part by another Omicron variant, BA.2, and the relaxing of public health and social measures. Low vaccination rates in some countries are also a factor.
“ These increases are occurring despite reductions in testing in some countries, which means the cases we’ re seeing are just the tip of the iceberg, ” said WHO’ s secretary-general Tedros Adhanom Ghebreyesus.
The most significant rises are in the WHO’ s Western Pacific region, including South Korea and China, where cases climbed 25% and deaths by 27%. Africa has also seen an increase of 12% in new cases and 14% in fatalities, while Europe reported a 2% increase, but no increase in deaths. It’ s not remarkably consistent, though. Denmark saw a brief jump in the first half of February caused by BA.2, which quickly dropped.
“ I agree with the easing of restrictions, because you can’ t think of it as an emergency after two years, ” said Antonella Viola, Ph.D., professor of immunology at Italy’ s University of Padua. “ We just have to avoid thinking that COVID is no longer there. And therefore, the strictly necessary measures, which are essentially the continuous monitoring and tracking of cases, and the maintenance of the obligation to wear a mask in closed or very crowded places. ”
Although the situation currently looks good in the U.S., with cases dropping, some public health experts are nervous that the positive trends might be slowing down. Some wastewater surveillance sites show increased SARS-CoV-2 viral levels, which suggests that cases may climb. However, individual testing is slowing or being done at home, which doesn’ t provide public health agencies with a picture of the pandemic.
“ We are breathing easier, ” said Ezekiel Emanuel, MD, Ph.D., vice provost for global initiatives at the University of Pennsylvania and former member of the Biden transition team’ s COVID-19 advisory board. “ The mortality rate is coming down, the case rate is coming down, hospitalizations are coming down. But let’ s remember, we’ ve been here before. ”
The CDC reported that during the Omicron surge, young children under the age of five were hospitalized at about five times the previously documented rate during Delta. However, few deaths were reported. Hospitalizations were about six times higher during Omicron for children under six months of age.
The bigger picture here is that COVID can be a severe disease, even in young children and otherwise healthy children, ” said William Moss, MD, executive director of the International Vaccine Access Center at the Johns Hopkins Bloomberg School of Public Health. “ Although the risk of severe disease is higher in older adults than in children, children are not spared COVID-19, and even otherwise healthy children without underlying health conditions can be hospitalized. ”
A sister variant of Omicron, BA.2, is rising in parts of the world, including in the U.S. Experts note that if the subvariant does begin to surge in the U.S., people over the age of 65 will be a key indicator of how other variants might affect the population.
“ It’ s really looking at that older age group and how much prior immunity they have, either from previous infection or vaccination, ” said Stephen Kissler, Ph.D., with Harvard’ s TH Chan School of Public Health, “ that I think has been the best indicator so far of how severe a given number of cases is going to end up being in terms of hospitalizations and deaths. ”
Some researchers argue that we’ re missing out by focusing on the virus, sampling wastewater and testing people for the virus. The other half of the picture is how the population’ s antibodies and T cells adapt, and some researchers suggest we should start a kind of immune surveillance that would inform “ when immunity wanes, and when it needs to be augmented, ” said John Wherry, PhD, an immunologist at the University of Pennsylvania. It’ s not a new idea but testing for antibodies and T cells on a large, population-scale has never been done, likely because it’ s much harder to do than testing for viruses. Antibodies are very specific, so one version that is tuned for one variant may not be for the next.
The Pfizer-BioNTech and Moderna mRNA vaccines have a very rare association with an inflammatory heart condition called myocarditis. Viral and bacterial infections can also cause myocarditis. A study out of France in 55 patients evaluated whether receiving the Pfizer-BioNTech vaccine was safe for people who had been hospitalized with myocarditis in the last five years. None of the 55 patients, most young men, experienced any side effects from the vaccine. None experienced myocarditis or any other serious adverse event tied to the vaccine. The researchers said one of the reasons they ran the study was because of a patient with a history of previous myocarditis who refused to be vaccinated against COVID-19.
Britain’ s Medicines and Healthcare products Regulatory Agency ( MHRA) approved AstraZeneca’ s Evusheld, an antibody therapy to prevent COVID-19 in adults with poor immune response. They pointed out that about 85% of Britons older than 12 have been vaccinated with two doses, but some immunocompromised people or have a history of severe adverse reactions to vaccines may require an alternative preventative.
“ While the COVID-19 vaccines continue to be the first-line defense against COVID-19, we know that some people may not respond adequately to these vaccines, ” stated MHRA chief June Raine.
A study published in Radiology suggests that COVID-19 of any severity may lead to long-term chronic lung disease. Researchers at the University of Iowa evaluated 100 adults who still had COVID-19 symptoms more than 30 days after diagnosis ( Long COVID) and then were matched to 106 healthy controls. They analyzed symptoms, pulmonary function tests and CT scans. They describe their findings as small airways disease and suggested lower lung capacity in patients with COVID-19, regardless of severity. They admit they do not know what the long-term consequences are. It appears to be related to either inflammation or fibrosis ( scarring).
Canadian company Medicago’ s COVID-19 is plant-based and leverages GlaxoSmithKline’ s pandemic AS03 adjuvant to increase immune response. And it now looks like the WHO may reject the vaccine because of its links to cigarette maker Philip Morris International Inc. Medicago has two shareholders, Mitsubishi Tanaba Pharma Corporation and Philip Morris. The only country to clear the vaccine for use is Canada. But the WHO has specific guidelines about companies with links to the tobacco and firearms industries.
“ Due to its connections — it’ s partially owned by Philip Morris — the process is put on hold, ” said Dr. Mariangelo Simao, WHO’ s assistant director-general for drug access, vaccines and pharmaceuticals. “ The WHO and the UN have a very strict policy regarding engagement with the tobacco and arms industry, so it’ s very likely it won’ t be accepted for emergency use listing. ” | general |
COVID-19 tracker: Tokyo's cases fall below 10,000 as quasi-emergency set to end | Tokyo confirmed 8,461 new cases of COVID-19 on Thursday, the same day as a government panel gave the greenlight to lifting all remaining quasi-state of emergency curbs in Japan as scheduled for next week, as new infections remain on a downward trend.
The latest decision to lift all quasi-emergency curbs comes in line with new government guidelines that state that such steps can end when the strain on the health care system is expected to ease despite whether new infection numbers stay at high levels.
The number of severe cases under the Tokyo metropolitan government’ s criteria fell by one from Wednesday to 53.
The seven-day average of new cases in Tokyo came to 8,159.0, compared with 9,402.0 a week before, while 22 new deaths linked to COVID-19 were reported on Thursday.
On Wednesday, the entire country confirmed 57,922 new COVID-19 cases, down by some 5,800 from a week before.
A total of 163 deaths linked to COVID-19 were reported nationwide on Wednesday, while the number of severe cases stood at 1,140, down by 30 from Tuesday. | tech |
GRANITE FALLS ENERGY, LLC Management's Discussion and Analysis of Financial Condition and Results of Operations ( form 10-Q) | We prepared the following discussion and analysis to help readers better understand our financial condition, changes in our financial condition, and results of operations for the three months ended January 31, 2022 and 2021.
This section should be read in conjunction with the condensed consolidated unaudited financial statements and related notes in PART I - Item 1 of this report and the information contained in the Company's annual report on Form 10-K for the fiscal year ended October 31, 2021.
When we use the terms `` Granite Falls Energy '' or `` GFE '' or similar words in this Quarterly Report on Form 10-Q, unless the context otherwise requires, we are referring to Granite Falls Energy, LLC and our operations at our ethanol production facility located in Granite Falls, Minnesota. When we use the terms '' Heron Lake BioEnergy '', `` Heron Lake '', or `` HLBE '' or similar words, unless the context otherwise requires, we are referring to Heron Lake BioEnergy, LLC and its wholly owned subsidiary, HLBE Pipeline Company, LLC, through which, HLBE holds a 100% interest in Agrinatural Gas, LLC. When we use the terms the '' Company, '' `` we, '' `` us, '' `` our '' or similar words in this quarterly report on Form 10-Q, unless the context otherwise requires, we are referring to Granite Falls Energy, LLC and our consolidated wholly- and majority-owned subsidiaries.
Disclosure Regarding Forward-Looking Statements
The Securities and Exchange Commission ( `` SEC '') encourages companies to disclose forward-looking information so investors can better understand future prospects and make informed investment decisions. As such, we have historical information, as well as forward-looking statements regarding our business, financial condition, results of operations, performance and prospects in this report. All statements that are not historical or current facts are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as `` anticipates, '' `` believes, '' `` could, '' `` estimates, '' `` expects, '' `` intends, '' '' may, '' `` plans, '' `` potential, '' `` predicts, '' `` projects, '' `` should, '' `` will, '' `` would, '' and similar expressions.
Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors, many of which may be beyond our control, and may cause actual results, performance or achievements to differ materially from those projected in, expressed or implied by forward-looking statements. These risks and uncertainties include, but are not limited to, the following:
Fluctuations in the price of ethanol as a result of a number of factors,
? including: the price and availability of competing fuels; the overall supply
and demand for ethanol and corn; the price of gasoline, crude oil and corn; and
government policies;
? Fluctuations in the price of crude oil and gasoline and the impact of lower oil
and gasoline prices on ethanol prices and demand;
Fluctuations in the availability and price of corn, resulting from factors such
as domestic stocks, demand from corn-consuming industries, such as the ethanol
? industry, prices for alternative crops, increasing input costs, changes in
government policies, shifts in global markets or damaging growing conditions,
such as plant disease or adverse weather, including drought;
Fluctuations in the availability and price of natural gas, which may be
? affected by factors such as weather, drilling economics, overall economic
conditions, and government regulations;
? Negative operating margins which may result from lower ethanol and/or high corn
prices;
? Changes in general economic conditions or the occurrence of certain events
causing an economic impact in the agriculture, oil or automobile industries;
? Overcapacity and oversupply in the ethanol industry;
Ethanol trading at a premium to gasoline at times, which may act as a
? disincentive for discretionary blending of ethanol beyond Renewable Fuel
Standard requirements and consequently negatively impacting ethanol prices and
demand;
Changes in federal and/or state laws and environmental regulations including
elimination, waiver or reduction of corn-based ethanol volume obligations under
? the Renewable Fuel Standard and legislative acts taken by state governments
such as California related to low-carbon fuels, may have an adverse effect on
our business;
? Any impairment of the transportation, storage and blending infrastructure that
prevents ethanol from reaching markets;
? Any effect on prices and demand for our products resulting from actions in
international markets, particularly imposition of tariffs;
? Changes in our business strategy, capital improvements or development plans;
? Effect of our risk mitigation strategies and hedging activities on our
financial performance and cash flows;
? Competition from alternative fuels and alternative fuel additives;
? Changes or advances in plant production capacity or technical difficulties in
operating the plant;
? Our reliance on key management personnel;
A slowdown in global and regional economic activity, demand for our products
? and the potential for labor shortages and shipping disruptions resulting from
COVID-19; and
Inflation and supply chain bottlenecks may lead to increases in the costs of
? corn, natural gas, labor and other expenses critical to the operation of our
ethanol plans.
We believe our expectations regarding future events are based on reasonable assumptions; however, these assumptions may not be accurate or account for all risks and uncertainties. Consequently, forward-looking statements are not guaranteed. Actual results may vary materially from those expressed or implied in our forward-looking statements. In addition, we are not obligated and do not intend to update our forward-looking statements as a result of new information unless it is required by applicable securities laws. We caution investors not to place undue reliance on forward-looking statements, which represent management's views as of the date of this report. We qualify all of our forward-looking statements by these cautionary statements.
Available Information
Our website address is www.granitefallsenergy.com. Our annual report on Form 10-K, periodic reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13 ( a) or 15 ( d) of the Securities Exchange Act of 1934, are available, free of charge, on our website under the link `` SEC Compliance, '' as soon as reasonably practicable after we electronically file such materials with, or furnish such materials to, the Securities and Exchange Commission. The contents of our website are not incorporated by reference in this report on Form 10-Q.
Industry and Market Data
Much of the information in this report regarding the ethanol industry, including government regulation relevant to the industry is from information published by the Renewable Fuels Association ( `` RFA ''), a national trade association for the United States ( `` U.S. '') ethanol industry, and information about the market for our products and competition is derived from publicly available information from governmental agencies or publications and other published independent sources.
Although we believe our third-party sources are reliable, we have not independently verified the information.
Overview
Granite Falls Energy, LLC is a Minnesota limited liability company formed on December 29, 2000 for the purpose of constructing, owning and operating a fuel-grade ethanol plant located in Granite Falls, Minnesota. Our business consists primarily of the production and sale of ethanol and its co-products ( wet, modified wet and dried distillers ' grains, corn oil and corn syrup) locally, and throughout the continental U.S. However, as markets allow, our products can be, and have been, sold in the export markets. Our revenues from operations come from three primary sources: sales of fuel ethanol, sales of distillers ' grains and sales of corn oil at GFE's ethanol plant and HLBE's ethanol plant.
Heron Lake BioEnergy, LLC ( `` Heron Lake BioEnergy '' or `` HLBE ''), which owns an ethanol plant located near Heron Lake, Minnesota, is a wholly owned subsidiary of GFE. In July 2013, we acquired controlling interest in HLBE through our wholly owned subsidiary Project Viking, L.L.C ( `` Project Viking ''). Prior to September 29, 2021, GFE held a 50.7% ownership interest in HLBE. On September 29, 2021, we completed a merger in which we acquired the remaining non-controlling interest of HLBE for $ 14,000,000. As a result of the merger, GFE and Project Viking own 100% of HLBE's issued and outstanding membership units.
The Company experienced a significant increase in its revenue and net income during the three month period ended January 31, 2022, as compared to the same three month period a year earlier, due primarily to a substantial increase in the price received per gallon of ethanol, as well as increases in the price received for our other principal products, distillers grain and corn oil. The increase in the price of ethanol is attributable, in part, to the economic rebound from the effects of the COVID-19 pandemic, which has led to increased demand for transportation fuel, including the ethanol we produce. Management expects demand for ethanol to remain strong in the near term; however, it is possible that additional
factors including the conflict in Ukraine, inflation, and the possibility of additional COVID-19 outbreaks could lead to volatility in the economy generally and in the ethanol industry specifically.
Ethanol Production
Our business consists primarily of the production and sale of ethanol and its co-products ( wet, modified wet and dried distillers ' grains, corn oil and corn syrup) locally, and throughout the continental U.S. Our production operations are carried out at GFE's ethanol plant located in Granite Falls, Minnesota and at HLBE's ethanol plant near Heron Lake, Minnesota.
The GFE plant has an annual nameplate production capacity of approximately 63 million gallons of denatured ethanol, but is currently permitted to produce up to 70 million gallons of undenatured ethanol on a twelve-month rolling sum basis. The HLBE plant has an approximate annual nameplate production capacity of approximately 65 million gallons of denatured ethanol, but is currently permitted to produce up to approximately 72.3 million gallons of undenatured fuel-grade ethanol on a twelve-month rolling sum basis. We intend to continue working toward increasing production at both the GFE and HLBE plants to take advantage of the additional production allowed pursuant to our permits as long as we believe it is profitable to do so.
We market and sell the products produced at our plants primarily using third party marketers. The markets in which our products are sold may be local, regional, national, and international and depend primarily upon the efforts of third party marketers. We have contracted with Eco-Energy, Inc. to market all of the ethanol produced at our ethanol plants. GFE also independently markets a small portion of the ethanol production at its plant as E-85 to local retailers.
We do not have any long-term, fixed price exclusive supply contracts for the purchase of corn for either the GFE or HLBE plants. Both GFE and HLBE purchase the corn necessary for operating directly from grain elevators, farmers, and local dealers within approximately 80 miles of their respective plants. GFE's members are not obligated to deliver corn to our plants.
Plan of Operations for the Next Twelve Months
Over the next twelve months, we will continue our focus on operational improvements at our plants. These operational improvements include exploring methods to improve ethanol yield per bushel and increasing production output at our plants to take full advantage of our permitted production capacities, reducing our operating costs, and optimizing our margin opportunities through prudent risk-management policies. Additionally, we expect to continue to conduct routine maintenance and repair activities at our ethanol plants to maintain current plant infrastructure, as well as small capital projects to improve operating efficiency. We anticipate using cash from our revolving term loans to finance these plant upgrade projects.
Trends and Uncertainties Impacting Our Operations
The principal factors affecting our results of operations and financial conditions are the market prices for corn, ethanol, distillers ' grains and natural gas, as well as governmental programs designed to create incentives for the use of corn-based ethanol. Other factors that may affect our future results of operation include those risks discussed below and our annual report on Form 10-K for the fiscal year ended October 31, 2021, which are incorporated herein by reference.
Our operations are highly dependent on commodity prices, especially prices for corn, ethanol, distillers ' grains and natural gas. As a result, our operating results can fluctuate substantially due to volatility in these commodity markets. The price and availability of corn is subject to significant fluctuations depending upon a number of factors that affect commodity prices in general, including crop conditions, yields, domestic and global stocks, weather, federal policy and foreign trade. Natural gas prices are influenced by severe weather in the summer and winter and hurricanes in the spring, summer and fall. Other factors include North American exploration and production, and the amount of natural gas in underground storage during injection and withdrawal seasons. Ethanol prices are sensitive to world crude oil supply and demand, domestic gasoline supply and demand, the price of crude oil, gasoline and corn, the price of substitute fuels and octane enhancers, refining capacity and utilization, government regulation and incentives and consumer demand for alternative fuels. Distillers ' grains prices are impacted by livestock numbers on feed, prices for feed alternatives and supply, which is associated with ethanol plant production.
Table of Contents
Given the inherent volatility in ethanol, distillers ' grains, non-food grade corn oil, grain and natural gas prices, we can not predict the likelihood that the spread between ethanol, distillers ' grains, non-food grade corn oil, and grain prices in future periods will be consistent compared to historical periods.
Corn Prices
Corn prices increased significantly in fiscal year 2021, due in part to the improved domestic economy as well as increased demand from China and drought in South America's corn-growing regions. Average corn prices remained above $ 5.00 per bushel for the three months ended January 31, 2022.
Because the market price of ethanol is not always directly related to corn, at times ethanol prices may lag price movements in corn prices and corn-ethanol price spread may be tightly compressed or negative. If the corn-ethanol spread is compressed or negative for sustained period, it is possible that our operating margins will decline or become negative and our plants may not generate adequate cash flow for operations. In such cases, we may reduce or cease production at our plants to minimize our variable costs and optimize cash flow.
U.S. Ethanol Supply and Demand
During the three months ended January 31, 2022, domestic ethanol production increased approximately 10% compared to the same three month period a year earlier, with U.S. ethanol plants producing more than 1 million barrels of fuel ethanol per day on average, according to the U.S. Energy Information Administration ( `` EIA '').
Ethanol production is projected to increase slightly in 2022. The EIA projects fuel ethanol production will average 1.03 million barrels per day in 2022, up from approximately 980,000 barrels per day produced in 2021. Further, EIA projects fuel ethanol production will average 1.02 million barrels per day in 2023. Continued ethanol production capacity increases could also have a negative impact on the market price of ethanol, which could negatively affect our profitability.
Exports of ethanol decreased slightly in our fiscal year 2021, after increasing slightly each of the previous two fiscal years. Export demand for ethanol is less consistent compared to domestic demand which can lead to ethanol price volatility. The decrease in ethanol exports is due to various factors, including a decrease in trading with Brazil, which had been one of the two largest importers of U.S. ethanol, due to the expiration of a Brazilian import quota. The USDA projects that U.S. ethanol exports will increase slightly in 2022 due to both volume and price gains due, in part, to increased renewable fuel blending requirements in the United Kingdom, India, and other nations. Any decrease in U.S. ethanol exports could adversely impact the market price of ethanol unless domestic demand increases or additional foreign markets are developed.
U.S. ethanol exports to China increased during the 2021 fiscal year, following the execution of a `` phase one '' trade agreement with China. The agreement, signed by former President Donald Trump on January 15, 2020, includes a commitment by China to purchase agricultural products, including ethanol, over the course of two years. There is, however, no guarantee that exports of ethanol to China will continue or increase. Additionally, the imposition of tariffs and duties on ethanol imported from the U.S., as well as increased production of ethanol and similar fuels in other countries, can also negatively impact domestic export demand.
Further, reductions renewable fuel blending requirements or waivers of small refiner renewable volume obligations by the U.S. Environmental Protection Agency ( `` EPA '') may also reduce demand for ethanol and thereby adversely affect our profitability.
Changes in the price for crude oil and unleaded gasoline affect the demand for gasoline and may impact the market price of ethanol. According to the EIA projections published in January 2021, U.S. gasoline consumption is forecast to average 9.1 million barrels per day in 2022, up from 8.8 million barrels per day in 2021. Further, according to EIA's January projections, regular gasoline retail prices in the U.S. were expected to average $ 3.06 in 2022, up from $ 3.00 in 2021. However, more recent events, including the conflict in Ukraine, have contributed to increased volatility in global fuel markets.
Management believes that the ethanol outlook in the fiscal year 2022 will remain relatively consistent with the three months ended January 31, 2022. However, it is possible that increased volatility will occur due to the conflict in Ukraine, the COVID-19 pandemic, inflation, or other unforeseen factors.
Russia's invasion of Ukraine in February 2022 has contributed to significant economic volatility, which could have adverse effects on our business. Since the beginning of the conflict in Ukraine, fuel prices, including retail gasoline, have increased significantly due, in part, to the United States and other nations imposing economic sanctions on Russia, a major producer and exporter of oil and other fuels. It is possible that increased gasoline prices will result in increased demand for alternative fuels, including the ethanol we produce. It is, however, also possible that the Ukrainian conflict will cause increased economic volatility or other unforeseen conditions that adversely affect the domestic economy generally and our business specifically.
Further, it is possible that the conflict in Ukraine could result in increased grain prices, including the price of corn we use to produce ethanol. If the Ukrainian conflict causes an increase in corn prices, or other volatility in agriculture markets, it could adversely affect the profitability of our business.
Additionally, while neither Russia nor Ukraine have historically imported U.S. ethanol, it is possible that economic turmoil caused by the Ukrainian conflict could affect the U.S. exports of ethanol, which could affect our business.
COVID-19 Pandemic
After experiencing volatile and adverse conditions for much of the fiscal year 2020 due to the COVID-19 pandemic and its ramifications, the Company and the ethanol industry as a whole benefited from more favorable market conditions during our 2021 fiscal year, as vehicle travel and demand for transportation fuel, including the ethanol we produce, rebounded. The prices we received for a gallon of ethanol increased significantly during the three months ended January 31, 2022, as compared to the same period the prior year. As a result, we experienced positive operating margins, increased cash flow from operations, and increased net income during the three months ended January 31, 2022, compared to the three months ended January 31, 2021.
During the three months ended January 31, 2022, the outbreak of the COVID-19 Omicron variant led to increased COVID-19 infections and hospitalizations and renewed government restrictions in some regions. However, demand for transportation fuel, including the ethanol we produce, remained strong during the recent three-month period. Further, the Omicron variant began to subside in early 2022, and many local governments have eased COVID-19 related restrictions. As restrictions related to the pandemic subside, management expects favorable market conditions for the ethanol industry to continue.
However, the pandemic is ongoing and various dynamic factors, including the possible outbreak of new coronavirus variants, make it difficult to forecast the long-term effects of the pandemic on our industry as a whole and our Company specifically. Further, tangential effects of the COVID-19 pandemic, including inflation, supply chain bottlenecks, labor market volatility, and raw material shortages may continue affect our operations and profitability.
It is possible that even after the pandemic subsides, there will be permanent changes to business and transportation norms that will reduce demand for ethanol. For example, increased adoption of `` work from home '' policies or tele-commuting, and the use virtual meetings, may permanently reduce business travel and thereby reduce the demand for transportation fuel, including the ethanol we produce.
The Renewable Fuels Standard
The ethanol industry is dependent on several economic incentives to produce ethanol, the most significant of which is the federal Renewable Fuels Standard ( the `` RFS ''). The RFS is a national program that does not require that any renewable fuels be used in any particular area or state, allowing refiners to use renewable fuel blends in those areas where it is most cost-effective. The RFS has been, and we expect will continue to be, a significant factor impacting ethanol usage.
Under the RFS, the EPA is required to pass an annual rule that establishes the number of gallons of different types of renewable fuels that must be used in the U.S. by refineries, blenders, distributors and importers which is called the renewable volume obligations ( `` RVOs ''). The EPA has the authority to waive the mandates in whole or in part if one of
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two conditions is met: 1) there is inadequate domestic renewable fuel supply, or 2) implementation of the mandate requirement severely harms the economy or environment of a state, region or the United States.
The RFS sets the statutory RVO for corn-based ethanol at 15 billion gallons beginning in 2016 and each year thereafter through 2022. Under RFS statute, the EPA is required to finalize RVOs for a particular compliance year by November 30 of the preceding year.
On December 7, 2021, the EPA announced long-delayed blending requirement under the RFS. The EPA proposed RVOs of 17.13 billion gallons for 2020, 18.52 billion gallons for 2021, and 20.77 billion gallons for 2022. Ethanol industry advocates have denounced the proposal for significantly cutting the 2020 RVO, which was set in a 2019 final rule. The proposal reduces the 2020 blending requirement from 20.09 billion gallons to 17.13 billion gallons, an approximately 15 percent decrease. For 2021, the EPA proposed to set the RVO for total renewable fuel at 18.52 billion gallons. For 2022, the proposed RVO is 20.77 billion gallons, which the EPA said is the highest level in the history of the RFS program.
In a separate action also on December 7, 2021, the EPA proposed an action to deny 65 pending applications for small refinery exemptions. Concurrently, the USDA announced $ 800 million to support biofuel producers and infrastructure.
This includes up to $ 700 million to provide economic relief to biofuel producers and restore renewable fuel markets affected by the pandemic.
Beyond the federal mandates, there are limited domestic markets for ethanol.
Further, opponents of ethanol such as large oil companies will likely continue their efforts to repeal or reduce the RFS through lawsuits or lobbying of Congress. If such efforts are successful in further reducing or repealing the blending requirements of the RFS, a significant decrease in ethanol demand may result and could have a material adverse effect on our results of operations, cash flows and financial condition, unless additional demand from exports or discretionary E85 blending develops.
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© Edgar Online, source Glimpses | business |
Japanese department stores promote hybrid shopping amid pandemic | Japanese department store operators are promoting fusions of their physical operations with the internet to make up for falls in the number of customers visiting their brick-and-mortar outlets amid the coronavirus pandemic.
Such combinations are not limited to e-commerce, but include a variety of inventive features to attract new customers, including younger ones.
Matsuya Ginza in Tokyo’ s Chuo Ward opened a virtual shop on its official website in November last year to showcase furniture and sundry goods chosen by well-known architects, such as Kengo Kuma, and designers. With great attention to every detail, the shop, Design Collection, makes visitors feel as if they are actually walking in the physical store.
“ The virtual shop is designed to give visitors a sense of exaltation about selecting merchandise to buy, ” an official said.
Matsuya Ginza, owned by Matsuya Co., hopes that the new service will also encourage consumers to visit its physical store.
Isetan Mitsukoshi Holdings Ltd. has made Isetan Shinjuku in Shinjuku Ward, Japan’ s biggest department store in terms of sales, accessible virtually via a smartphone app. Visitors can go shopping using their avatars and converse with each other. Another app allows them to talk with sales assistants at the actual store via a video chat system.
Seibu Shibuya in Shibuya Ward, which belongs to Sogo and Seibu Co., opened an unstaffed in-store section, Choosebase Shibuya, where shoppers can directly check cosmetics and miscellaneous goods from some 50 new brands and get product information including prices when they access a designated site by holding their smartphones over a QR code.
The “ Asumise ” section, opened at Daimaru Tokyo in Chiyoda Ward to display emerging brands of merchandise, is staffed with experienced sales staff, who provide detailed product and other information to visitors, but only accepts purchase orders online. The system helps visitors select products “ without feeling pressured to buy, ” said an official at the department store, owned by Daimaru Matsuzakaya Department Stores Co.
Japan’ s department store market has been shrinking steadily due to the growth of clothing retailer Uniqlo and other specialty shops as well as e-commerce companies such as Amazon.com Inc. With the tough business environment compounded by the COVID-19 pandemic, department store sales in 2020 plunged 27% from the previous year to ¥4,220.4 billion, less than half of the peak in 1991. Sales rebounded to ¥4,418.2 billion in 2021 but were still more than 20% lower than the pre-pandemic level in 2019.
Department store operators have failed to cast off their past successes and lagged behind competitors in riding the digitalization wave, analysts said over their situation.
“ Delayed responses to address a range of problems are coming to the surface, ” an expert panel set up by the Ministry of Economy, Trade and Industry to discuss how to revitalize department stores, said in a report released in July last year.
“ Now is the time for them to promote reforms with a sense of speed, ” the panel said. | tech |
Big five banks deploy digital at unprecedented time frames | The customer satisfaction gap between South Africa’ s big five banks is rapidly closing, as they face increasing pressure to re-invent their value propositions and differentiators, through the use of emerging technologies.
This is one of the key findings of the 2021 South African Customer Satisfaction Index ( SAcsi) for Banking, conducted by research firm Consulta. The index provides insights into the overall level of satisfaction among customers of SA’ s top five retail banks.
Consulta polled over 12 000 customers from the lower, middle and upper retail banking segments on their overall satisfaction rate with five of SA’ s participating retail banks during 2021 – Absa, African Bank, First National Bank ( FNB), Nedbank and Standard Bank.
According to the index, customer satisfaction remains the largest competitive advantage for banks, at a time when technology and digitisation are making them increasingly invisible to their customers – until things go wrong.
With banks offering nearly the same products and services, they are forced to capitalise on their customer experience across their online and physical services – from contact centres, to banking apps, to webchats, social media and in-branch visits.
As a result of this pressure, accelerated by the COVID-19 pandemic, banks and their customers have adopted digital banking platforms in unprecedented circumstances and time frames.
When it comes to the overall customer satisfaction score, African Bank ( 87.5), Nedbank ( 81.9) and Standard Bank ( 81.1) are in leader positions and above the industry par ( 79.7).
African Bank improved from 84.4 in 2020, Nedbank improved from 81.1 in 2020, while Standard Bank improved from 77.7 in 2020. FNB ( 79.8) is on par, while Absa ( 77) is below par, with both showing marginal declines on their 2020 scores.
Nedbank continues to make consistent year-on-year improvements and has for the third consecutive year outperformed FNB, achieving more than a two-point lead on FNB in 2021, according to the index.
“ Customer expectations within the banking industry continue to rise to new highs of 83.8 ( compared with 83.1 in 2020 and 82.4 in 2019). Every aspect of the customer journey has been fundamentally upended, with customers now engaging with many self-service channels from artificial intelligence, chatbots, mobile apps and contact centres opening up engagement channels between banks and their customers, ” explains Abigail Boikhutso, CEO of Consulta.
“ These developments have significant consequences for customer experience, expectations and satisfaction, and how customer complaints are handled and resolved in an environment where customers no longer make a distinction between their online and offline experiences. ”
According to Boikhutso, banks now need to maintain a complex hybrid structure of online and offline service platforms for diverse customer preferences – as they face increasing pressure to ensure every banking functionality is value-adding, seamless, simple, and provides the real-time assistance and first-time resolution for every customer enquiry, no matter the service channel.
The reality is that as banks progress in term of the transformation of the customer journey, the higher the customer expectations, notes Consulta. Across all the SA Customer Satisfaction Index surveys conducted by Consulta, the banking sector remains the top performer when it comes to customer satisfaction.
“ Having a customer on the latest and greatest banking app is moot if they are forced to go into the branch to sort out issues with their app. Having the latest technology and app is no longer a differentiator; customer experience is the ultimate battleground on which banks compete and where they can carve out a key point of differentiation with their customers, ” addBoikhutso. | general |
Rain on track to exceed budgeted R1bn EBITDA | African Rainbow Capital ( ARC) -owned data-only network Rain is on track to exceed its budgeted R1 billion earnings before interest, taxes, depreciation and amortisation ( EBITDA) for the year ended February 2022.
ARC, which today reported its interim results for the period to 31 December 2021, says this achievement is exemplary considering Rain achieved breakeven only in the last 12 months.
EBITDA is considered a more reliable indicator of a company’ s financial soundness, and also demonstrates the firm's worth to potential buyers and investors, as well as painting a picture regarding growth opportunities.
Commenting on Rain’ s EBIDTA, ARC says: “ The company is likely to continue to benefit from developments in its operating environment. Demand for its products remains strong, even as COVID-19 restrictions are relaxed and employees return to the office.
“ Rollout of 5G coverage progresses well to include more towns across the country, as well as expanding coverage in metros. ”
Further, ARC says, the Rain valuation for 31 December 2021 remained largely unchanged.
“ This is due to delays in the spectrum auction and uncertainty regarding the timing, cost and size of additional spectrum being allocated to Rain. ”
Rain Networks has since participated in the spectrum auction held earlier this month, forking out R1.15 billion for two chunks of 10MHz spectrum in the 700MHz band.
Meanwhile, ARC says it injected an additional R257 million into its digital banks, TymeBank and TymeGlobal, during the period, as part of the scheduled capital requirements.
Commenting on TymeBank, which has been in operation for 36 months, having launched publicly in February 2019, ARC says: “ The COVID-19 pandemic and the various levels of the national lockdown since March 2020, with resultant economic pressure on the consumer, adversely impacted a number of the bank’ s projects. ”
Despite these challenges, it says: “ TymeBank has demonstrated resilience as it maintains momentum in the number of bank accounts being opened, active accounts and launching new products.
“ The fair value of the TymeBank investment was adjusted to reflect the post-money value of the recently closed capital raising, during which Tencent and the CDC invested in TymeBank and TymeGlobal. TymeBank received $ 150 million as part of the capital raised, while TymeGlobal received $ 30 million. ”
In December last year, TymeBank raised capital from Chinese internet and technology giant Tencent and CDC Group, the UK’ s development finance institution, to scale up operations.
The capital raised was to fund and grow TymeBank in SA and also fund GOTyme in the Philippines, where it secured a digital bank licence in partnership with the Gokongwei Group. | general |
How to Know if Remote Work is Right for You | At this point in the pandemic, you probably have several friends who previously went into the office but are now working from home. Though teleworking existed prior to the COVID-19 pandemic, lockdown forced many of us to change the way we work. It's estimated that as of this year, around 42% of the U.S. labor force works from home full-time.
Even though the pandemic may seem to have an end in sight, remote work is definitely here to stay. There are several companies that have announced they will continue to offer remote work for the foreseeable future. The employees that are most likely to work from home include those working in the financial sector, writers and managers.
Employers have realized the benefits of offering flexibility to their staff, and employees have proven they can be just as productive at home in their sweatpants as they were while wearing a tie in the office. In fact, it's estimated that around 16% of companies are now exclusively hiring remote workers. Companies that offer remote work as an option for their employees also tend to have about a 25% lower turnover rate.
Working from home has its perks as well as its disadvantages. On the positive side, employees save time and money by eliminating their work commute and not needing to budget for business clothes to wear to the office. Flexibility is also a huge perk for remote positions.
On the other hand, working from home can be a difficult task when you think about time management and maintaining a work-life balance. It takes self-discipline and focus to effectively complete your job from home. After all, there are plenty of distractions at home that you will need to juggle if working from an at-home office.
Simply put, working from home is not for everyone. Below, we 've listed a handful of questions you should ask yourself if you're on the fence about making the switch to telework. Consider these questions to find out if remote work is right for you.
One frequently overlooked perk of working in the office is the culture that comes with seeing your coworkers every day. The chats around the water cooler or while eating lunch together are easy to dismiss, but you might miss this camaraderie when you're working alone at home.
Remote work relies on Zoom or Teams video calls for meetings and an increased number of emails and written communications throughout the day. Instead of just popping over into someone's cubicle, you instead must send an email or schedule time to have a Zoom meeting to discuss your questions. While some people thrive with the lack of meetings, others may feel stranded and lonely on their own islands of their home office.
With the lack of constant accountability comes the need for self-discipline - which is why some people may struggle to work from home. It is up to you, as the employee, to complete your necessary tasks before signing off every day. Think of ways you can still connect with your team while working from home in order to not isolate yourself from others.
Not only will you need to stay focused on getting your tasks done, but you 'll also need to manage your time wisely if you are working remotely. Though your employer should provide a loose schedule of meetings and deadlines, it 'll be up to you to complete those within a timely manner.
When the switch to remote work first began, there was a large percentage of remote employees who reported working more than they had been in the office. According to a survey conducted in 2020, 45% of people surveyed who shifted to remote work because of the pandemic said they were working more than they were before, and 75% said they were working on weekends. People under 40 and parents were more likely to report working longer hours.
Since your office is within your home, it's harder to have finite start and stop times because it feels like there is always more work to be done. Creating and maintaining boundaries with your work life is crucial for an employee's overall satisfaction with the job and their personal happiness outside of work. If you feel like you won't be able to honor your work boundaries from your in-home office, you might be better off working in a hybrid environment or working from the office.
This is an especially important question for those who have young children or other people living with them in their homes that require attention throughout the day. Though it's possible to take care of your children and still be an effective worker, it can come with more stress and longer work hours than if you were in the office instead.
Think about how much you communicate with others when you're in the office. This includes not only meetings and brainstorm sessions, but also quick questions here and there with your coworkers as you're working on your own projects and assignments. Now, imagine having to communicate all of that information via email, Slack or Microsoft Teams messages.
Being an effective communicator is a necessary aspect of almost every job, which is why you should consider the ways you communicate best before making the switch to remote work. If you are someone who thrives with in-person brainstorming sessions, then you need to consider if you 'll be able to be just as successful if those sessions were held over Zoom.
Remote work is best for employees who do most of their work individually. This way, you spend less time on Zoom or Microsoft Teams calls and more time getting your job done. When working remotely, you have to learn to be strategic about the meetings you are in and use the time appropriately so you are just as productive at home as you would be in the office.
Just because everyone around you seems to be switching to a work-from-home position does not mean it is the right decision for you. It's important to weigh the options carefully and consider what a remote job would look like for you.
If you are able to communicate effectively, maintain strong work boundaries and stay on task when left to your own devices, then you may feel better working from home than you do in the office. It involves less energy to communicate with your coworkers when you can do it from the comfort of your own home, but it also requires more thoughtful communication and time management. | general |
Enel: 13 billion euro investments ( +27.5%) in 2021 to accelerate the energy transition, dividend at 0.38 euro per share ( +6.1%) | Global News Media
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ENEL: 13 BILLION EURO INVESTMENTS ( +27.5%) IN 2021 TO ACCELERATE THE ENERGY TRANSITION, DIVIDEND AT 0.38 EURO PER SHARE ( +6.1%)
Main consolidated economic and financial data
1
Enel SpA - Registered Office: 00198 Rome - Italy - Viale Regina Margherita 137 - Companies Register of Rome and Tax I.D. 00811720580 - R.E.A. 756032 - VAT Code 15844561009 - Stock Capital Euro 10,166,679,946 fully paid-in.
2021 results and objectives of the Group's strategic plan
Strategic objectives for 2021 achieved
Francesco Starace, Enel Group CEO, stated: `` Enel's results for 2021 once again demonstrate the resilience and sustainability of our business model even in an increasingly complex scenario, characterized on the one hand by signs of post-pandemic recovery and on the other by the negative impacts of increasing fossil fuel prices. It is now clear that utilities have a key role in managing the rapid changes in the energy sector, and this is the direction in which our strategy is heading, focusing on decarbonization and electrification. In this way, we can seize opportunities along the entire value chain and at the same time contribute to energy independence in the countries where we operate. It is therefore key to accelerate investment in renewables, which provide a stable, secure and competitive source of energy and, together with the digitalization of networks and electrification of consumption, represent the solution to combat climate change. The validity of our strategy allows us to maintain our commitment to distribute a growing dividend to shareholders, based on a simple and transparent policy. ''
Rome, March 17th, 2022 - The Board of Directors of Enel S.p.A. ( `` Enel '' or the `` Company ''), chaired by Michele Crisostomo, approved the 2021 results at today's meeting.
2
Consolidated economic and financial data for 2021
REVENUES
The following table reports revenues by Business Line:
Revenues ( millions of euros)
2021
20203
Change
Thermal Generation and Trading
33,155
21,736
52.5%
Enel Green Power
9,526
7,692
23.8%
Infrastructure and Networks
20,656
19,429
6.3%
End-User Markets
38,708
29,508
31.2%
Enel X
1,541
1,121
37.5%
Services
1,997
1,870
6.8%
Holding and Other
1,934
154
-
Eliminations and adjustments
( 19,511)
( 15,506)
-25.8%
TOTAL
88,006
66,004
33.3%
The following table shows detailed information from Thermal Generation and Trading relating solely to revenues from thermal and nuclear generation:
Revenues ( millions of euros)
2021
20203
Change
Revenues from thermal generation
13,501
7,517
79.6%
of which: from coal-fired generation
1,904
1,639
16.2%
Revenues from nuclear generation
1,403
1,360
3.2%
Revenues from thermal generation as a percentage of total
15.3%
11.4%
revenues
of which: revenues from coal-fired generation as a
2.2%
2.5%
percentage of total revenues
Revenues from nuclear generation as a percentage of total
1.6%
2.1%
revenues
3 The 2020 figure has been adjusted, for comparative purposes only, to take into account the effects of the differing classification resulting from the measurement at fair value, at the end of the period, of outstanding contracts for the purchase and sale of commodities settled by physical delivery; this different classification did not have any effect on EBIT.
Moreover, for comparative purposes only, a reclassification from financial income to revenues was made, for an amount of 87 million euros, of the component recognized in the income statement related to the remeasurement at fair value of financial assets related to service in concession of distribution activities in Brazil falling within the scope of IFRIC 12. This last classification had an effect of the same amount on EBIT.
3
ORDINARY EBITDA and EBITDA
The following table reports ordinary EBITDA by Business Line:
Ordinary EBITDA ( millions of euros)
2021
20204
Change
Thermal Generation and Trading
1,702
2,230
-23.7%
Enel Green Power
4,815
4,721
2.0%
Infrastructure and Networks
7,663
7,801
-1.8%
End-User Markets
3,086
3,197
-3.5%
Enel X
298
161
85.1%
Services
79
94
-16.0%
Holding and Other
1,567
( 177)
-
TOTAL
19,210
18,027
6.6%
The following table reports EBITDA by Business Line:
4 For comparative purposes only, the figure for 2020 has been adjusted due to the different classification mentioned above concerning the application of IFRIC 12 in Brazil.
4
EBITDA ( millions of euros)
2021
20205
Change
Thermal Generation and Trading
899
1,700
-47.1%
Enel Green Power
4,761
4,647
2.5%
Infrastructure and Networks
7,210
7,520
-4.1%
End-User Markets
2,990
3,121
-4.2%
Enel X
283
152
86.2%
Services
( 86)
( 47)
-83.0%
Holding and Other
1,510
( 190)
-
TOTAL
17,567
16,903
3.9%
The following tables show the non-ordinary items leading 2021 and 2020 ordinary EBITDA to the EBITDA for the same financial years:
Millions of EUR
2021
Thermal
Enel Green
Infrastructure
End-User
Holding
Generation
and
Enel X
Services
Total
Power
Markets
and Other
and Trading
Networks
Ordinary EBITDA
1,702
4,815
7,663
3,086
298
79
1,567
19,210
Charges for
energy transition
( 795)
( 47)
( 423)
( 94)
( 15)
( 160)
( 56)
( 1,590)
and digitalization
Costs related to
( 8)
( 7)
( 30)
( 2)
-
( 5)
( 1)
( 53)
COVID-19
EBITDA
899
4,761
7,210
2,990
283
( 86)
1,510
17,567
Millions of EUR
20206
Thermal
Enel Green
Infrastructure
End-User
Holding
Generation
and
Enel X
Services
Total
Power
Markets
and Other
and Trading
Networks
Ordinary EBITDA
2,230
4,721
7,801
3,197
161
94
( 177)
18,027
Charges for
energy transition
( 517)
( 64)
( 231)
( 65)
( 7)
( 95)
( 12)
( 991)
and digitalization
Costs related to
( 13)
( 10)
( 50)
( 11)
( 2)
( 46)
( 1)
( 133)
COVID-19
EBITDA
1,700
4,647
7,520
3,121
152
( 47)
( 190)
16,903
5
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Enel 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 17:40:01 UTC. | business |
U.S. economy flexes muscle with jobless benefit rolls at 52-year low; factories humming | Unemployment benefit rolls were the smallest in 52 years in early March, the Labor Department's weekly jobless claims report on Thursday also showed. Signs of the economy's underlying strength against the backdrop of rising inflation and geopolitical tensions were also evident in other reports showing an acceleration in manufacturing production last month and a sharp rebound in homebuilding.
The Federal Reserve on Wednesday raised its policy interest rate by 25 basis points, the first hike in more than three years, and laid out an aggressive plan to push borrowing costs to restrictive levels by 2023. The U.S. central bank said Russia's war against Ukraine was `` likely to create additional upward pressure on inflation and weigh on economic activity. ''
`` The Russian invasion of Ukraine adds some uncertainty to the outlook as energy prices have spiked, and business and consumer sentiment has taken a hit, '' said Dante DeAntonio, a senior economist at Moody's Analytics in West Chester, Pennsylvania. `` However, we expect firms to mostly look beyond the near-term volatility, especially given the difficult hiring environment that remains. ''
Initial claims for state unemployment benefits decreased 15,000 to a seasonally adjusted 214,000 for the week ended March 12. Economists polled by Reuters had forecast 220,000 applications for the latest week. A 16,006 drop in claims in New York erased notable increases in Michigan, California and Ohio.
Claims have declined from a record high of 6.149 million in early April 2020. The three-week old Russia-Ukraine war poses a risk to the U.S. labor market through disruptions of supply chains and record high gasoline prices. With companies hungry for labor, economists are optimistic the labor market and economy will ride out the storm.
There were 11.3 million job openings at the end of January, with a record 1.8 open positions per unemployed person. This misalignment between demand for labor and supply is boosting wage growth, which should provide some cushion to households against soaring gasoline prices.
Fed Chair Jerome Powell on Wednesday described the labor market as `` extremely '' tight, telling reporters that `` we think this labor market can handle, as I mentioned, tighter monetary policy, and the overall economy can as well. ''
So far, the economy is holding up. A second report from the Philadelphia Fed on Thursday showed factory activity in the mid-Atlantic region accelerated in March, with manufacturers reporting strong growth in new orders as well as shipments.
Factories in the region encompassing eastern Pennsylvania, southern New Jersey and Delaware hired more workers and increased hours for employees. They, however, continued to struggle with higher input prices and delays getting materials, which kept order backlogs long.
Strong manufacturing was also underscored by a third report from the Fed showing production surged 1.2% in February, despite motor vehicle output sinking 3.5% because of a continued global shortage of electronic components.
`` The impact of Russia's invasion of Ukraine, while mostly not reflected in this February report, could worsen supply problems, but our analysis suggests only minimal direct exposure for manufacturing, '' said Shannon Seery, an economist at Wells Fargo in New York.
Stocks on Wall Street were trading higher. The dollar fell against a basket of currencies. U.S. Treasury prices rose.
STRONG HOMEBUILDING
Last week's claims data covered the period during which the government surveyed business establishments for the nonfarm payrolls component of March's employment report. Claims fell considerably between the February and March survey periods, which bodes for job growth this month.
The economy created 678,000 jobs in February. Employment growth has been aided by the return of some workers to the labor force amid a significant decline in COVID-19 infections.
More could rejoin the workforce this month. The claims report showed the number of people receiving benefits after an initial week of aid dropped 71,000 to 1.419 million during the week ended March 5, the lowest since February 1970.
The run on upbeat data was extended by a fourth report from the Commerce Department showing housing starts jumped 6.8% to a seasonally adjusted annual rate of 1.769 million units in February, the highest level since June 2006
While permits for future homebuilding fell 1.9% to a rate of 1.859 million units, they were not too far from the nearly 16-year high touched in January, suggesting an acute shortage of houses will continue to underpin residential construction even as mortgage rates rise.
Single-family housing starts, which account for the biggest share of homebuilding, jumped 5.7% to a rate of 1.215 million units last month. Starts for housing projects with five units or more gained 0.8% to a rate of 501,000.
The backlog of houses approved for construction that are yet to be started hit a record 273,000 units as builders struggle with shortages and very expensive materials.
`` The record high number of units that were authorized but not started, combined with the permits data, suggests that housing construction will continue to add to growth in the coming months, to the extent that builders can contend with supply constraints, '' said Conrad DeQuadros, senior economist at Brean Capital in New York.
In the wake of the data, the Atlanta Fed raised its estimate for first-quarter GDP growth to a 1.3% annualized rate from a 1.2% pace. It has been steadily boosting its forecast from as low as a 0.5% rate of contraction at the end of February. The economy grew at a robust 7.0% pace in the fourth quarter.
( Reporting by Lucia Mutikani; Editing by Chizu Nomiyama and Andrea Ricci)
By Lucia Mutikani | business |
Part 2: ‘ You have got to have the hunger. Digital forensics is not just what I do, it's who I am’ | We met with certified SANS instructor and principal forensic analyst Jason Jordaan to get the top tips for moving into the digital forensics field. Whether you currently work in cyber security or have no experience in the field, this two-part Q & A covers all things digital forensics, with all the resources and advice you might need to make a move into this space in cyber.
10. How do you think DFIR has evolved in South Africa in the past five years?
“ Our South African National Standards authority has endorsed and adopted the international ISO digital forensic standards for South Africa so these are now actual South African national standards which can be applied. So, I think that’ s a nice development. The other development is the Cyber Crime Act itself which has increased the number of cyber crime offences that we have, it improves investigative capabilities and introduces the concept of standard operative procedure. As far as I am aware, we are going to be the first country in the world which mandates standard operating procedures for digital forensics, at least for government agencies. This Is going to mean that for people doing digital forensics in government, they are going to have to comply with approved operating procedures and these will carry the weight of all law. So hopefully, this will see a significant improvement in how we do digital forensics in South Africa. “
11. Do you think COVID-19 has had an impact on digital forensics?
“ I think it has had an impact in different ways. The South African situation was rather interesting as a lot of businesses were severely impacted by COVID-19 with a lot of them closing. There was a lot of people who ended up leaving digital forensics because of COVID as people didn’ t have the means to retain private digital forensics practitioners. I don’ t think overall it was necessarily a negative impact though, as people have become more open to remote acquisitions. One of the things that used to frustrate me, was that whenever a client wanted to engage with us, they wanted us to be physically there. Whereas now, we can have that meeting over Zoom. So, a lot of people in the industry are more willing to engage in online platforms which has saved a tremendous amount of time. We are also spending more of that time that was spent travelling, investing in our work, spending time on analysis and going to court – which is what we should be doing! In South Africa, our courts are quite old-fashioned in a sense, they have learnt a certain way of doing digital forensics and prior to COVID-19, there wasn’ t a willingness to accept the evidence of doing it remotely. Now, they are beginning to accept there are other ways of collecting evidence, which is in my opinion, a positive spin on things. ”
12. What is the current job market looking like for aspiring Digital Forensicators or Incident Responders?
“ From a SA perspective, there are a lot of jobs being offered; however, not at the entry level. A lot of the job adverts I see are expecting someone with a fair level of experience. So, the market is kind of eating itself. There is a lot of turn over of experienced people from one organisation to another, but we are not necessarily bringing youngsters in to fill that gap. One of the big problems is that we get youngsters coming in with no experience or the necessary qualifications, but the expectation of salary far outweighs what they can produce. So, therefore a lot of people don’ t pursue the digital forensics roles they get exposed to, they just go into general cyber security or something like that. There is a big demand for skills but mostly at an experienced level. I think there are entry -evel jobs, they just aren’ t as well advertised, if that makes sense. But overall, salary demands definitely outweigh skillset. It’ s a difficult market in that sense for that reason. “
13. Do you have any advice for anyone looking to transition from a career in cyber security to digital forensics?
“ So, I will give two pieces of advice. One for general cyber and one for somebody that’ s never done cyber in their life.
`` If you are in cyber and you want to move into digital forensics, the easiest way to do this coming from a cyber background, is to start reading up about investigations and law issues and the field. Also, where possible, if you’ re not going to pursue the formal training route, read blog articles and watch YouTube videos. If you are really interested in this field, find somebody who is in digital forensics and approach them, show that you are genuinely interested and see whether or not they would be willing to mentor you. The one thing I can say about the digital forensic community worldwide, we are a very supportive community.
If you are not in cyber and you come from an investigation or a law background, for example, you need to start learning the cyber stuff. I’ m not saying you need to learn a forensics tool and push buttons; you need to go and figure out how computers work. Build your own computer, go and set up your own network, learn a bit of Python. Learn the general computing stuff and then start applying your investigative skills and knowledge to that. Again, the same principle applies, reach out to people in the digital forensics community and show them that you are genuinely interested. They will help guide you. ”
14. For those who are looking to make the career transition, is there any desirable or necessary education, certifications or training you would recommend?
“ If you can afford it, and if its within your means, the SANS training courses have a very good career path for someone moving into digital forensics. The first core course I would recommend doing is the FOR308 course to begin with – disclaimer, I am one of the course authors for FOR308. This is the Digital Forensics essentials so that talks you through all the core forensic concepts, the law, how to write reports, testifying and all those kinds of things. Then, the second course I would recommend is our FOR498 course which is our Battlefield Forensics & DataAcquisition course which will basically teach you how to collect evidence from cellphones, computers, servers, novel devices and how to quickly get to evidence which you can use in an investigation. The next course I would then recommend would probably be the FOR500 course which is the Windows Forensic Analysis course which really teaches you to do deep dive forensics on a Windows machine. Then, after that it really depends on what your area of interest is.
`` It would be a good idea, if you don’ t have a degree in computer science to potentially get a degree in computer science. The reason I say that is, if you are going to end up going to court, having a degree plus certifications can really be a huge benefit for you. So, that would definitely be an added advantage.
15. Are there any free resources or training without a fee that you can recommend?
Below are a range of free resources recommended for anyone moving into the digital forensics field.
13Cubedhttps: //www.youtube.com/c/13cubed/featured
The Open Universityhttps: //www.open.edu/openlearn/science-maths-technology/digital-forensics/content-section-0? active-tab=description-tab
DFIRSciencehttps: //www.youtube.com/c/DFIRScience/featured
Linux LEOhttps: //www.linuxleo.com
SANS DFIRhttps: //www.youtube.com/c/SANSDigitalForensics/videos
DFIR Python Study Grouphttps: //www.youtube.com/playlist? list=PLz61osc7c3OqQ xBZJbzZdIkVd8HnxLmC
SANS White Papershttps: //www.sans.org/white-papers/? msc=main-nav
SANS Posters and Cheatsheetshttps: //www.sans.org/posters/? msc=main-nav
Tools
SANS Toolshttps: //www.sans.org/tools/? msc=main-nav
Tsurugi Linuxhttps: //tsurugi-linux.org
CAINEhttps: //www.caine-live.net
FTK Imagerhttps: //www.exterro.com/ftk-imager
Arsenal Image Mounterhttps: //github.com/ArsenalRecon/Arsenal-Image-Mounter
Practical Challenges
SOCVelhttps: //socvel.com | general |
Fourth COVID shot provides little benefit against omicron, study shows | A fourth dose of existing mRNA COVID-19 vaccines may have only “ marginal benefits ” for younger, healthy adults, according to a new Israeli study published Wednesday in the New England Journal of Medicine.
The research assessed 270 health care workers at the Sheba Medical Center in Tel Aviv who received a second booster shot of either the Pfizer or Moderna vaccines, four months after initially getting three Pfizer shots.
Each was age-matched against two participants in a control group that had received only three doses of Pfizer, with the median ages in the groups ranging from mid-fifties to early sixties.
Overall, the fourth shot was found to be safe, and topped up recipients’ neutralizing antibodies — which block the coronavirus from infecting cells — to levels comparable to just after the third dose, prior to when antibody levels started waning with time.
The study took place when spread of the omicron variant was rife in Israel, and it found that the fourth dose didn’ t confer much added protection against infection, despite the reduction over time of antibodies among people who’ d received just three shots.
Those who got a fourth shot of Pfizer were 30% less likely to acquire infection than those who got three doses, while those who got Moderna were 18% less likely to get infected.
The study included only a small number of participants and was not a randomized trial — meaning its conclusions should be interpreted with caution — but the results point towards only minor benefits from the extra dose.
Protection against symptomatic infection was slightly better in under-40 adult recipients of a fourth jab — 43% for Pfizer and 31% for Moderna — compared to people who received three shots.
The study authors, led by Gili Regev-Yochay, wrote that their research seems to indicate the advantages of three doses of vaccine designed against the original strain of coronavirus had hit a ceiling in terms of immune response, with additional boosters only restoring waned immunity, rather than taking it to new heights.
“ Furthermore, we observed low vaccine efficacy against infections in health care workers, as well as relatively high viral loads suggesting that those who were infected were infectious. Thus, a fourth vaccination of healthy young health care workers may have only marginal benefits, ” they said.
Outside experts said the findings showed the need to develop new vaccines.
“ If omicron continues circulating and we are still using the current first-generation COVID-19 vaccines against it, then I agree with the authors that the benefits to otherwise healthy, younger people will be marginal, ” said Julian Tang, a clinical virologist at the University of Leicester.
“ Any fourth dose boosters will be more beneficial to the older and more vulnerable groups ( e.g. those with comorbidities), ” he continued.
“ Ideally, we need new COVID-19 vaccines designed specifically against omicron if we want to improve this protection for the most vulnerable — in the same way that we update the seasonal flu vaccine each year — to ensure the best possible match against the currently circulating virus strain. ” | tech |
China's COVID governance under pressure as omicron spreads | BEIJING – China’ s public health governance is expected to come under acute pressure in coming weeks as the biggest wave of COVID-19 cases since the 2020 Wuhan outbreak stretches medical resources, tests the country’ s ability to contain infections and strains the economy.
In the past 10 weeks, China has reported more new local symptomatic cases — more than 14,000 — than in all of 2021 amid the rapid spread of the omicron variant, fueling fears of hard lockdowns of cities and economic instability.
Some parts of China are already feeling the crunch as they scramble to test local populations and quarantine the infected under China’ s strict COVID-19 playbook, despite relatively low caseloads by global standards.
In the northeastern province of Jilin, the hardest-hit region in the current outbreak, affected cities are racing to prepare temporary hospitals. A local official said on Tuesday the province’ s epidemic prevention supplies will run dry in two to three days.
“ The next two weeks are key to determining whether existing policies can really be effective in curbing infection growth or even reaching completely zero cases in one city as we saw last year, ” said Chen Zhengmin, professor of epidemiology at the University of Oxford.
China has stood firmly by its “ dynamic zero ” policy — rigorously identifying COVID-19 infections and blocking them as they emerge but not insisting on zero infections — for both public health and political reasons.
Although China has a vaccination rate of nearly 90%, Chinese experts said not enough elderly people have received boosters, risking deaths and severe cases. It is also unclear how well Chinese vaccines reduce the risk of developing the disease caused by the omicron variant.
A resident undergoes a nucleic acid test for the COVID-19 coronavirus in Dalian, China, on Wednesday. | AFP-JIJI
China’ s leadership has staked much on its COVID-19 battle, and would be loath to alter course in a sensitive year when Chinese President Xi Jinping is set to secure a third term.
“ Preventing and controlling epidemics has become more difficult, ” National Health Commission spokesperson Mi Feng said on Tuesday. But he stressed “ it has been proved in practice ” that China’ s current virus measures are still effective against omicron.
The country is also struggling to balance pandemic measures with an economic recovery. Citi analysts estimate the latest wave will shave 0.5 to 0.8 percentage points from first-quarter GDP growth.
China should consider less disruptive or resource-consuming measures, including allowing asymptomatic infections to quarantine at home, though such a move is unlikely to happen soon, some experts say.
“ The old way has been very effective, regardless of the cost, and ( epidemic prevention) is the biggest political task, ” Chen said. “ Also, if such a change is made, the general public might misinterpret that as giving up. ”
Some experts already say China’ s COVID-19 approach is no longer sustainable.
Kyoto University professor Hiroshi Nishiura, who led an early Wuhan study in 2020, said he was “ not very optimistic, ” even if strict lockdowns slow the spread.
“ Multiple introductions ( of omicron) in mainland China would be unavoidable, ” Nishiura said.
China is trying to strike a balance between targeted curbs to stop the virus’ s spread and ensuring disruptions do not worsen an already uncertain economic outlook.
Shanghai and Shenzhen have adopted tougher restrictions rare for those two cities — one closing all primary, middle and high schools and the other suspending nonessential businesses — but stopped short of a harsh lockdown such as the one in Wuhan in 2020.
China’ s COVID-19 policy has not completely broken down, but daily increases of over 1,000 cases are a warning sign, said University of Hong Kong professor Jin Dong-Yan.
To bolster China’ s testing ability, authorities last week approved the use of self-administered antigen testing kits as a supplement to PCR tests.
China said late on Tuesday that patients with mild symptoms will be quarantined at centralized facilities, revising an earlier requirement of moving them to hospitals, in response to concerns about medical resources.
“ The worst-case scenario for them is that omicron will overload the Chinese health care system, and the entire country is inundated with COVID cases, ” said Huang Yanzhong, senior fellow for global health at the Council on Foreign Relations.
A resident undergoing a nucleic acid test for COVID-19 in Xiamen, China, on Tuesday. China’ s public health governance is expected to come under acute pressure in coming weeks as the biggest wave of COVID-19 cases since the 2020 Wuhan outbreak stretches medical resources. | AFP-JIJI
In mainland China, the official death toll has been largely static since 2020, with only two fatalities reported in 2021 and none this year.
The elderly in China are vulnerable to omicron variants, so “ a substantial number of cases and deaths would be expected, ” said Kyoto University’ s Nishiura.
Shenzhen, home to about 17.6 million people, said on Monday only one member of a household could venture out every two to three days to stock up on necessities.
“ I think there is no way to stop omicron now, ” said Peter, 49, a Shenzhen resident and owner of a VR startup. “ The only way is to maintain normalcy and welcome the virus. You see abroad, the coronavirus is like a cold. Many people have recovered and traveled everywhere. Why are we trapped here? ”
In Shanghai, 106 international inbound flights scheduled from March 21 and May 1 will be diverted to other Chinese cities.
Businesses from automaker BYD to KFC operator Yum China say their operations have already been hit, with more disruptions expected as cases mount.
In the locked-down city of Changchun, the impact of curbs has been hard.
Guo, owner of a pedicure and beauty salon, said she was worried about her loans and her workers’ salaries.
“ I’ m feeling very overwhelmed right now, ” Guo said. “ Only those who are in an epidemic zone would understand this feeling. ” | tech |
Medicago's COVID shot rejected by WHO over company’ s tobacco links | Medicago Inc.’ s COVID-19 vaccine is poised to become the first Western shot to be rejected by the World Health Organization, because of the company’ s links to cigarette-maker Philip Morris International Inc.
The Canadian biopharma company’ s request for pre-qualification of its Covifenz shot was not accepted, according to the WHO’ s guidance document dated March 2. That means the WHO is unlikely to approve the vaccine for emergency use, which would also keep it out of the Covax global vaccine-sharing program.
“ Due to its connections — it’ s partially owned by Philip Morris — the process is put on hold, ” Mariangela Simao, WHO’ s assistant director-general for drug access, vaccines and pharmaceuticals, said at a media briefing Wednesday. “ The WHO and the U.N. have a very strict policy regarding engagement with the tobacco and arms industry, so it’ s very likely it won’ t be accepted for emergency use listing. ”
Covifenz is the world’ s first plant-based COVID-19 inoculation. It’ s made from proteins grown in plants that, from the perspective of the human immune system, resemble the coronavirus that causes COVID-19.
The vaccine also uses GlaxoSmithKline PLC’ s pandemic adjuvant, a substance that boosts the immune system’ s response. It was jointly developed by Medicago, which is owned by Mitsubishi Chemical and Philip Morris, and Glaxo.
The Canadian government provided $ 173 million in funding for the vaccine’ s development and is so far the only country that has cleared it for use.
Anti-tobacco groups argue that financing and approving a drug that has links to the tobacco industry violates the WHO Framework Convention on Tobacco Control that came into force in 2005. The global treaty calls for tighter tobacco controls, and emphasizes the need for public health policies to be protected from commercial and other vested interests of the tobacco industry.
Representatives for Health Canada and Medicago didn’ t immediately respond to requests for comment.
Medicago has a contract with the Canadian government to supply up to 76 million doses of the vaccine and is in talks with other countries about potential agreements, Chief Executive Officer Takashi Nagao has said.
“ Even if it’ s not a violation of the letter, it’ s definitely a violation of the spirit of the convention, ” said Les Hagen, executive director at Action on Smoking and Health in Edmonton. “ This is not Canada’ s proudest moment in public health. ”
The situation highlights the difficulty the tobacco industry faces as companies increasingly seek to expand further into the health and wellness sector.
Philip Morris, which sells Marlboro cigarettes outside the U.S., has made a series of acquisitions that included inhaled therapy-maker Vectura Group PLC, a move that caused public outcry.
British American Tobacco PLC has set up a new biotech arm, KBio Holdings, that will focus on developing treatments and vaccines for rare and infectious diseases using plant-based technology.
An expression of interest by China’ s Institute of Medical Biology of the Chinese Academy of Medical Sciences in pre-qualification of its inactivated COVID-19 vaccine was also not accepted, with the WHO noting that the shot was still under initial development. | tech |
Tamawashi upends Terunofuji again as Takayasu grabs lead at Spring Grand Sumo Tournament | Osaka – Yokozuna Terunofuji suffered his second loss, while former ozeki Takayasu took over the sole possession of the lead at the Spring Grand Sumo Tournament on Thursday.
The fifth day of the 15-day meet at Edion Arena Osaka saw the sport’ s lone yokozuna beaten by 37-year-old Mongolian and No. 2 maegashira Tamawashi for the second straight tournament.
Tamawashi ( 2-3) threw Terunofuji back on the charge with a salvo of well-placed shoves to the throat. After tipping backward, the yokozuna rocked forward off balance. Tamawashi seized control of the bout and finished off his opponent with a final left hand to the throat that sent the yokozuna backward off the raised ring.
“ I was determined not to give him any openings, ” Tamawashi said. “ I stuck to what works for me. ”
Takayasu, currently a No. 7 maegashira, started the day tied for the lead, and continued his run of good results against Takarafuji ( 1-4). The former ozeki held off the No. 5 to remain perfect for the tourney and improve to 18-6 in career bouts with Takarafuji.
Mitaekumi, newly promoted to ozeki, lost both his first bout and his share of the tournament lead after being foiled by a solid defensive effort from Mongolian No. 4 maegashira Kiribayama ( 4-1).
Although the ozeki’ s strong charge forced his opponent back, Kiribayama was able to secure a left-hand overarm hold, while Mitakeumi came up empty-handed. Kiribayama skillfully used this advantage to work the ozeki back across the ring and force him out.
The award for most relieved wrestler of the day went to ozeki Shodai.
A demotion-threatened kadoban ozeki needing eight wins here to continue fighting at the sport’ s second-highest rank, Shodai survived being beaten on the initial charge by Onosho ( 2-3) to earn his first win and improve to 1-4.
The No. 3 maegashira pressed Shodai back but let the struggling ozeki off the hook when he came up empty with a shove. The maegashira’ s follow-through exposed his left side, and Shodai seized the opportunity and floored his opponent with an overarm throw.
Takakeisho, also threatened with demotion from the ozeki ranks, improved to 3-2, holding off a determined attack from No. 3 Meisei ( 1-4). Determined not to let the ozeki build up a head of steam, Meisei charged hard at his opponent, a master of thrusting and shoving.
Although slightly taken back and briefly off balance, Takakeisho recovered, turned the tables on his antagonist and shoved him from the ring.
Sekiwake Wakatakakage ( 4-1) won a surprisingly straight-forward battle against komusubi Hoshoryu ( 2-3). The clash between the smaller, speedy wrestlers ended in a force out, with none of the trickery the pair often use to confound larger opponents.
Sekiwake Abi ( 4-1) won a solid tactical battle against Takanosho ( 1-4), rocking the komusubi back with his charge and then yanking him forward and off balance.
The sekiwake has now won four straight after a first-day loss at his new rank, a reward for going 12-3 in two straight tourneys since returning from a three-meet ban for breaking coronavirus rules in 2020. | tech |
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