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Cuba's anti-government protesters sentenced up to 30 years behind bars | `` The citizens are accused of committing and provoking serious disturbances and acts of vandalism, with the purpose of destabilizing public order, collective security and citizen tranquility, '' the Supreme Court said.
Last July, hundreds of Cubans across the country defied the government and took to the streets against chronic shortages and lack of basic freedoms.
Despite widespread calls following the protests for amnesty, the Cuban government has come down hard on demonstrators -- meting out lengthy prison sentences.
Shortly after the protests started, police and special forces went door to door looking for those who participated.
Cuban courts have since been trying hundreds of protestors in mass trials that have been criticized by international observers for their lack of transparency and due process.
`` They threw stones and bottles at various officials, law enforcement officers National Revolutionary Police facilities, patrol cars; They overturned a motorcycle and cars... and caused injuries to other people and serious material damage, '' reads the statement from the Supreme Court.
The protests, from July 11 to 12, rapidly spread across the island as Cubans openly defied the communist-run government -- which blames Cuba's economic woes on US sanctions -- in a way not seen since the 1959 revolution.
Cubans chanted `` freedom '' at last year's protests, showing their rage about food shortages, medicine, and electricity when Covid-19 cases had skyrocketed in the country.
In Havana, a CNN team witnessed demonstrators being forcibly arrested and thrown into the back of vans by police officers. There were also violent clashes, where protesters turned over a police car and threw rocks at officers.
Those protests -- and now the trials -- mark a before and after in the island's history for many Cubans. Some of the protesters ' family members say regardless of the mass trials and harsh sentences, anti-government resentment will continue to simmer. | business |
Major quake brings memories of 3/11 to the surface for residents of northeastern Japan | Sendai – Residents in northeastern Japan were shaken after a powerful earthquake struck the region late Wednesday, serving as a poignant reminder of the mega-quake that brought death and widespread devastation to the Tohoku region just over 11 years earlier.
Tsunami warnings rang out Wednesday night in Miyagi and Fukushima prefectures, which were both devastated by the March 11, 2011, quake and tsunami. Then, people were forced to flee to the safety of higher ground as tsunami surges caused destruction along the coast.
On Wednesday night, buildings were damaged as walls and ceilings were shaken, while millions of homes, including some in parts of Tokyo, were left without power as local authorities scrambled to grasp the extent of the damage.
Akiko Ogai, a 48-year-old woman in Soma, Fukushima Prefecture, left her home by car after the shaking stopped and headed for higher ground, conjuring up memories of the trauma of 11 years ago when her home was swept away by tsunami.
Later, she and eight family members spent the night at a gymnasium that served as an evacuation center.
“ As I couldn’ t sleep well, I’ d like to return home after I receive food and water. I’ m so glad that the whole family is safe, ” she said.
A blackout hit a Soma municipal office that is not far from the Fukushima No. 1 nuclear power plant, which was crippled by the 2011 disaster.
“ I felt two big quakes and saw parked cars bouncing up and down because the ground was shaking, ” a guard at the office said.
The quake struck at around 11:36 p.m., unlike the 2011 disaster, which struck in the afternoon. Traffic signals went out in front of Sendai Station and fire truck and ambulance sirens blared in the prefectural capital.
There were many calls for emergency assistance and rescue services across a wide area of the Tohoku region and the magnitude 7.4 quake left at least four people dead and more than 140 injured.
“ The shaking was tremendous, ” said a 46-year-old woman in Ishinomaki, Miyagi Prefecture. She was at home when the quake hit the area and immediately fled to a nearby junior high school.
In the town of Zao, a piece of the ceiling at a venue used for COVID-19 vaccinations fell due to the quake.
“ The tremor was so big that I had to hold a pillar to keep standing up. I recalled the Great East Japan Earthquake 11 years ago, ” said Zao’ s 70-year-old Mayor Hideto Murakami.
In Shiroishi, over 70 passengers exited a derailed shinkansen at around 4:30 a.m. after a five-hour wait.
“ ( The shaking) made me feel like I was bouncing, ” 37-year-old passenger Akinobu Kanno said.
Shoma Kitagawa, 28, said the power went out after the tremor and passengers gathered in one car to keep warm. “ It was a really long wait, ” Kitagawa said.
In Tokyo, people lined up to get taxis home as train operations were temporarily suspended. There were reports of people being trapped in elevators and train cars.
“ I have no idea how I can get to my hotel, ” said a man who was in Tokyo on a business trip.
A wide area of the fashionable Ginza district, known for its nightlife, was plunged into darkness.
COVID-19 curbs are in place in the Tokyo metropolitan area, also including Chiba, Saitama and Kanagawa prefectures, until Monday to curb infections.
“ I told our customers to go home, but I couldn’ t finish my work because the power was out, ” said Yoshiki Motomiya, a 43-year-old worker at a pub in Tokyo. | tech |
Low-cost sterilization of dogs and cats curbs the euthanization of strays | Sapporo – Efforts by veterinarians are under way in Japan to reduce the need to euthanize stray cats and dogs abandoned by people who purchased them during the country’ s pandemic-driven pet ownership boom.
The veterinarians are conducting inexpensive spaying and neutering programs to address the problem of an increasing number of stray animals in Japan’ s cities, with the pets abandoned by irresponsible owners now reproducing at alarming rates, including uncared for animals that die on their own right after they are born.
Veterinarians Miyuki Daimon, 42, and her husband Masaaki, 38, operate Mobile Vet Office, an animal hospital in Ebetsu, Hokkaido.
In mid-January, an animal protection group brought in a female cat of about 4 or 5 months old. After Miyuki injects the cat with anesthestic and places it on the operating table, she performs the procedure and sews up a small incision in about 40 minutes.
In addition to working at the hospital, the couple visits various regions to sterilize cats and dogs. They sometimes handle as many as 40 to 50 operations per visit.
The couple opened the hospital in 2017 and operated on some 1,600 cats and dogs in 2020 and more than 2,000 in 2021, including those outside Ebetsu. Stray cats and dogs are brought to them by animal protection groups and people who find them hanging around their homes. After the surgeries, the animal groups look for owners.
Each procedure costs between ¥4,400 and ¥7,700, roughly one-third the price charged by regular animal hospitals. Since there is no way to conduct post-operation follow-ups on strays, surgical incisions are kept at just 1 centimeter or less to reduce the animal’ s pain.
“ With inexpensive operations, we hope to create an environment where people can help reduce the number of stray cats, ” Miyuki said.
A person involved in animal protection said, “ We want to expand the humane treatment of animals to do away with such unfortunate cases. ”
According to the Environment Ministry, the killing of cats and dogs is used as a last resort to prevent issues in communities, such as the spread of infectious diseases or problems with their waste.
With improved measures by local communities, the number of cats being killed has been on a downward trajectory, with 27,107 in fiscal 2019 and 19,705 in fiscal 2020.
Many local governments have taken countermeasures, including offering partial financial aid for sterilizations.
For example, the Kobe city office fully finances spaying and neutering procedures of stray cats. But there are cases where measures are halted when budgets dry up, or there is no system available to continue the operations.
According to the Japan Pet Food Association, the number of newly bred cats in one year from October 2019 rose 16% from the prior year, due in part to demand from people looking for companionship while stuck at home during the COVID-19 pandemic.
“ I am afraid there are people who began to keep cats without giving it much thought and later abandoned them, ” Miyuki said.
Consequently, in June, the government will implement a legal revision to the cruelty to animals law to make it mandatory that cats and dogs are fitted with microchips containing their owner’ s details.
Inagaki Animal Hospital in Koshigaya, Saitama Prefecture, has sterilized some 40,000 stray cats at a low cost. Masaharu Inagaki, 37, head of the hospital, visits its branches in Fukushima, Ibaraki, Gunma and Chiba prefectures, once a month for the surgeries. “ The farther from cities, the fewer hospitals there are that offer sterilization procedures, ” he said.
Inagaki operated on more than 100 animals in one case involving a cat owner.
“ Many cat owners don’ t know the potent fertility of cats. They should be prepared to take care of them all through their life after organizing their ( spaying and neutering) surgeries, ” Inagaki said. | tech |
GOP push for new voting restrictions in Michigan ramps up ahead of June 1 deadline | As warmer weather arrives in the Upper Midwest, `` Secure MI Vote, '' the group behind the petition drive, is starting to dispatch hundreds of signature-gatherers across the state to festivals, parades, farmer's markets and outdoor sporting events.
It's the beginning of a sprint to a June 1 deadline. And `` Secure MI Vote '' is the highest-profile petition out of several being circulated head of summer deadlines -- including one backed by progressive groups and dubbed `` Promote the Vote '' that effectively seeks to undo the Republican effort.
The petition drive is the latest in a years-long effort by Michigan Republicans, seizing on former President Donald Trump's lies about widespread election fraud being responsible for his 2020 election loss, to halt what had been a Democratic-led march toward more expansive mail-in voting, early voting and more there.
`` This is an easy sell, '' said Fred Wszolek, a veteran Republican operative who is working on the petition drive. `` There are some folks out there circulating really complicated proposals that need explanation. If you tell folks that this is a proposal to require photo ID to vote, it's super simple. ''
Republicans in Michigan have been eager since early last year to implement new voter identification requirements and restrictions on mail-in ballots -- steps that other GOP-led states, including Florida, Georgia and Texas, have taken.
However, in Michigan -- a state more favorable to Democrats in recent elections -- they face two obstacles: Whitmer, the Democratic governor who vetoed a raft of GOP voting bills in 2021, and a constitutional amendment approved by voters in 2018 that guarantees everyone in the state the right to vote by mail.
Those hurdles have led Republicans to pursue an unusual quirk in Michigan law: If a petition for changes to the law is signed by 340,047 people, all that's required to implement those changes is the state legislature's approval -- effectively sidelining Whitmer and her veto pen.
Republican Party officials and right-leaning organizations across the state have broadly coalesced behind the `` Secure MI Vote '' petition. It would require voters to present their IDs to vote in person and to request absentee ballots, and remove an exemption that allows those without IDs to submit affidavits. It would also require partial Social Security numbers for voter registration, prohibit clerks from taking money from groups such as grants funded by Facebook CEO Mark Zuckerberg, and prohibit the Michigan secretary of state or local elections clerks from `` sending or providing access to '' mail-in ballots unless they are specifically requested by voters.
The petition comes after Michigan Secretary of State Jocelyn Benson, a Democrat, mailed absentee ballot request forms to all Michigan voters in 2020 -- a decision she said was fueled by the coronavirus pandemic.
Wszolek would not disclose how many signatures the group has gathered to date, but said that due to the number of different petition drives taking place at the same time in Michigan this spring and summer and the possibility of confusion among residents who might be asked to sign the same petition twice, organizers are aiming higher than the minimum number of signatures.
GOP pushes past Whitmer vetoes
Majority Republicans in the Michigan House and Senate last year passed a series of bills that would have implemented new restrictions that largely mirror what other GOP-led states have done, but those bills were vetoed by Whitmer. Before the first-term Democratic governor who is up for reelection in November had even rejected the bills, though, Republicans were eyeing the petition process as a way to circumvent her veto.
Democrats say the changes Republicans want to make would impose unnecessary burdens in an effort to appease Trump and the former President's supporters.
`` Their plan is to take away people's access to voting, in particular the rights of women and people of color, '' said Lavora Barnes, the chairwoman of the Michigan Democratic Party. `` Their obsession with the former president is clouding their judgment when it comes to ensuring that our elections in Michigan remain fair and transparent. ''
Still, among Republicans, the desire to impose new voting restrictions remains strong.
The Michigan House last week again passed bills that Whitmer had already vetoed in 2021. It was a show of force, underscoring the reality that the GOP has the votes to green-light the changes to state law contained in the `` Secure MI Vote '' petition if organizers collect the necessary signatures.
`` Michigan elections are vulnerable, '' Republican state Rep. Andrew Beeler said during the House's floor debate, the Detroit Free Press reported. `` Now we're all here to vote yes on good policy. What we're not here to do is to vote on supposed motivations of bill sponsors. Yet whenever an election bill is brought before this House, it's been decried as racist or voter suppressionist. ''
Earlier this month, two Republicans who had embraced Trump's lies about the 2020 election won surprising victories in the primaries in special elections for state House seats. Robert `` RJ '' Regan, an entrepreneur who has backed Trump's lies and made troubling comparisons that led to his daughters urging people not to vote for him, won one primary. Terence Mekoski, a retired law enforcement officer who has said that auditing the 2020 election should be a top priority, won another.
`` It's always been my message from Day One to give the government back to 'We The People, ' '' Mekoski told Bridge Michigan. `` A forensic audit is nothing more than a full criminal investigation. ''
Democrats, meanwhile, are countering the `` Secure MI Vote '' petition drive with one of their own: `` Promote the Vote. ''
Because Democrats don't have the votes in the state legislature to enact a new law using the same process as Republicans, they are instead using a different petition process -- attempting to gather 425,059 signatures ahead of a July 11 deadline in order to place a referendum on the ballot that would amend Michigan's constitution.
That amendment would guarantee a series of voting rights, including allowing voters to join a permanent absentee voting list and mandating nine consecutive days of early voting. It would effectively undo the GOP `` Secure MI Vote '' measure.
Other petitions being circulated by progressive groups include two from `` MI Right to Vote, '' an Ypsilanti-based group that is seeking constitutional amendments to effectively bar new restrictions on voting and halt the use of petitions to change voting laws. | business |
Real fleet management in the future fleet world | Research indicates the global fleet management market is expected to grow to $ 34 billion by 2025 at a compound annual growth rate of 11.3% during the forecast period.
These statistics reflect some fleet management services but predominately the GPS/tracking and card methodologies – which is not a holistic representation of the full market, but rather only components of it.
As with so many industries, COVID-19 massively disrupted the fleet management arena to an extent never previously experienced. Delivery disruptions, order cancellations, non-payment of accounts and many other influences forced company executives and fleet managers to re-evaluate all factors that influence fleet operating expenses.
All businesses are firmly focused on cost reduction, risk mitigation and improved safety. The fleet industry is no exception, with many businesses at last beginning to understand why they need to implement a fleet management information system ( FMIS) solution.
Fleet management can be defined as a set of theories and applications that are combined to produce an end result of a reduction in fleet total cost of ownership ( TCO) and an improvement in return on investment ( ROI).
Through a process of consolidating all costs relating to a fleet of vehicles, an FMIS covers the entire spectrum from procurement through to disposal. Moreover, it encapsulates all data for full fleet management, inclusive of depreciation, maintenance, tyres, fuel, insurance, GPS/tracking, accident management, licence registrations and fines management.
In a nutshell, the ‘ right’ FMIS solution will provide control over:
Reporting is an essential part of any system deployed. For example, standard reports, as well as exception reports, will immediately shine a spotlight on problem areas. These reports can be scheduled to run automatically at pre-set times. Reports can be e-mailed to selected recipients, irrespective of being logged on.
The goal of a FMIS is to reduce TCO and deliver an improved cents per kilometre outcome.
Dashboard indicators allow the company to see the state of its fleet at a glance. Exceptions are flagged and can be drilled down, with immediate report analysis.
The goal of a FMIS is to reduce TCO and deliver an improved cents per kilometre outcome. Basically, FMIS provides control over the entire fleet with real-time data, improved operational efficiencies and inevitably better ROI.
FMIS is a particularly attractive proposition for fleet managers/supervisors as they leverage their drivers as assets ( rather than liabilities).
Software vendors in the sector are incorporating more out-of-the-box features for driver management/behaviour monitoring – this latter is crucial, as without the ability to change driver behaviour, there is no improved ROI.
It enables businesses to manage, monitor and control their fleet with real-time data, improved operational efficiency and better insights that support quicker and informed decision-making.
Drivers and vehicles are among the core components of fleet companies and the management of both is vital, not only to limit costs, but to ensure the business is operating as efficiently as possible.
Vehicles are expensive to buy, equip and maintain, and no matter how many vehicles a company has, fleet costs probably form a large percentage of the budget.
It is common knowledge in the industry that the operating costs of most unmanaged fleets are 10% to 15% higher than they should be.
Aside from the depreciation on the vehicles themselves, fleet costs include items such as maintenance, tyres, fuel, accidents, licences, permits, tolls and fines. Based on the average running cost of a vehicle, it is probable that vehicles each cost anything between R6 000 and R12 000peryearmorethan is actually necessary.
Fleet administration is time-consuming and laborious, involving the completion of many forms and time consumed in traffic departments whenever a vehicle or driver-related issue arises.
Moreover, if a company is not aware of additional requirements, such as ID copies, driving licences, medical certificates, etc, then this simple exercise can turn into an ordeal that necessitates multiple trips and unnecessary admin.
Besides the increase in complexity and administration, it is vitally important that any fines accrued by vehicles and drivers are managed correctly, as mistakes or misunderstandings can result in drivers’ licences being invalid, or even the loss of an operator’ s licence.
It is crucial to limit downtime of both vehicles and drivers. If they are not out on the road, they are not earning money. Vehicles parked in a workshop or panel-beater, or waiting for permits or licences, are not productive, and a driver waiting for licence or public driver permits can not go out and earn money for the company.
More importantly, companies can not afford to send out unlicensed vehicles or drivers, as both the financial risk and potential liability can be crippling.
An FMIS enables informed decision-making and negates all of the foregoing – essentially it boils down to using the latest technology to run fleet businesses in an optimal manner and it is imperative to survival and growth.
Fleet consultant for Fleet Domain, a member of the Argility Group. Johan van Niekerk is fleet consultant for Fleet Domain, a member of the Argility Group.He has 38 years’ experience in fleet management, fleet sales training and consulting. Van Niekerk has a profound understanding of the fleet management industry, including funding options, safety and risk assessment, plus the development of safety, driver and vehicle policies.Over the years, he has gained experience conducting fleet evaluations and audits, plus providing fleet management training to executive and various levels of management personnel. He has also conducted fleet sales training courses for manufacturers, automotive groups and dealerships.Van Niekerk places improvement of ROI in corporate enterprises and parastatal organisations through fleet optimisation as his main business objective. He also assists businesses with budget development, scenario analysis, forecasting and ultimately the entire management spectrum of corporate fleets from procurement through to disposal.
Johan van Niekerk is fleet consultant for Fleet Domain, a member of the Argility Group.
He has 38 years’ experience in fleet management, fleet sales training and consulting. Van Niekerk has a profound understanding of the fleet management industry, including funding options, safety and risk assessment, plus the development of safety, driver and vehicle policies.
Over the years, he has gained experience conducting fleet evaluations and audits, plus providing fleet management training to executive and various levels of management personnel. He has also conducted fleet sales training courses for manufacturers, automotive groups and dealerships.
| general |
Deliveroo reports rising annual losses as costs jump | Hi, what are you looking for?
International takeaway food app Deliveroo on Thursday announced rising annual losses after costs rose by more than one third.
By
Published
International takeaway food app Deliveroo on Thursday announced rising annual losses after costs rose by more than one third, offsetting a surge in home deliveries.
Loss after tax jumped 36 percent to £308.5 million ( $ 406.5 million) last year compared with 2020, the British group said in a statement, adding the outlook was clouded by strong inflation and the Ukraine war.
Revenue surged 57 percent to £1.8 billion as consumers continued to order from home despite easing Covid curbs and controversy over treatment of its riders.
French prosecutors at an ongoing trial in Paris are demanding that Deliveroo be fined the maximum 375,000 euros ( $ 415,000) for “ undeclared labour ”.
The group Thursday added that its marketing and other investment costs, notably spending on technology, rocketed 75 percent to almost £629 million.
Looking at 2022, founder and chief executive Will Shu cautioned over “ headwinds due to inflationary pressures, the removal of economic stimulus and the broader geopolitical and economic impacts of the conflict in Ukraine ”.
But he forecast the company would reach breakeven between the second half of 2023 and first half of 2024.
– Cost of marketing –
Market watchers focused on Deliveroo’ s expected performance this year.
“ In 2022 competition will remain very high in the traditional food and grocery delivery markets and this makes it unlikely that ROO will be able to reduce its high marketing expenditure in the near term, ” noted Dan Thomas, senior analyst at Third Bridge.
Deliveroo has enjoyed strong sales growth in a short space of time but faces questions over its sustainability, highlighted by its failed stock market debut which took place in London a year ago.
Its initial public offering was the capital’ s biggest stock market launch for a decade, valuing the group at £7.6 billion.
But its share price tumbled on launch day by almost a third from the IPO price of £3.90 as investors questioned Deliveroo’ s treatment of its self-employed riders.
Deliveroo’ s share price was up nearly five percent at £1.22 in early London trading following the earnings update.
“ Deliveroo is riding deeper into the red, as it shifts gears to try to carry off a bigger slice of the takeaway market, ” said Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown.
At the same time, “ it’ s making a huge effort to pedal into new markets to try and widen its reach of riders across the UK and that’ s encouraged investors ”.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
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Hundreds of thousands of Irish and international visitors were to celebrate St Patrick’ s Day in Ireland on Thursday after a two-year pause.
Car chases starring action heroes like Tom Cruise are often filmed using a device previously known as the 'Russian Arm ' but henceforth called the...
Security personnel outside a United Nations Assistance Mission in Afghanistan ( UNAMA) office compound Herat province in July 2021 - Copyright AFP Tobias SCHWARZThe UN...
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |
Nazanin Zaghari-Ratcliffe and Anoosheh Ashoori arrive in the UK after being freed from Iran |
Nazanin Zaghari-Ratcliffe
, the British-Iranian aid worker who has been
held in Iran
for almost six years, has arrived back in the United Kingdom
after being released
from detention.
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.
Read More
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.
Nazanin Zaghari-Ratcliffe released after 6 years ' detention in Iran
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.
Nazanin Zaghari-Ratcliffe was first detained at a Tehran airport in April 2016 following a vacation to see her family with her daughter.
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.
CNN's Jack Guy, Angus Watson, Sarra Alayyan, Zeena Saifi, Hamdi Alkhshali, Vasco Cotovio, Nada Bashir and Lauren Said-Moorhouse contributed to this report. | general |
Kezar Reports Fourth Quarter and Year-End 2021 Financial Results and Provides Business Update | SOUTH SAN FRANCISCO, Calif. -- ( BUSINESS WIRE) -- Kezar Life Sciences, Inc., ( Nasdaq: KZR), a clinical-stage biotechnology company discovering and developing breakthrough treatments for immune-mediated and oncologic disorders, today reported financial results for the fourth quarter and year ended December 31, 2021 and provided a business update.
“ In 2021, we made significant progress in each of our programs, achieving target enrollment in both of our Phase 2 trials with zetomipzomib, sharing positive interim results from our MISSION Phase 2 study, and launching a Phase 1 trial in solid tumors with our novel protein secretion inhibitor, KZR-261, ” said John Fowler, Kezar’ s Co-founder and Chief Executive Officer. “ We look forward to continued momentum across the company in 2022, including the presentation of topline results from the MISSION and PRESIDIO trials in the second quarter and preparing for the exciting next phase of development with our first-in-class immunoproteasome inhibitor, zetomipzomib. ”
Zetomipzomib Assigned as Nonproprietary Name for KZR-616
The International Nonproprietary Name ( INN) of zetomipzomib has been selected as the proposed nonproprietary name for KZR-616. The established suffix “ -ipzomib ” is being utilized to convey the compound’ s mode of action to selectively inhibit the immunoproteasome.
KZR-616: Selective Immunoproteasome Inhibitor
MISSION – Phase 2 clinical trial of KZR-616 in patients with lupus nephritis ( LN) ( NCT03393013)
PRESIDIO – Phase 2 clinical trial of KZR-616 in patients with active dermatomyositis ( DM) or polymyositis ( PM) ( NCT04033926)
KZR-261: Protein Secretion Inhibitor
KZR-261-101 – Phase 1 clinical trial of KZR-261 in patients with locally advanced or metastatic solid malignancies ( NCT05047536)
Board Appointment
Courtney Wallace, a strategic business development executive, was appointed to Kezar’ s Board of Directors in December 2021, bringing over a decade of business experience in healthcare.
Financial Results
About Zetomipzomib ( KZR-616)
Zetomipzomib ( KZR-616) is a novel, first-in-class, selective immunoproteasome inhibitor with broad therapeutic potential across multiple autoimmune diseases. Preclinical research demonstrates that selective immunoproteasome inhibition results in a broad anti-inflammatory response in animal models of several autoimmune diseases, while avoiding immunosuppression. Data generated from Phase 1a and 1b clinical trials provide evidence that zetomipzomib exhibits a favorable safety and tolerability profile for development in severe, chronic autoimmune diseases. Phase 2 trials are underway in multiple severe autoimmune diseases.
About KZR-261
KZR-261 is a first-in-class small molecule compound, derived from Kezar’ s research and discovery platform of protein secretion pathway inhibitors. This broad-spectrum anti-tumor agent directly targets the Sec61 translocon and inhibits multiple cancer drivers both within tumor cells and the tumor microenvironment. A Phase 1 clinical trial is underway for the treatment of solid tumor malignancies.
About Lupus Nephritis
Lupus nephritis ( LN) is one of the most serious complications of systemic lupus erythematosus ( SLE). LN is a disease comprising a spectrum of vascular, glomerular and tubulointerstitial lesions and develops in approximately 50% of SLE patients within 10 years of their initial diagnosis. LN is associated with considerable morbidity, including an increased risk of end-stage renal disease requiring dialysis or renal transplantation and an increased risk of death. There are limited approved therapies for the treatment of LN. Management typically consists of induction therapy to achieve remission and long-term maintenance therapy to prevent relapse.
About Dermatomyositis and Polymyositis
Dermatomyositis ( DM) and Polymyositis ( PM) are two of the five types of autoimmune myositis diseases. Both are chronic, debilitating, inflammatory autoimmune myopathies that are distinguished by inflammation of the muscles as well as the skin ( in DM). Approximately 30,000 to 120,000 people in the United States are living with these severe and progressive inflammatory myopathies that are characterized by marked morbidity and associated mortality. While debilitating muscle weakness is the hallmark of these myopathies, including compromised muscles of respiration, other internal organ system dysfunctions can be equally disabling. The aim of treatment for these diseases is to suppress inflammation, increase muscle strength and prevent long-term damage to muscles and extramuscular organs; however, treatment options are limited for DM, and there are currently no approved treatments for PM.
About Inhibition of Protein Secretion
Kezar’ s drug discovery platform of protein secretion pathway inhibitors is a novel approach with broad application. The protein secretion pathway is a highly conserved and ubiquitously functioning pathway in all cells in the body and involves a conserved protein complex called the Sec61 translocon, the target of Kezar’ s compounds. In preclinical models, Kezar’ s library of protein secretion inhibitors have demonstrated broad activity with far-reaching potential in oncology, immune-oncology, and autoimmunity.
About Kezar Life Sciences
Kezar Life Sciences is a clinical-stage biopharmaceutical company discovering and developing breakthrough treatments for immune-mediated and oncologic disorders. The company is pioneering first-in-class, small-molecule therapies that harness master regulators of cellular function to inhibit multiple drivers of disease via single, powerful targets. Zetomipzomib, its lead development asset, is a selective immunoproteasome inhibitor being evaluated in Phase 2 clinical trials in lupus nephritis, dermatomyositis and polymyositis. This product candidate also has the potential to address multiple chronic immune-mediated diseases. KZR-261 is the first anti-cancer clinical candidate from the company’ s platform targeting the Sec61 translocon and the protein secretion pathway. An open-label dose-escalation Phase 1 clinical trial of KZR-261 to assess safety, tolerability and preliminary tumor activity in solid tumors is underway. For more information, visit www.kezarlifesciences.com.
Cautionary Note on Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “ may, ” “ will, ” “ should, ” “ expect, ” “ believe ” and similar expressions ( as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Kezar’ s expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties that could cause Kezar’ s clinical development programs, future results or performance to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements about the design, progress, timing, scope and results of clinical trials, the anticipated regulatory development of Kezar’ s product candidates, the anticipated timing of disclosure of interim and topline data from clinical trials, the anticipated approval of the nonproprietary name of KZR-616, the preliminary nature of interim data, the likelihood that data will support future development and therapeutic potential, the association of data with treatment outcomes and the likelihood of obtaining regulatory approval of Kezar’ s product candidates. Many factors may cause differences between current expectations and actual results, including the performance of audit and verification procedures on interim and topline data, delays in cleaning and verifying clinical trial data, unexpected safety or efficacy data observed during clinical studies, clinical trial site data collection and reporting, the impacts of the COVID-19 pandemic and other global events on the company’ s business and clinical trials, changes in expected or existing competition, changes in the regulatory environment, the uncertainties and timing of the regulatory approval process, and unexpected litigation or other disputes. Other factors that may cause actual results to differ from those expressed or implied in the forward-looking statements in this press release are discussed in Kezar’ s filings with the U.S. Securities and Exchange Commission, including the “ Risk Factors ” contained therein. Except as required by law, Kezar assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.
KEZAR LIFE SCIENCES, INC.
Selected Balance Sheets Data
( In thousands)
December 31, 2021
December 31, 2020
Cash, cash equivalents and marketable securities
$
208,355
$
140,447
Total assets
217,933
151,842
Total current liabilities
8,212
6,442
Total noncurrent liabilities
12,845
4,422
Total stockholders’ equity
196,876
140,978
Summary of Operations Data
( In thousands except share and per share data)
Three Months Ended
Year Ended
December 31,
December 31,
2021
2020
2021
2020
Operating expenses:
Research and development
$ 9,781
$ 8,117
$ 38,935
$ 30,981
General and administrative
4,322
2,951
15,724
11,969
Total operating expenses
14,103
11,068
54,659
42,950
Loss from operations
( 14,103
)
( 11,068
)
( 54,659
)
( 42,950
)
Interest expense
( 159
)
-
( 159
)
-
Interest income
50
127
188
1,208
Net loss
( $ 14,212
)
( $ 10,941
)
( $ 54,630
)
( $ 41,742
)
Net loss per common share, basic and diluted
( $ 0.25
)
( $ 0.22
)
( $ 1.04
)
( $ 0.95
)
Weighted-average shares used to compute net loss per common share, basic and diluted
55,979,764
50,080,283
52,759,335
44,004,190 | general |
Fonterra Touts Mozzarella-Topped Dumplings to Stoke China Sales | The information you requested is not available at this time, please check back again soon.
Bamboo baskets of xiaolongbao dumplings in the kitchen at the Guyi Garden Restaurant in Shanghai, China, on Sunday, Jan. 9, 2022. China is scheduled to release consumer price index ( CPI) figures on Jan. 12. Photographer: Qilai Shen/Bloomberg, Bloomberg
( Bloomberg) -- Fonterra Cooperative Group is trying to boost sales in China with a campaign encouraging people to try mozzarella cheese on dumplings.
It might sound like fusion cuisine gone wrong, but the idea is part of a strategy the New Zealand company, the world’ s biggest dairy exporter, is counting on to drive sustained demand growth in Asia’ s largest economy.
“ Our China business was down for the first half, ” Fonterra’ s APAC Chief Executive Officer Judith Swales said in a Bloomberg TV interview. “ It’ s been the input costs that have created the issue. It’ s not a demand problem. ”
Food companies worldwide are grappling with accelerating inflation, as well as virus-driven labor shortages and transport problems, with Russia’ s invasion of Ukraine only making matters worse. Fonterra said milk costs are 30% higher this year as global production plunges, while the recent resurgence of Covid-19 in China is also threatening the company’ s outlook there.
The dairy cooperative warned Thursday that margins would come under pressure from the higher milk costs as it reported a 6.9% drop in net income to NZ $ 364 million ( $ 249 million) in the six months ended Jan 31.
Fonterra generated around 30% of its revenue from China in 2021, and it would be difficult to pass the rising costs onto the country’ s food services sector, Swales said. That’ s where the new products like the cheese-topped dumplings, which were launched to coincide with recent Lunar New Year celebrations, come in, she said. They “ got huge attraction, ” Swales said.
While history suggests it won’ t last, an emotion approaching euphoria descended on equity markets Wednesday after U.S. Fed Chair Jerome Powell persuaded investors his first interest rate hikes in four years won’ t throttle the economy.
Canadian consumer price inflation jumped to a new three-decade high in February, cementing expectations the Bank of Canada will aggressively hike interest rates in coming months to rein in price pressures.
Vaccinated travellers will no longer require a negative COVID-19 test to come to Canada as of April 1, according to a source in the federal government. | general |
Taiwan Surprises With Biggest Interest Rate Hike Since 2007 | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Taiwan’ s central bank surprised markets by raising its benchmark interest rate by the most since 2007 on Thursday, saying the move is needed to contain rising inflation.
The decision to raise borrowing costs 25 basis points to 1.375% was Taiwan’ s first rate hike since 2011 and the first time the central bank has changed rates since early 2020, when it cut just as the full impact of the global Covid-19 pandemic was becoming clear.
The bank also raised its forecast for gross domestic product growth for 2022 to 4.05% from its previous forecast of 4.03%, with Governor Yang Chin-long noting that would have been even higher without the war in Ukraine. Inflation is likely to be stronger than initially predicted, rising 2.37% this year.
Economists had mostly expected the bank to wait until June to raise rates. A majority of the 29 polled by Bloomberg before the announcement had forecast policy makers would keep rates unchanged at a record-low 1.125% for an eighth-straight quarter.
But inflation pressures are tough to ignore. The U.S. Federal Reserve just raised interest rates Wednesday and signaled six more increases this year as it tackles the worst inflation in four decades. The Bank of England is also expected to increase its benchmark rate on Thursday.
“ The fundamentals are supporting the decision to normalize policy rates, ” said Michelle Lam, economist at Societe Generale SA in Hong Kong. She noted the increase in consumer inflation, and said there are “ signs of price pressure broadening across more products. ”
The housing market has also remained buoyant even as the central bank takes steps to control credit, and that all “ probably emboldened ” the bank to be more “ proactive, ” she said. The central bank “ probably ” won’ t stop with this increase, she said, adding that raising the policy rate to at least 1.875% “ would be appropriate. ”
The more aggressive-than-expected rate hike prompted a 1.25% surge in one month Taiwanese dollar non-deliverable forwards, the biggest jump since last April.
The economy had met the criteria policy makers needed to consider before raising rates, according to Governor Yang. He has previously laid out inflation, borrowing costs in the world’ s major economies, and the pace of the recovery from Covid-19 as essential factors.
The rate increase will be helpful for containing inflation, according to the central bank. Asked by reporters Thursday about the possibility for more rate increases, Yang instead pointed to the variety of options available to the central bank should it want to keep tightening monetary policy, including removing liquidity from markets.
Surging demand for Taiwan’ s technology products has propelled the economy to its strongest growth in more than a decade, even as the virus has ravaged economies around the world.
That robust growth and a worldwide shortage of key raw goods such as semiconductors have pushed inflation to be consistently above 2%, the upper limit of the central bank’ s target range. On Thursday, the bank said raw material prices will continue to affect inflation this year.
While the magnitude of Taiwan’ s hike was “ unconventional, ” it makes sense given how much the central bank expects CPI to rise, according to Raymond Yeung, chief economist for Greater China at Australia & New Zealand Banking Group Ltd.
( Adds context about the surprise of the move in paragraph one, along with comments from ANZ.) | general |
Union issues strike notice to CP Rail as groups ask Ottawa for help | The information you requested is not available at this time, please check back again soon.
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. | general |
As Schultz Returns to Starbucks, Some Hope He’ ll Stick Around | The information you requested is not available at this time, please check back again soon.
Howard Schultz, chairman emeritus and former chief executive officer of Starbucks Corp., pauses as he speaks during his 'From the Ground Up ' book tour in Washington, D.C., U.S., on Thursday, Feb. 14, 2019. Schultz, who is considering running for president in 2020 as an independent, last month said the debt overhang is an example of both major parties ' `` reckless failure '' regarding their constitutional responsibility., Bloomberg
( Bloomberg) -- Starbucks Corp. may retain longtime leader Howard Schultz as head of the chain for longer than the monthslong interim basis laid out by the company, analysts and investors said.
While the company said Wednesday that it would name a new chief executive officer in the fall, some on Wall Street think Schultz’ s third go-round at the helm could last through 2022 and beyond. Schultz, 68, is coming back to problematic issues including a growing unionization effort at its stores across the U.S. and a resurgent Covid-19 virus in its key growth market of China.
“ I think in six months you’ ll hear that Howard Schultz is taking another step forward, and becoming a permanent CEO after the board has evaluated all opportunities, ” BTIG LLC analyst Peter Saleh said in an interview. “ I don’ t think he’ s going to be temporary, that’ s my take. I think it’ s going to be more of a permanent stint. ”
The Seattle-based company said CEO Kevin Johnson, 61, would step down next month, handing the reins to Schultz. Starbucks also said that Schultz, its chairman emeritus, is rejoining the company’ s board. Wall Street applauded the announcement, delivering the stock’ s largest one-day gain in 16 months. Before that, the shares had tumbled 29% in 2022, more than the 11% loss for the S & P 500 Index.
“ Investors are all kind of surprised, it took a lot of people off guard. I think they’ re welcoming Howard coming back on an interim basis because he has this track record of coming back and creating value, ” said Kevin McCarthy, senior vice president at Neuberger Berman, which owns 1.26 million shares of Starbucks. “ I could see him staying in to 2023, 2024 -- a two-year type thing ” if the company is pursuing a bigger, mission-focused strategic shift, he said.
A Starbucks spokesman reiterated Thursday that a CEO search is ongoing, assisted by Russell Reynolds Associates, and that it’ s yielding a strong slate of potential candidates.
The detail-obsessed Schultz led turnaround efforts the last time he returned as CEO, in 2008. In one example, he oversaw retooling the chain’ s warm breakfast sandwiches after the smell of cooking cheese overpowered the coffee aroma in cafes. Schultz also helped push the company into opening so-called Roastery locations -- cavernous stores with multiple floors that sell higher-end, small-lot coffees and teas.
“ He certainly is hands-on -- he goes in the stores and he’ s deeply passionate about this, ” said Lauren Silberman, an analyst at Credit Suisse Securities. “ When you hear him speak, he’ s the type of person who just takes over the room and you feel it. He’ s a founder. ”
Schultz may be able to use that charisma and engagement to assuage investors’ concerns about the mounting unionization pressures. On March 15, U.S. labor board prosecutors alleged that Starbucks violated federal law by putting union supporters under surveillance and retaliating against them. The company denies claims of anti-union activity.
“ He’ s a very smooth operator. I think that probably would be helpful in terms of placating any kinds of labor concerns, ” McCarthy said of Schultz. “ There are soft touches that Howard can provide that might be constructive in that regard. ”
Schultz previously led the chain’ s aggressive expansion in the 1980s and’ 90s before stepping down as CEO in 2000. After his 2008 return, he led until 2017, when Johnson took over as CEO, and stepped down from the board the following year. Under Schultz, Starbucks grew from 11 stores to more than 28,000 across the globe, and now has 34,000.
“ The hope would be that he would stay on longer, ” Silberman said. “ He’ s a revered leader. There’ s only one Howard Schultz. ”
But some investors aren’ t sure if they’ d welcome a longer-term Schultz tenure. “ It’ s too early to tell, ” said Jonas Kron, chief advocacy officer at Trillium Asset Management. The firm owns 456,000 Starbucks shares and is pushing the company to adopt a neutral stance on collective bargaining in stores.
“ If those first few months indicate a change for the better, then maybe it’ s good for him to stay on, ” Kron said. “ He deserves the opportunity, he deserves the space to make a change. ”
Beyond ushering in mainstream coffee culture to the U.S., Schultz also took the chain overseas to Asia. The company is still pursuing aggressive growth in China despite on-and-off virus lockdowns that have hindered sales. Starbucks’ s 5,500 stores in the world’ s most populous nation saw the key gauge of same-store sales tumble 14% in the latest quarter, more than analysts projected.
“ You need a visionary, you need somebody who knows how to work with a company-owned mode; somebody who has international understanding, especially China, ” BTIG’ s Saleh said. “ This is not like an easy task. ”
The rally in miners and energy stocks this year has propelled Canada’ s stock market to a record high as investors piled into producers of crude oil and gold amid rising geopolitical tensions.
JPMorgan Chase has processed funds that were earmarked for interest payments due on dollar bonds issued by the Russian government and sent the money on to Citigroup, according to people familiar with the matter.
Nutrien shares rallied on Thursday, helping lift the TSX to a new all-time high, after the fertilizer giant announced it’ s planning to boost production to fill some of the supply void caused by Russia's invasion of Ukraine.
CP Rail has received strike notice from the union representing its engineers, conductors and other train employees. | general |
US Covid-19 community metrics continue to fall, but officials keep close eye on surge in Europe | This is about 5 million fewer people than last week, when about 2% of the US population lived in counties considered to have `` high '' community levels. Two weeks ago, about 7% of the population lived in counties considered to have high community levels. And when the CDC first released the new metrics three weeks ago, it was about 28% of the US population.
According to Thursday's update, nearly 94% of the US population now lives in counties considered to have `` low '' community levels, where there is no recommendation for masking. The remaining 6% live in counties considered to have `` medium '' community levels, where the CDC recommends that immunocompromised people and those at high risk for severe disease consider taking extra precautions against Covid-19.
More than a third of the people who live in counties with high community levels are in Kentucky.
The CDC's Covid-19 community levels incorporate new Covid-19 hospitalizations and hospital capacity along with new Covid-19 cases.
However, CDC measures of Covid-19 transmission, based on new cases per capita and test positivity rates -- which previously guided masking recommendations -- show that more than half of US counties still have `` high '' or `` substantial '' rates of transmission.
Dr. Anthony Fauci, President Biden's chief medical adviser, said Thursday that he's spoken with scientists in Europe multiple times this week as Covid-19 cases in Europe and Asia trend upward.
Scientists in the UK say that the BA.2 Omicron subvariant is spreading 80% faster than the original Omicron variant and has become the dominant one. It also accounts for nearly a quarter of all new cases in the US.
`` We generally follow what goes on in the UK by about two to three weeks. So we 've been paying close attention to what's going on there, '' Fauci, who's also director of the National Institute on Allergy and Infectious Diseases, told CNN's Jake Tapper.
`` What they're seeing is an uptick in cases that are related both to the increased transmissibility of the virus, the waning of immunity, but also the fact that they're opening up the way we are here and the way other countries in Europe and other parts of the world we're pulling back on mask mandates and things like that. ''
CDC Director Dr. Rochelle Walensky also said Thursday that the spread of BA.2 overseas indicates that the US may see an increase in Covid-19 cases and hospitalizations as mitigation measures lift nationwide.
`` We're following this very carefully. We might expect as we open up, as well as we relax many of our mitigation strategies, that we may have some increase in cases related to BA.2, '' she said.
Still, Fauci said it wasn't necessarily too soon for the CDC to have changed the metrics that mask mandates are based on.
`` It's not too soon if you observe the caveat that's associated with that. And the caveat is, we need to be flexible, and if in fact we do see a turnaround and a resurgence, we have to be able to pivot and go back to any degree of mitigation that is commensurate with what the situation is, '' Fauci said.
`` We can't just say that 'we are done now; we're going to move on. ' We 've got to be able to be flexible, because we are dealing with a dynamic situation. ''
In Europe, Fauci said, even though Covid-19 cases are on the rise, there hasn't been an increase in severe illness. But those are numbers scientists will want to watch. | business |
Meghan Markle will launch Spotify podcast after meeting over ‘ misinformation’ concerns | Spotify’ s production deal with Prince Harry and Meghan Markle will finally result in a podcast series this summer with the launch of Meghan’ s first show.
The series is long overdue. Spotify signed a deal with Harry and Meghan’ s production company, Archewell Audio, in December 2020 to produce and host podcasts for the service, but it’ s so far only resulted in a single one-off episode.
It also seemed like the deal could be on the rocks. In January, as Spotify was being scrutinized for its deal with Joe Rogan, Archewell Audio released a statement saying it had raised “ concerns ” to Spotify about “ the all too real consequences of COVID-19 misinformation on its platform. ” Around the same time, Spotify was reported to be pressuring Archewell to deliver on something after a year with nothing to show.
Now it seems Spotify has smoothed things over — and worked out a production schedule. Archewell is “ encouraged by ongoing conversations we’ ve had with Spotify ” and has been working with the streaming service on “ policies, practices, and strategies meant to raise creator awareness, minimize the spread of misinformation, and support transparency, ” says Toya Holness, a spokesperson for Archewell Audio.
Today’ s announcement comes as “ a result of these meetings, ” Holness said. There are no details yet on what the series will be about, but there is at least a summer launch timeframe. The Sun previously reported that Spotify had stepped in and was hiring at Gimlet to produce shows for the couple. | tech |
Aquestive Therapeutics Receives FDA Fast Track Designation for AQST-109 for Emergency Treatment of Allergic Reactions Including Anaphylaxis | WARREN, N.J., March 17, 2022 ( GLOBE NEWSWIRE) -- Aquestive Therapeutics, Inc. ( NASDAQ: AQST), a pharmaceutical company advancing medicines to solve patients ' problems with current standards of care and provide transformative products to improve their lives, today announced that the U.S. Food and Drug Administration ( FDA) has granted Fast Track designation to AQST-109, the first and only orally delivered epinephrine-based product candidate for the emergency treatment of allergic reactions, including anaphylaxis.
“ We are focused on continuing to develop and, if approved, bringing this transformative product to patients and caregivers given its potential to significantly improve how they manage anaphylaxis, ” said Keith Kendall, Chief Executive Officer of Aquestive. “ Fast Track designation is an indication that the FDA recognizes that AQST-109, if approved, fulfills a significant unmet need. An epinephrine oral film like AQST-109 would provide patients with a rescue medication where they need it, when they need it, and in a form they prefer. ”
Fast Track is an FDA process designed to facilitate the development and expedite the review of potential therapies that seek to treat serious conditions and fill unmet medical needs. Programs with Fast Track designation may benefit from early and frequent communication with the FDA, eligibility for FDA accelerated approval, and priority review if relevant criteria are met, in addition to a rolling submission of the marketing application.
Aquestive recently announced results from Part 1 of its EPIPHAST study, a randomized, open-label, three-part adaptive design, crossover study in healthy adult subjects comparing the pharmacokinetics and pharmacodynamics of epinephrine delivered via AQST-109 oral film compared to intramuscular injection of epinephrine.
The Company commenced Part 2 of the study, which compares AQST-109 to intramuscular injection of epinephrine 0.3mg, which is the dosage of epinephrine auto-injectors. Aquestive expects to report topline results for the full EPIPHAST study in the first half of 2022.
Aquestive opened an Investigational New Drug Application ( IND) with the FDA in February 2022. The Company anticipates conducting an end of Phase 2 meeting with the FDA during the second half of 2022.
About AQST-109AQST-109 is a polymer matrix-based epinephrine prodrug administered as a sublingual film that is applied under the tongue for the rapid delivery of epinephrine. The product is similar in size to a postage stamp, weighs less than an ounce, and begins to dissolve on contact. No water or swallowing is required for administration. The packaging for AQST-109 is thinner and smaller than an average credit card, can be carried in a pocket, and is designed to withstand weather excursions such as exposure to rain and/or sunlight.
About AquestiveAquestive Therapeutics, Inc. ( NASDAQ: AQST) is a pharmaceutical company advancing medicines to solve patients’ problems with current standards of care and provide transformative products to improve their lives. We are developing orally administered products to deliver complex molecules, providing novel alternatives to invasive and inconvenient standard of care therapies. Aquestive has five commercialized products on the U.S. market, four licensed products and one stand-alone proprietary product to date, Sympazan® ( clobazam) oral film for the treatment of seizures associated with Lennox-Gastaut syndrome. Our licensees market their products in the U.S. and around the world. The Company also collaborates with pharmaceutical companies to bring new molecules to market using proprietary, best-in-class technologies, like PharmFilm®, and has proven drug development and commercialization capabilities. Aquestive is advancing a late-stage proprietary product pipeline focused on treating diseases of the central nervous system, or CNS, and an earlier stage pipeline for the treatment of severe allergic reactions, including anaphylaxis. For more information, visit Aquestive.com and follow us on LinkedIn.
Forward-Looking StatementCertain statements in this press release include “ forward-looking statements ” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “ believe, ” “ anticipate, ” “ plan, ” “ expect, ” “ estimate, ” “ intend, ” “ may, ” “ will, ” or the negative of those terms, and similar expressions, are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the advancement and related timing of AQST-109 ( epinephrine) oral film through the regulatory and development pipeline; clinical trial timing and plans for AQST-109; and clinical and business strategies, market opportunities, and other statements that are not historical facts. These forward-looking statements are subject to the uncertain impact of the COVID-19 global pandemic on our business including with respect to our clinical trials including site initiation, patient enrollment and timing and adequacy of clinical trials; on regulatory submissions and regulatory reviews and approvals of our product candidates; pharmaceutical ingredient and other raw materials supply chain, manufacture, and distribution; sale of and demand for our products; our liquidity and availability of capital resources; customer demand for our products and services; customers’ ability to pay for goods and services; and ongoing availability of an appropriate labor force and skilled professionals. Given these uncertainties, the Company is unable to provide assurance that operations can be maintained as planned prior to the COVID-19 pandemic.
These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include, but are not limited to, risks associated with the Company’ s development work, including any delays or changes to the timing, cost and success of our product development activities and clinical trials for AQST-109 and our other product candidates; risk of delays in FDA approval of Libervant® ( diazepam) Buccal Film, AQST-109, and our other drug candidates or failure to receive FDA approval; ability to address the concerns identified in the FDA’ s Complete Response Letter dated September 25, 2020 regarding the New Drug Application for Libervant; risk of our ability to demonstrate to the FDA “ clinical superiority ” within the meaning of the FDA regulations of Libervant relative to FDA-approved diazepam rectal gel and nasal spray products including by establishing a major contribution to patient care within the meaning of FDA regulations relative to the approved products as well as risks related to other potential pathways or positions which are or may in the future be advanced to the FDA to overcome the seven year orphan drug exclusivity granted by the FDA for the approved nasal spray product of a competitor in the U.S., and there can be no assurance that we will be successful; risk that a competitor obtains FDA orphan drug exclusivity for a product with the same active moiety as any of our other drug products for which we are seeking FDA approval and that such earlier approved competitor orphan drug blocks such other product candidates in the U.S. for seven years for the same indication; risk in obtaining market access for other reasons; risk inherent in commercializing a new product ( including technology risks, financial risks, market risks and implementation risks and regulatory limitations); risk of development of our sales and marketing capabilities; risk of sufficient capital and cash resources, including access to available debt and equity financing and revenues from operations, to satisfy all of our short-term and longer term liquidity and cash requirements and other cash needs, at the times and in the amounts needed; risks related to the outsourcing of certain marketing and other operational and staff functions to third parties; risk of the rate and degree of market acceptance of our product and product candidates; the success of any competing products, including generics; risk of the size and growth of our product markets; risks of compliance with all FDA and other governmental and customer requirements for our manufacturing facilities; risks associated with intellectual property rights and infringement claims relating to the Company’ s products; risk of unexpected patent developments; the impact of existing and future legislation and regulatory provisions on product exclusivity; legislation or regulatory actions affecting pharmaceutical product pricing, reimbursement or access; claims and risks that may arise regarding the safety or efficacy of the Company's products and product candidates; risk of loss of significant customers; risks related to legal proceedings and associated costs, including patent infringement, investigative and antitrust litigation matters; changes in government laws and regulations; risk of product recalls and withdrawals; uncertainties related to general economic, political, business, industry, regulatory and market conditions and other unusual items; and other uncertainties affecting the Company described in the “ Risk Factors ” section and in other sections included in our Annual Report on Form 10 K, in our Quarterly Reports on Form 10-Q, and in our Current Reports on Form 8-K filed with the Securities Exchange Commission. Given those uncertainties, you should not place undue reliance on these forward-looking statements, which speak only as of the date made. All subsequent forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by this cautionary statement. The Company assumes no obligation to update forward-looking statements or outlook or guidance after the date of this press release whether as a result of new information, future events or otherwise, except as may be required by applicable law.
PharmFilm®, Sympazan® and the Aquestive logo are registered trademarks of Aquestive Therapeutics, Inc.
Investor Inquiries: ICR Westwicke Stephanie Carringtonstephanie.carrington @ westwicke.com646-277-1282
2022 GlobeNewswire, Inc., source Press Releases | business |
Two years on: the legacy of lockdown | How Covid shook our worlds | general |
Big Four Reinsurers Hit By €3.5B COVID Mortality Claims | The four biggest reinsurers in Europe took a combined €3.5 billion ( $ 3.9 billion) hit last year as the result of excess deaths from the COVID-19 pandemic, Fitch ratings agency has said.Fitch said on Wednesday that the value of life insurance claims more than doubled from the combined €1.7 billion recorded by Hannover Re, Munich Re, SCOR SE and Swiss Re in 2020.An estimated 5.9 million people around the world had died from COVID-19 by the end of 2021, although the true number is believed to be much higher. Some 1.5 million had died from the virus by the end of 2020.... | general |
Yemen war turns nature reserve back into waste dump | Hi, what are you looking for?
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Yemen’ s Al-Heswa nature reserve was once hailed as a beacon of conservation efforts by the United Nations, but civil war has turned it into a rubbish-strewn wasteland reeking of sewage.
The ticket office has been abandoned at the entrance to the 19-hectare ( 47-acre) site in Yemen’ s southern city of Aden, where trees have been cut down and construction waste dumped.
What was long a haven for flamingos and other migratory birds is now swarmed by crows.
“ Al-Heswa used to be a recreational outlet for residents and tourists, ” said Aden resident Ibrahim Suhail. “ It has now become a rubbish dump, full of insects and sewage. ”
Declared a nature reserve in 2006, Al-Heswa was one of 35 initiatives awarded the UN’ s Equator Prize in 2014 for meeting climate and development challenges through sustainable use of nature.
Wastewater that had previously flown into the sea was treated and redirected to create an artificial wetland on the site of a former garbage dump, attracting the migratory birds.
The initiative was the first of its kind in Yemen, improving livelihoods, creating jobs and generating about $ 96,000 in revenue in 2012.
“ The communities behind Al-Heswa Wetland Protected Area have successfully transformed a garbage dump into a functioning wetland ecosystem that provides a breeding site to more than 100 migratory bird species, ” the UN Development Programme said at the time.
– ‘ Insecurity from violence’ –
But since 2014, Yemen, already the region’ s poorest country, has been embroiled in conflict between the government, supported by a Saudi-led military coalition, and the Iran-backed Huthi rebels.
The reserve has been left in ruins by the fighting.
The director of Yemen’ s department of nature reserves, Salem Bseis, said the wastewater treatment tanks had not been serviced since 2015.
Some nearby residents have seized parts for their personal use.
“ This led to a disruption in the maintenance and treatment of sewage, ” Bseis said.
While visitors have mostly stayed away, some parts of the reserve have been used as an “ informal waste dump ”, according to the UK-based Conflict and Environment Observatory.
The UN considers war-torn Yemen the world’ s worst humanitarian disaster, and estimates hundreds of thousands of people have been killed, directly or indirectly, by the war.
Millions have been forced from their homes by fighting, pushing the country to the brink of famine.
“ Insecurity from violence, war and conflict poses the most significant threat to the long-term sustainability of this initiative, ” the UNDP Development Programme said.
“ Since the intensification of the conflict in Yemen, visitor levels have dropped to zero. ”
But the UN believes that all does not have to be lost.
“ When peace is restored, the community is committed to working with government officials to enhance the economic and environmental services provided by the protected areas, ” it added.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
Images of Ukrainian troops carrying Javelin missile launchers on their shoulders have flashed around the world.
North Korea conducted a missile test but the launch failed, Seoul said - Copyright AFP Jung Yeon-jeNorth Korea fired a projectile Wednesday but the...
China has moved to free up hospital beds as officials reported thousands of new cases from an Omicron-led coronavirus outbreak.
Ukraine's besieged leader urged the U.S. to reconsider his plea for a no-fly zone, invoking the terror of the September 11 attacks.
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BOE hikes rate to pre-COVID level but tempers policy outlook | The information you requested is not available at this time, please check back again soon.
The Bank of England raised its key interest rate for the third successive policy meeting, taking borrowing costs back to their pre-pandemic level and warning the war in Ukraine may push inflation well above 8 per cent later this year.
The increase to 0.75 per cent was backed by eight of the bank’ s nine policy makers, with Deputy Governor Jon Cunliffe voting for no change. The move is the latest sign the U.K. is leading the way in a global tightening of monetary policy, and makes it first major central bank to bring rates back to the settings before the coronavirus hit.
But officials led by Governor Andrew Bailey tempered the outlook by saying that a further tightening of policy “ might be ” appropriate in the coming months, a softening from the wording in February, when they said such a move was “ likely. ” They also warned the squeeze on households incomes in the U.K. will be “ materially larger ” than feared just six weeks ago.
That suggests that the committee expects an increasingly delicate balancing act in the coming months as it weighs both how to combat inflation and the growing threats to the economy from the impact of the war in Ukraine. Debate about a half-point rate rise that dominated the February meeting gave way to discussion about whether to hold off on further action.
Traders removed bets on a single 50 basis-point hike by June after the announcement, since none of hawks from February kept up their push for an outsized move. The pound reversed gains and yields on government bonds also dropped. Stocks extended gains.
“ Markets may have got carried away with pricing in a total of five more rate hikes by the end of this year, ” according to Yael Selfin, chief economist at KPMG UK. She expects two more rate rises this year but acknowledges that “ we can not rule out further increases if that risks de-anchoring inflation expectations. ”
The central bank said inflation now looked set to climb to around 8 per cent in the second quarter, up from 7.25 per cent previously. It warned the peak rate later this year could be “ several percentage points higher ” than estimated in February. The BOE target is 2 per cent.
The action in the past three meeting marks the quickest pace of tightening since 1997, just after the BOE won the authority to set policy independently. The decision came just hours after the U.S. Federal Reserve raised interest rates by a quarter percentage point and signaled six more such hikes this year.
The spike in inflation will intensify the squeeze on household incomes, the central bank said. It also warned that the war in Ukraine will exacerbate global supply chain disruptions and said its regional agents found evidence it’ s already snarling supply chains for manufacturers.
“ The annual rise in household energy bills from April is set to be large, driving up consumer price inflation as well as squeezing real incomes by significant amounts, ” Bailey wrote in a letter after the decision.
The cost of living crisis will lead to a weaker outlook for growth and raise unemployment, officials said. Cunliffe, in voting to leave rates unchanged, focused on that dynamic and concerns about the “ very material negative impacts ” that higher commodity prices will have on living standards.
For the rest of the committee, robust growth in recent months and a continued tightening in the labor market warranted a move. They said that job shortages were unlikely to ease as quickly as had been expected in February.
Further out, the BOE also said inflation will “ fall back materially, ” a comment that, combined with the gloomy outlook for living standards, suggests a degree of pushback against market pricing for rates to hit 2 per cent by the end of the year. | general |
As COVID cases climb in Europe, experts worry that new waves in the U.S. have typically followed within weeks | A rise in COVID-19 cases in Europe driven by the highly contagious omicron variant is fueling concerns that it will be followed by a new wave of cases in the U.S., which has typically lagged Europe by a matter of weeks.
Europe is seeing a fresh rise in cases that involves a subvariant of omicron dubbed BA.2, which is also spreading in the U.S., where it accounted for about 23.1% of all COVID cases in the latest week, according to the CDC, up from 13.7% of cases a week ago.
Eric Topol, founder and head of the Scripps Research Translational Institute,
warned in a Guardian op-ed
that the U.S. has repeatedly failed to heed the warnings from Europe that a new surge was occurring.
“ When it comes to Covid, the United States specializes in denialism. Deny the human-to-human transmission of the virus when China’ s first cases were publicized in late 2019. Deny that the virus is airborne. Deny the need for boosters across all adult age groups. There are many more examples, but now one stands out — learning from other countries, ” Topol wrote.
He noted that new waves of cases have been identified in at least 12 European countries stretching from Finland to Greece, with some quite marked, such as Austria, which is now exceeding its pandemic peak.
“ This is the sixth warning, ” wrote Topol, for the United States from the U.K. and continental Europe.
Wastewater sampling sites monitored by the CDC are also signaling a coming rise in cases, the agency
said earlier this week.
A new wave in the U.S. would come at a bad time after Republican lawmakers stripped COVID-related funding from a recent spending bill, meaning there are no moneys earmarked for vaccines and testing and no plan for a fourth dose, should one be needed, he said.
“ Unfortunately, we have a mindset that the pandemic is over, which couldn’ t be further than the truth, ” he said, referencing his prior writing on “ the
epidemic of COVID complacency
. ”
The World Health Organization said Wednesday that cases had climbed globally in the week through March 13, breaking a streak of declines that began in January.
See:
Global COVID case tally climbs in latest week, breaking streak of declines that began in January
The U.S. numbers are still falling from the omicron peak, and the country is now averaging 31,152 new cases a day,
according to a New York Times tracker,
down 43% from two weeks ago.
The average daily number of hospitalizations stands at 25,553, down 44% from two weeks ago. Deaths are averaging 1,268 a day, down 31% from two weeks ago, but still an undesirably high number.
Special report:
Two years of COVID-19: How the pandemic changed the way we shop, work, invest and get medical care
Other COVID-19 news you should know about:
• Chinese President Xi Jinping said on Thursday that the country will “ stick with ” its zero-COVID strategy, state TV reported, as the world’ s most populous nation battles its largest outbreak since the early days of the pandemic,
MedicalExpress.com reported.
The omicron variant’ s spread has caused China to lock down several regions, including he southern tech hub of Shenzhen, home to 17.5 million people.
• Officials in South Korea tried to calm public fears amid concerns about a faltering pandemic response as daily cases and deaths reached record highs Thursday,
the Associated Press reported.
The 429 deaths reported in the latest 24 hours were nearly 140 more than the previous one-day record set on Tuesday. South Korea counted 621,266 new cases to set a fresh record, breaking the previous record of 400,624 set a day earlier.
What is an endemic and how will we know when Covid-19 becomes one? WSJ’ s Daniela Hernandez breaks down how public-health experts assess when a virus like Covid-19 enters an endemic stage. Photo: Michael Nagle/Zuma Press
• President Joe Biden named Dr. Ashish Jha as the new White House COVID-19 response coordinator on Thursday, replacing Jeff Zients, who has held that position for the last 14 months. Jha, dean of Brown University’ s School of Public Health, is “ a well-known figure to many Americans from his wise and calming public presence, ” Biden said in a statement. Biden also thanked Zients for his work, noting that when Zients took on the role less than 1% of Americans were fully vaccinated, less than half of all schools in the U.S. were open, and American lacked any at-home testing ability. “ Today, almost 80% of adults are fully vaccinated; over 100 million are boosted; virtually every school is open; and hundreds of millions of at-home tests are distributed every month. In addition, the U.S. leads the global effort to fight COVID, delivering more free vaccines to other countries than every other nation on Earth, ” he said.
• The Irish taoiseach, or prime minister, Micheál Martin, tested positive for COVID-19 and had to abruptly leave a St Patrick’ s Day celebration at the White House late Wednesday,
according to BBC News
and other media reports. Martin was attending the Ireland Fund dinner, at which he was to be presented an international leadership award, and was seated beside House of Representatives Speaker Nancy Pelosi and other guests. Martin was replaced by the Irish ambassador to the U.S., Dan Mulhall, who delivered Martin’ s speech on his behalf. Martin wasn’ t expected to participate in the traditional shamrock handover ceremony in the Oval Office on Thursday.
Here’ s what the numbers say
The global tally of confirmed cases of COVID-19 topped 464.3 million on Tuesday, while the death toll rose above 6.06 million,
according to data aggregated by Johns Hopkins University
.
The U.S. leads the world with 79.6 million cases and 968,521 fatalities.
The
Centers for Disease Control and Prevention’ s tracker
shows that 216.8 million people living in the U.S. are fully vaccinated, equal to 65.3% of the population. But just 96.2 million are boosted, equal to 46% of the vaccinated population. | business |
Market Too Dull? New Fund Will Target Most-Volatile Big Companies | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- For any investors looking for maximum drama in the U.S. stock market, a new exchange-traded fund is looking to target only the biggest and most-volatile companies.
Volatility Shares filed an application for an ETF late Wednesday that would track the S & P 500 Volatility – Highest Quintile Index, a gauge of the 100 most-volatile stocks in the U.S. equity benchmark. The index is down 1.5% year to date, outperforming the S & P 500’ s 8.1% decline.
Tesla Inc., Twitter Inc. and Occidental Petroleum Corp. are currently among the stocks in the index, which rebalances every quarter and weights companies based on their realized volatilities.
If approved, the Volatility Shares S & P 500 High Volatility Index ETF would trade on the Cboe BZX Exchange with an expense ratio of 65 basis points.
Volatility has ramped up in 2022 as uncertainty around Russia’ s invasion of Ukraine, the staying power of inflation and the path of monetary policy permeate through markets. The Cboe Volatility Index, or VIX, a popular gauge of market swings, spent the first 10 trading days of March above 30. It’ s retreated slightly at 26, but still trades well above its historical average.
“ It’ s a super volatile time right now in the equity market, ” said Elaine Stokes, Loomis Sayles portfolio manager and co-head of full discretion. “ I don’ t expect that volatility to disappear in the next year giving the major uncertainties, ” that include Federal Reserve policy, geopolitical tensions and rising coronavirus cases in China, she added.
The ETF will be the only fund targeting the most volatile stocks in the S & P 500, though there are a host of investment products that ride equity price swings, according to Bloomberg Intelligence. Shares of the $ 905 million iPath Series B S & P 500 VIX Short-Term Futures ETN ( ticker VXX) have been especially volatile since Barclays Plc suspended share issuance for the exchange-traded note.
The rally in miners and energy stocks this year has propelled Canada’ s stock market to a record high as investors piled into producers of crude oil and gold amid rising geopolitical tensions.
JPMorgan Chase has processed funds that were earmarked for interest payments due on dollar bonds issued by the Russian government and sent the money on to Citigroup, according to people familiar with the matter.
Nutrien shares rallied on Thursday, helping lift the TSX to a new all-time high, after the fertilizer giant announced it’ s planning to boost production to fill some of the supply void caused by Russia's invasion of Ukraine.
CP Rail has received strike notice from the union representing its engineers, conductors and other train employees. | general |
Ping An Profit Falls on Impairments, Life Business Decline | The information you requested is not available at this time, please check back again soon.
The Ping An Finance Building in Shanghai. Photographer: Qilai Shen/Bloomberg, Bloomberg
( Bloomberg) -- Ping An Insurance ( Group) Co., China’ s largest insurer by market value, said profit fell 29% last year as troubled property investments and a slowdown in its key life business weighed on revenue.
Net income dropped 29% to 101.6 billion yuan ( $ 16 billion), the Shenzhen-based company said in a filing Thursday. That missed the 116.6 billion yuan average estimate of analysts surveyed by Bloomberg.
Ping An’ s performance was dragged down by impairments on its investment in China Fortune Land Development Co. and slumping new business value at its life insurance arm, the main revenue contributor. Now it faces fresh challenges as pressures on the economy mount.
A surge in Covid cases may delay an anticipated recovery in new business, according to Bloomberg Intelligence analyst Steven Lam. Ping An’ s tech unit valuation may still be subject to swings in investor sentiment until more concrete steps are taken by Chinese authorities to support tech firms, he said.
“ Overall the results are in line with expectations, ” Lam said. “ Life new business value may not resume growth this year, as agency transformation is still ongoing and a spike in Covid could drag down sales. ”
Operating profit, which Ping An says better reflects performance because it strips out short-term volatility and one-time items, rose 6.1% to 148 billion yuan. That beat the 146 billion yuan consensus analyst estimate compiled by Ping An, according to Chief Capital Markets Officer James Garner.
Value of new business, which gauges the future profitability of new life policies, fell 24%, narrowing from a 35% slump in the previous year.
The company has seen “ encouraging signs ” that efforts to improve its life insurance operation will have “ material positive impact ” on new business value, Garner said in a phone interview. The key indicator rose 10% in pilot outlets last year, and the company will expand the trials this year, he said, adding that productivity per agent also increased.
While the pandemic has had a negative impact on life insurance, it can also spur demand for short-term health policies and lower payouts from auto insurance as the use of cars drops, he said.
Investment income fell 27% to 78 billion yuan, while impairment losses on financial assets rose 17% to 90.5 billion yuan, according to the statement.
The company made 43.2 billion yuan in adjustments related to China Fortune Land, including impairments, wiping 24.3 billion yuan from full-year profit, it said.
The impairments have been “ very prudent, ” and the developer’ s restructuring plan requires no more money from Ping An, according to Garner.
Ping An shares jumped 10.5% in Hong Kong on Thursday amid a broad rally, trimming this year’ s loss to 1.5%. | general |
Under headline jobs figures, report finds pockets of weakness in rebound for women | The information you requested is not available at this time, please check back again soon.
The historically high number of women in the country's labour force is still below where it might have been if COVID-19 had never occurred, says a new report highlighting areas of concern for policymakers.
The report from the Labour Market Information Council estimated that female employment is almost one per cent lower than where it could have been if the global pandemic hadn't altered the trajectory of the economy.
For men, employment levels are about 0.5 per cent below what they may have been had the labour market grown along its historical average over the preceding decade.
The report pointed to these figures, among others, to suggest the jobs rebound for women may be slightly weaker than the headline numbers suggest.
February's labour market report from Statistics Canada showed that female employment was up about 178,000 jobs, or two per cent above levels recorded in February 2020.
For men, the jobs figure was slightly higher at 192,000, or about 1.9 per cent above pre-pandemic levels recorded in the same month two years earlier.
The job gains for women have been largely concentrated among middle- and high-income occupations, with a slower increase seen in lower-paying jobs.
Behnoush Amery, a senior economist with the council, said some women may have moved from largely part-time work to full-time employment and better pay, but many low-wage women workers could have left the labour force altogether.
The recovery for young workers has been slower than for those in the core working age of 25 to 54, Amery said. That could mean a decline in long-term earnings and opportunities if young female workers miss out on chances to gain job experience and develop their skills.
The rebound has also been slow for older female workers, some of whom may have opted for early retirement.
Amery said there could be short- and long-term economic impacts absent targeted help to two different generations of workers.
`` Those groups still need support for a recovery and, more importantly, a sustainable recovery, '' she said.
`` If today's youth, specifically young women, are missing out on the remarkable labour market recovery, they are missing opportunity to gain work experiences and develop the skills they will need for later career development. ''
The jobs report also showed that the share of core-age women with a job reached an all-time high last month, while for men the rate hit its highest level since 1989.
Participation rates were similarly high. However, Amery said the participation rate for mothers still lags behind fathers and that points to long-running systemic issues and cultural expectations around childcare responsibilities. | general |
Maserati Will Offer Electric Versions of All Its Cars by 2025 | The information you requested is not available at this time, please check back again soon.
A Maserati parked at the Automobile Club de France, also known as L'Auto, in Paris., Bloomberg
( Bloomberg) -- Maserati will make an electric version of all of its models by 2025, Chief Executive Officer Davide Grasso told reporters during a conference call on March 17.
The company also plans to phase out all of its internal combustion engine vehicles by 2030, Grasso said, although he declined to give a firm deadline. “ That’ s the landing spot, ” he said. “ The consumer decides. ”
“ As of today, the plan is to offer only BEVs [ battery electric vehicles ] by 2030, ” a spokesperson confirmed in a follow-up email.
Executives participating in the call described the new electric models as part of a range called Maserati Folgore. It includes a new electric GranTurismo, due out next year, and the all-new electric Grecale SUV, which will debut next week after a half-year delay due to computer chip shortages.
Fully electric versions of the MC20 supercar, electric Levante SUV and electric Quattroporte sport sedan are due out in 2025. ( The MC20 Supercar is currently offered as a hybrid V6; a Spider version is slated to arrive later this year.)
The announcement came as Stellantis NV’ s only luxury brand reported a slight increase in its global market share, to 2.4%, for 2021. Maserati’ s market share increased to 2.9% and 2.7% in North America and China, respectively, according to a company report. It recorded 41% year-over-year growth last year with a total of 24,269 vehicles delivered worldwide.
Maserati has suffered from uncompetitive products and lackluster returns as it tries to attract more female and novice buyers to its 107-year-old brand. Parent company Stellantis, formed in 2021 as a megamerger of 14 brands between PSA Group and Fiat Chrysler, has faced deep shortages of semiconductors and lingering challenges from the novel coronavirus pandemic. Earlier this month, it said it would need to cut costs and speed electrification in order to maintain double-digit returns. In October, it said it would retool its historic Turin factory into an electric-vehicle hub, moving production of two Maserati luxury models to the Mirafiori plant as part of its shift.
Maserati brass did not address many specifics in the new EV plan. Grasso and Francesco Tonon, head of global product planning, declined to comment on the potential source of battery technology for the new electric range or offer any performance or mileage figures for the upcoming vehicles. “ The level of range will be satisfying to our customers, ” Tonon said. They declined to say how much money they were spending on the project.
Deliveries of the Grecale will start in Europe by summer, they said, with deliveries to the U.S. commencing soon after. | general |
Vaccinated travellers won't need COVID-19 test to enter Canada as of April 1 | The information you requested is not available at this time, please check back again soon.
Vaccinated travellers will no longer need to show a COVID-19 test to enter Canada beginning April 1, Health Minister Jean-Yves Duclos officially announced Thursday.
The change is being made at the tail end of the Omicron wave in Canada, as new reported cases of COVID-19 have declined since mid-January.
Duclos said the change is possible because of Canada's high vaccination rates and fewer cases of the virus being detected at the border.
`` Over the last few weeks we 've seen a significant decrease in the rate of positivity of travellers entering into Canada, '' Duclos said at a briefing Thursday.
While the positivity rate at airports was about 10 per cent in January, it has since fallen to about one per cent, Duclos said.
Incoming tourists will still need to be vaccinated to visit Canada, and all inbound travellers must also upload their details to the ArriveCan app.
Duclos says vaccinated people could also still be subject to random molecular tests when they arrive at Canadian airports.
Unvaccinated Canadians and other travellers who are exempt from the vaccine mandate will still need to provide a negative rapid antigen or molecular test, or an accepted form of proof of recent infection to enter the country.
Unvaccinated travellers will also be tested on arrival, again eight days later, and will be required to quarantine for 14 days.
The World Health Organization says the number of cases internationally has begun to creep up in the Western Pacific region, Africa and Europe.
Several regions have blamed the rising cases on the prevalence of the more contagious BA.2 variant, a sub-mutation of the Omicron variant which has been given the moniker `` stealth Omicron. ''
BA.2 makes up about 22 per cent of known cases in Canada as of Feb. 20.
Despite the concerning signs abroad, Duclos said he believes Canada's high rate of fully vaccinated people, at 80.85 per cent, will protect the country from serious outcomes.
`` I think that we will do very well in the next weeks and months, '' Duclos said in French at the briefing.
COVID-19 measures at the border are still evolving, he said, and will be adjusted if necessary. Duclos did not say what kind of circumstances might trigger the need for more stringent testing again.
The change has already been met with celebration from Canadian tourist groups like the Canadian Travel and Tourism Roundtable.
`` Canada's tourism sector is ready to ensure the safety of travellers, employers and the communities in which they operate. They are ready to welcome back the world, '' said Tourism Minister Randy Boissonnault of the policy change.
The change will not apply to cruise ships, Transport Minister Omar Alghabra said. Rather, passengers will need to take a test no more than one day before they board, but they will not need to take a test in order to get off the ship.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
Trudeau weighs auto-content rules as next U.S. trade flashpoint
Powell quiets stock cacophony by scoffing at U.S. recession talk | general |
Canada's population jumped by nearly half a million in 2021 | The information you requested is not available at this time, please check back again soon.
A Canadian flag flies from a Harbour Authority patrol boat as gantry cranes are seen at the Port of Vancouver in Vancouver, British Columbia, Canada, on Tuesday, July 11, 2017., Photographer: Darryl Dyck/Bloomberg
Canada’ s population grew by nearly half a million people last year, sharply higher than depressed 2020 levels as international migration returned to historically elevated pre-pandemic numbers.
The number of people living in Canada rose by 1.2 per cent, or 457,888, to 38.5 million in 2021, according to Statistics Canada estimates released Thursday in Ottawa. That’ s up from 160,273 the previous year, and closer to the record population-growth levels in the years before the COVID-19 pandemic.
Most of the population gain came from international migration as the Canadian government eased most travel restrictions for those coming to the country for work, school or family reunification. Net international migration levels jumped to 400,176 last year, almost four times as many as in 2020.
In the final three months of 2021, population grew by 0.2 per cent, or 90,313. It’ s the second biggest fourth-quarter population increase in the past three decades. | general |
FedEx slides after profit misses Wall Street’ s expectations | The information you requested is not available at this time, please check back again soon.
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FedEx Corp. shares tumbled after the company posted quarterly profit below Wall Street’ s estimates, pressured by rising costs related to a U.S. labor shortage and lower-than-expected package volume that countered gains from pricing increases.
Earnings rose to US $ 4.59 a share in the fiscal third quarter, which ended on Feb. 28, the Memphis, Tennessee-based courier said in a statement late Thursday. Analysts had expected US $ 4.65 on average, according to estimates compiled by Bloomberg. Sales were US $ 23.6 billion, while analysts had predicted US $ 23.5 billion.
“ Our strong quarterly operating income increase was dampened by the surge of the omicron variant, which caused disruptions to our networks and diminished customer demand in January and into February, ” Chief Financial Officer Michael Lenz said in the statement.
FedEx and other couriers have increased prices for delivery service since COVID-19 ushered in a surge of online buying that hasn’ t let up even as the pandemic has eased. Unreliable supply chains have also pushed more freight to the air, driving profit at the company’ s FedEx Express unit, which accounts for about half of the company’ s sales. The Freight unit, which makes up less than 10 per cent of total revenue, had price and volume gains, helping shore up profit.
Still, FedEx is grappling with rising expenses and lower availability of labor, especially for workers at its sortation hubs. In some cases, the company hasn’ t been able to staff its hubs adequately, forcing the courier to reroute packages to other hubs and driving up costs. Although fuel prices have been rising, FedEx mostly offsets those with surcharges to customers.
FedEx Express operating profit increased on higher price per package and a net fuel benefit, the company said. Operating profit fell at the Ground unit mostly because of higher purchased transportation, employee wages and network inefficiencies. Ground unit volume was little changed from a year earlier.
Overall adjusted operating margins rose to 6.2 per cent from 4.9 per cent a year earlier, FedEx said, short of estimates.
Several analysts reduced FedEx stock price targets following the earnings report, including those at Morgan Stanley, Citi and JPMorgan. “ Cost inflation remains a headwind, ” Citi analyst Christian Wetherbee said in a note.
FedEx shares fell 6 per cent at 9:42 a.m. Friday in New York after an earlier decline of 6.6 per cent, the biggest intraday slide since September.
In an unusual move, about 800 of FedEx’ s 6,000 delivery contractors signed a petition asking for more compensation because the inflated volume estimates resulted in them paying for more rental trucks and extra workers than needed to handle the holiday rush, Bloomberg reported last week. FedEx responded by saying that it’ s working to improve volume forecasts and that it recognizes recent operating challenges.
The company said earlier this month that Richard Smith, the son of founder Fred Smith, will take over as chief of the Express unit in September. That may pave the wave for Raj Subramaniam, who the founder has designated as his eventual successor, to become CEO of FedEx and for the elder Smith to step back in the role of executive chairman.
FedEx is also grappling with disruption from Russia’ s invasion of Ukraine. The company has said it suspended service in Ukraine, Russia and Belarus, but it’ s unclear what impact that will have on FedEx’ s sales and profit.
The company on Thursday reiterated its annual forecast for earnings of US $ 20.50 to US $ 21.50 a share, excluding fluctuations in the value of its pension fund and other expenses. The company cut its forecast for capital expenditures by US $ 200 million to US $ 7 billion. | general |
Thailand’ s Covid Cases Jump to Record Ahead of Review of Curbs | The information you requested is not available at this time, please check back again soon.
( Bloomberg) -- Thailand reported 27,071 new Covid-19 cases on Friday, a record daily count, ahead of a key government panel meeting to consider further easing of entry rules for vaccinated foreign visitors and lifting of some curbs on local businesses.
Prime Minister Prayuth Chan-Ocha will chair a meeting of the Center for Covid-19 Situation Administration’ s later Friday and is set to consider a set of recommendations from the Health Ministry to loosen Covid restrictions. The panel is also set to discuss a road-map to classify the pandemic as endemic from July, according to officials.
The Southeast Asian nation, battling an omicron-fueled Covid wave, also reported 80 new deaths, the highest daily fatalities since Nov. 5, official data showed.
Thailand is weighing easier entry rules for tourists as countries from Australia to the Philippines and Indonesia join nations opening up borders after more than two years. Prayuth’ s government is counting on the return of tourists in large numbers to sustain a nascent economic revival.
Canada joins U.S., U.K. in diplomatic boycott of Beijing games
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'Workcations ' embraced by Canadians, companies looking to improve work-life balance | The information you requested is not available at this time, please check back again soon.
When the winter doldrums set in earlier this year, Scott Taber headed for warmer climes but he didn’ t leave work behind.
The public relations worker spent two weeks working in the Florida sun — taking advantage of an initiative by his employer, Toronto firm Media Profile, that allows staff to spend a short period of time working from anywhere in the world.
The arrangement, often called a `` workcation, '' isn't wholly new to corporate Canada but it has seen renewed interest from both employees and employers since the COVID-19 pandemic began.
Now companies that seldom saw staff take them up on the opportunity to head abroad or across Canada for a few weeks or months are seeing workers jonesing to participate, while other businesses are offering programs for the first time.
A December study of 1,000 people from vacation booking company Kayak estimates 27 per cent of employed Canadians and 38 per cent workers in Gen Z — aged 18 to 24 – will take a workcation this year.
Media Profile gives staff who have been with the company at least six months between two and four weeks to work remotely and up to $ 3,000 for travel or accommodation costs.
The program is meant to help staff maintain a healthy work-life balance and offer them some flexibility. As soon as it was announced in November 2021, workers were hooked.
`` Immediately the chat blew up. People were so excited, '' Taber recalled.
Taber, along with his wife and daughter, chose Florida’ s Siesta Key because they wanted to escape the heaviness of living through two years of a pandemic.
`` It was nice to go somewhere where the sun was shining and you could go out for a walk, you could get a coffee and not have to bundle up, '' he said.
Taber has a colleague that ventured to San Diego. Another will head to Nicaragua.
Workcations are also underway at Thomson Reuters Corp., where staff can work from anywhere in Canada for up to eight weeks.
Some are using the program to care for elderly or ill loved ones they don't live with, while others are visiting family they seldom see or heading to a more scenic workspace, said Mary Alice Vuicic, the media conglomerate's chief people officer.
Her plan is to push the program even further to allow staff to venture outside of Canada, but first Thomson Reuters must figure out foreign tax obligations and how to track time spent working overseas.
Vuicic hopes the program will give workers the flexibility they desire, but also sees it as good way to attract talent in a market that has pushed many to rethink their careers and realize a paycheque is no longer enough to keep them in gruelling jobs.
Workers are now looking for unique perks that respect their work-life balance. In response, many companies are offering wellness, daycare and elder care stipends, flexible schedules and extra vacation time.
`` The companies that don't deliver the experience that people want won't be able to attract and retain the talent, '' said Vuicic. `` The talent is in the driver's seat today. ''
Talent is part of why Kitchener, Ont.-based energy technology company EnPowered allows workcations lasting up to three months.
Employees have shown up to meetings from the balcony of a Costa Rica vacation home and another attending a wedding in India got to extend their stay to catch up with family.
“ When I started in human resources, somebody who wanted to go home for a wedding had to save up vacation for a whole year to go for three or four weeks... so it's nice that she didn't have to do that, ” said Deidre Falkiner, people and culture director at EnPowered.
But there are some difficulties. The woman in India, for example, was in a completely different time zone and felt disconnected from colleagues. She eventually switched her hours to be able to join team meetings.
Others have raised questions around what privacy and security laws they may be subject to elsewhere and what health care coverage they receive abroad, so the company studies local laws and software before anyone travels and limits workcation time to three months to minimize instances where people can't receive coverage for illnesses or accidents.
As new issues are raised, the company adapts.
`` Unless you keep that conversation going, you're never going to identify the best way to do things, '' said Falkiner.
For sale: Trudeau’ s oil pipeline. Wanted: Indigenous buyers
Russia's Influence in Energy Blunted by U.S. LNG: Yergin | general |
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If you test positive on a rapid test, please fill out the Self-Assessment and Test Reporting Tool to voluntarily report your positive rapid self-test result. This will help Public Health monitor disease trends and make decisions on public health measures.
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People eligible for PCR testing include those who are: | general |
St Patrick's Day returns to Ireland after two-year hiatus | Hi, what are you looking for?
Hundreds of thousands of Irish and international visitors were to celebrate St Patrick’ s Day in Ireland on Thursday after a two-year pause.
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Hundreds of thousands of Irish and international visitors were to celebrate St Patrick’ s Day in Ireland on Thursday after a two-year pause in festivities due to the coronavirus.
Events celebrating Ireland’ s patron saint were some of the first to be called off in 2020 as mass gatherings were shelved, pubs closed and international travel stopped.
But restrictions have been lifted, and organisers are billing this year’ s celebrations as a symbol of the country’ s return after the Covid-19 pandemic.
Coordinators have promised the centrepiece parade through the streets of central Dublin on Thursday will be bigger and better than ever.
Ireland’ s St Patrick’ s Day celebrations have been cancelled for the last two years – Copyright AFP Paul FAITH
Interim director of the St Patrick’ s Festival Anna McGowan said this year’ s event — boosted by extra city and government funding — would be “ Ireland’ s reopening moment ”.
The spectre of fresh Covid measures has hung over events in Dublin, which in normal times would take 18 months to organise.
While planning had been going on in the background, it was only in January that the government announced they expected the parade to go ahead.
“ Suddenly, it was like someone just lit a fire under all of us, ” McGowan told AFP.
“ It has been just one of the most intense planning periods I think this festival has ever seen. ”
– Ukraine tribute –
Up to 400,000 attendees and 3,000 participants are expected at the parade, with 250 contractors involved in preparing the route and erecting stages.
Along the parade route, which is normally swathed almost entirely in green, the Dublin City Council has placed 100 lamp-post banners in the blue and yellow colours of Ukraine.
On bridges over the River Liffey in the city’ s beating heart, the Ukrainian national flag will replace the Irish tricolour in some places.
Festival-goers are being urged to bring items like Ukrainian flags to show their solidarity following Russia’ s invasion of the country.
Parts of the parade will also reflect on the war, organisers said.
At The Temple Bar pub, which shares its name with the busy area that contains many of Dublin’ s most famous watering holes, staff were bracing for the busiest day of the year.
Barman Andrew Roche said that with pubs closed until midday, people would be “ loaded up ” outside waiting to come in after the parade.
“ As soon as the doors open, there’ s just a flood of people and just a great atmosphere, ” he said, explaining the crowds would be “ mayhem ” and “ electric ”.
– Beer –
Roche, who had only been working months at the pub when it opened for the last St Patrick’ s Day, said he expected “ the biggest Paddy’ s day in a long time ”.
Organisers promise this year’ s event will mark the country’ s return after coronavirus restrictions. — © AFP
Preparations were being made to make sure the pub “ was as efficient as possible ”, he added.
On the day, “ there’ s never a moment where there aren’ t five taps pouring beer and there’ s constantly beer going out and money coming in, ” he said.
St Patrick’ s Day is typically celebrated in cities across the world, led by the Irish diaspora and expatriates.
Dublin Airport has said it expects 800,000 passengers to travel through in the 12-day St Patrick’ s Day period from March 12 to March 24.
Kenneth Will, director of the Pride of Dayton Marching Band, travelled to the Irish capital with 130 student band members from the University of Dayton in the US state of Ohio.
Along with taking in Ireland’ s tourist sites, the group will be performing in the parade after having to cancel in 2020.
“ To come over… and perform in front of the thousands of people here in Dublin is really special to this group, and I know that they’ re really excited, ” he said.
Irish culture is predominant in the United States, Will said, referring to the millions of people in the country who identify as being of Irish ancestry.
“ Whether it’ s your ancestors or whether it’ s our basic foundation of the university, there are ties everywhere, ” he said.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
There’ s only one person who can make the decisions about Russia’ s existence.
In 2013 he achieved one of the great shocks in tennis history, knocking defending champion Roger Federer out of Wimbledon.
Ireland's Prime Minister ( Taoiseach) Micheal Martin was due to commemorate St Patrick's Day at the White House with US President Joe Biden before testing...
International takeaway food app Deliveroo on Thursday announced rising annual losses after costs rose by more than one third.
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Russia exits Council of Europe over Ukraine invasion | Hi, what are you looking for?
Russia on Wednesday ceased to be a member of the Council of Europe after over a quarter of a century of membership.
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Russia on Wednesday ceased to be a member of the Council of Europe after over a quarter of a century of membership in the pan-European rights body, the council said in a statement.
Moscow announced Tuesday that it was quitting the council, ahead of the formal decision taken Wednesday by the body’ s committee of ministers to expel Russia over its invasion of Ukraine.
In a hugely symbolic moment, the flag of Russia was lowered and removed from its staff outside the Council of Europe headquarters in Strasbourg, eastern France, at around 1430 GMT.
The flags of the 46 remaining member states were kept flying.
The committee of ministers, the body’ s main decision-making organ, decided “ the Russian Federation ceases to be a member of the Council of Europe as from today, after 26 years of membership ”.
The European Court of Human Rights, the council’ s judicial arm, later said it was putting on hold all petitions against Moscow after the resolution to end its membership.
“ The court has decided to suspend the examination of all applications against the Russian federation pending its consideration of the legal consequences of this resolution for the work of the court, ” it said in a statement.
Of 70,000 cases pending before the court in the French city of Strasbourg, 24 percent had been filed by Russians, according to figures it released in January.
Just over 20 percent were filed by Turkish citizens, 16 percent by Ukrainians, and eight percent by Romanians, they showed.
Russia joined the Council of Europe on February 28, 1996.
On Tuesday, the council’ s Parliamentary Assembly had agreed that Moscow could no longer be a member of the body, hours after Russia announced it would pull out.
The Russian foreign ministry said it had “ no regret ” about leaving and claimed that EU and NATO member states had turned the organisation into an “ instrument for anti-Russian policies ”.
The so-called “ Ruxit ” from the Council of Europe means that Russia will no longer be a signatory to the European Convention on Human Rights, and its citizens will no longer be able to file applications to the European Court of Human Rights ( ECHR).
The leaders of the Council of Europe, including Secretary General Marija Pejcinovic Buric, said in a statement that Russian authorities were depriving “ the Russian people of the benefit of the most advanced human rights protection system in the world ”.
It is only the second time in the history of the council that a member state has announced its exit, after Greece walked out temporarily in the late 1960s.
Russia was suspended from all its rights of representation a day after tens of thousands of troops entered Ukraine on February 24.
Not using the death penalty is a precondition of COE membership, and former Russian president Dmitry Medvedev, now deputy national security council chief, had evoked bringing back capital punishment if Russia left the body.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
Images of Ukrainian troops carrying Javelin missile launchers on their shoulders have flashed around the world.
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Ukraine's besieged leader urged the U.S. to reconsider his plea for a no-fly zone, invoking the terror of the September 11 attacks.
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British PM meets Saudi, UAE leaders as war roils oil prices | Hi, what are you looking for?
British Prime Minister Boris Johnson began lobbying Saudi Arabia and the United Arab Emirates to pump more oil to calm markets.
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British Prime Minister Boris Johnson began lobbying Saudi Arabia and the United Arab Emirates to pump more oil to calm markets roiled by Russia’ s invasion of Ukraine as he met the Gulf states’ leadership on Wednesday.
Johnson arrived in Abu Dhabi for talks with Crown Prince Mohammed bin Zayed and was then due to fly to Riyadh as the West seeks to end its dependency on Russian oil following the invasion of Ukraine.
His visit, as oil prices seesaw in extreme volatility, coincides with fresh condemnation of Saudi Arabia’ s human rights record after 81 men were put to death in a mass execution on Saturday.
Johnson will also meet de facto Saudi leader Crown Prince Mohammed bin Salman as he becomes one of the few Western leaders to visit Riyadh since the 2018 murder of Saudi journalist Jamal Khashoggi.
Johnson, himself a former journalist, promised to raise human rights issues with Prince Mohammed, but also stressed Britain’ s “ very important relationship ” with the oil-rich Gulf.
He said the visit was also aimed at increasing investment in UK green energy, including the announcement of £1 billion ( 1.2 billion euros) from Saudi Arabia’ s alfanar group for a project to produce sustainable aviation fuel from waste.
“ It’ s not just a question of looking at the OPEC countries and what they can do to increase supply, though that is important, ” Johnson told British media.
“ When we look at the dependency the West in particular has built up on Putin’ s hydrocarbons, on Putin’ s oil and gas, we can see what a mistake that was because he’ s been able to blackmail the West. ”
Johnson’ s spokesman said he would also ask Prince Mohammed to condemn Russia’ s President Vladimir Putin over the assault on Ukraine.
Saudi Arabia and the UAE, which are two of the world’ s biggest oil exporters and both have ties to Moscow, have so far avoided taking a position against Russia.
But Johnson said before leaving that the impact of Russian President Vladimir Putin’ s “ brutal and unprovoked ” assault will be felt far beyond Europe.
– ‘ Odds against Johnson’ –
He said that as Western sanctions begin to bite, a new international coalition was needed to offset their impact on consumers already feeling the pinch from rising inflation and increases in the cost of living.
“ The world must wean itself off Russian hydrocarbons and starve Putin’ s addiction to oil and gas, ” he said in a statement.
“ Saudi Arabia and the United Arab Emirates are key international partners in that effort.
“ We will work with them to ensure regional security, support the humanitarian relief effort and stabilise global energy markets for the longer term. ”
The UAE and Saudi Arabia are the UK’ s two largest economic partners in the region, with bilateral trade worth £12.2 billion ( $ 15.9 billion, 14.5 billion euros) and £10.4 billion respectively in 2020, Johnson’ s office said.
The prime minister is hoping he can persuade Prince Mohammed to boost his kingdom’ s oil production to help lower spiralling prices that are pushing up household energy bills.
Germany last week issued an “ urgent appeal ” to the Saudi-led OPEC oil producers group to increase production “ to create relief on the market ” because of supply fears.
Russia is the world’ s largest producer of gas and second-largest oil producer behind OPEC kingpin Saudi Arabia.
But like the United States, Britain plans to phase out Russian oil imports by the end of the year, as part of wide-ranging sanctions targeting Russian businesses and billionaires.
US President Joe Biden and Prince Mohammed haven’ t spoken since Biden took office and vowed to treat the kingdom as a “ pariah ” state over Khashoggi’ s killing, which the CIA blamed on the Saudi royal.
Torbjorn Soltvedt, Middle East and North Africa analyst at Verisk Maplecroft, told AFP that “ without this rift, it is unlikely Johnson would now be spearheading oil diplomacy efforts in the Gulf ”.
But he added that the odds were “ stacked against Johnson as he seeks to secure a shift in Saudi and OPEC oil policy ”.
“ Saudi Arabia has so far proved reluctant to deviate from the current OPEC+ framework and plan, which mandates incremental monthly production increases, ” he said.
Soltvedt said the UAE “ may be more willing to open the taps ” as it wants to capitalise on its oil reserves more quickly.
But the UAE on March 10 reaffirmed its commitment to OPEC+ alliance agreements to stick to existing output targets through April.
burs/th/kir
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
Images of Ukrainian troops carrying Javelin missile launchers on their shoulders have flashed around the world.
North Korea conducted a missile test but the launch failed, Seoul said - Copyright AFP Jung Yeon-jeNorth Korea fired a projectile Wednesday but the...
China has moved to free up hospital beds as officials reported thousands of new cases from an Omicron-led coronavirus outbreak.
Ukraine's besieged leader urged the U.S. to reconsider his plea for a no-fly zone, invoking the terror of the September 11 attacks.
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |
PureTech Founded Entity Akili Appoints Game Industry Veteran Behind Bejeweled, Plants vs. Zombies as Chief Product Officer | Jon David brings deep expertise in building and launching engaging products to the Akili leadership team
PureTech Founded Entity, Akili, announced the appointment of Jon David as Chief Product Officer. In his role, David will be responsible for developing and executing the strategic vision of Akili’ s future product pipeline as the company continues to lead the way in establishing an entirely new category of medicine - one where the treatment is experienced like high-end entertainment. ( Photo: Business Wire)
PureTech Founded Entity, Akili, announced the appointment of Jon David as Chief Product Officer. In his role, David will be responsible for developing and executing the strategic vision of Akili’ s future product pipeline as the company continues to lead the way in establishing an entirely new category of medicine - one where the treatment is experienced like high-end entertainment. ( Photo: Business Wire)
BOSTON -- ( BUSINESS WIRE) -- PureTech Health plc ( Nasdaq: PRTC, LSE: PRTC) ( “ PureTech ” or the “ Company ”), a clinical-stage biotherapeutics company noted that its Founded Entity, Akili Interactive Labs, Inc. ( “ Akili ”), a leading digital medicine company developing cognitive treatments through game-changing technologies, today announced the appointment of Jon David as Chief Product Officer. In his role, David will be responsible for developing and executing the strategic vision of Akili’ s future product pipeline as the company continues to lead the way in establishing an entirely new category of medicine - one where the treatment is experienced like high-end entertainment. Reporting to the CEO, David will join the Akili executive team, which includes leaders with diverse experience and industry backgrounds ranging from biotech and technology to entertainment and design.
A 20-year veteran of the games industry, David joins Akili after serving as Vice President and General Manager at Glu Mobile, acquired in 2021 by Electronic Arts, where he led the development of both new IP and hit franchises including Covet Fashion and Diner Dash Adventures. David previously founded and served as CEO of Taunt, a technology-based fan engagement company focused on reinventing the way viewers engage with esports. While at Taunt, he was instrumental in raising capital, launching the service across web and mobile streaming platforms, and strengthening the social engagement between thousands of streamers and millions of fans.
Prior to Taunt, David spent more than 10 years at PopCap Games where he served as Vice President of Social Games, spearheading the company’ s efforts in mobile free-to-play, building the social games studio from the ground up, and leading the development of Bejeweled Blitz. In 2011, PopCap Games was acquired by Electronic Arts where David continued to lead the studio, guiding the success of fan-favorite franchises and the launches of hit titles including Plants vs. Zombies 2 and Plants vs. Zombies Garden Warfare. He has also served in various roles at Microsoft where he led the product design and development of Xbox Live Arcade for Xbox 360.
The full text of the announcement from Akili is as follows:
Game Industry Veteran Behind Bejeweled, Plants vs. Zombies Joins Akili as Chief Product Officer
Jon David brings deep expertise in building and launching engaging products to the Akili leadership team
BOSTON, Mass. – March 17, 2022 – Akili Interactive ( “ Akili ” or the “ Company ”), a leading digital medicine company developing cognitive treatments through game-changing technologies, today announced the appointment of Jon David as Chief Product Officer. In his role, David will be responsible for developing and executing the strategic vision of Akili’ s future product pipeline as the company continues to lead the way in establishing an entirely new category of medicine - one where the treatment is experienced like high-end entertainment. Reporting to the CEO, David will join the Akili executive team, which includes leaders with diverse experience and industry backgrounds ranging from biotech and technology to entertainment and design.
“ Jon is a proven executive and top-tier innovator in the video game industry, and we are thrilled to have his vision and expertise on the team, ” said Eddie Martucci, Co-Founder and Chief Executive Officer of Akili. “ His results-driven background in creating intentionally designed, deeply enjoyable, and industry-changing consumer products will be instrumental as we advance our mission to pioneer treatments that truly have the feel and stickiness of consumer entertainment products. ”
A 20-year veteran of the games industry, David joins Akili after serving as Vice President and General Manager at Glu Mobile, acquired in 2021 by Electronic Arts, where he led the development of both new IP and hit franchises including Covet Fashion and Diner Dash Adventures. David previously founded and served as CEO of Taunt, a technology-based fan engagement company focused on reinventing the way viewers engage with esports. While at Taunt, he was instrumental in raising capital, launching the service across web and mobile streaming platforms, and strengthening the social engagement between thousands of streamers and millions of fans.
Prior to Taunt, David spent more than 10 years at PopCap Games where he served as Vice President of Social Games, spearheading the company’ s efforts in mobile free-to-play, building the social games studio from the ground up, and leading the development of Bejeweled Blitz. In 2011, PopCap Games was acquired by Electronic Arts where David continued to lead the studio, guiding the success of fan-favorite franchises and the launches of hit titles including Plants vs. Zombies 2 and Plants vs. Zombies Garden Warfare. He has also served in various roles at Microsoft where he led the product design and development of Xbox Live Arcade for Xbox 360.
“ The opportunity Akili offers to patients to ‘ play their medicine,’ is uniquely powerful. I’ m looking forward to bringing even more joy and magic to the Akili product experience as we grow, ” said Jon David, Chief Product Officer at Akili. “ I’ m honored to join this team and drive engagement in a way that helps make people’ s lives better. ”
About Akili
Akili is pioneering the development of cognitive treatments through game-changing technologies. Our approach of leveraging technologies designed to directly target the brain establishes a new category of medicine—medicine that is validated through clinical trials like a drug or medical device, but experienced like entertainment. Akili’ s platform is powered by proprietary therapeutic engines designed to target cognitive impairment at its source in the brain, informed by decades of research and validated through rigorous clinical programs. Driven by Akili’ s belief that effective medicine can also be fun and engaging, Akili’ s products are delivered through captivating action video game experiences.
On January 26, 2022, Akili entered into a definitive agreement to become publicly traded via a merger with Social Capital Suvretta Holdings Corp. I ( Nasdaq: DNAA), a special purpose acquisition company. The transaction is expected to close in mid-2022, after which Akili will be listed on the Nasdaq stock market under the new ticker symbol “ AKLI. ” For more information, please visit www.akiliinteractive.com.
Additional Information and Where to Find It
In connection with the proposed business combination transaction between Social Capital Suvretta Holdings Corp. I ( “ SCS ”) and Akili, SCS filed a registration statement on Form S-4 ( as amended, the “ Registration Statement ”) with the SEC on February 14, 2022, which includes a preliminary prospectus and proxy statement of SCS, referred to as a proxy statement/prospectus. The Registration Statement has not yet become effective. When available, a final proxy statement/prospectus will be sent to all SCS shareholders. SCS will also file other documents regarding the proposed transaction with the SEC. SHAREHOLDERS OF SCS ARE ADVISED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders will be able to obtain free copies of the Registration Statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by SCS ( when available) through the website maintained by the SEC at http: //www.sec.gov.
The documents filed by SCS with the SEC also may be obtained free of charge at SCS’ s website at https: //socialcapitalsuvrettaholdings.com/dnaa or upon written request to 2850 W. Horizon Ridge Parkway, Suite 200, Henderson, NV 89052.
Participants in the Solicitation
SCS and Akili and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from SCS’ s shareholders in connection with the proposed transaction. A list of the names of such directors and executive officers and information regarding their interests in the proposed transaction between Akili and SCS are contained in the proxy statement/prospectus. You may obtain free copies of these documents as described in the preceding paragraph.
No Offer or Solicitation
This communication shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction. This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act or an exemption therefrom. This press release may be deemed to be solicitation material in respect of the proposed transactions contemplated by the proposed business combination between Akili and SCS.
Forward-Looking Statements
This communication may contain certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between Akili and SCS. These forward-looking statements generally are identified by the words “ believe, ” “ project, ” “ expect, ” “ anticipate, ” “ estimate, ” “ intend, ” “ strategy, ” “ future, ” “ opportunity, ” “ plan, ” “ may, ” “ should, ” “ will, ” “ would, ” “ will be, ” “ will continue, ” “ will likely result, ” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication, including but not limited to: ( i) the risk that the proposed transaction may not be completed in a timely manner or at all, which may adversely affect the price of SCS’ s securities, ( ii) the risk that the proposed transaction may not be completed by SCS’ s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by SCS, ( iii) the failure to satisfy the conditions to the consummation of the proposed transaction, including the adoption of the Merger Agreement by the shareholders of SCS and the satisfaction of the minimum cash condition, ( iv) the lack of a third party valuation in determining whether or not to pursue the proposed transaction, ( v) the inability to complete the PIPE Investment, ( vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, ( vii) the effect of the announcement or pendency of the transaction on Akili’ s business relationships, operating results, and business generally, ( viii) risks that the proposed transaction disrupts current plans and operations of Akili or diverts management’ s attention from Akili’ s ongoing business operations and potential difficulties in Akili employee retention as a result of the announcement and consummation of the proposed transaction, ( ix) the outcome of any legal proceedings that may be instituted against Akili or against SCS related to the Merger Agreement or the proposed transaction, ( x) the ability to maintain the listing of SCS’ s securities on a national securities exchange, ( xi) the price of SCS’ s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which SCS plans to operate or Akili operates, variations in operating performance across competitors, changes in laws and regulations affecting SCS’ s or Akili’ s business, and changes in the combined capital structure, ( xii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities, ( xiii) the ability of Akili to successfully commercialize EndeavorRx® and continue to advance its clinical development pipeline, ( xiv) the ability to recognize the anticipated benefits of the proposed transaction, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees, ( xv) the evolution of the markets in which Akili competes, ( xvi) the ability of Akili to defend its intellectual property and satisfy regulatory requirements, ( xvii) the costs related to the proposed transaction, ( xviii) the impact of the COVID-19 pandemic on Akili’ s business, ( xix) Akili’ s expectations regarding its market opportunities and ( xx) the risk of downturns and a changing regulatory landscape in the highly competitive industry in which Akili operates. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “ Risk Factors ” section of SCS’ s registration on Form S-1 ( File Nos. 333-256723 and 333-257543), SCS’ s quarterly report on Form 10-Q for the quarter ended September 30, 2021 filed with the SEC on November 15, 2021, the Registration Statement on Form S-4, including those under “ Risk Factors ” therein, and other documents filed by SCS from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Akili and SCS assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Akili nor SCS gives any assurance that either Akili or SCS, or the combined company, will achieve its expectations.
About PureTech Health
PureTech is a clinical-stage biotherapeutics company dedicated to discovering, developing and commercializing highly differentiated medicines for devastating diseases, including inflammatory, fibrotic and immunological conditions, intractable cancers, lymphatic and gastrointestinal diseases and neurological and neuropsychological disorders, among others. The Company has created a broad and deep pipeline through the expertise of its experienced research and development team and its extensive network of scientists, clinicians and industry leaders. This pipeline, which is being advanced both internally and through PureTech's Founded Entities, is comprised of 25 therapeutics and therapeutic candidates, including two that have received both U.S. FDA clearance and European marketing authorization, as of the date of PureTech's most recently filed Half Year Report and corresponding Form 6-K. All of the underlying programs and platforms that resulted in this pipeline of therapeutic candidates were initially identified or discovered and then advanced by the PureTech team through key validation points based on the Company's unique insights into the biology of the brain, immune and gut, or BIG, systems and the interface between those systems, referred to as the BIG Axis.
For more information, visit www.puretechhealth.com or connect with us on Twitter @ puretechh.
Cautionary Note Regarding Forward-Looking Statements
This press release contains statements that are or may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation those statements that relate to expectations around EndeavorRx, the proposed business combination agreement between Akili and Social Capital Suvretta Holdings Corp. I ( Nasdaq: DNAA) or matters related thereto, the competitive environment in which Akili operates, and Akili and PureTech's future prospects, development plans, and strategies. The forward-looking statements are based on current expectations and are subject to known and unknown risks, uncertainties and other important factors that could cause actual results, performance and achievements to differ materially from current expectations, including, but not limited to, those risks, uncertainties and other important factors described under the caption “ Risk Factors ” in our Annual Report on Form 20-F for the year ended December 31, 2020 filed with the SEC and in our other regulatory filings. These forward-looking statements are based on assumptions regarding the present and future business strategies of the Company and the environment in which it will operate in the future. Each forward-looking statement speaks only as at the date of this press release. Except as required by law and regulatory requirements, we disclaim any obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.
PureTech Public Relations publicrelations @ puretechhealth.com Investor Relations IR @ puretechhealth.com | general |
Walgreens and VillageMD Expand to New Hampshire with Three New Full-Service, Primary Care Practices Opening this Summer | Coordinated primary care and pharmacy services help patients better manage their health, through easy access and high-quality care
Walgreens Boots Alliance and VillageMD are set to open three new Village Medical at Walgreens primary care practices in Southern New Hampshire starting next month. ( Photo: Business Wire)
Walgreens Boots Alliance and VillageMD are set to open three new Village Medical at Walgreens primary care practices in Southern New Hampshire starting next month. ( Photo: Business Wire)
DEERFIELD, Ill. & CHICAGO -- ( BUSINESS WIRE) -- Walgreens Boots Alliance ( Nasdaq: WBA) and VillageMD today announced plans to open three new Village Medical at Walgreens primary care practices in the Southern New Hampshire area by the end of summer 2022, with the first opening on April 19 in Hooksett. Additional locations will open in Manchester and Nashua.
“ Combining VillageMD’ s expertise in primary care with Walgreens experienced pharmacy teams and community presence means we’ re now able to offer more patients an accessible, comprehensive and convenient healthcare experience, ” Jeffrey Corbett, D.O., a Village Medical primary care physician with more than 12 years of experience in New Hampshire. “ We want to remove as many barriers and obstacles to healthcare as we can while offering high-quality, trusted care. ”
Village Medical at Walgreens primary care practices in New Hampshire will create more than 80 full-time jobs and employ more than 35 well-compensated STEM ( Science, Technology, Engineering and Mathematics) professionals, such as physicians, nurse practitioners and medical assistants.1 Physicians and pharmacists are supported with high-tech tools, optimized electronic medical records and reduced administrative tasks, empowering them to focus on providing patient care and achieving positive health outcomes.
Village Medical physicians and Walgreens pharmacy team members work together to provide expert care for chronic conditions, as well as everyday illnesses and injuries. Physicians and pharmacists collaborate closely to fill prescriptions immediately following medical visits, often at the same location if they choose to do so, and ensure patients have ongoing access to care and medical expertise.
“ At Walgreens, we know how important local and accessible healthcare is to help our communities get and stay healthy, ” said Steve Pashko R.Ph., Walgreens regional healthcare director, New England. “ Walgreens and VillageMD are working together to make it easier for our communities to access high-quality, coordinated primary care and pharmacy services. ”
In 2019, 23 percent of New Hampshire adults under age 65 were considered at high risk of experiencing serious health outcomes if infected with COVID-19 because of underlying chronic conditions like cancer, heart disease, chronic obstructive pulmonary disease and diabetes.2 And, in 2018, approximately 77,000 New Hampshire residents lacked access to healthcare coverage – bringing the need for accessible and affordable care to the forefront.3
With the Southern New Hampshire openings, VillageMD and Walgreens will have opened approximately 100 practices across 13 markets, including Arizona, Florida, Texas, Kentucky and Indiana. The companies are on track to open more than 200 practices by the end of 2022.
Walgreens Boots Alliance recently announced an increased investment in VillageMD to advance its strategic position in the delivery of value-based primary care. This investment will accelerate the opening of more than 600 Village Medical at Walgreens primary care practices in more than 30 U.S. markets by 2025 and 1,000 by 2027, with more than half of those practices in medically underserved communities.
Village Medical at Walgreens practices accept a wide range of health insurance including Medicaid and Medicare in participating markets. Patients may access care and support through in-person, at-home and telehealth visits. Patients can learn more and book appointments by visiting https: //www.villagemedical.com/locations/new-hampshire.
To learn more about career opportunities at Village Medical at Walgreens, please visit the VillageMD careers page.
For more information as well as multimedia assets, please visit the Walgreens Newsroom.
About Walgreens Boots Alliance
Walgreens Boots Alliance ( Nasdaq: WBA) is an integrated healthcare, pharmacy and retail leader serving millions of customers and patients every day, with a 170-year heritage of caring for communities.
A trusted, global innovator in retail pharmacy with approximately 13,000 locations across the U.S., Europe and Latin America, WBA plays a critical role in the healthcare ecosystem. The company is reimagining local healthcare and well-being for all as part of its purpose – to create more joyful lives through better health. Through dispensing medicines, improving access to a wide range of health services, providing high-quality health and beauty products and offering anytime, anywhere convenience across its digital platforms, WBA is shaping the future of healthcare.
WBA has more than 315,000 team members and a presence in nine countries through its portfolio of consumer brands: Walgreens, Boots, Duane Reade, the No7 Beauty Company, Benavides in Mexico and Ahumada in Chile. Additionally, WBA has a portfolio of healthcare-focused investments located in several countries, including China and the U.S.
The company is proud of its contributions to healthy communities, a healthy planet, an inclusive workplace and a sustainable marketplace. WBA has been recognized for its commitment to operating sustainably: it is an index component of the Dow Jones Sustainability Indices ( DJSI) and was named to the 100 Best Corporate Citizens 2021.
More company information is available at www.walgreensbootsalliance.com.
About VillageMD | general |
National Conference to Mark World Social Work Day | On World Social Work Day, the Association of Centers for Social Work and the Department of Social Work, Faculty of Philosophy, University of Prishtina `` Hasan Prishtina '' are organizing the national conference,
`` Present and Future of Social Work in Kosovo ''
The Conference aims to mark and promote Social Work in the Republic of Kosovo, where social service professionals, representatives of institutions and academia will discuss achievements and challenges, and provide recommendations regarding the advancement of Social Work in the Republic of Kosovo.
This conference is made possible by the support of our partners:
Coalition of Non-Governmental Organizations ( KOMF), Terre Des Hommes, SOS Children's Villages, Organization for Children without Parental Care ( OFAP), UNICEF, and Save the Children.
Social work in the service of every citizen — let's give it value!
Due to COVID-19 pandemic circumstances, the event has been organized in a hybrid format; some participants will have the opportunity to participate at the physical location, while other participants will be able to follow the event online, through the ZOOM platform. Simultaneous translation into Albanian, Serbian and English will be provided.
The full agenda, with information on speakers and session schedules, is attached.
To register, please click on the link below, where after registration you will receive an email with the link for the ZOOM event and instructions on how to join
https: //us02web.zoom.us/j/81970381975? pwd=c0NVcWpHMGZoUFN2OHp0dWs4ODdMd…
Thursday, March 17, 2022 - 09:30
Thursday, March 17, 2022 - 17:00 | general |
Dubai-owned P & O Ferries axes jobs to stay afloat | Hi, what are you looking for?
By
Published
Dubai-owned P & amp; O Ferries on Thursday suspended sailings as it axed 800 jobs, or more than a quarter of staff, to keep the company afloat.
“ As part of the process we are starting today, we are providing 800 seafarers with immediate severance notices, ” the company owned by DP World said in a statement.
It comes after P & amp; O earlier Thursday suspended its passenger and freight ships.
P & amp; O Ferries operates four routes serving Britain, France, Ireland and the Netherlands.
“ P & amp; O Ferries is not going into liquidation, ” it said.
The group has ordered all its ships to return to dock.
P & amp; O has been badly hit by fallout from Covid lockdowns and travel restrictions over the last two years.
“ In its current state, P & amp; O Ferries is not a viable business, ” the group said Thursday.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
There’ s only one person who can make the decisions about Russia’ s existence.
Hundreds of thousands of Irish and international visitors were to celebrate St Patrick’ s Day in Ireland on Thursday after a two-year pause.
In 2013 he achieved one of the great shocks in tennis history, knocking defending champion Roger Federer out of Wimbledon.
Ireland's Prime Minister ( Taoiseach) Micheal Martin was due to commemorate St Patrick's Day at the White House with US President Joe Biden before testing...
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |
P & O Ferries axes UK jobs to stay afloat, sparking angry protests | Hi, what are you looking for?
By
Published
P & amp; O Ferries, which sails daily between Britain and France, on Thursday axed 800 UK crew with immediate effect and suspended services in a bid to stay afloat, sparking protests from angry staff and trade union fury.
The Dubai-owned group announced it has shed more than one quarter of its staff in a drastic restructuring to save cash, and halted services for the next few days.
“ We are providing 800 seafarers with immediate severance notices, ” the company owned by DP World said in a bombshell statement.
P & amp; O — which is based in the southern English port of Dover and operates four routes serving Britain, France, Ireland and the Netherlands — has suspended passenger and freight ships.
The company was badly hit over the last two years by the Covid pandemic, which ravaged the travel sector with multiple lockdowns and travel restrictions.
Earlier Thursday at Dover, local P & amp; O management had revealed “ the dismissal of 800 British sailors ” who would be replaced by cheaper Colombian crew and temporary staff in order to slash costs, according to a French union source.
The source stressed that French workers would be unaffected.
Security agents later escorted affected P & amp; O personnel from Dover facilities, while 100 Colombians and 40 temporary workers boarded the group’ s ferries that were stationed there, the source added.
– ‘ Wholly unacceptable’ –
The company’ s move brought cross-party condemnation. Transport minister Robert Courts told parliament that the way staff had been treated was “ wholly unacceptable ”.
Transport Secretary Grant Shapps said the government was seeking urgent talks with the company, which justified its move because it was facing a £100 million ( $ 131 million, 119 million euro) loss, making its business unviable.
The main opposition Labour party’ s transport spokeswoman, Louise Haigh, said the company was “ beneath contempt ” but said it was the “ cruel consequence ” of the Conservative government’ s failure to outlaw “ fire and rehire ” practices.
P & amp; O said its losses had been covered by DP World but the situation was “ not sustainable ”.
“ Our survival is dependent on making swift and significant changes now. Without these changes there is no future for P & amp; O Ferries, ” it added.
The company was forced to take “ a very difficult but necessary decision… after seriously considering all the available options ”.
P & amp; O has assured it was not heading for liquidation after ordering all ships to return to dock.
The RMT union added that security guards with handcuffs had been seeking to board ships in Dover to remove crew members.
– Staff ‘ fuming’ –
Police were meanwhile forced to intervene when dozens of P & amp; O staff blocked a key road leading to Dover after P & amp; O buses carrying agency workers appeared at the port.
“ I’ m fuming, to be honest with you, ” said one 54-year-old engine room worker, who has been with P & amp; O since the 1980s, angry at how staff were told.
“ This is no way to treat people. It was just a short message this morning saying you’ ve all lost a job, basically — all this service for nothing. ”
Elsewhere, sailors in the northern English port of Hull refused to leave their P & amp; O vessel ‘ The Pride Of Hull’, according to local lawmaker Karl Turner, who called the company’ s actions “ disgraceful ”.
– ‘ Fire and rehire’ –
Britain’ s biggest public sector union Unite urged P & amp; O to reconsider the “ savage ” decision “ to dismiss its entire UK seafaring workforce to replace them with cheaper labour ”.
Although its members are not affected, it said it was a “ very concerning signal ” that UK labour contracts were “ under attack ”.
Transport workers’ trade union TSSA also lashed out, adding P & amp; O had encouraged staff to re-apply for agency work under what it described as a “ fire and rehire ” policy.
“ This is absolutely despicable behaviour from P & amp; O, designed to reduce pay, and worsen terms and conditions for their staff, ” said TSSA general secretary Manuel Cortes.
“ They should be ashamed of themselves, treating loyal and hardworking staff like this. ”
He added: “ In any civilised country these actions would not only be unlawful but punishable in the harshest possible terms. Sadly, I doubt the Tory government will lift even their little finger to ensure this happens. ”
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
There’ s only one person who can make the decisions about Russia’ s existence.
Hundreds of thousands of Irish and international visitors were to celebrate St Patrick’ s Day in Ireland on Thursday after a two-year pause.
In 2013 he achieved one of the great shocks in tennis history, knocking defending champion Roger Federer out of Wimbledon.
Ireland's Prime Minister ( Taoiseach) Micheal Martin was due to commemorate St Patrick's Day at the White House with US President Joe Biden before testing...
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |
Apple Sued for Failing to Stop Sexual Harassment on Film Set | The information you requested is not available at this time, please check back again soon.
The Apple logo on a store in San Francisco, California, U.S., on Monday, April 26, 2021. Apple Inc. is increasing its U.S. investments by 20% over the next five years, allocating $ 430 billion to develop next-generation silicon and spur 5G wireless innovation across nine U.S. states, after outstripping its growth expectations during the pandemic. Photographer: David Paul Morris/Bloomberg, Bloomberg
( Bloomberg) -- Apple Inc. was sued by a woman who claims the company failed to protect her from sexual harassment while she was employed in a Covid support role on the set of the Will Smith thriller “ Emancipation. ”
Alicia Kelly also sued production companies Lionsgate Entertainment Inc. and Jerry Bruckheimer Inc., as well as her direct employers, claiming the companies fostered a workplace environment where sexual harassment, sexual intimidation and sexual battery were allowed against female workers.
Kelly said in the lawsuit that she was hired in October 2020 as a testing coordinator on the production of the “ Hightown ” television series in North Carolina. She claims she was harassed by her boss on the set, and when he was transferred his successor also harassed her, including by touching her breasts and buttocks.
After production wrapped on “ Hightown ” in March 2021, Kelly said she went to work in New Orleans, where “ Emancipation ” was going into production, after Apple moved the project from Georgia. Prior to the move, her boss sexually assaulted her in a hotel, Kelly claimed.
Her supervisor from “ Hightown ” retained his job on “ Emancipation ” and continued to sexually harassed her, according to the complaint.
Apple and Lionsgate “ had a duty to exercise reasonable care in the supervision of its subsidiaries, contractors, sub-contractors, and their employees ” and failed to carry it out, Kelly claimed.
Lionsgate declined to comment on the lawsuit, but said in a statement that as a matter of corporate policy, it has zero tolerance for sexual harassment on its productions, takes all claims seriously and investigates them thoroughly. Apple didn’ t immediately respond to a request for comment. Bruckheimer’ s company also didn’ t immediately respond.
In addition to failing to protect her against harassment, she also sued Montrose Environmental Group Inc. for gender discrimination, saying she was consistently paid less than her male counterparts. and the Center for Toxicology & Environmental Health for wrongful dismissal.
Montrose and CTEH didn’ t immediately respond to a request for comment.
Kelly said she complained to human resources at Montrose about the harassment, but the company took no action against her supervisors -- and instead demoted her and eventually fired her.
The case is Kelly v. Center for Toxicology & Environmental Health LLC, 2:22-cv-00683, U.S. District Court, Eastern District of Louisiana ( New Orleans). | general |
Oil’ s Typical Buying Buzz Pauses in Asia as Russia Upends Market | The information you requested is not available at this time, please check back again soon.
Valve wheels and pressure gauges on water pipes at Repsol SA's Cartagena oil refining complex in Cartagena, Spain, on Thursday, Jan. 27, 2022. Oil is headed for a sixth straight weekly gain, with prices trading near a seven-year high as crude makes a roaring start to 2022. Photographer: Angel Garcia/Bloomberg, Bloomberg
( Bloomberg) -- Some Asian oil buyers are pausing spot purchases as Russia’ s invasion of Ukraine upends the trading cycle in the world’ s biggest biggest crude-consuming region.
In a typical market, a flurry of trades would have been completed by now following the issue of official prices and allocations of contracted crude from Middle Eastern producers around the start of the month. But buyers seeking barrels for May loading are now having to navigate wildly fluctuating prices and a changing supply picture given many are shunning Russian crude.
Some spot buy is taking place, but trading -- which is usually in full swing at this time -- is muted, said traders who participate in the market, asking not to be identified. Buyers usually have until the end of the month to finalize their purchases, but deals are often most active during the third week as they seek to secure spot cargoes to be shipped in two months.
It’ s not just prices being taken into consideration, buyers are also trying to determine the quality of crude to purchase as profit margins for making fuels also fluctuate. Russia is a major producer of diesel and the loss of supply from the nation has driven up demand for the fuel, making crude that yields more diesel when processed much more attractive to refiners.
Middle Eastern suppliers are the logical option for buyers seeking additional oil after the disruption to Russian flows, and that’ s pushed up spot differentials of Persian Gulf grades such as Qatar’ s Al-Shaheen to the highest since at least 2014. OPEC+ nations, however, have so far resisted calls to pump more.
The premium of Oman futures on the Dubai Mercantile Exchange against Dubai swaps eased slightly to around $ 8 a barrel on Wednesday, compared with a premium of $ 11.69 a week ago. It’ s unusual to swing so wildly and highlights the volatility buyers are facing. Oman is a medium-sour crude that’ s one of the benchmark grades for Asia.
Thailand’ s PTT Pcl didn’ t award any cargoes in a monthly tender seeking sour grades for May loading that closed earlier this week, a rare move by the company. Declining spot differentials and volatility in profit margins from turning crude into fuels are some of the reasons behind the decision to pause purchases, traders said.
The resurgence of coronavirus cases across China, the world’ s biggest oil importer, has also added an extra element for buyers to consider. Still, traders said that the physical market may see more activity in the coming days once there’ s a stabilization of price indicators.
While history suggests it won’ t last, an emotion approaching euphoria descended on equity markets Wednesday after U.S. Fed Chair Jerome Powell persuaded investors his first interest rate hikes in four years won’ t throttle the economy.
Canadian consumer price inflation jumped to a new three-decade high in February, cementing expectations the Bank of Canada will aggressively hike interest rates in coming months to rein in price pressures.
Vaccinated travellers will no longer require a negative COVID-19 test to come to Canada as of April 1, according to a source in the federal government. | general |
Moderna seeks FDA approval for fourth dose of COVID vaccine for all adults | WASHINGTON — Drug maker Moderna
MRNA,
-0.65%
asked the Food and Drug Administration on Thursday to authorize a fourth shot of its COVID-19 vaccine as a booster dose for all adults.
The request is broader than rival pharmaceutical company Pfizer’ s request earlier this week for the regulator to approve a booster shot for all seniors.
In a press release, the company said its request for approval for all adults was made “ to provide flexibility ” to the Centers for Disease Control and Prevention and medical providers to determine the “ appropriate use ” of a second booster dose of the mRNA vaccine, “ including for those at higher risk of COVID-19 due to age or comorbidities. ”
U.S. officials have been laying the groundwork to deliver additional booster doses to shore up the vaccines’ protection against serious disease and death from COVID-19. The White House has been sounding the alarm that it needs Congress to “ urgently ” approve more funding for the federal government to secure more doses of the COVID-19 vaccines, either for additional booster shots or variant-specific immunizations.
U.S. health officials currently recommend a primary series of two doses of the Moderna vaccine and a booster dose months later.
Moderna said its request for an additional dose was based on “ recently published data generated in the United States and Israel following the emergence of Omicron. ”
On Tuesday, Pfizer
PFE,
+2.49%
and its partner BioNTech
BNTX,
+0.66%
asked U.S. regulators to authorize an additional booster dose of their COVID-19 vaccine for seniors, saying data from Israel suggests older adults would benefit. | business |
Latest virus outbreak threatens auto rebound | SHANGHAI – As the semiconductor chip crunch eased, China’ s light-vehicle sales approached 3.7 million in the first two months, an advance of 14 percent over 2021 and even exceeding the level in the same pre-pandemic period in 2019.
But the market expansion will be short lived as Beijing upholds a zero-tolerance policy to curb the spread of the coronavirus that has become increasingly transmissible and stealthy though mutations.
Despite stringent quarantine and travel rules, the number of locally transmitted daily infections across China surged to above 1,000 last week from below 100 in February. Nearly all of the new cases are caused by the highly transmissible omicron variant of the coronavirus, according to official statistics.
The infection levels are small compared with those in Western countries. But the outbreak is considered the worst since early 2020 when the pandemic took root.
As required by cities where infections are spiking, several major vehicle manufacturers have suspended output this week to allow employees to undergo nucleic acid tests.
On Sunday, the south China megacity of Shenzhen, where BYD Co. -- China’ s largest domestic electrified-vehicle maker -- is based, entered a week-long lockdown. | general |
Amneal Awarded Sub-License to Manufacture and Commercialize Generic Version of Co-Packaged Nirmatrelvir and Ritonavir in 95 Low- and Middle-Income Countries | - One of 35 global companies selected to manufacture and commercialize generic version of COVID-19 treatment
BRIDGEWATER, N.J. -- ( BUSINESS WIRE) -- Amneal Pharmaceuticals, Inc. ( NYSE: AMRX) ( “ Amneal ” or the “ Company ”) today announced it has been awarded a sub-license from the Medicines Patent Pool ( MPP) to manufacture and commercialize a generic version of nirmatrelvir, co-packaged with ritonavir, in 95 low- and middle-income countries. Nirmatrelvir is an oral protease inhibitor co-packaged with ritonavir for the treatment of mild-to-moderate COVID-19.
Pfizer markets co-packaged nirmatrelvir and ritonavir in the United States and other countries as PAXLOVIDTM. The phase 2/3 Evaluation of Protease Inhibition for COVID-19 in High-Risk Patients ( EPIC-HR) trial conducted by Pfizer demonstrated an 89% reduction in the risk of COVID-19-related hospitalization or death from any cause in adults treated with PAXLOVIDTM, compared to placebo, within three days of symptom onset. The U.S. Food and Drug Administration ( FDA) granted PAXLOVIDTM emergency use authorization ( EUA) in December 2021. The product has been authorized or approved in many other countries as well.
To increase equitable access for this therapy, Pfizer has entered into a license agreement with the MPP to sub-license the manufacture of generic versions of nirmatrelvir, as well as the commercialization of co-packaged nirmatrelvir and ritonavir, to multiple pharmaceutical companies committed to providing the product to 95 low- and middle-income countries. Amneal plans to manufacture nirmatrelvir in India and already owns an internally developed, FDA-approved generic version of ritonavir, which will be manufactured in both the U.S. and India.
“ Amneal has always held a deep commitment to provide access to affordable essential medicines and address unmet patient needs. This is a distinct opportunity for us to fulfill this mission on a global basis, ” said Chirag and Chintu Patel, Co-Chief Executive Officers. “ Nirmatrelvir and ritonavir have the potential to help address the pandemic in a way we have not seen before, and we are honored to contribute to the global manufacture and distribution of generic versions of these important therapies. ”
“ As we grow our commercial business in India, we expect this will be an anchor product for us, ” continued Messrs. Patel. “ And the opportunity is even greater than that. The 95 countries in the license territory represent over half the world’ s population. We, together with other MPP licensees, have the potential to provide hundreds of millions of doses of this COVID-19 treatment to patients around the world who need them. ”
The global demand for generic versions of co-packaged nirmatrelvir and ritonavir is expected to be robust. Amneal is working to bring the co-packaged combination to these impacted countries starting in 2023.
About Amneal
Amneal Pharmaceuticals, Inc. ( NYSE: AMRX), headquartered in Bridgewater, NJ, is a fully integrated essential medicines company. We make healthy possible through the development, manufacturing, and distribution of generic and specialty pharmaceuticals, primarily within the United States. The Company has a diverse portfolio of approximately 250 products in its Generics segment and is expanding across a broad range of complex products and therapeutic areas, including injectables and biosimilars. In its Specialty segment, Amneal has a growing portfolio of branded pharmaceutical products focused primarily on central nervous system and endocrine disorders, with a pipeline focused on unmet needs. Through its AvKARE segment, the Company is a distributor of pharmaceuticals and other products for the U.S. federal government, retail, and institutional markets. For more, please visit www.amneal.com.
About the Medicines Patent Pool
The Medicines Patent Pool ( MPP) is a United Nations-backed public health organisation working to increase access to, and facilitate the development of, life-saving medicines for low- and middle-income countries. Through its innovative business model, MPP partners with civil society, governments, international organisations, industry, patient groups, and other stakeholders, to prioritise and license needed medicines and pool intellectual property to encourage generic manufacture and the development of new formulations. To date, MPP has signed agreements with eleven patent holders for thirteen HIV antiretrovirals, one HIV technology platform, three hepatitis C direct-acting antivirals, a tuberculosis treatment, a long-acting technology and an experimental oral antiviral treatment for COVID-19. MPP was founded by Unitaid, which continues to be MPP’ s main funder. MPP’ s work on access to essential medicines is also funded by the Swiss Agency for Development and Cooperation ( SDC). MPP’ s activities in COVID-19 are undertaken with the financial support of the Japanese Government and SDC. More information at https: //medicinespatentpool.org/ and follow us on Twitter, LinkedIn and YouTube. | general |
The Quarry Invites You to a Summer Camp Worth Dying For; New Teen-Horror Game from Supermassive Games and 2K Coming June 10 | From Will Byles and the award-winning team at Supermassive Games that brought you Until Dawn comes this summer's must-play, must-see teen-horror entertainment experience
2K and Supermassive Games today announced The Quarry, an all-new teen-horror narrative game where your every choice, big or small, shapes your story and determines who lives to tell the tale. Featuring an iconic ensemble cast of Hollywood stars and celebrities, including David Arquette ( `` Scream '' franchise), Ariel Winter ( `` Modern Family ''), Justice Smith ( `` Jurassic World ''), Brenda Song ( `` Dollface ''), Lance Henriksen ( `` Aliens ''), Lin Shaye ( `` A Nightmare on Elm Street ''), and more, The Quarry is launching on June 10, 2022, and will be available on PlayStation®5, PlayStation®4, Xbox Series X|S, Xbox One and Windows PC via Steam. Rated M for Mature by the ESRB, The Quarry is now available for pre-order. ( Graphic: 2K)
2K and Supermassive Games today announced The Quarry, an all-new teen-horror narrative game where your every choice, big or small, shapes your story and determines who lives to tell the tale. Featuring an iconic ensemble cast of Hollywood stars and celebrities, including David Arquette ( `` Scream '' franchise), Ariel Winter ( `` Modern Family ''), Justice Smith ( `` Jurassic World ''), Brenda Song ( `` Dollface ''), Lance Henriksen ( `` Aliens ''), Lin Shaye ( `` A Nightmare on Elm Street ''), and more, The Quarry is launching on June 10, 2022, and will be available on PlayStation®5, PlayStation®4, Xbox Series X|S, Xbox One and Windows PC via Steam. Rated M for Mature by the ESRB, The Quarry is now available for pre-order. ( Graphic: 2K)
2K and Supermassive Games today announced The Quarry, an all-new teen-horror narrative game where your every choice, big or small, shapes your story and determines who lives to tell the tale. Featuring an iconic ensemble cast of Hollywood stars and celebrities, including David Arquette ( `` Scream '' franchise), Ariel Winter ( `` Modern Family ''), Justice Smith ( `` Jurassic World ''), Brenda Song ( `` Dollface ''), Lance Henriksen ( `` Aliens ''), Lin Shaye ( `` A Nightmare on Elm Street ''), and more, The Quarry is launching on June 10, 2022, and will be available on PlayStation®5, PlayStation®4, Xbox Series X|S, Xbox One and Windows PC via Steam. Rated M for Mature by the ESRB, The Quarry is now available for pre-order. ( Graphic: 2K)
2K and Supermassive Games today announced The Quarry, an all-new teen-horror narrative game where your every choice, big or small, shapes your story and determines who lives to tell the tale. Featuring an iconic ensemble cast of Hollywood stars and celebrities, including David Arquette ( `` Scream '' franchise), Ariel Winter ( `` Modern Family ''), Justice Smith ( `` Jurassic World ''), Brenda Song ( `` Dollface ''), Lance Henriksen ( `` Aliens ''), Lin Shaye ( `` A Nightmare on Elm Street ''), and more, The Quarry is launching on June 10, 2022, and will be available on PlayStation®5, PlayStation®4, Xbox Series X|S, Xbox One and Windows PC via Steam. Rated M for Mature by the ESRB, The Quarry is now available for pre-order. ( Graphic: 2K)
2K and Supermassive Games today announced The Quarry, an all-new teen-horror narrative game where your every choice, big or small, shapes your story and determines who lives to tell the tale. Featuring an iconic ensemble cast of Hollywood stars and celebrities, including David Arquette ( `` Scream '' franchise), Ariel Winter ( `` Modern Family ''), Justice Smith ( `` Jurassic World ''), Brenda Song ( `` Dollface ''), Lance Henriksen ( `` Aliens ''), Lin Shaye ( `` A Nightmare on Elm Street ''), and more, The Quarry is launching on June 10, 2022, and will be available on PlayStation®5, PlayStation®4, Xbox Series X|S, Xbox One and Windows PC via Steam. Rated M for Mature by the ESRB, The Quarry is now available for pre-order. ( Graphic: 2K)
NEW YORK -- ( BUSINESS WIRE) -- 2K and Supermassive Games today announced The Quarry, an all-new teen-horror narrative game where your every choice, big or small, shapes your story and determines who lives to tell the tale. Featuring an iconic ensemble cast of Hollywood stars and celebrities, including David Arquette ( `` Scream '' franchise), Ariel Winter ( `` Modern Family ''), Justice Smith ( `` Jurassic World ''), Brenda Song ( `` Dollface ''), Lance Henriksen ( `` Aliens ''), Lin Shaye ( `` A Nightmare on Elm Street ''), and more, The Quarry is launching on June 10, 2022, and will be available on PlayStation®5, PlayStation®4, Xbox Series X|S, Xbox One and Windows PC via Steam. Rated M for Mature by the ESRB, The Quarry is now available for pre-order.
As the sun sets on the last day of summer camp, the teenage counselors of Hackett's Quarry throw a party to celebrate. No kids. No adults. No rules.
Things quickly take a turn for the worse.
Hunted by blood-drenched locals and something far more sinister, the teens ' party plans unravel into an unpredictable night of horror. Friendly banter and flirtations give way to life-or-death decisions, as relationships build or break under the strain of unimaginable choices.
Play as each of the nine camp counselors in a thrilling cinematic tale, where every choice shapes your unique story from a tangled web of possibilities. Any character can be the star of the show - or die before daylight comes. How will your story unfold?
As part of today's announcement, 2K and Supermassive Games released the official announcement trailer for The Quarry, which showcases the incredible visual fidelity and cinematic quality achieved in the game while presenting a first look at the star-studded cast featured in the game.
`` The Quarry is breaking new ground across interactive storytelling and technology to create a truly visceral teen-horror experience, '' stated Director Will Byles. `` I can't wait to see the choices you make, who you 'll save, and who you're willing to sacrifice! ''
`` As an interactive narrative experience, The Quarry is a completely different type of game from anything 2K has published in the past, '' stated David Ismailer, President at 2K. `` We are partnering because Supermassive Games are simply the best at what they do, and we’ re huge fans of the studio. The chance to work with one of the great creative minds in our industry doesn't come often, and we are excited to be on this journey together with The Quarry. ''
Key features for The Quarry include:
For more information on The Quarry, visit the game's official website, Instagram and TikTok, and follow 2K on YouTube, Twitter and Facebook.
2K is a wholly owned publishing label of Take-Two Interactive Software, Inc. ( NASDAQ: TTWO).
* Multiplayer functionality across the same PlayStation or Xbox console generation only.
About Supermassive Games
Founded in 2008, Supermassive Games is a BAFTA-winning, independent game developer with a reputation for innovation in both storytelling and VR. Supermassive Games is best known for the critically acclaimed PS4 hit Until Dawn and The Dark Pictures Anthology. The studio has received numerous awards, including a BAFTA for Until Dawn and recognition from our trade body TIGA. The studio also works with GamesAid, other charities and educational establishments. In 2021 the studio partnered with Nordisk Games, part of the Egmont Group, and is looking forward to even more exciting times with them alongside us.
About Take-Two Interactive Software
Headquartered in New York City, Take-Two Interactive Software, Inc. is a leading developer, publisher, and marketer of interactive entertainment for consumers around the globe. We develop and publish products principally through Rockstar Games, 2K, Private Division, and T2 Mobile Games. Our products are designed for console systems and personal computers, including smartphones and tablets, and are delivered through physical retail, digital download, online platforms, and cloud streaming services. The Company’ s common stock is publicly traded on NASDAQ under the symbol TTWO. For more corporate and product information please visit our website at http: //www.take2games.com.
All trademarks and copyrights contained herein are the property of their respective holders.
About 2K
Founded in 2005, 2K develops and publishes global interactive entertainment for console and handheld gaming systems, personal computers and mobile devices, with product availability including physical retail and digital download. The Company is home to many talented development studios, including Visual Concepts, Firaxis Games, Hangar 13, Cat Daddy Games, 31st Union and Cloud Chamber. 2K’ s portfolio currently includes the renowned BioShock®, Borderlands™, Mafia and XCOM® franchises; NBA® 2K, the global phenomenon and highest rated * * annual sports title for the current console generation; the critically acclaimed Sid Meier’ s Civilization® series; the popular WWE® 2K and WWE® SuperCard franchises, as well as emerging properties NBA® 2K Playgrounds 2, Carnival Games and more. Additional information about 2K and its products may be found at 2k.com.
* * According to 2008 – 2021 Metacritic.com
Cautionary Note Regarding Forward-Looking Statements
The statements contained herein which are not historical facts are considered forward-looking statements under federal securities laws and may be identified by words such as `` anticipates, '' `` believes, '' `` estimates, '' `` expects, '' `` intends, '' `` plans, '' `` potential, '' `` predicts, '' `` projects, '' `` seeks, '' “ should, ” `` will, '' or words of similar meaning and include, but are not limited to, statements regarding the outlook for the Company's future business and financial performance. Such forward-looking statements are based on the current beliefs of our management as well as assumptions made by and information currently available to them, which are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual outcomes and results may vary materially from these forward-looking statements based on a variety of risks and uncertainties including: risks relating to our pending acquisition of Zynga; the uncertainty of the impact of the COVID-19 pandemic and measures taken in response thereto; the effect that measures taken to mitigate the COVID-19 pandemic have on our operations, including our ability to timely deliver our titles and other products, and on the operations of our counterparties, including retailers and distributors; the effects of the COVID-19 pandemic on both consumer demand and the discretionary spending patterns of our customers as the situation with the pandemic continues to evolve; the risks of conducting business internationally; the impact of changes in interest rates by the Federal Reserve and other central banks, including on our short-term investment portfolio; the impact of potential inflation; volatility in foreign currency exchange rates; our dependence on key management and product development personnel; our dependence on our NBA 2K and Grand Theft Auto products and our ability to develop other hit titles; our ability to leverage opportunities on PlayStation®5 and Xbox Series X|S; the timely release and significant market acceptance of our games; the ability to maintain acceptable pricing levels on our games; and risks associated with international operations.
Other important factors and information are contained in the Company's most recent Annual Report on Form 10-K, including the risks summarized in the section entitled `` Risk Factors, '' the Company’ s most recent Quarterly Report on Form 10-Q, and the Company's other periodic filings with the SEC, which can be accessed at www.take2games.com. All forward-looking statements are qualified by these cautionary statements and apply only as of the date they are made. The Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. | general |
Global Drug Discovery Market Research Report to 2027 - by Drug Type, Technology, End User and Region - ResearchAndMarkets.com | DUBLIN -- ( BUSINESS WIRE) -- The `` Drug Discovery Market Research Report by Drug Type, by Technology, by End User, by Region - Global Forecast to 2027 - Cumulative Impact of COVID-19 '' report has been added to ResearchAndMarkets.com's offering.
The Global Drug Discovery Market size was estimated at USD 42.34 billion in 2020, is expected to reach USD 48.09 billion in 2021, and is projected to grow at a CAGR of 13.94% to reach USD 105.59 billion by 2027.
Competitive Strategic Window:
The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period.
FPNV Positioning Matrix:
The FPNV Positioning Matrix evaluates and categorizes the vendors in the Drug Discovery Market based on Business Strategy ( Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction ( Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.
Market Share Analysis:
The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.
The report provides insights on the following pointers:
1. Market Penetration: Provides comprehensive information on the market offered by the key players
2. Market Development: Provides in-depth information about lucrative emerging markets and analyze penetration across mature segments of the markets
3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments
4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players
5. Product Development & Innovation: Provides intelligent insights on future technologies, R & D activities, and breakthrough product developments
The report answers questions such as:
1. What is the market size and forecast of the Global Drug Discovery Market?
2. What are the inhibiting factors and impact of COVID-19 shaping the Global Drug Discovery Market during the forecast period?
3. Which are the products/segments/applications/areas to invest in over the forecast period in the Global Drug Discovery Market?
4. What is the competitive strategic window for opportunities in the Global Drug Discovery Market?
5. What are the technology trends and regulatory frameworks in the Global Drug Discovery Market?
6. What is the market share of the leading vendors in the Global Drug Discovery Market?
7. What modes and strategic moves are considered suitable for entering the Global Drug Discovery Market?
Market Dynamics
Drivers
Restraints | general |
Latin America $ 5.06 Billion Construction Equipment Markets Assessment & Forecast, 2021-2027 - ResearchAndMarkets.com | DUBLIN -- ( BUSINESS WIRE) -- The `` Latin America Construction Equipment Market - Strategic Assessment & Forecast 2021-2027 '' report has been added to ResearchAndMarkets.com's offering.
The Latin America construction equipment market size will be valued at USD 5065.5 million and to reach a volume of 137,748 units by 2027, growing at a CAGR of 4.75% by volume during 2021-2027.
The report considers the present scenario of the Latin America construction equipment market and market dynamics for the forecast period 2021-2027. It covers a detailed overview of several growth enablers, restraints, and trends in the market. The study includes the volume and value sales with a segment analysis of the Latin America construction equipment market.
The governments ' investment in developing public infrastructures such as roads, airports, ports, and the energy sector is expected to bring strong growth to the construction equipment market in Latin America. There is robust demand for construction equipment in the region.
Contractors, mining, and construction companies are the major customers of the equipment in the market. Rental companies such as Carlyle Group, Grupo Orguel and BigRentz are having fair share in the market.
LATIN AMERICA CONSTRUCTION EQUIPMENT MARKET INSIGHTS
Upsurge in global commodities price to positively drive Latin America mining sector. Enhanced demand for natural resources in recent years will positively impact demand for construction equipment used in the mining industry, such as excavators, loaders, and cranes.
There is robust demand for construction equipment in the region. Contractors, mining, and construction companies are the major consumers of the Latin American construction equipment rental market. Rental companies such as Carlyle Group, Grupo orguel, and BigRentz have a fair share in the market.
KEY HIGHLIGHTS IN THE REPORT
Investment in renewable energy projects has risen across the region due to the government's agenda of achieving the carbon-neutral goals by 2040, thus driving growth for the Latin America construction machinery market. For instance, in Chile, the government is creating a regulatory framework to enable the installation of power storage on a large scale, which would allow the energy sector to be fully decarbonized.
Brazil and Mexico will have high demand in the Latin America heavy construction equipment market in 2021 due to increased investment in road redevelopment projects.
LATIN AMERICA CONSTRUCTION EQUIPMENT MARKET SEGMENTATION
Latin America's earthmoving equipment market is projected to witness robust growth through 2027 owing to the factors such as growth in the transportation sector with the boost in government investment towards the highway, metro and airports construction projects.
Forklifts ' market share is higher than other material handling equipment such as cranes in the Brazilian market. Various port development projects, such as the development of port terminals in Sao Luis and Rio Grade do Sul port, are planned for 2021 with an investment of USD 19.1 million by the Brazilian government.
VENDOR LANDSCAPE
The key vendors in the Latin America construction equipment market are Caterpillar, Liebherr, Komatsu, Volvo Construction Equipment, JCB, Xuzhou Construction Machinery Group Co., Ltd., SANY, etc.
In 2021, SANY has launched an SY215C large excavator to cater to the need for high construction and mining projects in the region.
WHY SHOULD YOU BUY THIS REPORT?
This report is among the few in the market that offers outlook and opportunity analysis forecast in terms of:
Major Vendors
Key Distributor Profiles
Key Topics Covered:
Section 1 - Introduction
Section 2 - The Market Overview
Economic Scenario, Infrastructure Construction projects in Latin America, PESTLE Analysis, Government focus on Construction Projects, Key Economic Regions, Import/ Export Analysis, Supply Chain Insight, COVID-19 Impact
Section 3- Technological Advancements
Section 4 Market Dynamics
Section 5 - Latin America Construction Equipment ( Type & Application)
5.1 Latin America Construction Equipment Market by Type ( Volume & Value)
5.1.1. Earth Moving Equipment
5.1.2. Road Construction Equipment
5.1.3. Material Handling Equipment
5.2 Latin America Construction Equipment Market by Application ( Volume & Value)
5.3 Latin America Construction Equipment Market by Countries ( Volume & Value) | general |
U.S. manufacturing strong in February, with only autos lagging | The numbers:
Industrial production rose 0.5% in February
, the Federal Reserve reported Thursday.
The gain was in line with Wall Street expectations, according to a survey by The Wall Street Journal.
Capacity utilization rose to 77.6% in February from a revised 77.3% in the prior month. The capacity utilization rate reflects the limits to operating the nation’ s factories, mines and utilities.
Economists had forecast a 77.8% rate.
Key details:
Manufacturing had a strong gain in February, rising 1.2% after two months of weakness.
Most industry groups showed gains with the exception of motor vehicles and parts, which fell 3.5% due to continued shortage of electronic components. Excluding autos, total industrial output increased 0.7%.
Capacity utilization in the factory sector alone rose to 78% in February, only a few tenths away from the most recent peak of 78.4% reached in 2018.
Utilities output slumped 2.7% in February after a strong gain in January. Mining output, which includes oil and natural gas, rose 0.1% after a 1.3% gain in the prior month.
Big picture:
Manufacturing has continued to be a bright spot in the economy, even as the sector grapples with supply-chain woes.
Looking ahead:
“ The recent survey evidence has been mixed. In contract to European producers, U.S. manufacturers have little supply chain exposure to Russia, though the renewed Covid lockdowns in China are potentially a much larger threat. All that suggests output will rise more modestly in the months ahead, ” said Michael Pearce, senior U.S. economist at Capital Economics.
Market reaction:
Stocks
DJIA,
+1.23%
SPX,
+1.23%
opened lower after the Fed laid out projections for steady interest rate increases this year. | business |
Gold settles nearly 2% higher to end a 4-session streak of declines | Gold futures ended nearly 2% higher on Thursday to post their first gain in five sessions, buoyed by a drop in the U.S. dollar.
Investors deemed the first Federal Reserve interest-rate hike since 2018 as not much of a headwind to bullion in the near term, given high inflation in the E.U. and U.S. and the desire for a safe haven due to the war in Ukraine.
“ Investor concerns of continued high levels of inflation, even as the Fed begins tightening, will likely continue to support gold prices, ” said Jeff Klearman, portfolio manager at GraniteShares, which offers the GraniteShares Gold Trust ( BAR), adding that although real yields are rising, they remain negative, also providing support for gold prices.
“ In other words, the opportunity cost of owning gold remains negative, supporting gold prices, ” Klearman told MarketWatch late Wednesday afternoon.
April gold
GCJ22,
-0.55%
rose $ 34, or 1.8%, to settle at $ 1,943.20 an ounce, after the contract on Wednesday posted a fourth consecutive decline, down 1.1%, marking the lowest most-active finish since Feb. 28, according to FactSet data.
May silver
SIK22,
-0.88%
also climbed by 91 cents, or 3.7%, to $ 25.616 an ounce, a day after losing 1.8%.
On Wednesday, the Fed said it would
raise fed fund futures rates by a quarter percentage point
to between 0.25% and 0.5% and it also laid out plans for ongoing increases in the Fed policy rate.
Shortly after the announcement, gold prices moved lower but markets then reversed, including gold, “ as concerns arose that the growth story may falter before the Fed can get all their rate hikes in place, and real interest rates and the U.S. dollar softened, ” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management.
“ Markets continue to watch the interaction of supportive factors with headwinds, ” he said. “ Supportive factors include geopolitical risks from the Russia/Ukraine conflict, still very negative real interest rates, and investors seeking shelter from higher interest rates and resulting poor bond returns. ” Headwinds include a stronger U.S. dollar and the “ ongoing cyclical reopening and recovery from the coronavirus pandemic. ”
Some commodity strategists expect the Fed interest rate hikes to actually be bullish for gold, given that some previous rate-hike cycles supported prices for the precious metal.
“ I expect the situation in Ukraine to drive gold in the near term, but also expect the Fed’ s rate-hike campaign to be bullish for the metal over the coming months, just as we saw in 2015 to 2016, ” said Brien Lundin, editor of Gold Newsletter.
The most recent example of an initial rate hike from the Fed came in its December 2015 meeting, and gold rose strongly the next day and continued to rise strongly for the next six months, he told MarketWatch.
The rally for precious metal on Thursday came as the dollar was slumping, down 0.8%, as measured by the ICE U.S. Dollar Index
DXY,
+0.12%
.
A weaker dollar can make dollar-pegged commodities more appealing to overseas buyers.
In other Comex dealings, May copper
HGK22,
+0.43%
tacked on 2.2% to $ 4.702 a pound. April platinum
PLJ22,
-0.44%
rose 2.3% to $ 1,031.30 an ounce and June palladium
PAM22,
+5.50%
settled at $ 2,492 an ounce, up 5.3%. | business |
U.S. unemployment claims drop to 2½-month low of 214,000 as hiring revs up | The numbers:
New filings for unemployment benefits fell to a 2½-month low of 214,000 in mid-March, showing that demand for labor is still extremely high as the U.S. economy recovers from the pandemic.
Initial jobless claims declined by 15,000 from a revised 229,000 in the prior week,
the Labor Department said Thursday
.
Economists polled by the Wall Street Journal had forecast initial jobless claims to total a seasonally adjusted 220,000 in the seven days ended March 12.
Weekly jobless claims now appear on track to approach or even fall below the 200,000 threshold again. They briefly sank to a 52-year low of 188,000 at the end of last year.
Big picture:
Job openings are at record highs, and layoffs are at record lows.
The chief problem companies face is finding enough workers during the biggest labor shortage in modern times. Even then, the economy has managed to create an average of 582,000 new jobs a month in a the past three months.
So long as demand for labor is strong, the U.S. economy is likely to keep growing at a steady pace. The biggest risks in the short run are
high inflation
— exacerbated by the war in Ukraine — and the potential spread of another strain of the coronavirus.
Key details:
Raw, or unadjusted, jobless claims fell in more than half the states, including a large decline in New York that reversed a big increase in the previous week.
The only state to post a sizable increase in new unemployment-benefits claims was Michigan.
The number of people already collecting unemployment benefits, meanwhile, declined by 71,000 to 1.42 million in the week ended March 5. That’ s a new pandemic low.
These so-called continuing claims, which are reported with a one-week lag, have fallen below pre-crisis levels and are extremely low.
Looking ahead:
“ Demand for labor is strong, and there are no reasons to believe that this will change any time soon, barring another wave of a new COVID variant, ” money market economist Thomas Simons of Jefferies wrote in a note to clients.
“ We expect that both initial and continuing claims will be biased toward heading lower in the weeks ahead. ”
Market reaction:
The Dow Jones Industrial Average
DJIA,
+1.23%
and S & P 500
SPX,
+1.23%
were set to open lower in Thursday trades. Stocks surged in the past two days after an extended losing streak triggered by the Russian invasion of Ukraine. | business |
Why haven't we seen the rise of next Dogecoin or Shiba Inu? Here are three main reasons | Hello! Welcome back to Distributed Ledger, our weekly crypto newsletter that reaches your inbox every Thursday. I’ m Frances Yue, crypto reporter at MarketWatch, and I’ ll walk you through the latest and greatest in digital assets this week so far.
Find me on Twitter at
@ FrancesYue
to send feedback or tell us what you think we should cover.
Subscribe Here to Distributed Ledger
Crypto in a snap
Bitcoin
BTCUSD,
-0.52%
gained 1.4% over the past seven days, recently trading at around $ 40,808, according to CoinDesk data. Ether
ETHUSD,
-1.02%
is up 5% over the seven-day stretch to around $ 2,804. Meme token Dogecoin
DOGEUSD,
-1.00%
logged a 0.6% loss while another dog-themed token Shiba Inu
SHIBUSD,
-1.40
is trading 0.2% lower from seven days ago.
Crypto Metrics
Biggest Gainers
Price
% 7-day return
$ 42.55
106%
THORChain
$ 8.14
47.5%
Basic Attention Token
$ 0.86
24.9%
The Graph
$ 0.41
17.9%
Aave
$ 143.48
12.4%
Source: CoinGecko as of March.
17
Biggest Decliners
Price
% 7-day return
Humans.ai
$ 0.04
-55.3%
ECOMI
$ 0.003
-23.3%
Arweave
$ 32.94
-11.8%
Terra
$ 88.07
-11.4%
Fantom
$ 1.24
-10.2%
Source: Coin
Gecko as of Jan.20
Next Shiba?
First Dogecoin. Then Shiba Inu. As we saw the astonishing price surge of some so-called meme tokens, which are cryptocurrencies that emerged from internet memes, many are looking for the next token that could gain as much as over 30,000,000% in one year, like what Shiba Inu did in 2021.
However, it has been several months since we see the rise of any new meme tokens. Meanwhile, Dogecoin is down more than 84% from its all-time high in May, and Shiba Inu declined more than 74% from its record high in November.
The sluggish performance could be partly attributed to the outflow of some retail traders from the crypto market, according to Ben McMillan, founder and chief investment officer at crypto asset manager IDX Digital Assets.
“ When you look at the popularity of the meme tokens, or frankly, even the meme stocks, so much of that was just was driven by the kind of excess cash in the system, ” McMillan told Distributed Ledger in a phone interview.
Such “ excess cash ” started to drain as the Federal Reserve in November
began tapering its bond purchase program
that it started during the Covid-19 pandemic. In addition, the U.S. central bank on Wednesday
raised its benchmark interest rate by a quarter percentage point
, the first rate hike since 2018, and signaled more to come.
Read:
As Fed hikes benchmark interest rate 25 basis points, here’ s what that means for your credit-card bill, savings, car loans and mortgage repayments
Joel Kruger, FX strategist at LMAX Group, said that the outflow of retail traders also “ has a lot to do with leverage trading. ”
While institutions are usually able to bear outsized losses that come with the use of leverage, the costs are harder to swallow for retail traders, who “ often get caught up in that, ” according to Kruger. “ They’ re overexposed. ”
McMillan compared the rise of some meme tokens to the boom in 2017 of initial coin offerings, or ICOs, which busted in 2018, with Facebook
FB,
+2.07%
,
Google
GOOGL,
+0.42%
and Twitter
TWTR,
+5.46%
banning ICO advertisements
. “ A lot of people got burned [ from investing in ICOs and learned their lesson. And they’ re gun-shy about investing in ICOs again, ” McMillan said.
“ I wouldn’ t be surprised if we see similar behaviors learned this time around – people got burned from Dogecoin or Shiba or GameStop
GME,
+0.97%
for that matter, and are now just more sensitive about what they go into, ” according to McMillan.
And it’ s not just meme tokens. Facing macro uncertainty, digital asset investors are moving funds from smaller projects to bitcoin and ether, which are “ on the more stable end of the spectrum, ” according to McMillan.
Bitcoin dominance, which is the ratio between the bitcoin’ s market capitalization to the total crypto market cap, rose to a more-than-three-month high of 44% in early March. The number stands at around 43.5% on Thursday.
“ Bitcoin seems to be the kind of flight to safety, not surprisingly, within the digital assets ecosystem, ” McMillan said.
Read:
Bitcoin trading ‘ like a Ping-Pong’ match, says investor as Fed kicks off a series of interest rate hikes
EU crypto proposal
On Monday, a proposal to require bitcoin and other proof-of-work cryptocurrencies to adopt more environmentally friendly practices in the European Union failed to win approval by a parliamentary committee. Proof-of-work is a consensus mechanism for crypto that requires high consumption of energy.
The EU’ s Economic and Monetary Affairs Committee voted on Monday to advance the Markets in Crypto-assets ( MiCA) legislation without a clause that seeks to make all cryptocurrencies “ subject to minimum environmental sustainability standards. ”
While the clause aims to reduce cryptocurrencies’ environmental costs, it was viewed as threatening to serve as a de facto ban on bitcoin and had received intensive backlash from the crypto community. “ Legislating what technologies energy can be used for will push Europe even further back in the innovation race, ” Noelle Acheson, head of market insights at crypto broker Genesis trading
wrote on Twitter
on Saturday.
Jake Chervinsky, head of policy at crypto industry lobbying group Blockchain Association, wrote on Twitter that “ if they manage to ban PoW, they’ ll come for PoS ( proof-of-stake) next, & every other sybil resistance mechanism after that. ”
Proof-of-stake is another consensus mechanism that requires less energy consumption. Ethereum is transitioning from proof-of-work to the proof-of-stake mechanism.
Crypto companies, funds
Shares of
Coinbase Global Inc
.
COIN,
+2.72%
traded up 1.4% to $ 174.90 Thursday afternoon. It was up 1.1% for the past five trading sessions. Michael Saylor’ s
MicroStrategy Inc.
MSTR,
+1.24%
gained 0.9% on Thursday to $ 432.49, while it has gained 2.7% over the past five days.
Mining company
Riot Blockchain Inc.
RIOT,
+12.45%
shares are up 8.5% to $ 17.8, and it was up 7.8% over the past five days. Shares of
Marathon Digital Holdings Inc.
MARA,
+10.03%
rose 7.2% to $ 25.97, with a 5% gain over the past five days. Another miner,
Ebang International Holdings Inc.
EBON,
,
traded 1% higher at $ 1.14, with a 2% gain over the past five days.
Overstock.com Inc.
OSTK,
+7.42%
advanced 4.9% to $ 50.89. The shares have gained 2.2% over the five-session period.
Block Inc.
SQ,
+10.26%
’ s
shares, formally known as Square, jumped 7.8% to $ 125.06, with a 14.9% gain for the week.
Tesla Inc.
TSLA,
+3.73%
’ s
shares are up 2.8% to $ 863.78 while its shares logged a 3.1% gain for the past five sessions.
PayPal Holdings Inc.
PYPL,
+3.93%
advanced 2.3% to $ 110.39, while it recorded a 12% gain over the five-session stretch.
Nvidia Corp.
NVDA,
+1.10%
inched down 0.05% to $ 244.57, while was looking at a 8% gain over the past five trading days.
Advanced Micro Devices Inc.
AMD,
-3.19%
lost 4% to $ 110.8 as of Thursday afternoon, while it rose 4% from five trading days ago.
Among crypto funds,
ProShares Bitcoin Strategy ETF
BITO,
-0.04%
inched 0.4% lower at $ 25.56 Thursday, while
Valkyrie Bitcoin Strategy ETF
BTF,
-0.19%
was down 0.6% at $ 15.84.
VanEck Bitcoin Strategy ETF
XBTF,
-0.15%
fell 0.6% to $ 40.
Grayscale Bitcoin Trust
GBTC,
+0.55%
was trading at $ 27.36, off 0.6% Thursday afternoon.
Must Reads
Inflation will be ‘ way better’ in a year, and bitcoin could reach $ 100,000, says Skybridge’ s Scaramucci
( MarketWatch)
Be ready to lose all your money in crypto, EU regulators warn
( Reuters)
Senator Elizabeth Warren Announces Sanctions Compliance Bill for Crypto Companies
( CoinDesk)
Ukraine’ s Zelenskyy Signs Virtual Assets Bill Into Law, Legalizing Crypto
( CoinDesk)
Crypto Aims to Boost Influence With Washington Hires
( Wall Street Journal)
Crypto Exchange FTX Wins License, Plans Regional HQ in Dubai
( Bloomberg)
Binance Wins First Gulf Crypto License From Bahrain
( Bloomberg) | business |
‘ That's a small price to pay’: Meet the boss who gave his workers a raise to help pay higher gasoline prices | As a man who built a business designing and manufacturing amplifiers, guitar pedals and power supplies, Paul Shedden knows about volume.
So when Shedden, the president of
Mission Engineering
in Petaluma, Calif., saw gasoline prices exceed $ 5 per gallon at a local Costco
COST,
+1.73%
— a retailer
known for cheaper gas
— the number spoke volumes to him.
And so he gave a $ 2-an-hour raise for seven California-based workers who commute every day, including one with an hour-long, one-way drive. Working from home isn’ t an option at Engineering, given the hands-on work, Shedden noted.
The raise hit paychecks in early March and will add approximately $ 4,000 per employee over the year, said Shedden.
“
The $ 2-an-hour raise was reflected in paychecks in early March, and will add approximately $ 4,000 per employee over the year.
”
That’ s an estimated $ 28,000 drag on the small business’ bottom line — all to take some sting out of gas prices that have been breaking records since Russia’ s invasion of Ukraine, as well as the months of hot inflation
broiling wallets before that.
This comes while the business tried to rebound from a loss in 2021, due to supply chain snags and rising costs, like a 900% increase on a tiny component for an electronic board that went from pennies to dollars.
“ To take care of people that you care about, who are good at what they do, that’ s a small price to pay, but nonetheless definitely triggered by the increase in fuel costs, ” Shedden told MarketWatch.
The raises were first reflected in the staffers’ March 4 paychecks. Days later, average gas prices across the country
broke records
last set in July 2008. On Thursday, the national average was $ 4.29
according to AAA
, and California’ s average was $ 5.78, the nation’ s highest price.
Other companies are also trying ease the pain at the pump. Beginning Thursday, DoorDash
DASH
said its drivers will be eligible for
10% cash back
on gas when using the DasherDirect debit card, and people who drive the most will get bonuses to defray costs. Uber
UBER
and Lyft
LYFT
said they are applying temporary surcharges on passengers that will get passed back to drivers.
The Great Return
The higher gas price increases coincide with more employers expecting their staff to return to the office as COVID-19 cases decrease. The omicron variant’ s surge from late 2021 to early 2022
toppled some of the best laid return-to-office plans
.
Now the question is whether gas prices are a new disruption? And who will shoulder the burden of those higher gas prices?
In some instances, the higher gas prices will put the kibosh in plans, said Ravin Jesuthasan, global leader for transformation services at Mercer, the human resources consulting firm.
“
‘ Let’ s be really cautious about what we ask people to do, because I often say to clients it’ s not flexibility if it’ s not a choice.’
”
— Ravin Jesuthasan, global leader for transformation services at Mercer
In recent talks with clients, “ a number of companies have said let’ s just pause for now. Let’ s pause until we have a better sense of where this is going before we start asking people to come back into the office, ” he said. At least one is eyeing a temporary stipend for gas costs, he said.
Back in February, Mercer polled companies on when they’ d require all or most of their staff back at work. Employees were already back for nearly 45% and roughly another 20% said they planned to have people back by either March or April.
And if companies insist on a return at this point? Some employers — many of those Jesuthasan has talked to — worry the more expensive commutes will antagonize staff when they can not afford to lose them in a tight labor market.
With “ such a premium being placed on flexibility, ” Jesuthasan said the thinking is “ let’ s be really cautious about what we ask people to do, because I often say to clients it’ s
not flexibility
if it’ s not a choice. ”
In other words, a work formula like one that sets three days in the office and two at home might sound like a balance, but even there Jesuthasan noted management is still prescribing the rules — and some staff will bristle, and then eye the exit.
A bargaining chip
Working from home at least some of the time is now a bargaining chip for some people. Over half ( 54%) of people working from home said they’ d look for a new job if the remote option stopped, according to Gallup polling released Tuesday. More than one-third of hybrid workers also said they’ d eye the exit with a work-from-home option.
Americans commuted an average
27.6 minutes
one way in 2019, according to the U.S. Census Bureau’ s most recent measure of the time it takes to get to work. Although car travel has risen compared to pre-pandemic levels, according to
one mobility data analyst
, higher gas prices may yet dampen that increase.
After all, the price of driving to work is preying on people’ s minds. Case in point: There’ s been a 3,463% increase since March in the number of tweets mentioning gas prices and work commutes in the same breath, according to an analysis from Sprout Social, a social media analytics company.
“
There’ s been a 3,463% increase since March in the number of tweets mentioning gas prices and work commutes in the same breath.
”
In the big picture, employer action to offset worker gas costs may be an effort to bolster morale and retention. For Shedden, “ It’ s not that we were worried about them walking. It’ s the right thing to do. ”
Shedden said he was applying a lesson he learned from his father, who ran his own company for years drafting the schematics and technical plans that turn architectural visions into real-life buildings. “ My dad taught me growing up, and I totally believe it then and I believe it now, that your staff are probably your most valuable resource, ” he said.
The
Consumer Price Index
hit 7.9% year-over-year in February, and gas rose 6.6% from January to February — and that’ s not even incorporating the impact from Russia’ s relentless bombardment of Ukraine, economists say.
Even before the raise, everyone’ s been on good terms at Mission Engineering, Shedden said. Still, he’ s noticed a feeling of “ more positivity ” and “ more energy ” on the factory floor since the announcement.
“ It might have nothing to do with it, ” Shedden said. “ But it’ s a bit of a coincidence if it’ s not. ” | business |
United States Steel Corporation Provides First Quarter 2022 Guidance | PITTSBURGH -- ( BUSINESS WIRE) -- United States Steel Corporation ( NYSE: X) today provided first quarter 2022 guidance. First quarter 2022 adjusted EBITDA is expected to be approximately $ 1.3 billion, a new all-time record for the first quarter. First quarter 2022 adjusted diluted earnings per share is expected to be in the range of $ 2.96 to $ 3.00.
“ We expect to deliver another strong quarter of safety, adjusted EBITDA, free cash flow, and operational performance in the first quarter, ” commented U. S. Steel President and Chief Executive Officer David B. Burritt. “ At the beginning of the year, we communicated expected market softness for the first quarter, along with the normal seasonal impacts related to our mining operations. We are exiting the first quarter with spot business accelerating, steel prices rising, and the longest backlog at our Big River Steel operations since October. Additionally, as a result of continued execution of our differentiated commercial strategy, we are realizing significant upside on our fixed price contracts. We expect improving market conditions to continue into the second quarter as seasonal demand picks up and buyers begin to shift their attention to a more reliable, regional steel supply given the geopolitical risks and cost volatility which has increased in recent weeks. ”
Burritt continued, “ The conflict in Ukraine is a human tragedy. Safety remains our number one priority. Our employees in Slovakia remain safe and we are demonstrating our culture of caring by assisting our Ukrainian neighbors through various charitable activities. The workforce in Slovakia has been quick to address refugee needs by supplying over 7,840 meals for refugees in Slovakia, working with Ukrainian suppliers to send 17 tons of food to Ukraine, and providing 800 beds for refugees arriving in Kosice. Over 220,000 refugees have crossed into Slovakia from Ukraine. In addition, we are demonstrating our S.T.E.E.L. Principles and culture of caring by announcing donation match programs through UNICEF and the Red Cross. ”
Burritt concluded, “ We are actively monitoring the conflict in Ukraine for impacts and risks to our people and business. Today’ s market dynamics reinforce what makes U. S. Steel’ s business model unique. Our low-cost, captive iron ore assets in Minnesota are a sustainable competitive advantage that can not be replicated by the competition. We are increasingly translating this competitive advantage to our growing fleet of electric arc furnaces. We are building a pig iron machine at Gary Works to supply Big River Steel with up to 50% of its ore-based metallics needs by the first half of 2023 and will continue to identify additional opportunities to broaden our metallics strategy. These actions build upon the regionally-sourced, low-cost iron ore advantage our U.S. blast furnaces have and the strategy in place with Big River Steel to supplement a portion of their prime scrap needs with home scrap from our integrated operations. We remain bullish for 2022 and another strong year of financial performance. ”
Stockholder Returns Update
Quarter to date, the Company has repurchased approximately $ 100 million of common stock. As of March 17, 2022, there is approximately $ 550 million remaining under the Company’ s cumulative $ 800 million stock buyback authorization.
First Quarter Adjusted EBITDA Commentary
The Flat-rolled segment’ s adjusted EBITDA is expected to be impacted by approximately $ 150 million related to the seasonal mining headwinds that occur each year in the first quarter, as well as increased raw material costs, and a larger than expected headwind from cautious spot market activity. These headwinds are expected to be partially offset by increased revenue from our fixed price contracts.
The Mini Mill segment is expected to continue delivering adjusted EBITDA margins similar to 2021 levels, reflecting the high-quality earnings of the Mini Mill segment. Cautious spot market activity throughout much of the quarter is expected to be partially offset by lower cost metallics consumed in the quarter. The recent geopolitical events are increasing spot steel demand, particularly at our Big River Steel operations, resulting in a growing backlog of orders. Considering the conflict in Ukraine and its impact on the global metallics supply, our raw material inventories remain well-positioned to continue meeting customer demand and contingency plans are in place to ensure raw materials are available from alternate sources.
The European segment is expected to deliver adjusted EBITDA approaching fourth quarter levels and is expected to be the third best quarterly adjusted EBITDA. Steel prices and demand were stable throughout January and February and our European segment benefited from having its third blast furnace back on-line in February after a 60-day planned outage. Demand remains healthy from our facility in Slovakia in March, in light of the conflict in Ukraine, and our risk mitigation plans are working as we currently have inventory on site or in-transit to continue meeting customer demand. Alternate sources of supply are underway to continue meeting demand as we closely monitor the rapidly changing geopolitical situation.
The Tubular segment’ s adjusted EBITDA is expected to nearly double fourth quarter 2021’ s performance. Selling prices continue to accelerate resulting in expanded margin performance for the segment. Our Tubular business is well-positioned to serve the U.S. energy market with value-add seamless pipe and a full suite of proprietary connections to meet customers’ on-shore drilling needs.
Forward-Looking Statements
This release contains information that may constitute “ 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. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using the words “ believe, ” “ expect, ” “ intend, ” “ estimate, ” “ anticipate, ” “ project, ” “ target, ” “ forecast, ” “ aim, ” “ should, ” `` plan, '' `` goal, '' `` future, '' “ will, ” `` may '' and similar expressions or by using future dates in connection with any discussion of, among other things, the construction or operation of new or existing facilities, operating performance, trends, events or developments that we expect or anticipate will occur in the future, statements relating to volume changes, share of sales and earnings per share changes, anticipated cost savings, potential capital and operational cash improvements, anticipated disruptions to our operations and industry due to the COVID-19 pandemic, changes in global supply and demand conditions and prices for our products, international trade duties and other aspects of international trade policy, statements regarding our future strategies, products and innovations, statements regarding our greenhouse gas emissions intensity reduction goals, and statements expressing general views about future operating results. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are not historical facts, but instead represent only the Company’ s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’ s control. It is possible that the Company’ s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our Company's historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to the risks and uncertainties described in “ Item 1A Risk Factors ” in our Annual Report on Form 10-K for the year ended December 31, 2021. and those described from time to time in our future reports filed with the Securities and Exchange Commission.
References to `` U. S. Steel, '' `` the Company, '' `` we, '' `` us, '' and `` our '' refer to United States Steel Corporation and its consolidated subsidiaries unless otherwise indicated by the context and `` Big River Steel '' refers to Big River Steel Holdings LLC and its direct and indirect subsidiaries unless otherwise indicated by the context.
UNITED STATES STEEL CORPORATION
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF ADJUSTED EBITDA GUIDANCE
( Dollars in millions)
Reconciliation to Projected Adjusted EBITDA Included in Guidance
1Q 2022
Projected net earnings attributable to United States Steel Corporation included in guidance
$
870
Estimated income tax provision
245
Estimated net interest and other financial costs ( income)
( 5
)
Estimated depreciation, depletion and amortization
190
Projected EBITDA included in guidance
$
1,300
Estimated first quarter adjustments
-
Projected adjusted EBITDA included in guidance
$
1,300
UNITED STATES STEEL CORPORATION
NON-GAAP FINANCIAL MEASURES
RECONCILIATION OF ADJUSTED NET EARNINGS GUIDANCE
( Dollars in millions, except per share amounts)
Reconciliation to Projected Adjusted Net Earnings Attributable to U. S. Steel Included in Guidance
1Q 2022
Projected net earnings attributable to United States Steel Corporation included in guidance
$
870
Estimated first quarter adjustments
-
Projected adjusted net earnings attributable to United States Steel Corporation included in guidance $
870
Reconciliation to Projected Adjusted Diluted Net Earnings Per Share Included in Guidance1
1Q 2022
Projected diluted net earnings per share included in guidance ( mid-point of guidance)
$
2.98
Estimated first quarter adjustments
-
Projected adjusted diluted net earnings per share included in guidance ( mid-point of guidance)
$
2.98
1 As noted in the 2021 Form 10-K, FASB Accounting Standard Update 2020-06 requires entities to use the If-Converted method for calculating diluted earnings per share, retiring the previous alternative calculation of the Treasury Stock method for calculating diluted earnings per share for convertible instruments. Under the If-Converted method, our total diluted shares for the quarter ended December 31, 2021 would have been approximately 300 million shares. This methodology is applied to the first quarter of 2022 and going forward.
Note Regarding Non-GAAP Financial Measures
We present adjusted net earnings, adjusted net earnings per diluted share, earnings before interest, income taxes, depreciation and amortization ( EBITDA) and adjusted EBITDA, which are non-GAAP measures, as additional measurements to enhance the understanding of our operating performance. We believe that EBITDA, considered along with net earnings, is a relevant indicator of trends relating to our operating performance and provides management and investors with additional information for comparison of our operating results to the operating results of other companies. | general |
Second Quarter Fiscal 2022 Preliminary Results and Announcement of Earnings Date | - Second Quarter Earnings Conference Call Scheduled for 11:30 a.m. Eastern April 6, 2022 -
PORTLAND, Ore. -- ( BUSINESS WIRE) -- Schnitzer Steel Industries, Inc. ( NASDAQ: SCHN) today announced preliminary results for its fiscal 2022 second quarter ended February 28, 2022.
Second Quarter Fiscal 2022 Expected Highlights
The Company anticipates:
Tamara Lundgren, Chairman and Chief Executive Officer stated, “ After delivering record first quarter earnings, we expect to deliver another strong quarterly performance notwithstanding continued supply chain disruptions. Demand for our products and services continues to be strong, with market prices for ferrous, nonferrous and finished steel products at or near multi-year highs. ” She continued, “ We expect our operating performance to continue to benefit from both strong current demand and long-term structural trends, including the focus on decarbonization and the increased use of recycled ferrous metals in steelmaking. Earlier this month we were pleased to announce the launch of GRN Steel™, our new line of net-zero carbon emission products manufactured in Oregon at our Cascade Steel mill. ”
Average net ferrous and nonferrous selling prices in the second quarter are expected to increase year-over-year by 15% and 33%, respectively. Ferrous and nonferrous sales volumes are expected to increase year-over-year by 10% and 8%, respectively. Average net finished steel selling prices are expected to increase year-over-year by 51% reaching all-time highs, and finished steel sales volumes for the quarter are expected to be up sequentially by 7%, following the completion of the ramp-up of our steel mill operations in the quarter.
This strong performance reflects benefits from higher year-over-year sales volumes for recycled metals, increased average net selling prices and recognition of insurance recoveries. These benefits are expected to be offset by compressed metal spreads on contracted ferrous sales for February shipments due to the surge in market prices in the second half of the quarter as well as from the effect of the supply chain disruptions, lower PGM prices, inflationary pressure on operating costs, and the detriment associated with the Everett, MA shredder downtime. As previously announced, shredding operations at the facility restarted in late January 2022.
The Company expects to generate operating cash flow of approximately $ 45 million for the second quarter. Total debt is expected to be $ 262 million at the end of the second quarter, and debt, net of cash, is expected to be $ 244 million. During the quarter, the Company returned capital to shareholders through its 112th consecutive quarterly dividend and the repurchase of approximately 200,000 shares, or 0.7%, of its Class A common stock in open market transactions pursuant to its ongoing authorized share repurchase program. The effective tax rate for the second quarter is expected to be an expense of approximately 24%.
The preliminary information provided above is based on the Company’ s current estimates of its financial results for the quarter ended February 28, 2022 and remains subject to change based on final review of the Company’ s second quarter financial results.
Earnings Call Date
The Company will report financial results for its second quarter of fiscal year 2022 ended February 28, 2022 on Wednesday, April 6, 2022. The Company will host a webcast conference call to discuss the results at 11:30 a.m. Eastern Time on the same day. The webcast of the call and the accompanying slide presentation may be accessed at www.schnitzersteel.com/company/investors/event-calendar on Schnitzer’ s website under Company > Investors > Event Calendar. The call will be hosted by Tamara Lundgren, Chairman and Chief Executive Officer, and Richard Peach, Executive Vice President, Chief Financial Officer and Chief Strategy Officer.
Replay Information
Toll Free Dial: ( 855) 859-2056 Toll Free International Dial: ( 404) 537-3406 Conference ID: 5691134 Replay Available: 4/6/2022 to 4/13/2022
About Schnitzer Steel Industries, Inc.
Schnitzer Steel Industries, Inc. is one of the largest manufacturers and exporters of recycled metal products in North America with operating facilities located in 25 states, Puerto Rico and Western Canada. Schnitzer has seven deep water export facilities located on both the East and West Coasts and in Hawaii and Puerto Rico. The Company’ s integrated operating platform also includes 50 stores which sell serviceable used auto parts from salvaged vehicles and receive over 4.3 million annual retail visits. The Company’ s steel manufacturing operations produce finished steel products, including rebar, wire rod and other specialty products. The Company began operations in 1906 in Portland, Oregon.
Non-GAAP Financial Measures
This press release contains expected performance based on adjusted diluted earnings per share from continuing operations attributable to SSI shareholders and adjusted EBITDA which are non-GAAP financial measures as defined under SEC rules. As required by SEC rules, the Company has provided a reconciliation of these measures for each period discussed to the most directly comparable U.S. GAAP measure. Management believes that providing these non-GAAP financial measures adds a meaningful presentation of our results from business operations excluding adjustments for legacy environmental matters ( net of recoveries), business development costs not related to ongoing operations including pre-acquisition expenses, and the income tax benefit allocated to these adjustments, items which are not related to underlying business operational performance, and improves the period-to-period comparability of our results from business operations. We believe that presenting debt, net of cash is useful to investors as a measure of our leverage, as cash and cash equivalents can be used, among other things, to repay indebtedness. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, the most directly comparable U.S. GAAP measures.
Reconciliation of adjusted diluted earnings per share from continuing operations attributable to SSI shareholders
( $ per share)
2Q22
High
Low
As reported
$
1.27
$
1.22
Charges for legacy environmental matters, net, per share ( 1)
0.13
0.13
Business development costs, per share
0.02
0.02
Income tax benefit allocated to adjustments, per share ( 2)
( 0.04
)
( 0.04
)
Adjusted ( 3)
$
1.38
$
1.33
Reconciliation of adjusted EBITDA
( $ in millions)
2Q22
High
Low
Net income
$
38
$
36
Plus interest expense
2
2
Plus tax expense
12
12
Plus depreciation and amortization
19
19
Plus charges for legacy environmental matters, net ( 1)
4
4
Plus business development costs
1
1
Adjusted EBITDA ( 3)
$
75
$
73
( 1)
Legal and environmental charges, net of recoveries, for legacy environmental matters including those related to the Portland Harbor Superfund site and to other legacy environmental loss contingencies.
( 2)
Income tax allocated to the aggregate adjustments reconciling reported and adjusted diluted earnings per share from continuing operations attributable to SSI shareholders is determined based on a tax provision calculated with and without the adjustments.
( 3)
May not foot due to rounding.
Reconciliation of debt, net of cash
( $ in thousands)
February 28, 2022
November 30, 2021
August 31, 2021
Total debt
261,577
259,716
74,953
Less: cash and cash equivalents
17,823
19,081
27,818
Total debt, net of cash
$
243,754
$
240,635
$
47,135
Forward Looking Statements
Statements and information included in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and are made pursuant to the “ safe harbor ” provisions of the Private Securities Litigation Reform Act of 1995. Except as noted herein or as the context may otherwise require, all references in this press release to “ we, ” “ our, ” “ us, ” “ the Company, ” and “ SSI ” refer to Schnitzer Steel Industries, Inc. and its consolidated subsidiaries.
Forward-looking statements in this press release include statements regarding future events or our expectations, intentions, beliefs, and strategies regarding the future, which may include statements regarding the impact of pandemics, epidemics, or other public health emergencies, such as the coronavirus disease 2019 ( “ COVID-19 ”) pandemic; the impact of equipment upgrades, equipment failures, and facility damage on production, including timing of repairs and resumption of operations; the realization of insurance recoveries; the Company’ s outlook, growth initiatives, or expected results or objectives, including pricing, margins, sales volumes, and profitability; completion of acquisitions and integration of acquired businesses; the impacts of supply chain disruptions and inflation; liquidity positions; our ability to generate cash from continuing operations; trends, cyclicality, and changes in the markets we sell into; strategic direction or goals; targets; changes to manufacturing and production processes; the realization of deferred tax assets; planned capital expenditures; the cost of and the status of any agreements or actions related to our compliance with environmental and other laws; expected tax rates, deductions, and credits; the impact of sanctions and tariffs, quotas, and other trade actions and import restrictions; the potential impact of adopting new accounting pronouncements; the impact of labor shortages or increased labor costs; obligations under our retirement plans; benefits, savings, or additional costs from business realignment, cost containment, and productivity improvement programs; and the adequacy of accruals. | general |
China COVID Outbreak Shuts Manufacturing Plants | China COVID Outbreak Shuts Manufacturing Plants | designnews.com
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Another COVID outbreak in China has shuttered electronics manufacturing there, leading to concern that current supply-chain issues will worsen.
A recent massive outbreak of COVID-19 cases in China has shut down key manufacturing hubs crucial to the electronics industry, further constraining a global electronics supply chain not likely to see relief anytime soon.
The fast-spreading Omicron variant BA.2 has forced the Chinese government to impose a complete lockdown in key manufacturing hubs such as Shenzhen and Changchun, which are home to many electronics and automotive plants. Not only are plants shut down, but intercity travel has been severely restricted, and delays are present at many ports. Shutdowns are likely to increase as the government seeks to control the spread of the virus throughout China.
For the global electronics industry, the specter of prolonged plant shutdowns is almost certainly bad news. China is the hub of global consumer electronics manufacturing, with an estimated 90% of mobile computers and computers built there. When the pandemic struck two years ago, manufacturing plant shutdowns in many locations helped throw the electronics supply chain into a prolonged period of shortages now projected to last into 2023.
Component Growth Looks Promising. What Does the Jittery Supply Chain Say?
Already, Foxconn, the contract manufacturer which manufactures for Apple, has shut down its Shenzhen plant which builds iPhones, indefinitely. The Foxconn plant shutdown is not good news for Apple, which has generally seen robust demand for its products and
leveraging its high-end processors.
While no major U.S.-based electronics companies have so far commented or issued statements on the fledgling crisis in China, there is likely some concern.
Jack Gold, president of industry consulting firm J. Gold Associates, said the impact will depend largely on how long the crisis lasts.
“ If plants are shut down for say, only a week there should not be too many problems, but if they are shut down for months there will be more problems. One issue is the ripple effect of plants being shut down because others may now have to wait for parts to complete tasks. ”
Matt Murphy, CEO of Marvel Technology, said in a CNBC report earlier this week that the latest COVID-19 would likely have repercussions for technology companies. Marvel Technology is a semiconductor company based in Santa Clara, CA, serving the automotive, carrier, data enterprise, and infrastructure sectors.
“ More broadly, if you look at the situation in China, the lockdowns certainly have the potential to have all kinds of disruption in the electronics industry, in particular in Shenzhen, which I’ ve visited many, many times over my career, ” Murphy was quoted as saying in the CBNC interview.
The disruptions caused by the China plant shutdowns come on top of continuing concern over the Russian-Ukraine crisis. While Ukraine does not have significant electronics manufacturing, the region does have electronics research and development centers. Ukraine is also a key supplier of neon, a gas used in lasers for chip manufacturing. Russia supplies some palladium, a metal used in electronics parts.
Many U.S. and European companies, such as Intel, have reacted to the crisis by
Jack Gold of J. Gold Associates expressed concern that a protracted crisis could be a concern if key infrastructure, such as the Ukraine plants used to process the neon, are attacked.
“ If the factories are gone, it is going to be a problem, ” he warned.
Spencer Chin is a Senior Editor for Design News covering the electronics beat. He has many years of experience covering developments in components, semiconductors, subsystems, power, and other facets of electronics from both a business/supply-chain and technology perspective. He can be reached at
Web page addresses and e-mail addresses turn into links automatically.
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Akston Biosciences and Biolexis Collaborate to Launch a Room Temperature Stable 2nd Generation COVID-19 Vaccine in 130+ Countries |
BEVERLY, Mass. & BANGALORE, India -- ( BUSINESS WIRE) -- Akston Biosciences Corporation, a developer of new classes of biologic therapeutics, and Biolexis, a division of Stelis Biopharma Limited ( Stelis), announced today that they have entered into a licensing, manufacturing and commercialization agreement for Akston’ s AKS-452, a protein subunit COVID-19 vaccine. Under the agreement, Biolexis gains the right to manufacture and commercialize AKS-452 ( branded as AmbiVax-CTM) in India and over 130 countries in Asia, Latin America, and Africa largely covering the low-and-middle-income countries ( LMICs). Biolexis will also leverage the capabilities of Strides Group for launching this vaccine across regions where the group has a deep market presence and established relationships.
AKS-452 or AmbiVax-CTM is a first-of-its-kind thermostable COVID-19 vaccine developed for all parts of the world. AmbiVax-CTM is a SARS-CoV-2 protein subunit vaccine designed to induce a Th1/Th2 mixed immune response in patients against the Receptor Binding Domain ( RBD) of the novel coronavirus spike protein. As the primary locus for infection, the RBD is highly conserved among mutated forms of the virus. The studies on AmbiVax-CTM have demonstrated robust antibody neutralization of variants, including Delta and Omicron, and the vaccine has been evaluated in multiple safety and efficacy studies in Netherlands and India across hundreds of subjects.
AmbiVax-CTM does not include mRNA technology, viral vectors, or a weakened SARS-CoV-2 virus and has been engineered to use established, low-cost antibody manufacturing techniques, such that a single production line could be capable of producing over one billion doses per year. AmbiVax-CTM is a two-shot vaccine injected over 28 days, with the first shot being supported by an adjuvant. The stability studies conducted on AmbiVax-CTM have demonstrated thermostability at room temperature for over six months at 25° Celsius ( 77° Fahrenheit) and maintains potency for one month at 37° Celsius ( 99° Fahrenheit). Being shelf-stable at these temperatures, AmbiVax-CTM has the potential to eliminate challenges in maintaining the cold chain, especially in low-and-middle-income countries where a significant population lacks dependable access to vaccines as a result of insufficient infrastructure to support the cold chain requirements of mRNA COVID-19 vaccines. AmbiVax-CTM would offer a flexible, reliable, and economically viable vaccine alternative in these regions, allowing the acceleration of immunization and longevity of immunity with the booster shots.
Commenting on the partnership, Arun Kumar, Founder, Strides Group, added, “ We are very excited to partner with Akston on AmbiVax-CTM, which is a first-of-its-kind COVID-19 vaccine developed for all parts of the world. While the vaccine has demonstrated good outcomes with its safety profile and over 90% seroconversion in clinical and bridging studies, its room temperature stability offers a unique value to the global population, making it more accessible across the World. As AmbiVax-C™ expects to receive EUA as a prime vaccine in H1 of 2022, we will leverage our group capabilities to manufacture, fill-finish, and commercialize AmbiVax-CTM across all the markets. We also remain on course to get the vaccine qualified as a booster to itself and other approved vaccines in different regions. ”
Todd Zion, Ph.D., President & CEO of Akston Biosciences, said, “ We are very pleased to be working closely with Biolexis and Strides Group, which has the experience, know-how, and capability to produce our vaccine at scale. Just as importantly, the group can supply the vaccine to countries that need a practical and affordable way to protect their populations during this worldwide pandemic. ”
AmbiVax-CTM has completed Phase I and II studies at the University Medical Centre Groningen ( UMCG) in the Netherlands. The recent Phase II trial data showed a greater than 90% seroconversion rate after two 45 μg doses ( 100%) or a single 90 μg dose ( 96%) in healthy adults at 56 days. It was well tolerated with a safety profile comparable to approved vaccines.
An EUA determining Phase II/III clinical trial is currently underway in India for over 1,600 subjects. The bridging study of 100 subjects has already been completed with a favorable safety profile and greater than 90% seroconversion achieved on day 28 post two vaccines doses. Approval from the Subject Expert Committee ( SEC) on vaccines of the Central Drugs Standard Control Organization ( CDSCO), India, has been received to begin the dosing of the remaining 1,500 subjects. The studies are expected to conclude in April 2022 with a potential EUA within the H1 of 2022. Besides this, additional studies are also being pursued to qualify AmbiVax-CTM as a booster to itself or other approved vaccines.
About Akston Biosciences
Akston Biosciences Corporation leverages its novel fusion protein platform to develop and manufacture new classes of biologics, including vaccines, ultra-long-acting insulins, and autoimmune disease therapies. Founded by the team that developed the world’ s first clinical glucose-responsive insulin at SmartCells, Inc. ( sold to Merck & Co.), Akston has partnered with Dechra Pharmaceuticals PLC ( DPH) to commercialize once-a-week canine and feline insulin therapies. It operates a GMP biologics manufacturing cleanroom facility and research laboratory at its Beverly, Mass. location. Additional information is available at www.akstonbio.com.
About Strides
Strides, listed on the BSE ( 532531) and National Stock Exchange of India Limited ( STAR), is a global pharmaceutical company headquartered in Bengaluru, India. The Company mainly operates in the regulated markets, has an “ in Africa for Africa ” strategy, and an institutional business to service donor-funded markets. The Company’ s global manufacturing sites are located in India ( Chennai, Puducherry and two locations in Bengaluru), Singapore, Italy ( Milan), Kenya ( Nairobi) and the United States ( New York). The Company focuses on “ difficult to manufacture ” products sold in over 100 countries. Additional information is available at www.strides.com.
About Stelis
Stelis Biopharma Limited ( Stelis) is a leading global biopharmaceutical Contract Development and Manufacturing Organization ( CDMO) with a complete and integrated end-to-end offering. It is equipped with a world-class Process Development ( PD) and manufacturing infrastructure for both drug substance ( mammalian and microbial-based therapeutic proteins, viral vectors) and drug product ( lyophilized vials, liquid vials, pre-filled syringes, cartridges and devices). Stelis has three state-of-the-art facilities, with ~900,000 square feet of PD and manufacturing space. More details are available at www.stelis.com.
About Biolexis
Biolexis Private Limited ( Biolexis) is an emerging biotech and vaccine company with the capabilities to develop and commercialize products for the Global markets. The Company is a wholly-owned subsidiary of Stelis and is focused on building and in-licensing a portfolio of advanced biosimilars, peptides, and vaccines. The Company endeavors to attain leadership in commercializing its portfolio of products with a high focus on quality, affordability, and accessibility. Besides in-licensing AmbiVax-CTM from Akston, Biolexis has a proprietary platform technology to develop and commercialize recombinant insulin and insulin analogs with high purity and consistent quality. The current programs of the Company include Rh-Teriparatide ( biosimilar to Forteo® and Forsteo®), Insulin glargine ( biosimilar to Sanofi’ s Lantus®), Insulin Lispro ( biosimilar to Eli-Lilly’ s Humalog®), Insulin Aspart ( biosimilar to Novo Nordisk’ s Novolog®), a recently filed peptide for diabetes and a novel anti-hemorrhoid.
Ankit Gupta For Stelis Biopharma Limited and Biolexis Private Limited 0091-8130923253 | ankit @ stelis.com | general |
Klaxoon Introduces Engage Edition, the New Generation of Its Workshop Platform | With major updates on Board Hybrid, Session, Memo, Question, up to the Network features, Engage Edition represents Klaxoon’ s biggest technology improvement to date.
And it’ s all designed to facilitate and heighten team engagement in any type of workshop.
( Photo: Klaxoon)
( Photo: Klaxoon)
BOSTON -- ( BUSINESS WIRE) -- Klaxoon, the hybrid collaborative work leader, has today launched the brand-new edition of its Workshop Platform, the most powerful tool enabling teams to work with unprecedented levels of efficiency and engagement. Unveiled in its first version last November, the Workshop Platform is already being used by millions of people across the globe. Easier, smarter, and faster, Engage Edition puts team engagement back at its very core, thanks to 100 new features contained within a single workspace.
The Workshop Platform - Engage Edition has been designed to boost teamwork and collaboration. Tested in its beta version by more than 1,000 global users, it includes a plethora of new features. In order for teams to reach the highest level of engagement, all key aspects of the Workshop Platform have been reinforced: usage simplicity, smooth experience, reduced time losses, increased impact, team bonding from anywhere at any time. The Board Hybrid update offers 20% more space and even more intuitive navigation. Session goes further, now comprising Live ( Klaxoon’ s built-in video conferencing tool) and the ability to load any type of document for broadcasting. Network steps up its game, thanks to improved filtering and activity organization to optimize workshop follow-ups. All the consolidated data and stats obtained through Memo and Question will reinforce team engagement analysis.
Engagement is key for team performance. Expressing oneself, contributing, interacting, all in order to make decisions and lead efficient problem-solving projects. This most recent generation of the Workshop Platform - Engage Edition frees all potential, whether individuals or collective. The platform stimulates operational and commercial performance for all the organizations that focus on building strong connections with stakeholders. There are multiple benefits to this platform, from carbon footprint reduction to employee experience, and talent retention.
“ When the pandemic began, all organizations were confronted with the fact that work had changed. Modern teamwork is now hybrid and flexible. The existing tools upon which teams relied before Covid-19 are no longer sufficient to tackle today’ s challenges. The new ways of working have made the shift from hard work to smart work, ” says Matthieu Beucher, CEO and founder of Klaxoon. “ All teams need solid and intuitive tools to move forward - where and when they want to. Collaboration must be engaging, visual, and efficient. Today, users of the Workshop Platform would describe it as the hub between colleagues, customers, and suppliers. It’ s become a cornerstone of their daily job. ”
The Workshop Platform - Engage Edition is a global workspace useful for every type of workshop - workshops being the collective work times that are becoming the new pillars of collaboration in organizations, such as: project management, customer or team meetings, trainings, reviews, ideation, or design thinking workshops. The platform is 100% transverse: all businesses, all departments, all organizations can adopt it very easily. Its purpose is to engage the teams no matter where from and to work efficiently ( synchronously or asynchronously) on any screen format, with unprecedented levels of efficiency and engagement.
The Workshop Platform - Engage Edition: a 360° platform for hybrid collaboration
New features for performance and engagement
Super powerful, yet truly simple:
Innovative experiences to boost engagement:
From idea to action:
Distance no longer matters:
Gain impact:
Move faster:
A whole lot of advanced features:
Visuals here | general |
Qumu Reports Fourth Quarter and Full Year 2021 Financial Results | Continued Execution of Cloud Growth Strategy Drives 35% Increase in SaaS Revenue and 16% Increase in SaaS Annual Recurring Revenue ( ARR)
MINNEAPOLIS -- ( BUSINESS WIRE) -- Qumu Corporation ( Nasdaq: QUMU), a leading provider of cloud-based enterprise video technology, today reported financial results for the fourth quarter and full year ended December 31, 2021.
Q4 2021 and Recent Operational Highlights
Q4 2021 and Full Year 2021 Financial Highlights
Q4 2021 Key Performance Indicators
Management Commentary
“ Our results for the fourth quarter and full year demonstrate the continued execution of our strategic roadmap, which emphasizes growing our cloud business and scaling our SaaS revenue base, ” said Qumu President and CEO TJ Kennedy. “ Highlighting this success is the 35% SaaS revenue growth we delivered in 2021, bringing our total SaaS revenue to a record $ 10.2 million at year end. Additionally, SaaS revenue accounted for 56% of our recurring revenue and 48% of our total revenue in Q4 2021, with the percent of total recurring revenue metric exceeding our guidance for the year-end and giving us encouraging momentum as we begin 2022. SaaS annual recurring revenue also grew by 16% in 2021, bringing the growth rate for SaaS ARR over the last two years to 40%, which we expect to serve as a strong benchmark going forward. ”
Qumu CFO Tom Krueger commented: “ As expected, our overall topline was down for the year, which was a direct result of certain legacy, on-prem contracts sunsetting as we focus our attention on higher margin, recurring revenue deals. Our partner-led sales motions and customer success efforts are gaining momentum and driving new customers, deeper relationships, and cloud conversions. In 2021, we completed five on-prem to SaaS conversions and expect to complete a similar number this year. Partner generated revenue grew 25% compared to 2020 and accounted for more than 30% of our total revenue in 2021. Looking at our costs, the optimization measures we implemented in the second half of 2021 have made us a more nimble and efficient organization, reflected by strong margins and reduced operating expenses, which we expect to further reduce in 2022. ”
Kennedy continued: “ 2021 was a transformative year for our organization, and I am incredibly proud of what the team accomplished. We scaled our cloud offerings, expanded our partner network, converted key on-prem customers, and delivered robust SaaS revenue growth, all of which allowed us to enter 2022 with solid momentum.
“ Looking ahead, the progress we’ re making with partners and strategic alliances is gaining traction, which we believe will translate to even more results starting in the second quarter of this year. As we continue to transform our business, we are focused on delivering robust SaaS revenue growth, which will be driven by new customer and expansion bookings sourced through the channel in 2022. Based on our success driving SaaS revenue and ARR in 2021, we are increasing our goals for 2022. We now expect our SaaS recurring revenue as a percentage of our recurring revenue to be at least 65% by the end of 2022 and 75% by the end of 2023. Longer term, we are confident that Qumu will emerge as a subscription-driven growth company operating at scale, benefiting from high-margin recurring revenues, sustainable and growing cash flow and Adjusted EBITDA and net income profitability. ”
Fourth Quarter 2021 Financial Results
Revenue for Q4 2021 was $ 5.9 million, compared to $ 6.4 million in Q3 2021 and $ 6.9 million in Q4 2020. The year-over-year decrease was expected and due to the company’ s strategic shift away from perpetual license sales, where revenue is recognized upon delivery, and toward SaaS sales, which results in ratable recognition of revenue through subscription terms.
Service revenue for Q4 2021 was $ 5.8 million, compared to $ 5.7 million in Q3 2021 and $ 6.1 million in Q4 2020. The year-over-year decrease resulted from customer contracts sunsetting, impacting maintenance revenue associated with the company’ s on-premise solution.
Gross margin in Q4 2021 was 75%, compared to gross margin of 76% for both Q3 2021 and Q4 2020. The gross margin percentage was impacted by lower overall revenue relative to the comparative periods.
Net loss in Q4 2021 totaled $ ( 3.8) million, or $ ( 0.21) loss per basic and diluted share. This compares to net loss of $ ( 3.7) million, or $ ( 0.21) loss per basic and diluted share, for Q3 2021 and net loss of $ ( 4.0) million, or $ ( 0.29) loss per basic and diluted share, in Q4 2020.
Adjusted EBITDA loss, a non-GAAP measure, in Q4 2021 was $ ( 3.1) million, compared to $ ( 3.5) million in Q3 2021 and $ ( 1.1) million in Q4 2020.
As of December 31, 2021, the company had cash and cash equivalents of $ 20.6 million and borrowings of $ 5.0 million on the company’ s revolving credit facility.
Full Year 2021 Financial Results
Revenue for full year 2021 was $ 24.0 million, compared to $ 29.1 million in full year 2020. The decrease was expected and due to a large on-premise deal recognized in 2020 as well as the company’ s strategic shift away from perpetual license sales, which revenue is recognized upon delivery, and toward SaaS sales, which results in ratable recognition of revenue through subscription terms.
Service revenue for full year 2021 was $ 22.8 million, compared to $ 21.5 million in 2020. The year-over-year increase resulted from shifting customers to the cloud and growing SaaS ARR and SaaS revenue.
Gross margin in 2021 was 74%, an improvement from gross margin of 71% for 2020.
Net loss in 2021 totaled $ ( 16.4) million, or $ ( 0.93) loss per basic and $ ( 1.01) loss per diluted share. This compares to net loss of $ ( 9.2) million, or $ ( 0.68) loss per basic and $ ( 0.70) loss per diluted share in 2020.
Adjusted EBITDA loss, a non-GAAP measure, in 2021 was $ ( 15.2) million, compared to $ ( 2.3) million in 2020.
Business Outlook
Qumu provides guidance based on current market conditions and expectations. The company emphasizes that its guidance is subject to various important cautionary factors referenced in the section entitled `` Forward-Looking Statements '' below, including risks and uncertainties associated with the company’ s strategic plan, transition to SaaS recurring revenue through channel partners, and the COVID-19 pandemic, such as trends in distributed remote and hybrid work impacting enterprise technology adoption and procurement.
To give insight into the progress of Qumu’ s SaaS business transformation, the company provides a business outlook based on the percentage of recurring revenue comprised of SaaS revenue. Qumu management now expects that SaaS recurring revenue will comprise approximately 65% of its overall recurring revenue mix by the end of 2022, with targeted growth to approximately 75% of recurring revenue mix by the end of 2023.
Conference Call
Qumu executive management will host a conference call today ( March 17, 2022) at 4:30 p.m. Eastern time.
U.S. Dial-In Number: +1.833.644.0679 International Dial-In Number: +1.918.922.6755
Investors can also access a webcast of the live conference call by linking through the investor relations section of the Qumu website at https: //ir.qumu.com. The webcast will be archived on Qumu’ s website for one year.
Non-GAAP Information
To supplement the company's condensed consolidated financial statements presented on a GAAP basis, the company uses Adjusted EBITDA, a non-GAAP measure, which excludes certain items from net loss, a GAAP measure. Adjusted EBITDA excludes items related to interest income and expense, the impact of income-based taxes, depreciation and amortization, stock-based compensation, change in fair value of derivative and warrant liabilities, foreign currency gains and losses, other non-operating income and expenses, and transaction-related expenses.
The company uses both GAAP and non-GAAP measures when planning, monitoring, and evaluating the company’ s performance. The company believes that Adjusted EBITDA is useful to investors because it provides supplemental information that allows investors to review the company's results of operations from the same perspective as management and the company's board of directors. Non-GAAP results are presented for supplemental informational purposes only for understanding our operating results. The non-GAAP results should not be considered a substitute for financial information presented in accordance with generally accepted accounting principles and may be different from non-GAAP measures used by other companies.
See the attached Supplemental Financial Information for a reconciliation of net loss, a GAAP measure, to Adjusted EBITDA, a non-GAAP measure, for the three months and year ended December 31, 2021 and 2020.
About Qumu
Qumu ( Nasdaq: QUMU) is a leading provider of best-in-class tools to create, manage, secure, distribute and measure the success of live and on-demand video for the enterprise. The Qumu Cloud platform enables global organizations to drive human engagement, increase access to and insights from video use, and modernize the workplace by providing a more efficient and effective way to share knowledge.
Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as “ may, ” “ will, ” “ expect, ” “ believe, ” “ anticipate, ” or “ estimate ” or comparable terminology are intended to identify forward-looking statements. Forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements.
Such forward-looking statements include, for example, statements about: the expected use and adoption of video in the enterprise, the impact of COVID-19 on the use and adoption of video in the enterprise, the company’ s future revenue and operating performance, cash balances, future product mix or the timing of recognition of revenue, the demand for the company’ s products or software, or the success of go-to-market strategies or the other initiatives in the company’ s strategic plan. The risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements include the risk factors described in the company’ s Annual Report on Form 10-K for the year ended December 31, 2020, and other factors set forth in the company’ s filings with the Securities and Exchange Commission.
The forward-looking statements in this press release speak only as of the date of this press release. Except as required by law, Qumu assumes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future, except as required by law.
QUMU CORPORATION
Condensed Consolidated Statements of Operations
( unaudited - in thousands, except per share data)
Three Months Ended December 31,
Year Ended December 31,
2021
2020
2021
2020
Revenues:
Software licenses and appliances
$
95
$
811
$
1,186
$
7,547
Service
5,815
6,070
22,836
21,525
Total revenues
5,910
6,881
24,022
29,072
Cost of revenues:
Software licenses and appliances
32
184
222
2,528
Service
1,476
1,488
5,946
5,825
Total cost of revenues
1,508
1,672
6,168
8,353
Gross profit
4,402
5,209
17,854
20,719
Operating expenses:
Research and development
1,907
2,279
8,426
8,252
Sales and marketing
4,339
2,612
18,478
9,055
General and administrative
2,046
3,004
8,596
10,059
Amortization of purchased intangibles
161
165
649
657
Total operating expenses
8,453
8,060
36,149
28,023
Operating loss
( 4,051
)
( 2,851
)
( 18,295
)
( 7,304
)
Other income ( expense):
Interest expense, net
( 19
)
( 35
)
( 100
)
( 73
)
Decrease ( increase) in fair value of derivative liability
—
( 1
)
37
103
Decrease ( increase) in fair value of warrant liability
80
( 1,096
)
1,549
( 1,826
)
Gain on sale of BriefCam
—
—
50
—
Other, net
25
( 154
)
2
( 406
)
Total other income ( expense), net
86
( 1,286
)
1,538
( 2,202
)
Loss before income taxes
( 3,965
)
( 4,137
)
( 16,757
)
( 9,506
)
Income tax benefit
( 116
)
( 159
)
( 392
)
( 306
)
Net loss
$
( 3,849
)
$
( 3,978
)
$
( 16,365
)
$
( 9,200
)
Net loss per share – basic:
Net loss per share – basic
$
( 0.21
)
$
( 0.29
)
$
( 0.93
)
$
( 0.68
)
Weighted average shares outstanding – basic
17,978
13,781
17,514
13,612
Net loss per share – diluted:
Loss attributable to common shareholders
$
( 3,849
)
$
( 3,978
)
$
( 17,913
)
$
( 9,494
)
Net loss per share – diluted
$
( 0.21
)
$
( 0.29
)
$
( 1.01
)
$
( 0.70
)
Weighted average shares outstanding – diluted
17,978
13,781
17,650
13,627
QUMU CORPORATION
Condensed Consolidated Balance Sheets
( unaudited - in thousands)
December 31,
December 31,
Assets
2021
2020
Current assets:
Cash and cash equivalents
$
20,563
$
11,878
Receivables, net
3,709
5,612
Contract assets
446
467
Income taxes receivable
556
479
Prepaid expenses and other current assets
2,184
2,302
Total current assets
27,458
20,738
Property and equipment, net
337
249
Right of use assets – operating leases
146
332
Intangible assets, net
1,388
2,143
Goodwill
7,388
7,455
Deferred income taxes, non-current
17
19
Other assets, non-current
362
490
Total assets
$
37,096
$
31,426
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and other accrued liabilities
$
2,742
$
2,705
Accrued compensation
1,725
2,145
Deferred revenue
10,862
12,918
Operating lease liabilities
597
735
Financing obligations
5,502
406
Note payable
—
1,800
Derivative liability
—
37
Warrant liability
801
2,910
Total current liabilities
22,229
23,656
Long-term liabilities:
Deferred revenue, non-current
1,507
3,488
Income taxes payable, non-current
630
608
Operating lease liabilities, non-current
21
554
Financing obligations, non-current
113
75
Other liabilities, non-current
—
160
Total long-term liabilities
2,271
4,885
Total liabilities
24,500
28,541
Stockholders’ equity:
Common stock
178
138
Additional paid-in capital
105,655
79,489
Accumulated deficit
( 90,693
)
( 74,328
)
Accumulated other comprehensive loss
( 2,544
)
( 2,414
)
Total stockholders’ equity
12,596
2,885
Total liabilities and stockholders’ equity
$
37,096
$
31,426
QUMU CORPORATION
Condensed Consolidated Statements of Cash Flows
( unaudited - in thousands)
Year Ended December 31,
2021
2020
Operating activities:
Net loss
$
( 16,365
)
$
( 9,200
)
Adjustments to reconcile net loss to net cash provided by ( used in) operating activities:
Depreciation and amortization
983
1,518
Loss on disposal of property and equipment
5
—
Stock-based compensation
2,067
1,178
Accretion of debt discount and issuance costs
40
85
Gain on sale of BriefCam, Ltd.
( 50
)
—
Decrease in fair value of derivative liability
( 37
)
( 103
)
Increase ( decrease) in fair value of warrant liability
( 1,549
)
1,826
Deferred income taxes
2
2
Changes in operating assets and liabilities:
Receivables
1,911
( 938
)
Contract assets
21
645
Income taxes receivable / payable
( 50
)
( 102
)
Prepaid expenses and other assets
752
157
Accounts payable and other accrued liabilities
( 530
)
682
Accrued compensation
( 419
)
972
Deferred revenue
( 4,029
)
4,688
Other non-current liabilities
( 160
)
160
Net cash provided by ( used in) operating activities
( 17,408
)
1,570
Investing activities:
Proceeds from sale of BriefCam, Ltd.
50
—
Purchases of property and equipment
( 239
)
( 128
)
Net cash used in investing activities
( 189
)
( 128
)
Financing activities:
Proceeds from line of credit
6,840
—
Payment on line of credit
( 1,840
)
—
Principal payments on term loan
( 1,833
)
—
Principal payments on financing obligations
( 445
)
( 372
)
Payment of debt issuance costs
( 25
)
—
Net proceeds from common stock issuance
23,085
—
Proceeds from issuance of common stock under employee stock plans
545
440
Common stock repurchases to settle employee withholding liability
( 51
)
( 188
)
Net cash provided by ( used in) financing activities
26,276
( 120
)
Effect of exchange rate changes on cash
6
( 83
)
Net increase in cash and cash equivalents
8,685
1,239
Cash and cash equivalents, beginning of period
11,878
10,639
Cash and cash equivalents, end of period
$
20,563
$
11,878
QUMU CORPORATION
Supplemental Financial Information
( unaudited - in thousands)
A summary of revenue is as follows:
Three Months Ended December 31,
Year Ended December 31,
2021
2020
2021
2020
Software licenses and appliances
$
95
$
811
$
1,186
$
7,547
Service
Subscription, maintenance and support
5,036
5,175
20,074
18,770
Professional services and other
779
895
2,762
2,755
Total service
5,815
6,070
22,836
21,525
Total revenue
$
5,910
$
6,881
$
24,022
$
29,072
A reconciliation from GAAP results to Adjusted EBITDA is as follows:
Three Months Ended December 31,
Year Ended December 31,
2021
2020
2021
2020
Net loss
$
( 3,849
)
$
( 3,978
)
$
( 16,365
)
$
( 9,200
)
Interest expense, net
19
35
100
73
Income tax benefit
( 116
)
( 159
)
( 392
)
( 306
)
Depreciation and amortization expense:
Depreciation and amortization in operating expenses
58
344
228
575
Total depreciation and amortization expense
58
344
228
575
Amortization of intangibles included in cost of revenues
26
74
106
286
Amortization of intangibles included in operating expenses
161
165
649
657
Total amortization of intangibles expense
187
239
755
943
Total depreciation and amortization expense
245
583
983
1,518
EBITDA
( 3,701
)
( 3,519
)
( 15,674
)
( 7,915
)
Gain on sale of BriefCam, Ltd.
—
—
( 50
)
—
Increase ( decrease) in fair value of derivative liability
—
1
( 37
)
( 103
)
Increase ( decrease) in fair value of warrant liability
( 80
)
1,096
( 1,549
)
1,826
Other expense ( income), net
( 25
)
154
( 2
)
406
Stock-based compensation expense:
Stock-based compensation included in cost of revenues
27
14
71
36
Stock-based compensation included in operating expenses
637
544
1,996
1,142
Total stock-based compensation expense
664
558
2,067
1,178
Non-cash office lease surrender costs
—
637
—
637
Transaction-related expenses
—
—
—
1,623
Adjusted EBITDA
$
( 3,142
)
$
( 1,073
)
$
( 15,245
)
$
( 2,348 | general |
HealthWarehouse.com Reports Full Year 2021 Results | Prescription sales growth and positive cashflow for fifth consecutive year
CINCINNATI -- ( BUSINESS WIRE) -- HealthWarehouse.com, Inc. ( OTCQB: HEWA) announced today net sales for 2021 were $ 16,143,906, with prescription sales increasing by 2% which was driven by a strong increase in partner services revenue. The growth in prescription revenue was offset by a decrease in over-the-counter business, resulting in an overall 6% decrease in revenues from 2020. The Company reported a loss from operations of $ 572,502 for the year.
Cash flow, as reflected by the Company’ s non-GAAP internal measure of Adjusted EBITDA, was positive for the fifth consecutive year at $ 459,208 in 2021.
HealthWarehouse.com, a technology company with a focus on healthcare e-commerce, sells and delivers prescription medications to all 50 states as an Approved Digital Pharmacy through the National Association of Boards of Pharmacy ( NABP). HealthWarehouse.com provides a platform focused on increasing access and reducing costs of healthcare products for consumers nationwide.
Joseph Peters, President and CEO, commented, “ We are happy to report prescription sales growth for the year, stemming from expansion of our healthcare partner offerings through the addition and growth of partnerships. We continue to customize our platform, develop APIs, and add resources to grow and support our partner services business while equipping our personnel and customers with better technology tools to attract and retain our traditional direct-to-consumer customers. We were also able to support those in our local and extended community navigate the ill effects of the COVID pandemic, providing affordable tests, medications and vaccines. Our initiatives will continue to focus on improving the customer experience. ”
HealthWarehouse.com continues to invest in proprietary technology to remain at the forefront of new developments and offerings in the world of healthcare, noting a focus on patient experience, operational efficiency, and scalability.
“ Our efforts last year have set the stage for 2022 to be an exciting and productive year. We anticipate the launch of a proprietary e-commerce platform and pharmacy technology in early 2022, which will enhance the customer experience, and improve customer acquisition and retention in our direct-to-consumer business. In addition, the new technology will facilitate and expand the services provided to our healthcare partner customers to support our growth initiatives. We are well positioned to be a technological leader in the industry, providing transparent and affordable healthcare solutions to our patients while maintaining world-class service levels, ” added Peters.
2021 Annual Overview:
Net Sales:
Net sales decreased from $ 17,178,985 for the year ended December 31, 2020 to $ 16,143,906 for the year ended December 31, 2021, a decrease of $ 1,035,079, or 6.0%. Prescription sales were $ 13,729,966 for the year ended December 31, 2021, as compared to $ 13,404,587 for the year ended December 31, 2020, an increase of $ 325,379, or 2.4%, due to an increase in new partner services business, offset by a reduction in the B2C business. Net sales of over-the-counter products decreased by 36.7% from $ 3,347,395 in the year ended December 31, 2020 to $ 2,117,839 in the year ended December 31, 2021. The decrease in the B2C prescription and over-the-counter sales was due to decreased website traffic and consumer demand relative to the unprecedented high levels experienced in 2020 during the early months of the COVID 19 pandemic.
Gross Profit: Gross profit for the year ended December 31, 2021, was $ 11,133,091, a $ 214,891 or 1.9% decrease compared with the same period in 2020, due to the decrease in sales volume, offset by improved gross margins.
Operating Expenses: Operating expenses were $ 11,492,710 for the year ended December 31, 2021, compared with $ 11,397,106 for the year ended December 31, 2020, an increase of $ 95,604, or 0.8%. The increase was primarily the result of higher stock-based compensation, engineering, marketing and customer outreach salaries, accounting and employee benefits expenses. The increases were partially offset by reductions in variable expenses, including shipping and shipping supplies, advertising and credit-card fees.
Net Income and Adjusted EBITDA: The Company reported a net loss of $ 572,502 for the year ended December 31, 2021, as compared with net income of $ 641,326 for the year ended December 31, 2020. Net income in 2020 included an $ 890,000 gain related to the forgiveness of a Paycheck Protection Program ( PPP) loan received in May 2020. In 2021, Adjusted EBITDA was $ 459,208, versus $ 593,744 for the same period of 2020.
2021 Fourth Quarter Overview:
Net Sales: Total net sales were $ 4,158,602 for the fourth quarter ended December 31, 2021, an increase of $ 68,861, or 2%, compared with $ 4,089,741 in the fourth quarter of 2020. Prescription sales were $ 3,599,763, compared with $ 3,386,536 in 2020, an increase of $ 213,227, or 6%, due to increases in new partner services and B2C business. Over-the-counter product sales decreased by 23% to $ 480,101, compared with $ 620,014 in 2020.
Gross Profit: Gross profit for the fourth quarter was $ 2,876,246, a $ 162,190 or 6% increase compared with the 2020 fourth quarter, due to improved margins on partner services business.
Operating Expenses: Operating expenses were $ 2,872,552 for the fourth quarter, an increase of $ 126,791, or 5%, compared with the same quarter in 2020. The increases in 2021 were related to increases in advertising, marketing, shipping, and stock-based compensation expenses.
Net Income and ( non-GAAP) Adjusted EBITDA: The Company reported a net loss of $ 78,636 for the fourth quarter of 2021, compared with net income of $ 818,746 during the same period in 2020. Net income in 2020 included an $ 890,000 gain related to the forgiveness of the PPP loan received in May 2020. For the fourth quarter, Adjusted EBITDA was $ 157,660 in 2021 compared with $ 143,064 in 2020.
2021
2020
2021
2020
$
4,158,602
$
4,089,741
$
16,143,906
$
17,178,985
1,282,356
1,375,685
5,010,814
5,831,003
2,876,246
2,714,056
11,133,092
11,347,982
2,872,552
2,745,761
11,492,710
11,397,106
3,694
( 31,705
)
( 359,618
)
( 49,124
)
-
890,000
-
890,000
( 43,832
)
( 39,549
)
( 174,386
)
( 199,550
)
( 43,832
)
850,451
( 174,386
)
690,450
( 40,138
)
818,746
( 534,004
)
641,326
( 38,498
)
-
( 38,498
)
-
( 78,636
)
818,746
( 572,502
)
641,326
( 85,558
)
( 85,558
)
( 342,233
)
( 342,233
)
$
( 164,194
)
$
733,188
$
( 914,735
)
$
299,093
$
( 0.00
)
$
0.01
$
( 0.01
)
$
0.01
$
( 0.00
)
$
0.01
$
( 0.01
)
$
0.01
$
( 0.00
)
$
( 0.01
)
$
( 0.01
)
$
( 0.01
)
$
( 0.00
)
$
0.01
$
( 0.02
)
$
0.01
$
( 0.00
)
$
0.01
$
( 0.02
)
$
0.00
52,012,533
51,313,063
51,817,243
50,900,267
52,012,533
72,845,648
51,817,243
69,449,318
Use of Non-GAAP Financial Measures
HealthWarehouse.com, Inc. ( the `` Company '') prepares its consolidated financial statements in accordance with the United States generally accepted accounting principles ( `` GAAP ''). In addition to disclosing financial results prepared in accordance with GAAP, the Company discloses information regarding EBITDA and Adjusted EBITDA, which are commonly used. In addition to adjusting net income or net loss to exclude interest, taxes, depreciation and amortization ( “ EBITDA ”), Adjusted EBITDA also excludes stock-based compensation, and certain nonrecurring charges. EBITDA and Adjusted EBITDA are not measures of performance defined in accordance with GAAP. However, Adjusted EBITDA is used internally in planning and evaluating the Company's performance. Accordingly, management believes that disclosure of this metric offers lenders and other shareholders an additional view of the Company's operations that, when coupled with GAAP results, provides a more complete understanding of the Company’ s financial results.
Adjusted EBITDA should not be considered as an alternative to net income, net loss or to net cash provided by or used in operating activities as a measure of operating results or of liquidity. It may not be comparable to similarly titled measures used by other companies, and it excludes financial information that some may consider important in evaluating the Company's performance.
Reconciliation of Net Income ( Loss) ( GAAP) to Adjusted EBITDA ( Non-GAAP)
2021
2020
2021
2020
$
( 78,636
)
$
818,746
$
( 572,502
)
$
641,326
43,832
39,549
174,386
199,550
32,806
33,294
133,576
133,576
( 1,998
)
891,589
( 264,540
)
974,452
180,289
141,475
744,379
509,292
( 20,631
)
-
( 20,631
)
-
-
( 890,000
)
-
( 890,000
)
$
157,660
$
143,064
$
459,208
$
593,744
About HealthWarehouse.com
HealthWarehouse.com, Inc. ( OTCQB: HEWA) is America's Leading Online Pharmacy and a pioneer in affordable healthcare. Based in Florence, Kentucky, the Company's services are available nationwide, shipping FDA approved prescription medication and over-the-counter products direct to patients ' doors. As one of the first National Association of Boards of Pharmacy ( “ NABP ”) Approved Digital Pharmacies, HealthWarehouse.com services the mission of providing affordable healthcare and incredible patient services to help Americans in all 50 states. Learn more at www.HealthWarehouse.com.
Forward-Looking Statements | general |
AHF Welcomes Appointment of New US COVID Chief | LOS ANGELES -- ( BUSINESS WIRE) -- AIDS Healthcare Foundation ( AHF) applauds President Biden’ s decision to appoint renowned public health expert, Dr. Ashish Jha, as the next White House COVID-19 response coordinator. | general |
Struggling companies will avoid bankruptcy, default as Fed hikes rates | A jump in corporate borrowing costs tied to rising interest rates is unlikely to spark a new rush of bankruptcies and defaults this year.
As expected, the Federal Open Market Committee on March 16 raised the federal funds target rate — a benchmark for broader borrowing costs — by 25 basis points from its near 0% floor. Most Federal Reserve officials also believe interest rates will jump to nearly 2% before the end of the year as the central bank looks to combat historic inflation.
Although those moves will pressure companies struggling to stay afloat, they still have ample options to avoid turning to court or missing a debt payment. Corporate bankruptcies hit a 12-year low in 2021 and so far, 2022 is not showing any signs of a jump. Defaults are also slowing, with six rated companies so far this year compared to 13 at the same point in 2021 and 2022's default rate will fall below pre-pandemic figures, according to S & P Global Ratings.
Interest rates above the Fed's anticipated hikes would add extra pressure that would force more companies to default or go bankrupt, analysts said. Absent that, however, companies continue to reap the benefits of lingering pandemic stimulus and generous lenders that have so far kept them solvent.
`` Slow to moderate rate increases should have limited impacts on corporate survival, '' said Joel Naroff, president of Naroff Economics. `` If a company can not pay one percentage point more in interest expenses, which is what is likely to happen over the rest of the year, their problems are a lot greater than debt payments. ''
Nearly 90% of investors as of March 16 expected the Fed will raise interest rates at least six more times in 2022, according to the CME FedWatch Tool, a measure of investor expectations for the Fed Funds target rate. That would push the target federal funds rate to at least 1.75%. Projections released by the Fed on March 16 show expectations of rates going even higher in 2023.
Rate hikes are needed because inflation is becoming more embedded in the economy, Naroff said. Consumer prices jumped 7.9% year over year in February, the fastest increase in about 40 years.
`` The Fed is boxed in, '' Naroff said. `` It needs to reduce inflation just as external events over which it has no control are raising inflation and risking growth. ''
The slowdown in bankruptcies in 2021 came as companies reaped the benefits of government stimulus and easy lending conditions from creditors looking to avoid defaults. Shifting Fed policy, including rising interest rates, poses a threat to heavily indebted companies that will face higher costs to borrow and refinance.
Historically, though, rate hikes up to 2% have not prompted a rise in corporate filings, said Aaron Hammer, chair of HMB's bankruptcy, reorganization and creditors ' rights practice.
`` I would expect that the Federal funds rate would have to be higher than at least 3% to 4% in order to see a noticeable impact, '' Hammer said.
The shift in business and consumer demand from the pandemic might send more companies to courts in 2022. Businesses built around pre-pandemic work conditions, such as commercial real estate, might need to look into bankruptcy solutions.
Another factor keeping new business failures low is that many loans have a higher floor above the Fed's target rate so companies are paying higher interest on their loans already.
About 60% of leveraged loans have a floor of 50 to 100 basis points, according to Ramki Muthukrishnan, head of leveraged finance at S & P Global Ratings.
Ratings predicts the trailing 12-month default ratio for speculative-grade companies to reach 3% by December 2022. That is below the pre-pandemic level of 3.2% in January 2020.
The `` three-legged stool '' of defaults — economic story, credit story, and markets and financing conditions — are still very supportive, meaning the risk of defaults is low, said Nick Kraemer, head of ratings performance analytics at Ratings.
Above-trend economic growth as consumers continue to spend despite rising prices, an increase in speculative-grade upgrades in 2021, and good financing conditions all contribute to keeping defaults low, Kraemer said.
Defaults slowed during the COVID-19 pandemic, but interest rates and projected default rates are looking more like the end of 2019, Kraemer said. The Fed lowered the target range for interest rates to 1.5% -1.75% before dropping rates to near 0% when the pandemic took hold.
`` So, there's some worry out there, but I don't think it’ s going to translate into a big spike in defaults by the end of the year, '' Kraemer said. | business |
High Tide Reports Q1 2022 Financial Results Featuring Record Revenue of $ 72 Million, Increasing 34% Sequentially, and Adjusted EBITDA of $ 3 Million, Representing an 80% Sequential Increase | Company Reports Second-Highest Quarterly Revenue Figure Ever by a Cannabis Company Reporting in Canadian Dollars
CALGARY, Alberta -- ( BUSINESS WIRE) -- High Tide Inc. ( “ High Tide ” or the “ Company ”) ( NASDAQ: HITI) ( TSXV: HITI) ( FSE: 2LYA), a leading retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, filed its financial results for the first fiscal quarter of 2022, ended January 31, 2022, the highlights of which are included in this news release. The consolidated financial statements for the three months ended January 31, 2022 and the accompanying management’ s discussion and analysis can be accessed by visiting the Company’ s website at www.hightideinc.com, and its profile pages on SEDAR at www.sedar.com, and EDGAR at www.sec.gov.
Fiscal First Quarter 2022 – Financial Highlights:
“ I 'm proud of our team delivering such a strong quarter in a challenging business environment. This past quarter's results, showcasing 34% sequential revenue growth and 80% sequential increase in Adjusted EBITDA, re-affirms our exponential, yet sustained growth trajectory. We continue to execute on our business plan quarter after quarter by strategically expanding our business in Canada and internationally through organic growth and accretive M & A across our diversified ecosystem. Our forward-thinking approach makes us a leader amongst our peer group in Canada, as we keep introducing innovative retail concepts such as our discount club model, while remaining agile and pivoting quickly when needed due to the constantly evolving dynamics in the global cannabis landscape, ” said Raj Grover, President and Chief Executive Officer of High Tide. “ With these results, we have now achieved the second-highest quarterly revenue figure ever reported by a Canadian cannabis company that reports in Canadian dollars, and with our growth plans for the remainder of this year, we remain confident in further meaningful increases to our revenue profile. As Canada's largest cannabis retailer, we continue to consolidate the bricks-and-mortar market at attractive multiples while simultaneously growing our e-commerce business portfolio. From same-store sales increases to the rapid growth in our Cabana Club loyalty program, including generating higher consolidated gross margins through our complimentary ecosystem, we continue to raise the bar on our operational execution. Our recent entry into Germany positions us well to take advantage of significant growth opportunities in Europe’ s largest cannabis market. Our imminent entry into British Columbia and ongoing expansion in Ontario will further propel our growth over the next few quarters. We practically doubled our EBITDA this quarter and believe this growth will continue to accelerate as we remain hyper focussed in executing on our business plan, ” added Mr. Grover.
First Fiscal Quarter 2022 – Operational Highlights:
Subsequent Events:
Selected financial information for the first quarter ended January 31, 2022:
( Expressed in thousands of Canadian Dollars)
Three Months Ended January 31,
2022 $
2021 $
% Change
Revenue
72,218
38,319
88%
Gross profit
22,982
14,768
56%
Total operating expenses
( 29,129)
( 16,813)
73%
Adjusted EBITDA
2,955
4,601
( 36%)
Loss from operations
( 6,147)
( 2,045)
201%
Net loss
( 7,352)
( 16,845)
( 56%)
Loss per share ( basic and diluted)
( 0.14)
( 0.62)
( 77%)
The following is a reconciliation of Adjusted EBITDA to Net Loss:
Three Months Ended January 31,
2022
2021
Net loss
( 7,352)
( 16,845)
Income taxes
( 1,064)
588
Accretion and interest
1,551
2,702
Depreciation and amortization
7,111
6,094
EBITDA ( 1)
246
( 7,461)
Foreign exchange
97
89
Transaction and acquisition costs
909
1,581
Debt restructuring gain
-
( 1,145)
Revaluation of derivative liability
( 525)
10,484
Loss on settlement of debenture
18
-
Loss on extinguishment of debenture
-
515
Impairment loss
89
-
Share-based compensation
1,902
553
Revaluation of marketable securities
219
( 15)
Adjusted EBITDA ( 1)
2,955
4,601
Note:
( 1)
Earnings before interest, taxes, depreciation, and amortization ( “ EBITDA ”) and Adjusted EBITDA. These measures do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other issuers. Non-IFRS measures provide investors with a supplemental measure of the Company’ s operating performance and therefore highlight trends in Company’ s core business that may not otherwise be apparent when relying solely on IFRS measures. Management uses non-IFRS measures in measuring the financial performance of the Company.
Outlook:
High Tide continues to have a leading position in the Canadian bricks-and-mortar cannabis market with 113 locations across the country. The Company’ s launch of an innovative discount club model in its retail stores near the end of the fourth fiscal quarter of 2021 has delivered encouraging results to date, with same-store sales having continued to accelerate throughout the first fiscal quarter of 2022. As previously stated, the Company reported revenue of $ 72.2 million in the first fiscal quarter of 2022, which is the second-highest quarterly revenue figure ever reported by a Canadian cannabis company that reports in Canadian dollars. Through organic growth and accretive M & A, the Company expects to continue to increase its revenue through the second fiscal quarter of 2022, and the remainder of the year. By the end of the 2022 calendar year, the Company intends to grow its Canadian retail store portfolio to at least 150 locations, with a primary focus on the Province of Ontario. The Company also plans to enter the British Columbia market in the near-term and will continue growing strategically in other provinces where it currently operates. Although challenges still remain as a result of the ongoing COVID-19 pandemic, the Company is confident and has demonstrated that it will be able to remain on a positive growth trajectory.
Beyond growing its bricks-and-mortar retail footprint and same-store sales, the Company has started implementing its customized Fastendr™ technology, which it expects will both drive greater efficiency, by lowering overhead and labour costs, and improve customer experience. All five of the Company’ s stores in Ottawa are now equipped with the Fastendr™ technology, with expectations to have this exciting technology added to another 15 stores by the end of April 2022. The Company expects to have all of its Canna Cabana locations outfitted with this technology by the end of the 2022 calendar year. The Company also anticipates that it will be able to launch its exclusive lineup of Cabana Cannabis Co. white label products in April 2022. Canna Cabana launched its cannabis delivery on demand service in all provinces where it operates and anticipates a future launch in British Columbia upon its entry into that province’ s market.
The Company also has firm plans to build upon its existing momentum in the international hemp-derived CBD and consumption accessories e-commerce sectors, where it made six acquisitions during the 2021 calendar year and grew its revenue outside of Canada run rate by over seven times, to approximately $ 80 million. Throughout 2022, High Tide will continue to integrate and expand CBD brands that it acquired in 2021, including NuLeaf Naturals, FAB CBD, and Blessed CBD. The Company recently launched a subscribe-and-save service in the United States through its subsidiary, FAB CBD. Through its United Kingdom-based subsidiary, Blessed CBD, the Company entered the German market with the organic sale of premium hemp-derived CBD products on its e-commerce platform. In addition to growing its in-house brands, High Tide intends to continue growing its online retail portfolio through further strategic and accretive acquisitions.
High Tide Earnings Event Webcast:
The Company will host a webcast and conference call to discuss their unaudited results and outlook at 5:30 PM ( Eastern Time) today, Thursday, March 17, 2022.
Webcast Link for High Tide Earnings Event:
https: //events.q4inc.com/attendee/372657250
Participants may pre-register for the webcast by clicking on the link above prior to the beginning of the live webcast. Three hours after the live webcast, a replay of the webcast will be available at the same link above.
Participants may access the audio of the High Tide earnings event through either the new webcast format, or the conference call line below. However, any participant who wishes to ask a question must access the event via conference call, as the webcast does not support live questions.
Canada Dial-In Number ( Toll-Free): +1 833 950 0062 Canada Dial-In Number ( Local): +1 226 828 7575 United States Dial-In Number ( Toll-Free): +1 844 200 6205 United States Dial-In Number ( Local): +1 646 904 5544 Dial-In Number for All Other Locations: +1 929 526 1599 Participant Access Code: 019155
* Participants will need to enter the participant access code before being met by a live operator *
ABOUT HIGH TIDE
High Tide is a leading retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets. The Company is the largest Canadian retailer of recreational cannabis as measured by revenue, with 113 current locations spanning Ontario, Alberta, Manitoba, and Saskatchewan. High Tide was featured in the third annual Report on Business Magazine’ s ranking of Canada’ s Top Growing Companies in 2021 and was named as one of the top 10 performing diversified industries stocks in the 2022 TSX Venture 50™. The Company is also North America’ s first and only cannabis discount club retailer, featuring Canna Cabana, Meta Cannabis Co., and Meta Cannabis Supply Co. banners, with additional locations under development across the country. High Tide’ s portfolio also includes retail kiosk and smart locker technology – Fastendr™. High Tide has been serving consumers for over a decade through its established e-commerce platforms including Grasscity.com, Smokecartel.com, Dailyhighclub.com, and Dankstop.com and more recently in the hemp-derived CBD space through Nuleafnaturals.com, FABCBD.com, BlessedCBD.co.uk, and BlessedCBD.de, as well as its wholesale distribution division under Valiant Distribution, including the licensed entertainment product manufacturer Famous Brandz. High Tide’ s strategy as a parent company is to extend and strengthen its integrated value chain, while providing a complete customer experience and maximizing shareholder value.
Neither the TSX Venture Exchange nor its Regulation Services Provider ( as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information about High Tide Inc., please visit www.hightideinc.com, its profile page on SEDAR at www.sedar.com, and its profile page on EDGAR at www.sec.gov.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains “ forward-looking information ” within the meaning of applicable Canadian securities legislation. These statements relate to future events or future performance. The use of any of the words “ could ”, “ intend ”, “ expect ”, “ believe ”, “ will ”, “ projected ”, “ estimated ” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’ s current belief or assumptions as to the outcome and timing of such future events.
The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the Company’ s business objectives and milestones and the anticipated timing of, and costs in connection with, the execution or achievement of such objectives and milestones ( including, without limitation, the proposed acquisition of Crossroads Cannabis); the Company’ s future growth prospects and intentions to pursue one or more viable business opportunities; the development of the Company’ s business and future activities following the date hereof; expectations relating to market size and anticipated growth in the jurisdictions within which the Company may from time to time operate or contemplate future operations; expectations with respect to economic, business, regulatory and/or competitive factors related to the Company or the cannabis industry generally; the impact of the COVID-19 pandemic on the Company’ s current and future operations; the market for the Company’ s current and proposed product offerings, as well as the Company’ s ability to capture market share; the Company’ s strategic investments and capital expenditures, and related benefits; the distribution methods expected to be used by the Company to deliver its product offerings; the competitive landscape within which the Company operates and the Company’ s market share or reach; the performance of the Company’ s business and the operations and activities of the Company; the Company will add the number of additional cannabis retail store locations the Company proposes to add to the Company’ s business, with a primary focus on the Province of Ontario and near-term British Columbia market focus and remaining on a positive growth trajectory; same-store sales continuing to increase in the second quarter of 2022 and beyond; the Company making meaningful increases to its revenue profile; the Company growing in the German market; the results of the car giveaway contest being announced on April 20, 2022; the Company deploying Fastendr™ technology across the Company’ s retail stores in Ottawa and other provinces, upon the timelines disclosed herein, resulting in greater efficiencies, by lowering overhead and labour costs, and improving the customer experience; the Company continuing to increase its revenue through the second fiscal quarter of 2022, and the remainder of the year; the Company launching its exclusive lineup of Cabana Cannabis Co. white label products on the timelines disclosed herein; the Company launching delivery services in British Columbia upon its entry into the province; the Company building upon its existing momentum in the international hemp-derived CBD and consumption accessories e-commerce sectors; the Company continuing to integrate and expand its CBD brands; the Company completing the development of its cannabis retail stores; the Company’ s ability to generate cash flow from operations and from financing activities; the Company’ s ability to obtain, maintain, and renew or extend, applicable authorizations, including the timing and impact of the receipt thereof; the realization of cost savings, synergies or benefits from the Company’ s recent and proposed acquisitions ( including, without limitation, Bud Room and Crossroads Cannabis), and the Company’ s ability to successfully integrate the operations of any business acquired within the Company’ s business; the Company’ s intention to devote resources to the protection of its intellectual property rights, including by seeking and obtaining registered protections and developing and implementing standard operating procedures; the anticipated sales from continuing operations for the financial year of the Company ending October 31, 2022; Cabana Club loyalty program membership continuing to increase; the Company reaching its goal of leading global cannabis across all business segments in which they operate; the anticipated sales from continuing operations for the financial year of the Company ending October 31, 2022; the Company hitting its forecasted revenue and sales projections for the second quarter of 2022; and the Company continuing to grow its online retail portfolio through further strategic and accretive acquisitions.
Forward-looking information in this press release are based on certain assumptions and expected future events, namely: current and future members of management will abide by the Company’ s business objectives and strategies from time to time established by the Company; the Company will retain and supplement its board of directors and management, or otherwise engage consultants and advisors having knowledge of the industries ( or segments thereof) within which the Company may from time to time participate; the Company will have sufficient working capital and the ability to obtain the financing required in order to develop and continue its business and operations; the Company will continue to attract, develop, motivate and retain highly qualified and skilled consultants and/or employees, as the case may be; no adverse changes will be made to the regulatory framework governing cannabis, taxes and all other applicable matters in the jurisdictions in which the Company conducts business and any other jurisdiction in which the Company may conduct business in the future; the Company will be able to generate cash flow from operations, including, where applicable, distribution and sale of cannabis and cannabis products; the Company will be able to execute on its business strategy as anticipated; the Company will be able to meet the requirements necessary to obtain and/or maintain authorizations required to conduct the business; general economic, financial, market, regulatory, and political conditions, including the impact of the COVID-19 pandemic, will not negatively affect the Company or its business; the Company will be able to successfully compete in the cannabis industry; cannabis prices will not decline materially; the Company will be able to effectively manage anticipated and unanticipated costs; the Company will be able to maintain internal controls over financial reporting and disclosure, and procedures in order to ensure compliance with applicable laws; the Company will be able to conduct its operations in a safe, efficient and effective manner; general market conditions will be favourable with respect to the Company’ s future plans and goals; the Company will reach the anticipated sales from continuing operations for the financial year of the Company ending October 31, 2022; the Company will complete the acquisition of Crossroads Cannabis; the Company will hit its forecasted revenue and sales projections for the second quarter of 2022; Cabana Club loyalty program membership will continue to increase; the Company will reach its goal of leading global cannabis across all business segments in which they operate; the Company will deploy Fastendr™ technology across the Company’ s retail stores, upon the timelines disclosed herein, resulting in greater efficiencies, by lowering overhead and labour costs, and improve the customer experience; the Company will launch its exclusive lineup of Cabana Cannabis Co. white label products on the timelines disclosed herein; same-store sales will continue to increase in the second quarter of 2022 and beyond; the Company will make meaningful increases to its revenue profile; the Company will grow in the German market; the Company will give away a car; the Company will continue to increase its revenue through the second fiscal quarter of 2022, and the remainder of the year; the Company will launch delivery services in British Columbia upon its entry into the province; the Company will build upon its existing momentum in the international hemp-derived CBD and consumption accessories e-commerce sectors; the Company will continue to integrate and expand its CBD brands; the Company will continue to grow its online retail portfolio through further strategic and accretive acquisitions; the Company will add the additional cannabis retail store locations to the Company’ s business and remain on a positive growth trajectory; and the Company will complete the development of its cannabis retail stores.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company’ s inability to attract and retain qualified members of management to grow the Company’ s business and its operations; unanticipated changes in economic and market conditions ( including changes resulting from the COVID-19 pandemic) or in applicable laws; the impact of the publications of inaccurate or unfavourable research by securities analysts or other third parties; the Company’ s failure to complete future acquisitions ( including, without limitation, the proposed acquisition of Crossroads Cannabis) or enter into strategic business relationships; interruptions or shortages in the supply of cannabis from time to time available to support the Company’ s operations from time to time; unanticipated changes in the cannabis industry in the jurisdictions within which the Company may from time to time conduct its business and operations, including the Company’ s inability to respond or adapt to such changes; the Company’ s inability to secure or maintain favourable lease arrangements or the required authorizations necessary to conduct the business and operations and meet its targets; the Company’ s inability to secure desirable retail cannabis store locations on favourable terms; risks relating to projections of the Company’ s operations; the Company’ s inability to effectively manage unanticipated costs and expenses, including costs and expenses associated with product recalls and judicial or administrative proceedings against the Company; risk that the Company will not acquire Crossroads Cannabis; risk that the Company will not reach the anticipated sales from continuing operations for the financial year of the Company ending October 31, 2022; risk that the Company will not hit its forecasted revenue and sales projections for the second quarter of 2022; risk that Cabana Club loyalty program membership will decrease and/or plateau; risk that the Company will not reach its goal of leading global cannabis across all business segments in which they operate; risk that the Company will be unable to deploy Fastendr™ technology across the Company’ s retail stores or upon the timelines disclosed herein; risk that the Company will be unable to launch its exclusive lineup of Cabana Cannabis Co. white label products on the timelines disclosed herein or at all; risk that same-store sales will not increase, but decease and/or plateau; risk that the Company will be unable to increase its revenue profile; risk that the Company will be unable to increase its revenue through the second fiscal quarter of 2022, and the remainder of the year, but that it will decease and/or plateau; risk that the Company will be unable to grow in the German market; risk that the Company will be unable to give away a car; risk that the Company will be unable to expand into British Columbia; risk that the Company will not launch delivery services in British Columbia upon entry into the province; risk that the Company will be unable to build upon its existing momentum in the international hemp-derived CBD and consumption accessories e-commerce sectors; risk that the Company will be unable to continue to integrate and expand its CBD brands; risk that the Company will be unable to grow its online retail portfolio through further strategic and accretive acquisitions; risk that the Company will be unable to add additional cannabis retail store locations to the Company’ s business and remain on a positive growth trajectory; and risks that the Company will be unable to complete the development of any or all of its cannabis retail stores.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company’ s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
CAUTIONARY NOTE REGARDING FUTURE ORIENTED FINANCIAL INFORMATION
This press release may contain future oriented financial information ( “ FOFI ”) within the meaning of Canadian securities legislation, about prospective results of operations, financial position or cash flows, based on assumptions about future economic conditions and courses of action, which FOFI is not presented in the format of a historical balance sheet, income statement or cash flow statement. The FOFI has been prepared by management to provide an outlook of the Company’ s activities and results and has been prepared based on a number of assumptions including the assumptions discussed under the heading above entitled “ Cautionary Note Regarding Forward-Looking Statements ” and assumptions with respect to the costs and expenditures to be incurred by the Company, capital expenditures and operating costs, taxation rates for the Company and general and administrative expenses. Management does not have, or may not have had at the relevant date, firm commitments for all of the costs, expenditures, prices or other financial assumptions which may have been used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not, or may not have been at the relevant date of the FOFI, objectively determinable.
Importantly, the FOFI contained in this press release are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including, but not limited to, assumptions about: ( i) the future pricing for the Company’ s products, ( ii) the future market demand and trends within the jurisdictions in which the Company may from time to time conduct the Company’ s business, ( iii) the Company’ s ongoing inventory levels, and operating cost estimates, and ( iv) the Company’ s unaudited financial results for the three months ended January 31, 2022. The FOFI or financial outlook contained in this press release do not purport to present the Company’ s financial condition in accordance with IFRS as issued by the International Accounting Standards Board, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in any such document, and such variation may be material ( including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management’ s best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading above entitled “ Cautionary Note Regarding Forward-Looking Statements ” and under the heading “ Risk Factors ” in the Company’ s public disclosures, FOFI or financial outlook within this press release should not be relied on as necessarily indicative of future results. | general |
Covid cases are rising again – how worried should we be? – podcast | After falling for the past few weeks, the number of Covid cases in the UK is increasing once more. Since the easing of restrictions, scientists have been expecting an upwards trend in infections – but could other factors also be at work?
Guardian science correspondent Nicola Davis speaks to Anand Jagatia about the latest coronavirus data and what it could mean.
How to listen to podcasts: everything you need to know
Presented and produced by Anand Jagatia with Nicola Davis, sound design by Tony Onuchukwu, executive producer Max Sanderson
Thu 17 Mar 2022 05.00 GMT
Archive: The World is One News, CNBC
The Guardian is editorially independent. And we want to keep our journalism open and accessible to all. But we increasingly need our readers to fund our work. | general |
Toyota slashes April production, takes 'intentional pause ' from rampant growth | TOKYO -- Toyota Motor Corp. will take the foot off the gas in its race to recoup lost production, slowing the pace of recovery from April to June to achieve a more “ reasonable ” pace of output as the ongoing semiconductor shortage and COVID-19 pandemic continue to crimp the industry.
Toyota said it would slash its global production plan for April by 150,000 units to 750,000 vehicles, compared with the original schedule reported to suppliers earlier this year.
From April through June, the company’ s fiscal first quarter, Toyota said its global production would average about 800,000 vehicles a month. The new goals are down from the 900,000-plus levels Toyota had targeted in recent months as it tried to catch up on lost production. | general |
17 oil stocks, including Warren Buffett favorite Occidental Petroleum, that are expected to book the highest free cash flow | The price action has been nothing short of breathtaking — oil has swung by $ 55 a barrel this year. On Thursday alone, it surged by more than 7% after peace negotiations stalled in Ukraine and billionaire Warren Buffett boosted his stake in a high-flying U.S. oil company.
Early on March 17, West Texas crude oil for April delivery
CL.1,
+1.86%
was up 7.2% to $ 101.90 a barrel. That was down 22% from this year’ s intraday peak WTI price of $ 130.50 on March 7, according to continuous front-month contract data
CL00,
+1.86%
compiled by FactSet. But it was up 35% from $ 75.21 at the end of 2021.
Rather than be over-excited by today’ s action, let’ s consider that rough price of $ 75 for a barrel of oil. On Feb. 28, Sam Peters, a portfolio manager at ClearBridge Investments in New York, said that if oil prices were to stabilize in a range of $ 75 to $ 80 a barrel, “ you would get very high free cash flows in most of the U.S. energy production companies. ” You can read more of his comments
here
.
A screen of oil producers with the highest expected free cash flow yields is below. It can serve as a starting point for your own research. The list includes Occidental Petroleum Corp.
OXY,
+9.47%
,
which Berkshire Hathaway Inc.’ s
BRK.B,
+2.64%
Buffett has recently shined a light on. Occidental’ s shares are up 85% this year.
Read:
Berkshire Hathaway stock hits a record high. Buffett can thank Occidental, not Apple.
Supply-and-demand imbalance bodes well for oil stocks
Peters wasn’ t necessarily focusing on the turmoil in world energy markets caused by Russia’ s invasion of Ukraine. He was considering the radical reduction in capital investments by oil producers at a time of increasing demand.
This chart shows estimated energy industry capital expenditures on oil exploration, source development and production against the level of U.S. inventories from 2004 through 2021:
On the left, the chart shows that capital expenditures had increased when supplies were low. The right side of the chart shows the incredible decline in capital expenditures when inventories began to decline.
There’ s your perfect scenario for a healthy supply/demand environment for oil producers and their shareholders over the next several years, even when peace breaks out in Europe.
Oil-stock screen — two magic words
The magic words are “ cash flow. ” Specifically, a company’ s free cash flow is its remaining cash flow after capital expenditures. If we take the estimated free cash flow per share and divide it by the share price, we have an estimated free cash flow yield. The higher, the better.
In his comments about free cash flow, Peters emphasized that the boards of directors — and influential shareholders — of oil companies have been shy about investing in exploration and the development of new wells of various types, because they had been burned so badly during the supply-driven price declines that began in 2014 and amid the fallout of demand at the start of the coronavirus pandemic early in 2020.
Combine those factors with the general hostility of the Biden administration to domestic oil production, and the U.S. producers can be expected to remain hesitant to invest.
And all of that means higher free cash flow that can be spent on regular dividends, special dividends and share buybacks, all of which can benefit investors and push share prices higher.
To screen oil-related stocks, we began with the holdings of two ETFs:
The iShares Global Energy ETF
IXC,
+2.91%
,
including all 21 stocks in the S & P 500 energy sector, which itself is tracked by the Energy Select Sector SPDR ETF
XLE,
+3.44%
.
The iShares S & P/TSX Capped Energy Index ETF
XEG,
+3.72%
,
which holds 20 stocks of Canadian energy producers and is dominated by Canadian Natural Resources Ltd.
CNQ,
+4.78%
CNQ,
+5.26%
,
which makes up 27% of the portfolio, and Suncor Energy Inc,
SU,
+3.58%
SU,
+4.18%
,
which has a 24% weighting. A stable period for oil prices means a better chance of continued profitability for Canadian oil-sand producers.
When combined, with duplicates removed, the two ETFs hold 65 stocks and consensus free cash flow estimates, among analysts polled by FactSet, are available for 64 of the companies.
Here are the 17 for which estimated free cash flow yields for 2022 exceed 20%, based on closing share prices on March 16. Share prices and FCF estimates are in local currencies where the stocks are listed:
Company
Ticker
Country
Estimated FCF yield for 2022
Dividend yield
APA Corp.
APA,
+7.00%
U.S.
31.85%
1.36%
Vermilion Energy Inc.
VET-CA
Canada
29.97%
0.95%
Crescent Point Energy Corp.
CPG,
+4.00%
Canada
29.67%
2.12%
Peyto Exploration & Development Corp.
PEY,
+3.32%
Canada
29.06%
5.70%
MEG Energy Corp.
MEG,
+5.63%
Canada
27.37%
0.00%
Birchcliff Energy Ltd.
BIR,
+5.77%
Canada
27.31%
0.61%
Petroleo Brasileiro SA ADR Pfd.
PBR.A-US
Brazil
26.47%
16.25%
Baytex Energy Corp.
BTE,
+2.40%
Canada
25.88%
0.00%
Petroleo Brasileiro SA ADR
PBR,
-1.81%
Brazil
24.17%
14.84%
Tamarack Valley Energy Ltd.
TVE,
+5.01%
Canada
23.71%
2.00%
Enerplus Corp.
ERF,
+3.35%
Canada
22.44%
1.04%
Equinor ASA
EQNR,
+3.62%
Norway
21.47%
2.20%
ARC Resources Ltd.
ARX,
+3.69%
Canada
21.27%
2.74%
ConocoPhillips
COP,
+4.23%
U.S.
21.22%
1.94%
OMV AG
OMV,
-1.70%
Austria
20.89%
5.45%
Imperial Oil Ltd.
IMO,
+1.67%
Canada
20.81%
2.55%
Occidental Petroleum Corp.
OXY,
+9.47%
U.S.
20.55%
0.98%
Source: FactSet
While the companies on the list can not all be considered plays on regular dividends, we have included dividend yields in order to show how much “ headroom ” there is for the companies to deploy free cash flow through higher regular dividends, special dividends or share buybacks.
A single data point shouldn’ t be the basis for an investment decision. You should do your own careful research when making investment decisions.
Don’ t miss:
10 highest-yielding Dividend Aristocrat stocks for uncertain times as interest rates rise and economic growth slows | business |
Ukraine-Russia war will take a toll on global growth, warns OECD | 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 Organization for Economic Cooperation and Development warned Thursday.
In a grim new assessment, the 38-country OECD said that over the next year, the conflict would reduce gross domestic product — 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 organization 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. The OECD, which in December forecast global inflation of 4.2% this year, predicted that the conflict would drive up prices by 2.47 percentage points worldwide over the next year.
Russia and Ukraine account for less than 2% of global GDP but are heavyweight producers of specific commodities. Together, for instance, they export a third of the world’ s wheat, raising concerns that countries like Egypt and Lebanon that rely on those affordable wheat exports for bread and other food staples could face shortages in the months ahead.
Russia is also a big producer of potash that is used in fertilizer, palladium that is critical for cars, cellphones and dental fillings and nickel used in electric car batteries and steel.
Prices of those commodities have surged since January.
Hit by sanctions, Russia and its economy have absorbed a huge blow. The ruble has plummeted in value, and Russian oil is selling at a big discount on world markets. | business |
How One Country Is Beating Covid Despite 600,000 New Cases a Day | The information you requested is not available at this time, please check back again soon.
A nurse administers a booster shot of the Pfizer-BioNTech Covid-19 vaccine at the H Plus Hospital in Seoul, South Korea, on Thursday, Dec. 16, 2021. South Korea will ban gatherings of five or more people and order eateries and night-time entertainment businesses to close by 9 p.m. as it steps up curbs to fight a record surge in coronavirus cases., Bloomberg
( Bloomberg) -- South Korea has reached two seemingly contradictory pandemic milestones: It recorded more than 600,000 new Covid-19 infections on Thursday, the most of anywhere in the world. At the same time, the country has one of the lowest virus death rates globally.
While anywhere else an infection surge of this size would signal an out-of-control outbreak soon to be followed by a spike in fatalities, in South Korea -- which is about the size of Indiana -- the picture is more complex.
The sky-high caseload reflects the nation’ s consistent deployment of mass testing, largely abandoned by many places as Covid becomes endemic but a key reason behind Korea’ s sliding death rate, according to its virus fighters.
Continuing to officially diagnose most infections allows Korea to identify at-risk cases and preemptively treat or hospitalize those patients before their conditions become severe.
Combined with an 88% vaccination rate -- and one of the highest booster shot take-ups in the world, especially among the elderly -- it’ s delivered a fatality rate of 0.14%. That’ s one-10th of the rates in the U.S. and the U.K. and down from 0.88% two months ago, even as cases have surged eighty-fold in the same time frame.
The unorthodox approach is typical of Korea’ s response to the pandemic, which has been prescient from the beginning. The country pioneered the use of quick testing and high-tech contact tracing early on, using lessons learned from previous epidemics. While it’ s seen more than 8 million cases since the start of 2020, Korea has never locked down and managed to overcome a slow start to vaccination by looking beyond those first shots to prioritize supplies of boosters, which have been targeted at the elderly.
The focus on testing has been expensive. The nation has spent about $ 1.3 billion on PCR testing so far, the Korea Disease Control & Prevention Agency said and now has the capacity to conduct a million PCR tests a day.
But the payoff is immeasurable, government officials say, as hospitals haven’ t been overwhelmed and the health care system is still intact.
Despite daily cases spiking to 621,328 on Thursday -- from less than 9,000 before emergence of the omicron variant in late January -- hospitalizations have only doubled, with intensive care unit capacity at 65%.
“ Another critical point in preventing deaths is the ICU capacity and Korean hospitals generally have a good handle on the situation, ” said Choi Jae-wook, professor of preventive medicine at Korea University College of Medicine.
Now, despite the world-leading caseload, the falling fatality rate has the government considering further easing of pandemic restrictions, including lifting a six-person limit on private gatherings and extending restaurant hours.
South Korea’ s health officials say they’ ve been better prepared to deal with the ebb and flow of the coronavirus pandemic partly because of lessons learned during its botched handling of a Middle East Respiratory Syndrome outbreak in 2015. Among key lessons, stay nimble and respond quickly.
As omicron took hold in late January, rather than being overwhelmed, Korea doubled down on testing. Like many countries, the testing strategy was expanded to include rapid antigen tests. But unlike elsewhere, those who test positive at home still have to go to a government-run PCR testing center for confirmation.
From there, positive cases who are asymptomatic or have mild symptoms are required to quarantine at home, while those deemed at high-risk of serious illness are sent to hospitals for care and treatment.
“ It is more ideal to use PCR tests with high accuracy in as many places as we can, yet the adoption of the rapid antigen test is a measure to protect the high-risk group that has a greater risk of getting severely ill, ” the KDCA said in a statement.
At the same time, Korea stepped up its vaccine rollout after initially lagging behind, focusing particular attention on getting elderly and high-risk individuals inoculated. Nearly 86% of the population had been fully vaccinated when omicron started to spread, with more than 90% of those aged 60 and above also boosted.
“ The mortality rate is close to zero among those 60 and under who have completed the third vaccination, ” Park Hyang, the health ministry’ s anti-epidemic prevention and response management department director general, said at a briefing this week.
Most of the deaths have been among the small group of elderly who haven’ t been vaccinated. Those 60 years and older who weren’ t inoculated are ten times more likely to die than those who have had boosters, she said.
But despite the falling death rate, Choi at the Korea University College of Medicine warned against lifting social-distancing and other pandemic curbs too soon.
Other countries, including the U.S. and U.K., are abandoning restrictions as populations become more comfortable living alongside Covid, even as their caseloads and deaths pick up again.
“ Easing virus-prevention measures now will inevitably lead to more deaths and critical cases, and the government shouldn’ t be the one judging that this is OK yet just because there is enough ICU beds, ” Choi said. “ They should notify and pass along precautions in advance to the public. ” | general |
To Time a Policy Bottom in China, History Shows Patience Pays | The information you requested is not available at this time, please check back again soon.
Pedestrians reflected in an electronic screen displaying an illustrative chart in Hong Kong, China, on Tuesday, March 15, 2022. Chinese stocks suffered another deep selloff on Tuesday as concerns about the country’ s ties with Russia and persistent regulatory pressure sent shares on a downward spiral. Photographer: Paul Yeung/Bloomberg, Bloomberg
( Bloomberg) -- China investors with longer-term horizons may want to refrain from rushing in to buy this week’ s bounce, as history shows the real bottom may still be a way off.
Encouraging commitments from the nation’ s financial officials to bolster market stability have driven the Hang Seng Tech Index up 30% in two days, while the mainland’ s CSI 300 Index has gained about 7%. Based on recent experience, some traders are waiting to see whether or not this will be just a short-lived rebound.
The events of the past couple of days bring back memories of the bumpy road out of a bear market a bit more than three years ago, when confidence was shattered due by deleveraging and the U.S.-China trade rift.
Mirroring the market-soothing talk from regulators this week, coordinated verbal intervention in October 2018 gave the market a lift. That rally then got a second leg up from a surprise announcement by President Xi Jinping in November of a new trading venue that would allow relaxed listing requirements.
Profit-taking kicked in soon after, however, and the Shanghai Composite eventually reached its nadir in early 2019, a few points lower than its bottom a few months earlier.
While history suggests it won’ t last, an emotion approaching euphoria descended on equity markets Wednesday after U.S. Fed Chair Jerome Powell persuaded investors his first interest rate hikes in four years won’ t throttle the economy.
Canadian consumer price inflation jumped to a new three-decade high in February, cementing expectations the Bank of Canada will aggressively hike interest rates in coming months to rein in price pressures.
Vaccinated travellers will no longer require a negative COVID-19 test to come to Canada as of April 1, according to a source in the federal government. | general |
Global COVID-19 cases up for first time in weeks | After more than a month of decline, global cases of COVID-19 have increased. WHO have stated that cases of the virus increased by 8% across the globe during the week commencing 7 March, compared to the rates of the previous week.
South Korea’ s daily COVID-19 infections have spiked beyond 400,000 for the first time, with authorities expecting the current wave to peak within the next two weeks.
Cases in the Pacific rose by almost 30% during the week of 7 March, while across all of the six regions covered by WHO, there were 11 million new cases, and roughly 43,000 new deaths reported.
In South Korea, the daily rates of the virus hit a record-high of 400,741 on 16 March, bringing the total to 7,629,275, according to the Korea Disease Control and Prevention Agency ( KDCA).
The western Pacific was the region to see the biggest increase in cases. This area includes countries such as China and Hong Kong. Daily deaths in Hong Kong attributed to COVID-19 recently overtook the levels seen across several European countries, and were the highest of any country.
The global surge accompanies statistics of UK cases of the virus, which in the past week have seen an increase of 49% in positive cases, and a raise of nearly 21% in hospital admissions.
Statistics from March 15 showed that one fifth of the 1.68 million cases of COVID-19 reported on that day were found in South Korea. European countries saw a 2% increase during the week commencing 7 March compared with the previous week. Countries in Africa saw a 12% increase, according to WHO.
In the UK, the number of COVID-19-positive patients in hospital reached 10,877 on March 15, while the spike in cases in the southeast and southwest of hospitals in England was the worst. | tech |
War in Ukraine could worsen COVID-19 pandemic, says WHO | WHO has expressed concern that the war in Ukraine could worsen the COVID-19 pandemic, and it is aiming to do more to limit the spread of infectious diseases.
The region is experiencing a decline in cases from the previous week, but there is significant risk of severe disease and death due to low vaccination rates in Ukraine, along with the more than two million who have fled the country to surrounding areas. Ukraine’ s COVID-19 vaccination rate is around 34%, and the neighbouring Moldova’ s is approximately 29%, according to Our World in Data.
Ukraine has seen a total of 791,021 new cases of COVID-19 and 8,012 new deaths in Ukraine and in surrounding countries between March 3 and 9, as reported by a WHO situation report.
`` Unfortunately, this virus will take opportunities to continue to spread, '' said Maria Van Kerkhove, WHO's technical lead on COVID-19, during a news briefing. `` We as an organisation recognise that countries are in very different situations; they're facing different challenges. There's a lot of movement and refugees associated with this crisis. ''
Dr Mike Ryan, executive director of WHO's health emergencies program, also anticipated a rise in COVID-19 in Ukraine, `` without a doubt. '' He attributed the predicted increase to lack of testing, halted vaccinations, and a stressed, war-weary population with already low vaccination rates. | tech |
Two British Iranians arrive in UK after Tehran release | Hi, what are you looking for?
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Two British-Iranians landed back in the United Kingdom in the early hours of Thursday morning after being freed from years of detention in Iran.
Their release on Wednesday came as the UK government confirmed it had paid a longstanding debt over a cancelled defence contract.
Nazanin Zaghari-Ratcliffe and Anoosheh Ashoori touched down at RAF Brize Norton in southwest England at 01:08am ( 0108 GMT) after a stopover in Oman.
Footage showed the pair in the cockpit talking to the pilots of their plane, before they disembarked and walked across the tarmac together to the main airport building, where their families were waiting.
Both appeared relaxed, smiling and waving briefly at the cameras before heading inside.
“ Delighted that Nazanin and Anoosheh have landed safely in the UK and are reunited with their families and loved ones, ” British Foreign Secretary Liz Truss tweeted. “ Welcome home. ”
Zaghari-Ratcliffe’ s husband Richard Ratcliffe had told AFP at the family home that “ the first thing she always wanted to do was me make her a cup of tea ”.
“ I’ m relieved that the problems were solved, ” he said, standing next to their young daughter Gabriella, adding that the government should make sure “ it doesn’ t happen again ”.
Ashoori’ s family said they were “ delighted… 1,672 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, ” they said in a statement.
UK lawmaker Tulip Siddiq, who represents the north London district where Zaghari-Ratcliffe’ s family live, had tweeted a photo of her constituent smiling on board a plane.
“ It’ s been 6 long years — and I can’ t believe I can FINALLY share this photo, ” she wrote.
Truss also announced that Morad Tahbaz, an Iranian-American who also holds British nationality, has been released from prison “ on furlough ” to his Tehran home.
Addressing parliament later Wednesday, Truss said: “ The agonies endured by Nazanin, Anoosheh, Morad and their families must never happen again. ”
– Complex talks –
The pair were released as major powers in Vienna close in on renewing the landmark 2015 Joint Comprehensive Plan of Action ( JCPOA) on regulating Iran’ s nuclear programme.
The deal gives Iran sanctions relief in exchange for curbs on its nuclear programme and Tehran said on Wednesday that “ two issues ” remain with the US to restore the deal.
Truss confirmed that, with diplomatic assistance from Oman, London and Tehran had “ in parallel ” resolved a £394-million ( $ 515-million, 470-million-euro) debt dating back to the 1970s and the era of the Shah of Iran.
The debt payment deal was reached “ after highly complex and exhaustive negotiations ”, Truss said, and the money can only be used for humanitarian goods.
The families of both Zaghari-Ratcliffe and Ashoori believe they were being held as political prisoners until the issue was settled.
The UK has consciously avoided saying the detention of the pair, and others held in Iran, was linked to the debt for an order of tanks that was cancelled after the 1979 Islamic revolution.
Foreign Minister Hossein Amir-Abdollahian said on Wednesday that Iran had received the money “ a few days ago ”, adding that it was “ wrong to link Iran receiving its debt… to the release of these people ”.
– UK-bound –
Zaghari-Ratcliffe, a project manager for the Thomson Reuters Foundation, the philanthropic arm of the news and data agency, was arrested in Tehran on a visit to family in 2016.
She was sentenced to five years in prison for plotting to overthrow the government.
Last year she was given a further 12-month jail term for taking part in a rally outside the Iranian embassy in London in 2009.
Ashoori, a retired engineer from southeast London, was arrested in 2017 and jailed for 10 years on charges of spying for Israel.
The pair flew from Tehran to Muscat on a Royal Air Force of Oman flight, the foreign ministry said, and then from Muscat to England.
Tahbaz was arrested alongside other environmentalists in January 2018 and sentenced to 10 years in jail for “ conspiring with America ”.
– ‘ Trumped-up charges’ –
Sacha Deshmukh, Amnesty International UK’ s chief executive, welcomed the “ fantastic news ” of the releases, saying both were “ jailed on trumped-up national security charges ”.
The government must renew “ its calls for the release of the UK nationals Mehran Raoof and Morad Tahbaz, both of whom are still going through an ordeal all too similar to Nazanin and Anoosheh’ s, ” he added.
Raoof, a labour rights activist, was detained in October 2020 and was being held in solitary confinement, according to Amnesty.
Dual nationals from Austria, Canada, France, Germany, Sweden and the United States have also been arrested in similar circumstances.
Richard Ratcliffe staged a hunger strike outside the foreign ministry in London last October after his wife lost her last appeal, and as government ministers held talks with Iranian counterparts.
She was freed from prison with an electronic tag in March 2020 because of the coronavirus pandemic but had been held in Iran under a form of house arrest ever since.
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Duchess Kate Looked Elegant in Green for Saint Patrick's Day | Every product on this page was chosen by a Harper's BAZAAR editor. We may earn commission on some of the items you choose to buy.
She also wore a brooch in the shape of a shamrock, which reportedly belongs to the Irish Guards.
Duchess Kate was all elegance and smiles at the Saint Patrick’ s Day parade in Aldershot, a town in Hampshire, England, today. Kate dressed for the holiday in a royal green coat by Laura Green, hat by Lock & Co. Hatters, and matching heels. She also wore a brooch in the shape of a shamrock, which reportedly belongs to the Irish Guards; it's a piece she first wore in 2011.Prince William, who is the Colonel of the Irish Guards, stood by his wife's side through the celebration dressed in a military coat with a sprig on his cap. The two greeted the 1st Battalion Irish Guards at the Mons Barracks.
`` Happy # StPatricksDay wherever in the world you’ re celebrating today! ” the royal couple tweeted.
They also shared photos and videos of themselves with the officers and their mascot, an adorable two-year-old Irish wolfhound named Séamus. Kate was pictured happily pinning a sprig of shamrock on the dog during the ceremony.
It was the first time since 2019 that the Cambridges were able to celebrate the annual event with the Guard, due to the coronavirus pandemic.
The duchess greeted officers and handed them baskets filled with shamrock sprigs—a symbol of Ireland.
It's tradition, which dates back to 1901, when Queen Alexandra used to do the same.
Kate chatted with officers during the ceremony, while holding a bouquet of flowers.
Likely the most charming part of the event was when the senior royal swapped bouquets with Lieutenant Colonel Rob Money's one-year-old daughter, Gaia Money. | general |
DeliverHealth Partner Program Encourages Digital Health Investments | DeliverHealth has announced the launch of the DeliverHealth Partner Program. DeliverHealth Partner Program would combine the benefits of DeliverHealth Platform with strategic technology and service provider partnerships, healthcare organizations will benefit from maximized digital health investments.
Led by Joe Luber, DeliverHealth’ s newly appointed Vice President of Business Development, Partnerships, the program supports strategic partners within the eco-system growing sales domestically and internationally, while enabling healthcare organizations to simplify the daily complexities of healthcare, improve patient outcomes and reduce overall costs.
The formalization of the company’ s partner program follows the recent launch of the DeliverHealth Platform, built to unify point solutions in healthcare and clear the way for essential, resilient connections among providers, clinicians and patients. The platform allows for frictionless access and effective workflows to apply purpose-built explainable AI with needed human-in-the-loop flexibility that delivers speed to value.
Urgency stemming from the COVID-19 pandemic led to an increase in the adoption of technology over the past two years, and digital health continues to be a top priority in the industry. As hospitals and health systems seek new, innovative digital health tools, they see the benefit in a suite of software and services capabilities that can lower capital expenses, improve enterprise analytical capabilities, and realize greater ROI from their existing technology investments.
“ Staying true to our mission of putting simplicity into work, DeliverHealth’ s solutions are designed for an always-evolving partner ecosystem, which in turn enables our clients to drive greater adoption from their existing investments, to efficiently find new capabilities, and to build scalable solutions — all on a single platform, ” said Michael Clark, DeliverHealth CEO.
Michael added, “ Through collaboration with our strategic enterprise and services partners, our partner program ensures our customers benefit from the right people, processes and technology that result in better health outcomes and greater success overall. ”
DeliverHealth currently holds key strategic enterprise partnerships with Nextgen, EPIC ( App Orchard), Cerner, Microsoft Partner Network, Medicom, scores of partners utilizing the platform to deliver and others.
Our name says it all… DeliverHealth simplifies Electronic Health Record ( EHR), patient engagement and revenue cycle complexities, so providers can spend more time delivering the care patients need and less on documentation and technology. Our platform of solutions and services clears the way for the healthcare connections that matter most, removing complexities from within health systems from the ground up and helping solve systemic issues such as physician burnout, the connected patient experience, and the transition to digital health. By building simplicity into documentation, codification, EHR realization, digital health patient experience, and security and risk management, we make sure your people, processes, technology and patients are aligned and engaged for better outcomes and greater success. | tech |
What’ s Behind the Success of Crypto Apps? | Crypto, cryptocurrency, blockchain, distributed ledger technology ( DLT), web3. These terms often get thrown around, but what do they mean?
Despite all the buzzwords, financial speculation, and sex appeal, what underlies this movement is a computing revolution in back-end data structures. In the broadest sense, a cryptocurrency is a tradable digital asset. However, beyond this simple definition, they can vary widely. Some currencies represent mined, fully digital assets, while others are based on hard assets like gold. Naturally, the abundance of options leaves some app users feeling overwhelmed, and app makers are left with the task of filling in the knowledge gaps.
Adjust partnered with Apptopia to give you all the answers you need to make it big in the world of crypto apps.
So how does crypto make it into apps? After a market-wide crash in March 2020, the crypto market entered a “ bull market, ” with prices and user adoption skyrocketing. The reasons for this are complex, but on a macro scale, responses from fiscal and monetary authorities to the COVID-19 pandemic led to an increase in liquidity throughout the financial system. Stimulus checks combined with the lack of outlets for spending during lockdowns saw a sharp rise in crypto investment. Meanwhile, tech systems designed for the mining and trading of cryptocurrencies matured and services developed, giving individuals easier access than ever to crypto markets across the globe.
The most common crypto apps are cryptocurrency exchanges, which allow for the trading of cryptocurrencies. These apps may focus exclusively on crypto ( such as Coinbase, Binance, FTX, Gemini and crypto.com) or they may be general fintech apps that include crypto purchasing or trading ( such as Robinhood, Square, and Paypal). Crypto exchange apps are increasing the range of services they offer and defining their market niches as user adoption grows and competition begins to increase.
Adjust and Apptopia’ s playbook for crypto apps reveals growth strategies that have helped to propel some of the most successful apps. Just a few of these are:
The world of crypto services is expanding rapidly, with NFTs working their way into interactive gaming, banking and travel benefits built on crypto, and new apps being minted every day.
New crypto app concepts must employ creative approaches to stand out in the sea of apps, while integrating the tried and tested marketing strategies that have been successful in the past. All of this, while walking regulatory tightropes as countries like Spain, the UK and Singapore have tightened their policies for advertising and even trading. | tech |
Diamante Blockchain Extends its Global Partnership with CryptoWorldCon ( CWC), the Largest Blockchain, and Cryptocurrency Focused Conference | The global fintech firm, Diamante Blockchain, announces another media partnership with the world’ s largest event, CryptoWorldCon ( CWC) Miami 2022. The grand event is scheduled to happen on April 1-2, 2022, at the renowned venue, James L. Knight Center. It will have the presence of the world’ s high-profile individuals and organizations, exceptional industry leaders, influencers, and innovators of the crypto and blockchain communities.
The CrytoWorldCon is one of the significant comeback events after the COVID-19 outbreak, with over 15,000 attendees participating from different walks of life. The 2-day conference aims to create a global impact converting Miami into the epicenter of the blockchain and cryptocurrency industries. The CWC is focused to happen on cutting-edge industry trends with informative panel discussions, celebrity guest speakers, and offers a great networking opportunity that ultimately revolves around the blockchain and crypto space. It also covers a wide range of discussions on DeFi, CEFI, DEX, NFT, Metaverse, and other trending technological innovations in fintech and other industries, including the mentoring sessions for the attendees.
The iconic VIP guest speakers, Jordan Belfort, The Wolf of Wall Street, and Carmelo Milian, CEO and Co-Founder, Polka City, are scheduled to be in attendance. The CWC will host a variety of startups looking for investors, strategic partners, and advisors. The event also supports a local nonprofit organization based in Southwest Florida, Heroes Unmasked, that works to render aid to all unwell children. The CWC will be the game-changing platform that embraces the socio and economic advancements and potential adaption in the blockchain & cryptocurrency world.
The CWC will also have global, world-class speakers such as Jaime Rogozinski, Priya Guliani. Indira Kempis Martinez, Kristina Lucrezia Cornèr, Lior Lamesh, Shiv Aggarwal, Adam Healy, etc. It will be hosted by the Award-Winning Master of Ceremonies, Paul Gamache. | tech |
CloudCover Announces Unprecedented Cybersecurity Network Data Insurance Offering, the First Cyber Insurance to Cover Data in Motion | CloudCover, the company responsible for the new market category of end-to-end cybersecurity network technology and insurance, announces the launch of its Cybersecurity Network Data Insurance ( CNDI). The very first cyber insurance offering of its kind, CNDI gives organizations the ability to insure their data in motion – the digital information that’ s transferred from locations within or between computer systems.
“ Data in motion is the most valuable data for companies. It’ s also the data that carries the most risk for network security ”
CloudCover’ s CNDI completes the rollout of its CyberSafety Insurance Coverage portfolio, with three large-scale offerings recently announced over the last six months. The first, a $ 1 Million Ransomware Warranty, was introduced in September 2021, with the company’ s Cyber Liability and Information Systems Business Interruption insurance product having followed in December 2021.
The foundation of the CNDI coverage is CloudCover’ s CyberSafety CC/B1 Platform™. The technology is Intelligent Threat Management™, focusing on risk awareness, risk control, and risk transfer. The CC/B1 provides an organization complete visibility into their network security systems, using machine learning to inspect, analyze, and understand the IT events happening within a company’ s network and stopping those threats in real time. As it understands and learns a network’ s data patterns, the CC/B1 uses that data to underwrite and set accurate premiums – creating a continuous cycle of risk learning, stopping, and scoring. The risk to a company’ s data and network is measured and insured via deep packet inspection – as the more incremental you can get with data, the more efficient you can be in protecting it.
CloudCover’ s CNDI enables organizations to insure data in motion with both first- and third-party liability coverage. It makes it possible for companies to place a value on their intangible assets – i.e., their data – just as they would other company assets, something that’ s long been seen as impossible in the FASB/GAAP industry. The coverage comes at an unrivaled time in the history of cyber attacks. According to PurpleSec, cybercrime is up 600% due to the COVID-19 pandemic, with many of the largest large-scale cyber attacks – CNA Financial, Colonial Pipeline, Kaseya, and more – occurring in 2021, and the recently discovered Log4Shell vulnerability paving the way for another record-breaking year for cybercrime in 2022.
“ Data in motion is the most valuable data for companies. It’ s also the data that carries the most risk for network security, ” says Stephen Cardot, founder and CEO of CloudCover. “ Cyber insurance should be proactive risk management, not proactive disaster recovery, and our Cybersecurity Network Data Insurance utilizes the data derived from the CC/B1 about a company’ s cyber risk to set the insurance premium a company really needs, at an affordable price point. Our CNDI coverage, along with our other cyber insurance offerings, is over two decades in the making – a product of us daring to think differently than other cybersecurity solution providers. ” | tech |
International Expansion and New Platform Capabilities Fuel Nylas ' Record Growth | Nylas, provider of communications APIs that drive workflow automation and frictionless digital experiences, announced a year of record growth, having seen a 365% increase in bookings and a 116% increase in employee headcount. Nylas has also been recognized on the Forbes list of America’ s Best Startup Employers 2022.
“ The contents of communication is the largest and most valuable untapped data store in the world. There is an immense amount of value locked away within conversations that when extracted, structured, and operationalized, delivers unprecedented value for companies and their developers. Nylas makes it easy for organizations to access critical communications data and build innovative and inspirational products, applications, and services for their customers and their teams, ” said Gleb Polyakov, Co-Founder & CEO, Nylas. “ Our success is a reflection of the culture we’ ve fostered and people we’ ve hired. I’ m incredibly proud of all that we’ ve accomplished and overwhelmingly excited to see what the future holds for Nylas. ”
With over 100,000 developers on its platform and 1,000 customers worldwide, Nylas powered billions of interactions for over 200 million people and processed more than 12 billion API requests and over 100 terabytes of data daily, from extracting key insights, helping recruiters and businesses streamline their hiring processes, to making it easier for millions of Americans to schedule their COVID vaccination appointments.
Nylas continues to build on its vision to unlock the hidden value in communications data to make it easy for developers to build software that helps the world communicate and connect better. Along with record-breaking growth, other notable achievements included:
“ Rich email functionality was critical in allowing us to add value in Pipedrive’ s platform, ” said Timo Rein, Co-Founder & CEO, Pipedrive. “ Nylas made it easy for us to deliver great features that are also secure, reliable, and scalable. ”
“ Communication data has become an integral part of the modern business world. It provides flexible and innovative ways for companies to quickly and securely connect people and build better software, ” said John Curtius, Partner at Tiger Global and Nylas Board Member. “ What Nylas brings to the CPaaS industry is truly special both in terms of the technology they provide and the culture they’ ve built. ”
Forbes list of America’ s Best Startup Employers was selected based on an innovative methodology evaluating employer excellence in three ways: employee satisfaction, employer reputation, and company growth. | tech |
State of New Jersey Using Tyler Technologies’ Solution to Understand | Tyler Technologies, Inc. announced that the state of New Jersey Office of Information Technology has successfully gone live with the Economic Intelligence solution. Data acquired from partner aggregators including SafeGraph and Affinity Solutions integrates with Tyler’ s Data & Insights platform so that the state of New Jersey can analyze and understand economic trends and determine how to deploy American Rescue Plan Act ( ARPA) funds effectively.
The state of New Jersey is using @ tylertech’ s Economic Intelligence solution to understand economic trends.
“ The pandemic has significantly impacted small business revenue and consumer spending habits, and we needed a tool that would help us easily analyze how these metrics have impacted our state’ s overall economic picture, ” said Poonam Soans, chief data officer for the state of New Jersey. “ We are excited to have implemented the Tyler Economic Intelligence solution, which gives our leadership a single, comprehensive view of the critical third-party data that is central to our economic recovery and understanding the ways in which New Jersey’ s recovery from COVID-19 progresses. ”
Tyler’ s partnerships with SafeGraph, Affinity Solutions, and others have allowed Tyler to develop a turn-key, data-driven solution for recovery. Tyler’ s Economic Intelligence uses authoritative business data from these third parties to provide decision support models and built-in analysis for New Jersey’ s leadership. Additionally, consumer spending data is anonymized and aggregated and made available to the state to give visibility into budget forecasting, revenue, and economic activity.
“ The integration of Affinity’ s anonymized credit and debit card purchase data into Tyler’ s platform gives government leaders a highly accurate view of local consumer spending, ” said Phil Lore, chief revenue officer of Affinity Solutions. “ The ability to break out purchase behavior across their local geographies and spend categories will help state leaders make more data informed policy decisions. ”
“ Our partnership with Tyler makes critical geospatial and consumer insights data even more accessible to government agencies, ” said Ross Epstein, vice president of New Projects, SafeGraph. “ Our experience with both private and public sector clients show that this type of economic data helps them make better decisions for their stakeholders. ”
Not only does this data measure current economic conditions, but it can also be used to inform and drive policy change and ensure equitable uses of funding. New Jersey’ s leadership is now using Tyler’ s Economic Intelligence to make better decisions as they plan to revive businesses, restore revenue, stimulate investment, protect jobs, and continue to support social programs in a post-pandemic environment.
“ We know that many state and local governments depend on sales taxes, payroll taxes, and business license fees as a core source of revenue, and the pandemic has negatively impacted those revenue sources, ” said Saf Rabah, vice president of Data Solutions for Tyler. “ We’ re thrilled to bring the state of New Jersey more visibility into the many data points around consumer spending and small business data so they can better inform their recovery actions. ” | tech |
ServiceNow Broadens Lightstep Portfolio With Introduction of Incident Response Product for More Predictive, Efficient Incident Resolution | ServiceNow announced that Lightstep is extending beyond observability and creating a differentiated portfolio for app development with the general availability of Lightstep Incident Response, helping make organizations’ digital products and services more reliable and resilient. Lightstep Incident Response will enable developers and site reliability engineers ( SRE) to reduce downtime by arming them with the service context and automation they need to effectively respond to incidents, such as a software bug, power outage, or down network.
“ What we’ re hearing from developers and SREs is that eliminating ‘ context switch’ – flipping between observability, on-call, collaboration and incident management tools – would reduce human errors and speed up response times, ” said Rohit Jainendra, vice president and general manager of emerging businesses at ServiceNow. “ With Lightstep Incident Response, we are providing teams with a single platform that orchestrates on-call escalation, alert grouping, incident analysis, and remediation, while seamlessly integrating with collaboration and incident management tools to eliminate ‘ context switch’ and resolve incidents with speed. ”
ServiceNow acquired Lightstep in 2021 to extend the benefits of observability across business functions and enable enterprises to increase their cloud-native capabilities. The company plans to extend Lightstep’ s capabilities beyond observability, with the mission of becoming an end-to-end platform for app development organizations. The general availability of Lightstep Incident Response marks the first major step on that mission.
Lightstep Incident Response manages an organization’ s on-call rotations by synchronizing everyone’ s schedule onto a shared calendar, with specific tags that indicate who needs to be looped in based on the nature of the incident and the service that is impacted. From there, collaborators are invited to a dedicated channel based on prebuilt collaboration integrations for quick remediation. Additionally, they can create automations that self-triage and self-remediate problems should they reoccur.
Lightstep Incident Response seamlessly integrates with leading monitoring, observability and collaboration tools, including LogicMonitor, Postman, Sumo Logic, Zoom, and more, streamlining the incident response process. For ServiceNow customers, Lightstep Incident Response natively integrates with the Now Platform, allowing users to quickly respond to or escalate incidents to the right team all on one platform and connecting incident response to core operations – putting the entire power of their organization behind the end-customer experience.
“ Combining real-time observability and incident response gives on-call engineers powerful insight into the changes that matter and the ability to act quickly, ” said Ben Sigelman, general manager of Lightstep and co-creator of OpenTelemetry. “ With the introduction of Lightstep Incident Response, we are delivering the all-in-one solution for developers and SREs to act with the speed and efficiency necessary to maintain exceptional experiences for customers using their applications and services. In combination with OpenTelemetry, a Cloud Native Computing Foundation sandbox project founded in part by Lightstep, organizations will now have the data platform, workflows, and an open standards approach necessary to successfully operate highly distributed cloud native services. ”
Today’ s general availability follows an early access period that included hundreds of trials and customers like Assembly, DataVox, Lean, and Roambee who are already realizing the benefits of Lightstep Incident Response.
“ Lightstep Incident Response has enabled Assembly to connect our SRE teams across different geographies and time zones so they can quickly convert insights into action while also maintaining the reliability and continuity of our critical services, ” said Muthu Gurumoorthy, CTO and co-founder at Assembly. “ It has been a gamechanger for our on-call engineers and developers. With Lightstep Incident Response, our team is empowered and engaged, knowing that they are armed with the critical context needed to resolve incidents at speed, and deliver the seamless experiences customers have come to expect from us. ”
“ Lightstep Incident Response has enabled our on-call technicians to more quickly respond to customer emergency messages, ” said John Dineen, Director of EE Services at DataVox. “ Our on-call engineers can be notified of an alert through phone call, SMS, mobile app, or email, which is a game-changer. The multiple avenues of communication, as well as the automation capabilities that Lightstep Incident Response provides, has empowered our team to resolve incidents and alerts with greater speed and visibility. ”
“ Lightstep has enabled us to maintain a culture of proactivity and predictable incident response within our company, ” said Tilak Joshi, CEO of Lean. “ Where there used to be a risk for whitespace between an incident happening and being resolved, our team is able to quickly learn about any new incidents, respond quickly, and ensure a reliable experience for our partners and users. ”
“ When it comes to managing global supply chain logistics for mission critical deliveries, such as COVID-19 vaccines or food assistance to those in need, customers rely on Roambee’ s real-time, sensor-driven supply chain visibility platform, ” said Shailesh Mangal, VP of engineering at Roambee. “ Lightstep Incident Response has helped our teams resolve any issues that arise with greater speed and agility, so we can keep the delivery of these lifesaving products on track, in condition, and get them into the hands of those who need them most. ” | tech |
Good Company: Moët Hennessy’ s Commitment to Sustainable Viticulture | Moët Hennessy, the wine and spirits division of LVMH, is the largest luxury wines and spirits company in the world, currently encompassing 23 prestigious houses including Moët & Chandon, Veuve Clicquot, Dom Pérignon, Ruinart, and Krug Champagnes, as well as spirits brands such as Belvedere, Glenmorangie, and Ardbeg.
The company, whose U.S. headquarters are located in New York, has stayed active during the Covid-19 pandemic, such as launching its Holiday Wish Shop, which uses celebrity influences including Gabrielle Union and Henry Golding to support various causes.
But it’ s Moët Hennessy’ s shift towards sustainable viticulture practices that have caught the attention of observers, with one of the industry’ s biggest names aiming to set the standard for what a multinational spirits company can do for the environment through its Living Soils program. Launched in 2020 just prior to the pandemic, Living Soils encompasses myriad new initiatives—key focal points include climate change, sustainability in supply chains, and the preservation of water and energy—to ensure the protection of the company’ s soils, from which 93% of their products are derived.
“ Through Living Soils, Moët Hennessy aims to unite its communities across the world and develop a global social responsibility program, ” says the company’ s CEO, Philippe Schaus.
THE ITEM
One Moët Hennessy house, Ruinart, has adopted a particular commitment to the environment. As the oldest established champagne house, exclusively producing champagne since 1729, Ruinart has long set the standard among its peers, and recently the brand has garnered attention for the launch of its eco-designed packaging, an alternative to the gift box, called Second Skin.
Ruinart launched an eco-designed packaging, an alternative to the gift box, called Second Skin.
Moet Hennessy
THE PRICE
Ruinart Second Skin’ s standard retail price is US $ 89.99.
DESCRIPTION
Inspired by the manner in which maîtres d’ s wrap a white serviette around bottles of champagne, the recyclable champagne case is molded to the bottle. Suitable for storage for several months in a refrigerated vessel, the case can withstand the humidity of a cellar, and lasts up to three hours in an ice bucket. So rather than being disposed of immediately, the case may be retained until serving or longer to maintain the integrity of the wine.
Two years of research and development were needed to get back to the essential: A 99% paper and recyclable case, molded to the shape of the bottle, that’ s nine times lighter than its predecessor and produced without incurring any airfreight, resulting in a 60% reduction in its carbon impact.
Second Skin, which was developed with manufacturing partners Pusterla 1880 and James Cropper, is primarily made from a unique material—cellulose fibers, or pulped paper.
Its entirely recyclable cloak is composed of 99% natural wood fibers. The sustainable innovation of Second Skin aims to reduce waste and recycle materials without denaturing experience or taste.
A direct homage to the Crayères, the historic wine cellars of Maison Ruinart in Reims, the minimalist paper case features a silky yet textured surface that’ s finely engraved. Its shape enhances the curves of the iconic bottle, inherited from the 18th century, while highlighting the roundness of the wine. Imprinted with the Maison’ s monogram, the paper’ s closure system is at once discreet and intuitive.
Moet Hennessy's Living Soils aim is to ensure the protection of the company's soils, from which 93% of their products are derived.
Moet Hennessy
WHAT’ S THE GOOD?
Having pledged to meet aggressive goals of regenerating the soil, reducing climate impact, and engaging society while empowering people, Moët Hennessy has already made strides in what they set out to accomplish.
“ To help regenerate our soils, we continue to reduce treatments, carefully manage water supply and promote biodiversity everywhere, ” says Sandrine Sommer, Moët Hennessy’ s chief sustainability officer. “ In terms of mitigating our climate impact, we continue our efforts to drastically reduce our carbon emissions, including eco-designing our packaging and marketing assets, opting for low-carbon transportation, decreasing energy consumption, and increasing the transparency and traceability of our activities. ”
As part of the program, steps are being taken to build awareness around the importance of responsible drinking while supporting the growth of local communities. Employees around the world are being empowered to join in on various sustainability initiatives. All of the company’ s vineyards in Champagne are becoming herbicide-free, and support is being provided to winegrower partners to help them become certified sustainable.
WHAT’ S NEXT
Moët Hennessy will invest €20 million ( US $ 22.2 million) in a research center in the Champagne Region devoted to scientific research around sustainable viticulture; this “ University of Living Soils ” will be created to encourage the sharing of knowledge and best practices, while helping move the wine and spirits industry toward a more sustainable future in an inclusive way.
“ We recognize our unique responsibility to our stakeholders and the planet as a whole. Since the era of our original founders, our mission has always been to ensure that people and nature coexist harmoniously—getting the best from the earth and giving back to it, ” Sommer says. “ Today, Moët Hennessy is accelerating sustainable development initiatives, articulating our commitments, and setting objectives involving all our employees, distributors, partners, customers, and consumers worldwide. ” | business |
KKR to Acquire Leading Japanese Real Estate Asset Manager from Mitsubishi Corporation and UBS Asset Management in a Strategic Transaction |
NEW YORK & TOKYO & ZURICH -- ( BUSINESS WIRE) -- KKR & Co. Inc. ( together with its subsidiaries, “ KKR ”), Mitsubishi Corporation ( “ Mitsubishi ”) and UBS Group and UBS AG ( “ UBS ”) today announced the signing of a strategic transaction by a subsidiary of KKR, which is acquiring all of the outstanding shares of Mitsubishi Corp.-UBS Realty Inc. ( “ MC-UBSR ”) from Mitsubishi and UBS Asset Management ( “ UBS-AM ”) in an all-cash transaction valued at JPY230 billion ( US $ 2 billion) ( the “ Acquisition ”).
MC-UBSR is one of the largest real estate asset managers in Japan. Founded in 2000 as a joint venture between Mitsubishi and UBS-AM, MC-UBSR is a pioneer in the Japanese real estate investment trust ( “ J-REIT ”) segment. Today, it is one of the largest real estate asset managers in Japan with JPY1.7 trillion ( US $ 15 billion) in assets under management.2 The business has approximately 170 dedicated professionals managing two Tokyo Stock Exchange-listed REITs: Japan Metropolitan Fund Investment Corporation ( “ JMF ”) and Industrial & Infrastructure Fund Investment Corporation ( “ IIF ”).
JMF, with approximately JPY1.3 trillion ( US $ 11 billion) in assets under management as of August 31, 2021, invests in retail, offices, hotels and other assets located in urban areas. IIF, with approximately JPY 0.5 trillion ( US $ 4 billion) in assets under management as of January 31, 2022, focuses on industrial and infrastructure properties in Japan. Both REITs have established environmental, social, governance ( “ ESG ”) programs and are included in the MSCI Japan ESG Select Leaders Index.
Commenting on the transaction, Katsuji Okamoto, President & CEO and Representative Director of MC-UBSR, said, “ Mitsubishi and UBS-AM showed us unwavering support over the years, enabling MC-UBSR to become Japan’ s outright top J-REIT manager. We are excited to welcome KKR, which brings significant resources and relationships to MC-UBSR, and is well-placed to work with our experienced team to extend our long and successful track record of delivering strong results for the unitholders of JMF and IIF and take the business to the next level. ”
“ Japan is one of the most important and high-volume real estate markets in the world, and is a market we have been dedicated to investing in with a local team since 2006. MC-UBSR has an excellent track record of serving investors across its REIT offerings and a strong commitment to enhancing its investments through a strategic approach to ESG. We look forward to working with and supporting a team that has served investors so well over the last two decades, and we anticipate that our combined strengths will further enhance MC-UBSR’ s ability to deliver for new and existing clients and unitholders, ” said Hiro Hirano, CEO of KKR Japan and Co-Head of Asia Pacific Private Equity at KKR.
Takuya Kuga, Group CEO-designate, Urban Development Group of Mitsubishi, said, “ We are pleased to have supported MC-UBSR’ s development and operations over these past 20 years, and are proud to have grown MC-UBSR into Japan’ s leading REIT manager. Mitsubishi continuously strives to optimize and strengthen its business portfolio, and will continue to expand its real estate development and asset management businesses in Japan, led by its wholly owned subsidiaries, Mitsubishi Corporation Urban Development, Inc. and Diamond Realty Management Inc, along with accelerating its initiatives in overseas real estate and large-scale urban development/management business. Welcoming a high-caliber real estate and diversified investment firm like KKR is a major endorsement of MC-UBSR, its team and its business, and we look forward to working with KKR and MC-UBSR. ”
Suni Harford, President of UBS Asset Management, said, “ In partnership with Mitsubishi, we are proud to have developed MC-UBSR into a leading real estate platform in Japan. We are confident that KKR is well placed to take this business forward and wish the MC-UBSR team every success for the future. The Japanese market remains a cornerstone of our Real Estate & Private Markets business in Asia Pacific, and we remain focused on serving the needs of our clients and capturing growth opportunities in this strategically important region. Through our rapidly growing real estate investment unit, UBS Japan Advisors, we will continue to advise our clients on Japanese property investments. ”
UBS’ s asset management, wealth management, and investment banking businesses operating in Japan are unaffected by the transaction.
Strategic Rationale
Key Transaction Terms
Additional Information
Forward Looking Statements
This press release contains certain forward-looking statements. You can identify these forward-looking statements by the use of words such as “ outlook, ” “ believe, ” “ think, ” “ expect, ” “ potential, ” “ continue, ” “ may, ” “ should, ” “ seek, ” “ approximately, ” “ predict, ” “ intend, ” “ will, ” “ plan, ” “ estimate, ” “ anticipate, ” the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters. Forward-looking statements relate to expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, including but not limited to the statements with respect to: the Acquisition; operation of the acquired business following the closing of the transaction; expansion and growth opportunities and other synergies resulting from the transaction; the transaction’ s effects on KKR’ s AUM, book value, fee related earnings, after-tax distributable earnings per adjusted share and other measures and performance metrics and the timing of such effects; and expected timing of closing of the Acquisition. The forward-looking statements are based on KKR’ s beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to KKR or are within its control. If a change occurs, KKR’ s business, financial condition, liquidity and results of operations may vary materially from those expressed in the forward-looking statements. The following factors, among others, could cause actual results to vary from the forward-looking statements: failure to realize the anticipated benefits within the expected timeframes from the Acquisition; unforeseen liabilities or integration and other costs of the Acquisition and timing related thereto; availability and cost of financing to fund the Acquisition; changes in MC-UBSR business; any delays or difficulties in receiving regulatory approvals; failure to complete the transaction; distraction of management or other diversion of resources within each company caused by the transaction; retention of key MC-UBSR employees; the acquired business’ s ability to maintain business relationships following the Acquisition; the severity and duration of the COVID-19 pandemic; the pandemic’ s impact on the U.S., Japanese and global economies; international, U.S. federal, state and local governmental responses to the pandemic; failure to realize the benefits of or changes in the business strategies of KKR or the acquired business including the ability to realize the anticipated synergies from acquisitions, strategic partnerships or other transactions; availability, terms and deployment of capital; availability of qualified personnel and expense of recruiting and retaining such personnel; changes in the asset management or insurance industry, interest rates, credit spreads, currency exchange rates or the general economy; underperformance of KKR’ s or MC-UBSR’ s investments and decreased ability to raise funds; the volatility of the capital markets; KKR’ s compliance with laws applicable to its businesses; the use of estimates and risk management in KKR’ s business; outcome of KKR’ s litigation and regulatory matters; and the degree and nature of KKR’ s competition.
These statements are subject to numerous risks, uncertainties and assumptions, including those described under the section entitled “ Risk Factors ” in KKR & Co. Inc.’ s Annual Report on Form 10‐K for the year ended December 31, 2021, filed with the SEC on February 28, 2022, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’ s website at www.sec.gov. These factors should not be construed as being exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in KKR’ s filings with the SEC.
All forward-looking statements speak only as of the date of this press release. KKR does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date on which such statements were made except as required by law. Past performance is not indicative or a guarantee of future performance. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’ s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’ s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. ( NYSE: KKR), please visit KKR’ s website at www.kkr.com and on Twitter @ KKR Co.
About Mitsubishi
Mitsubishi Corporation is a global integrated business enterprise that develops and operates businesses together with its offices and subsidiaries in approximately 90 countries and regions worldwide, as well as a global network of around 1,700 group companies.
Mitsubishi has 10 Business Groups that operate across virtually every industry: Natural Gas, Industrial Materials, Petroleum & Chemicals Solution, Mineral Resources, Industrial Infrastructure, Automotive & Mobility, Food Industry, Consumer Industry, Power Solution and Urban Development. Through these 10 Business Groups, Mitsubishi’ s current activities have expanded far beyond its traditional trading operations to include project development, production and manufacturing operations, working in collaboration with our trusted partners around the globe.
With an unwavering commitment to conducting business with integrity and fairness, Mitsubishi remains fully dedicated to growing its businesses while contributing to a prosperous society.
About UBS
UBS provides financial advice and solutions to wealthy, institutional and corporate clients worldwide, as well as private clients in Switzerland. UBS is the largest truly global wealth manager, and a leading personal and corporate bank in Switzerland, with a large-scale and diversified global asset manager and a focused investment bank. The bank focuses on businesses that have a strong competitive position in their targeted markets, are capital efficient, and have an attractive long-term structural growth or profitability outlook.
UBS is present in all major financial centers worldwide. It has offices in more than 50 regions and locations, with about 30% of its employees working in the Americas, 30% in Switzerland, 19% in the rest of Europe, the Middle East and Africa and 21% in Asia Pacific. UBS Group AG employs more than 72,000 people around the world. Its shares are listed on the SIX Swiss Exchange and the New York Stock Exchange ( NYSE). In Japan, the firm offers corporate, institutional, and high net worth private clients a full array of financial products and services through five business entities: UBS Japan Securities Co., Ltd., UBS AG Tokyo Branch, UBS SuMi TRUST Wealth Management Co., Ltd., UBS Asset Management ( Japan) Ltd., and UBS Japan Advisors Inc.
1 Based on JMF's total assets of approximately JPY1.2 trillion ( US $ 11 billion) and IIF's total assets of approximately JPY 0.4 trillion ( US $ 3 billion). On a combined basis, total assets amount to approximately JPY 1.6 trillion ( over US $ 14 billion).
2 Assets under management in this press release, unless otherwise indicated, are based on the latest appraisal value of JMF’ s and IIF’ s portfolios.
KKR
Asia Pacific Corporate Communications Anita Davis anita.davis @ kkr.com +852 3602 7335
Americas Corporate Communications Kristi Huller media @ kkr.com + 1 ( 212) 750-8300
Investor Relations Craig Larson investor-relations @ kkr.com +1 ( 877) 610-4910 / +1 ( 212) 230-9410
Mitsubishi Corporate Communications Dept., Press Relations Team Tel: +81-3-3210-2171
UBS Group Japan Jason Kendy Corporate Communications sh-ubs-japan-media-relations @ ubs.com +81-90-9312-8400 | general |
Global Beauty Company Shiseido to Implement Dassault Systèmes’ Manufacturing Solutions Worldwide as Consumers Push for Skincare and Wellness | image courtesy Shiseido
image courtesy Shiseido
VELIZY-VILLACOUBLAY, France -- ( BUSINESS WIRE) -- Dassault Systèmes ( Euronext Paris: FR0014003TT8, DSY.PA) ( Paris: DSY) today announced that Shiseido Company, Limited, a 150-year-old global beauty company operating in 120 countries, signed a multiyear licensing agreement to implement Dassault Systèmes’ manufacturing operations management solutions across major Shiseido production sites globally. In response to consumer trends toward greater skincare and wellness during the COVID-19 pandemic, Shiseido aims to be able to establish more efficient production systems that resonate with consumers and drive brand loyalty.
Shiseido’ s implementation of Dassault Systèmes’ “ Perfect Production ” industry solution experience, which leverages DELMIA Apriso applications and is based on the 3DEXPERIENCE platform, will support Shiseido’ s “ Win 2023 and Beyond ” business transformation growth strategy by enabling it to focus on improving factory productivity and reducing costs.
“ Perfect Production ” including DELMIA Apriso will enable Shiseido to unify and standardize its manufacturing operations management and best practices across major production sites such as ones in Japan, Europe, the U.S. and other countries. In a single collaborative virtual environment, Shiseido can improve end-to-end planning and optimize its operations. This will increase operational performance and productivity, profitability, and allow manufacturing issues to be resolved without affecting product quality. By improving production flexibility across multiple geographies, Shiseido will be able to accurately assign production resources, maintain product quality, and satisfy both global and local demand for its products.
“ The pandemic has shown us that consumers are prioritizing their skincare and wellness routines. By 2030, we want to become a global leader as a personal beauty and wellness company helping people realize their unique beauty and wellness throughout their lives, ” said Atsunori Takano, Executive Officer, CITO, Shiseido. “ We expect that Dassault Systèmes’ leading position in the cosmetics sector and the value its technology can bring to our manufacturing will bolster our growth strategy. ”
“ The consumer shift towards wellness is accelerating globally, and leading beauty players will need to deliver innovative new products to market faster than ever before, ” said Philippe Loeb, Vice President, Consumer Packaged Goods & Retail Industry, Dassault Systèmes. “ The 3DEXPERIENCE platform provides global manufacturers like Shiseido with a real-time virtual manufacturing environment. This delivers the agility to do more with their existing factories and accelerate all aspects of manufacturing to expand their portfolio of personal beauty and wellness products for their customers. ”
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FOR MORE INFORMATION
Dassault Systèmes’ industry solution experiences for the consumer packaged goods & retail industry: https: //ifwe.3ds.com/consumer-packaged-goods-retail
Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management ( PLM) solutions: http: //www.3ds.com
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ABOUT DASSAULT SYSTÈMES
Dassault Systèmes, the 3DEXPERIENCE Company, is a catalyst for human progress. We provide business and people with collaborative 3D virtual environments to imagine sustainable innovations. By creating virtual twin experiences of the real world with our 3DEXPERIENCE platform and applications, our customers push the boundaries of innovation, learning and production to achieve a more sustainable world for patients, citizens, and consumers. Dassault Systèmes brings value to more than 300,000 customers of all sizes, in all industries, in more than 140 countries. For more information, visit www.3ds.com
© Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the Compass icon, the 3DS logo, CATIA, BIOVIA, GEOVIA, SOLIDWORKS, 3DVIA, ENOVIA, NETVIBES, MEDIDATA, CENTRIC PLM, 3DEXCITE, SIMULIA, DELMIA, and IFWE are commercial trademarks or registered trademarks of Dassault Systèmes, a French “ société européenne ” ( Versailles Commercial Register # B 322 306 440), or its subsidiaries in the United States and/or other countries.
Dassault Systèmes Press Contacts Corporate / France Arnaud MALHERBE arnaud.malherbe @ 3ds.com +33 ( 0) 1 61 62 87 73
North America Suzanne MORAN suzanne.moran @ 3ds.com +1 ( 781) 810 3774
EMEAR Virginie BLINDENBERG virginie.blindenberg @ 3ds.com +33 ( 0) 1 61 62 84 21
China Grace MU grace.mu @ 3ds.com +86 10 6536 2288
India Kriti ASHOK kriti.ashok @ 3ds.com +91 9741310607
Japan Yukiko SATO yukiko.sato @ 3ds.com +81 3 4321 3841
Korea Jeemin JEONG jeemin.jeong @ 3ds.com +82 2 3271 6653
AP South Pallavi MISRA pallavi.misra @ 3ds.com +65 90221874
Dassault Systèmes Press Contacts Corporate / France Arnaud MALHERBE arnaud.malherbe @ 3ds.com +33 ( 0) 1 61 62 87 73
North America Suzanne MORAN suzanne.moran @ 3ds.com +1 ( 781) 810 3774 | general |
Razer Reports Full Year 2021 Earnings | HONG KONG -- ( BUSINESS WIRE) -- Razer™ ( “ Razer ” or the “ Company ”, together with its subsidiaries, the “ Group ”, Hong Kong Stock Code: 1337), the leading global lifestyle brand for gamers, announces its full year results for the financial year ended 31 December 2021 ( “ FY2021 ”).
“ As we navigate the uncertainties and challenges attributable to geopolitical tensions, macro environment as well as the ongoing COVID-19 pandemic, we expect the lingering industry-wide supply chain shocks to continue to have an ongoing impact on our business, with freight and logistics to remain a challenge through the year. On the demand front, we saw a deceleration in the growth momentum for our products and services since the second half of 2021 compared to exceptional growth in the prior year; we expect this trend to continue through 2022 as a result of the high base effect seen in 2021, ” said Min-Liang Tan, Co-Founder and CEO of Razer.
“ Looking ahead, we will continue to invest into new growth areas and to build out Razer’ s unique gaming ecosystem. However, before we start to see the fruits, these growth areas will take time to fully realise and it will require additional spending in our operating expenses and may affect the short- to medium-term business performance. ”
Key highlights for FY2021 earnings
COMPANY
CORE SEGMENTS
HARDWARE:
SOFTWARE:
SERVICES:
ESG
OUTLOOK
MACRO CHALLENGES AND UNCERTAINTIES:
NEW GROWTH AREAS:
IMPACT ON BUSINESS PERFORMANCE:
For more details, please refer to the FY2021 results announcement for the results of the Group which are published in accordance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
Details of Razer’ s ESG initiatives can be found on the website: http: //www.razer.com/go-green.
ABOUT RAZER
Razer™ is the world’ s leading lifestyle brand for gamers.
The triple-headed snake trademark of Razer is one of the most recognized logos in the global gaming and esports communities. With a fan base that spans every continent, the company has designed and built the world’ s largest gamer-focused ecosystem of hardware, software and services.
Razer’ s award-winning hardware includes high-performance gaming peripherals and Blade gaming laptops.
Razer’ s software platform, with over 175 million users, includes Razer Synapse ( an Internet of Things platform), Razer Chroma RGB ( a proprietary RGB lighting technology system supporting thousands of devices and hundreds of games/apps), and Razer Cortex ( a game optimizer and launcher).
Razer also offers payment services for gamers, youth, millennials and Gen Z. Razer Gold is one of the world’ s largest game payment services, and Razer Fintech provides fintech services in emerging markets. | general |
Hytera, an Entrusted Partner Elevating Global Critical Communication Networks | SHENZHEN, China -- ( BUSINESS WIRE) -- Technology underpins the successful running of all kinds of mega events. Audiences these days are constantly amazed by the top-notch technologies adopted by the Beijing 2022 Winter Olympics and Paralympic Winter Games. Among them, the professional mobile radios ( PMR), which support critical communications of the world-class event, have earned wide attention from the public.
As one of the key communication solution suppliers of Beijing 2022 Winter Olympic and Paralympic Winter Games, Hytera provided a certain amount of TETRA devices, PMR-LTE convergent solutions and command & control systems to the security officers and rescue teams during the races. Hytera’ s communication technologies also played a major role in the execution of COVID-19 prevention in the Olympic Village.
In fact, besides the global mega sport events, Hytera’ s products and solutions are also chosen by industry clients across public safety, transportation, manufacturing, oil and gas as well as the retail and hospitality industries.
Innovation Is in Hytera’ s DNA
With continuous investment in technology innovation, Hytera is committed to promoting open communication standards from narrowband to broadband, including TETRA, DMR, PDT and LTE with independent intellectual property rights, which makes it a leading provider of professional communication solutions.
Hytera recently added the H Series to its DMR product portfolios. The new series is built from the ground up on an entirely new technology platform. It is the first of its kind in the industry when it comes to functionality, user experience, and ruggedness, providing efficient and reliable communications to users in security, education industry and customer service roles as well as those working in severe working conditions.
Global Recognition and Partnership Achieved by Hytera
To meet the growing needs of business and critical communication users, Hytera innovatively developed a variety of products and technology solutions. Among them, there are DMR terminals, TETRA terminals, PoC Radios, multimode advanced radios, body worn cameras, command & dispatch and emergency response software that have contributed to the success of users working in the vertical industries, such as public safety, energy, transportation, utility, commercial and operator markets. With audio, visual and data capabilities, Hytera has provided faster, safer, and more versatile connectivity options.
Hytera has showcased its technological strength and achieved global recognition and partnerships. The International Critical Communications Awards ( ICAA) awarded Hytera the “ Best New LTE or Hybrid Device ” for its LTE & TETRA convergent device PTC760, as well as the “ Best Use of Critical Communications in Utilities ” in recognition of its Hytalk PoC solution for Turkey Electricity Company.
Global partnerships have also validated Hytera’ s competence. Hytera played a role in the 2021 FIFA Arab Cup and the 2018 FIFA World Cup with its local partners. Hytera also worked with the security department in Tajikistan during the SCO Summit 2021.
Supporting Communities under Global Challenges | general |
Sense and Cruinn Diagnostics Sign Distribution Agreement to Market Veros COVID-19 in Ireland | World’ s First 15-minute, Instrument-free, Lab-Quality Molecular Test Available Now
OXFORD, England & CAMBRIDGE, England & BOSTON & DUBLIN -- ( BUSINESS WIRE) -- Global molecular diagnostics innovator, Sense Biodetection ( Sense), announced today that it had entered into a strategic distribution agreement with Cruinn Diagnostics Ltd. ( Cruinn) for the Irish market. Cruinn, a leading supplier in the healthcare and laboratory market, is among the network of planned EU distribution partners authorized to market Veros COVID-19. Sense received CE Mark for Veros COVID-19 in early March 2022.
“ Cruinn’ s reputation for customer service and innovative point-of-care products is best in class in its market, ” commented Ryan Roberts, Chief Commercial Officer of Sense. “ With Veros COVID-19 in its diagnostic portfolio, Cruinn can now offer customers a rapid, self-contained single-use molecular test that offers laboratory-quality results and can enable improved access and faster diagnosis than a lab-based test, helping to provide exceptional care for patients. ”
“ This will be the first instrument-free molecular test for COVID-19 to enter the Irish market, highlighting the strategic importance of this agreement to Cruinn, ” said Aidan Wearen, head of Marketing and Sales for Cruinn. “ Sense’ s approach to molecular testing delivers great opportunity for accessibility, speed, and clinical value to patients at the point of care. ”
Unconstrained by an instrument or reader, the Veros platform has the potential to improve access to rapid, highly accurate, point-of-care testing for many more people, which may lead to more precise diagnoses and improved speed to clinical decision making. Using a proprietary, rapid molecular amplification technology, Veros COVID-19 delivers instrument-free, lab-quality molecular results directly to users within minutes.
Veros COVID-19’ s clinical performance was established in one of the most comprehensive clinical trials in COVID-19 diagnostic testing conducted to date. The multicentre study prospectively enrolled nearly 300 evaluable subjects during both the Delta and Omicron variant surges of the pandemic. All study sites represented near-patient testing / point-of-care environments, with all test operators reporting no prior formal laboratory training or experience.
Veros COVID-19 results were compared directly against a highly sensitive, CE Marked and WHO & US FDA emergency authorized qRT-PCR test, from a world-leading developer and manufacturer of laboratory diagnostics. In just 15 minutes, the Veros COVID-19 delivered:
See how it works here.
For in vitro diagnostic use only.
Veros COVID-19 is intended for the detection of SARS-CoV-2 RNA in nasal samples from symptomatic patients suspected of COVID-19 infection by qualified healthcare professionals, in near-patient settings.
Before performing a test, please refer to the Instructions for Use.
About Sense Biodetection Sense Biodetection is a global molecular diagnostics company focused on empowering patients and transforming healthcare access and affordability by bringing lab-quality results through easy-to-use, rapid, disposable molecular tests without the constraints of an instrument. The company's Veros product platform will enable widespread testing to enhance patient access, improve patient health and lower systemic healthcare costs. Backed by respected investors, such as Koch Disruptive Technologies, Cambridge Innovation Capital, Earlybird Health and Mercia Asset Management, Sense is growing rapidly as it launches Veros COVID-19 and builds a portfolio of additional tests for other diseases. Sense recently received CE Marking in Europe for Veros COVID-19. | general |
Moderna kicks off Phase 1 trial of 3 different mRNA HIV vaccines | Biotechnology company Moderna, in association with The National Institute of Allergy and Infectious Diseases, has kicked off a Phase 1 human trial testing three different mRNA vaccine formulations designed to induce immunity against HIV. The trial is the second launched by Moderna this year to test mRNA vaccines for HIV.
“ Finding an HIV vaccine has proven to be a daunting scientific challenge, ” said NIAID director Anthony Fauci, in a statement announcing the Phase 1 trial. “ With the success of safe and highly effective COVID-19 vaccines, we have an exciting opportunity to learn whether mRNA technology can achieve similar results against HIV infection. ”
The Phase 1 trial will enroll around 100 healthy adults, with the initial goal of evaluating the safety and immune responses to three different mRNA vaccine formulations. Each subject will receive three doses of their assigned mRNA formulation over a six-month period.
In the same way mRNA COVID-19 vaccines are designed to train the immune system to respond to the spike protein on the surface of SARS-CoV-2, these experimental vaccines focus on the HIV equivalent of the spike protein antigen target, known as an envelope glycoprotein trimer.
This protein on the surface of HIV particles is much more complex that the coronavirus spike protein, so Moderna has developed three different mRNA formulations to test, each encoding for a slightly different protein architecture.
The trial is expected to run until mid-2023. By that point it is hoped one of the three formulations will have demonstrated robust immune responses and Phase 2 trials can commence.
This Phase 1 trial is the second to commence this year involving Moderna and mRNA HIV vaccines. The first began in January and is testing an entirely different kind of mRNA vaccine.
This earlier Phase 1 trial is being run in collaboration with IAVI ( the International AIDS Vaccine Initiative) and is testing a unique methodology designed to specifically target naive immune B cells and help induce them into the broadly neutralizing antibodies ( bnAbs) known to target HIV.
This vaccine technique is called germline targeting. The Phase 1 trial is testing two different mRNA formulations, one designed as an antigen to prime the naive B cells, while the second dose uses a different antigen hoped to boost those cells into mature bnAbs.
This trial is also being conducted with healthy HIV-negative adults. Safety evaluation is the primary outcome but immune responses will also be measured over a 10-month follow up period. The trial will run until mid-2023.
Stephen Hodge, president of Moderna, said it has been challenging to induce immunity against HIV in the past using more traditional vaccine technologies, but he is optimistic mRNA could be an effective strategy.
“ At Moderna we believe that mRNA offers and opportunity to take a fresh approach to this challenge, ” Hodge said. “ With the launch of our second HIV vaccine trial, we are advancing our strategy to utilize multiple mRNA encoded native-like HIV trimers and leverage the power of our mRNA platform to accelerate the discovery of a protective HIV vaccine. ”
Over the last few months Moderna has dramatically expanded its mRNA vaccine research pipeline. Alongside these multiple HIV candidates it is now currently investigating mRNA vaccines targeting influenza, cytomegalovirus ( CMV), the Epstein-Barr virus ( EBV), the herpes simplex virus, the varicella-zoster virus, and a novel cancer vaccine.
Sources: NIH, Moderna | science |
Epistemix Releases Data in Partnership with Convene on COVID-19 Safety for In-Person Meetings and Events | Latest COVID modeling shows Convene mitigation strategies ensure safe, controlled environment for all guests
Convene is the leading provider of premium virtual and hybrid events with a network of venues and office locations. ( Photo: Business Wire)
Convene is the leading provider of premium virtual and hybrid events with a network of venues and office locations. ( Photo: Business Wire)
PITTSBURGH -- ( BUSINESS WIRE) -- Epistemix, a computational modeling software company that develops simulations to model the spread of diseases and inform policy, today released data that projects the risk of COVID transmission during all events at Convene facilities from March 1-July 29, 2022 is less than 0.1%.
“ Creating a controlled environment is crucial for conference venues like Convene, ” says Dr. Lindsey Reiser, Managing Director of Professional Services, Epistemix. “ The robust program of safety measures required by the cities Convene operates in and those Convene has in place means a reduction in transmissibility by up to 4X compared to other typical activities in public spaces. Attending a meeting or event at Convene is therefore 4X safer than going to the grocery store. ”
Partnering since late 2021, Epistemix and Convene are working together to develop appropriate mitigation strategies to improve and ensure the safety of all events at Convene facilities.
Projections show:
● Cases will potentially increase in May or June. If cases increase for more than two weeks at a time, a masking policy will keep cases low at Convene events.
● By following the local policies in each city, and adding additional mitigation measures when cases are increasing, attendees are four ( 4) times less likely to be exposed to SARS-CoV-2 than in the public generally.
● Epistemix projects the risk of infection for all attendees over 5 months is less than 1/10th of 1% of attendees.
● Epistemix data has proven to be 95% accurate when forecasting for past events.
“ Enabling productive in person collaboration is central to Convene’ s mission - after 2 years of a pandemic, people want to gather in person and need the tools to do so safely, ” says Amy Pooser, President and COO at Convene. “ To ensure our attendees have the safest experience of our premium hospitality, Convene has partnered with Epistemix, a firm of epidemiologists and computational modeling experts, to help us develop policies and protocols to protect our guests and staff. ”
Convene will continue to work with Epistemix to provide regular updates and forecasts for attendees and exhibitors for ongoing and future events.
About Epistemix
Epistemix empowers leaders to make better decisions by simulating how diseases, ideas, and behavior spread through communities. We leverage decades of epidemiological experience, diverse datasets, and scientific best-practice to build computational models that forecast the health impacts of policy interventions so that organizations can take informed action. We are currently working with companies, event organizers, school districts, and state governments across the United States to evaluate opening strategies and gauge COVID-19 response. To learn more, visit www.epistemix.com.
About Convene | general |
Insurance Fraud Report 2022: Real Time Data, A Crucial Asset In Fraud Fighting | A 2022 study by FRISS reveals the importance of real time insights from real time data to secure end to end protection from risks and fraud
( Graphic: Business Wire)
( Graphic: Business Wire)
MASON, Ohio -- ( BUSINESS WIRE) -- In a recent study by FRISS, the worlds most implemented AI powered fraud, risk and compliance solution provider for P & C insurance companies worldwide, the challenges and opportunities facing insurers in their efforts to combat fraud throughout the entire policy lifecycle are highlighted. The study gathered input from over 400 insurance professionals worldwide and provides insight into topics such as fraud schemes, data challenges, process automation and more.
Survey respondents have differing views on the challenges and benefits of fraud detection software solutions. The common theme however is the data challenge; from underwriting to claims to special investigations. The difficulty is harnessing timely data to respond quickly when fraud is detected. FRISS’ past biennial surveys indicate that insurance professionals have struggled with inadequate data – either poor-quality internal data or limited access to external data sources.
Key findings of the fraud study include:
The Pandemic accelerated digitalization
COVID-19 will have a lasting impact on insurance, in large part because the pandemic has accelerated digital processes. Along the lines of studies by EY and Aite-Novarica, insurers must continue to address their technology debt by digitizing core processes, migrating to the cloud and embracing flexible sourcing models. Insurers are using a multilayered approach to minimize their risk of fraud, and improving protection at the front door at underwriting is definitely an area of focus. While these trends are continuing, insurers also are better positioned to take advantage of digital tools to combat fraud end-to-end.
Fraudsters remain creative
Exactly how much fraud impacts the industry is always hard to pinpoint, however according to the Coalition Against Insurance Fraud, in the US alone, fraud steals at least $ 80 billion every year from American consumers. Creativity and persistence in claims fraud is therefore a serious threat for insurers. Fraudsters continue to perpetrate schemes against insurers and inevitably work to exploit emerging system gaps, continuing to drive up the cost of insurance for honest consumers. For 41% of survey respondents, keeping up with modern fraudster modus operandi was their greatest challenge in effective responding to fraud. The top fraud schemes that saw an increase in popularity the past year are claiming false injuries, nondisclosure of relevant information and staged accidents.
The industry generally agrees fraud accounts for about 10% of all claims cost. However, one change since the prior survey is an increase in the percentage of claims suspected as fraudulent. In 2021 the suspicion of claims containing a potential element of misrepresentation or fraud rose to 20% - a rise predicted by FRISS in the previous report.
Data crucial in fraud fighting
Having the right data in the right place, and in real time, is essential to improving fraud detection. With many insurers utilizing digital processes for almost all of their operations, the ability to see real-time data identifying potential fraud is hugely beneficial across the policy lifecycle – from first-party policy requests, to underwriting, and of course as claims are reported. The difficulty is harnessing timely data to respond quickly when fraud is detected. FRISS’ s past biennial surveys indicate insurance professionals have struggled with inadequate data – either poor-quality internal data or limited access to external data sources. This year, amongst the top challenges in fighting fraud again where data protection and privacy, internal data quality and inadequate access to external data.
Optimization is upon us
The future of fraud detection lies in the use of advanced technologies to support real-time, large-volume, and highly precise modelling for claims and underwriting fraud. Fortunately, respondents do see significant benefits in fraud detection software. These include:
A hybrid approach of human expertise and predictive models will be essential in preventing losses. This will reduce the costs of underwriting and claims handling by removing unnecessary and error prone steps, and enables discovery of suspicious behavioural trends in data. This not only can augment the results of the existing data, it would give insurers an advantage when identifying the ever-changing schemes of fraudsters. Because FRISS believes that when insurance is more transparent and everyone can pay fair premiums that aren’ t inflated by the real costs of fraud, businesses and individuals can thrive and achieve their dreams.
More trends can be found in the complete 2022 Fraud Report. Download the full report here. | general |
Alpine Immune Sciences Provides Corporate Update and Reports Fourth Quarter and Full Year 2021 Financial Results | - Execution across three clinical-stage programs and addition of $ 176 million in committed cash in 2021 from partnerships and financing to further advance pipeline -
- Davoceticept monotherapy dose escalation data to be presented at 2022 AACR Annual Meeting -
- ALPN-303 phase 1 ongoing; data expected mid-2022 -
SEATTLE -- ( BUSINESS WIRE) -- Alpine Immune Sciences, Inc. ( NASDAQ: ALPN), a leading clinical-stage immunotherapy company focused on developing innovative treatments for cancer and autoimmune and inflammatory diseases, today provided a corporate update and reported financial results for the fourth quarter and year ended December 31, 2021.
“ 2021 was a period of significant growth at Alpine with the advancement of all three of our clinical programs into significant stages of development, ” said Mitchell H. Gold, MD, Executive Chairman and Chief Executive Officer of Alpine. “ As a result we secured $ 176 million in additional capital through a PIPE financing, the achievement of milestones as part of our AbbVie collaboration and an upfront payment from our recently announced discovery partnership with Horizon Therapeutics. ”
Dr. Gold added: “ 2022 looks to be a transformative year for Alpine with several important readouts anticipated across our programs, including the completion of dose escalation for davoceticept monotherapy and initiation of expansion cohorts; as well as the completion of the phase 1 healthy volunteer study for ALPN-303 and initiation of one or more patient-based studies in autoantibody-related diseases by the end of the year. ”
Full Year 2021 and Recent Clinical and Corporate Updates
Fourth Quarter and Full Year 2021 Financial Results
As of December 31, 2021, we had cash, cash equivalents, and investments totaling $ 215.4 million. Net cash used in operating activities for the year ended December 31, 2021 was $ 15.2 million compared to net cash provided by operating activities of $ 30.1 million for the year ended December 31, 2020. The Company recorded net losses of $ 50.3 million and $ 27.9 million for the years ended December 31, 2021 and 2020, respectively.
Collaboration revenue for the fourth quarter ended December 31, 2021 was $ 4.5 million compared to $ 5.6 million for the fourth quarter ended December 31, 2020. Collaboration revenue for the year ended December 31, 2021 was $ 23.4 million compared to $ 9.3 million for the year ended December 31, 2020. The amounts were primarily attributable to the revenue recognized under our AbbVie Agreement.
Research and development expenses for the fourth quarter ended December 31, 2021 were $ 15.4 million compared to $ 9.1 million for the fourth quarter ended December 31, 2020. Research and development expenses for the year ended December 31, 2021 were $ 58.7 million compared to $ 27.2 million for the year ended December 31, 2020. The increases were primarily attributable to our Synergy and NEON studies, contract manufacturing and process development of our product candidates primarily for acazicolcept and ALPN-303, increased personnel costs and other direct research activities.
General and administrative expenses for the fourth quarter ended December 31, 2021 were $ 4.5 million compared to $ 3.0 million for the fourth quarter ended December 31, 2020. General and administrative expenses for the year ended December 31, 2021 were $ 14.6 million compared to $ 10.9 million for the year ended December 31, 2020. The increase was primarily attributable to increases in professional and legal services and personnel costs.
The Company expects that its current cash resources, combined with the $ 25 million up-front payment received from Horizon in January 2022 and the potential $ 30 million in pre-option exercise milestones payable under its option and license agreement with AbbVie, for the development and commercialization of acazicolcept, will be sufficient to fund its planned operations into 2024.
About Alpine Immune Sciences
Alpine Immune Sciences is committed to leading a new wave of immune therapeutics. With world-class research and development capabilities, a highly productive scientific platform, and a proven management team, Alpine is seeking to create first- or best-in-class multifunctional immunotherapies via unique protein engineering technologies to improve patients’ lives. Alpine has entered into strategic collaborations with leading global biopharmaceutical companies and has a diverse pipeline of clinical and preclinical candidates in development. For more information, visit www.alpineimmunesciences.com. Follow @ AlpineImmuneSci on Twitter and LinkedIn.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not based on historical fact and include statements regarding our platform technology and potential therapies; the timing of and results from clinical trials and preclinical development activities; clinical and regulatory objectives and the timing thereof; expectations regarding the sufficiency of cash and potential payments to us pursuant to our option and license agreement with AbbVie to fund our planned operations into 2024; the potential efficacy, safety profile, future development plans, addressable market, regulatory success, and commercial potential of our product candidates; our ability to achieve additional milestones in our collaborations; the progress and potential of our other ongoing development programs; the timing of our public presentations and potential publication of future clinical data; the efficacy of our clinical trial designs; anticipated enrollment in our clinical trials and the timing thereof; expectations regarding our ongoing collaborations; and our ability to successfully develop and achieve milestones in our development programs. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions and include words such as “ may, ” “ will, ” “ should, ” “ would, ” “ expect, ” “ plan, ” “ intend, ” and other similar expressions, among others. These forward-looking statements are based on current assumptions that involve risks, uncertainties, and other factors that may cause actual results, events, or developments to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties, many of which are beyond our control, include, but are not limited to: clinical trials may not demonstrate safety and efficacy of any of our product candidates; efforts to have the partial clinical hold on our NEON-2 trial lifted may be prolonged or ultimately unsuccessful; our ongoing discovery and preclinical efforts may not yield additional product candidates; our discovery-stage and preclinical programs may not advance into the clinic or result in approved products; any of our product candidates may fail in development, may not receive required regulatory approvals, or may be delayed to a point where they are not commercially viable; we may not achieve additional milestones in our proprietary or partnered programs; the impact of competition; adverse conditions in the general domestic and global economic markets; the impact of the COVID-19 pandemic on our business, research and clinical development plans and timelines and results of operations, including the impact on our clinical trial sites, collaborators, and contractors who act for or on our behalf, may be more severe and prolonged than currently anticipated; as well as the other risks identified in our filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof and we undertake no obligation to update forward-looking statements, and readers are cautioned not to place undue reliance on such forward-looking statements.
“ NEON-1, ” “ NEON-2, ” `` Synergy, '' and the Alpine logo are registered trademarks or trademarks of Alpine Immune Sciences, Inc. in various jurisdictions.
ALPN-202, NEON-2 study is being conducted in collaboration with Merck Sharp & Dohme Corp., a subsidiary of Merck & Co., Inc., Kenilworth, NJ, USA
Alpine Immune Sciences, Inc.
Selected Consolidated Balance Sheet Data
( In thousands)
December 31, 2021
December 31, 2020
( unaudited)
Cash and cash equivalents
$
67,907
$
34,959
Short-term investments
94,396
70,622
Total current assets
192,013
107,101
Long-term investments
52,866
25,549
Total assets
255,900
144,090
Total current liabilities
69,778
41,167
Total stockholders’ equity
120,903
62,158
Total liabilities and stockholders’ equity
255,900
144,090
Consolidated Statement of Operations and
Comprehensive Income ( Loss) Data
( In thousands, except share and per share amounts)
Three Months Ended December 31,
Twelve Months Ended December 31,
2021
2020
2021
2020
( unaudited)
Collaboration revenue
$
4,530
$
5,643
$
23,443
$
9,335
Operating expenses:
Research and development
15,362
9,055
58,742
27,185
General and administrative
4,544
3,049
14,560
10,899
Total operating expenses
19,906
12,104
73,302
38,084
Loss from operations
( 15,376
)
( 6,461
)
( 49,859
)
( 28,749
)
Other income ( expense):
Interest expense
( 178
)
( 215
)
( 816
)
( 775
)
Interest income
93
43
259
245
Other ( expense) income
( 4
)
291
( 4
)
1,333
Loss before taxes
( 15,465
)
( 6,342
)
( 50,420
)
( 27,946
)
Income tax ( expense) benefit
298
—
87
6
Net loss
$
( 15,167
)
$
( 6,342
)
$
( 50,333
)
$
( 27,940
)
Comprehensive income ( loss):
Unrealized ( loss) gain on investments
( 237
)
1
( 238
)
( 15
)
Unrealized ( loss) gain on foreign currency translation
( 51
)
93
( 88
)
58
Comprehensive loss
$
( 15,455
)
$
( 6,248
)
$
( 50,659
)
$
( 27,897
)
Weighted-average shares used to compute basic and diluted net loss per share
29,354,961
23,803,183
25,476,889
20,826,466
Basic and diluted net loss per share
$
( 0.52
)
$
( 0.27
)
$
( 1.98
)
$
( 1.34
)
| general |
Meghan Markle Resumes Production with Spotify on First Podcast Series | Every product on this page was chosen by a Harper's BAZAAR editor. We may earn commission on some of the items you choose to buy.
The series is set to release this summer, per an Archewell spokesperson.
Meghan Markle and Prince Harry are officially resuming production with Spotify for the coming launch of their audio-first production company, Archewell Audio, which will source their first podcast series.
An Archewell Audio spokesperson confirmed in a statement Thursday that the Duke and Duchess of Sussex are continuing their multiyear podcast deal with Spotify despite a several month hiatus. `` We are excited to announce that we are continuing production of Meghan, The Duchess of Sussex’ s groundbreaking first podcast series, set to launch this summer, '' the rep told BAZAAR.com.
The duke and duchess will additionally work directly with the streamer to promote a safer, well-sourced audio landscape with more reliable and accurate information. Among their collaborative efforts with the team include proposals for new `` policies, practices, and strategies meant to raise creator awareness, minimize the spread of misinformation, and support transparency, '' per the spokesperson's statement.
The Sussex couple first announced their exclusive deal with Spotify back in December 2020—citing goals to source a series of podcasts with Archewell that spotlight diverse perspectives and `` build community through shared experience, narratives, and values '' in their initial statement.
Months later, the royal couple hit pause on production efforts to address the widespread backlash against Spotify concerning the streamer's questionable loyalties to controversial sources like Joe Rogan's podcast and failure to prevent the spread of coronavirus misinformation. In response, the duke and duchess expressed concerns with the streamer's negligence to the `` all too real consequences of COVID-19 misinformation on its platform '' and implored internal changes that will `` help address this public health crisis, '' a Sussexes spokesperson told BAZAAR.com.
As the royals once again carry on with production, they also continue to work with Spotify on fostering greater information transparency. `` We are encouraged by ongoing conversations we’ ve had with Spotify on this shared goal and have been working closely with their team—as well as their senior leadership, '' the Archewell Audio rep added in the statement. | general |
Asian markets rally again as Hong Kong extends surge | Hi, what are you looking for?
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Asian markets rallied again Thursday with another blistering surge in tech firms helping Hong Kong extend its recovery from the recent rout, while traders also cheered soothing comments on the US economy by the Federal Reserve after it lifted interest rates.
Regional sentiment remains buoyant after China’ s top economic official vowed measures to support beaten-down markets and indicated that a debilitating crackdown on the technology sector was nearing its end.
The news lit a fire under Asia on Wednesday — sending Hong Kong’ s Hang Seng Index rocketing more than nine percent and the city’ s tech gauge flying by a record 22 percent.
That provided a platform for traders in Europe and New York, where an index of US-listed Chinese firms ended up 33 percent.
And the buying continued in early business on Thursday, with the HSI piling on more than six percent at the open before easing back slightly, while market heavyweight tech titans built on their eye-watering rallies.
Alibaba, Tencent and JD.com were all up around 10 percent, on top of the 20-35 percent gains clocked up the day before.
Companies in other sectors that have been in Beijing’ s cross hairs over the past year, such as casinos and developers, also extended a rally.
“ The statement addressed so many issues on various fronts, which is really rare, ” Ding Shuang, at Standard Chartered, said.
“ Selloffs tended to be self-fulfilling partly because of the lack of response from the government, ” but part of the government’ s aim is likely to break that inertia and stabilise expectations, he added.
Adding to the broadly positive mood on trading floors were hopes that Ukraine and Russia were edging towards a ceasefire in a war that has sent markets spiralling, and fears over inflation soaring with commodity prices.
Traders have grown increasingly worried that the spike in inflation and war in Europe will knock off-course an already fragile pandemic recovery, providing a headache for central bankers who are trying to rein in ultra-loose monetary policies.
And the Fed appeared to soothe some of those worries Wednesday when it lifted interest rates — by a quarter of a point — for the first time since 2018 but gave an upbeat review of the world’ s number-one economy.
Governor Jerome Powell said there was little chance of a recession in the next year and noted that it was “ very strong and well positioned to handle tighter monetary policy ”.
He told reporters after the rate hike: “ We’ re not going to let high inflation become entrenched. The costs of that would be too high. ”
The Fed was committed to using its “ powerful tools ” to prevent that, he added, while a gauge of future hikes suggested another six could be on the cards before the end of the year.
“ The ( policy board) was interpreted as hawkish, but expectations ran high for that scenario, ” said Stephen Innes of SPI Asset Management.
“ Perhaps getting the event out of the way without a significant shock was enough to keep risk supported and, potentially, the dollar on the back foot.
“ Risk assets could be interpreting this arguably ‘ too aggressive’. I think it’ s too early to panic on that front, 25 basis points is not a dramatic initial tightening and… the Fed maintains its flexibility.
“ The last thing the Fed wanted to do was to err on the side of caution, which would have crushed their credibility.
“ I think the Fed’ s hawkish tone is pushing away worries of the Fed behind the curve and inflation out of control. And stock markets like that. ”
After the healthy gains on Wall Street, Asia picked up the baton happily.
Tokyo charged three percent higher, while Shanghai, Sydney, Seoul, Manila and Wellington were all up more than one percent, while there were also big gains for Singapore, Jakarta and Taipei.
“ The overall message you got from the Federal Reserve today was very clear, ” Deutsche Bank’ s Alan Ruskin told Bloomberg Television.
“ They want financial conditions to tighten. The issue there is, can you soft-land this thing? Historically, when the Fed tightens, you do get some hard landing somewhere. ”
– Key figures around 0250 GMT –
Hong Kong – Hang Seng Index: UP 4.5 percent at 20,986.19 ( break)
Tokyo – Nikkei 225: UP 3.0 percent at 26,529.89
Shanghai – Composite: UP 1.6 percent at 3,220.89
Brent North Sea crude: UP 1.1 percent at $ 99.09 per barrel
West Texas Intermediate: UP 1.2 percent at $ 96.17 per barrel
Euro/dollar: DOWN at $ 1.1036 from $ 1.1038 late Tuesday
Pound/dollar: UP at $ 1.3155 from $ 1.3148
Euro/pound: UP at 83.91 pence from 83.90 pence
Dollar/yen: UP at 118.81 yen from 118.73 yen
New York – DOW: UP 1.6 percent at 34,063.10 ( close)
London – FTSE 100: UP 1.6 percent at 7,291.68 ( close)
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
Images of Ukrainian troops carrying Javelin missile launchers on their shoulders have flashed around the world.
North Korea conducted a missile test but the launch failed, Seoul said - Copyright AFP Jung Yeon-jeNorth Korea fired a projectile Wednesday but the...
China has moved to free up hospital beds as officials reported thousands of new cases from an Omicron-led coronavirus outbreak.
Ukraine's besieged leader urged the U.S. to reconsider his plea for a no-fly zone, invoking the terror of the September 11 attacks.
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Black hair, white shoelaces: Japan school rules under fire | Hi, what are you looking for?
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Every school has its rules, but tough regulations at some Japanese institutions, mandating everything from black hair to white shoelaces, are facing increasing criticism and even legal action.
Toshiyuki Kusumoto, a father of two in western Japan’ s Oita, is seeking court intervention to protect his younger son from regulations he calls “ unreasonable ”.
They include rules on hair length, a ban on styles including ponytails and braids, prohibition of low-cut socks and a stipulation that shoelaces be white.
“ These kinds of school rules go against respect for individual freedom and human rights, which are guaranteed by the constitution, ” Kusumoto told AFP.
Later this month, he will enter court-mediated arbitration with the school and city, hoping authorities will revise the rules.
Change is already under way in Tokyo, which recently announced that strict rules on issues such as hair colour will be scrapped at public schools in the capital from April.
But elsewhere, the rules are fairly common and Kusumoto, who recalls chafing at similar restrictions as a child, hopes his legal action will bring broader change.
“ It’ s not only about our children. There are many other children across Japan who are suffering because of unreasonable rules, ” he said.
Such regulations, which generally come into force when children enter middle school at around age 12, emerged after the 1970s, according to Takashi Otsu, an associate professor of education at Mukogawa Women’ s University.
– Rules ‘ destroyed a student’ s life’ –
At the time, “ violence against teachers became a social problem, with schools trying to control the situation through rules ”, he told AFP.
“ Some kinds of rules are necessary for any organisation, including schools, but decisions on them should be made with transparency and ideally involving students, which would allow children to learn democratic decision-making, ” he said.
The array of regulations has been defended as helping ensure order and unity in the classroom, but there have been other challenges.
In 2017, an 18-year-old high-school girl who was repeatedly ordered to dye her naturally brown hair black filed a lawsuit in Osaka seeking compensation of 2.2 million yen ( $ 19,130) for psychological suffering.
The case made national headlines and eventually led to the government last year instructing education boards to examine whether school rules reflect “ realities around students ”.
But in a sign of the difficult debate over the subject, both Osaka’ s district and appeals courts ruled schools could require students to dye their hair black within their discretion for “ various educational ” purposes.
The student said she was regularly harassed over the issue even though she was colouring her hair to meet the requirements, according to her lawyer.
“ This rule destroyed a student’ s life, ” he told AFP, speaking on condition of anonymity to protect his client’ s identity.
The student, now 22, has not given up though, and in November appealed to the supreme court.
– ‘ Recipe for unthinking children’ –
There are other signs of pressure to change the rules, including a petition submitted to the education ministry in January by teen members of rights group Voice Up Japan.
They want the ministry to encourage schools to work with students on discussing rule changes.
“ We started this campaign because some of our members have had unpleasant experiences with school rules, ” said 16-year-old Hatsune Sawada, a member of Voice Up Japan’ s high-school division.
The petition gives the example of a girl who was humiliated by a teacher for growing a fringe that, when flattened with a hand, covered the girl’ s eyebrows — a violation of the rules.
In Oita, the rules also include school uniforms designated by gender, with trousers only for boys and skirts for girls.
The local education board says the rules “ not only nurture a sense of unity among children but also ease the economic burden for families of buying clothes ”.
But Kusumoto disagrees.
“ A sense of unity is not something that is imposed, it’ s something that should be generated spontaneously, ” he said.
Imposing these kinds of rules “ is a recipe for producing children who stop thinking ”.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
Images of Ukrainian troops carrying Javelin missile launchers on their shoulders have flashed around the world.
North Korea conducted a missile test but the launch failed, Seoul said - Copyright AFP Jung Yeon-jeNorth Korea fired a projectile Wednesday but the...
China has moved to free up hospital beds as officials reported thousands of new cases from an Omicron-led coronavirus outbreak.
Ukraine's besieged leader urged the U.S. to reconsider his plea for a no-fly zone, invoking the terror of the September 11 attacks.
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ECB has 'extra space ' before first rate hike, Lagarde says | - The European Central Bank has given itself `` extra space '' between the planned end of its money-printing program this summer and the first interest rate hike in more than a decade, ECB President Christine Lagarde said on Thursday.
Investors were ramping up their bets on higher ECB rates after the Federal Reserve raised the cost of borrowing late on Wednesday, tightening its stance for the first time since the start of the coronavirus pandemic and despite uncertainty stemming from Russia's invasion of Ukraine.
Central banks worldwide have been caught on the hop by a surge in inflation, which hit 5.9% in the 19-nation euro zone last month after spending most of the last decade below the ECB's 2% target.
But, in a repeat of last week's message, Lagarde said that any increase in the ECB's policy rate will be gradual and come only `` some time '' after its bond-buying program, which should happen in the third quarter of the year barring more financial turmoil.
`` This maintains our traditional sequencing logic, but also gives us extra space if needed after we stop purchasing bonds and before we take the next step towards normalization, '' she told a conference in Frankfurt.
Money markets were pricing in increases worth nearly 50 basis points to the ECB's deposit rate by the end of this year, which would take it back to zero after eight years in negative territory.
Lagarde added that the ECB could devise new tools to ensure monetary policy reaches all corners of the euro zone even as it winds down its bond purchases.
These have helped cap the spread between the borrowing costs paid by top-rated Germany and those of indebted countries like Italy and Greece.
`` If necessary, we can design and deploy new instruments to secure monetary policy transmission as we move along the path of policy normalization, as we have shown on many occasions in the past, '' Lagarde said. | business |
Tokyo prosecutors appeal ruling against Ghosn aide Kelly | Hi, what are you looking for?
Tokyo prosecutors said Wednesday they will appeal a court ruling.
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Tokyo prosecutors said Wednesday they will appeal a court ruling in which former Nissan executive Greg Kelly was handed a six-month suspended sentence for helping disgraced auto tycoon Carlos Ghosn.
The 65-year-old American was found guilty earlier this month by a Tokyo court, but only for his actions in the 2017 financial year. He was acquitted for the previous six years.
Prosecutors had sought two years in prison for Kelly, accusing him of helping Ghosn under-report his income to the tune of 9.1 billion yen ( $ 77 million) between 2010 and 2018.
“ We filed a motion for appeal today in the financial instruments and exchange law violation case involving defendant Kelly, ” the prosecutors said in a statement obtained by AFP.
Kelly was detained at the same time as Ghosn in November 2018, but the former Nissan chief jumped bail and fled to Lebanon the following year, leaving Kelly alone to face charges.
Kelly’ s lawyers said they would appeal after the hearing.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
Images of Ukrainian troops carrying Javelin missile launchers on their shoulders have flashed around the world.
North Korea conducted a missile test but the launch failed, Seoul said - Copyright AFP Jung Yeon-jeNorth Korea fired a projectile Wednesday but the...
China has moved to free up hospital beds as officials reported thousands of new cases from an Omicron-led coronavirus outbreak.
Ukraine's besieged leader urged the U.S. to reconsider his plea for a no-fly zone, invoking the terror of the September 11 attacks.
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Far from Kyiv, Africa feels economic fallout from Ukraine crisis | Hi, what are you looking for?
From airlines in Nigeria to shoppers in Malawi, Africans are feeling the impact of the Ukraine crisis.
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From airlines in Nigeria to shoppers in Malawi, Africans are feeling the impact of the Ukraine crisis in wrenching increases in the price of fuel, grain and fertiliser.
Global oil prices scaled decade-long highs of more than $ 100 a barrel shortly after Russia invaded Ukraine on February 24, inflicting a hefty blow to many businesses south of the Sahara.
Both Ukraine and Russia are also major suppliers of wheat and other cereals to Africa, while Russia is a key producer of fertiliser.
The impact of the war and the West’ s sanctions against the Kremlin are already starting to translate into higher prices for farm inputs and imported grain, AFP bureaus in Africa report.
For Lagos baker Julius Adewale, the crisis is a perfect storm.
Nigeria’ s fragile power grid had recently been supplying just a few hours of electricity per day, forcing Adewale to turn to diesel-fueled generators for power — the cost of which has now soared.
“ There is no light since yesterday and we’ ve been running on gen since yesterday, ” Adewale said this week, as workers stacked piles of loaves in his bakery.
“ ( The) cost of production has increased immensely. ”
Nigeria is Africa’ s largest oil producer and biggest economy, but it has little refining capacity.
The government subsidises the cost of petrol, but diesel and aviation fuel are sold at market price.
Several local airlines warned this month they were forced to cancel flights due to aviation fuel scarcities.
Diesel used to sell in Nigeria at around 300 naira ( 0.72 cents) a litre but now goes for 730 ( $ 1.75) a litre.
“ I don’ t know how we are going to cope because 70 per cent of industries are running on diesel, ” Lanre Popoola, a regional chairman of Manufacturers Association of Nigeria ( MAN), told local media.
“ Other businesses are also running limited hours on diesel as they can not afford to use generators all day. ”
– Hardship ahead –
If the crisis is sustained, said Eurasia Group analyst Amaka Anku, African countries which are big importers of fuel and grain will rank among the losers, although exporters of those commodities may be among the winners.
There are also countries that are heavily indebted, such as Ghana, which will struggle with higher borrowing costs as investor risk appetite lowers, she said.
Gas producers like Tanzania and Nigeria and future producers like Senegal, which is still developing its reserves, may benefit from Europe’ s future moves to end its dependence on Russian energy, said Danielle Resnick at the Brookings Institution think tank.
But, she said, the immediate challenge was hardship for African families, millions of which are already struggling to get by.
“ War in Ukraine means hunger in Africa, ” International Monetary Fund ( IMF) Managing Director Kristalina Georgieva said on Sunday.
High prices will for instance aggravate food insecurity in conflict-torn Ethiopia, where nearly 20 million people are in need of food aid.
Rising prices for food are also fueling fears of more hunger and turmoil in the troubled northeast of the Democratic Republic of Congo, residents said, in an area already struggling with geographic remoteness and decades of violence.
– Inflation already here –
In many parts of Africa, the inflationary machine has already lurched into higher gear, AFP bureaus report.
In Kenya, a two kilogramme ( 4.4-pound) bag of wheat flour now sells for 150-172 Kenyan shillings ( US $ 1.3 to US $ 1.5), compared to less than 140 shillings in February.
Sub-Saharan Africa’ s No. 3 economy usually gets a fifth of its imported wheat from Russia and another 10 percent comes from Ukraine, according to government figures.
As for fertiliser, a 50-kilo bag that cost 4,000 shillings last year now changes hands for 6,500 shillings ( $ 57) — a figure that is likely to increase as the planting season starts this month.
In the Ugandan capital Kampala, Ukraine’ s crisis has already caused a surge in prices of soap, sugar, salt, cooking oil and fuel.
“ Most of the essential commodities are produced locally but some ingredients are imported and their prices are being dictated by the shocks on international markets, ” Junior Finance Minister David Bahati told AFP.
Cooking oil has risen from 7,000 shillings per litre ( $ 1.94) in February to 8,500 shillings ( $ 2.4) and a kilo of rice from 3,800 to 5,500 shillings, according to Kampala retail shops.
“ My family of four people spend an average of 5,000 shillings to cater for food and other necessities but this is no longer enough… I now spend more than 10,000 shillings, ” Ritah Kabaku, 41, a shop assistant in Kampala, told AFP.
– ‘ Victims of war’ –
Wary of Ukraine-fueled inflation, Mauritius’ central bank has raised its key interest rate to two percent — its first hike since 2011.
“ It is unfortunate that as the sky cleared after Covid 19, more clouds appeared, ” Prime Minister Pravind Kumar Jugnauth said in a televised speech.
In Somalia’ s capital Mogadishu, prices for fuel, cooking oil, construction materials and electricity have shot up.
“ A week ago, the 20-litre jerrycan of cooking oil was $ 25, today it’ s about $ 50. A litre of gasoline was $ 0.64 and today it runs about $ 1.80 — it’ s crazy, ” said Mohamed Osman, a trader.
In southern Africa, bread and cooking oil prices in Malawi have shot up by an average 50 percent.
“ This war doesn’ t concern us and it is not right that we should be paying such a high price, ” Fatsani Phiri, an auditor who was buying bread in the capital Lilongwe.
“ We can not always be victims every time there is a war somewhere in the world. ”
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
Images of Ukrainian troops carrying Javelin missile launchers on their shoulders have flashed around the world.
North Korea conducted a missile test but the launch failed, Seoul said - Copyright AFP Jung Yeon-jeNorth Korea fired a projectile Wednesday but the...
China has moved to free up hospital beds as officials reported thousands of new cases from an Omicron-led coronavirus outbreak.
Ukraine's besieged leader urged the U.S. to reconsider his plea for a no-fly zone, invoking the terror of the September 11 attacks.
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Canadian leaves a life behind to go help Ukraine | Hi, what are you looking for?
Vartan Davtian bought a ticket to Ukraine, leaving behind a job and a safe, quiet life in Canada.
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Vartan Davtian bought a ticket to Ukraine, on Wednesday leaving behind a job and a safe, quiet life in Canada to go defend the country in which he grew up.
At the airport in Winnipeg in Canada’ s western Prairies region, dressed in a khaki T-shirt, he bid farewell to friends, before dragging to the check-in counter 13 oversized pieces of luggage bursting with medical supplies, clothes and a few personal items — all tied with blue and yellow straps.
The 37-year-old said it seemed an obvious decision to put his life on hold instead of standing idly by as bombs fall on Ukraine, where his family still lives.
“ It’ s not right that Russia ( is) doing this, and it’ s not right for other countries to be staying ( on the sidelines) and watching, ” he told AFP before his flight departed.
“ The whole situation is not right. ”
Born in Armenia, Davtian spent his childhood in Ukraine before immigrating to Canada 14 years ago.
When Russia invaded Ukraine on February 24, he quit his oil sector job and started making plans to go help his former compatriots fighting Russian invaders.
As his departure approaches, he explains that it didn’ t feel right to “ stay and watch ” from the safety of Canada the broadcast news or social media postings about what was happening on the ground, while his sister, nieces, cousins and other relatives and friends were in the grip of war.
“ What’ s the purpose of your life then? ” he says.
He describes only seeing war on television in his youth.
“ And suddenly, I wake up and I see rockets destroying buildings and killing your neighbors and families, ” he says, his voice trembling.
It is hard for most to imagine, he suggests, especially in Canada, which is almost 8,000 kilometers ( 5,000 miles) away from the fighting.
– ‘ Never done this before’ –
“ I have never done this before, ” he adds, in reference to armed combat. “ But to watch all the news and all that stuff, I thought, ‘ I’ m not gon na hesitate. ' ”
After connecting flights, Davtian expects to reach Warsaw, Poland, and from there cross the border into Ukraine.
He’ s bringing provisions collected by members of the local Ukrainian diaspora — which numbers close to 1.4 million across Canada — including medical equipment, drones, batteries and baby items.
Davtian also has a bandana in the colors of Ukraine — a kind of memento or good luck charm given to him by his friend Liudmyla Artemchuk.
“ She asked me to bring it back ” when he returns, he says.
The mood as they all said goodbye is somber. Artemchuk had learned only the day before of the death of a childhood friend in a Russian bombardment. Since the start of the war, civilians have paid a heavy price.
“ I think he’ s very brave and it’ s very important because he will help people, ” Artemchuk says.
In Manitoba province, as elsewhere across the country, Ukrainian-Canadians have organized anti-war protests, and collected donations and supplies to send to Ukraine.
Davtian spent the night before his flight with a dozen friends — all of Ukrainian descent — making last-minute preparations and packing some of these supplies to take with him.
He shares a last thought about his family, with whom he’ s eager to reunite despite the dire circumstances: “ It’ s been three years since I’ ve seen them. ”
Some of his friends wished to join him on the trip, but can’ t leave Canada because “ they have responsibilities here. ”
“ He’ s my hero, ” his friend Maryna Prystaiko tells AFP as she clasps the last buckles and tightens straps on his luggage.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
Images of Ukrainian troops carrying Javelin missile launchers on their shoulders have flashed around the world.
North Korea conducted a missile test but the launch failed, Seoul said - Copyright AFP Jung Yeon-jeNorth Korea fired a projectile Wednesday but the...
China has moved to free up hospital beds as officials reported thousands of new cases from an Omicron-led coronavirus outbreak.
Ukraine's besieged leader urged the U.S. to reconsider his plea for a no-fly zone, invoking the terror of the September 11 attacks.
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Odessa, 'pearl of Black Sea ', clings to peace, readies for war | Hi, what are you looking for?
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In front of a barricade mounted outside Odessa’ s magnificent opera house, a soldier shares a long, emotional hug with his wife and daughter.
With the sweet scent of spring in the air and barricades dotting the city, Ukraine’ s port of Odessa, known as the pearl of the Black Sea, is clinging to peace, but bracing itself for a Russian attack.
Journalists have to show their credentials in order to access the city’ s historic centre, which is now covered in iron beams welded into crosses, while tanks are deployed at street junctions.
City and defence officials organise press tours for journalists, thanking them for coming to “ show the world what is happening here ”.
Accompanied by two soldiers, a group of reporters are shown what they can and can not film, but the atmosphere remains relaxed.
Past a set of barricades, a road is cordoned off with large concrete blocks, with the French national motto “ Liberty, equality, fraternity ” written in French in yellow and blue, the colours of Ukraine’ s flag.
In peaceful times, the beautiful centre of Odessa, a city founded in the late 18th century by the Russian Empress Catherine the Great and the France’ s Duke de Richelieu, is bustling with people and noise.
It boasts trendy cafes, the luxurious “ Hotel de Paris ”, a breathtaking view of the port and of course the 192 steps of the iconic Potemkin Stairs descending toward it.
But today the silence of the city is broken only by a loudspeaker blasting from Odessa’ s famous funicular, which runs alongside the stairs. “ Warning! Alert! Stay safe! ” A few shots are sometimes heard from the harbour.
Perched on a pedestal, the famous statue of Richelieu is now completely covered in sandbags, a symbolic image of this conflict that has travelled the world.
A statue of Catherine the Great, which is shorter and less vulnerable, only has the Ukrainian flag to protect it.
– ‘ Impregnable fortress’ –
“ Our beautiful Odessa, ” says Lyudmila, an elegant elderly woman wearing bright lipstick, as she looks apologetically at her city’ s empty, barricaded streets.
“ I don’ t know if there is another city like this in the world. But thank God we are holding on! Everyone is holding on! ”
Diana Krainova, a young and smiling soldier chaperoning the journalists, adds: “ It hurts to see our historical heritage covered with sandbags and barricades, but we are ready. ”
A few streets away, Maria, a petite 60-year-old woman clutching grocery bags in each hand hurries to her apartment building, whose entrance has been barricaded with tyres by the residents. “ I’ ve spent all my life here, it’ s terrible to see that, ” Maria says.
And suddenly, without warning, Odessa’ s mayor Gennadiy Rukhanov emerges onto the street from a series of meetings, accompanied by several aides, and stops to talk to journalists.
A native of Odessa, the controversial politician has served as its mayor since 2014. Rukhanov had been implicated in the Panama papers, a list of companies and businesspeople from various countries suspected of tax evasion and money laundering.
“ I never thought I would see something like this — the duke covered in sandbags, ” Rukhanov says.
“ We had plans to renovate the city centre, and here we are thinking about the war. It’ s horrible, it doesn’ t make sense. ”
Odessa, a key port of about 1 million people, of whom around 100,000 have left since the invasion began, is both a strategic and symbolic target for the Russians.
Rukhanov said Odessa was ready to fight thanks to the “ heroic cities of Mykolaiv and Kherson ” to the east that have been staunchly repelling Russian troops.
“ This gave us 21 days to prepare, build barricades, provide food, medicine, and make our city an impregnable fortress, ” he said.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
There’ s only one person who can make the decisions about Russia’ s existence.
Hundreds of thousands of Irish and international visitors were to celebrate St Patrick’ s Day in Ireland on Thursday after a two-year pause.
Car chases starring action heroes like Tom Cruise are often filmed using a device previously known as the 'Russian Arm ' but henceforth called the...
A resident undergoes a coronavirus test in Shenzhen - Copyright AFP STRChina’ s southern tech powerhouse Shenzhen has partially eased lockdown measures, after President Xi...
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Irish PM's White House meeting canceled after positive Covid test | Hi, what are you looking for?
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A planned Saint Patrick’ s Day meeting at the White House between Joe Biden and Ireland’ s prime minister Micheal Martin was canceled Thursday after Martin tested positive for Covid-19, although the US president was said to be in no danger.
The planned Oval Office meeting between Martin and Biden was dropped for a video-link session after the Irish leader, whose position is known as the Taoiseach, had to pull out.
The White House also canceled an annual Saint Patrick’ s Day ceremony where the Irish premier presents the US president with a bowl of shamrock grown in Ballinskelligs, southwest Ireland. Instead, Biden will “ host a St Patrick’ s Day event ” without the Taoiseach, the White House said.
Late Wednesday, Martin was pictured sitting next to House Speaker Nancy Pelosi at the Ireland Funds Gala event at the National Building Museum in Washington. He left shortly after, due to a positive PCR test.
Biden was at the same dinner, but a White House official said that Biden was not considered to have been at risk and hadn’ t been tested.
“ He is not a close contact, so testing cadence would not change, ” the official said.
An Irish government spokesman said Martin’ s positive test followed two negative tests, including one earlier Wednesday.
“ A further test was carried out when one of the Taoiseach’ s delegation received a positive test, which resulted in a later positive result for the Taoiseach, ” the spokesman said.
Ireland’ s ambassador to the United States Daniel Mulhall tweeted that he had given the Taoiseach’ s speech for him after he left Wednesday’ s dinner and “ I wish the Taoiseach well for his recovery. ”
In his own speech at the gala, Biden spoke of his Irish roots, saying “ I inherited my mother’ s side of the family’ s overwhelming pride, overwhelming pride in being Irish. ”
Martin, who is staying at the White House guest facilities, Blair House, “ is feeling well and is currently self-isolating on public health advice, ” the Irish government said.
It was unclear how his positive result will affect the rest of his schedule in the US or his return to Ireland, which will on Sunday hold a national day of remembrance to commemorate those who died during the Covid-19 pandemic.
This is the second high-profile Covid positive case close to Biden in just days.
On Tuesday, the White House said that Doug Emhoff, the husband of Vice President Kamala Harris, had a positive test, but that Harris and Biden were unaffected.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
There’ s only one person who can make the decisions about Russia’ s existence.
Hundreds of thousands of Irish and international visitors were to celebrate St Patrick’ s Day in Ireland on Thursday after a two-year pause.
In 2013 he achieved one of the great shocks in tennis history, knocking defending champion Roger Federer out of Wimbledon.
China has gone from reporting under 100 daily infections just three weeks ago to more than 1,000 per day for a week - Copyright...
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Filmmakers rename 'Russian Arm ' camera system ' U-Crane ' after invasion | Hi, what are you looking for?
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A camera system used in countless Hollywood films and previously known as the “ Russian Arm ” has been renamed by its inventors to “ U-Crane ” in tribute to the country it came from.
The gyro-stablized crane mounted on a car roof is used to give dynamic coverage of car chases and stampedes, allowing the audience to swoop alongside a fast-driving hero.
It is a staple of action blockbusters, including the “ Fast and Furious ” franchise, “ Black Widow ” and pretty much anything starring Tom Cruise.
Up until recently, the device, developed by Kyiv-based Filmotechnic in the 1990s, has been known as the “ Russian Arm ”.
But no more.
“ The NEW OFFICIAL name of Filmotechnic’ s world famous system is now U-CRANE in honor of ( its) country of origin and their heroic fight against Russian aggression, ” the US branch of the firm said on Instagram last month.
“ The gyro stabilized crane system was designed and built in Ukraine by Filmotechnic and will continue to be built in Kiev for years to come! ”
Trade magazine Variety, which first reported the name change, said Filmotechnic employs around 250 people in under-siege Kyiv.
Kevin Descheemaeker of Filmotechnic USA told the title the name “ Russian Arm ” had been removed in tribute to Ukrainian film engineer and company owner Anatoliy Kokush, and to the company’ s Ukrainian employees.
“ I emailed our international group to take down all the signage on our arm cars, trucks and trailers, websites and no longer use the hashtag # russianarm, ” Descheemaeker said in a statement.
“ As a group we decided that U-CRANE would be a more respectful alternative and that is how the movement on social media started. ”
Russian forces attacked Ukraine three weeks ago, forcing millions of civilians to flee their homes, some across international borders.
The invading forces stand accused of targeting schools, hospital and theatres, ignoring established rules of conflict that require civilians to be spared the horrors of war.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
There’ s only one person who can make the decisions about Russia’ s existence.
Hundreds of thousands of Irish and international visitors were to celebrate St Patrick’ s Day in Ireland on Thursday after a two-year pause.
A resident undergoes a coronavirus test in Shenzhen - Copyright AFP STRChina’ s southern tech powerhouse Shenzhen has partially eased lockdown measures, after President Xi...
When Chilean scientist Osvaldo Ulloa led an expedition 8,000 meters under the sea to an area where no human had ever been.
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Cyber Insurance Crisis to Fuel Enterprise Shift in Cyber Protection | Panaseer, an enterprise security company, shares data on actions enterprises are willing to take to solve the escalating cyber insurance crisis.
In recent years the cyber landscape has been dominated by a sharp increase in ransomware attacks. According to SonicWall, ransomware attacks increased 105% in 2021 and Sophos’ report, the “ State of Ransomware 2021, ” revealed the average ransom paid is now $ 170,404 but remediation costs $ 1.85 million, ten times the size of the ransom payment, on average.
The increase in frequency and cost of ransomware attacks has made ransomware a board-level risk and put the cyber insurance industry under extreme pressure. This is evidenced by a recent survey Panaseer conducted with over 1,200 global enterprise security leaders – over four in five ( 84 per cent) respondents said their Board now wants to understand their ransomware protection levels. As such, nearly all ( 91 per cent) security leaders are reporting their ransomware protection levels to the Board. For 86 per cent of security leaders, ransomware protection is a budgeted 2022 priority.
The proliferation of ransomware has led to an increase in the frequency and value of cyber insurance claims. As such, many insurance providers have increased their premium prices and turned away prospects without sufficient cybersecurity precautions. According to Marsh, the price of cover in the US grew by 130 per cent in the fourth quarter of 2021 alone, while in the UK it grew by 92 per cent.
These changes in cyber insurance practices are putting businesses in a difficult position, as cyber insurance is fast becoming a condition for doing business in certain sectors. According to Forrester, cyber insurance has even become the price of admission for the partner ecosystem. To resolve the issue, many insurers will want some form of verification that businesses are taking the correct cyber hygiene measures, so they can more effectively price and allocate cover, akin to the shift that took place in the automobile market with black box car insurance.
Panaseer’ s research shows that businesses are willing to make this shift, but they aren’ t ready yet. According to Panaseer’ s research, all the security leaders would be willing to demonstrate the strength of their cyber programme to cyber insurers, with data-driven metrics, if it meant they could reduce their cyber insurance premium. However, none of them are ready to do this immediately.
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Just over a quarter of security leaders ( 29 per cent) believe they will be ready in the next 12 months, over half ( 57 per cent) hope to be ready in the next 13-24 months, with 14 per cent not sure when they will be able to share the data. The most prepared industry is financial services ( 46.5 per cent of respondents would be ready in the next 12 months), followed by healthcare ( 46 per cent), utilities ( 27 per cent), life sciences ( 21 per cent), energy ( 20 per cent) and lastly retail ( 13 per cent).
Nik Whitfield, Chairman, Panaseer: “ In recent years, Ransomware has been the most high-profile risk in cybersecurity, which is why many Boards are concerned about its potential for disruption and damage. Thanks in part to the proliferation of ransomware claims during the Coronavirus pandemic, cyber insurers have also been forced to pay out on underpriced policies, pushing their portfolios towards being loss-making. The result is that the market has hardened, insurers have withdrawn and it’ s much tougher for customers to get insurance at all, let alone good value on a policy.
“ The current, distressing situation in the Ukraine may well increase the cyber risk to companies, making it harder for underwriters to effectively price policies and even harder for companies to buy any cyber insurance cover.
“ However, a positive by-product of insurers pushing back, is that it will become another driver for businesses to enhance their cybersecurity measurement. As insurers look to find a way to make cyber protection workable for both parties, organisations will need to improve the way they communicate their security posture. We’ re moving towards the era of evidence over opinion, hard data rather than subjective questionnaires. ” | tech |
Rogers and Microsoft Announce Strategic Alliance to Revolutionize Hybrid Workplace Communications and Power 5G Innovation Across Canada with Azure | Rogers and Microsoft announced a five-year strategic alliance to help enterprise and small and medium business customers accelerate digitization and take full advantage of hybrid work and 5G-enabled solutions. Rogers has selected Microsoft Azure as its strategic cloud for infrastructure and technology workloads and will leverage Azure’ s public cloud capabilities to power innovation, unlock new customer experiences and enable employees to collaborate with more agility across the organization.
Rogers is the first in Canada, and one of the first companies globally, to offer Operator Connect Mobile. This industry-first, all-in-one communications and collaboration solution will enable organizations to upgrade legacy infrastructure, significantly reduce costs on redundant wireline voice services, and enhance customer and employee experiences via a unified and enterprise compliant Teams experience. This alliance builds on the two company’ s long-standing relationship which has led Rogers to be one of Canada’ s largest resellers of Microsoft 365 and Teams solutions.
“ Landlines and legacy voice services are rapidly being replaced by mobile – the workplace is shifting, and our customers have embraced new ways of working, ” said Ron McKenzie, President of Rogers Business. “ Together, we are bringing Operator Connect Mobile to Canada, which will help businesses save up to 50% in costs by upgrading outdated, expensive legacy voice infrastructure and shifting to a best-in-class digital calling experience. We’ re proud to power the latest digital connectivity advances for Canadians and look forward to playing a pivotal role in helping businesses thrive in the new world of work. ”
Operator Connect Mobile, powered by Rogers for Business, will offer customers a fully integrated voice calling experience, improving availability and responsiveness, and allowing people and businesses to work securely from anywhere across the devices of their choice. With Operator Connect Mobile, customers will have the flexibility to make and receive calls on Teams using the Rogers network, giving users the ability of placing outbound calls through the collaboration enhanced Microsoft Teams application, integrated IP Phones, or directly through the native dialer on a customer’ s SIM enabled mobile device. Organizations will also benefit from a unified communications experience through a single app, streamlined technical support as well as direct peering to Rogers Network for enhanced network resilience.
“ Canada’ s success in the 21st century economy requires widespread adoption of digital technologies. Canadian businesses of all sizes are re-envisioning how they can use technology, including Microsoft Teams, powered by Azure to deliver a more seamless experience across their mobile device and PC, ” said Kevin Peesker, President, Microsoft Canada. “ As the first company to announce Operator Connect Mobile in Canada, and by bringing Rogers’ most reliable 5G network together with Microsoft Azure’ s cutting-edge cloud services, we are laying the foundation to empower Canadian businesses to compete globally. ”
Microsoft’ s focus on placing cutting-edge security at the heart of business will be combined with Rogers’ own expertise and extensive threat intelligence, providing customers a trusted and reliable voice calling platform. Through this alliance, Rogers will build on its extensive capabilities as the largest SIP provider in Canada to provide solutions for business and will become Canada’ s largest operator partner of Microsoft Teams solutions.
The delivery of secure and powerful services and applications requires a modern technology infrastructure. Microsoft and Rogers will work together to optimize networks, enabling highly reliable, cost-effective, and secure services, providing seamless experiences for customers across Microsoft’ s cloud and Rogers’ network. The two companies will continue to partner, invest and collaborate on delivering Rogers digital transformation journey, building on a longstanding relationship of mutual cooperation over decades. Rogers will leverage Azure’ s enhanced data and AI capabilities across its business to enable use cases and operational improvements through Microsoft’ s new Data Centre of Excellence in Toronto.
“ Our alliance with Microsoft further enhances both our 5G network leadership and our customer’ s experience, ” said Jorge Fernandes, Chief Technology & Information Officer, Rogers. “ Together, we’ ll provide the next-generation service innovations for business customers that will support Canada’ s growth and prosperity in the years ahead. With this first in Canada alliance, Rogers and Microsoft are opening all-new opportunities in 5G MEC and introducing the next chapter of global hybrid work just as Canada recovers from COVID-19 and looks forward to the economic, social and sustainability advantages of 5G. ”
The two technology companies will also explore collaboration on R & D opportunities to support the Internet of Things and Mobile Edge Computing to advance 5G innovation and Canada’ s digital economy. Early access to Microsoft’ s cloud, AI and edge technology will provide Rogers with the flexibility it needs to rapidly innovate and launch new services and customer experiences enabled by 5G. | tech |
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