title
stringlengths 4
2.73k
| content
stringlengths 1
843k
⌀ | category
stringclasses 5
values |
|---|---|---|
Covid pushed 4.7 million people in Southeast Asia into poverty: ADB | Southeast Asia is grappling with high poverty levels as recurring waves of Covid-19 have dealt a blow to the region's labor market, said the Asian Development Bank.
Last year, the pandemic pushed 4.7 million more people in Southeast Asia into extreme poverty — which is defined as those living on less than $ 1.90 per day — and erased 9.3 million jobs in the region, the ADB said in a report published on Wednesday.
`` The pandemic has led to widespread unemployment, worsening inequality, and rising poverty levels, especially among women, younger workers, and the elderly in Southeast Asia, '' said ADB President Masatsugu Asakawa.
Many countries in Southeast Asia have lost their hard-won economic and development gains as they continue to struggle with the spread of the omicron Covid variant.
Though ADB expects growth of 5.1% in 2022 as higher vaccination rates prompt economies to reopen, it warned that the new variant could cut growth by as much as 0.8%.
The countries with the highest number of reported Covid-19 cases in the region since the pandemic began are Vietnam ( 6.55 million), Indonesia ( 5.91 million), and Malaysia ( 3.87 million) — all developing ones — online publication Our World In Data showed.
`` The pandemic's impact on poverty and unemployment will likely persist as inactive workers become de-skilled and poor people's access to opportunities further deteriorates, '' ADB said. `` When this happens, the deterioration in inequality will transfer across generations. ''
Despite the volatility the pandemic has created, ADB is optimistic that Southeast Asian economies are beginning to recover.
Southeast Asian countries have mostly been `` taking care of their own house '' since the Asian financial crisis, and that has put them in a better position to `` weather the storm '' of the pandemic, said ADB Vice President Ahmed Saeed.
The region, which relies heavily on its tourism industry for growth, expects to see the sector gradually pick up as travel borders begin to open, providing more opportunities for economic growth and jobs.
`` Tourism tends to bounce back and to be more robust through the cycle than we expected, '' Saeed told CNBC's `` Squawk Box Asia '' on Wednesday.
`` Would additional waves of the Covid virus and variants set that back? Yes. But I think... once the clouds clear... we will ultimately get back past our 2019 tourism numbers across the region and beyond those, '' he added.
But Southeast Asia still has a long way to go.
Although overall international tourist arrivals increased by 58% in July to September 2021 compared with the same period in 2020, it remained 64% below 2019 levels, the report stated.
`` At present, tourism related goods and services including transport, accommodation, recreation, and other personal services will likely remain weak while travel remains curtailed and social distancing is enforced, '' ADB said.
To expedite the region's economic recovery, ADB urged Southeast Asian governments to invest more in their health-care systems.
While the virus could cause long-term damage to economies by causing severe disruptions to supply chains and labor markets, a lack of investment in health care is also worsening inequality, the bank said.
Allocating more resources would `` help health systems deliver care, improve disease surveillance, and respond to future pandemics, '' the bank said.
ADB said Southeast Asia's economic growth could increase by 1.5% if health spending in the region reaches about 5% of gross domestic product, compared with 3% in 2021.
`` Countries that had greater internal health care capacity, greater levels of wealth... managed to come through this process better than '' middle- and low-income countries that lack health-care systems and infrastructure, Saeed said. | business |
How to help refugees: Lessons we learned from two young Afghan women | The following commentary is from Curtis S. Chin, former U.S. Ambassador to the Asian Development Bank and the inaugural Milken Institute Asia Fellow, and Laura Deal Lacey, executive director of the Milken Institute Asia Center.
With the number of refugees fleeing Ukraine now surpassing 3 million people, countries around the world are responding.
Poland has welcomed more than 1.8 million Ukrainians. Hungary, Germany and Spain, among other nations, have opened their borders. Even Japan, which accepts very few refugees annually, has worked to set up a support system to accept Ukrainians fleeing their homeland.
Yet, amid this necessary attention on this new wave of refugees, it is critical that government, business and community leaders not forget the plight of Afghan refugees. Covid-19 worries, concerns about jobs and inflation, and now Ukraine understandably dominate the news.
As context, in 2021 the United Nations refugee agency, UNHCR, reported that there were 2.6 million registered Afghan refugees in the world, of whom 2.2 million were registered in Iran & Pakistan alone. Another 3.5 million were internally displaced, having fled their homes for refuge within Afghanistan. Those numbers will likely continue to rise.
For us, it is personal. Every year, the Milken Institute hosts a class of 15 to 20 interns in Asia. The program is designed to attract rising stars from across Southeast Asia, and developing economies across the Indo-Pacific region. Over the years, the program has included interns from Afghanistan.
With the withdrawal of U.S. forces last year, two of our former interns were evacuated from Afghanistan. We followed their journey from Kabul airport to refugee camps to resettlement.
Thankfully, both young women are now safe and healthy. One is starting her life in Finland and learning to adapt to the winter in Helsinki. The other moved to Tempe, Arizona, in the United States. She is studying, along with more than 60 other young Afghan women, at Arizona State University as part of a resettlement partnership co-sponsored by the International Rescue Committee and ASU.
So, what do you do when your interns become refugees? Our experience and lessons learned from our former interns suggest ways that most anyone — with or without a personal connection to Afghanistan, or Ukraine for that matter — can help those lucky to have moved on beyond refugee camps and who are now forced to build new lives.
First, identify trusted organizations that are providing assistance, and learn how you or your organization can best assist. It could be funding — cash donations are typically the most flexible way to help address urgent needs when in-kind contributions are not feasible — or it could be volunteering and sharing your time and knowledge.
Support for jobs, housing and education are all critical, as is the provision of mental health support. As with those fleeing Ukraine today, many who fled Afghanistan may well face `` survivors guilt '' driven by worries and concerns over family members and friends left behind. Here, small and medium sized enterprises and organizations engaged already at the local, community level can play a key role.
Assistance is being provided by government, business and not-for-profit organizations but programs need to be scaled up and sustainably resourced.
In one example, World Education Services has launched a Gateway Program to assess the educational credentials of Afghans who have been displaced and have limited proof of their academic achievements. This is critical to helping eligible individuals continue their education, become licensed in their field or take the next step on their career pathway in the United States.
At the government level, the United States since August 2021 has welcomed some 80,000 Afghans suddenly forced to flee their country, with the International Rescue Committee alone resettling 10,000 new arrivals. Roughly 90% of the 80,000 airlifted to the United States have been moved off military bases and resettled in American communities, with the help of some $ 13 billion in government spending, according to the Washington Post.
Yet of those Afghans who made it to the United States since August, many still face the prospect of deportation due to their rushed arrival under what the U.S. government calls humanitarian parole. This is an emergency status that extends the right to work and live in the United States for just two years without a means of qualifying for permanent residency.
Second, make the time to stay engaged and to learn more about a refugee's home country — Afghanistan or Ukraine or elsewhere — even as the news cycle moves from one crisis to the next. That knowledge can be put to use in continuing to leverage your voice and platforms — from community organizations to social media — to address important geopolitical issues such as the future of Afghanistan, to raise awareness of the plight of refugees and to encourage legislative or policy changes as well as bilateral and multilateral support to those most at risk and left behind in Afghanistan. This too will be critical in the case of addressing the needs of Ukrainian refugees.
With the situation in Afghanistan continuing to deteriorate and hunger and misery on the rise following the U.S. departure, we were particularly pleased to see the Asian Development Bank board of directors step up this January to approve $ 405 million in grants to support food security and the delivery of essential health and education services for the Afghan people.
Under its `` Sustaining Essential Services Delivery Project ( Support for Afghan People), the ADB will provide direct financing support to four U.N. agencies which have presence and logistics in Afghanistan for immediate humanitarian support. This direct support will be implemented through agencies including UNICEF and the World Food Programme and their partner non-governmental organizations.
Third, look behind the numbers to the individual — beyond the stereotypes and fears that too often reemerge in difficult economic times. Of the tens of thousands of Afghans who were able to escape their country, we have been blessed to know and worked with two of them when they were interns. Each also helped put a human face on a continuing tragedy, helping win support for them and others in their shoes.
Our colleagues at the Milken Institute stepped up and collectively donated to the Arizona State University Foundation's Educational Futures for Afghan Refugees Program. With both of us having spent part of our childhoods in Arizona—and one of us having had family dating back to 1898 in what was then the territory of Arizona—it was particularly rewarding to see Arizona play a key role in helping young Afghan women in their journey to independence in the United States.
It also has been heart-warming to see friends, family and professional acquaintances offering financial assistance and other types of support such as mentorships for the young women on courses of study and potential career paths in the United States. For our intern in Finland, it has been a similar experience as friends and strangers alike extended our reach in finding support on the ground in Helsinki.
It takes a village to make refugees feel welcome. Each of us — in business, in government, in civil society and in our local neighborhoods — can be part of a humane and sustained response to a refugee crisis, whether or not the headlines have moved on. | business |
Boxlight Reports Fourth Quarter and Full Year 2021 Financial Results | LAWRENCEVILLE, Ga. -- ( BUSINESS WIRE) -- Boxlight Corporation ( Nasdaq: BOXL) ( “ Boxlight ”), a leading provider of interactive technology solutions, today announced the Company’ s financial results for the fourth quarter and year ended December 31, 2021.
Key Financial Highlights for Q4 2021 as Compared to Q4 2020
Key Financial Highlights for Full Year 2021 as Compared to Full Year 2020
Key Business Highlights for 2021
Management Commentary
“ We had a strong fourth quarter, delivering $ 44 million in revenue, a 38% organic increase over the fourth quarter of 2020, ” commented Michael Pope, Chairman and Chief Executive Officer. “ The financial results of FrontRow were not included in our Q4 financial statements because we completed the acquisition on December 31, 2021. However, due to significant one-time costs during the quarter from the FrontRow transaction and related financing, as well as high supply chain and logistics expenses, we reported an Adjusted EBITDA loss of $ 2 million.
“ For the current year, we are experiencing stronger than expected customer orders as well as growth in our sales pipeline and have lifted our guidance for the full year to $ 250 million in revenue and $ 26 million in Adjusted EBITDA. For the first quarter, we expect $ 44 million in revenue and $ 2 million in Adjusted EBITDA.
“ We concluded the year with an improved balance sheet including $ 18 million cash, $ 53 million working capital and $ 53 million in net assets.
“ Just two years prior, we reported the full year 2019 financial results with $ 31 million in orders, $ 33 million in revenue and an Adjusted EBITDA loss of $ 6 million. We are a dramatically larger company today, benefitting from both market expansion and strategic acquisitions. For the full year 2021, on a pro forma basis combined with FrontRow, we generated $ 250 million in orders, $ 215 million in revenue and $ 21 million in Adjusted EBITDA. We are gaining on our key competitors with an aim to achieve the top industry position in each of our product categories. We are also committed to continue our trend of above market growth and improving profitability. ”
Financial Results for the Three Months Ended December 31, 2021
Revenues for the three months ended December 31, 2021 were $ 44.0 million as compared to $ 31.9 million for the three months ended December 31, 2020, resulting in a 38.1% increase, primarily due to increased demand for our solutions in the U.S. and Europe.
Gross profit for the three months ended December 31, 2021 was $ 9.3 million as compared to $ 3.6 million for the three months ended December 31, 2020. The gross profit margin for the three months was 21.2% which is an improvement of 100 basis points compared to the comparable three months in 2020. Gross profit margin, adjusted for the net effect of acquisition-related purchase accounting, was 28.1% as compared to the 26.4%, as adjusted, reported for the three months ended December 31, 2020. As reported in previous quarters this year, gross margins have been adversely impacted by approximately four percentage points due to increased freight and customs costs caused by supply chain challenges associated with the effects of the Covid-19 pandemic. Additional pressure on margin has been seen on the cost of manufacturing as a result of component shortages which have had an adverse impact of approximately 4% in the quarter.
Total operating expenses for the three months ended December 31, 2021 were $ 14.9 million as compared to 11.1 million for the three months ended December 31, 2020. The increase primarily arose from headcount and other related overhead expenses and significant one-time costs related to the FrontRow and WhiteHawk transaction.
Other income ( expense) for the three months ended December 31, 2021 was net expense of $ ( 2.2) million, as compared to net expense of $ ( 1.9) million for the three months ended December 31, 2020. Other expense increased primarily due to $ 1.6 million losses recognized upon the settlement of debt obligations.
The Company reported net loss of $ 7.1 million for the three months ended December 31, 2021 as compared to a net loss of $ 8.6 million for the three months ended December 31, 2020.
The net loss attributable to common shareholders was $ 7.5 million and $ 8.9 million for the three months ended December 31, 2021 and 2020, respectively, after deducting the fixed dividends to Series B preferred shareholders of $ 317 thousand in 2021 and $ 338 thousand in 2020.
Total comprehensive loss was $ 6.9 million and $ 3.2 million for the three months ended December 31, 2021 and 2020, reflecting the effect of cumulative foreign currency translation adjustments on consolidation, with the net effect in the quarter of $ 275 thousand gain and $ 5.3 million gain for the three months ended December 31, 2021 and 2020, respectively.
The EPS for the three months ended December 31, 2021 was $ (.11) loss, compared to $ ( 0.17) loss for the three months ended December 31 2020.
EBITDA for the three months ending December 31, 2021 was $ ( 5.1) million loss, as compared to $ ( 6.4) million EBITDA loss for the three months ending December 31, 2020.
Adjusted EBITDA for the three months ended December 31, 2021 was $ ( 2.0) million loss, as compared to $ 356 thousand for the three months ended December 31, 2020. Adjustments to EBITDA include stock-based compensation expense, gains/losses recognized upon the settlement of certain debt instruments, gains/losses from the remeasurement of derivative liabilities, and the effects of purchase accounting adjustments in connection with acquisitions.
At December 31, 2021, Boxlight had $ 17.9 million in cash and cash equivalents, $ 53.4 million in working capital, $ 51.6 million inventory, $ 201.4 million in total assets, $ 51.9 million in debt ( which is our new Whitehawk debit facility, net of debt issuance costs of 7.1 million), $ 53.3 million in stockholders’ equity, 63.8 million common shares issued and outstanding, and 3.1 million preferred shares issued and outstanding.
Financial Results for the Year Ended December 31, 2021
Revenues for the twelve months ended December 31, 2021 were $ 185.2 million as compared to $ 54.9 million for the twelve months ended December 31, 2020, resulting in a 237% increase due primarily to the acquisition of Sahara in September 2020 and increased demand for our solutions.
Gross profit for the twelve months ended December 31, 2021 was $ 46.5 million as compared to $ 9.9 million for the twelve months ended December 31, 2020. The gross profit margin for the twelve months ended December 31 2021 was 25.1% compared to 18% for the twelve months ended December 31, 2020. Gross profit margin, adjusted for the net effect of acquisition-related purchase accounting, was 26.8% as compared to the 27.1%, as adjusted, reported for the twelve months ended December 31 2020. As reported in previous quarters this year, gross margins have been adversely impacted by approximately four percentage points due to increased freight and customs costs caused by supply chain challenges associated with the effects of the Covid-19 pandemic; this is anticipated to continue into 2022. Additional pressure on margin has been seen on the cost of manufacturing as a result of component shortages which have had an adverse impact of approximately 3.9% in the twelve months to December 31, 2021.
Total operating expenses for the twelve months ended December 31, 2021 were $ 49.1 million as compared to $ 22.6 million for the twelve months ended December 31, 2020. The increase primarily resulted from additional overhead costs associated with full year cost of the acquired Sahara operations in September 2020.
Other income ( expense) for the twelve months ended December 31, 2021 was net expense of $ ( 7.9) million, as compared to net expense of $ ( 4.3) million for the twelve months ended December 31, 2020. The increase in other expense was primarily due to $ 4.9 million of increased expense due to losses recognized upon the settlement of certain debt instruments.
The Company reported a net loss of $ ( 13.8) million for the twelve months ended December 31, 2021 as compared to a net loss of $ ( 16.2) million for the twelve months ended December 31, 2020.
The net loss attributable to common shareholders was $ ( 14.7) million and $ ( 16.5) million for the twelve months ended December 31, 2021 and 2020, respectively, after deducting fixed dividends to Series B preferred shareholders of $ 1.3 million in 2021 and the fair value revaluation deemed contribution of $ 367 thousand following the redemption amendment with the Series B shareholders signed June 14, 2021.
Total comprehensive loss was $ ( 15.3) million and $ ( 10.9) million for the twelve months ended December 31, 2021 and 2020, reflecting the effect of cumulative foreign currency translation adjustments on consolidation, with the net effect year to date of $ ( 1.5) million loss and $ 5.2 million gain for the twelve months ended December 31, 2021 and 2020, respectively.
The EPS loss for the twelve months ended December 31, 2021 was $ ( 0.23) per share, compared to $ ( 0.39) per share for the twelve months ended December 31, 2020.
EBITDA for the twelve months ending December 31, 2021 was a gain of $ 67 thousand, as compared to a loss of $ 11.6 million for the twelve months ending December 31, 2020.
Adjusted EBITDA for the twelve months ended December 31, 2021 was $ 12.1 million, as compared to a loss of $ 1.0 million for the twelve months ended December 31, 2020. Adjustments to EBITDA include stock-based compensation expense, gains/losses recognized upon the settlement of certain debt instruments, gains/losses from the remeasurement of derivative liabilities, and the effects of purchase accounting adjustments in connection with acquisitions.
Fourth Quarter 2021 Financial Results Conference Call
Boxlight Corporation, a Nevada corporation ( the “ Company ”), will hold a conference call to announce its Fourth Quarter and Full Year 2021 financial results on Thursday, March 17, 2022 at 4:30 p.m. Eastern Time.
The conference call details are as follows:
Date:
Thursday, March 17, 2022
Time:
4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time
Dial-in:
1-877-545-0320 ( Domestic)
1-973-528-0002 ( International)
Participant Access Code:
901845
Webcast:
https: //www.webcaster4.com/Webcast/Page/2213/44832
For those unable to participate during the live broadcast, a replay of the conference call will be available until 11:59 p.m. Eastern Time on Friday, March 17, 2023, by dialing 1-877-481-4010 ( domestic) and 1-919-882-2331 ( international) and referencing the replay passcode 44832.
Use of Non-GAAP Financial Measures
To supplement Boxlight’ s financial statements presented on a GAAP basis, Boxlight provides EBITDA and Adjusted EBITDA as supplemental measures of its performance.
To provide investors with additional insight and allow for a more comprehensive understanding of the information used by management in its financial and decision-making surrounding pro forma operations, we supplement our consolidated financial statements presented on a basis consistent with U.S. generally accepted accounting principles, or GAAP, with EBITDA and Adjusted EBITDA, non-GAAP financial measures of earnings. EBITDA represents net income before income tax expense ( benefit), interest expense, depreciation and amortization. Adjusted EBITDA represents EBITDA plus stock-based compensation, the change in fair value of derivative liabilities, purchase accounting impact of inventory markup, and non- cash losses associated with debt settlement. Our management uses EBITDA and Adjusted EBITDA as financial measures to evaluate the profitability and efficiency of our business model. We use these non-GAAP financial measures to assess the strength of the underlying operations of our business. These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze our operations between periods and over time. We find this especially useful when reviewing pro forma results of operations, which include large non-cash amortizations of intangible assets from acquisitions and stock-based compensation. Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.
About Boxlight Corporation
Boxlight Corporation ( Nasdaq: BOXL) is a leading provider of interactive technology solutions under its award-winning brands Clevertouch® and Mimio®. The Company aims to improve engagement and communication in diverse business and education environments. Boxlight develops, sells, and services its integrated solution suite including interactive displays, collaboration software, supporting accessories and professional services. For more information about Boxlight and the Boxlight story, visit http: //www.boxlight.com and http: //www.clevertouch.com.
Forward Looking Statements
This press release may contain information about Boxlight’ s view of its future expectations, plans and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements as a result of a variety of factors including, but not limited to, risks and uncertainties associated with its ability to maintain and grow its business, variability of operating results, its development and introduction of new products and services, marketing and other business development initiatives, and competition in the industry, among other things. Boxlight encourages you to review other factors that may affect its future results and performance in Boxlight’ s filings with the Securities and Exchange Commission.
Boxlight Corporation Consolidated Condensed Balance Sheets As of December 31, 2021 and December 31, 2020 ( Unaudited) ( in thousands)
December 31,
December 31,
2021
2020
ASSETS
Current assets:
Cash and cash equivalents
$
17,938
$
13,460
Accounts receivable – trade, net of allowances
28,531
20,869
Inventories, net of reserves
51,591
20,913
Prepaid expenses and other current assets
10,486
6,161
Total current assets
108,546
61,403
Property and equipment, net of accumulated depreciation
1,073
562
Intangible assets, net of accumulated amortization
65,532
55,156
Goodwill
26,037
22,742
Investment in subsidiary
—
—
Other assets
248
90
Total assets
$
201,436
$
139,953
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses
$
33,638
$
14,246
Accounts payable and accrued expenses – related parties
—
1,967
Short-term debt
9,804
16,817
Earn-out payable – related party
—
119
Deferred revenues – short-term
8,264
5,671
Derivative liabilities
3,064
363
Other short-term liabilities
426
1,209
Total current liabilities
55,196
40,392
Deferred revenues – long-term
13,265
10,482
Long-term debt
42,137
7,831
Deferred tax liability
8,690
7,902
Other long-term liabilities
340
2
Total liabilities
119,628
66,609
Commitments and contingencies ( Note 13)
Mezzanine equity:
Preferred Series B
16,146
16,513
Preferred Series C
12,363
12,363
Total mezzanine equity
28,509
28,876
Stockholders’ equity:
Preferred stock, $ 0.0001 par value, 50,000,000 shares authorized; 167,972 and 167,972 shares issued and outstanding, respectively
—
—
Common stock, $ 0.0001 par value, 200,000,000 shares authorized; 61,310,899 and 53,343,518 Class A shares issued and outstanding, respectively
6
6
Additional paid-in capital
110,866
86,768
Accumulated deficit
( 61,301
)
( 47,498
)
Accumulated other comprehensive loss
3,728
5,192
Total stockholders’ equity
53,299
44,468
Total liabilities and stockholders’ equity
$
201,436
$
139,953
Boxlight Corporation Consolidated Condensed Statements of Operations and Comprehensive Loss For the twelve months ended December 31, 2021, and 2020 ( Unaudited) ( in thousands, except per share amounts)
Year Ended
December 31,
2021
2020
Revenues, net
$
185,177
$
54,891
Cost of revenues
138,652
45,023
Gross profit
46,525
9,868
Operating expense:
General and administrative expenses
47,270
21,157
Research and development
1,826
1,419
Total operating expense
49,096
22,576
Income ( loss) from operations
( 2,571
)
( 12,708
)
Other income ( expense):
Interest expense, net
( 3,382
)
( 2,815
)
Other income ( expense), net
( 20
)
129
Changes in fair value of derivative liabilities
( 4,532
)
( 1,363
)
Loss from settlements of liabilities
13
( 216
)
Total other income ( expense)
( 7,921
)
( 4,265
)
Income ( loss) before income taxes
( 10,492
)
( 16,973
)
Income tax expense
( 3,310
)
821
Net income ( loss)
( 13,802
)
( 16,152
)
Fixed dividends - Series B Preferred
( 1,269
)
( 338
)
Deemed Contribution -Series B Preferred
367
—
Net loss attributable to common stockholders
( 14,704
)
( 16,490
)
Comprehensive loss:
Net income ( loss)
( 13,802
)
( 16,152
)
Foreign currency translation ( loss) gain
( 1,464
)
5,230
Total comprehensive loss
$
( 15,266
)
$
( 10,922
)
Net income ( loss) per common share – basic
$
( 0.23
)
$
( 0.39
)
Weighted average number of common shares outstanding – basic
58,849
42,198
Reconciliation of net loss for the three months ended December 31, 2021 and 2020 to EBITDA and adjusted EBITDA
December 31,
December 31,
( in thousands)
2021
2020
Net loss
$
( 7,143
)
$
( 8,566
)
Depreciation and amortization
1,912
1,795
Interest expense
730
1,196
Income tax expense
( 626
)
( 821
)
EBITDA
$
( 5,127
)
$
( 6,396
)
Stock compensation expense
1,040
762
Restructuring costs
—
121
Acquisition costs
—
265
Change in fair value of derivative liabilities
( 177
)
( 23
)
Purchase accounting impact of fair valuing inventory
15
4,038
Purchase accounting impact of fair valuing deferred revenue
668
805
Net loss on settlement of Lind debt in stock
378
784
Net loss on settlement of debt close out
1,189
—
Adjusted EBITDA
$
( 2,014
)
$
356
Reconciliation of net loss for the twelve months ended December 31, 2021 and 2020 to EBITDA and adjusted EBITDA
December 31,
December 31,
( in thousands)
2021
2020
Net loss
$
( 13,802
)
$
( 16,153
)
Depreciation and amortization
7,177
2,555
Interest expense
3,382
2,815
Income tax expense
3,310
( 821
)
EBITDA
$
67
$
( 11,604
)
Stock compensation expense
4,060
1,628
Restructuring costs
—
121
Acquisition costs
—
438
Change in fair value of derivative liabilities
( 12
)
216
Purchase accounting impact of fair valuing inventory
60
4,248
Purchase accounting impact of fair valuing deferred revenue
2,980
805
Net loss on settlement of Lind debt in stock
3,751
3,124
Net loss on settlement of debt close out
1,189
—
Adjusted EBITDA
$
12,095
$
( 1,024 | general |
'My life's at risk ': Mexican journalists fear death every day | Hi, what are you looking for?
Each time Maria Martinez leaves home, she fears it will be the last.
By
Published
Each time Maria Martinez leaves home, she fears it will be the last. Only her bodyguards prevent her from joining the eight journalists murdered already this year in Mexico, she believes.
“ I know that my life’ s at risk every day and it’ s terrible to live with the threat, ” the 55-year-old reporter said in her house in the central city of Aguascalientes, protected by locks and security cameras.
Two and a half months into 2022, the number of homicides of media workers in Mexico has already surpassed the toll for the whole of last year.
The latest victim was Armando Linares, the director of a news outlet in the violence-plagued western state of Michoacan who was murdered on Tuesday, prosecutors said.
Linares’ s death came just weeks after one of his colleagues at the Monitor Michoacan, Roberto Toledo, was killed.
After Toledo’ s death, Linares denounced threats against him and his team for having exposed corruption.
“ We are not armed, we do not bring weapons. Our only defense is a pen, a pencil, ” Linares said.
Even so, he had not been given a security escort at the time of the attack.
– ‘ Owe them my life’ –
Martinez, who runs the news website Pendulo Informativo, said she, too, has received death threats due to her investigations into corruption and links between officials and drug traffickers.
Several police officers were jailed after her reporting, and Martinez was placed in a government program providing protection to hundreds of journalists.
Martinez asks authorities to contact her every two hours through an electronic tracking device that also serves as a panic button.
But she places more trust in her armed guards.
“ I owe them my life. Without them I wouldn’ t be alive anymore, ” she said.
The two retired special forces members in civilian clothes watch for any approaching vehicle or person, and when Martinez walks outside, they follow close behind.
“ My family has asked me to quit journalism, but I’ m a woman with convictions, values… I have a social responsibility, ” she said.
In Tijuana, the murders of two journalists this year in the northwestern border city have left colleagues such as Jesus Aguilar even more fearful of doing their job.
On January 17, photographer Margarito Martinez, with whom Aguilar worked regularly, was murdered.
Days later, Lourdes Maldonado was shot dead despite being in an official protection program.
Covering score-settling by drug traffickers and alleged links with politicians and security forces leaves reporters at the mercy of hired assassins.
“ When a car comes slowly behind me, I feel like it’ s going to stop and they’ re going to shoot me. Or when I’ m parked and I see a vehicle closer to me, I move the seat back and lie down to protect myself, ” said Aguilar, 32.
– ‘ Nightmare continues’ –
In the central city of Toluca, investigative reporter Maria Teresa Montano also has had guards since she was kidnapped for several hours in 2021 after revealing a network of corruption.
“ It’ s been very difficult. You have to be very careful, ” said Montano, 53.
Mexico is one of the most dangerous countries in the world for members of the press.
Around 150 journalists have been murdered in Mexico since 2000, and only a fraction of the crimes have resulted in convictions, according to media watchdog Reporters Without Borders ( RSF).
The other journalists killed this year were Juan Carlos Muniz, Heber Lopez, Jose Luis Gamboa and Jorge Luis Camero.
“ The nightmare continues for the press in Mexico, ” RSF said after the latest murder, demanding an “ exemplary investigation ” by authorities.
The United States and the European Parliament have both urged Mexico to ensure adequate protection for journalists, angering President Andres Manuel Lopez Obrador, who accused EU lawmakers of supporting his opponents’ “ coup ” attempt.
“ These are crimes committed by criminal gangs, ” Lopez Obrador said Wednesday, reiterating his vow of “ zero impunity. ”
Journalists in Mexico often lack safety equipment and, due to the low pay, collaborate with various media outlets.
Most crime reporters “ depend on the number of stories or photos they sell to pay their rent, so they prioritize production over safety, ” said Jan-Albert Hootsen, representative of the Committee to Protect Journalists.
In the southern city of Chilpancingo, photographer Lenin Ocampo often runs into cartel members while working.
“ They stop us. They check us. The threat’ s always lurking, ” the 40-year-old 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.
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 |
Blake Lively, Ryan Reynolds, Regina King & Lin-Manuel Miranda to Host Met Gala 2022 | 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 theme of the night will be Gilded Glamour, so expect plenty of gold dresses, Hollywood waves, and extravagant entrances.
The news is out! Blake Lively, Ryan Reynolds, Regina King, and Lin-Manuel Miranda will be the hosts of the 2022 Met Gala.
The event, as per usual, will take place the first Monday in May at the Metropolitan Museum of Art in New York City.
Based on the Costume Institute’ s exhibition on American fashion, titled `` In America: An Anthology of Fashion, '' the theme of the night will be Gilded Glamour—so expect plenty of gold dresses, Hollywood waves, and extravagant entrances.
It's no wonder Lively was called on to be one of the faces of the event, as she is, after all, one of Hollywood's most glamorous red-carpet beauties. In 2018, she famously wore a gold-and-blue Atelier Versace gown that took more than 600 hours to make. Plus, husband Reynolds, who never disappoints with his praise of her, will be by her side to give the cameras yet another romantic red-carpet moment.
Co-chairing the annual gala will be designer Tom Ford, head of Instagram Adam Mosseri, and Anna Wintour.
The Met Museum exhibition `` In America: An Anthology of Fashion '' follows `` In America: A Lexicon of Fashion, '' which opened late last year and is still on view at the museum until September. The show celebrates some of the greatest American designers—including Ralph Lauren, Donna Karan, and Calvin Klein—and walks visitors through a timeline of American fashion.
Last year's Met Gala was also centered on U.S. fashion, with many designers seeking inspiration from Old Hollywood when dressing celebrities for the carpet.
In 2020, the event was canceled due to the coronavirus pandemic, following what was one of the most headline-making events in 2019, when the theme was Camp and connected to the spring exhibition, `` Camp: Notes on Fashion. '' | general |
Natural Gas Forward Prices Climb on Chillier Late-Winter Forecast, Potentially Tight Injection Season | Sign in to get the best natural gas news and data. Follow the topics you want and receive the daily emails.
Your email address *
Your password *
Remember me Continue
Reset password
Featured Content
News & Data Services
Client Support
Forward Look
Markets | Natural Gas Prices | NGI All News Access | NGI The Weekly Gas Market Report
Modest strengthening in the late-winter, weather-driven demand outlook and lagging production helped drive widespread gains for natural gas forwards during the March 10-16 trading period, NGI’ s Forward Look data show.
Week/week gains of around 10-25 cents characterized price action at most Lower 48 hubs, paced by a 22.2-cent gain for fixed price April trading at benchmark Henry Hub, where prices ended the period at $ 4.749/MMBtu.
In terms of incremental basis shifts, most hubs lost ground on the national benchmark amid encroaching shoulder season conditions. A handful of demand hubs posted double-digit basis declines.
[ Tune In: Join NGI’ s Senior Editor Jamison Cocklin and CNX Resources’ CEO Nick Deluliis as they discuss the intersection of politics, energy and the future of natural gas in the U.S. and beyond. Listen now. ]
In New England, Algonquin Citygates front-month basis eased 18.0 cents lower week/week to plus-0.6 cents. Along the West Coast, Northwest Sumas basis slid to minus-61.1 cents, a 12.4-cent swing, while SoCal Citygate April basis saw a 16.5-cent discount for the period, ending at minus-32.4 cents.
Nymex futures were up-and-down during the March 10-16 period, but momentum shifted in favor of the bulls on Wednesday, with the April contract posting an 18.0-cent rally. That momentum continued into Thursday’ s session, when the front month tacked on another 24.2 cents to settle shy of the $ 5 mark at $ 4.990.
NatGasWeather on Thursday attributed the recent gains in the futures market to a combination of stronger weather-driven demand expectations for the United States around March 26-28, a bullish government inventory report, a 2 Bcf/d week/week drop in production and “ continued global uncertainty ” surrounding events in Ukraine.
“ We expect strong volatility ” to close out the work week “ as major players position for another dangerous weekend to hold, especially due to great uncertainty on where the Russian invasion of Ukraine goes next, ” NatGasWeather said. “ What also will be important is whether global Covid-19 lockdowns ease after increasing this past week.
“ …We continue to give bulls the edge ever since they were able to again rally prices sharply from $ 4.50. ”
The Energy Information Administration ( EIA) on Thursday reported a 79 Bcf withdrawal from U.S. natural gas stocks during the week ended March 11, a print that landed on the bullish side of consensus.
The latest EIA report left Bespoke Weather Services to wonder about what lies ahead for the natural gas market as it looks to refill stockpiles this summer.
“ While still easily looser than last week in terms of supply/demand balances, ” the 79 Bcf pull puts the inventories on track for an end-of-injection figure below 1,400 Tcf, “ especially with production still struggling to get back over 93 Bcf/d, ” Bespoke said.
Continued “ tighter-than-expected ” conditions in the market only serve to raise concerns over the “ difficulty in refilling storage to a comfortable level this summer, ” the firm added. “ That has been a mainstay in our ideas here, though even we felt we’ d see more out of production than we are seeing. Perhaps that comes into April, but our concerns for later this year will remain given our lean toward a hotter summer. ”
EBW Analytics Group during the week said its projections pointed to a 240 Bcf inventory deficit versus the five-year average by the end of April.
This would likely help to “ firm up support and avoid picking up significant price-sensitive demand via coal-to-gas switching that would further slow the storage refill pace, ” EBW senior analyst Eli Rubin said in a note to clients.
As demand for injections from local distribution companies picks up in mid-April, this could help establish a “ seasonal low ” for Nymex prices, according to the analyst.
“ The increasing price-inelastic, physical market demand ” from these companies “ could help stabilize the market at an elevated level as significant storage deficits remain, ” Rubin said.
The most recent round of European sanctions on Russia as of Wednesday “ still steers clear of the jugular: oil and gas purchases, ” Rystad Energy senior analyst Kaushal Ramesh said in a research note.
The analyst noted “ muted ” price action for the Dutch Title Transfer Facility ( TTF) to open the week’ s trading, with the benchmark showing signs of being “ temporarily consolidated ” around $ 36-40/MMBtu.
Ramesh said TTF prices were expected to see a “ cautious downward skew in the absence of escalatory developments in the war in Ukraine. ” Still, the analyst cautioned that “ the geopolitical risk premium on prices may soon reappear if the optimistic expectations on negotiations in Ukraine don’ t materialize. ”
News on the situation in Ukraine and associated risks for spiking oil prices could continue to influence Nymex Henry Hub futures, EBW’ s Rubin told clients earlier in the week.
“ Ukraine headlines — and potential for a renewed spike in oil prices — can rapidly swing market sentiment, ” Rubin said. “ …If prices surge higher again at any point over the next 30-45 days, a potential repeat of surging capital inflows to the energy sector could carry Nymex futures higher. ”
West Texas Intermediate crude oil futures rallied $ 7.94 in Thursday’ s session to settle at $ 102.98/bbl.
© 2022 Natural Gas Intelligence. All rights reserved.
ISSN © 2577-9915 | ISSN © 2577-9877 | ISSN © 1532-1266 |
Related topics: Natural gas futures natural gas storage Ukraine-Russia Crisis
@ JeremiahShelor
email jeremiah.shelor @ naturalgasintel.com
Forward Price / NOAA Weather Map
Forward Product Suite
Listen to NGI’ s ‘ Hub and Flow’
Forward Look: Trending News
Markets
Natural gas futures rallied a second day, as traders absorbed a bullish government inventory report and the potential for vulnerable global supplies should the war in Ukraine drag on and the coming summer prove exceptionally hot. The April Nymex gas futures contract jumped 24.2 cents day/day and settled at $ 4.990/MMBtu. May gained 23.7 cents to…
Natural Gas Prices
Bakken Shale | general |
Lawyer Monthly Legal Awards 2021 Winners Edition Out Now! | Lawyer Monthly Legal Awards 2021 Winners Edition ( Photo: Business Wire)
Lawyer Monthly Legal Awards 2021 Winners Edition ( Photo: Business Wire)
BIRMINGHAM, England -- ( BUSINESS WIRE) -- Lawyer Monthly is pleased to announce that the full list of winners of our 2021 Lawyer Monthly Legal Awards has been published.
To say that the past two years have been a trying time for business would be to understate their impact. Between the mass disruption brought about by the COVID-19 pandemic and continued political shifts at home and abroad, global organisations have faced uncertainty like never before. Against this backdrop, the legal profession has stepped up its support. Lawyers and legal experts across the world have continued to prove worthy of the trust their clients place in them, tirelessly taking each new obstacle in stride. The Lawyer Monthly Legal Awards aims to shine a spotlight on the best of these unswerving professionals.
The Legal Awards are the result of several months of research and preparation with the aim of recognising the firms and individual legal experts who have delivered exceptional results for their clients. Winners are selected from all areas of the legal sector, with junior associates and veteran barristers alike receiving accolades provided that they have influenced the wider legal profession in their jurisdiction.
2021’ s Featured Winners
The 2021 publication includes exclusive interviews from these winners, including the likes of Walter Leger Jr, who has fought for justice in some of the largest maritime disasters of the past century. Also featured are the high-flying sports law team at Armstrong Teasdale and prolific international lawyer Conan J Higgins, among several other winners of distinction. Each of these high achievers have graciously revealed some of the secrets of their growing success and a glimpse into their plans for the future.
We at Lawyer Monthly are proud to present this special publication. Congratulations to all of our winners and finalists. View all the winners of our 2021 Legal Awards Online Now.
Georgina Cook | general |
The FDA Has a New Chief. 5 Decisions That Could Affect Drug Stocks. | The Food and Drug Administration’ s new commissioner, Dr. Robert Califf, has arrived at his post at a moment of extraordinary scrutiny for the agency.
Two years into the pandemic, the FDA is still facing pressing decisions about
Covid-19 vaccines and treatments
. That is in addition to high-stakes decisions about drug approvals. The lack of a permanent commissioner since President Joe Biden’ s inauguration last year left investors guessing about the agency’ s plans. Now, a series of decisions over the next few months could shed light on Califf’ s thinking.
Here are five major FDA decisions to watch under the new commissioner:
Aduhelm Redux?
The FDA’ s neurological drugs advisory committee is set to meet March 30 for the first time since late 2020, when they opposed approval of
Biogen
’ s
( ticker: BIIB) Aduhelm, an Alzheimer’ s disease therapy. The FDA disregarded the committee and approved Aduhelm in June. This month’ s meeting has a sense of déjà vu about it. There is a chance that the agency could again be headed in an unexpected direction.
The drug under consideration is AMX0035, an experimental ALS therapy from a biotech called
Amylyx Pharmaceuticals
( AMLX), which went public in January. Its shares are up 22%. Last April, Amylyx said that the FDA had asked it to run a second controlled trial of AMX0035 before it applied for approval. In September, Amylyx changed course,
saying
that after discussions with the agency, it would now submit the drug with data from only one trial. Why the FDA apparently changed its mind is unclear. In response to
Barron’ s
, the agency says that it is up to the company to decide when to submit a drug for review, not the FDA.
Still, the statements from Amylyx have analysts guessing. “ Was there political pressure? I don’ t know, ” says SVB Leerink analyst Marc Goodman. “ Was there pressure from ALS constituents? ”
The Biden administration has
highlighted
ALS as a priority, and ALS patient advocates have pushed for the rapid approval of AMX0035. How the drug progresses could give early insight into how Califf handles pressure from advocacy groups. “ We’ re all trying to read the tea leaves on what he’ s thinking, ” Goodman says.
Another Alzheimer’ s Drug?
The Biogen controversy isn’ t over yet. The FDA’ s approval of Aduhelm opened a debate on how quickly other drugs similar to Aduhelm from
Eli Lilly
( LLY),
Roche Holding
( RHHBY), and Biogen itself could reach the market.
“
We’ re all trying to read the tea leaves on what he’ s thinking.
”
— Marc Goodman, SVB Leerink analyst, on Dr. Robert Califf
In January, the Centers for Medicare and Medicaid Services issued a draft decision saying that Medicare would effectively not cover Aduhelm or any drugs like it. That seems to have halted Lilly’ s progress, which in October said it had begun to submit an application for approval of its Alzheimer’ s drug.
New data on Biogen’ s next Alzheimer’ s drug, lecanemab, expected later this year, could change the calculus for all the drugmakers. If any of the companies do ask for an approval of one of the drugs, it will be a test of the Califf-era FDA’ s attitudes toward Aduhelm, and the class in general.
Accelerated Approval’ s Future
Aduhelm was approved under the accelerated approval program, which allows the conditional approval of drugs for which a clinical benefit isn’ t yet proven. Drug companies are required to run follow-up studies, though they sometimes drag their feet.
Changes to the program are now on the table. In early March, the Democratic chairman of the House Energy and Commerce Committee, Frank Pallone Jr. of New Jersey,
introduced a bill
that would stiffen rules on required post-approval studies, among other things.
The FDA told
Barron’ s
that it doesn’ t comment on pending legislation. But
in a letter
during his confirmation process, Califf told Sen. Ron Wyden, the Oregon Democrat, that ensuring that drug developers run confirmatory studies “ in a timely manner ” would be a “ high priority ” for him at the FDA.
Another Covid-19 Vaccine
The FDA gave out three emergency-use authorizations for Covid-19 vaccines in late 2020 and early 2021, but it hasn’ t authorized any more since, even as other countries have approved vaccines from
AstraZeneca
( AZN),
Novavax
( NVAX), and others. The CEO of
Moderna
( MRNA), Stéphane Bancel, has said that he doesn’ t think the FDA will authorize any more Covid-19 vaccines. An interested observer, yes, but he might be right: The FDA is only allowed to issue an emergency-use authorization if there is no approved and available alternative, and both the Moderna and
Pfizer
( PFE) vaccines are now fully approved and widely available in the U.S.
If the agency is done handing out emergency-use authorizations for Covid-19 vaccines, that could push back the timeline for the Novavax vaccine, and the vaccine that
GlaxoSmithKline
( GSK) and
Sanofi
( SNY) are developing together. It would also lengthen the period of dominance in the U.S. for both Moderna and Pfizer, with potential implications for the long-term booster market.
In guidance issued last spring, the FDA said that emergency-use authorizations for Covid-19 vaccines would be made on a case-by-case basis.
Vaccines for Children
Parents were caught by surprise in early February, when the FDA postponed a planned advisory committee hearing on extending the authorization of Pfizer’ s Covid-19 vaccine to include children under the age of 5. Officials said they wanted to wait for data on a third booster dose in the age group. Since then, data on two doses of the Covid-19 vaccine in children hasn’ t gotten any better.
How the FDA proceeds with the vaccination of young children will depend on data expected in April. The decision, if it comes, will likely be the first major Covid-19 vaccine decision of Califf’ s tenure and could offer insight on his approach to the issue.
Write to
Josh Nathan-Kazis at
josh.nathan-kazis @ barrons.com | business |
The World’ s Billionaire Population Tops 3,381, Adding 3 Each Week Last Year | The world added 153 billionaires last year, or three billionaires each week, to a total of 3,381, according to the Hurun Global Rich List released Thursday.
China led the ranking with 1,133 billionaires, followed by the U.S.’ s 716, and India’ s 215. The list is based on a snapshot of billionaire wealth in U.S. dollar terms as of Jan. 14.
Covid-19 and the U.S.-China Trade War contributed to 337 billionaires dropping off the list, almost one a day, according to Rupert Hoogewerf, Hurun Report chairman and chief researcher. “ However, continued digitalization of the economy, tech innovations as well as inflation helped 490 new faces make the list, giving a surprising net increase of 153 billionaires, ” he said in the report.
Elon Musk, 50, remains the world’ s richest person with US $ 205 billion, up US $ 8 billion from a year ago. Jeff Bezos, who stepped down as CEO of Amazon last year, is second with a net worth of US $ 188 billion. Bernard Arnault, 73, CEO of LVMH, added US $ 39 billion to retain third place on the list with US $ 153 billion
.
Each of the top 10 billionaires has a wealth of more than US $ 100 billion. Just five years ago, none of the top ten had more than US $ 100 billion. “ At this rate, by 2030 expect to see 8,000 billionaires, 600 with US $ 10 billion and more than 50 with US $ 100 billion, ” Hoogewerf said in the report.
In 2021, the fastest riser on the list was Gautam Adani, 59, of India-based energy giant Adani Group. His wealth increased an average US $ 1 billion per week to a total of US $ 81 billion, lifting his ranking to 12th place from 36th, according to the report.
Nine out of the 10 billionaires who saw the largest drop in their wealth are from China, led by Colin Zheng Huang of the e-commerce company Pinduoduo, whose wealth shrank US $ 50 billion to US $ 19 billion. The only non-Chinese with a sharp drop in wealth was Mark Zuckerberg, 37, of Meta, whose wealth was down US $ 25 billion.
Other key findings in the report include
:
The top three cities in the world for billionaires are all in China: Beijing, Shanghai and Shenzhen. Shenzhen overtook New York for the first time to land third
The combined wealth of all billionaires amounted to US $ 15.2 trillion, a 4% increase from the previous year
Despite his divorce, Bill Gates retained the 4th place with US $ 124 billion, up US $ 14 billion from a year ago; Melinda French Gates made to the list for the first time with US $ 11 billion; Kim Kardashian joined the club for the first time as well with US $ 2 billion; her ex-husband, Kanye West, also made the list with US $ 1.4 billion
Financial services remained the No. 1 industry for billionaires; healthcare overtook real estate for second place in terms of the number of billionaires
The crypto industry produced 17 billionaires, led by Singapore-based CZ Zhao Changpeng, 45, of Binance with US $ 23 billion
The average age of the billionaires was 64; 120 of them are under 40
There are 269 self-made women billionaires, nearly 2/3 are from China | business |
Brazil hikes key interest rate ninth straight time | Hi, what are you looking for?
By
Published
Brazil’ s central bank raised its key interest rate for the ninth straight time Wednesday, as Latin America’ s biggest economy continues to reel from surging inflation, now exacerbated by the Ukraine war.
The bank’ s monetary policy committee raised the benchmark Selic rate by one percentage point, to 11.75 percent, in line with analysts’ forecasts, citing inflation that “ continued to negatively surprise ” policy makers.
Brazil has waged one of the most aggressive interest-rate tightening cycles in the world as it struggles with spiraling prices driven upward by the fallout of the coronavirus pandemic and now Russia’ s invasion of Ukraine.
The latest increase dialed back the pace of monetary tightening a notch — the previous three Selic increases had been by 1.5 percentage points each.
But the committee “ considers that, given its forecasts on the risk of inflation expectations remaining above target for a longer term, it is appropriate for the cycle of monetary tightening to continue advancing significantly into even more contractionary territory, ” it said in a statement.
The decision was unanimous by the committee’ s nine members. It said it expected another hike “ of the same magnitude ” at its next rate-setting meeting, scheduled for May 3 and 4.
Brazil’ s annual inflation rate stands at 10.54 percent, far above the central bank’ s target of 3.5 percent.
The economy exited recession in the fourth quarter of 2021, but remains sluggish — and has emerged as a crucial weak spot for President Jair Bolsonaro as he gears up to seek reelection in October.
The move came the same day the US Federal Reserve raised its benchmark rate a quarter-point, its first increase since December 2018.
– Ukraine crisis ‘ substantial’ hit –
Brazil’ s central bank warned the international outlook had “ substantially deteriorated ” because of the Ukraine crisis.
The specter of inflation is spooking policy makers worldwide.
In Brazil, the problem looks set to get worse before it gets better.
Adding to price pressures, state-run oil company Petrobras hiked gasoline prices by 19 percent and diesel by 25 percent last week, citing the impact of the Ukraine crisis on oil markets.
The central bank started its tightening cycle a year ago, rapidly raising the key rate from an all-time low of two percent introduced to spur the economy’ s pandemic recovery.
The massive hikes have yet to substantially bring down inflation.
Meanwhile, they are putting the brakes on economic growth. The economy is forecast to expand just 0.49 percent this year, according to analysts polled by the central bank.
It recovered from recession to post growth of 4.6 percent last year, catching up from a painful 3.9-percent contraction in pandemic-battered 2020.
Soaring prices and sluggish growth are hurting Brazilians’ wallets and Bolsonaro’ s popularity as the far-right president fights an uphill battle to win reelection in seven months’ time.
His likely opponent, leftist ex-president Luiz Inacio Lula da Silva, currently leads Bolsonaro by 44 percent to 26 percent, according to a poll published Wednesday by Genial Investimentos and Quaest.
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 |
Ukraine war profits fuel unease in Norway | Hi, what are you looking for?
By
Published
One man’ s loss may, at times, be another’ s unfortunate gain, and the Ukraine conflict is proving a boon to some energy producing nations as oil prices soar.
The war has given an unexpected boost to Norway’ s oil revenues and now the country, concerned it will be seen as a “ war profiteer ”, is mulling what to do with its sudden windfall.
Fuelled by the sanctions imposed on Russia after its invasion of Ukraine, the surge in oil and above all gas prices could see Norway racking up almost 1.5 trillion kroner ( $ 170 billion, 150 billion euros) in extra oil and gas revenue this year, according to Nordea bank.
Western Europe’ s biggest oil and gas exporter and already one of the richest countries in the world, Norway could pocket nearly 50,000 kroner ( $ 5,680, 5,125 euros) more than expected every second of the day without even lifting a finger.
But the boon is giving it a guilty conscience.
“ There are times when it’ s not fun to make money, and this is one of them, given the situation ”, admitted Petroleum and Energy Minister Terje Aasland in an interview with television channel TV2.
Most of Norway’ s oil revenue ends up in the state’ s coffers — through taxes, dividends and direct holdings in oil and gas fields — which it then places in its sovereign wealth fund, already the world’ s biggest.
The fund has suffered from the global stock market falls in recent weeks, but is still worth around 11.5 trillion kroner, or more than 2 million kroner ( $ 227,000, 200,000 euros) for each of Norway’ s 5.4 million inhabitants.
“ Norway can not escape the unpleasant fact: this is a form of war profit ”, daily Dagbladet wrote in an editorial.
“ While Ukraine is being destroyed, and most other countries are mainly feeling the negative effects of the war, such as higher energy prices, higher food prices and general inflation, we are making a gain ”, it said.
“ This must be reflected in the way we think about the use of money. ”
– Multi-use Marshall Plan? –
Many want to see a redistribution of all or part of the war gains.
Norway’ s Green Party has called for the billions of additional petrodollars to be placed in a “ solidarity fund ” to be used as a sort of Marshall Plan for various needs.
It could be used to finance both humanitarian aid and the reconstruction of Ukraine, help Europe reduce its dependence on Russian gas and help the poorest countries counter soaring costs for energy and food, the party suggested.
“ The extra oil revenue from the war should go to Ukraine, not us ”, it said.
The centre-left government has so far pledged “ up to ” 2 billion kroner ( $ 227 million, 200 million euros) in humanitarian aid to Ukraine.
– ‘ Display leadership’ –
Prime Minister Jonas Gahr Store has insisted that Norway can help most by supplying as much gas as possible to Europe to help reduce its dependency on Russia.
Norway covers between 20 and 25 percent of the European Union’ s and Britain’ s needs via a vast network of gas pipelines, compared to between 45 and 50 percent for Russia.
European Climate Pact ambassador Paal Frisvold meanwhile suggested that Norway should forgo the “ superprofits ” and cap the price of gas sold to European countries which are just emerging from the pandemic, some with heavy debts.
“ Our profits are the invoices of others ”, he told AFP.
“ The most important thing is to show solidarity, to display leadership at a historic moment. My kids are going to ask me: Dad, what did Norway do during the Ukraine war? I don’ t want to tell them that we made a killing ”, he said.
Norway’ s government, which is currently drawing up its spring budget bill, said there was currently no plan for such a cap.
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.
Car chases starring action heroes like Tom Cruise are often filmed using a device previously known as the 'Russian Arm ' but henceforth called the...
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...
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |
Ray Stevens ' CabaRay to re-open for 2022 concert season | Hi, what are you looking for?
Country Music Hall of Famer Ray Stevens will return to the stage this weekend as he kicks off his 2022 live concert season at the CabaRay Showroom.
By
Published
Country Music Hall of Famer Ray Stevens will return to the stage this weekend as he kicks off his 2022 live concert season at the CabaRay Showroom. Digital Journal has the scoop.
Beginning this Saturday, March 19, the two-time Grammy winner will resume live dinner shows with weekly performances at the CabaRay Showroom in West Nashville, which will continue throughout the year.
“ Everyone has taken off their masks and started going out again, ” Ray Stevens said. “ So, come to the CabaRay! We are reopening this weekend and I can hardly wait! ”
On Saturday nights ( and Thursday nights beginning April 21), Stevens will perform 90-minute concerts which include performances of many of his biggest hit songs including, “ The Streak, ” “ Mississippi Squirrel Revival, ” “ Misty, ” “ Gitarzan, ” “ It’ s Me Again Margaret, ” “ Shriner’ s Convention, ” and “ Turn Your Radio On. ”
12-time nominated and two-time Grammy winner Ray Stevens has spanned the generations with more than 60 years of comedic musical talent, including songs such as his multi-million selling hit “ The Streak ” and his classic pop standard “ Everything Is Beautiful. ”
Throughout his career, Stevens has sold more than 40 million albums. In 2018, the music legend opened his very own Nashville entertainment venue, the CabaRay Showroom, a 35,000 square foot music venue where Stevens performs weekly live concerts.
Stevens is a member of the Nashville Songwriters Hall of Fame, the Georgia Music Hall of Fame, and he has a star on the Music City Walk of Fame. Stevens was formally inducted into the coveted Country Music Hall of Fame in the fall of 2019.
For more information on Ray Stevens, visit his official website.
Markos Papadatos is Digital Journal's Editor-at-Large for Music News. Papadatos is a Greek-American journalist and educator that has authored over 17,000 original articles over the past 16 years. He has interviewed some of the biggest names in music, entertainment, lifestyle, magic, and sports. He is a six-time consecutive `` Best of Long Island '' winner, and in the past three years, he was honored as the `` Best Long Island Personality '' in Arts & Entertainment, an honor that has gone to Billy Joel six times.
The big issue facing Russia’ s military is the future. If the present is godawful, the future could be truly, fatally, disastrous.
Heatwaves at both the North and South poles havem't just broken old records - but have obliterated them.
US President Joe Biden told US CEOs that India has been'shaky ' in the Western alliance against Russia - Copyright AFP Nicholas KammUS President...
Covid-19 is again surging in Western Europe due to a `` perfect storm '' of governments lifting restrictions.
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |
Shoe Retailer Belle Is Said to Plan $ 1 Billion Hong Kong IPO | The information you requested is not available at this time, please check back again soon.
Electronic screens display gongs at the Exchange Square Complex, which houses the Hong Kong Stock Exchange, 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) -- Belle Fashion Group is targeting to raise about $ 1 billion in its Hong Kong initial public offering, people familiar with the matter said, five years after private equity firms took China’ s biggest women’ s footwear retailer private.
The company filed for the proposed share sale on Wednesday without details of the offering. Deliberations are ongoing and the fundraising size could still change depending on market conditions, said the people, who asked not to be identified as the information is private. A representative for Belle Fashion wasn’ t immediately available for comment.
The IPO would end a hitaus of sizable share sales by consumer-sector firms in Hong Kong’ s capital market, which has been dominated by listings of Chinese technology and health care companies. At $ 1 billion, Belle Fashion’ s IPO would be the largest by a consumer brand since detergent maker Blue Moon Group Holdings Ltd.’ s $ 1.46 billion offering in December 2020.
Belle Fashion is owned by buyout firms Hillhouse Capital and CDH Investments as well as the retailer’ s management, according to its preliminary filing. The consortium bought out Belle International Holdings Ltd., formerly traded in Hong Kong, in a $ 6.8 billion deal and took it private in 2017. The owners spun off Belle’ s sportswear unit for a seperate listing two years later.
Belle Fashion’ s brands include Staccato, Tata and Basto, the filing shows. Its net income was 2.3 billion yuan ( $ 362 million) for the nine months ended Nov. 30. Bank of America Corp. and Morgan Stanley are joint sponsors of the listing.
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 |
P & O Ferries lays off 800 staff and suspends sailing, says not sustainable | LONDON — British ferry operator P & O Ferries on Thursday made 800 staff redundant and suspended sailing with immediate effect, saying the business was `` not sustainable '' in its current form.
The company told its workers to return to ports ahead of a `` major announcement '' earlier Thursday, in a move expected to have caused severe disruption to travel for passengers and freight.
Amid rumors that employees are to be replaced with cheaper agency staff, workers ' unions urged staff to remain onboard in what could lead to a potential stand-off. The BBC reported that some crew members were indeed defying orders and refusing to leave their ships in protest.
The matter was discussed in the British House of Commons Thursday afternoon, with Labour's Shadow Transport Secretary Louise Haigh dubbing the event a `` national scandal. ''
`` They were told this life changing news on a pre-recorded video. There are images circulating of what we are told are handcuffed trained security, some wearing balaclavas, marching British crew off their ships, '' said Haigh.
P & O Ferries, which reportedly has almost 4,000 employees and operates over 30,000 sailings annually, has struggled to operate amid ongoing Covid-19 restrictions that have hampered the travel industry over the past two years.
`` As part of the process we are starting today, we are providing 800 seafarers with immediate severance notices and will be compensating them for this lack of advance notice with enhanced compensation packages, '' a spokesperson for P & O said.
The firm said it had lost £100 million ( $ 131 million) year-on-year, which had been covered by its owner Dubai ports firm DP World.
`` This is not sustainable, '' the spokesperson said. `` Our survival is dependent on making swift and significant changes now. Without these changes there is no future for P & O Ferries. ''
The company added that it was unable to run services for the coming days, advising passengers to continue to travel to ports, where they would be accommodated by other carriers.
British transport union RMT expressed dismay at the sudden announcement, urging the government to step in and protect P & O staff from potential replacement.
`` We are deeply disturbed by growing speculation that the company are today planning to sack hundreds of UK seafarers and replace them with foreign labour, '' RMT wrote in a press release on its website.
Images on Twitter appear to show coaches of replacement crew and security staff that are already in place at British ports Dover and Hull.
`` We have instructed our members to remain onboard and are demanding our members across P & O's U.K. operations are protected and that the Secretary of State intervenes to save UK seafarers from the dole queue, '' it added, referring to the U.K.'s unemployment benefits system.
Unions and the government's opposition Labour party have accused some companies of attempts to `` fire and rehire '' staff, a move which effectively sees them being switched from permanent workers to those on weaker contracts with lower pay.
Earlier Thursday, Labour's Haigh called on the government to act, noting `` unscrupulous employers can not be given free rein to lay off their workforce in secure jobs and replace with agency staff. '' | business |
'Born-free ' Belarusian goes to war alongside Ukraine troops | Hi, what are you looking for?
For teenager Gleb Gunko, war-torn Ukraine will be his first time in combat.
By
Published
For teenager Gleb Gunko, war-torn Ukraine will be his first time in combat. But the cause is nothing new. As a Belarusian, he knows what it means to fight for freedom.
“ I’ m going to Ukraine not only to support Ukraine and fight for Ukraine but also to fight for Belarus, ” the 18-year-old now living in Grojec, Poland, told AFP.
“ Because our freedom also depends on the situation there and what happens now, ” he added, sporting knuckle tattoos that spell out the words “ Born free ”.
Originally from Minsk, Gunko left in 2020, the year Belarusian President Alexander Lukashenko launched a ferocious crackdown on opponents.
The campaign of repression came as mass protests erupted after Lukashenko claimed victory at an election called fraudulent by the West.
Now the Belarusian leader, in power for nearly 30 years, has drawn international condemnation for supporting and enabling Russia’ s invasion of Ukraine.
But while the regime in Belarus is Kremlin-aligned, many ordinary citizens are siding with Ukraine and, like Gunko, even taking up arms.
“ Belarusians can not help Ukraine with weapons, as the whole world is doing, but they can not stand aside, so they are going to fight for the brotherly country’ s independence, ” the Belarusian House Foundation in Warsaw said on Facebook.
The NGO, which works for human rights and democracy in Belarus, has been handling the logistics of sending volunteer Belarusian fighters to Ukraine.
– ‘ Our freedom and yours’ –
“ Lukashenko and ( Russian President Vladimir) Putin are two terrorists for the entire world. They know they have power and can wield it in front of everyone, ” said Pavel Kukhta, head of the new volunteer centre.
“ This is a battle between democracy and freedom on one side and dictatorship on the other, ” the 24-year-old Belarusian told AFP.
Kukhta has intimate knowledge of the war, having fought Putin’ s military grip on Donbas, eastern Ukraine, from 2016 until he was injured by a landmine in 2018.
“ We fought under the slogan of ‘ our freedom and yours’, ” said the trained soldier, whose older brother is believed to have been killed by Belarusian security forces during the mass protests.
“ Back then in Donbas we thought that Putin would occupy Belarus. But because of Lukashenko, it was accomplished without a single shot fired, ” he added.
“ Lukashenko no longer decides anything. Everything goes through Russia and Putin. ”
While Kukhta spoke, the volunteer centre bustled with activity, as people filled boxes with bullet-proof vests, power banks, canned food, medicine and other essentials for the Belarusian fighters.
The latest group would be driving to Ukraine that evening and were already at the centre, their morale high as they believed they were on the right side of history.
– Like grandfather, like grandson –
Alexey Kovalczuk, a Belarusian who for years has worked as a seasonal snowboard instructor in Ukraine, said he was feeling “ a pleasant kind of anger, a war anger ”.
Having helped evacuate people from the Bukovel ski resort in western Ukraine just after Russia invaded, he has already witnessed the conflict first-hand.
“ I saw crying women, children. They were wiping the tears from their eyes. I saw burning fires, ” said the 41-year-old who spent several years in the special forces.
“ I saw these difficult situations there and I understand what’ s happening now in Mariupol, Kharkiv, Kyiv and other cities because of friends and relatives, ” he told AFP.
“ I don’ t understand how you can kill civilians. I don’ t understand that, ” he said.
Another Belarusian volunteer fighter, Andrei Korsak, wandered over clutching some well-worn black-and-white and sepia family photos.
“ I’ m taking my grandfathers to Ukraine… They both fought in World War II, while this one also defended Warsaw in 1920, ” he said, pointing to the faces of his kin in uniform.
“ Now, a century later, I their grandson am forced to go fight the Russian hordes again, to stop them, ” the amiable 53-year-old Ikea deliveryman told AFP.
“ I will do anything to stop this evil, ” said the Warsaw resident who hails from the historic city of Polotsk in Belarus.
While he would rather not kill anyone, he said, “ if it comes to that, I will imagine that the person before me is riot police from Minsk. ”
“ It will be easier for me that way. ”
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 |
Inflation and interest rate hikes mean you should pay off debt now | Some of your debt is about to get more expensive
On Wednesday, the Federal Reserve raised its benchmark interest rate by a quarter percentage point. That, in turn, likely will impact the rates charged on your credit cards.
The average rate is just over 16% right now, according to Bankrate.
The increase isn't going to rock too many people's worlds financially, said Matt Schulz, chief credit analyst at LendingTree.
`` The big danger comes from this happening several more times over the next few months and potentially in bigger chunks, '' he said.
The central bank forecast six more hikes in 2022, which could mean a rate of 1.9% by year's end. The Fed sees three more hikes in 2023.
More from Invest in You: There's still time to contribute to an IRA or HSA for 2021. What to knowInflation is costing U.S. households nearly $ 300 more a monthTaking a pay cut? Here's how to revise your budget
The Fed began increasing rates in an effort to combat inflation, which is at its highest level in more than 40 years. As prices rise on everything from groceries to cars, many are turning to credit cards for some relief.
During the Covid-19 pandemic, 30% of U.S. adults increased their credit card debt, LendingTree found. Of those, 48% cited inflation and 34% named income loss as the top drivers of debt. The online survey of 1,249 consumers, conducted by Qualtrics, was conducted from Feb. 7 to 10.
Whether it is credit card bills or another type of debt, like personal loans or medical bills, it's good to have a plan in place to pay them down.
If you aren't budgeting, start now, said Jim Wang, founder of personal finance blog Wallet Hacks.
Identify where you are spending money and see if it is in line with your goals, he said. You can also review where there may be wasteful spending, where you can cut back and by how much, he said.
`` Budgeting isn't about cutting down to the lowest spending possible — that's both unrealistic and unsustainable over the long run, '' Wang said.
`` You want to find areas where you can trim a little to help you find money you can put towards your debts. ''
You also need to get a picture of your debt situation. Make a list of what you owe, whom you owe it to, your minimum payments and interest rates, suggests Nicole Victoria, a money coach and TikTok creator known as No Budget Babe.
The list should go from the highest to lowest interest rate.
Once you have your list of debts, come up with a plan for repayment. Wang and Victoria like to pay off the highest-interest debt first, known as the avalanche method.
Another option is to start with the lowest balance first, to get the psychological reward of paying off a loan or credit card.
`` Mathematically, the avalanche method has you saving more money and paying off more debt in a shorter time frame, '' Victoria said.
`` However, at the end of the day the goal is to pay off your debt, so if you feel better with the other method, that is fine. ''
If you have good credit, consider transferring your high-interest debt to a zero-balance credit card. Many are offering up to about 21 months interest-free, LendingTree's Schulz said.
Just be sure to pay off the balance and not add more to it. Also understand any fees, deadlines and other fine-print details before you sign up. For instance, there is often a one-time fee for each balance transfer, around 3% to 5% of the balance.
Another option is transferring high-interest debt to a low-interest personal loan.
Not many people ask their credit card company to lower their rate, yet it often works. A pre-pandemic survey by LendingTree in 2019 found that 80% of those who asked for a lower interest rate were successful.
The best way to approach your lender is armed with other offers you have seen, so that you can play one credit card issuer off another, Schulz advised.
`` It is such a competitive marketplace today that there is a really good chance, especially if you have decent credit, that they will work with you to some degree, '' he said.
You can also try to negotiate your bills, everything from rent — depending on where you live — to your cable, phone and car insurance, Victoria said.
Along the same lines, if feasible, consider asking for a raise at work. Taking on side work can also help expand your income, as can selling any items you may have sitting around the house.
Delete your credit card information off of your apps and computer, Victoria suggests. Then, put your card on ice — literally. Store it in a bag filled with ice and put it in the freezer, she said.
`` You have to wait for the ice to melt to get the credit card information, '' Victoria said.
`` It helps prevent you from self-sabotage and puts some time between you and the decision to buy. ''
SIGN UP: Money 101 is an 8-week learning course to financial freedom, delivered weekly to your inbox. For the Spanish version Dinero 101, click here.
CHECK OUT: 74-year-old retiree is now a model: 'You don't have to fade into the background ' with Acorns+CNBC
Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns. | business |
MedaSystems Raises $ 1.5 Million to Build Out Expanded Access Software to Help Patients Gain Access to Investigational Therapies | MedaSystems, a digital health software company, is excited to announce the completion of a $ 1.5 million pre-seed funding round led by specialist healthtech venture capital fund nina capital in conjunction with a group of strategic angel investors.
Expanded Access allows patients with a serious or life-threatening condition, who have exhausted the standard of care and are not eligible to participate in clinical trials, to request access to investigational therapies that have not yet gained authorization from local regulatory authorities.
MedaSystems has developed a networked platform where pharmaceutical manufacturers and healthcare providers can collaborate on Expanded Access ( also known as Managed Access or Compassionate Use) requests. Expanded Accesses played an essential role in developing novel treatments during the Covid-19 pandemic and historically has been a vital pathway for patients with conditions such as cancer, ALS, Alzheimer’ s disease, and thousands of rare diseases.
The MedaSystems platform enables pharmaceutical companies to respond to Expanded Access requests faster and more efficiently, design more effective clinical trials, enhance pre-approval regulatory submissions and capture real-world data.
Fiona Smythe, CEO of MedaSystems, said, ‘ We’ re thrilled to have our new partners on board for this exciting journey, supporting our goal of creating software to make life saving treatments more broadly and easily available and supporting research and development of new therapies.’ The funds will enable MedaSystems to expand its product and engineering teams and speed the build out of its physician portal and real-world data gathering capabilities.
Marta-Gaia Zanchi, nina capital’ s Managing Partner, said, ‘ We see a huge opportunity in the growth of Expanded Access worldwide. Ultimately, MedaSystems enters a white space for Expanded Access Management solutions with a vision for an entirely new way to generate Real-World Evidence.’ Ms. Zanchi will serve in an advisory capacity to MedaSystems. | tech |
Property booming in ‘ sanction free’ Dubai as Russian interest spikes | DUBAI, United Arab Emirates — Emirati property magnate Hussain Sajwani is riding high after a record start to the year for Dubai's property market.
`` Dubai is doing very well, '' the veteran real estate developer told CNBC on Wednesday. `` The way Dubai handled Covid was a key factor in booming the market now. ''
Dubai saw $ 35 billion worth of property market transactions in 2021, the highest recorded since the global financial crisis, according to real estate firm Savills. A separate report from CBRE said total transaction volumes are now tracking at the highest level ever recorded for the first two months of this year.
Sajwani said the United Arab Emirates, which has long been a popular destination for Russian wealth and tourism, would stand to benefit as Russians seek refuge in the UAE and a safe haven for their fortunes amid the ongoing war in Ukraine and unprecedented Western sanctions.
`` I 'm sure a lot of Russians are trying to fix their problems and their issues, but Dubai will benefit ultimately from any crisis, '' he said. It comes after the UAE, which has deepening ties with Russia, decided not to match sanctions imposed by Western nations on Russia for its invasion of Ukraine.
`` I 'll be honest with you, these sanctions… they made a lot of people nervous, '' Sajwani said. `` If anyone brings money through the banking system here legally and professionally, we 'll do business with them. ''
Russians were among the top purchasers of real estate before the war and sanctions, according to a recent Reuters report, which also said Russians were buying property in Dubai and even using crypto as a way of getting their money into the Gulf state.
The country's property market has also allegedly been a common channel for money laundering, experts have said, where individuals avoiding sanctions or seeking to park illicitly obtained wealth have been able to funnel their cash.
The UAE was put on a financial crime watchdog's `` gray list '' earlier this month over concerns that the Gulf country isn't sufficiently stemming illegal financial activities. Concerns over money laundering and illicit financial flows spurred the Financial Action Task Force, which was set up by the Group of 7 economies, put the UAE on a monitoring list alongside Turkey, Jordan, Pakistan and others.
In response to the designation, the UAE said it takes its role in protecting financial integrity `` extremely seriously and will work closely with the FATF to quickly remedy the areas of improvement identified. ''
Sajwani said progress on the Iran nuclear deal would also be a tailwind. `` If the Iranian-American peace treaty, nuclear treaty, happens and takes place, it will be a big benefit for Dubai, '' he said. `` It will see much more stability and peace in the region, '' he added.
Dubai's property market reversed multiple years of price declines last year as the city shunned lockdowns, ramped up vaccinations and enacted new policies to draw in tourists and residents while the pandemic shut down the rest of the world.
The long-awaited Dubai Expo 2020, delayed for a year due to the pandemic, also helped pull in interest as the multi-billion dollar project aims to become a new residential and commercial complex after the event ends in April. Whether Expo will become the new thriving city within a city its developers have planned, however, is still yet to be seen.
`` Dubai's residential market has been the poster child of the rebound in real estate demand in 2021, '' Savills said. `` The city's residential market not just outperformed its past activity levels but was among the best-performing markets globally. ''
| business |
Gramercy Funds CIO on emerging markets investing amid the Russia war, including Ukrainian bonds | ( Click here to subscribe to the Delivering Alpha newsletter.)
Emerging markets, specifically those in Eastern Europe, have been whipsawed amid the ongoing Russia-Ukraine conflict. With sanctions in place and Russia's hard default deadline approaching in April, investors are particularly focused on the region's sovereign debt — an area that Gramercy Funds has specialized in since its inception in 1998.
Robert Koenigsberger is CIO of the $ 5.5 billion investment firm. He sat down with CNBC's Delivering Alpha newsletter to discuss his investment in Ukrainian bonds and why a 2022 Russian default would be very different from the country's financial crisis in 1998.
( The below has been edited for length and clarity. See above for full video.)
Leslie Picker: You 've been buying Ukrainian bonds. How much do you own at this point? And can you explain your thinking behind this investment?
Robert Koenigsberger: Fortunately, we owned no Russia or no Ukraine, coming into the invasion on the 24th, and quite frankly, the analytics were simple. We thought that unfortunately, the probability of an invasion was pretty much a coin toss. And back then, Ukrainian bonds were trading at 80 cents and Russian bonds were trading somewhere between 100 and 150. So we felt that maybe Ukraine had 10 points of upside in the fortunate occasion of no invasion or maybe 50 or 60 of downside. Post the 24th, we saw assets trade, bonds trade as low as perhaps low 20s/high teens and so that gave us the ability to establish initial position in Ukraine and quite frankly, be very dynamic with that position. Because we do expect that on the other side of this conflict, that yes, there will be a very strong and well supported Ukraine by the West but I would also hope and expect that bondholders will be sharing the burden and the recovery. And we 've come up with this concept of a Ukrainian recovery bond that can help ease the bridge back to the financial markets for Ukraine eventually.
Picker: What do you make of the school of thought, though, which says to avoid Ukrainian bonds, because of the risk that Ukraine actually becomes part of Russia, which would render that debt essentially worthless?
Koenigsberger: There's certainly this notion and let us hope that it doesn't become a part of Russia, but we have a long history of countries that no longer exist, but their debt stocks remain. A couple come to mind – Yugoslavia, way back when. Yugoslavia failed to exist, but its debt stock was picked up by the subsequent republics that came from that. And as long as we're talking about Russia, the Soviet Union failed, ceased to exist, but its debt stock was still honored in a debt restructuring back in '99 and 2000…Our base case is that Ukraine will continue to exist. We don't think it will be absorbed by Russia. It will continue to have a debt stock, it will continue to have a vast portion of the assets and the debt service capability that it has today. Of course, it's going to take a lot of time for them to rebuild that, but I would not argue that the debt stock is worthless.
Picker: What about the debt stock in Russia right now? Have you been trying to trade that, whether on the long side or the short side? Do you have a position there?
Koenigsberger: We're completely uninvolved in Russia. We have been uninvolved for months before the invasion. Once the invasion risk became something with substantial weight, just the risk-reward, the asymmetry just didn't make sense. You know, post-invasion, Russia 2022 is very different than Russia in 1998-99. After that default, a lot of the pain that Russia suffered back then wasn't necessarily all self-inflicted. A lot of the pain today is obviously self-inflicted. But let's think about it, bottom's up and top down why Russian debt doesn't make sense here. Bottoms up, we're still hearing from clients this notion of self-imposed boycotts or sanctions, I think it's still really early in the game technically, in terms of the amount of supply that's going to be sold by ETFs and mutual funds and long [ unintelligible ] emerging market debt investors at a time when the pipes are broken. And what I mean by that is the banks are ceasing trading, the pipes to settle it - the Euroclear, the DTC, what have you - are not settling. So even if you want to trade, it's going to become difficult. So quite frankly, I see a bit of a bottoms up tsunami coming where there's inelastic supply that holders are told to stop holding this in a world where it's hard to get rid of holding it, which should mean lower prices.
And then top down, what is Russia going to look like, `` the day after? '' And I think one has to go back and look at how unstable Russia was in the period from when the wall fell in the early 90s until when Vladimir Putin consolidated power later that decade. It was very nerve wracking having to understand who was going to consolidate power, what that was going to mean. And I remember, as an example, in the old days, when Yeltsin was the president, I used to get calls from our trading desk, and they would say, `` Boris Yeltsin is in the hospital, '' and we 'd have to triage why he was in the hospital, because one hospital was for sobering up and the other one was the cardiac hospital. And if it was the cardiac hospital, we had to be really worried about what that meant for power on the other side of Yeltsin. And unfortunately, I think that's where we are today. I mean, many just say the solution to Russia is that Putin is no longer there. But with the end of Putin would become the beginning of what? And so I think top down, there's a lot of challenges about thinking about Russian debt as well.
Picker: What do you think is the likelihood at this point of a hard default, by April 15?
Koenigsberger: So default is usually about the ability and willingness for someone to pay. Certainly, in the case of Russia, they are indicating a willingness to pay, but a lack of capacity or capability. And that capability isn't necessarily because they don't have the financial resources. That ability is because technically, it's going to be very difficult for them to pay…It's not too dissimilar to Argentina, when way back when Cristina Kirchner put, I think, nearly a billion dollars in the Bank of New York, but since a court had said to Bank of New York, `` You can't afford that to bondholders, '' it became known as a technical default. So I think it's quite likely that you're going to see a default in Russia, whether they try and pay or not.
Picker: Do you think that this will be painful, it will choke the economy in Russia if it does go into a default or do you think they weren't really planning on accessing the foreign markets for debt anyway? Their debt load relative to other countries their size is relatively small, only $ 20 billion in foreign currency debt at this point. So is it even that monumental for them from a sanctions standpoint?
Koenigsberger: I don't think the debt and isolation is that monumental. Russia is going to suffer deep economic consequences. The velocity of these sanctions and the depth of these sanctions is unprecedented. And just put debt stock aside, I don't really think whether they pay or not, it's going to make a difference as to whether Russia isn't an isolated economy, which is different than 1998-99. When they had the default back then the thought was, eventually Russia is going to want to re-access the capital markets, that the debt default is the problem itself and therefore they're going to have to resolve that very quickly in order to get access to the markets. And in fact, that's what happened. Within 12 to 13 months, they restructured the Vneshekonombank loans that then became Russian Federation bonds and they were able to access the markets. Whether they pay or not this week, whether they pay the April maturity is not going to get them access to the markets and it's not going to solve the dire economic consequences that that economy is going to suffer.
Picker: What do you think are the broader implications for emerging markets? India, China [ are ] major trading partners for Russia so one would presume that if their economy is suffering as a result of this, that it could have ripple effects to other emerging markets, obviously, Europe and the U.S. as well. But I 'm specifically interested in places that are in that emerging markets bucket that you 've studied.
Koenigsberger: In the case of the Russia-Ukraine conflict, the impact on the oil market, I mean, immediately you can start to see winners and losers within emerging markets. And EM is always considered to be a commodity asset class. Well, some places like Mexico are exporting oil. Some places like Turkey, are importing energy. So it's hard to make a blanket statement in terms of what it's going to mean. That being said, I believe that the events of February 24th took the world by surprise. It was nobody's base case that there would be an invasion and also an invasion of what I would call a capital I invasion. Maybe there was going to be an incursion towards the east of Ukraine. But this caught everyone by surprise and therefore the ripple effect is probably going to catch people by surprise. And I think that part of the challenge here is the cumulative effect, right? I mean, we have just gone through a global pandemic and now we're stapling right to that war in Ukraine, and the ripple effects of that.
Picker: Not to mention there's already inflationary pressure, central banks hiking interest rates which historically have had an impact on the emerging markets. Given the complicated macro backdrop, where do you see that playing out? Who are the winners and who are the losers?
Koenigsberger: You start with oil, you start with commodities, you try and figure out which side a country or a corporation might be on that. One of the other things that may be less obvious is this notion that - and this is a blanket statement, which I don't generally like to make, but - COVID and this crisis is going to be a bigger challenge for sovereigns and their balance sheets than perhaps it may be for corporates. So once they get about the investment implications, sovereigns may be more challenged, corporates may be a safer place to be, not unlike last year when we saw that high yield corporates in emerging markets outperformed the sovereigns. That was for a different reason, because of the higher interest rates bringing lower prices. But imagine a sovereign that has a decision of, `` Do we pass through prices to our society that can't afford these prices as it relates to food? Or do we subsidize that? '' And I think the choice is going to be they're going to subsidize to try and lessen the impact for their societies. Well, in doing so, not unlike we 've seen with developed market balance sheets, that's going to put stress on those balance sheets that wasn't there before from a debt perspective, debt to GDP perspective, debt sustainability perspective. So that's certainly one of the things to look out for out here. | business |
Hydrow raises millions as at-home fitness industry faces post-Covid reckoning | Hydrow, maker of a $ 2,500 connected rowing machine, said Thursday it has landed another $ 55 million in funding to fuel its growth while the at-home fitness industry undergoes a shakeout as consumers return to gyms after two years of Covid-related lockdowns and restrictions.
The Series D round brings its total funding to date to more than $ 255 million, the company said.
The fresh financing for Hydrow comes as Peloton, perhaps the most recognized connected fitness maker in the world, is slashing thousands of jobs and cutting costs across the business after growing too quickly during the height of the Covid-19 pandemic. Under new Chief Executive Barry McCarthy, Peloton is looking to reset to align its operations with the slower levels of growth that it will see as consumers leave their homes and head back to gyms.
Peloton shares are down nearly 80% in the past 12 months, trading below their IPO price of $ 29, which has cast a cloud over the rest of the industry, particularly players such as Hydrow in the private market that have been looking to go public.
According to Hydrow founder and CEO Bruce Smith, however, there is still massive room for growth, in spite of the headwinds that Peloton and the industry are facing. He said the overall penetration in connected fitness relative to the total addressable market remains under 10% today.
`` The work that we 've done around total market penetration — it's just super clear that the pandemic accelerated penetration for a little bit, but we don't see any change in the long-term trends, '' said Smith, in a recent phone interview. `` Actually, the pandemic is going to continue to accelerate demand because nobody is going back to the office five days a week. It's the same for fitness. ''
`` People are absolutely going back to the gym, '' Smith said. `` We support that, and we're going to be in your gym in your apartment building. And your home. And that hybrid experience is the new normal going forward. ''
Last June, Bloomberg reported that Hydrow was exploring pursing an initial public offering, or merging with a special purpose acquisition company, at a valuation of more than $ 1 billion. Peloton's market cap, for comparison, has tumbled to a little more than $ 7.9 billion, from a high of roughly $ 50 billion in early 2021.
Hydrow declined to comment on its current valuation or its plans to take the business public. Smith, though, said that hitting the public markets is still in the cards.
`` A key part of getting ready to be a public company is that ability to forecast... that's really what rewards your valuation, and we are focused on that, '' he said. `` Every time somebody learns about rowing, they choose Hydrow. ''
Peloton is said to be working on its own rowing machine as it develops new products to grow sales, which could pull some future demand away from Hydrow. Other rowing machine makers include iFit Health and Fitness ' NordicTrack division, CityRow and Ergatta.
Hydrow doesn't disclose its financials since it's not a publicly traded business, but it said its revenue grew three times 2020 levels in 2021. It also said it counts more than 200,000 users today.
People who already own a Hydrow rowing machine can pay an additional $ 38 per month to access the company's live and on-demand classes. Hydrow also offers a digital-only membership for $ 19.99 per month.
Data shows just how much more cardio equipment consumers scooped up during the pandemic compared with pre-Covid levels, as many sought to recreate some sort of gym experience at home.
Sales of cardio equipment — including treadmills, stationary bikes, rowing machines, steppers and ellipticals — totaled $ 1.5 billion in the United States in 2021, growing 95% from 2019 levels but falling 4% from 2020 levels. That's according to data tracked by The NPD Group. Treadmill sales, however, did grow 5% in 2021 compared with 2020, NPD said.
Hydrow said it will use the fresh financing to help with marketing expenses and bigger brand building, as well as product innovation.
The Series D round was led by Massachusetts-based private equity firm Constitution Capital, along with investments from L Catterton, RX3 Growth Partners, Liberty Street, Activant Capital and Sandbridge Capital.
`` The fact that Hydrow's growth continued to accelerate as consumers were able to go back to the gym and fitness studios underscores the tailwinds driving connected fitness in general, and Hydrow specifically, '' said Michael Farello, managing partner at L Catterton. | business |
Dow rallies more than 270 points Friday as stocks post their best week since 2020 | Stocks climbed on Friday as the major averages notched their best week in more than a year.
The Dow Jones Industrial Average rose 274.17 points, or 0.8%, for the fifth day in a row to 34,754.93. The S & P 500 gained 1.1% to reach 4,463.12, and the Nasdaq Composite added 2.05%, ending at 13,893.84. Both indexes surged for a fourth consecutive day. All of the major averages finished their best week since November 2020.
Stocks are coming off a massive surge that resulted in the S & P 500 notching a 6.1% gain for the week. The Dow ended the week 5.5% higher, and the tech-heavy Nasdaq Composite advanced 8.1%.
Investors continued to digest news from the Federal Reserve earlier this week, as well as a rise in Covid cases in Europe stemming from an emerging subvariant and the ongoing war between Russia and Ukraine.
`` The worst thing about any crisis is when it first hits out of left field, it creates nothing but uncertainty. You have no idea what it means or where it's going to go, and you react violently as an investor to get out of the way, '' Jim Paulsen, chief investment strategist for The Leuthold Group, told CNBC's `` Closing Bell. '' `` But after you 've had some time to vet it [ you see ] the market is suggesting that they're starting to feel a little better, that there's some direction of this thing... It does seem like the economic fallout will not be nearly as detrimental as it looked going in. ''
President Joe Biden spoke with Chinese President Xi Jinping on Friday to discuss Russia's invasion of Ukraine. Xi told Biden that the United States and China each had an obligation to promote peace. Russia has made requests for military or economic aid from China and the call was seen as a critical test of whether Biden can convince Beijing to stay on the sidelines of the conflict.
Several missiles hit an aircraft repair center on the outskirts Lviv in western Ukraine. A Ukrainian official also said one person was killed in an airstrike that hit Kyiv. ( Click here for live updates.)
Russia on Thursday reportedly made a $ 117 million bond payment in dollars, thereby avoiding what would be a historic foreign currency debt default. Stocks extended their gains following the report. Bloomberg reported Friday that clearing houses in Europe and the U.S. have processed the payment.
Investors were also assessing their own risk appetite. The week's big gains came with a side of volatility, which shows no signs of tempering anytime soon.
`` For 2022, volatility is going to be the investor narrative, '' Greg Bassuk, CEO of AXS Investments, told CNBC. `` We would normally feel much more bullish around any single factor having a good ability to level the volatility, but given this unprecedented level of very significant factors that could drive the markets one way or another, we don't see volatility normalizing over the next couple of months. ''
On Friday tech stocks led the market higher. Salesforce and Apple were among the top gainers in the Dow, rising 3.9% and 2%, respectively. Nvidia climbed 6.8%. Meta Platforms gained 4.1%, and software stocks Paycom and Fortinet advanced 4.6% and 5.4%.
Shares of Moderna rose 6.3% as the company seeks FDA approval for a second Covid-19 booster shot for adults 18 years or older.
After one of the worst starts to the stock market in 95 years, JPMorgan says it's time to buyHow to play a spring stock market bounce now that the Fed has started raising ratesGoldman says these stocks have 'dislocated from the fundamentals ' and are buys
Boeing gained 1.3% after Reuters reported the company is in talks with Delta Air Lines for a landmark order of 737 MAX 10 jets.
Traders are also still digesting the latest Federal Reserve update from earlier this week. The central bank signaled it expects to raise rates at its remaining six meetings this year. The Fed also raised rates for the first time since 2018 on Wednesday.
On Friday, Fed Governor Christopher Waller told CNBC's `` Squawk Box '' the central bank may need to enact one or more 50 basis point interest rate hikes this year in order to tame `` raging '' inflation.
`` Fortunately, investor expectations for inflation over the next five years was brought down quite a bit, which, if sustained, will continue [ to ] be helpful for the Fed and the markets despite somewhat higher interest rates, '' said John Vail, chief global strategist at Nikko Asset Management. | business |
Jim Cramer says investors should buy these 11 recently-boosted dividend stocks | CNBC's Jim Cramer on Thursday offered investors a list of dividend stocks with yields that recently increased, that he believes buyers should add to their portfolio.
Dividends are a generally `` unassailable defense against a volatile market, '' the `` Mad Money '' host said, which means that they can be attractive additions to the portfolio of an investor worried about Russia's invasion of Ukraine, soaring inflation and Covid fears that have roiled the market in recent weeks.
`` You want bountiful dividends that are also safe, and the best way to determine a dividend's safety is by searching for the companies that have recently raised their payouts, because that's the ultimate sign of confidence in the future, '' Cramer said. `` Plus, with interest rates on the rise, only the dividend boosters can keep up with the bond market competition, '' he added.
To come up with his list, which he said are the `` biggest dividend raisers of 2022 so far, '' Cramer only included stocks which raised dividends this year by more than 20%. Using this criteria, he shrunk the list of hundreds of stocks listed in the S & P 500 to 27 names, then down to 11 stocks that he believes can outpace inflation and be attractive additions to buyer's portfolios.
Here is the list:
`` When the Fed is tightening to combat rampant inflation, I don't want you to overthink it — you want to circle the wagons around companies that are rapidly raising their dividends, '' Cramer said.
Disclosure: Cramer's Charitable Trust owns shares of Devon, Halliburton and Wells Fargo.
Sign up now for the CNBC Investing Club to follow Jim Cramer's every move in the market.
Disclaimer
Questions for Cramer? Call Cramer: 1-800-743-CNBC
Want to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram
Questions, comments, suggestions for the `` Mad Money '' website? madcap @ cnbc.com | business |
Biden taps Dr. Ashish Jha as Covid response head, succeeds Jeff Zients | President Joe Biden on Thursday named Dr. Ashish Jha as his new Covid-19 response coordinator to succeed Jeff Zients, who served in the role through the delta and omicron surges.
Jha leads Brown University's School of Public Health and previously headed Harvard's Global Health Institute. He is a well-known public commentator on how Americans should respond to health risks in the pandemic.
Jha, in a Twitter post, cautioned that the pandemic is not over and the U.S. needs to prepare for future variants and surges by keeping schools and workplaces safe.
New Covid infections in the U.S. have plunged more than 90% since the peak of an unprecedented omicron surge in January, according to data from Johns Hopkins University. Hospitalizations are down 89% from the omicron peak, according to the Centers for Disease Control and Prevention. However, infections are rising again in major European nations, such as the U.K. and Germany, and China is battling its worst outbreak since 2020.
Zients has led the White House Covid response team for 14 months and has held countless public briefings on the changing state of pandemic. Biden praised Zients ' work in a statement, noting that most adults have become fully vaccinated during his tenure. More than 75% of adults in the U.S. have received two doses of a vaccine, according to CDC data.
`` The progress that he and his team have made is stunning and even more important consequential. Lives have been saved, '' Biden said in a statement
Read CNBC's latest global coverage of the Covid pandemic: | business |
Merck's Keytruda reduced risk of disease recurrence or death in early lung cancer patients by 24% | In this article
Merck's antibody therapy for early stage lung cancer patients who have previously undergone surgery to have tumors removed reduced the risk of the disease returning again or the patient dying by 24%, according to clinical trial data released Thursday.
Keytruda is a monoclonal antibody treatment that helps activate the body's immune system to fight off non-small cell lung cancer, the most common form of the disease. The 200-milligram shots are administered once every three weeks for a total of 18 injections over the course of a year.
Merck's head of global clinical development, Dr. Roy Baynes, described the reduced risk of the cancer returning as significant and clinically meaningful. Baynes also expects Keytruda to improve patients ' overall survival rate, though he said the data is not mature enough yet to draw a definitive conclusion in that regard.
`` When you treat a tumor early, it takes quite a long time for bad outcomes to translate into death, '' Baynes said. `` So the trial is too immature at this point to comment on overall survival, although we would say that the overall survival is directionally favorable at this time. ''
The clinical trial for early stage lung cancer patients post-surgery evaluated more than 1,000 people randomized into two groups, 590 who received the treatment and 587 who received a placebo. Patients who received Keytruda were disease for more than four years at the median, about a year longer than those in the placebo group. The trial included patients who received chemotherapy and those who hadn't.
Merck plans to submit the data to the Food and Drug Administration as quickly as possible, spokesperson Melissa Moody said. The approval process can take eight to 12 months, according to Baynes. Keytruda was first approved by the FDA in 2014 to treat melanoma and has become a blockbuster drug for Merck that is now used to treat numerous other types of cancer.
Baynes said significant progress has been made in treating lung cancer with immune therapy. He noted that in the case of metastatic lung cancer, where the disease has advanced to other areas of the body, Keytruda in combination with chemo has improved the five-year survival rate to 40%. Typically, the survival rate is only 5%.
Lung cancer is the leading cause of cancer death globally with more than 1.7 million people succumbing to the disease in 2020, according to the World Health Organization. People diagnosed with non-small cell lung cancer normally undergo surgery to remove the tumors if the disease is caught at an early stage. After surgery, patients undergo either observation or receive chemotherapy. Risk factors include a history of smoking and asbestos exposure among others.
Read CNBC's latest global coverage of the Covid pandemic:
However, half of all patients with early stage non-small cell lung cancer have the disease return within five years after removing the tumors and most of them see the cancer return in two years, according to Dr. Mary O'Brien, a co-principal investigator in the trial and an oncologist at Royal Marsden Hospital in London. Patients live with the constant fear and anxiety that the cancer will return, she said.
Keytruda stops cancer cells from shutting down the body's defense system. Cancer cells have a protein that binds to a receptor on T cells, which tricks them into not going on the attack. The Keytruda monoclonal antibody binds to this receptor instead, foiling the cancer's trick and allowing the immune system to fight the disease.
Baynes said the drug is generally well tolerated, though there are side effects associated with the immune system kicking into gear. The most common complication is thyroid toxicity, which occurs when the thyroid releases too much hormone into the body. In more serious but rare cases, patients can develop pneumonitis, an inflammation of the lung tissue, he said. Thyroid toxicity is treated with antithyroid medication and pneumonitis with steroids.
Merck's Keytruda sales totaled $ 17.2 billion in 2021 or about 35% of the company's $ 48.7 billion in total revenue for the year. CEO Rob Davis told investors on Merck's fourth-quarter earnings call that using Keytruda to prevent cancer from returning in patients is a major area of future growth for the company.
While the cancer immune therapy is a major area of clinical research, the FDA has only approved one treatment so far to prevent lung cancer from returning in patents who have undergone surgery. The agency approved Tecentriq, made by Genentech, last October. | business |
Signet expects to keep taking market share, investing in growth, says CEO | Signet Jewelers expects to further expand its market share in the coming years, CEO Gina Drosos told CNBC on Thursday, contending the company's successful transformation has made those ambitions realistic.
`` What I think is very exciting is we now have the financial fitness to invest in our business consistent and to drive share gains over time, '' Drosos said in an interview on `` Mad Money. ''
Signet gained 270 basis points of market share in its fiscal 2022, the parent company of Zales and Kay Jewelers reported earlier Thursday, bringing its slice of the pie to 9.3%. A basis point equals 0.01%.
`` We feel poised to be able to continue to be able to do that, '' said Drosos, who has led Signet since 2017. Under her leadership, Signet has tried to right size its store footprint, while building out its ecommerce operations.
Signet's online sales were $ 556 million in fiscal 2022, up 85.4% compared with its fiscal 2020, which ended Feb. 1, 2020, before the worst economic impacts of the Covid pandemic were felt. Overall sales of $ 2.8 billion in fiscal 2022 represented 30.6% growth compared with fiscal 2020.
Drosos said Signet's focus on ecommerce is an important part of its broad strategy to gain market share and, by extension, grow revenue. Another important piece is simply expanding the jewelry market overall, the CEO said.
`` With our targeted marketing, with our data and analytics, we have the capability to target new customers with the right message at the right time, and so they already come to our websites and to our stores as ready buyers, '' Drosos said. `` We saw a lot of people come into the category last year. The category was up about 20%, but a disproportionate number of those came into Signet. ''
Signet shares rose roughly 7% Thursday as investors cheered the company's financial results. Fourth-quarter revenue and same-store sales were above expectations, while earnings per share of $ 5.01 were in line with estimates, according to Refinitiv.
Signet's stock has been a strong performer over the past 12 months, advancing 40% as of Thursday's close at $ 83.14 per share. That's far better than the S & P 500's 11% in that same span.
Sign up now for the CNBC Investing Club to follow Jim Cramer's every move in the market.
Disclaimer
Questions for Cramer? Call Cramer: 1-800-743-CNBC
Want to take a deep dive into Cramer's world? Hit him up! Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram
Questions, comments, suggestions for the `` Mad Money '' website? madcap @ cnbc.com | business |
Audi expects war in Ukraine to cause 'tremendous interference ' | DETROIT – Audi expects the war in Ukraine to cause `` tremendous interference '' to the global supply chain, an executive with the German luxury brand said Thursday.
The comments come as automakers globally, including Audi and its Volkswagen parent company, attempt to maintain supply chains of crucial parts such as semiconductor chips and wire harnesses that are being impacted by the war.
Automakers have warned that the conflict is creating extreme uncertainty this year regarding vehicle production, sales and financial forecasts.
`` We will see tremendous interference with all the supply chains, not just the chip business, but any supply chains internationally, '' Hildegard Wortmann, head of the car company's sales and marketing, said during a media roundtable Thursday. `` The consequences will be tremendous out of this on the whole supply situation. ''
While Russia and Ukraine account for a small amount of vehicle production globally, they supply key raw materials for the production of semiconductor chips, which have been in short supply for more than a year now due to disruptions caused by the coronavirus pandemic. Ukraine also is a notable supplier of wire harnesses and other materials, largely for European automakers.
Wortmann said in addition to wire harnesses, which are used in vehicles for electrical power and communication between parts, the carmaker also sources fabrics for seats from the country.
Audi on Thursday said it was adjusting production at a Hungarian manufacturing plant due to supply chain issues, Reuters reported. Other automakers such as Mercedes-Benz and BMW have announced production adjustments or cuts due to the war.
Wortmann declined to predict how the war is expected to impact the company's sales in 2022, citing fluidity of the situation.
S & P Global Mobility, formerly known as IHS Markit, on Wednesday downgraded its 2022 and 2023 global light vehicle production forecast by 2.6 million units for both years, to 81.6 million for 2022 and 88.5 million units for 2023, due to the war.
About 45% of Ukraine-built wiring harnesses are normally exported to Germany and Poland, placing German carmakers at high exposure, according to S & P. | business |
Moderna CEO Stephane Bancel has sold more than $ 400 million of company stock during the pandemic | In this article
Moderna CEO Stephane Bancel has sold $ 408 million in company stock since the beginning of the coronavirus pandemic — averaging roughly $ 3.6 million a week — as the company's stock soared on the development and rollout of its Covid vaccine, according to CNBC's analysis of the company's securities filings.
The Cambridge, Massachusetts, biotech company and its French CEO weren't widely known outside biotech circles before the pandemic. However, they both became breakthrough success stories as Moderna rapidly developed its two-dose Covid vaccine in cooperation with the National Institutes of Health and with taxpayer backing trough Operation Warp Speed.
Moderna's shots are now the second-most commonly used Covid vaccine in the U.S. after Pfizer, with more than 209 million doses administered, according to the Centers for Disease Control and Prevention.
Courtney Yu, director of research at Equilar, said the value of Bancel's sales speak to how well the company's stock has performed on the success of its vaccine. Equilar, which provides data on executive compensation, independently verified the value of Bancel's sales.
Moderna's stock has soared 614% since first announcing on Jan. 23, 2020, that it received funding from the Coalition for Epidemic Preparedness Innovations to develop a coronavirus vaccine. The FDA granted emergency authorization for Moderna's vaccine in December 2020.
Moderna's Covid vaccine remains the biotech company's only commercially available product. The shots have made Bancel a billionaire with an estimated net worth of more than $ 5.3 billion in company equity alone — based on his reported holdings as of March 1 and Wednesday's closing price — and created a windfall for investors. The 12-year-old company, which went public in December 2018, booked its first profit last year — $ 12.2 billion — on $ 17.7 billion in Covid vaccine sales. It's projecting a minimum of $ 19 billion in sales of its signature shots this year.
The $ 408 million Bancel has cashed out since January 2020 was done through so-called 10b5-1 stock plans adopted in 2018 before the pandemic. These plans allow executives to sell a predetermined number of shares, executed by a broker, at regular intervals to avoid the possibility of insider trading. The Securities and Exchange Commission adopted the 10b5-1 rule more than 20 years ago to give executives a way to cash in some of their shares without facing allegations of insider trading and potential legal action.
Moderna's executives are required to trade under 10b5-1 plans, in which shares are sold during an open trading window under the company's insider trading policy, according to Moderna's 2022 proxy report.
`` It's meant to be sort of a safe harbor against being sued, '' said David Larcker, a professor of accounting at the Stanford Graduate School of Business, who has researched 10b5-1 plans.
Altogether, Bancel has sold more than 2.8 million shares since late January 2020 under the trading plans adopted before the pandemic. From Moderna's IPO until the announcement of CEPI funding for the vaccine, he sold approximately $ 3.2 million in shares.
Read CNBC's latest global coverage of the Covid pandemic:
The SEC has few rules governing 10b5-1 plans, other than the requirement that they can not be adopted or amended while in possession of material nonpublic information. Because there are so few rules, the plans are flexible and vary across companies.
`` Currently SEC rules are quite lax around the plans, '' said Daniel Taylor, a professor of accounting at the Wharton School. Taylor said although some companies, such as Moderna, require executives to trade under 10b5-1 plans as a form of `` good corporate hygiene, '' other companies leave it up to the discretion of the executive whether they adopt such a plan.
Though 10b5-1 plans are supposed to prevent insider trading, they are controversial due to their lack of transparency. Companies whose executives trade under 10b5-1 plans are not required to make any disclosures to the SEC about the content of such plans.
Moderna declined to comment on whether it would publicly disclose the details of Bancel's 10b5-1 plans, though his stock sale filings do provide the dates his trading plans were adopted, all in December 2018 with amendments made in September 2019 and May 2020. Moderna said Bancel's 10b5-1 trading program was last amended in May 2021 to increase his charitable giving. Bancel has donated hundreds of thousands of shares to charity.
`` There is no required disclosure for 10b5-1 plans of any sort, '' Taylor said.
Bancel typically sells 19,000 shares about every week under his 10b5-1 plans, averaging roughly $ 3.6 million every seven days, according to CNBC's analysis of the company's securities filings. The shares are usually sold in two tranches, 9,000 directly owned by Bancel and 10,000 indirectly owned through a limited liability corporation called OCHA. Bancel has sold around 861,000 shares he directly owns at a total value of approximately $ 153 million since late January 2020.
Bancel is the majority equity holder and sole managing member of OCHA, according to the SEC filings. He has sold about 972,000 Moderna shares indirectly owned through OCHA at a total value of approximately $ 170 million since late January 2020. OCHA is an investment company, according to corporate filings in Massachusetts where it has a branch.
OCHA is registered in Delaware, which does not require companies to disclose the nature of their business upon formation and registration with the state. Bancel declined to provide any more details on the company through a spokeswoman at Moderna.
Bancel has also sold more than 191,000 shares that he owns indirectly through Boston Biotech Ventures for a total value of about $ 13 million since January 2020. Boston Biotech Ventures is a limited liability company that provides angel investing to start-ups in the Boston area and files patents to launch new companies, according to corporate filings in Massachusetts. Bancel is the majority equity holder and sole managing member of Boston Biotech Ventures, according to SEC filings.
Bancel also has an independent trust fund for his children, which has sold about 752,000 Moderna shares for a total value of approximately $ 67 million since late January 2020.
In February 2021, Democratic Sens. Elizabeth Warren of Massachusetts, Chris Van Hollen of Maryland, and Sherrod Brown of Ohio called on the SEC to reform the 10b5-1 rule to provide greater transparency. Last December, the SEC proposed several changes such as requiring companies to disclose in their quarterly reports the adoption or termination of 10b5-1 plans and the terms of the stock trading arrangements. Those changes have not yet been adopted.
`` The reason people are so interested is because there's this lack of transparency that is mandated by the SEC, '' Taylor said. `` If [ Bancel ] had disclosed the plan in 2018, would we really be so interested in his stuff? I think the answer is probably no. '' | business |
Delta gives employees 4% raises, first pay increase since before the pandemic | In this article
Delta Air Lines on Thursday said it would give most of its 75,000 employees a 4% pay raise, their first increase since the fall of 2019, before the Covid pandemic.
Airlines were among the hardest-hit during Covid as travel demand dried up, spurring record losses at all the major carriers. But bookings are back on the upswing, particularly for domestic leisure travel.
Now carriers are scrambling to hire and train staff to match surging travel demand. Carriers like Southwest Airlines and United Airlines have raised minimum pay or offered hiring bonuses to attract workers in a tight labor market and amid high inflation.
A Delta spokesman said the increases are part of regular, base pay raises the company offered employees before Covid hit.
Delta's CEO, Ed Bastian, said the airline still expects an overall loss in the first quarter because of omicron's impact on staffing and travel early this year. The company forecasts a profit for the month of March.
`` We 've come a long way since the darkest days of 2020, '' Bastian said in an employee memo announcing the pay increases. He said the airline is `` optimistic '' that it can generate a profit this year.
The Association of Flight Attendants-CWA last week wrote to Delta cabin crew members noting they haven't received a pay increase since 2019. The flight attendants ' union is in the middle of a membership drive at Delta that it launched in November 2019.
Delta's roughly 20,000 flight attendants are the largest nonunion cabin crew of any U.S. airline. The union said the organizing drive likely contributed to the decision `` as part of an effort to divide Delta workers who are organizing to make Delta a better place to work. ''
`` As long as Delta Flight Attendants are without a contract, like management at Delta has for themselves, promises can change, '' AFA wrote in a post on its website after the pay increases were announced.
Delta said in a statement to CNBC that the pay increase was not related to the flight attendant union drive.
`` Delta has a long track record of taking care of our people, and as the CEO said, this is a well-deserved base pay increase for our people who continue to excel at safely taking care of our customers with a travel experience that sets us apart, '' an airline spokesman said.
The pay increase does not apply to Delta pilots. | business |
Tesla hikes China-made Model Y price again — by more than $ 2,000 | In this article
Tesla raised the price for its cheapest Model Y car in China by 15,060 yuan ( $ 2,372) on Thursday, following two consecutive price hikes for more expensive versions in just over a week.
The standard China-made Model Y now costs 316,900 yuan ( $ 49,932), up from the previous 301,840 yuan ( $ 47,559) on Tuesday, according to data tracked by CNBC. While the cheapest model had remained the same price since January, Tesla recently raised prices for the long-range and performance versions.
The performance Model Y has seen its price rise by 7.7% since January, with the long-range version up by 8% over that time. The price of the cheapest version has climbed by 5% with Thursday's increase.
The consecutive price hikes come as inflation has risen globally and a spike in Covid-19 cases in China disrupts business activity.
Tesla CEO Elon Musk recently warned that `` Tesla & SpaceX are seeing significant recent inflation pressure in raw materials & logistics. ''
Reuters reported Wednesday that Tesla is suspending Shanghai factory operations for two days, as China tightens coronavirus restrictions to stem its recent Covid-19 outbreak.
Tesla did not immediately respond to a CNBC request for comment about the report, or the price increases.
Major cities in China such as Shenzhen and Shanghai have rolled out strict Covid-19 regulations, causing some factories to halt production and putting even more pressure on stressed supply chains. Crucial materials such as semiconductors also remain in short supply.
China is an increasingly important market for Tesla. In 2021, the country's share of Tesla's total revenue rose to 26% from just 12% in 2019.
Tesla and Chinese automaker BYD dominate the fast-growing Chinese electric vehicle market. | business |
The Silicon Valley fallout from waging economic war against Russia | As the U.S. corporate world continues its withdrawal from Russia due to the invasion of Ukraine, a growing stigma against anything Russian is reverberating in Silicon Valley as tech start-ups and venture capital firms reassess their exposure and limit risks. DoorDash and GrubHub recently cancelled deals with now-shut U.S. food delivery start-ups launched by Russian founders. The Massachusetts Institute of Technology pulled out of a multi-year partnership with Moscow's Skolkovo Institute of Science and Technology, while Index Ventures halted further deals in the country.
For Silicon Valley, the issues with Russian business run to the heart of immigrant founder-led culture and a global world of institutional investors that in recent years sought more access to top VC ideas.
`` There can be a stigma toward founders from Russia coming over to the U.S. and Russian-speaking entrepreneurs, '' said Julian Zegelman, a general partner in Los Angeles at Step Ahead Capital, former investment banker and lawyer whose family left Russia when he was a child. `` We hope it's not a witch hunt, '' he said.
As a tech investor, Zegelman made the decision in 2014 at the time of the Crimea annexation not to accept Kremlin-type limited partners or to co-invest in start-ups with Russian government grants or money. `` Even before the war in Ukraine, having a Russian passport has been a definite liability in tech circles, '' he said. For major U.S. tech platforms that have been operating in Russia, a delicate balance now needs to be struck if they choose to remain, and based on the belief that the flow of accurate information to the Russian public is a greater good than the economic pain internet firms can inflict on the regime by cutting off services. For VCs and start-ups, unwinding ties with Russian-connected capital is complex if not impossible in practice. Tracing money and assets of oligarchs can be hard to track down.
It's well known that several VC firms had money from Russia, but nobody wanted to talk about it, Zegelman said. Among those he named are Fort Ross Ventures, which has Russian ties through language, culture, and capital. There are additional Sand Hill Road-anchored firms that have invested in cybersecurity, robotics, mobile app, data analytics and SaaS start-ups that have links to Russian investors in their funds.
Fort Ross Ventures, founded in 2015 by former Sberbank chief digital officer Victor Orlovski, and named after a Russian fortress north of San Francisco, is reportedly evaluating what measures to put in place to prevent any compliance issues, with Orlovski recently telling Bloomberg, `` If an investor becomes toxic, we will immediately isolate them from the other pool of investors. ''
The growth stage venture fund was backed by Russian bank Sberbank, which is now on the U.S. government sanctions list, but raised its newest fund without Russian capital.
More than a decade ago, the former Soviet Union sought to build a Silicon Valley ecosystem and U.S.-Russian relations were on a more optimistic path. In early 2012, the Russian Venture Company opened a Boston representative office of the Russian state-owned fund of funds Russian Venture Capital II LP. RVC-USA hosted a launch event in Boston, where CEO Alex Tillman promoted bilateral investment opportunities and its sponsorship of the MassChallenge start-up and incubator program, which saw 36 applicants from Russia in 2012 out a record 1,237 from 35 countries.
As part of this outreach at the start of the prior decade, the Russian venture fund made investments in three U.S. VC firms, including tech investors Trident Capital Fund VII, DCM VI, and Institutional Venture Partners XIII.
A spokesperson from DCM said Russian Venture Capital was a one-time LP that invested approximately one percent of total commitments of its 2010 vintage fund 12 years ago. `` As with any fund we raise, our legal team conducts ongoing due diligence on our LPs as part of the standard KYC procedures. As it pertains to RVC, we are engaged with our legal counsel regarding all the steps necessary for compliance with the applicable sanctions currently in place, '' the DCM spokesperson said.
There is a lack of clarity from the federal government in how firms should decide what they should do, according to several legal experts, aside from the ethical issues and inability to predict moves Russia might make in response. The VCs will have to answer to their LP investors for money lost in any businesses that remain in Moscow if those business are no longer viable as investments.
`` Assets held by foreign entities in Russia are subject to be frozen or seized. Russia can pretty much do what it wants as rule of law is lacking in Russia, '' said Howard Krongard, former inspector general of the U.S. Department of State, an international lawyer and venture capitalist.
Global law firm Nixon Peabody is getting inquiries from clients about whether they can use a force majeure clause to get out of business contracts involving Russia. It often depends on the language of the contract and the situation. `` Before the pandemic, more than 50% of supply contracts that I have seen had force majeure clauses, but now more attention is being paid to this issue and it's closer to 80%, '' said Carolyn Nussbaum, partner with the firm's complex disputes practice.
She also noted that with a lack of clarity around sanctions, some foreign businesses in Russia may have no sanctions risk but still want to exit the market. Some company executives can be concerned about whether sanctions might apply in the future, she added.
While Russian investors have continued to pursue start-up deals globally, deal-making in U.S. firms involving Russian money has been declining in total dollar value raised in recent years. In 2021, 57 Russian venture investment deals totaling $ 2.3 billion were made in the U.S., down from a 2016 peak of $ 6.4 billion in deals. Meanwhile, 18 U.S. VC deals and $ 272 million in investment were made in Russia in 2021, from a peak in 2012 with 41 deals adding up to $ 426 million, according to PitchBook data.
Global VC firm Index Ventures in London and San Francisco has halted further investments in Russia and will not be taking on Russian backers.
Some prominent start-ups founded in Russia years ago have since moved headquarters to the U.S.
In 2021, Index Ventures invested in software and data start-up ClickHouse, which has a founding team from Russia, injecting $ 50 million in August and $ 250 million in October. Co-investors in the unicorn valued at $ 2 billion included Benchmark, First Mark Capital, Coatue Management, as well as Nasdaq-listed Russian search engine Yandex, PitchBook data show. NYSE and Nasdaq have halted trading of Russian firms.
Clickhouse is now a Delaware corporation with its headquarters in Portola Valley, California, and its European base is in Amsterdam. ClickHouse was spun out of Yandex in September 2021, and when it started, the office was moved from Moscow to Amsterdam. Index invested in the spin-off business.
`` This is a very delicate time, how bad it might get, if there is an off ramp, can a level of stability be reached, '' said Paul Triolo, senior vice president and technology lead at global advisory firm Albright Stonebridge Group in Washington, D.C. Triolo said he expects that investors will try to relocate their projects outside Russia to the Baltics or to Georgia, but it depends on the nature of the business and customer base. `` I imagine that startups in Russia will keep their heads down and ride out the storm. ''
Several Western firms, including Index Ventures, have small teams, such as software developers, in the country, and many software teams are now figuring out if they will relocate, and what security risks are involved.
In the second-largest VC deal of 2021 involving a Russian-founded firm, venture firms Bond Capital, Insight Venture Partners and General Catalyst backed ride-hailing startup inDriver, with $ 150 million infusion and a $ 1.2 billion valuation. The start-up is now based in Mountain View, California, according to its website.
General Catalyst and Insight Venture Partners declined to comment. Bond Capital did not respond to a request for comment.
Meanwhile, Silicon Valley is scrambling to deal with portfolio companies and employees impacted by the war in Ukraine. Silicon Valley Bank, for one, is matching employee contributions for humanitarian relief and donating up to $ 400,000 to organizations providing food, shelter and medical supplies.
With Ukraine, Belarus and Russia estimated to have more than one million tech professionals, the scope of the crisis is large.
Nick Davidov, a partner in Davidovs VC, said that 14 of his portfolio companies have at least one developer in Russia, and all are shutting down their presence there. Staff are moving to Mexico, Uruguay, Argentina, Dubai and Turkey, concentrating on countries where a visa is not required for entry for those holding a Russian passport, he said.
Among founders that Davidov has invested in are Marina Domracheva, who represents the quality of tech talent from Russia. The Russian-born entrepreneur who moved to New York City in 2020 is the founder and CEO of 3D Predict, a patented high-tech dental aligner. In 2020, her product received FDA clearance and she recently shifted operations for 3D printing from Moscow to California and launched her U.S. start-up two weeks before Covid lockdown. She said she's shutting her Moscow operation, and will only make aligners based on its remaining plastic supplies. She's recently relocated most of her core software team of 50 from Russia, to Dubai or to work remotely. Only a handful of employees are left in Moscow, mainly due to family reasons such as elderly parents, she said.
Now focusing on the U.S. market, she's aiming for revenue of $ 4.7 million in 2022. Early this year, 3D Predict raised $ 1.5 million from Davidovs VC, One Way Ventures in Boston and XTX Ventures in London on top of an earlier $ 3.8 million seed round from these investors in March 2021.
Not so fortunate were Russian-born founders of two New York-based start-ups in the quick delivery food space: Fridge No More and Buyk. DoorDash called off a deal to acquire Fridge No More since the war began, citing due diligence issues. Co-founder and serial New York and Moscow entrepreneur Anton Gladkoborodov shut the start-up immediately and laid off 600 employees. The start-up was generating $ 40 million but was burning cash competing with FreshDirect, Instacart and Amazon. It had been relying on San Francisco-based market leader DoorDash for bridge financing its operations as the deal was assessed. Those backers facing investment write-offs include Insight Partners, which led a $ 15.4 million Series A deal investment in March 2021 with Altair Capital, and angel investor Davidovs VC. Davidov said he is facing a write-off of $ 4.6 million from his personal investment.
A second Russian-backed rapid delivery app, Buyk, suspended operations in early March when sanctions and restrictions on money leaving Russia cut off its funding and a pending partnership with GrubHub was put on hold. The start-up had raised $ 46 million in 2021 from Fort Ross Ventures, CM Ventures and s16vc.
Since 1998, Russia has been angling to make its own Silicon Valley with the Skolkovo Technopark outside Moscow, but those efforts could prove far more challenging now that ties are being cut by MIT and tech investors.
In 2021, the number of venture deals inside Russia was 37, less than half the 82 in 2017, though the average deal size has increased from $ 3.2 million to $ 15.2 million during that time period, according to London-based alternative assets tracker Preqin.
The collateral damage has extended to a planned opening this month of a tech-focused campus, American University Kiev, with Arizona State University. It's now on hold. `` We still plan to open and help Ukraine rebuild, '' said Roman Sheremeta, an economics professor at Case Western Reserve University and founding rector of the Kiev school focused on engineering and digital technology.
Tim Draper, founder of the Draper Venture Network, was one of the early investors in Russia in 2008 with DFJ VTB Aurora, a joint venture with Russia's VTB Bank, which is now on the U.S. government sanctions list. The team was able to fund about six companies before VTB took back their commitment to DFJ VTB Aurora and dissolved the partnership. `` We had several false starts with Russia, and it seems that a business like venture capital that is built on trust is difficult for a top down control-based socialist country to adopt, '' Draper said. | business |
China’ s Pledge to Support Its Market Is a First Step. Here’ s What’ s Needed for a Durable Recovery. | China tried to get back into the good graces of investors this week with vague but rare reassurances of more market-friendly policies and efforts to boost the economy. It acknowledged that its crackdown on internet stocks and the property market may have gone too far, and
vowed to reduce the cost
of Covid restrictions.
The wide-ranging promises struck the right chord to repair investor sentiment, but a durable recovery for the painful rout in Chinese stocks and economic slump will require Beijing to follow through with actions that match its words.
On Wednesday, the readout from a special meeting of policy makers led by China’ s top economic official Liu He included vows for more market-friendly policies and proactive measures to support the economy. Government officials also left the impression that the crackdown on the internet sector was winding down and that implementation would be clearer—addressing one of investors’ bigger fears.
In a nod to the panic that ensued last week as the Securities and Exchange Commission began identifying Chinese companies at risk of delisting, policy makers said they supported overseas listings and cryptically said Chinese regulators were making progress on a cooperation plan with the U.S. to avoid delisting.
On Thursday, Beijing turned its attention to concerns China’ s strict Covid restrictions would exact a painful toll on its economy as Omicron cases rose. Authorities said they would look to contain the outbreak with the smallest cost.
The spate of reassurances acted as a salve for already-cheap stocks that had taken a further dive last week
on delisting concerns
, the People’ s Bank of China declining to cut interest rates as some had expected, and the worry that China could face devastating sanctions itself if it’ s unable to stay neutral in Russia’ s war in Ukraine.
Though the
iShares MSCI China
( MCHI) exchange-traded fund and the
KraneShares CSI China Internet
ETF ( KWEB) —logged double-digit gains on Wednesday, they pulled back again on Thursday and are sitting on losses of 35% and 61%, respectively, for the past year.
While Beijing may have pulled sentiment out of the abyss and improved the set-up for stocks, investors need to pick their spots and be clear-eyed about China’ s challenges in managing its economic slowdown and its delicate balance in supporting its friend Russia without getting dragged deeper into a geopolitical imbroglio.
MORE ON CHINA
Now What for Alibaba?
“ This looks more like a temporary response to current weakness, ” says Capital Economics Senior China Economist Julian Evans-Pritchard via email. “ It would be naïve to assume the policy and regulatory headwinds facing the tech and property sector have now gone away. ”
After last year’ s turbulence, policy makers have prioritized stability for months ahead of the 20th Party Congress when President Xi Jinping is expected to take a third term—a reason
Barron’ s
in January said Chinese stocks could be
primed for a turnaround
.
But it’ s not smooth-sailing ahead: ” The remarks were important in setting the tone: That it’ s not back to Maoism, but it doesn’ t change the major issues driving Chinese equities, ” says Michael Kelly, global head of multi-asset strategies at PineBridge Investments, which oversees almost $ 149 billion and adds that it’ s also not clear where policy will head after Xi has been anointed for life.
For now, there’ s little change in Beijing’ s core priorities, several of which could contribute to an erosion in margins. That includes its efforts to tackle inequality in part by pushing companies to support social good, and creating a corporate level playing field, Kelly says. Also a concern: China’ s slowing economy. Joyce Chang, chair of global research for
JPMorgan
,
says the first thing investors will turn to is economic data to see if it supports a recovery or has been jeopardized by Omicron.
Feel-good sentiment can’ t be dismissed in the near-term. Louis Lau, co-manager of the Brandes Emerging Markets Value fund, says policy follow-up needs to take the form of interest rate cuts and more muscular support for the property market. He is adding to Chinese equities, especially Macau gaming and travel stocks that should benefit from any relaxation in China’ s Covid policies and an eventual re-opening.
GQG Partners Chairman Rajiv Jain favors cyclicals like
China Merchants Bank
( 3968: Hong Kong), which stand to benefit from increased government spending and loan growth as the economy recovers.
Internet giants at the center of the past year’ s rout are primed to benefit from a bounce, with value managers like Ginny Chong, head of Chinese equities at Mondrian Investment Partners, drawn to dominant companies trading at steep discounts, like
Alibaba Group Holding
( BABA), which has lost half its market value,
Tencent Holdings
( 700.Hong Kong),
Baidu
( BIDU) and
Autohome
( ATHM), which at its lows traded for less than its cash.
Some of these companies face challenges that could limit upside, including regulation that hampers promising areas like fintech, and the continued scrutiny of data security. Instead of fetching previous multiples of 20 times earnings, valuations may end up closer to low- to mid-teens, some managers say. At 9 times forward earnings for Alibaba, that still represents upside—though it could come with volatility.
Yet if U.S. and Chinese regulators reach a compromise to avoid mass delistings, internet stocks would be among the biggest beneficiaries. But so far the SEC hasn’ t reciprocated China’ s more conciliatory tone, and money managers say they still favor Hong Kong-listed versions of these shares given China’ s push to reduce its reliance on the U.S. The SEC didn’ t immediately respond to a request for comment.
Even bigger political risks loom. Congress is debating a bill that would scrutinize outbound investments, potentially hurting the longer-term investment outlook for China, and the sanctioning threat looms. President Joe Biden and Xi are expected to speak on Friday. If China confirms it will not offer Russia a lifeline, that could help thaw U.S.-China relations, offering yet another boost to stocks in the near-term.
“ Equities have triggered a policy put but will remain highly volatile; this is still a stock pickers market, ” says Rory Green, TS Lombard’ s chief China economist.
As one money manager eyeing Chinese stocks stressed: China’ s not for the faint of heart but starting to search among the recent wreckage could be fruitful.
Corrections & Amplifications
Joyce Chang is chair of global research for JPMorgan. An earlier version of this article incorrectly identified her as the firm’ s global head of research.
Write to
Reshma Kapadia at
reshma.kapadia @ barrons.com | business |
Japanese shares set for best week in nearly 22 months | - Japanese shares were set for their biggest weekly gain since late May 2020, as benchmark indexes tracked Wall Street higher on Friday amid caution over the five-day rally in local markets.
By 0155 GMT, the Nikkei share average had gained 0.3% to 26,735.57 and was set to jump 6.29% for the week. The broader Topix edged up 0.2% to 1,902.74, adding 5.73% so far in the week.
`` The market rose sharply yesterday because investors who had shorted stocks bought them back. But with the long weekend ahead, they refrained from active bets, '' said Shigetoshi Kamada, general manager at the research department at Tachibana Securities.
The Nikkei had jumped more than 3% on Thursday to post its highest close in more than two weeks.
`` Today, both buyers and sellers were cautious, '' Kamada said.
Uniqlo clothing shop owner Fast Retailing led the Nikkei's gains, rising 0.88%, followed by technology investor SoftBank Group, which climbed 2.45%.
Toshiba Corp rose 0.91% after an independent director said he would back a shareholder proposal at next week's extraordinary meeting that could pave the way for a potential buyout of the conglomerate.
Toyota Motor fell 1.06% as the automaker said it would cut its global production target in April to 750,000 vehicles, down 150,000 from an earlier plan as a semiconductor shortage and the COVID-19 pandemic bite into its plans.
Toyota's declines dragged the index of auto and parts makers 1.35% lower, making the sector one of the worst performers among the Tokyo Stock Exchange's 33 industry sub-indexes.
Airlines fell the most among the sub-indexes with a 1.48% drop. ( Reporting by Junko Fujita; Editing by Subhranshu Sahu) | business |
Ralph Lauren's Brands Look Strong, Analysts Say. Thank Work From Home. | Ralph Lauren expects an operating margin of approximately 13% for fiscal 2022.
Stephane De Sakutin/AFP via Getty Images
Ralph Lauren
has an opportunity to emerge from its pandemic challenges as a potential winner, thanks to its brand strength and revenue mix, according to J.P. Morgan analysts.
J.P. Morgan upgraded shares of the luxury clothing designer Thursday to Overweight from its previous rating of Neutral. Its price target remained unchanged at $ 142. In recent trading, Ralph Lauren ( ticker: RL) stock was up 3.4% to $ 117.89. The stock is down less than 1% so far this year, compared with a 6% fall in the
Dow Jones Industrial Average
.
With Ralph Lauren at about 25% its prepandemic multiple, the analysts see an opportunity to own shares of the luxury brand.
Ralph Lauren could see a multiyear, midteens margin profile, the analysts said.
In February, the company said
it expects a fiscal 2022 operating margin of approximately 13%, up from the
12% to 12.5% expected in November
. Overall, the company has an opportunity as sales rise faster than costs thanks to potentially higher margins, the analysts noted.
The company’ s branding is also strong, analysts said, as refined casual clothing becomes the new normal in the work-from-home environment. The men’ s category has seen the most growth, with the acceleration of new and younger customers gravitating to the brand.
“ Overall, our recent work points to RL’ s portfolio well positioned for CEO [ Patrice ] Louvet’ s new ‘ hybrid’ mix of consumer demand, ” J.P. Morgan analysts said.
J.P. Morgan’ s research indicated that the company’ s regional revenue mix provides “ relative ” insulation from geopolitical events and Covid-19 disruptions, with the analysts seeing more than 50% of revenue derived from North America.
Other analysts don’ t hold the same level of optimism for the company. Wedbush analyst Tom Nikic
downgraded shares
of Ralph Lauren on March 7 to Neutral from Outperform, and cut the price target to $ 127 from $ 150, citing the company’ s reliance on European growth.
Out of the 16 analysts that cover the stock, seven rate it a Hold, eight rate it a Buy and one says it’ s an Overweight.
Write to Logan Moore at
logan.moore @ barrons.com. | business |
DC Court Suspends Bar Rule For Fla. Atty Derailed By COVID | The District of Columbia Court of Appeals has buoyed the hopes of a Florida law firm associate who expected to be able to practice law in Washington, D.C., only to find his plans dashed by a bar exam scheduling glitch caused by the pandemic.Mitchell McBride, 27, a litigation associate at Phelps Dunbar LLP, said he relied on the fact that those who pass the bar in Florida are able to waive into the D.C. bar — particularly since he had seen countless peers do so in the past.Then the pandemic hit, and this `` reasonable assumption was shattered, '' according to... | general |
Casino Co. Tells 8th Circ. Virus Contaminated Air, Surfaces | An Iowa casino operator told the Eighth Circuit on Thursday that COVID-19 `` physically contaminated '' its properties and therefore its losses meet the requirements for insurance coverage under the circuit's previous ruling in a coronavirus coverage suit.In its opening brief, Great River Entertainment argued that U.S. District Judge Robert W. Pratt ignored its allegations of physical contamination when he dismissed its suit against Zurich American Insurance Co. in November.Judge Pratt said that the Eighth Circuit's decision in Oral Surgeons v. The Cincinnati Insurance Co. prevents coverage for economic losses and that Great River's losses weren't physical. `` The district court ignored... | general |
Inhalable 'aerogel ' triggers immunity to COVID-19 in mice, may block transmission -- ScienceDaily | `` There are many potential advantages of an inhalable formulation compared to an injectable vaccine, '' said Atip Lawanprasert, graduate student in biomedical engineering and a lead author of the study, which published recently in the journal Biomacromolecules. `` One is avoidance of needles. Inhalable vaccines might be able to help increase the rate of vaccination because so many people are afraid of injections. No matter how high the efficacy of a vaccine, if people don't get it, then it's not useful. ''
Scott Medina, assistant professor of biomedical engineering, Penn State, added that inhalable vaccines may be more shelf stable than traditional vaccines.
`` Importantly, '' Medina said, `` inhalable vaccines may induce an antibody response locally in the lungs where it can potentially neutralize and clear the virus before it fully infects the host and causes symptoms. ''
By contrast, Girish Kirimanjeswara, associate professor of veterinary and biomedical sciences, explained that the injectable COVID-19 vaccines induce a systemic immune response, which is effective at fighting infections with SARS-CoV-2, but not as potent as an inhalable vaccine would be in stopping the infection at the location of the virus's entry into the body.
`` The current vaccines are not very good at preventing transmission because they allow the virus to replicate in the body, even for a short period, and then transmit to other individuals, '' said Kirimanjeswara. `` An inhalable vaccine would elicit local immunity at the primary site of infection, where SARS-CoV-2 could be rapidly neutralized and eliminated without the inflammatory response characteristic of systemic vaccination. ''
Previously, the team had developed and patented a gel-like material, called an 'aerogel, ' as a vehicle for delivering antimicrobials to the lungs to treat bacterial respiratory infections, particularly tuberculosis.
`` When the pandemic started, we decided to develop an inhalable formulation for COVID-19 by combining our aerogel with a nucleic acid-encoded antigen -- specifically, DNA that encodes the SARS-CoV-2 proteins, '' said Medina.
The researchers developed their COVID-19 formulation, which they call CoMiP ( coronavirus mimetic particle), to target alveolar macrophages -- immune cells in the respiratory tract that ingest foreign particles.
`` Alveolar macrophages represent attractive targets for inhalable vaccines because they are abundant within the lungs, and previous evidence has suggested that they may be important in early COVID-19 pathogenesis, '' said Medina.
Specifically, he explained, alveolar macrophages may be one of the first cells to become infected by SARS-CoV-2 when the virus is inhaled.
`` Alveolar macrophages are one of our key defenders against viral infection because they serve to present antigens to the rest of the immune system, '' said Medina.
The scientists designed their CoMiPs to be rapidly ingested by alveolar macrophages, after which the macrophages would interpret the viral antigen and begin to express the viral proteins encoded in the DNA.
`` You are essentially tricking the macrophage into interpreting this DNA and expressing this foreign spike protein, '' said Medina. `` Once it expresses the foreign protein, it shows it to the rest of the immune system so the immune system can learn to recognize the protein in the event of a SARS-CoV-2 infection. ''
In the laboratory, when the scientists incubated their CoMiPs with cells designed to mimic naive alveolar immune cells, they found that the macrophages readily internalized the CoMiPs. Next, they optimized the formulation of the CoMiPs to identify the maximum safe dose in cells in vitro. They found that > 80% of cells remained viable at a dose of? 0.01 mg/mL.
To test the efficacy of the CoMiP vaccine, the team immunized mice via an intranasal installation of the vaccine, followed by a booster dose two weeks later. Next, they collected serum samples from the animals on days 14 and 28 post vaccination and booster, respectively. They analyzed these samples for systemic immune responses and found no statistically significant change in systemic antibody levels between CoMiP-treated animals and control animals at either sampling time point.
To explore nose, throat and lung immune responses, the researchers collected samples from immunized mice 30 days after vaccination to assess differences in the total and spike-protein specific lung mucosal IgA antibodies. They found a significant increase in the total IgA for mice vaccinated with CoMiPs, but IgA specifically targeting the SARS-CoV-2 spike protein was lower than expected for the vaccinated animals.
`` On the benchtop, outside of the animal, we saw pretty good expression of the proteins, '' said Medina. `` And then when the CoMiPs were delivered into the animal, we saw an increase in antibodies in the lung that may provide some protection, but it was not to the extent that we would like. It's encouraging data, but there is more optimization to be done. ''
The team plans to continue to research the use of CoMiPs to protect against COVID-19
In addition, Kirimanjeswara noted, `` Transmission blocking, inhalable vaccines can also be translated to multiple other viruses, such as flu, so our CoMiP has the potential to be widely applicable. ''
Other authors on the paper include Andrew W. Simonson, postdoctoral fellow, University of Pittsburgh; Sarah E. Sumner, graduate student in veterinary and biomedical sciences, Penn State; McKayla J. Nicol, graduate student in veterinary and biomedical sciences, Penn State; and Sopida Pimcharoen, undergraduate student in biomedical engineering, Penn State.
The Huck Institutes of the Life Sciences and Materials Research Institute at Penn State supported this research. | science |
Core Laboratories, Euronext Amsterdam and Talos Energy Inc. have announced a strategic alliance to provide technical evaluation and assurance for carbon capture and sequestration opportunities. | AMSTERDAM, March 17, 2022 /PRNewswire/ -- Core Laboratories N.V. ( NYSE: `` CLB US '' and Euronext Amsterdam: `` CLB NA '') ( `` Core '', `` Core Lab '', or the `` Company '') and Talos Energy Inc. ( `` Talos '') ( NYSE: `` TALO '') have announced a strategic alliance to provide technical evaluation and assurance for carbon capture and sequestration ( `` CCS '') opportunities. The alliance combines Core Lab's market-leading reservoir description and optimization technologies with Talos's expertise in subsurface characterization and engineering.
Under this alliance, Core Lab and Talos will collaborate to evaluate potential CCS sites for suitability and optimal subsurface stratigraphic targets through robust reservoir characterization techniques, including: stratigraphic test wells, reservoir core sampling and geological evaluation, as well as analysis of rock and fluid sample properties. These technical data sets will be used to deliver best-in-class sequestration assurance through custom subsurface evaluation and monitoring plans. The alliance also provides a framework for the two companies to further explore opportunities to collaborate on delivering technical assurance around transparency in monitoring and verification of CO2 streams.
In addition to the alliance, Talos is participating as a member in Core Lab's recently inaugurated joint-industry CCS consortium. The consortium will enhance the nascent CCS industry's knowledge of the geotechnical challenges and risks associated with subsurface storage of CO2, with a focus on considerations relating to reservoir capacity, injectivity and containment integrity.
Core Laboratories ' CEO, Larry Bruno, commented, `` We are excited to collaborate with Talos to deliver CCS solutions aimed at reducing industrial carbon emissions. This alliance, built on complementary technical strengths in subsurface characterization and reservoir optimization, will enhance the speed at which scalable, reliable and safe carbon sequestration solutions can be delivered to the market. We are excited about the positive impact this work will ultimately have on climate initiatives. ''
Talos ' Executive Vice President Low Carbon Strategy and Chief Sustainability Officer, Robin Fielder, commented, `` We are pleased to announce this strategic alliance with Core Laboratories to collaborate on delivering technical assurance for our sequestration sites and, ultimately, for our customers. Capitalizing on our respective subsurface expertise, this alliance further advances Talos's ability to deliver high-quality, end-to-end CCS solutions to potential customers across the Gulf Coast. ''
Talos Energy ( NYSE: `` TALO '') is a technically driven independent exploration and production company focused on safely and efficiently maximizing long-term value through its operations, currently in the United States and offshore Mexico, both upstream through oil and gas exploration and production and downstream through the development of future carbon capture and storage opportunities. As one of the Gulf of Mexico's largest public independent producers, we leverage decades of technical and offshore operational expertise towards the acquisition, exploration and development of assets in key geological trends that are present in many offshore basins around the world. With a focus on environmental stewardship, we are also utilizing our expertise to explore opportunities to reduce industrial emissions through our carbon capture and storage initiatives along the U.S. Gulf Coast and Gulf of Mexico. For more information, visit www.talosenergy.com.
Core Laboratories N.V. is a leading provider of proprietary and patented reservoir description and production enhancement services and products used to optimize reservoir performance. The Company has over 70 offices in more than 50 countries and is located in every major oil-producing province in the world. This release, as well as other statements we make, includes forward-looking statements regarding the future revenue, profitability, business strategies and developments of the Company made in reliance upon the safe harbor provisions of Federal securities law. The Company's outlook is subject to various important cautionary factors, including risks and uncertainties related to the oil and natural gas industry, business conditions, international markets, international political climates, public health crises, such as the COVID-19 pandemic, and any related actions taken by businesses and governments, and other factors as more fully described in the Company's most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission. These important factors could cause the Company's actual results to differ materially from those described in these forward-looking statements. Such statements are based on current expectations of the Company's performance and are subject to a variety of factors, some of which are not under the control of the Company. Because the information herein is based solely on data currently available, and because it is subject to change as a result of changes in conditions over which the Company has no control or influence, such forward-looking statements should not be viewed as assurance regarding the Company's future performance.
The Company undertakes no obligation to publicly update or revise any forward-looking statement to reflect events or circumstances that may arise after the date of this press release, except as required by law.
Visit the Company's website at www.corelab.com. Connect with Core Lab on Facebook, LinkedIn and YouTube.
View original content to download multimedia: https: //www.prnewswire.com/news-releases/core-laboratories-euronext-amsterdam-and-talos-energy-inc-have-announced-a-strategic-alliance-to-provide-technical-evaluation-and-assurance-for-carbon-capture-and-sequestration-opportunities-301505414.html
Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.
We’ d like to share more about how we work and what drives our day-to-day business.
We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.
How we use your information depends on the product and service that you use and your relationship with us. We may use it to:
To learn more about how we handle and protect your data, visit our privacy center.
Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’ s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.
To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.
Read our editorial policy to learn more about our process. | business |
Life after COVID – what is next for medical device companies? | Chris Harvey, senior vice president of client services and Amanda Combs, recall consultant for Sedgwick, provides some insight into the company’ s report which saw a record number of recalls in the medical device industry.
Last year the U.S. recorded the fewest number of medical device recalls by the Food and Drug Administration ( FDA) in the past 10 years. However, it wasn’ t all good news for the industry. While the number of recalls was down, the average recall size and the total number of units recalled both reached a 10-year high, with 602.5 million units impacted.
It is unclear what specific factors contributed to this increase. What is certain is that recalls have grown and become increasingly complex. As a consequence, medical device manufacturers need to be certain their manufacturing processes comply with all state and federal regulations and that they are prepared with a well-tested recall plan.
This planning will be even more critical once the COVID-19 public health emergency ( PHE) is declared to be over and some of the protections for companies are gone. The ability to market products under Emergency Use Authorisation ( EUA) instead of full FDA approval and immunity from some litigation afforded by the Public Readiness and Emergency Preparedness Act ( PREP Act) granted some safeguards to companies who were trying to respond quickly to the public need for pandemic supplies.
As FDA shifts resources away from pandemic response and back to more normal operations, an increase in inspections and enforcement actions will likely follow. This reinforces the need for businesses to be sure nothing has lapsed in their product safety practices during the pandemic, when they may have seen a change in workers, production processes, suppliers, and other factors in their operations.
One area that FDA will be watching closely is medical devices that shift from being marketed under an EUA to receiving full market approval through normal FDA authorisation. FDA issued draft guidance in December 2021 outlining the steps companies need to take: Transition Plan for Medical Devices Issued Emergency Use Authorisations ( EUAs) During the Coronavirus Disease 2019 ( COVID-19) Public Health Emergency. There was a similar guidance issued at the same time for devices being marketed under PHE enforcement policies: Transition Plan for Medical Devices That Fall Within Enforcement Policies Issued During the Coronavirus Disease 2019 ( COVID-19) Public Health Emergency.
Both proposals provide companies with 180 days to comply with the transition plans once the PHE is declared to be over. For more than a year, the FDA has been urging medical device companies to begin transitioning to `` normal '' procedures by submitting marketing applications. If companies have heeded this advice, the transition may be smoother.
The FDA has stated that it doesn’ t intend to object to companies continuing to distribute medical devices with 510 ( k) applications under review if those products were previously marketed under the PHE provisions and certain conditions have been met.
Companies that decide to seek full FDA approval for products that had an EUA can expect to enjoy a head start for the approval timeline because they will have data from the product’ s time in the market, and FDA will have experience with those companies and their products.
One of the areas companies will want to pay particular attention to in the transition away from EUAs is Good Manufacturing Practice ( GMP) compliance and registration requirements. According to attorneys John Fuson and Andrew Kaplan with Crowell & Mooring, a lot of EUAs waived certain regulatory obligations in those areas. Once those waivers are lifted, companies will face greater regulatory risk.
Fuson and Kaplan recommend that companies review their manufacturing processes, especially any company that was not producing approved medical devices before the pandemic. Meeting the strict requirements for GMP can be difficult and will require that companies have clear systems, quality control guidelines, standard operating procedures, and other processes in place. These companies should also plan being inspected by the FDA as a new manufacturer.
The loss of protections afforded by the PREP Act presents another risk for companies once the PHE status is revoked, according to Fuson and Kaplan. That increased risk of possible tort litigation will be a significant factor in many manufacturers’ decisions whether to continue manufacturing pandemic-related supplies. This is particularly true for companies who changed their normal operations to produce new lines of products in response to the public health crisis.
As COVID rates drop, it is reasonable to expect that the end of the public health emergency is in sight. Now is the time for medical device companies to take a close look at their safety processes, supply chains and recall plans. That is true any manufacturer – not just those marketing products under a EUA.
Companies need do an internal assessment now to be sure they are ready for an increase in enforcement, more regulatory oversight, and more liability. And if they are not prepared, they should look to their internal team and external partners as soon as possible to get them there before the inspectors come calling. | tech |
Sense and Cruinn strike Irish distribution agreement for COVID-19 test | Molecular diagnostics innovator, Sense Biodetection, has entered into a strategic distribution agreement with Cruinn Diagnostics for the Irish market.
Cruinn, a supplier in the healthcare and laboratory market, is among the network of planned EU distribution partners authorised to market Veros COVID-19. Sense received CE Mark for Veros COVID-19 in early March 2022.
Ryan Roberts, chief commercial officer of Sense, said: “ Cruinn’ s reputation for customer service and innovative point-of-care products is best in class in its market. 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. Sense’ s approach to molecular testing delivers great opportunity for accessibility, speed, and clinical value to patients at the point of care. ”
The Veros platform has the potential to improve access to rapid, point-of-care testing which may lead to more precise diagnoses and improved speed to clinical decision making. Using an 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 authorised qRT-PCR test, from a world-leading developer and manufacturer of laboratory diagnostics. In just 15 minutes, the Veros COVID-19 delivered:
o 100% of operators agreed the Veros COVID-19 was easy-to-use, read and understand the results, with minimal hands-on time required from start to finish. | tech |
From sustainability to user experience, experts connect the dots on flexibility in interior construction | Hi, what are you looking for?
Construction leaders pursuing a more sustainable way of building interior space should think about the parts and pieces that make up their space as components of an interior system.
By
Published
The content featured in this article is brand produced
Jessie Stenftenagel sits in an interview chair trying her best to ignore the flashing red light on the video camera in front of her, while an oversized light teeters on a tripod five feet away. Outside of the glass-walled room she’ s in, dozens of construction leaders mingle about an event, glancing over occasionally to see what’ s happening inside.
An environmental scientist and senior sustainability strategist at DIRTT, Stenftenagel is one of several professionals being interviewed on how the construction industry will be shaped by the pandemic, key ingredients for resilience and what lies ahead.
The interview starts out with gathering background information and as soon as the words “ building decarbonization ” are uttered, she perks up, smiles and dives in.
“ Now more than ever, companies, healthcare institutions and higher education are thinking about sustainability and environmental goals that they need to work toward, ” she says, teeing up an argument about where focus should be placed.
Stenftenagel knows there is a long list of things construction organizations need to do in order to operate more sustainably, but she wants construction leaders to think inside the box as well.
“ Clients often think it’ s just about the building shell, ” she says. “ Interiors were largely left out of that conversation. If you’ re building out a space that’ s going to potentially last you for 30 years, you need to keep those materials in play. You’ re contributing to a circular economy and keeping waste out of a landfill. ”
Stenftenagel says decarbonization goals that include interior as well as exterior construction will help organizations on their path towards reducing their carbon footprint. For example, network efficiency has historically not been considered within overall building calculations. However, fiber optic network infrastructures can be installed as an alternative to traditional copper solutions saving in the raw material extraction impact and on the energy used to run the network once in use.
“ There’ s a real potential, depending on the size of the project, to reduce the energy that’ s going into the space as a result of removing IT closets and being able to run a fiber cable 12 miles as opposed to [ copper ] running 330 feet, ” she says. “ All of those things are starting to contribute to decarbonization. ”
Stenftenagel is excited about decarbonization as a focal point, but also as a general sustainability trend, as organizations everywhere are increasingly focused on their overall path toward reducing their carbon footprint.
According to a 2021 McKinsey report, more than half ( 53%) of senior construction executives say the COVID-19 pandemic accelerated sustainability as a focus for the industry. In addition, 10% said they had already increased investments in sustainability since the start of the pandemic.
Construction leaders pursuing a more sustainable way of building interior space should think about the parts and pieces that make up their space as components of an interior system. Stenftenagel gets excited talking about modular and prefabricated interiors for this reason, as they are designed to fit together and adapt, and components can be swapped out to reduce waste and allow for reuse.
“ I think that piece of it is really important, especially when we start to talk about the idea of design for disassembly and reconfiguration, ” she said.
Adapting and reconfiguration are among the biggest demands coming from architects, designers and facilities leaders who manage space right now, and virtually all of our interview subjects touched on their growing importance.
The primary driver? Leaders in many industries want space that can flex to the changing needs of occupants, and improve their overall experience. And that’ s not always an easy task, especially when your building or space caters to a diverse group of users who need different things.
Case in point, says Chantily Malibago: The healthcare industry
As Director of Real Estate Development – Healthcare at Mortenson, Malibago says each generation expects different things from their space and that is an important consideration when building.
“ We still have the largest aging population, reaching years where they’ re going to need some of the most complex care, ” she said. “ Behind that aging population is a smaller cohort of generation Xers that just isn’ t large enough to backfill some of the space demands that the boomer population will have. And even behind the generation Xers are a cohort of millennials who consume healthcare differently. ”
Malibago says younger generations are more technology-savvy than their parents or grandparents, and they are also more likely to use convenience care locations to access healthcare.
The needs of each group vary and so generational differences should be a factor when designing healthcare spaces.
“ The question of modularity or flexibility has been this ongoing conversation and consideration with healthcare leaders for quite some time, ” she said. “ How are we using our spaces to be able to deliver care? And how can we use modularity in construction and design to be able to flex the spaces to adapt? ”
Malibago believes that modular components can be part of the solution for building resilient healthcare spaces, citing Mortenson’ s recent survey on how the COVID-19 pandemic impacted healthcare providers. In addition to modular components, she believes true success comes when you marry the built environment with processes and strategies that address how people use the space.
In healthcare, that is both patients and staff.
“ A strategy that integrates within your facility’ s space and that is designed for employee well-being — your providers and your staff — is incredibly important, ” Malibago said. “ Now more than ever, as staff have been put in this place of ongoing fatigue. ”
Cynthia Milota, Director of Workplace Strategy at Ware Malcomb, couldn’ t agree more that a space needs to be optimized around employee experience.
“ Workplace strategy is really about taking people and place, and making effective workplaces, ” she summarizes. “ Clients are more laser-focused on how the last couple years have impacted their employees and their businesses. Leaders are more interested in providing stellar workplaces for their staff now more than ever. ”
One of the major headline-grabbing stories in the pandemic has been the rise of the hybrid era. As a response, Milota says that leaders need to think about their space as a competitive advantage for attracting and retaining their employees.
“ People have more choice than they had before. Employee experience is super dynamic — it’ s changing. My experience is going to be potentially different from yours. ”
To create a space and working environment that is flexible and meets employees’ needs, Milota says companies need to monitor how their real estate is supporting their teams. Proactive organizations will be agile and will pilot new workplace strategies.
“ I like this idea of the agile environment to a glass ball and a rubber ball. This metaphor was first coined by Bryan Dyson in a 1988 commencement address. The glass ball is fragile. What in your organization is considered fragile? What is resilient? What’ s the rubber ball? ”
The rubber ball components of a business and a workplace are the areas to encourage flexibility and experimentation, she says.
You can test adapting space or adjusting processes, or both. The most important factor, Milota says, is to continuously invest in forward momentum without expecting the strategy to be perfect right out of the box.
“ If you have an iterative release model, as you consider your return to the office, then that takes the pressure off establishing the perfect solution, ” she said. “ And of course, incorporate a feedback loop. People don’ t want to be changed — they want to be part of the process.
This article originally appeared on Make Space, DIRTT’ s editorial platform that shares perspectives from the design and construction industries.
DIRTT is a global leader in industrialized construction. Its system of physical products and digital tools empowers organizations, together with construction and design leaders, to build high-performing, adaptable, interior environments. Operating in the commercial, healthcare, education and public sector markets, DIRTT’ s system provides total design freedom and greater certainty in cost, schedule and outcomes. Learn more at dirtt.com.
There’ s only one person who can make the decisions about Russia’ s existence.
Car chases starring action heroes like Tom Cruise are often filmed using a device previously known as the 'Russian Arm ' but henceforth called the...
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...
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |
Why haven't we seen the rise of next Dogecoin or Shiba Inu? Here are three main reasons | Crypto investors are moving funds from smaller projects to bitcoin, which is seen as a `` flight to safety, '' analysts say.
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.
Bitcoin gained 1.4% over the past seven days, recently trading at around $ 40,808, according to CoinDesk data. Ether is up 5% over the seven-day stretch to around $ 2,804. Meme token Dogecoin logged a 0.6% loss while another dog-themed token Shiba Inu is trading 0.2% lower from seven days ago.
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.
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), Google ( GOOGL) and Twitter ( TWTR) 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) 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.
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.
Shares of Coinbase Global Inc. ( COIN) 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) 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) 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) 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) advanced 4.9% to $ 50.89. The shares have gained 2.2% over the five-session period.
Block Inc. ( SQ)'s shares, formally known as Square, jumped 7.8% to $ 125.06, with a 14.9% gain for the week. Tesla Inc. ( TSLA)'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) advanced 2.3% to $ 110.39, while it recorded a 12% gain over the five-session stretch. Nvidia Corp. ( NVDA) 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) 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) inched 0.4% lower at $ 25.56 Thursday, while Valkyrie Bitcoin Strategy ETF ( BTF) was down 0.6% at $ 15.84. VanEck Bitcoin Strategy ETF ( XBTF) fell 0.6% to $ 40.
Grayscale Bitcoin Trust ( GBTC) was trading at $ 27.36, off 0.6% Thursday afternoon.
Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.
We’ d like to share more about how we work and what drives our day-to-day business.
We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.
How we use your information depends on the product and service that you use and your relationship with us. We may use it to:
To learn more about how we handle and protect your data, visit our privacy center.
Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’ s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.
To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.
Read our editorial policy to learn more about our process. | business |
Yum China Expands Share Repurchase Authorization by $ 1 Billion | SHANGHAI, March 17, 2022 /PRNewswire/ -- Yum China Holdings, Inc. ( the `` Company '' or `` Yum China '') ( NYSE: YUMC and HKEX: 9987) today reported that its Board of Directors ( the `` Board '') has increased the Company's share repurchase authorization by $ 1 billion to an aggregate of $ 2.4 billion.
From 2017 to March 16, 2022, the Company repurchased approximately 24 million shares of common stock for $ 971 million, including approximately 4 million shares repurchased for $ 188 million quarter-to-date 2022. This increase brings the total remaining authorization to approximately $ 1.4 billion.
`` The Board's approval to expand our share repurchase program reflects the strength of our balance sheet and our ability to generate strong cash flow. From 2017 to 2021, we generated operating cash flow of $ 5.6 billion and free cash flow of $ 3.2 billion [ 1 ]. To date, we have returned approximately $ 1.7 billion of capital to shareholders in the form of cash dividends and share repurchases. Despite the significant impact from COVID-19 in 2021 and stepped-up capital investments to drive organic growth, we generated operating cash flow of $ 1.1 billion and free cash flow of $ 442 million [ 2 ], '' said Joey Wat, CEO of Yum China. `` We are confident that our resilient business model and RGM strategic framework -- fortifying resiliency, accelerating growth and widening strategic moat -- will help us to capture the amazing growth opportunities in China over the long term. We remain committed to a disciplined capital allocation strategy that balances returning capital to our shareholders and investing in our business for greater growth. ''
The Board's authorization permits the Company to make repurchases of its shares of common stock from time to time in open market or privately negotiated transactions, including block trades, accelerated share repurchase transactions and the use of Rule 10b5-1 trading plans. The authorization has no expiration date.
[ 1 ] 2017 to 2021 free cash flow is calculated using operating cash flow of $ 5.6 billion less capital spending of $ 2.4 billion.
[ 2 ] 2021 free cash flow is calculated using operating cash flow of $ 1,131 million less capital spending of $ 689 million.
This press release contains `` forward-looking statements '' within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding the Company's business strategy and capital allocation strategy. We intend all forward-looking statements to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally can be identified by the fact that they do not relate strictly to historical or current facts and by the use of forward-looking words such as `` expect, '' `` expectation, '' `` believe, '' `` anticipate, '' `` may, '' `` could, '' `` intend, '' `` belief, '' `` plan, '' `` estimate, '' `` target, '' `` predict, '' `` project, '' `` likely, '' `` will, '' `` continue, '' `` should '' or similar terminology. These statements are based on current estimates and assumptions made by us in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable under the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct. Forward-looking statements are not guarantees of performance and are inherently subject to known and unknown risks and uncertainties that are difficult to predict and could cause our actual results or events to differ materially from those indicated by those statements. We can not assure you that any of our expectations, estimates or assumptions will be achieved. The forward-looking statements included in this press release are only made as of the date of this press release, and we disclaim any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except as required by law. Numerous factors could cause our actual results or events to differ materially from those expressed or implied by forward-looking statements. In addition, other risks and uncertainties not presently known to us or that we currently believe to be immaterial could affect the accuracy of any such forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. You should consult our filings with the SEC ( including the information set forth under the captions `` Risk Factors '' and `` Management's Discussion and Analysis of Financial Condition and Results of Operations '' in our Annual Report on Form 10-K) for additional detail about factors that could affect our financial and other results.
Yum China Holdings, Inc. is a licensee of Yum! Brands in mainland China. It has exclusive rights in mainland China to KFC, China's leading quick-service restaurant brand, Pizza Hut, the leading casual dining restaurant brand in China, and Taco Bell, a California-based restaurant chain serving innovative Mexican-inspired food. Yum China also owns the Little Sheep, Huang Ji Huang, East Dawning and COFFii & JOY concepts outright. In addition, Yum China has partnered with Lavazza to explore and develop the Lavazza coffee shop concept in China. The Company had 12,163 restaurants in over 1,600 cities at the end of February 2022.
In 2021, Yum China ranked # 363 on the Fortune 500 list and was named to TIME100 Most Influential Companies list. Yum China has also been selected as member of both Dow Jones Sustainability Indices ( DJSI): World Index and Emerging Market Index. In 2022, the Company was named to the Bloomberg Gender-Equality Index and was certified as a Top Employer 2022 in China by the Top Employers Institute, both for the fourth consecutive year. For more information, please visit http: //ir.yumchina.com.
View original content: https: //www.prnewswire.com/news-releases/yum-china-expands-share-repurchase-authorization-by-1-billion-301504916.html
SOURCE Yum China Holdings, Inc.
Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.
We’ d like to share more about how we work and what drives our day-to-day business.
We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.
How we use your information depends on the product and service that you use and your relationship with us. We may use it to:
To learn more about how we handle and protect your data, visit our privacy center.
Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’ s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.
To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.
Read our editorial policy to learn more about our process. | business |
supply chain disruption TFG Hub | The UK’ s trade deficit with China has more than tripled after a year of lockdowns during the COVID-19 pandemic. | general |
Thirty per Cent Rise in Contactless Spending Value Following October Limit Increase | Prior to the contactless limit increase, the September average spend per contactless payment stood at £11.86. However, this figure increased slowly and steadily to £15.30 by December, in correlation with the limit increase.
The increased limit came into effect on 15 October, but it took a period of time for retailers and payment providers to update their systems and offer the new £100 limit, which means the increase in the average payment took time to show up.
For 2021 as a whole, the card spending data shows a total of 13.1 billion contactless payments were made in the year – equivalent to 415 transactions every second. This is up 36 per cent compared with 2020 and 52 per cent higher than pre-pandemic levels in 2019.
The total value of contactless transactions in 2021 also increased, reaching £165.9 billion. This is 46 per cent higher than in 2020 and 106 per cent more than 2019.
Total number of contactless transactions
Contactless card payments remained the most popular form of transaction in December 2021, and continues to increase. At its highest level, contactless accounted for 69 per cent of all debit card transactions, and 56 per cent of all credit card transactions.
Why are consumers turning contactless?
There are many different elements to consider when trying to comprehend why contactless transactions are on the up.
Aside from the wider scope of contactless capabilities thanks to the limit increase, it would also be worth noting how the prevalence of Covid-19 accelerated its use.
Contactless is a far more hygienic form of payment and proved to be particularly practical when trying to prevent the spread of the virus.
However, as the data suggests, the value and volume of contactless payments increased as the year drew on. This could quite possibly be due to the overall increase in consumer spending throughout these months; especially in regards to the festive period.
What’ s more, many payment providers are beginning to offer contactless as a standard feature of the cards they provide. Correlated with an equal rise in paytech, and contactless cards becoming ever-closer to mobile devices, it’ s unsurprising to see figures such as these.
A recent example of how this is coming into fruition includes the American company Apple, which lately announced plans to introduce Tap to Pay on iPhone.
The new capability is set to empower merchants across the US, from small businesses to large retailers, to use their iPhone to accept Apple Pay, contactless credit and debit cards, and other digital wallets through a simple tap to their iPhone; with no need for additional hardware or payment terminals.
“ These figures show the continued popularity of contactless payments, as well as the fact people are making higher-value payments, ” explains Lee Hopley, director of economic insight and research at UK Finance.
“ From October last year the new £100 limit was rolled out and it gives customers greater choice about how they pay for things like their weekly shop or a tank of fuel.
“ For 2021 as a whole there were over 13 billion contactless transactions, which was a significant increase on the previous year, and in December a record 69 per cent of all debit card payments were contactless purchases. ”
Tyler is a Fintech Junior Journalist with specific interests in Online Banking and emerging AI technologies. He began his career writing with a plethora of national and international publications.
The Fintech Times is the world’ s first and only newspaper dedicated to fintech.
Published Bimonthly, the Fintech Times explores the explosive world of financial technology, blending first hand insight, opinion and expertise with observational journalism to provide a balanced and comprehensive perspective of this rapidly evolving industry.
PR & Editorials Advertise With Us Jobs Partnerships
If you are interested in working with us then please click the appropriate link above.
Telephone: +44 ( 0) 20 7193 5883 | business |
Robinhood Settles With Vermont Regulator Over 2020 Outages | Robinhood Financial LLC has reached a $ 640,000 settlement with Vermont's top financial regulator over service outages the popular trading platform experienced at the outset of the COVID-19 pandemic, the regulator announced Thursday.The Vermont Department of Financial Regulation said the settlement resolves claims that Robinhood failed to maintain adequate oversight of its trading technology when its services were interrupted for nearly an entire trading day that saw an explosive stock market rally in early March 2020.The order also accuses Robinhood of using an automated process for granting access to high-level option and margin trading that `` did not check for inconsistencies... | general |
Lil Nas X Returns to Social Media After Months-Long Hiatus | Since early December 2021, fans of Lil Nas X have been fretful — did the superstar vanish? Where did he go? But have no fear, Lil Nas X has returned from his nearly four-month long hiatus, and with new music in tow.
The two-time Grammy Award-winning artist popped back into the Twittersphere on March 16, randomly replying to a fan's tweet about the Disney movies Turning Red and Encanto. When more fans noticed his return and rejoiced, LNX joked, “ When did I leave? ”
Before his Twitter comeback, LNX's last tweet had been posted on December 6, 2021. According to Uproxx, he had posted a string of tweets on December 17 confirming a positive case of COVID-19, but deleted them soon after. In early February, XXL reported on the rapper-singer's social media dormancy, noting that fans were concerned about his health following his COVID-19 diagnosis. Also in February, eagle-eyed fans noted that LNX had updated his Instagram bio to promote his previously released debut album Montero, including a note for his fans with a heart emoji: “ Love & miss u guys. Back soon. ''
“ Why are people surprised I’ ve been away for so long? Have y’ all really never heard of maternity leave? ” Nas tweeted on Wednesday, referencing his faux-pregnancy promo for Montero. “ I 'm so happy I 'm back on the Internet, ” he tweeted a few minutes later. “ I missed me so much. ”
This content can also be viewed on the site it originates from.
In the barely-48-hours since his return, LNX has been busy updating his fans on what he's been up to, sharing different hairstyles he's rocked while on hiatus and teasing a total of three brand new songs. Apparently, the hitmaker's second album is almost finished.
“ Which one y'all want first? ” LNX tweeted, posting screenshots of two new tracks, one called “ Late to the Party ” featuring rapper NBA Youngboy, and another titled “ Down Souf Hoes ” featuring TikTok's favorite material gworl, rapper Saucy Santana — which LNX is calling a “ strip club anthem. ” He teased an untitled new song later that night, asking fans for their opinions on which artist should feature on it.
This content can also be viewed on the site it originates from.
This content can also be viewed on the site it originates from.
On March 17, Nas posted a TikTok of himself lip-syncing to yet another new track titled “ Lean On My Body. ” Fans have enthusiastically praised the clip, showing the rapper love in the thousands of quote tweets. “ Lil Nas X don't miss, ” wrote one user. “ This is his best song alrdy [ sic ], ” another person tweeted. “ Oh I need this IMMEDIATELY, ” said one fan.
As LNX gears up for his performance with Jack Harlow at the 2022 Grammy Awards, we're glad to see that he's back in the swing of things, making music he's excited about — and we can't wait to keep up with his next era through all of his social media shenanigans.
Let us slide into your DMs. Sign up for the Teen Vogue daily email.
© 2022 Condé Nast. All rights reserved. Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. Teen Vogue may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Condé Nast. Ad Choices | general |
Young People Find Hope in Organizing, Community Amid Anti-Asian Hate Crimes | It’ s been one year since the Atlanta spa shootings, in which eight people were killed — six of them were Asian women. According to the Center for the Study of Hate and Extremism at California State University, San Bernardino, reports of anti-Asian hate crimes across the country increased by 339% in 2021. However, some have estimated that these crimes go widely underreported because of factors like distrust of police and language barriers. Recent high profile cases like the murder of 35-year-old Christina Yuna Lee, who was followed into her apartment by a man and stabbed, and 40-year-old Michelle Alyssa Go, who was pushed onto the subway tracks and killed, have not been determined to be motivated by race. These acts of violence, compounded with the rise in hate crime reports have understandably left Asian communities across the U.S. on high alert — including students, who continue to mourn, find support in community, and organize against anti-Asian violence.
Last March, 13-year-old Mina Fedor decided to organize a rally in support of the Bay Area’ s Asian community, where 1,200 people showed up. That’ s when she decided to found AAPI Youth Rising, an organization led by Asian and Pacific Islander middle schoolers. Their goal is to help young people use their voices by taking actionable steps to helping their communities. Founding board member, 14-year-old Charlee Trenkle, says: “ Everyone would not want to live in a world where it would be scary walking down the street because someone might hit you or kill you. ”
Now, the group is centering much of their focus on education, recently supporting several legislative actions to make AAPI history more widely taught in schools. One of those was a California bill that was passed in October, mandating ethnic studies for high schoolers graduating in for 2030. “ [ Community is ] such a powerful thing, ” says Fedor. “ It should be a healing time… a time to reflect on things and also learn about our history. We’ re just trying to create a better sense of belonging. ”
There are countless systems of oppression that perpetuate anti-Asian violence — from the prison to deportation pipeline to lack of COVID-19 resources in Asian neighborhoods in certain parts of the country. One systemic issue that affects Asian communities and is often overlooked in terms of policy and public discourse is disability justice. While the proportion is lower than other demographics, approximately 1 in 10 Asians Americans have a disability, but research shows that they’ re under-researched.
After being diagnosed with a chronic illness during the pandemic, Jen Lee, a 20-year-old student at Princeton and founder of the non-profit The Asian Americans with Disabilities Initiative, needed a space to discuss and organize around her intersecting identities. While she considers it to be “ traumatizing and terrifying just to be an Asian American woman today, ” she wants to lay the groundwork now for a safer future for those who are most vulnerable. She says that while providing the community with mental health resources after a tragedy is important, it's also critical to think about how to “ support vulnerable communities beforehand, to create an infrastructure that has the welfare of all Asians in mind from the get-go. ”
AAPI women face racist attacks at a disproportionately higher rate, with 62% of all national hate incidents being filed by AAPI women. Last month in California, Senator Dave Min introduced a bill aiming to protect women on public transit by studying harassment and collecting data to inform safety initiatives moving forward. A related bill, introduced by Assembly members Mia Bonta and Dr. Akilah Weber and sponsored by California Healthy Nail Salon, was introduced and would involve a multiyear public education campaign to bring awareness to street harassment. In a recent report on the state of AAPI women’ s safety in 2022, experts at The National Asian Pacific American Women’ s Forum, found that “ AAPI women are continuously fetishized, exoticized, and objectified through hyper-sexualization, affecting the racialized, gendered, and sexualized violence AAPI women experience, historically and now. ”
Meena Pannirselvam, a 23-year-old Malaysian-Indian student at the University of Nebraska–Lincoln, had never even been to a vigil before the one she helped organize after the Atlanta shootings. After working at the school’ s Multicultural Center and hosting campus-wide talks about the increase in Asian hate, community organizing felt like an organic next step. “ There have been instances of discrimination around town and vandalism of Asian businesses, ” she says. “ I think looking at larger structural changes, what I really want to see happen is more education: People need to know what microaggressive discrimination looks like, so they can identify it and seek the help needed. ”
Pannirselvam does find that media coverage of racialized violence often centers specifically around Asian Americans, leaving out the experiences of those who don’ t identify as such but are still impacted and targeted. “ It almost felt alienating to me because I’ m very much impacted by this, and I identify as an Asian, but I don't identify myself as an Asian American, ” she says.
In response to racialized attacks, there is often a public call for an increase in policing, which many have noted can further endanger communities — and especially immigrants, both documented and undocumented, who can face deportation or detention. So, some communities have opted to create their own safety strategies. Compassion in Oakland, an organization that formed in response to the rise in anti-Asian violence against elders in the Bay Area last year, offers services for elders in Chinatown like self-defense classes and a walking buddy program to safely walk around the neighborhood.
“ Seeing all of these hate crimes, one after the other, and feeling that anger and frustration build up — for me, that was also a big moment where I started reaching out to other people in this community and voicing my struggles, ” says Charlotte Levy, a 17-year-old from Piedmont, California and volunteer at CIO. In addition to safety, this work also fosters a sense of comfort. Her classmate and CIO organizer, 18-year-old Kaeli Huh, adds, “ Asians aren’ t all the same, but we do have shared experiences. Sometimes it's nice to just sit in a room with people who have similar identities to you, who can understand these things without you having to explain them. ”
Fellow volunteer, 17-year-old Cameryn Kwong, first decided to work with CIO because her grandparents often go to Chinatown and after the series of attacks, she worries for their safety. Going to a predominantly white school during this rise in anti-Asian violence has also caused Kwong to feel alienated, citing “ performative activism on social media ” as an issue.
“ I want to live in a world where everyone can be comfortable. Just being fully who they are, not having to hide anything, not having to be ashamed of anything, ” she says. “ And then also where people can be held accountable. ”
Let us slide into your DMs. Sign up for the Teen Vogue daily email.
© 2022 Condé Nast. All rights reserved. Use of this site constitutes acceptance of our User Agreement and Privacy Policy and Cookie Statement and Your California Privacy Rights. Teen Vogue may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Condé Nast. Ad Choices | general |
GOP push for new voting restrictions in Michigan ramps up ahead of June 1 deadline |
Michigan Republicans ' effort to get around
Gov. Gretchen Whitmer's
vetoes and implement new voting restrictions via a petition drive is set to ramp up this weekend, with a new push to gather signatures in time to meet a late-spring deadline and make the changes ahead of November's midterm election.
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.
A roadmap to the 2022 midterm elections
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. ''
Read More
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.
The elections police are coming
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.
How Democrats are winning congressional redistricting fights
`` 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. | general |
Opinion: The Fed can't afford to move too slowly on interest rates | Desmond Lachman is a senior fellow at the American Enterprise Institute. He was a deputy director in the International Monetary Fund's Policy Development and Review Department and the chief emerging market economic strategist at Salomon Smith Barney. The opinions expressed in this commentary are his own.
Even with
consumer price inflation
running at almost 8%, the Fed announced Wednesday it would raise its
policy rate
to 0.25% -0.5%. That leaves its interest rate at a meaningfully negative level in inflation-adjusted terms.
Especially after Russia's invasion of Ukraine and the renewed Covid outbreak in China, the Fed's timidity with interest rate increases likely means that we will have to learn to live with a prolonged period of high inflation. It also means that we should brace ourselves for a nasty economic recession when the Fed is eventually forced to raise interest rates more aggressively to get inflation under control.
Even before Russia's Ukraine invasion and China's new Covid outbreak, the US economy was dealing with an inflationary and financial market mess. Last year, the Fed kept interest rates too low for too long and allowed the
broad money supply
to increase at a rapid pace. It did so at a time when the economy was already recovering strongly and had received a historic $ 2 trillion in
stimulus
. It also continued to buy large amounts of
Treasury bonds
and mortgage-backed securities at the same time US
equity valuations
and
housing prices
were skyrocketing.
As bad as inflation has been, though, Putin's invasion of Ukraine will surely propel it even higher, given that Russia is a major world supplier of energy,
grains
and
metals
. After the invasion began in February, international
oil prices
spiked to more than $ 130 a barrel, causing
gasoline prices
to reach more than $ 4.30 a gallon. (
Oil prices
have since dropped below $ 100 a barrel.) Prices for
wheat
and key
industrial metals
have also increased at a very rapid rate. And China's Covid-related lockdown of a number of major cities could also further boost inflation by continuing to disrupt the global supply chain.
What Russia's invasion of Ukraine could mean for the US economic recovery
By heightening geopolitical uncertainty, the Russian invasion appears to have taken some of the air out of the Fed's equity market bubble. Since the start of the year, the
S & P 500
and the
Nasdaq
are down by around 11% and 18%, respectively. At the same time, interest rates on
risky loans
have been increasing and financial market volatility has risen.
Read More
It is against this unpalatable backdrop of excessively high inflation and deflating equity and credit market bubbles that the Fed must carefully weigh its next steps. Its decisions moving forward will have a very large bearing on the economy's direction for the remainder of the year. If it raises interest rates too aggressively, it might succeed in taming inflation, but it would be doing so at the risk of bursting the asset price and credit market bubbles. That, in turn, could precipitate an economic recession by wiping out household wealth and by causing strains in the financial system.
But if the Fed opts for a path of policy moderation, we could see a prolonged period of high inflation coupled with a sluggish economy, or
stagflation
. Worse yet, we should brace ourselves for a deep economic recession down the road when the Fed is eventually forced to slam on the monetary policy brakes to prevent inflation from spinning out of control. | general |
Addressing Patient Requests For Unauthorized Treatment | During the second year of the COVID-19 pandemic, health care providers have had to spend a significant amount of time explaining to patients and families why they will not provide nonstandard treatments to patients infected with COVID-19, specifically treatments which are not consistent with accepted standards of medical care. An increasingly common example of such a request is the off-label use of ivermectin.Though these complex conversations between the patient and health care provider are not, when considered alone, unusual, they are more recently occurring against a backdrop of ongoing lawsuits against hospitals filed by patients seeking to force providers to... | general |
Truly Seltzer Maker Says Investors ' Stock Suit Has No Case | The beverage company behind Truly Hard Seltzer and Samuel Adams asked a New York federal judge to toss out a class action securities suit claiming it hid declining hard seltzer sales to artificially pump up stock prices.Boston Beer Co. Inc. and its billionaire founder and board chair Jim Koch, CEO David Burwick and Chief Financial Officer Frank Smalla filed a joint motion to dismiss, arguing Wednesday that nobody could have predicted how the COVID-19 pandemic would affect sales and therefore they did not violate any securities laws.The defendants ' memo in support of their dismissal motion argues the plaintiffs ' claim... | general |
Attys Seek Fees After 3rd Circ. Tosses Pa. School Mask Suit | Behrend Law Group attorneys representing a group of parents who convinced the Third Circuit to temporarily reinstate mask requirements for a Pittsburgh-area school district have asked a Pennsylvania federal court for up to $ 600 an hour in fees, despite the appeals court ultimately ruling the case was moot due to dropping COVID-19 cases.Pittsburgh attorneys Kenneth Behrend and Kevin Miller said in a brief filed on Wednesday that they should be considered the winners in the litigation, because the Third Circuit's temporary order reinstating masking in the Upper St. Clair School District while the disease was still highly transmissible was the... | general |
Vegas Hotel Says Insurer Admits Virus Can Physically Damage | New evidence in Las Vegas casino and resort Treasure Island's pandemic coverage suit appears to show that officials with the resort's insurer, Affiliated FM, were concerned about whether communicable diseases might be able to inflict physical loss or damage to property, Treasure Island told a Nevada federal court.Las Vegas casino and resort Treasure Island said in an evidence filing Tuesday that an email and a voicemail from two senior Affiliated adjusters showed that the insurer admitted to the possibility that the coronavirus could cause the type of physical damage required for coverage under the hotel's policy. ( AP Photo/John Locher) Treasure Island LLC... | general |
Cuba's anti-government protesters sentenced up to 30 years behind bars |
Cuba's Supreme Court sentenced more than
100 protesters
in Havana to prison terms that ranged between four and 30 years for violence committed during demonstrations last year, it announced Wednesday in a statement.
`` 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.
Read More
Protesters demonstrate in rare protests in Havana, Cuba, on July 11, 2021.
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.
They dared to protest last July. Now these Cubans are facing years in jail
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. | general |
How open source innovation can mitigate digital health inequities | Dr. Keisuke Nakagawa and Shilpa Vadodaria
The COVID-19 pandemic forced many patients and providers to utilize telehealth and other virtual methods of delivering care. But not everyone was able to switch to telehealth in 2020. Cancer screenings and outpatient visits decreased, leaving some of the most vulnerable and underserved communities without access to care.
`` We need to really be a lot more intentional and purposeful with how we define what health equity means in the context of digital health, '' Dr. Keisuke Nakagawa, director of innovation at UC Davis Health's Digital CoLab and executive director of its new Cloud Innovation Lab, said at HIMSS22.
`` I don't want us to be necessarily vetted to one definition, but also be very mindful about at any given point in time in our technology, who are the patients that are getting left behind? Who are the clinicians that are getting left behind? And I actually want to broaden that definition. What are the health systems that are also getting left behind? ''
Nakagawa argues that innovation in healthcare is driven by intellectual property. For example, at an academic medical center like UC Davis Health, faculty have IP the health system can license out. But that isn't as conducive to innovation as open source software, more common to the tech industry.
`` We don't have a Stack Overflow for healthcare. Imagine if that type of culture existed, sharing and open innovation. Ultimately, in healthcare, it's also very competitive, and it's not scalable, '' he said.
The Cloud Innovation Lab, built on a partnership with Amazon Web Services, is looking for submissions on digital equity problems, and will publish results as open source for others to use and update.
Shilpa Vadodaria, worldwide innovation lead for health equity at Amazon, said the tech and retail giant's model for innovation starts with imagining an ideal future state – without getting stuck on all the hurdles that need to be overcome – and working backwards.
`` What if patient costs came down to zero? What if the healthcare system is designed around a Black, trans, disabled woman? Because right now we know that is not who is centered, '' she said. `` So these are the types of major, big 'what if ' questions that we want to bring to the center of the conversation around digital health equity. ''
`` The process of working backwards is not about documenting what you already know you want to go all in on. It's about what are your gnarly problem areas that you don't actually have a solution for, that you do not even have a potential customer identified, '' Vadodaria said.
The lab will officially launch in September.
`` I feel like in medicine, we're just constantly rushing from one patient to the next. There's codes you can't really take the time to really learn, and study, and understand as much as reacting with the knowledge that you have, '' Nakagawa said. `` But in innovation, we have that time. Just take a step back. We completely approach every single problem from a beginner's mind. ''
An inside look at the innovation, education, technology, networking and key events at the HIMSS22 Global Conference & Exhibition in Orlando.
The latest news in digital health delivered daily to your inbox.
The latest news in digital health delivered daily to your inbox. | tech |
Wales has prohibited all forms of corporal punishment – Here’ s how they did it | From Monday 21 March, 2022 all corporal punishment of children will be prohibited in Wales. This means that parents and other adults acting in a parental capacity will no longer be allowed to use physical punishment, giving children the same legal protection from violence as adults. This will make Wales the second nation in the United Kingdom to achieve this fundamental reform for children, and they will join 63 States worldwide who have banned all forms of violent punishment, representing a growing movement of countries and people who are committed to ending corporal punishment and building non-violent childhoods.
Corporal punishment of children is a violation of their human rights. Over 50 years of research shows that it is associated with numerous negative outcomes, including physical injury and other health impacts, atypical brain function, emotional harm such as depression, increased aggression, anxiety and low self-esteem, damage to the parent-child relationship, and damage to cognitive development and educational outcomes.
Despite the overwhelming evidence, only 14% of all children worldwide are protected by law from violent punishment, and it remains a common experience for huge numbers of children.
When it passed the Children ( Abolition of Defence of Reasonable Punishment) ( Wales) Act in 2020 the Welsh Government recognised that just enacting the legislation would not be enough. That is why they have taken important steps to put the law into practice. An innovative national communications campaign is one of the approaches being used to make sure that corporal punishment is eliminated across the country. It has been inspiring to see their thorough approach as they prepared for the new law to come into effect.
I talked to the Welsh Government about what they have done to prepare for and implement their new prohibition of corporal punishment.
Prohibiting physical punishment is a long-standing commitment of the Welsh Government.
The programme for government in the fifth Welsh Parliament, `` Taking Wales forward '' reaffirmed the Welsh Government’ s intention to remove the defence of reasonable punishment. In this sixth Welsh Parliament we have remained true to our commitments to raise awareness and work with our partners to support the implementation of the law change.
We take pride in Wales that the UN Convention on the Rights of the Child ( UNCRC) is central to our approach to give children the best start in life and help them achieve their potential. The Children ( Abolition of Defence of Reasonable Punishment) ( Wales) Act is firmly set within this context.
The Act was passed in January 2020 and will come into force on 21 March, 2022.
In addition, we have put in place arrangements to measure the impact of the legislation.
Firstly, we consistently and robustly articulated that the legislation is a matter of protecting children’ s rights. The UNCRC recognises that any physical punishment of children is incompatible with their human rights. We were not swayed off course by counter arguments, many of which would not be justified if we were talking about the assault of adults.
Secondly, we invested time and resources into getting good quality robust evidence to help determine the likely impact of the legislation and what mitigating activity might be needed.
Thirdly, pivotal to the smooth passage of the Bill through the Senedd and key to our implementation activity has been stakeholder engagement. Many people have contributed their time, energy and knowledge towards achieving the change in the law and successful implementation.
The Deputy Minister for Social Services, Julie Morgan MS is the lead Minister and has campaigned for many years for children to have equal protection from assault as adults. A small team in the Children and Families Division, Welsh Government provide project management, policy development, communications, monitoring and research.
We have been extremely grateful for the input of a range of stakeholders on our Strategic Implementation Group and 3 task and finish groups. This includes representation across key sectors, including health, education, local authorities and social services, the police, Crown Prosecution Service, Youth Justice and third sector. We are very grateful for their determination to work collaboratively implementing the Act.
You have had a very proactive communications campaign to accompany the change in law. Can you tell us what you did?
Communications must be engaging if you want people to listen to and understand your message. It’ s important to shape, develop and refine that message by listening.
From the out-set we were committed to two key principles.
Firstly, engagement would underpin every phase of communications. We wanted to take people with us and ensure stakeholders were briefed and had the information they needed prior to the law change.
Secondly, it would be an inclusive campaign. We wanted to engage with communities where there may be barriers to communication and who are often over-looked as a consequence.
We developed a multi-phased, integrated, engagement and communications strategy, based on these principles. The extensive campaign includes TV, radio, print, out-of-home and digital advertising. In addition, a leaflet has been delivered to every home in Wales outlining what individuals need to know about ending physical punishment of children in Wales.
Our campaign will signpost parents to the support we’ re already providing through our Parenting. Give it Time campaign, health visitors, and our family support programmes, such as Flying Start and Families First. Up to £2.4 million, over the next three years, will be available to Welsh local authorities to fund out-of-court parenting support as a rehabilitative alternative to prosecution in cases where the police are involved. In addition, just under £500,000 was allocated to develop this support in the 2021-22. This support will encourage and support parents in adopting positive parenting techniques while making it absolutely clear that the physical punishment of children is unacceptable in all circumstances.
The Act places a duty on the Welsh Government to produce a post implementation report 3 years and 5 years after the Act comes into force. This will include monitoring the impact on public services, levels of awareness and changes in attitudes.
Like all nations we have faced the challenge of responding to the Covid-19 pandemic which has meant revising our plans accordingly.
There have been a range of challenges during the implementation period but by working closely with our partners we have found solutions.
From introduction of the legislation in March 2019 to commencement in March 2022 our stakeholders have been key to the process.
We are very grateful to members of our implementation groups for committing their time and knowledge to work collaboratively with us. These groups have achieved a huge amount since the first meeting in May 2019:
Thank you so much for answering all of my questions! I think other countries will find it really helpful to learn about your approach and experience as they also think about the most effective ways of prohibiting and eliminating corporal punishment of children.
As we approach the International Day to # EndCorporalPunishment on 30 April we call on all remaining governments to take action to prohibit and eliminate violent punishment of children. Find out how you can get involved with our advocacy pack that includes key resources, messaging and a social media kit to spread awareness and campaign for ending all forms of corporal punishment. | general |
9th Circ. Upholds Calif. Cafe's Virus Coverage Suit Dismissal | A San Francisco cafe isn't entitled to coverage for its pandemic losses from Oregon Mutual Insurance, a Ninth Circuit panel said, citing the findings of the first California appellate court to rule in favor of an insurer in a COVID-19 coverage suit.The panel said Wednesday that the state court decision, which found that losses resulting from government pandemic orders weren't covered by a commercial property insurance policy, precluded coverage for Chloe's Cafe.The Ninth Circuit ruled that a San Francisco cafe is not entitled to coverage for its pandemic losses from Oregon Mutual Insurance, dealing another loss to a policyholder... | general |
Cigna on Better Serving Diabetes Patients in the Black Community | Originally published at newsroom.cigna.com. Cigna ranked No. 33 on The DiversityInc Top 50 Companies for Diversity list in 2021.
The average person living with diabetes makes around 300 decisions related to their disease management every day, in addition to their regular decision making. Diabetes can be challenging to manage for everyone who lives with the disease, and there can be unique challenges faced by people in certain demographic populations.
For example, research shows that Black people are 60% more likely to be diagnosed with diabetes than non-Hispanic whites. What’ s more, Black people living with diabetes experience more complications from the disease, and are twice as likely to die from diabetes, than their white counterparts.
In many cases, these disparities may be driven by implicit bias — also known as “ unconscious bias ” — that exists in the U.S. health care system. Implicit bias can lead to unfair discrimination during patient visits, even despite the health care provider’ s best intentions. It can affect patient assessments and treatment recommendations, which can be less effective when individual cultural beliefs, financial situations and psychosocial factors are not taken into account. Such bias can also lead to a lack of trust and communication between patients and care providers in future medical encounters. These consequences can hinder successful diabetes prevention and management.
Building cultural competency in health care can help make a difference. Health coaches and health care providers who offer a culturally appropriate treatment plan can help make diabetes management easier for Black patients, which can improve treatment adherence and lead to better outcomes. In addition, Black patients with diabetes are more likely to be trusting and receptive of treatment advice from a provider who understands and considers their culture and beliefs, lifestyle and circumstances, and issues and challenges they face.
To help advance cultural competency, Cigna has developed a specialized training program and educational resources to aid health care professionals in better meeting the specific health care needs for Black people living with diabetes. Cigna health care professionals who are Black were involved in the development of these tools, leveraging their unique health care experiences in addition to their expertise.
Cigna clinicians who have used these tools reported improved diabetes management interactions with Black patients, and Cigna now offers these same resources to network providers so they can enhance the cultural competency of their practice.
Cultural competency is the ability of a heath care provider to understand, communicate with and effectively interact with people across cultures.
Since culture plays an important part of how a person views their body and nature of illness and disease, culture is equally important to effective delivery of health services. With cultural competence, diabetes health care professionals can better understand how an individual’ s culture influences their health, and how to take that culture into consideration when creating treatment plans. Culturally competent care often results in better outcomes for all patients and promotes greater health equity.
To help address the health care needs of Black people with diabetes, Cigna created a specialized training course designed to help raise awareness of these needs among staff clinicians, as well as provide cultural insights and potential solutions to help them address social barriers and improve care. These clinicians, who serve as either health coaches or case managers, reported that this training increased their level of confidence and helped them feel more comfortable discussing a customer’ s cultural background, dietary customs and beliefs as they relate to diabetes management.
Given the benefits of this training with their staff clinicians, Cigna adapted it into an educational module and video series for network providers who want to enhance the cultural competency of their practice. These tools are available on a dedicated webpage which is continuously promoted to Cigna network providers via quarterly newsletters and other regular communications.
“ The tools we have developed serve as a wonderful resource for providers, giving them a framework to better identify where cultural practices and beliefs may be affecting disease management, ” Dr. Saint Clair added.
The webpage for network providers also offers information to empower customers, their family members and caregivers to have open dialogues with their care providers about any biases and other challenges they experience during their care, as well as make the most of their doctor appointments and overall diabetes treatment plan.
“ While not the sole solution, these cultural competency training materials foster cultural humility and facilitate better communication between health care providers and their Black patients, ” said Dr. Neema Stephens, National Medical Director for Health Equity at Cigna. “ These are important steps to overcoming implicit bias. ”
The cultural competency training and public resources were developed by a team of Cigna experts and employees that represent a wide range of roles and expertise throughout the organization, including dietitians, nutritionists, exercise physiologists, health engagement analysts, account implementation advisors and utilization review nurses. Several team members are part of Cigna’ s African American/Black Enterprise Resource Group, which empowers Black employees to share their experiences, thoughts, concerns and ideas with Cigna to improve business and community practices, including ways to eliminate unjust barriers in health care. The cultural competency work is aligned to the goals of the Health Equity Committee of Cigna’ s Diversity, Equity and Inclusion Council, whose mission is to ensure that all people have the opportunity to achieve their full health potential regardless of social, economic or environmental circumstances.
“ Even in the midst of the COVID-19 pandemic and the changing demands of their work and home life, and during the civil unrest following the deaths of George Floyd and Breonna Taylor, this team continued to find strength, purpose and momentum to complete this special project, ” she added.
In addition to the cultural competency resource portal, Cigna network providers can take advantage of discounted rates on language assistance and interpretation services. They also have free access to CultureVision, an online database providing insights into more than 60 cultural communities and their perspectives on communication and etiquette, diet and nutrition, family patterns, appropriate treatment protocols and more.
Cigna is continually exploring ways to improve cultural competency in care and advance health equity. In addition to the Black diabetes resources, similar cultural competency web pages for Asian and Hispanic/Latino customers are in development and expected to be available by the end of 2022.
We plan to examine the effectiveness of these resources in improving both patient-provider relationships and health outcomes. The insights from this research will inform opportunities to further expand staff and provider education initiatives aimed to reduce implicit bias in health care. Cigna is also using data analytics to identify communities that have greater social needs in order to deliver cultural competency resources to local providers.
There is still much work to be done to reduce health inequities, and we will continue to work closely with providers, clients and customers to address unmet social needs and improve access to care for all of the people they serve.
As the saying goes, the news never stops — but there’ s a lot of it out there, and all of it doesn’ t always pertain to our readers. In this weekly news roundup, we’ ll cover the top news stories that matter most to our diversity focused audience. 1. Policies Defended in…
News headlines for weeks now have focused on what’ s unfolding in Ukraine with Russia’ s invasion — and rightfully so. But there have been instances of racism in how some news outlets have reported the story. On the BBC, Ukraine’ s former deputy general prosecutor David Sakvarelidze said the war has been emotional…
Originally published at newsroom.hilton.com. Hilton ranked No. 1 on The DiversityInc Top 50 Companies for Diversity list in 2021. To mark Women’ s History Month and International Women’ s Day, Hilton is placing a spotlight on its earlier female team members, who helped # BreakTheBias in its more than 100-year history. Patricia Page-Champion, …
Originally published stories.td.com. TD Bank ranked No. 14 on The DiversityInc Top 50 Companies for Diversity list in 2021. When Ekiuwa Aire went looking for books on African culture to help teach her children about their heritage, little did she know the path would lead her to not only become…
Originally published at stories.td.com. Dr. Nasreen Khatri is an award-winning registered clinical psychologist, gerontologist and neuroscientist. TD Bank ranked No. 14 on The DiversityInc Top 50 Companies for Diversity list in 2021. When it comes to financial health, the sad reality is that single women are largely ignored by society….
Originally published at tiaa.org. TIAA ranked No. 9 on The DiversityInc Top 50 Companies for Diversity list in 2021. TIAA, a leading provider of financial services in the academic, research, medical, cultural and government field, has been recognized as one of 2022 World’ s Most Ethical Companies by the Ethisphere Institute, a global…
Originally published at tiaa.org. TIAA ranked No. 9 on The DiversityInc Top 50 Companies for Diversity list in 2021. TIAA, a leading provider of secure retirements, is shining a light on the staggering 30% retirement income gap between men and women through its new # retireinequality movement. Women still earn less…
Originally published at pressroom.toyota.com. Toyota Motor North America ranked No. 7 on The DiversityInc Top 50 Companies for Diversity list in 2021. Creating limitless possibilities for all is the inspiration behind Driving Possibilities, a new $ 110-million education and community-focused program developed by Toyota. Driving Possibilities leverages Toyota’ s more than 60…
Originally published at newsroom.wf.com. Wells Fargo ranked No. 25 on The DiversityInc Top 50 Companies for Diversity list in 2021. Wells Fargo announced resources designed to help increase the growth of women-owned small businesses, including a $ 1.5 million grant to How Women Lead aimed at disrupting the unequal venture capital ( VC) …
Every business has operations intertwined with environmental, social and governance ( ESG) concerns, which is why investors increasingly focus on these issues when deciding where to move capital. Knowing this, business leaders should strive to build an ESG proposition into every facet of their operations. Part of this is driven by…
Would an extra day off help professionals with work-life balance? https: //t.co/ibkpEndW14 23 hours ago
Employee Resources Groups ( ERGs) are experiencing a major growth surge. But are ERGs in their current form the answ… https: //t.co/cjnt9RSa7i March 16, 2022
Authenticity is encouraged in the # workplace given the benefits derived, including greater employee engagement and… https: //t.co/rJSeN1WKBo March 16, 2022
In partnership with North America’ s Building Trades Unions ( NABTU), @ SouthernCompany is offering apprenticeship rea… https: //t.co/pJIUMEpTFT March 16, 2022 | general |
Nearly 70% of Japan's companies see hit to earnings from Ukraine crisis | Nearly 70% of Japanese firms expect the fallout from the crisis in Ukraine to hurt their earnings, a Reuters poll showed, with a majority of those citing a surge in oil prices as their primary concern.
The latest Reuters Corporate survey highlighted the likelihood of more pain ahead for companies in resource-poor Japan, where a weakening yen is further adding to the cost of commodities and heaping more pressure on households.
A total of 69% of companies surveyed said they expected the crisis to hit earnings, with 9% of firms saying they expected a large impact.
`` As the price of merchandise rises, consumers are tending to favor less expensive goods and services as they become more thrifty, '' a manager of a retailer wrote in the survey, which polled 500 nonfinancial firms between March 2 and March 11.
`` We are concerned about the cost of raw materials as well as currency fluctuations, '' said a manager at a machinery maker.
Global concern about Russian oil supplies have pushed up oil prices above $ 100 ( ¥11,874) per barrel to levels not seen in almost a decade, and prices of many other commodities — from metals to grain — have surged, as well.
Meanwhile, the yen has fallen to its weakest in five years, at 118 to the dollar, further driving up the price of oil and other imports for Japanese buyers.
Of the firms that cited concern about impact from the Ukraine crisis, 63% picked oil price spikes as their primary worry while 15% cited supply-chain disruptions as their main worry.
Asked what areas they want the government to focus on the most, 63% of firms chose efforts to counter energy and broader price hikes, 50% picked economic growth strategy and 43% selected COVID-19 measures.
The government is considering compiling a fresh economic stimulus package to help ease the pain from high energy costs, the Kyodo news agency reported on Wednesday.
Separately, the government has also said it would raise its gasoline subsidy for oil distributors to the upper limit to help ease the cost pressure. | tech |
How does the immune system mobilize in response to a COVID-19 infection or a vaccine? 5 essential reads | Heading into the third year of the COVID-19 pandemic, many of us have become amateur immunologists, having conversations at the dinner table and in the grocery store aisle about mRNA vaccines, variants, breakthrough infections, “ waning ” immunity, herd immunity, endemic viruses, booster shots and much more.
Many of the stories that we’ ve published over the past two years here at The Conversation have stemmed from our own head-scratching questions that came up in our morning news meetings or were posed to us directly by curious readers. We sought out scholars who could take our readers on deep dives into immunology and virology to help demystify these sometimes confusing, conflicting and taxing science-based questions.
Here are five stories from The Conversation’ s archives that highlight critical insights that we as editors and readers have gained thanks to COVID-19, and that will no doubt continue to be an important part of our pandemic lexicon.
Understanding how vaccines can “ trick ” the body into mounting an effective immune response against a perceived or actual threat is one of the most fascinating aspects of immunology. “ The most important thing to understand about vaccines is that they teach your body how to gear up to fight an infection, without your body having to deal with the infection itself, ” writes Glenn J. Rapsinski, a pediatric infectious diseases fellow at the University of Pittsburgh Health Sciences. “ In this way, vaccines help your body be prepared for invasions by germs that could otherwise make you very sick. ”
Rapsinski explains how the COVID-19 vaccines available in the U.S. emulate the spike protein of SARS-CoV-2, the virus that causes COVID-19. “ SARS-CoV-2 is a round virus, with bumps all over it – sort of like a baseball covered in golf tees. The bumps are the spike proteins. ”
Soon after the relief that came with the widespread availability of vaccines in the spring of 2021, we were introduced to the idea of “ breakthrough infections, ” which were the rare cases in which fully vaccinated people got infected with COVID-19.
“ Breakthrough infections are a little more frequent than previously expected and are probably increasing because of growing dominance of the delta variant, ” Sanjay Mishra, a cancer and vaccine researcher from Vanderbilt University, wrote in July 2021. “ But infections in vaccinated people are still very rare and usually cause mild or no symptoms. ”
Although breakthrough infections became far more common late in 2021, in part because of the emergence of the highly transmissible omicron variant – more on that down below – COVID-19 vaccines still continue to provide robust protection against the most severe forms of COVID-19 that lead to hospitalization and death.
In 2020 and 2021, new strains of SARS-CoV-2 seemed to emerge faster than people could keep up with their Greek names. But by mid-2021, the highly transmissible delta variant had become the dominant strain in the U.S. and was responsible for the growing number of breakthrough infections. The continual emergence of variants was and is concerning, because it raises questions about how robust one’ s immune protection will be from prior infections or from the COVID-19 vaccines, which were based on the original strain of the virus.
The delta variant was between 40% and 60% more transmissible than the alpha variant that it replaced and nearly twice as transmissible as the original SARS-CoV-2 virus, wrote Suresh V. Kuchipudi, a professor of emerging infectious diseases at Penn State.
But then, of course, came omicron, which was even more contagious than delta, thanks in part to its high number of mutations. “ Omicron is very unusual in that it is by far the most heavily mutated variant yet of SARS-CoV-2, the virus that causes COVID-19, ” Kuchipudi explained. “ The omicron variant has 50 mutations overall, with 32 mutations on the spike protein alone. The spike protein – which forms protruding knobs on the outside of the SARS-CoV-2 virus – helps the virus adhere to cells so that it can gain entry. ”
At some point in 2021 – the year is one big blur – we entered a phase of the pandemic where it became clear that we were stuck with COVID-19 for the foreseeable future. For many people, there was a mental shift from the assumption that we could eradicate the coronavirus that causes COVID-19 through vaccination, into the slow realization that it just wasn’ t going away. Virologists and other researchers began using the term “ endemic ” to describe the way that some viruses can fade away but still maintain a low level of transmission in a community.
Sara Sawyer, Arturo Barbachano-Guerrero and Cody Warren, a team of virologists and immunologists from the University of Colorado Boulder explain that SARS-CoV, the coronavirus that set off the SARS pandemic in 2003, was less contagious than SARS-CoV-2 and was brought under control relatively quickly by speedy public health measures that ultimately drove the virus extinct.
On the other hand, they wrote, “ pandemic viruses may also gradually settle into a relatively stable rate of occurrence, maintaining a constant pool of infected hosts capable of spreading the virus to others. ” Such viruses are said to be “ endemic ” – as will likely become the case with the coronavirus that causes COVID-19.
As 2021 waned, so – apparently – did protective antibodies against COVID-19. Researchers began to learn more about how the immune response shifts in the months following COVID-19 infection or vaccination. And it became clear that over time, people became more vulnerable to getting reinfected or having a breakthrough infection following vaccination – in part because of the emergence of variants.
But antibodies are only part of the immune system’ s protective defense, explain Prakash Nagarkatti and Mitzi Nagarkatti, a husband-and-wife team of immunologists from the University of South Carolina.
“ Throughout the COVID-19 pandemic, the public has widely and mistakenly believed that antibodies provide the bulk of protective immunity, while not recognizing the important role of killer T cells, ” they write. “ This is in part because antibodies are easy to detect, whereas killer T-cell detection is complex and involves advanced technology. When antibodies fail, it is the killer T cells that are responsible for preventing the more severe outcomes of COVID-19, such as hospitalization and death. ”
Editor’ s note: This story is a roundup of articles from The Conversation’ s archives. | business |
Rival Says Pfizer And Moderna Vaccines Rely On Its IP | Alnylam Pharmaceuticals hit Moderna and Pfizer with separate patent infringement lawsuits Thursday, claiming they use technology it developed that ensures the mRNA in their COVID-19 vaccines safely enters the body.Massachusetts-based Alnylam said in each lawsuit it's not asking for an injunction that would stop the manufacture of Moderna's and Pfizer's vaccines, but instead `` to recover monetary compensation '' from the companies ' alleged unlicensed use of its patent.Alnylam said it is seeking `` to recover monetary compensation '' from Moderna and Pfizer over their alleged unlicensed use of its patent, but isn't looking to stop them from manufacturing the vaccines. ( AP Photo/Eugene Hoshiko, Pool) The... | general |
The history and evolution of Ukrainian national identity – podcast | What does it mean to be a Ukrainian? In this episode of The Conversation Weekly podcast, we talk to three experts about the origins of Ukrainian nationalism, and how Ukrainian national identity is changing.
And we hear about a rare archive of Ukrainian dissident literature from the Soviet era, and why it’ s now in danger.
History is central to understanding why the Russian invasion of Ukraine happened, and what might happen next. And in this episode, we’ re exploring the history of Ukrainian national identity.
Dominique Arel, professor and holder of the chair of Ukrainian studies at the University of Ottawa in Canada, explains how Ukrainian national identity started to emerge in the 19th century, when the territory that later became Ukraine was split between the Russian empire to the east and the Austro-Hungarian empire to the west.
“ The birth of Ukrainian nationalism as a mass social movement really crystallised by the first world war, ” says Arel. “ It was far more developed in western Ukraine than in eastern Ukraine because in the Russian empire, Ukrainian nationalism was repressed and even the Ukrainian language was banned. ” Under the Soviet era, while Ukrainian nationalism was initially encouraged under Vladimir Lenin, it began to be seen as a “ nationalist resistance that needed to be wiped out ”, explains Arel.
When Ukraine became independent in 1991 after the fall of the Soviet Union, anyone living on the territory had a right to citizenship. At that time, a little less than a quarter of the population identified as ethnically Russian and three-quarters as ethnically Ukrainian – alongside minorities, including Crimean Tatars. But researchers point to shifts in those identities since then.
Volodymyr Kulyk is head research fellow at the Institute of Political and Ethnic Studies at the National Academy of Sciences of Ukraine. He spoke to us from Kyiv. “ To be Ukrainian used to mean to be Ukrainian by descent to be a Ukrainian origin or in the Soviet official parlance to be of Ukrainian nationality, ” he says, explaining that nationality was “ primarily understood in ethnic, hereditary terms ”.
But now, Kulyk says it’ s changing and more and more people are identifying as Ukrainian. “ That means that more and more people who used to be Russian or who used to be other ethnicities, start identifying as Ukrainians. ”
The Euromaidan protests of 2013-14 marked a turning point. Olga Onuch, a senior lecturer in politics at the University of Manchester in the UK, has been part of a number of studies surveying Ukrainians about their views and identity, and their politics. She says they’ ve found that “ civic identity or state attachment was extremely strong amongst Ukrainians, across linguistic and across regions ”, and that it was increasing over time. “ As the conflict escalated, so did support for the Ukrainian state, ” says Onuch.
Her research is also tracking shifts in political attitudes. This was incremental at first, in the years following 2014, but after the election of the current president, Volodymyr Zelensky, in 2019, Onuch says there was a “ huge jump ” in support for Ukraine joining the EU and NATO, which she calls the “ Zelensky effect ”.
Our second story brings a personal perspective to some of this history. During the Soviet era, when Ukrainian language was repressed, it was dangerous to publish Ukrainian political and cultural texts within Ukraine. One man, Wolodymyr “ Mirko ” Pylyshenko, in the diaspora Ukrainian community in the US began collecting this dissident literature. His daughter, Katja Kolcio, an associate professor of dance and environmental studies at Wesleyan University in the US, tells the story of the archive – and why it’ s now in danger. ( From 36 minutes)
And Moina Spooner, news editor for The Conversation in Nairobi, Kenya, recommends some analysis marking the two-year anniversary of the COVID-19 pandemic. ( From 48m)
This episode of The Conversation Weekly was produced by Mend Mariwany and Gemma Ware, with sound design by Eloise Stevens. Our theme music is by Neeta Sarl. You can find us on Twitter @ TC Audio, on Instagram at theconversationdotcom or via email. You can also sign up to The Conversation’ s free daily email here.
Newsclips in this episode are from Al Jazeera English, WION News, BBC News, Hromadske News, and France24.
You can listen to The Conversation Weekly via any of the apps listed above, download it directly via our RSS feed, or find out how else to listen here. | business |
ADRs End Mostly Higher; Rio Tinto, Toyota Trade Actively | International stocks trading in New York closed mostly higher on Thursday.
The S & P/BNY Mellon index of American depositary receipts rose 0.9% to 153.18. The European index was up 1.6% at 141.86. The Latin American index increased 2.5% to 207.57.
Meanwhile, the Asian index declined 0.5% to 187.35. And the emerging-markets index fell 0.5% to 316.54.
Rio Tinto PLC and Toyota Motor Corp. were among those whose ADRs traded actively.
A Rio Tinto executive has said the company is in talks with the military junta of Guinea regarding the West African nation's halting of work on the huge iron-ore deposits of Simandou. `` We're in discussion with the government of Guinea and support their view that co-investment and development of rail and port infrastructure is the best way to develop Simandou projects, '' Bold Baatar, Rio Tinto's director of copper, told reporters Wednesday. ADRs closed 2.9% higher at $ 74.84.
Toyota Motor Corp. is taking some additional production downtime, Barron's reported. This pause isn't just due to a lack of semiconductors, which is an issue that has plagued the car sector for more than a year. The new pause is being blamed on parts shortages caused by new Covid restrictions in Asia. ADRs eased 0.1% to $ 171.74.
Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.
We’ d like to share more about how we work and what drives our day-to-day business.
We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.
How we use your information depends on the product and service that you use and your relationship with us. We may use it to:
To learn more about how we handle and protect your data, visit our privacy center.
Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’ s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.
To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.
Read our editorial policy to learn more about our process. | business |
Alnylam files patent infringement suits against Pfizer, Moderna | BI’ s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
To search specifically for more than one word, put the search term in quotation marks. For example, “ workers compensation ”. This will limit your search to that combination of words.
To search for a combination of terms, use quotations and the & symbol. For example, “ hurricane ” & “ loss ”.
( Reuters) – Alnylam Pharmaceuticals Inc. said on Thursday it has filed separate lawsuits in the Delaware federal court against Pfizer Inc. and Moderna Inc., seeking damages for infringement of a patent in the manufacture and sale of their mRNA COVID-19 vaccines. Alnylam said it was seeking compensation for use of its lipid nanoparticles technology that carries and delivers RNA-based therapeutics or vaccines in the body. Pfizer and Moderna's vaccines infringe Alnylam's patent through the use of a lipid formulated into LNPs that protect and deliver the vaccines ' mRNA, the pharmaceutical firm said. Arbutus Biopharma Corp. sued Moderna in the Delaware federal court last month, claiming Moderna's COVID-19 vaccine infringes its patents. Alnylam said it does not intend to take action that impedes the production, sale or distribution of the vaccines.
( Reuters) – Alnylam Pharmaceuticals Inc. said on Thursday it has filed separate lawsuits in the Delaware federal court against Pfizer Inc. and Moderna Inc., seeking damages for infringement of a patent in the manufacture and sale of their mRNA COVID-19 vaccines.
Alnylam said it was seeking compensation for use of its lipid nanoparticles technology that carries and delivers RNA-based therapeutics or vaccines in the body.
Pfizer and Moderna's vaccines infringe Alnylam's patent through the use of a lipid formulated into LNPs that protect and deliver the vaccines ' mRNA, the pharmaceutical firm said.
Arbutus Biopharma Corp. sued Moderna in the Delaware federal court last month, claiming Moderna's COVID-19 vaccine infringes its patents.
Alnylam said it does not intend to take action that impedes the production, sale or distribution of the vaccines.
( Reuters) — The U.S. Food and Drug Administration on Monday gave full approval to the COVID-19 vaccine made by Pfizer Inc. and German partner BioNTech SE for use in people over the age of 16.
1. Ruling bars suit after COVID death, highlights worker safety concerns
2. DOL sues N.Y. ophthalmologist over reported COVID-19 hazards
3. Serious, repeat violations at USPS facility following employee amputation
4. Alnylam files patent infringement suits against Pfizer, Moderna
5. State Fund declares $ 55M dividend for 2021 policy year
6. Kansas lawmakers consider medical marijuana bill | general |
North Carolina man used Game of Thrones-themed companies — White Walker, Khaleesi and The Night’ s Watch — in $ 1.7 million COVID-19 relief fraud | Winter is coming for this guy.
A North Carolina man was sentenced to 20 months in prison for fraudulently taking $ 1.7 million in Covid-19 relief loans for fake companies he created, including some which had “ Game of Thrones ” -themed names.
Tristan Bishop Pan, 40, pleaded guilty to wire fraud last August for submitting at least 14 applications for Paycheck Protection Program loans, seeking over $ 6.1 million.
Pan, who ran an insurance agency in the Raleigh-Durham area, ultimately received more than $ 1.7 million in benefits.
Pan’ s attorney didn’ t immediately return a call seeking comment.
Among the companies Pan was accused of using for the applications were three with names taken right out of the script of the hit HBO series “ Game of Thrones ” — White Walker, Khaleesi and The Night’ s Watch.
Pan formed each company in 2019 and listed their purpose as real estate or real estate acquisition ventures, according to filings with the North Carolina secretary of state.
Pan claimed the companies employed dozens of people and had tens of thousands of dollars in monthly payroll, when, in fact, they employed no one.
He similarly applied for loans for several other companies he had created, some bogus and some real. For the genuine companies, Pan was accused of significantly inflating the number of employees each company had.
In his applications, Pan was accused of submitting false documents and doctored tax filings. | business |
Medicago vaccine: Quebec's plant-based COVID-19 vaccine is blocked by the WHO | The plant-based vaccine has approval from Health Canada.
Last month, Quebec's Medicago's plant-based COVID-19 vaccine, called Covifenz, got approval from Health Canada to offer Canadians the option of getting a homegrown shot against SARS-CoV-2.
But now the WHO has paused the application for pre-qualification of the new Covifenz shot, due to the firm's ties to cigarette maker Philip Morris International, according to a report by CTV News published on Thursday.
`` Due to its connections — it’ s partially owned by Philip Morris — the process is put on hold, '' Mariangela Simao, WHO’ s assistant director-general for drug access, vaccines and pharmaceuticals, said at a media briefing on Wednesday.
`` The WHO and the UN have a very strict policy regarding engagement with the tobacco and arms industry, so it’ s very likely it won’ t be accepted for emergency use listing. ''
Medicago has produced the world’ s first plant-based COVID inoculation made from proteins grown in plants. It was jointly developed by Medicago, which is owned by Mitsubishi Chemical, Philip Morris, and Glaxo, and received US $ 173 million in funding from the Canadian government.
Anti-tobacco groups consider the approval of a drug that has links to the tobacco industry as a violation of the 2005 WHO Framework Convention on Tobacco Control. However, Medicago does have an agreement with the Canadian government to supply up to 76 million doses of the vaccine. This is a move that is not well-received by anti-tobacco groups.
`` Even if it’ s not a violation of the letter, it’ s definitely a violation of the spirit of the convention, '' Les Hagen, executive director at Action on Smoking and Health in Edmonton, told BNN Bloomberg. `` This is not Canada’ s proudest moment in public health. ''
By subscribing, you agree to our Terms of Use and Privacy Policy. You may unsubscribe at any time.
By subscribing, you agree to our Terms of Use and Privacy Policy. You may unsubscribe at any time. | tech |
European Space Agency suspends Mars mission with Russia | Sign up for CNN's Wonder Theory science newsletter.
Explore the universe with news on fascinating discoveries, scientific advancements and more
.
( CNN)
The mission to launch Europe's first planetary rover -- designed to search for signs of life on Mars -- has been suspended, the
European Space Agency said Thursday
.
The ExoMars Rover, a collaboration between ESA and the Russian space agency Roscosmos, had been on track to leave for Mars in September this year. But ESA said last month that Russia's invasion of Ukraine had made that `` very unlikely. ''
The decision to suspend cooperation with Roscosmos on the project was made unanimously by ESA's ruling council, which met in Paris on Wednesday and Thursday to assess the situation arising from the war in Ukraine. The council said it had authorized a study to see whether there were any options `` for a way forward '' for the mission.
Webb telescope shares new image after reaching optics milestone
Launch windows are delicate and timely for missions heading to Mars from Earth. The rover, known as both ExoMars and Rosalind Franklin in honor of the English chemist and DNA pioneer, was initially scheduled to launch in July 2020 but was delayed by the coronavirus pandemic.
The space agency said in a statement that it deeply deplored `` the human casualties and tragic consequences of the aggression towards Ukraine. While recognising the impact on scientific exploration of space, ESA is fully aligned with the sanctions imposed on Russia by its Member States. ''
Read More
Former astronaut to back off Twitter war with head of Russian space agency
The mission is intended to search for life on Mars and investigate the history of water on the red planet. The rover has the capability to drill beneath the surface of Mars to a depth of 6.5 feet ( 2 meters), where the scientists hope they may find signs of life.
Despite suspending the Mars mission, ESA said that the International Space Station program continues to operate as planned.
`` The main goal is to continue safe operations of the ISS, including maintaining the safety of the crew. ''
There are currently four NASA astronauts, two Russian cosmonauts and one European astronaut living and working on board the orbiting outpost. On Friday, three more Russian cosmonauts are expected to arrive.
The mounting geopolitical tensions have seen retired
US astronaut Scott Kelly clash on Twitter with the head of the Russian space agency
.
Such conflicts are ``
damaging
`` to the space station's mission, a NASA official has warned. The agency said it's still working closely with Roscosmos, and
NASA astronaut Mark Vande Hei will `` for sure '' return
from the space station later this month aboard a Russian Soyuz spacecraft as previously planned.
In light of the situation in Ukraine, the ESA will convene an extraordinary session of the space agency's ruling council in the coming weeks, the statement said.
CNN's Pierre Meilhan and Ashley Strickland contributed to this story. | general |
The silver lining hidden in the battle against long COVID | Last week, the U.S. Congress failed to approve $ 15 billion needed to continue COVID-19 precautions, even though today’ s low case counts are likely to rise, as they are in Europe, with the subvariant called BA.2.
We’ ve learned that some expensive mitigation measures, such as deep cleaning, are a waste of money, and could be scrapped, but funding for studying COVID-19 should increase — not just for prevention measures and vaccines, but for research into the long-term consequences of infection.
Some people who got COVID-19 early in the pandemic still haven’ t recovered, and what looked like long COVID-19 might, for some people, be a permanent condition if no treatment is found. The lingering symptoms are often different from those associated with acute infection. Patients report changes in memory, trouble thinking clearly or concentrating, mood disorders, sleep disturbances, changes in balance and gastrointestinal problems. Some have a form of fatigue that can get much worse with physical or mental exertion.
The good news is that some of the country’ s top medical researchers have jumped on this problem and are gaining momentum. What they learn is likely to apply to other medical problems. Take the work of Mark Albers, a neurologist at Massachusetts General Hospital who had been uncovering the weird relationship between loss of sense of smell and Alzheimer’ s Disease. Now he’ s expanded his research to learn about similar changes in COVID-19 patients.
A few years back Albers developed a test of what he calls smell memory, which was connected to the earliest stages of Alzheimer’ s disease. Smell, he told me, is the one sense that’ s physiologically connected directly to our brain’ s memory center, so smell changes are often the first clue something is wrong.
Now he’ s also studying patients who have persistent loss of their olfactory sense after a COVID-19 infection — something that can drag on for months or, worse, return in a distorted way so that food smells like rotting fish or garbage.
A recent brain scanning study showed that people who had tested positive showed tiny but statistically significant changes in the brain regions that govern smell, which Albers says suggests that COVID-19 could lead to inflammation of this part of the brain — the same part that’ s associated with early Alzheimer’ s disease.
In studies in animals, he’ s found that viral infection in the nose doesn’ t directly infiltrate the brain, but the inflammation caused by a respiratory infection can. Scientists have already found connections between other infectious agents and Alzheimer’ s disease — including herpes simplex virus and the bacteria implicated in gum disease. These might not be the root causes of dementia but they could exacerbate the disease’ s progression.
The brain imaging study shouldn’ t be interpreted to mean that COVID-19 causes dementia. The changes measured were minuscule and not linked to any lingering symptoms, and there’ s a certain expected natural fluctuation in people’ s brain images. Still, Albers said he’ d like to see more research into the possibility that an infection could accelerate the progression of early-stage Alzheimer’ s.
Bruce Levy, head of pulmonary care at Brigham and Women’ s Hospital has also shifted gears and is now leading a clinic and research group studying long COVID-19. He told me that because Boston had one of the earliest surges of COVID-19 back in the spring of 2020, he’ s seeing patients who haven’ t recovered for nearly two years. “ We definitely need answers for those patients, ” he says.
Some patients have protracted symptoms because they had severe cases that led them to the ICU and organ damage. But others cases are more mysterious, occurring in people who had only a mild infection. Understanding why this happens is a key step to treating or preventing long COVID-19. Most researchers favor the explanation that it’ s chronic inflammation, perhaps triggered by an immune response that attacks the body’ s own cells and doesn’ t shut off properly. Others suspect it could be triggered by virus that hides out somewhere in the body.
Other scientists are trying to figure out how to predict who will completely recover and who won’ t. A big collaboration of scientists just published a paper in the journal Cell using a multiomics approach to finding hidden risk factors — that is, examining genes, immune system differences, chronic conditions, other viral infections and other factors that distinguish one patient from another. Levy says this kind of knowledge will be extremely valuable.
Levy says funding research into long COVID-19 could help people who suffer from other maladies. “ There’ s definitely an urgent need to learn more about long COVID-19 for the hundreds of thousands or millions of people that are experiencing it. I would also say that there is much to learn from long COVID-19 that may translate to other conditions. ”
Why not fund a moonshot program for curing long COVID-19? Ziyad Al-Aly, chief of research and development at the VA Saint Louis Health Care System, would like to see one. He has reason to think that long COVID-19 is intimately connected to other major health problems. He led a study showing that people who’ ve had COVID-19 are more likely to develop heart disease and another showing that they are more likely to suffer mental health problems including anxiety and depression.
He said there’ s been a longstanding neglect of post-viral syndromes — chronic fatigue syndrome, protracted symptoms from Lyme Disease and post-influenza symptoms. Sometimes these were written off as psychosomatic, he said.
Doctors have been slow to accept other instances where infectious agents were involved in chronic diseases — including the link between human papilloma virus and cervical cancer and between h. pylori bacteria and ulcers. Studying long COVID-19 could help scientists unlock the mysteries of other illnesses, Al-Aly said.
The majority of people who get COVID-19 are fine, but even if only 5% or 6% have long-term symptoms, that still adds up to a lot of people. With tens of millions of people having been infected, that’ s many, many people “ who are still bearing the wounds and scars from it. ”
In principle, with each new wave of COVID-19 we should be getting smarter — about mitigation, vaccines, tests, anti-viral treatments and long COVID-19. Funding more research is essential for making sure we’ re channeling resources toward measures that work.
Faye Flam is a Bloomberg Opinion columnist and host of the podcast Follow the Science. | tech |
UK politics: Tactics used by P & O to sack 800 crew ‘ completely unacceptable’, says No 10 – as it happened | This blog has now closed, you can read more about P & O’ s dismissal of all 800 crew members here
Andrew Sparrow
Thu 17 Mar 2022 17.32 GMT First published on Thu 17 Mar 2022 09.14 GMT
From 4.34pm GMT
16:34
At the afternoon lobby briefing Downing Street condemned the way P & O Ferries sacked its 800 crew today. The PM’ s spokesperson said:
The way these workers were informed was completely unacceptable. Clearly the way that this was communicated to staff was not right and we have made that clear.
Our sympathies are with these hardworking employees affected during this challenging time who have given years of service to P & O.
Staff were told they were losing their jobs by video message, and then private security guards were sent to remove them from their ships.
The No 10 spokesperson said officials were in “ urgent ” talks to find out what the company’ s plans were. He said that if the company was planning to fire staff and then employ them again on worse terms – so-called fire and rehire – the government would be “ dismayed ”. He said:
We weren’ t given any notice to this. We are speaking to the company to understand what approach it is taking.
We do not agree with the practice of fire and rehire and would be dismayed if this is the outcome they were seeking to achieve.
The spokesperson said he did not believe the issue was discussed when Boris Johnson was in the UAE on Wednesday, even though the company is owned by Dubai-based logistics giant DP World.
Robert Courts, the transport minister, will make a Commons statement about the sackings at 5pm.
Also confirmed: Statement from @ robertcourts at 5pm: P & O Ferries update.You can also watch live on Parliament TV: https: //t.co/Oym8VGcqwJ
Here is my colleague Gwyn Topham’ s story about what’ s happened.
Updated at 5.58pm GMT
5.32pm GMT 17:32
5.28pm GMT 17:28
Labour’ s Barry Gardiner says P & O have a £146m deficit in their pension fund. Yet their parent company spent £147m sponsoring a golf tournament, he says. He says the company has been treating the government like fools.
Courts says he agrees with the general point he is making about how the company has behaved.
Updated at 5.32pm GMT
5.21pm GMT 17:21
Karin Smyth ( Lab) says Courts is a member of the government. But he has not said anything about what the government will be doing in response.
Courts says he has not had much time. He has asked his officials to take various steps.
5.19pm GMT 17:19
Peter Bone ( Con) urges Courts to suspend the licences for P & O Ferries ( which he stresses is not connected to P & O Cruises).
Courts says he has been clear that what happened was unacceptable.
5.18pm GMT 17:18
Dame Diana Johnson, the Labour MP for Hull North, says this is not just a commercial decision. Will the minister instruct DPW to resinstate the workers?
Courts will not give that assurance, but he says the government is on the side of the workers.
5.15pm GMT 17:15
Back in the Commons Sir John Hayes, a Conservative rightwinger, has just echoed Labour’ s call for P & O to be forced to repay any Covid money it received during the pandemic.
All the MPs who have spoken so far - government and opposition - have condemned the company strongly.
5.11pm GMT 17:11
Here is an extract from the Commons statement from Louise Haigh, the shadow transport secretary.
The action taken by P & O Ferries today is a national scandal. It is a betrayal of the workers that kept this country stocked throughout the pandemic.
I have heard directly from the crew throughout the day – their lives upended. The jobs they depended on, scrapped. Workers are now left wondering how on earth they will put food on their family’ s table, and the management did not even have the decency to tell them face-to-face.
They were told this life-changing news on a pre-recorded video.
There are images circulating of what we are told are handcuff-trained security, some wearing balaclavas, marching British crew off their ships.
This is not a corporate restructure, it is not the way to go about business. It is beneath contempt – the action of thugs.
It is quite simply a scandal that this overseas-owned company – which received millions and millions of pounds of taxpayers’ money in the pandemic, without consultation and without notice, have upended the lives of 800 British workers overnight.
All while the profits of their owners, DP World, soared by 52% in the first half of 2021. We need a clear unequivocal statement from the government.
No ifs, no buts – an overseas conglomerate can not be given free rein to sack workers in secure jobs here in Britain at the click of a button and replace them with agency staff.
Updated at 5.57pm GMT
5.04pm GMT 17:04
Courts is responding to Haigh.
He says he agrees with what she said about the tactics used to sack the seafarers. He has seen the same videos, he says. He says workers should be treated with dignity.
He says he can not comment on the legality of the company’ s actions.
On claims the goverment has sided with bad bosses, he says he does not accept that. “ No one should be treated in the way that they were today, ” he says.
5.02pm GMT 17:02
Louise Haigh, the shadow transport secretary, says what happened to the workers who were sacked was a “ national scandal ”. They were told the news on a video. And there are videos of handcuff-trained security staff, some wearing balaclavas, trying to remove workers from shops. This is “ beneath contempt – the action of thugs ”, she says.
She says this can not be allowed to stand.
She says DPW, the P & O parent company, runs two freeports. Will the government terminate those contacts?
She asks if P & O gave notice of the sackings.
And she asks if the government will recover Covid bailout money given to P & O.
But she also makes a wider point. For too long the government has sided with bad employers, she says. She says it should have outlawed fire and rehire.
This is an assault on British seafaring, she says.
Updated at 5.13pm GMT
4.55pm GMT 16:55
Courts turns to the way the P & O staff were treated. They are hardworking and dedicated, and the way they were treated was “ wholly unacceptable ”, he says.
He says he was “ frankly, angry ” about the way the workers were treated, and he made this clear when he spoke to the company today.
He says his department is working with the DWP to make sure the workers are signposted to where they can get help.
The pandemic has had a devastating impact on many companies, he says. But while their finances are a matter for them, he says he would have expected the workers to be treated much more fairly.
UPDATE: Courts said:
These are hardworking, dedicated staff who have given years in service to P & O. The way they have been treated today is wholly unacceptable and my thoughts are first and foremost with them.
Reports of workers being given zero notice and escorted off their ships with immediate effect while being told cheaper alternatives would take up their roles shows the insensitive way in which P & O have approached this issue, a point I have made crystal clear to P & O’ s management when I spoke to them earlier this afternoon.
I am extremely concerned and frankly angry at the way workers have been treated by P & O.
Updated at 5.57pm GMT
4.52pm GMT 16:52
Courts says P & O is suspending services for a week to 10 days.
He says four routes will be affected: Dover to Calais, Larne to Cairnryan, Dublin to Liverpool, and Hull to Rotterdam.
He says this is primarily a commercial decision. There will be some disruption, he says, but people will still be able to travel to and from the UK.
He says he does not expect the supply of goods and services to the UK to be affected.
Updated at 5.09pm GMT
4.49pm GMT 16:49
Robert Courts, the transport minister, is making a Commons statement now about the P & O sackings.
He says the way staff were informed they were losing their jobs was “ completely unacceptable ”.
4.45pm GMT 16:45
4.43pm GMT 16:43
Frances O’ Grady, the TUC general secretary, has said the P & O Ferries mass sackings were unlawful. In a statement, she said:
No one should be laid off with zero notice and no consultation, let alone a whole workforce. P & O’ s secret plan to sack their workers is reprehensible and unlawful.
When an employer lays off more than 100 staff at once they must consult workers and unions in advance. And they are required to notify the secretary of state in writing in advance too. The government must urgently explain what they knew and when.
If P & O breached the law they must suffer severe consequences – with ministers increasing the legal penalties if necessary. If one employer gets away with this, every worker is at risk.
4.34pm GMT 16:34
At the afternoon lobby briefing Downing Street condemned the way P & O Ferries sacked its 800 crew today. The PM’ s spokesperson said:
The way these workers were informed was completely unacceptable. Clearly the way that this was communicated to staff was not right and we have made that clear.
Our sympathies are with these hardworking employees affected during this challenging time who have given years of service to P & O.
Staff were told they were losing their jobs by video message, and then private security guards were sent to remove them from their ships.
The No 10 spokesperson said officials were in “ urgent ” talks to find out what the company’ s plans were. He said that if the company was planning to fire staff and then employ them again on worse terms – so-called fire and rehire – the government would be “ dismayed ”. He said:
We weren’ t given any notice to this. We are speaking to the company to understand what approach it is taking.
We do not agree with the practice of fire and rehire and would be dismayed if this is the outcome they were seeking to achieve.
The spokesperson said he did not believe the issue was discussed when Boris Johnson was in the UAE on Wednesday, even though the company is owned by Dubai-based logistics giant DP World.
Robert Courts, the transport minister, will make a Commons statement about the sackings at 5pm.
Also confirmed: Statement from @ robertcourts at 5pm: P & O Ferries update.You can also watch live on Parliament TV: https: //t.co/Oym8VGcqwJ
Here is my colleague Gwyn Topham’ s story about what’ s happened.
Updated at 5.58pm GMT
4.21pm GMT 16:21
Ben Wallace, the defence secretary, says he got a call today from an impostor pretending to be the Ukrainian PM. He suggests Russia was behind the attempt to trick him.
Today an attempt was made by an imposter claiming to be Ukrainian PM to speak with me. He posed several misleading questions and after becoming suspicious I terminated the call 1/2
No amount of Russian disinformation, distortion and dirty tricks can distract from Russia’ s human rights abuses and illegal invasion of Ukriane. A desperate attempt.
Updated at 4.24pm GMT
4.10pm GMT 16:10
In the Commons earlier Kemi Badenoch, the equalities minister, made a statement on Inclusive Britain, the government’ s response to the Sewell report on race published last year. My colleague Heather Stewart has a summary of its main points here.
The Sewell report generated huge controversy partly because it questioned the existence of institutional or structural racism in the UK. ( The row was fuelled by a press release about the report that went beyond what the document itself said, and members of the commission that produced the report found it hard to agree on what they were saying on this topic.) As my colleague Rajeev Syal says in an analysis, today’ s government response does not reopen this argument, and it says that “ removing personal and structural barriers which block the way ” will be part of the government’ s plan to promote racial fairness.
In her Commons statement Badenoch said that, while racial disparities persist, mostly that was not do to with prejudice. She said:
[ The Sewell ] report conclusively showed something which I and honourable members on all sides of the house know to be true: that disparities do persist in the UK and that racism and discrimination continue to shape people’ s experiences.
It also showed that most of these racial disparities are not driven by individual acts of prejudice committed by people behaving either consciously or subconsciously in a racist way.
What the report’ s analysis shows is that, for the most part, negative disparities arise for reasons not associated with personal prejudice, that is why so many disparities stubbornly persist even in this progressive age where there has never been such an acute awareness of racism and so much action and policy against it.
She also said it was “ quite wrong ” to conflate racism and institutional racism, adding:
We see crime in our country every day but we do not say that this is an institutionally criminal country, and that is the same when we look at the accusation of racism. It is important to distinguish the two.
Updated at 4.16pm GMT
3.21pm GMT 15:21
Jessica Elgot
Labour MP Graham Stringer has pulled out of a rally with Nigel Farage at the launch of an anti-net zero campaign for a referendum on policies to tackle climate change.The MP was contacted by party whips on Wednesday about the appearance, concerned about association with Farage. Stringer emailed local party members after the Guardian reported his appearance, telling them it was off. He said:
There is a report in today’ s Guardian that I will be appearing in Bolton with Nigel Farage to discuss net zero. I would like to make clear that I will not be appearing at the meeting.
My views on obtaining security of energy supply and doing everything we can to reduce the price of domestic and industrial fuel are well known.
Stringer, a prominent Brexiter who has appeared with Farage at pro-leave events and on his GB News show, was billed as appearing alongside the former Brexit party leader, along with the Reform UK leader Richard Tice and the broadcaster Julia Hartley-Brewer.The Vote Power Not Poverty rally is scheduled to launch Farage’ s campaign for a referendum on net zero, taking in place in Bolton next Saturday.Stringer, who rebelled on numerous occasions over Brexit legislation, has long expressed doubts about climate policies and is a trustee of the Global Warming Policy Foundation, the most prominent climate crisis-denying group in the UK.
Updated at 4.18pm GMT
Shadow transport secretary, Louise Haigh, has said P & O's sacking tactics are 'beneath contempt - the action of thugs ' | general |
Hard-Won Pandemic Gains News and Research | The COVID pandemic is by no means over. Despite plunging case numbers in the U.S. as of this writing, many countries in the world are still experiencing peak infection rates. And it is impossible to foresee how the SARSCoV- 2 saga will unfold in the coming months or years. Since 2020 in this country ( and others), hard truths about our deficient health-care system, rampant societal inequality and flawed policy-making engine, to name a few, have crystallized—painfully in some cases.
At the same time, vaccine technology, spurred by the successful deployment of mRNA shots, has catapulted progress on treatments for a slew of other infectious diseases from malaria to cancer ( as writer Mike May detailed last year). And medicines for COVID itself are under such intense research and development, that several powerful remedies are currently available, with more in the pipeline ( see “ These Are the Latest COVID Treatments ”). Such advancements are only part of a new arsenal of strategies for confronting a future challenged by COVID and any other virus that might arise ( see “ Preparing for the Next Plague ”). It’ s too flip to call this progress a silver lining in the midst of so much toil and grief. But it is a significant win. | science |
What Humanity Should Eat to Stay Healthy and Save the Planet News and Research | A clutch of fishing villages dot the coast near Kilifi, north of Mombasa in Kenya. The waters are home to parrot fish, octopus and other edible species. But despite living on the shores, the children in the villages rarely eat seafood. Their staple meal is ugali, maize ( corn) flour mixed with water, and most of their nutrition comes from plants. Almost half the kids here have stunted growth—twice the national rate.
In 2020, Lora Iannotti, a public-health researcher at Washington University in St. Louis, and her Kenyan colleagues asked people in the villages why the children weren’ t eating seafood, even though all the parents fish for a living; studies show that fish and other animal-source foods can improve growth. The parents said it made more financial sense for them to sell their catch than to eat it.
So, Iannotti and her team are running a controlled experiment. They have given fishers modified traps that have small openings that allow young fish to escape. This should improve spawning and the health of the overfished ocean and reef areas over time, and eventually increase incomes, Iannotti says. Then, for half the families, community health workers are using home visits, cooking demonstrations and messaging to encourage parents to feed their children more fish, especially plentiful and fast-growing local species such as ‘ tafi’, or white spotted rabbitfish ( Siganus canaliculatus) and octopus. The scientists will track whether children from these families eat better and are growing taller than ones who don’ t receive the messaging.
The aim of the experiment, says Iannotti, is to understand “ which sea foods can we choose that are healthy for the ecosystem as well as healthy in the diet ”. The proposed diet should also be culturally acceptable and affordable, she says.
Iannotti is wrestling with questions that are a major focus of researchers, the United Nations, international funders and many nations looking for diets that are good for both people and the planet. More than 2 billion people are overweight or obese, mostly in the Western world. At the same time, 811 million people are not getting enough calories or nutrition, mostly in low- and middle-income nations. Unhealthy diets contributed to more deaths globally in 2017 than any other factor, including smoking. As the world’ s population continues to rise and more people start to eat like Westerners do, the production of meat, dairy and eggs will need to rise by about 44% by 2050, according to the UN Food and Agriculture Organization ( FAO).
That poses an environmental problem alongside the health concerns. Our current industrialized food system already emits about one-quarter of the world’ s greenhouse-gas emissions. It also accounts for 70% of freshwater use and 40% of land coverage, and relies on fertilizers that disrupt the cycling of nitrogen and phosphorus and are responsible for much of the pollution in rivers and coasts.
In 2019, a consortium of 37 nutritionists, ecologists and other experts from 16 countries—the EAT–Lancet Commission on Food, Planet, Health—released a report that called for a broad dietary change that would take into account both nutrition and the environment. A person following the EAT–Lancet reference diet would be ‘ flexitarian’, eating plants on most days and occasionally a small amount of meat or fish.
The report provoked a flurry of attention towards sustainable diets, and some criticism about whether it was practical for everyone. Some scientists are now trying to test environmentally sustainable diets in local contexts, without compromising nutrition or damaging livelihoods.
“ We need to make progress toward eating diets that have dramatically lower ecological footprints, or it’ ll be a matter of a few decades before we start to see global collapses of biodiversity, land use and all of it, ” says Sam Myers, director of the Planetary Health Alliance, a global consortium in Boston, Massachusetts, that studies the health impacts of environmental change.
Producing food generates so much greenhouse-gas pollution that at the current rate, even if nations cut all non-food emissions to zero, they still wouldn’ t be able to limit temperature rise to 1.5 °C—the climate target in the Paris agreement. A large proportion of emissions from the food system—30–50%, according to some estimates—comes from the livestock supply chain, because animals are inefficient at converting feed to food.
In 2014, David Tilman, an ecologist at the University of Minnesota in Saint Paul, and Michael Clark, a food-systems scientist at the University of Oxford, UK, estimated that changes in urbanization and population growth globally between 2010 and 2050 would cause an 80% increase in food-related emissions.
But if everyone, on average, ate a more plant-based diet, and emissions from all other sectors were halted, the world would have a 50% chance of meeting the 1.5 °C climate-change target. And if diets improved alongside broader changes in the food system, such as cutting down waste, the chance of hitting the target would rise to 67%.
Such findings are not popular with the meat industry. For example, when in 2015, the US Department of Agriculture was revising its dietary guidelines, which happens every five years, it briefly considered factoring in the environment after researchers lobbied the advisory committee. But the idea was overruled, allegedly in response to industry pressure, says Timothy Griffin, a food-systems scientist at Tufts University in Boston, who was involved in the lobbying effort. Nonetheless, people took notice of the attempt. “ The biggest accomplishment is it brought a lot of attention to the issue of sustainability, ” he says.
The EAT–Lancet Commission, which was funded by Wellcome, a UK-based charity, helped to build a stronger case. Nutritionists reviewed the literature to craft a basic healthy diet composed of whole foods. Then the team set environmental limits for the diet, including carbon emissions, biodiversity loss and the use of fresh water, land, nitrogen and phosphorus. Breaching such environmental limits could make the planet inhospitable to humans.
They ended up with a diverse and mainly plant-based meal plan ( see ‘ Healthy eating’). The maximum red meat the 2,500-calorie per day diet allows in a week for an average-weight 30-year-old is 100 grams, or one serving of red meat. That’ s less than one-quarter of what a typical American consumes. Ultra-processed foods, such as soft drinks, frozen dinners and reconstituted meats, sugars and fats are mostly avoided.
This diet would save the lives of about 11 million people every year, the commission estimated. “ It is possible to feed 10 billion people healthily, without destroying ecosystems further, ” says Tim Lang, food-policy researcher at the City University of London and a co-author of the EAT–Lancet report. “ Whether the hardliners of the cattle and dairy industry like it or not, they are really on the back foot. Change is now inevitable. ”
Many scientists say the EAT–Lancet diet is excellent for wealthy nations, where the average person eats 2.6 times more meat than their counterpart in low-income countries, and whose eating habits are unsustainable. But others question whether the diet is nutritious enough for those in lower-resource settings. Ty Beal, a scientist based in Washington DC with the Global Alliance for Improved Nutrition, has analysed the diet in unpublished calculations and found that it provides 78% of the recommended zinc intake and 86% of calcium for those over 25 years old, and only 55% of the iron requirement for women of reproductive age.
Despite these critiques, the diet has put environmental concerns front and centre. “ Until EAT–Lancet, I don’ t think it had been at the top of policymakers’ minds that sustainability should be integrated into this global conversation about dietary change, ” says Anne Elise Stratton, a food-systems scientist at the University of Michigan in Ann Arbor.
The diet is not a one-size-fits-all recommendation, stresses Marco Springmann, a food scientist at the University of Oxford who was part of the EAT–Lancet core modelling team.
Since the report was published, public-health scientists around the world have been studying how to make the diet realistic for people the world over, whether an overweight adult or an under-nourished child.
Nutrition researchers know that most consumers do not follow dietary guidelines. So some scientists are exploring ways to convince people to adopt healthy, sustainable diets. In Sweden, Patricia Eustachio Colombo, a nutrition scientist at the Karolinska Institute in Stockholm, and her colleagues are quietly testing a sustainable diet in schools. Their work piggybacks on a social movement that began in Scandinavian countries called the New Nordic Diet, which promotes consumption of traditional, sustainable foods such as seasonal vegetables and free-range meat.
Eustachio Colombo and her colleagues used a computer algorithm to analyse existing school lunches at a primary school with about 2,000 students. The algorithm suggested ways to make them more nutritious and climate-friendly, such as reducing the amount of meat in a typical stew and adding more beans and vegetables. The children and parents were informed that lunches were being improved, but did not know details, Eustachio Colombo says. Most kids did not notice, and there was no more food waste than earlier. The same experiment is now being re-run in 2,800 children.
“ School meals are a near unique opportunity to foster sustainable dietary habits. The dietary habits we develop as children, we tend to stick to them into adulthood, ” Eustachio Colombo says.
The diet is very different from the EAT–Lancet one, she says. It is cheaper and includes more starchy foods such as potatoes, which are a staple of Swedish cuisine. It is also more nutritious and culturally acceptable, she says. “ This highlights the importance of tailoring the EAT-Lancet diet to the local circumstances in each country or even within countries, ” she says.
Across the Atlantic, some academics and restaurateurs are trialling the diet in low-income settings. In Baltimore, Maryland, a collaboration between a catering business and a restaurant, both forced to close during the COVID-19 pandemic, started taking donations and providing free meals based on the EAT-Lancet diet to families who live in ‘ food deserts’ —areas where there is little access to affordable, nutritious food. One meal had salmon cakes with mixed seasonal vegetables, Israeli couscous and creamy pesto sauce.
Researchers at the Johns Hopkins University School of Medicine in Baltimore surveyed 500 people who tried the meals and found that 93% of the 242 people who completed the survey said they either loved or liked it. The downside? Each donation-funded meal cost US $ 10—five times the amount currently provided by the US food-stamp programme.
“ It’ s very clear that if you have a huge shift in diets, you could swing the environment impact for the better, but there’ s cultural barriers and economic barriers to that, ” says Griffin.
For researchers exploring future diets in some low- or middle-income nations, one hurdle is finding out what people are eating in the first place. “ It’ s literally like a black box to me right now, ” says Purnima Menon at the International Food Policy Research Institute in Delhi, who has been studying diets in India. The data on what people are eating are a decade old, she says.
Getting that information is crucial, because India ranks 101 out of 116 countries in the Global Hunger Index and has the greatest number of children who are too thin for their height.
Using what’ s available, Abhishek Chaudhary, a food-systems scientist at the Indian Institute of Technology Kanpur, who was part of the EAT–Lancet team, and his colleague Vaibhav Krishna at the Swiss Federal Institute of Technology in Zurich used a computer program and local environmental data on water, emissions, land use and phosphorus and nitrogen use to design diets for all of India’ s states. The algorithm suggested diets that would meet nutritional requirements, cut food-related emissions by 35% and wouldn’ t stress other environmental resources. But to grow the required amount of food would require 35% more land—which is impractical in the overcrowded nation—or higher yields. And food costs would be 50% higher.
Healthy, sustainable diets are expensive elsewhere, too. The dietary diversity advised by EAT–Lancet —nuts, fish, eggs, dairy and more—is impossible to access for millions of people, says Iannotti.
In fact, for the average person to eat the diet in 2011—the most recent data set available on food prices—would have cost a global average of $ 2.84 per day, about 1.6 times higher on average than the cost of a basic nutritious meal.
There are other impracticalities. Take restrictions on meat, for instance. In places with nutrient deficiencies and where the diet’ s prescribed foods are not available, animal-source products are a crucial source of easily bioavailable nutrients in addition to plants, Iannotti says. In many places in low-income nations, farming systems are small-scale and include both crops and domesticated animals, which can be sold in times of family need, says Jimmy Smith, director-general of the International Livestock Research Institute in Nairobi.
“ The farmer in the highlands of Ethiopia doing dairy has three or four animals in his or her backyard, and each of these animals is a member of the family, they have names, ” he says.
Menon says that for now, scientists in low- and middle-income regions are more concerned about delivering nutrition than preserving the environment. The FAO has organized a committee to do a much more comprehensive analysis than EAT–Lancet’ s. The new analysis will be more globally inclusive and include topics such as food security and sustainability of the livestock sector, says Iannotti, who is part of the committee. It will be published in 2024. “ They don’ t feel as if it was entirely balanced or holistic in its review of the evidence, ” she says. “ Let’ s go further and make sure we have evidence from around the world. ”
The way to find sustainable diets in poor nations is by working closely with communities and farmers, as in Kilifi, scientists say. Clark, having mapped out diet at a global scale using model-based projections, thinks that food-system scientists now need to find the local adjustments and fixes to get people to eat better.
“ People working in food sustainability need to go into communities and ask, ‘ hey, what’ s good for you?’ ” he says. “ And then, given that baseline, how can we start working towards outcomes that those communities are interested in. ”
This article is reproduced with permission and was first published on December 1 2021. | science |
Taiwan: Concern over readiness for conflict with China sparked by Russia's invasion of Ukraine |
On a regular day, they're lawyers, software engineers and blacksmiths. But this week, they donned military fatigues, fired assault rifles at numbered targets, and marched long distances in full military gear -- all to prepare for a possible attack by China's military.
The 400-odd men were some of Taiwan's reservists, the first to face a new, stringent 14-day training schedule -- up from the previous seven days -- introduced by the government this month to boost the island's combat readiness.
Analysts say the tougher training schedule, among other moves, show how seriously Taiwan is taking the threat of a possible Chinese invasion
-- and those fears have only heightened recently, with some drawing comparisons between Russia's brutal invasion of Ukraine and the potential existential threat to Taiwan.
Beijing has dismissed the similarities though the ruling Chinese Communist Party has repeatedly vowed to `` reunify '' with the self-ruling island of 24 million people -- by force if necessary -- despite having never governed it. Beijing has also stepped up its military pressure on Taiwan, including sending a record number of warplanes last year near Taiwan, which is fewer than 124 miles ( 200 kilometers) from China's southeastern coast.
Taiwans reservists take part in a military training at a military base in Taoyuan on March 12, 2022.
This month's strengthened military training has already drawn the ire of Beijing, with China's Taiwan Affairs Office calling the move a `` provocation. ''
Read More
`` It is very dangerous for them to go on like this, '' spokeswoman Zhu Fenglian said in a regular briefing in Beijing Wednesday, referring to Taiwan's ruling Democratic Progressive Party. `` ( They) do not hesitate to tie people in Taiwan to the tank of separatism and push them into an abyss of disaster. ''
But while the increased training appears to have angered Beijing, military analysts and lawmakers warn that it won't be enough to fend off a potential onslaught from one of the world's most powerful militaries. And although the
war in Ukraine
is happening half a world away from Taiwan, it has ignited debate on the island over what Taiwan's government can do to prepare.
What is Taiwan doing?
Even before
Russia
launched its unprovoked attack on Ukraine last month, fears had been growing that Beijing could take Taiwan by force.
In the last few months, Beijing has been conducting combat readiness drills near the island -- including regularly flying military aircraft into Taiwan's air defense identification zone, as well as conducting joint air and naval exercises around the Taiwan Strait, Chinese state media reported.
Taipei responded by committing a record amount of defense spending this year, and an additional $ 8.7 billion over the next five years to boost its asymmetric warfare capabilities -- a term for military strategies to counter much more powerful militaries -- including developing new long-range missiles that can target China's military facilities in the event of war.
The island's government is also looking to bolster the size of its military ranks -- with 160,000 personnel in its all-volunteer professional ranks,
Taiwan's military is less than one-tenth the size of Beijing's People's Liberation Army, though it also has more than 1 million reservists it could call up, if needed.
All eligible men between 19 and 36 must complete four months ' mandatory Taiwan military training.
President Tsai Ing-wen has indicated these reserve forces could be an important part of Taiwan's defenses in the event of an invasion, drawing parallels to Ukraine where the government armed regular people to help protect its cities as Russian forces invaded.
`` The recent situation in Ukraine proves that, in addition to international support and assistance, it boils down to the unity of our people to safeguard our country, '' Tsai said during a training inspection Saturday.
`` This training mission implements the spirit of all-out defense, '' she added. `` Every reservist... has to assume that war could happen in their hometowns. ''
The `` all-out defense '' initiative aims at elevating the general military knowledge in Taiwan, therefore making it possible to mobilize the general public should the situation require it.
Under current rules, all eligible Taiwanese men between the ages of 19 and 36 are required to undergo four months of mandatory military training.
When they're done, some join the reserve forces, which commits them to extra training, like the 14-days exercises reservists joined this week.
Taiwan has not revealed how its reserves would be allocated among its ground, naval and air forces, other than to say they would be called upon based on their areas of expertise.
This new training regime is aimed at dispelling fears reservists aren't prepared for combat, but military experts say what's really needed is a longer mandatory training period.
Chang Yan-ting, a former deputy commander of the Taiwan's air force, told CNN four months of mandated training is `` totally inadequate. ''
Taiwan President Tsai Ing-wen speaks while inspecting reservists training at a military base in Taoyuan on March 12, 2022.
Is Taiwan doing enough?
He's not the only one. Last week a number of legislators
across the political divide called for Taiwan's compulsory training period to be extended, citing the need to form a viable reservist force.
Wu Sz-huai, a lawmaker from the opposition Kuomintang party, said eligible men in Taiwan should be required to undergo one year of military training -- a return to the previous requirement, which was shortened to four months from 2018.
The New Power Party, the fourth-largest party in Taiwan that often sides with the Tsai's Democratic Progressive Party,
also called for women to be included in non-combat training programs, particularly
military logistics.
Taiwan's presidential office told CNN on Sunday that authorities are evaluating whether they should extend the island's compulsory military training, following a local media report that President Tsai personally instructed the Defense Ministry to consider the possibility after witnessing the way civilians had mobilized in Ukraine.
This was supposed to be Xi Jinping's big year. Instead, he's dealing with Covid and war
Chang, the former deputy commander of Taiwan's air force, said there was an `` urgent need '' to lengthen the compulsory military training in Taiwan -- perhaps even longer than a year.
`` We must update our military strategy, including extending our conscription period so that we can properly teach them how to position themselves in the event of war, and how they should operate anti-tank missiles and other equipment, '' Chang said.
J. Michael Cole, a Taipei-based senior fellow with Global Institute Taiwan, said the island must step up its military capability and prepare for any contingencies.
`` The developments in Russia demonstrate the assumptions that autocratic leadership will always make rational decisions have been thoroughly destroyed by Vladimir Putin -- in his decision to invade Ukraine, '' he said.
`` It does not mean that Xi Jinping will tomorrow decide to use force against Taiwan because his friend in Moscow decided to do so against Ukraine, '' he said. `` But it makes it evident that there is a possibility -- however slim -- that autocratic regimes could decide for their own calculations, their own reasons to use force against a democratic country. ''
The lessons from Ukraine
Beijing has rejected comparisons between Taiwan and Ukraine, with China's ambassador to the United States writing in a Washington Post opinion piece this week that observers are wrong to compare the two.
`` The future of Taiwan lies in peaceful development of cross-Strait relations and the reunification of China, '' Qin Gang wrote. `` The Taiwan question is a Chinese internal affair. It does not make sense for people to emphasize the principle of sovereignty on Ukraine while hurting China's sovereignty and territorial integrity on Taiwan. ''
Experts agree there major differences between Russia's attack on Ukraine and how any invasion of Taiwan by China could play out.
Russia's attack on Ukraine reveals political fault lines in Asia
Unlike Ukraine, Taiwan is an island, meaning Beijing would likely have to launch one of the largest amphibious assaults in history. A potential invasion would also likely draw a regional response, thanks to Taiwan's close physical proximity and importance to Japan, which is just 62 miles ( 100 kilometers) from Taiwan.
And Taiwan is a global leader in the supply of semiconductor chips, which is needed to power everything from smartphones to cars, so an invasion would likely result in ripple effects across the entire world.
`` This changes how the international community will calculate their response to the threat of, or the invasion against Taiwan, '' Cole said.
Even so, there are lessons that can be drawn from the situation in Ukraine to help Taiwan prepare, say analysts.
`` The lesson from Ukraine is clear, '' said Chang, the former deputy commander of Taiwan's air force. `` We have to be responsible for defending our own country. ''
CNN's John Mees and Will Ripley contributed reporting. | general |
StoneCo Reports Fourth Quarter and Fiscal Year 2021 Results | Total Revenue and Income growth of 87% year-over-year in 4Q21 to R $ 1.9 billion; Record Quarterly Net Addition of 378k Clients, reaching 1.8 million Active Clients; MSMB Take Rate sequential increase to 1.71% in 4Q21 and 2.02% in January/22
GEORGE TOWN, Grand Cayman, March 17, 2022 ( GLOBE NEWSWIRE) -- StoneCo Ltd. ( Nasdaq: STNE) ( “ Stone ” or the “ Company ”), a leading provider of financial technology and software solutions that empowers merchants to conduct commerce seamlessly across multiple channels, today reports its financial results for its fourth quarter and fiscal year ended December 31, 2021.
As we report our Q4 and full-year 2021 results, I want to reflect on the last year, lessons we learned, and actions we’ ve taken to refocus and position our company for continued growth and improved profitability in 2022.
2021 was an unsatisfying year for Stone. We executed well in some areas but faced challenges in others. We believe our market opportunity is huge and merits an aggressive approach, but we tried to do too much last year and did not execute as well as we would have liked. Our aggressive commercial approach, combined with a challenging macro environment, impacted our profitability. In credit, we ramped up our offering quickly, but did not manage it well. Our execution challenges were exacerbated by the problems of the national registry system, which we did not expect and therefore were not well-prepared for. As you know, in mid-2021 we paused our credit operations. In prepayment, our focus on growth delayed re-pricing of our solutions while interest rates in Brazil were rising sharply throughout the year.
At the same time, we continued making significant investments and expanded our operating costs. In the fourth quarter, we increased selling expenses 94% year over year to R $ 272 million ( excluding Linx) and continued to invest in building our TON product, banking ecosystem, software solutions and enhancing our technology and customer service, which remain a key competitive advantage for Stone. I still believe this was the right strategy directionally, but given the margin impact from credit and prepayment, I think we could have managed these investments more effectively by spreading them out over a few more quarters.
As we managed all these issues at once, we were also integrating an entirely new part of our business, the Linx software unit, and dealing with the continued pandemic and macroeconomic challenges.
I want to be clear though: we will not make excuses. Yes, the market was tough, the Covid pandemic raged on, and a lot of other external forces affected us. But we lost some focus and execution precision, and as a result our performance suffered, and our profitability declined. 2021 was not our best year. Period.
Nonetheless, the underlying fundamentals of our business remain strong.
Our core business and the “ growth engine ” we’ ve built are strong.
Despite our problems, we still produced very strong top-line growth. In the fourth quarter of 2021, we generated 87% revenue growth year over year ( 60% excluding Linx), which was our best performance since the third quarter of 2019. Other highlights of the year include:
The core growth engine of our business remains strong. We are winning clients, taking market share and expanding our footprint to lay the foundations for future top-line and bottom-line growth.
Our outlook for 2022 is positive with strong growth and improving margins.
We learned a lot from the challenges of last year, and we have course corrected. The investments we made in our products and operations, combined with the lessons we learned and the changes we made have positioned us favorably to deliver strong growth AND improving profitability in 2022.
1. We reorganized the company into two segments - Financial Services ( Stone) and Software ( integrating Linx and our Portfolio companies under one leadership team), to manage these business lines with greater focus and provide more operational transparency. While we will continue to create value by cross-selling and integrating our solutions, we will begin to report these business lines as separate operating segments in the first quarter of 2022.
2. As we announced earlier today, we have also designated new leaders to focus on each segment, as well as new leaders in key business functions, to strengthen our overall team. These changes will help us execute more effectively on our long-term goals.
While 2021 was a difficult year, we learned and grew. With a renewed focus on our core strengths, a streamlined organizational structure and a seasoned executive team, we are positioned to execute on our strategies, continue our strong growth and expand our margins in 2022. As always, we remain committed to serving the Brazilian Entrepreneur, transforming their dreams into results. We will continue to work hard, test and experiment, and challenge the status quo to fulfill that purpose. ”
Since the closing of the Linx acquisition, we have taken an important step to integrate Linx and the portfolio of Stone’ s software investments into a unified Software Division, under a single leadership ( please refer to our press release “ StoneCo Announces New Executive Management Appointments ”). We will focus the execution of this enhanced software business along three main fronts:
The consolidated software revenue was R $ 328.2 million, with year over year growth of 15.7% proforma for Linx consolidation.
In 4Q21 we have seen an increase of our TPV penetration in Linx’ s client base. TPV from Linx’ s clients processed by Stone has increased 116% year over year in 4Q21 to R $ 5.9 billion. This was largely driven by the migration of Linx Pay volumes, but also by the cross-sell of Stone solutions in Linx client base as well as natural overlap as Stone continues to grow organically. Compared with 2Q21, the latest quarter before the closing of the deal with Linx, volumes grew 47%.
In terms of margins, our software business still has negative effects related to the maturity level of some portfolio solutions, investments in R & D, customer service and digital product improvements, as well as cloud costs and the negative margins from Linx sub-acquiring business, which is being discontinued but still has costs related to the phase-out. Looking ahead, we expect margins to ramp up as businesses mature and we gain scale while improving cost efficiency. Also, as we execute synergies from Financial Services in the Linx client base we should start to have a positive incremental contribution margin.
In our Financial Services business, our strategic focus reflects the steps we should take to fulfill our purpose: to be the best one-stop-shop solution for MSMBs, attending to their main financial needs and providing them the best customer service and support.
In Software, we expect to increase the productivity of Brazilian merchants through POS and ERP solutions and enable our clients to sell more through digital channels. Also, our software footprint offers an opportunity to strengthen our financial services strategy through data and platform integration. We expect to cross-sell financial services into our existing software client base as well as leverage the distribution capabilities of our Financial Services business to distribute software solutions to our SMB client base.
We believe that the evolution of our management structure and teams, investments in technology to evolve our multi-product strategy and our strong balance sheet and liquidity will be key enablers of the execution of our main priorities. Also, in 2022 we will increase our focus in managing costs and expenses while maintaining strong investments in the growth of the business given the strength of our business model and the opportunities we see ahead.
The outlook below constitutes forward-looking information within the meaning of applicable securities laws and is based on a number of assumptions and subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond StoneCo´s control. Please see “ Forward-looking Statements ” below. In view of these factors, we expect the following:
Total Revenue and Income in 4Q21 was R $ 1,873.0 million, an increase of 87.0% from R $ 1,001.4 million in 4Q20, with R $ 270.9 million contribution from the consolidation of Linx’ s results. Excluding Linx, Total Revenue and Income was R $ 1,602.1 million in the period, a growth of 60.0%, mainly a result of strong growth in the MSMB segment, as we continue to accelerate net adds and TPV addition while take rate ( excluding credit) increased from 1.68% in 4Q20 to 1.71% in 4Q21 as we started to adjust our commercial policy in November amid the new CDI reality and as a result of mix effect due to stronger growth in micro-merchants. Our credit solution in 4Q21 continued on hold, which led to a R $ 152.1 million lower credit revenue year over year. In Key Accounts, revenue grew double digits as a result of higher take rates and volumes from platform services, and despite lower volumes from sub-acquirers.
Consolidated software revenue reached R $ 328.2 million in the quarter, mostly explained by the consolidation of Linx, which added R $ 270.9 million to 4Q21 revenues. Excluding Linx, growth in software revenue was 41.2%, explained by both organic and inorganic growth of software companies. Linx on a standalone basis grew 11.5%, mostly a result of ( i) 17.7% growth in Linx Core business, with strong POS/ERP recurring revenue growth of 19.1% year over year from a larger number of stores and higher average ticket and ( ii) 20.0% growth in Linx Digital. Those were partially offset by a decrease of 52.7% in revenue from PinPag and sub-acquiring business, which is being migrated to Stone.
Net Revenue from Transaction Activities and Other Services was R $ 512.7 million in 4Q21, an increase of 52.9% compared with 4Q20. Excluding Linx, which accounted for R $ 28.0 million in the quarter, Net Revenue from Transaction Activities and Other Services was R $ 484.7 million, a growth of 44.6%. This increase was mostly due to ( i) 54.5% year over year consolidated TPV growth excluding Coronavoucher volumes; ( ii) new revenue streams, including banking and TAG, our registry business and ( iii) higher revenue from TON, including its membership fee. Those effects more than offset the decline in revenue related to Coronavoucher, the Government aid program amid the COVID-19 crisis, which decreased from R $ 15.1 million in 4Q20 to R $ 0.9 million in 4Q21.
Net Revenue from Subscription Services and Equipment Rental was R $ 408.1 million in 4Q21, 234.7% higher than 4Q20, with R $ 238.2 million revenue coming from Linx. Excluding Linx, Net Revenue from Subscription Services and Equipment Rental increased 39.3% to R $ 169.9 million, primarily due to a higher SMB active client base combined with the contribution from our software and insurance solutions and partially offset by lower POS average subscription per client, which is mainly a result of additional new-client subscription exemptions.
Financial Income in 4Q21 was R $ 861.2 million, an increase of 71.9% year over year. Excluding Linx, which accounted for R $ 10.6 million, Financial Income was R $ 850.6 million, 69.8% higher despite our credit solution being temporarily out of operation and having contributed with R $ 152.1 million lower revenues in 4Q21 compared with 4Q20. Financial Income excluding credit and Linx, which encompasses our prepayment business as well as floating from our banking outstanding balance, grew 142.5% year over year, mostly a result of higher prepaid volumes and the effect from higher prices as we started to adjust our commercial policy in November, following CDI increases.
Revenue from our credit solution legacy portfolio ( pre-July 2021) is accounted for at fair value and factors in expected delinquency and recovery rates. From July 2021 onwards, all new disbursements will be accounted for under the accrual methodology.
Other Financial Income was R $ 91.1 million in 4Q21. Excluding Linx, which accounted for a negative R $ 5.9 million, Other Financial Income was R $ 96.9 million compared with R $ 43.2 million in 4Q20. This increase was mainly due to the higher base rate in the country year over year, partially compensated by a lower average cash balance.
Cost of Services were R $ 646.1 million in 4Q21, 203.0% higher year over year. Excluding Linx, which contributed R $ 159.0 million, Cost of Services were R $ 487.1 million, 128.5% higher year over year. This increase was mainly due to ( i) investments in TAG, which amounted to R $ 64.5 million in the quarter compared with R $ 1.5 million in 4Q20 and higher expenses with cloud; ( ii) higher investments in technology, customer support and logistics; ( iii) higher D & A costs, as we continue to expand our client base and ( iv) higher expenses with general third-party software.
Compared with 3Q21, Cost of Services increased 22.9%, mainly because of ( i) investments in TAG, which amounted to R $ 64.5 million in the quarter compared with R $ 43.4 million in 3Q21 and higher expenses with cloud in both Stone and Linx; ( ii) higher investments in logistics, in line with our hub expansion, ( iii) higher D & A costs, as we continue to expand our client base; ( iv) higher expenses with customer support and technology teams; ( v) higher investment in Linx’ s customer support; ( vi) higher expenses with general third-party software and ( vii) higher provisions and losses, not related to our credit portfolio.
Administrative Expenses were R $ 214.1 million, 74.9% higher year over year. Excluding Linx which accounted for R $ 66.8 million, Administrative Expenses were R $ 147.3 million, a 20.3% increase year over year. This increase was mainly explained by ( i) higher personnel expenses and ( iii) one-off fee paid to advisors relative to the Linx transaction of R $ 10.0 million.
Administrative Expenses in 4Q21 were 40.5% lower than in 3Q21, mainly explained by amortization of fair value adjustments on intangibles, which amounted to an expense of R $ 98.5 million in 3Q21 compared with a gain of R $ 25.1 million in 4Q21 as we approach the conclusion of the assessment from the Linx acquisition. As a result of this assessment, which is still ongoing, we reverted part of the value recognized in 3Q21, and currently, the normalized amount of amortization of fair value adjustments on intangibles related to Linx is expected to be approximately R $ 18 million per quarter.
Selling Expenses were R $ 318.4 million in the quarter, an increase of 127.7% year over year. Excluding Linx, which accounted for R $ 46.6 million, Selling Expenses were R $ 271.8 million, an increase of 94.3% year over year. Such increase was mainly explained by ( i) higher marketing investments and ( ii) investments in salespeople, mostly related to hubs expansion.
Compared with 3Q21, Selling Expenses increased 3.3%, mostly due to higher personnel expenses related to investments in salespeople and the annual salary adjustment agreement, partially compensated by lower marketing investments quarter over quarter.
Financial Expenses, Net were R $ 688.2 million, 972.2% higher compared with 4Q20. Excluding Linx, which contributed with R $ 17.1 million, Financial Expenses, Net were R $ 671.1 million or 945.5% higher than last year, mainly because of higher prepayment volumes and increased cost of funds. Higher cost of funds is a result of ( i) the higher base rate in the country over the period, which increased from 1.9% in 4Q20 to 7.6% in 4Q21; ( ii) a capital structure to fund the prepayment business with a higher percentage of third-party capital compared to own capital; ( iii) the financial expenses related to our bond, which totaled R $ 66.2 million in the quarter and ( iv) R $ 89.7 million interest expense arising from the sale of receivables in the quarter to our new R $ 2.2 billion FIDC ( FIDC VI), which, differently from our previous FIDCs, is not consolidated in our balance sheet and, therefore, has its interest recognized immediately upfront as a true sale as opposed to being accrued over time. As we assigned longer duration receivables to this fund, the result was a higher-than-usual impact in the fourth quarter.
Compared with the previous quarter, Financial Expenses, net were 108.1% higher, mainly explained by the same factors above.
In 4Q21, we have recognized R $ 764.2 million in mark-to-market losses in our investment in Banco Inter.
Other Expenses, Net were R $ 51.1 million in 4Q21, 43.4% lower year over year. Excluding Linx, which accounted for R $ 9.8 million, Other Expenses, net were R $ 41.3 million or a decrease of 54.3%, mostly explained by ( i) lower share-based expenses mainly related to the tax and social charges provisions in relation to the depreciation of our shares year over year and partially offset by new stock grants to employees in the period and ( ii) lower donations, as in 4Q20 we donated to causes related to the COVID pandemic.
Compared with 3Q21, Other Expenses, net were R $ 22.0 million higher, mostly because of ( i) higher provisions for POS losses; ( ii) higher general contribution to social initiatives, ( iii) adjustment in invested companies’ call option fair value and ( v) renegotiation of earn-out contract from Hiper, a company invested by Linx.
During 4Q21, the Company recognized positive income taxes of R $ 8.9 million, compared with a R $ 62.3 million income tax and social contribution expense in the prior-year period. Excluding Linx, which contributed with a R $ 3.1 million expense, Income Tax and Social Contribution in 4Q21 was a positive R $ 12.0 million, a R $ 74.3 million difference compared with negative R $ 62.3 million in 4Q20. This difference is a result of reporting a pre-tax loss in the Income Statement, mostly a result of the investment in Banco Inter.
Adjusted EBITDA was R $ 684.7 million in the quarter, 30.1% higher than in 4Q20. This higher figure is mainly explained by higher Total Revenue and Income, partially compensated by higher costs and expenses excluding D & A. Adjusted EBITDA Margin was 36.6% in the quarter.
( a) Consists of expenses related to the vesting of one-time pre-IPO pool of share-based compensation.
( b) Consists of the gain on re-measurement of our previously held equity interest in Linked ( 2Q20), Vhsys ( 2Q21) and Collact ( 3Q21) to fair value upon the date control was acquired.
( c) Consists of the fair value adjustment related to associates call option, M & A and Bond expenses, earn-out interests related to acquisitions, gains/losses in the sale of companies, dividends from Linx and Linx’ s organizational restructuring.
EBITDA was negative R $ 101.6 million in the quarter mostly as a result of ( i) the R $ 764.2 million pre-tax loss effect from mark-to-market from our investment in Banco Inter and ( ii) the same factors above as for the explanation of Adjusted EBITDA.
Adjusted Net Income was R $ 33.7 million in 4Q21, compared with R $ 357.8 million of Adjusted Net Income in 4Q20. This lower Adjusted Net Income is explained by ( i) the fact that we temporarily paused our credit product, which had a negative effect on pre-tax income of R $ 161.1 million compared to 4Q20, ( ii) higher base rate ( CDI) in Brazil, which increased our Financial Expenses significantly; and ( iii) higher investments in the growth of our operation and new businesses compared with the fourth quarter of 2020. These investments include ( i) hiring of people to our operations to improve our distribution and service to our clients; ( ii) investments in the development and improvement of different financial solutions beyond payments, such as banking, credit, and more recently, insurance; ( iii) investments in software solutions that are not yet in a mature stage, ( iv) marketing investments to strengthen our brand and attract new clients, ( v) investments in technology, ( vi) R $ 28.1 million negative year over year impact in our pre-tax income from TAG, our registry business, among others. In addition, Linx contributed with an Adjusted net loss of R $ 16.9 million in the quarter. Adjusted Net Margin was 1.8% in the quarter.
Compared with 3Q21 Adjusted Net Income, which already excludes the mark-to-market effect from Banco Inter, was R $ 99.0 million lower, as in 4Q21 we are at the peak of the mismatch between prepayment prices and cost of funding given the new CDI reality. We started repricing clients in November and should see improvements in margins starting in 1Q22.
Net Loss in 4Q21 was R $ 801.5 million, compared with a Net Income of R $ 306.1 million in 4Q20, mostly as a result of mark-to-market effects from the investment in Banco Inter and the same factors explained above for the variation in Adjusted Net Income.
Adjusted diluted EPS for the Company was R $ 0.13 per share in 4Q21, compared with R $ 1.16 per share in 4Q20, mostly explained by the lower Adjusted Net Income. GAAP basic EPS was a negative R $ 2.57 per share, compared with a positive R $ 1.01 in the prior-year period. This difference was mainly due to the lower Net Income, with R $ 830.4 million negative impact from mark-to-market and cost of funds from the investment in Banco Inter.
( a) Consists of expenses related to the vesting of one-time pre-IPO pool of share-based compensation.
( b) On intangibles related to acquisitions. Consists of expenses resulting from the amortization of the fair value adjustment on intangible assets and property and equipment as a result of the application of the acquisition method.
( c) Consists of the gain on re-measurement of our previously held equity interest in Linked ( 2Q20), Vhsys ( 2Q21) and Collact ( 3Q21) to fair value upon the date control was acquired.
( d) Consists of the fair value adjustment related to associates call option, M & A and Bond expenses, earn-out interests related to acquisitions, gains/losses in the sale of companies, dividends from Linx, Linx’ s organizational restructuring and restructuring of debt instruments.
( e) Calculated as Net income attributable to owners of the parent ( Net Income reduced by Net Income attributable to Non-Controlling interest) divided by basic number of shares. For more details on calculation, please refer to Note 22 of our Consolidated Financial Statements, December 31st, 2021.
( f) Calculated as Adjusted Net income attributable to owners of the parent ( Adjusted Net Income reduced by Net Income attributable to Non-Controlling interest) divided by diluted number of shares.
StoneCo management looks at Adjusted Net Cash Provided by/ ( Used in) Operating Activities and Adjusted Free Cash Flow, both non-IFRS metrics. These metrics include the following three adjustments to the IFRS metric of Net Cash Provided by/ ( Used in) Operating Activities:
The table below is a summarized version of our managerial view of our Net Cash Provided by ( Used in) Operating Activities and Adjusted Free Cash Flow ( non-IFRS metrics).
( a) Excludes the following items: ( i) positive effect of cash inflows from the sale of Accounts Receivables from Card Issuers and the negative effect from Payable to Clients that are prepaid by us; ( ii) the cash inflows / ( outflows) from our credit operation; ( iii) any effect caused by changes in the floating clients have with us in our Pagar.me digital account. ( b) Includes purchase of property and equipment, plus purchases and development of intangibles assets.
The Company defines Adjusted Free Cash Flow8, a non-IFRS metric, as Adjusted Net Cash Provided by ( Used in) Operating Activities ( non-IFRS), less Purchase of Property and Equipment and Purchases and Development of Intangible “ Asset ” ( `` Capex '').
In 2021, Adjusted Free Cash Flow was a negative R $ 214.1 million, compared to a positive R $ 322.1 million in 2020, a decrease of R $ 536.2 million. This decline is mainly a result of the following factors:
We believe that advancing POS purchases and prepaying marketing expenses were accretive decisions to our business, strengthening our value proposition and our ability to grow at a strong pace.
In 4Q21, Adjusted Free Cash Flow was negative R $ 181.7 million, compared to a positive R $ 450.7 million in 4Q20, a decrease of R $ 632.4 million. This decline is mainly a result of:
Besides Adjusted Free Cash Flow of negative R $ 181.7 million, we had the following main items affecting our cash flow in 4Q21:
As a result of the factors mentioned above, our cash and equivalents plus short-term investments position has increased from R $ 5,287.9 million in 3Q21 to R $ 6,488.7 million in 4Q21.
( a) Loans and financing were reduced by the effects of leases liabilities recognized under IFRS 16.
( b) Refers to economic hedge denominated in U.S. dollars.
( c) Excludes obligations to senior quotas of FIDCs SOMA III and SOMA IV, related to our credit operation.
Accounts Receivable from Card Issuers are accounted for at their fair value in our balance sheet.
As of December 31, 2021, the Company´s Adjusted Net Cash position was R $ 2,146.9 million compared with R $ 12,373.9 million on December 31, 2020, a decrease of R $ 10,227.0 million. The main factors for the decrease were the R $ 4.7 billion cash payment for the acquisition of Linx, R $ 2.5 billion investment in Banco Inter, R $ 1.3 billion in capex, R $ 988.8 million in repurchases of our own shares in the first half of 2021 and R $ 371.8 million in the purchase of Linx’ s shares in the market.
Stone will discuss its 4Q21 and fiscal year 2021 financial results during a teleconference today, March 17, 2022, at 5:00 PM ET / 6:00 PM BRT. The conference call can be accessed at +1 ( 412) 317 6346 or +1 ( 844) 204 8586 ( US), or +55 ( 11) 3181 8565 ( Brazil), or +44 ( 20) 3795 9972 ( UK).
The call will also be broadcast simultaneously on Stone’ s Investor Relations website at https: //investors.stone.co/. Following the completion of the call, a recorded replay of the webcast will be available on Stone’ s Investor Relations website at https: //investors.stone.co/.
Stone Co. is a leading provider of financial technology and software solutions that empower merchants to conduct commerce seamlessly across multiple channels and help them grow their businesses.
Investor Relationsinvestors @ stone.co
This press release contains `` forward-looking statements '' within the meaning of the `` safe harbor '' provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. These statements identify prospective information and may include words such as “ believe ”, “ may ”, “ will ”, “ aim ”, “ estimate ”, “ continue ”, “ anticipate ”, “ intend ”, “ expect ”, “ forecast ”, “ plan ”, “ predict ”, “ project ”, “ potential ”, “ aspiration ”, “ objectives ”, “ should ”, “ purpose ”, “ belief ”, and similar, or variations of, or the negative of such words and expressions, although not all forward-looking statements contain these identifying words.
Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond Stone’ s control.
Stone’ s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: more intense competition than expected, lower addition of new clients, regulatory measures, more investments in our business than expected, and our inability to execute successfully upon our strategic initiatives, among other factors. In particular, due to the high level of uncertainty with respect to the duration and scope of the COVID-19 crisis, the quantification of impacts on our financial and operating results can not be reasonably estimated at this time.
To supplement the financial measures presented in this press release and related conference call, presentation, or webcast in accordance with IFRS, Stone also presents the following non-IFRS measures of financial performance: Adjusted Net Income, Adjusted EPS ( diluted), Adjusted Net Margin, Adjusted Net Cash Provided by / ( Used in) Operating Activities, Free Cash Flow, Adjusted Free Cash Flow, Adjusted Net Cash / ( Debt), Adjusted Profit ( Loss) Before Income Taxes, Adjusted Pre-Tax Margin, EBITDA and Adjusted EBITDA.
A “ non-IFRS financial measure ” refers to a numerical measure of Stone’ s historical or future financial performance or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with IFRS in Stone’ s financial statements. Stone provides certain non-IFRS measures as additional information relating to its operating results as a complement to results provided in accordance with IFRS. The non-IFRS financial information presented herein should be considered in conjunction with, and not as a substitute for or superior to, the financial information presented in accordance with IFRS. There are significant limitations associated with the use of non-IFRS financial measures. Further, these measures may differ from the non-IFRS information, even where similarly titled, used by other companies and therefore should not be used to compare Stone’ s performance to that of other companies.
Stone has presented Adjusted Net Income to eliminate the effect of items from Net Income that it does not consider indicative of its continuing business performance within the period presented. Stone defines Adjusted Net Income as Net Income ( Loss) for the Period, adjusted for ( 1) non-cash expenses related to the grant of share-based compensation and the fair value ( mark-to-market) adjustment for share-based compensation classified as a liability, ( 2) amortization of intangibles related to acquisitions, ( 3) one-time impairment charges, ( 4) unusual income and expenses and ( 5) tax expense relating to the foregoing adjustments. Adjusted Net Margin is calculated by dividing Adjusted Net Income by Total Revenue and Income. Adjusted EPS ( diluted) is calculated as Adjusted Net income attributable to owners of the parent ( Adjusted Net Income reduced by Net Income attributable to Non-Controlling interest) divided by diluted number of shares.
Stone has presented Adjusted Profit Before Income Taxes and Adjusted EBITDA to eliminate the effect of items that it does not consider indicative of its continuing business performance within the period presented. Stone adjusts these metrics for the same items as Adjusted Net Income, as applicable.Stone has presented Adjusted Net Cash Provided by/ ( Used in) Operating Activities, in order to provide an additional view of cash flow from operations without the effect of funding decisions related to our financial solutions. Stone has presented Adjusted Free Cash Flow metric, which has limitations as it omits certain components of the overall Cash Flow Statement and does not represent the residual cash flow available for discretionary expenditures. For example, this metric does not incorporate the portion of payments representing principal reductions of debt or cash payments for business acquisitions. Therefore, the Company believes it is important to view Free Cash Flows measures only as a complement to our entire consolidated Statements of Cash Flows.
Stone has presented Adjusted Net Cash metric in order to adjust its Net Cash / ( Debt) by the balances of Accounts Receivable from Card Issuers, and Accounts Payable to Clients, since these lines vary according to the Company’ s funding source together with the lines of ( i) Cash and Cash Equivalents, ( ii) Short-term Investments, ( iii) Debt balances and ( iv) Derivative Financial Instruments related to economic hedges of short term investments in assets, due to the nature of Stone’ s business and its prepayment operations.
1 Active clients are calculated as clients that have transacted at least once over the preceding 90 days, except for micro-merchants, where Active Clients mean clients that have transacted with TON or Stone Mais solution at least once over the last 12 months. Does not include clients from Linx Pay.2 Combines clients from Linx on the concept based on “ CLIFORS ”, which refers to a paying entity represented by 1 taxpayer’ s ID regardless of number of stores, and includes unique clients of other solutions, excluding overlap of clients who use more than one solution. 3 SMB and TON’ s ARPU include acquiring and banking solutions. Insurance products are part of our banking solution, and therefore, also included in the calculation. Credit offering is not included. 4 Banking ARPU includes insurance products. 5 In 4Q21, comprised of clients with store, life ( regular or whole life) and/or health insurance products.6 Our Core Software solutions are comprised of Linx POS/ERP, bricks-and-mortar Gateway ( TEF) and QR Code solutions, combined with POS/ERP solutions from our portfolio ex-Linx7 Our adjusted P & L includes the same adjustments made for our Adjusted Net Income but broken down into each P & L line. The purpose of showing it is to make it easier to understand the underlying evolution of our Costs & Expenses, disregarding some non-recurring events associated with each line item.8 Adjusted Free Cash Flow is a non-IFRS measure. 9 Our adjusted P & L includes the same adjustments made for our Adjusted Net Income but broken down into each P & L line. The purpose of showing it is to make it easier to understand the underlying evolution of our Costs & Expenses, disregarding some non-recurring events associated with each line item.
A PDF accompanying this announcement is available at http: //ml.globenewswire.com/Resource/Download/235a3a6a-8b22-4deb-a3a4-abb0ba30b88d
Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.
We’ d like to share more about how we work and what drives our day-to-day business.
We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.
How we use your information depends on the product and service that you use and your relationship with us. We may use it to:
To learn more about how we handle and protect your data, visit our privacy center.
Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’ s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.
To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.
Read our editorial policy to learn more about our process. | business |
Incomlend: Examining the Myths Impacting ESG Policy Adoption by SMEs | With a $ 3trillion finance trade gap now, Incomelend was set up to be a trusted financial partner to provide SMEs access to competitive and alternative non-recourse working capital solutions to safeguard their financial health and quickly capture new revenue opportunities, especially after an economic downturn.
There are many misconceptions out there surrounding ESG but the three biggest myths, according to Terigi, are that it focuses primarily on environmental protection; that ESG is expensive to implement and beyond the reach of SMEs; and that measuring the impact of ESG is complicated and can negatively affect SMEs. Unfortunately, these misconceptions are continuing to impact the adoption of robust ESG practices by SMEs globally. But, this needn’ t be the case:
The covid-19 pandemic changed the way many businesses operate. As the months rolled on, business owners and top-level executives were forced to rethink strategies, including how they worked and, perhaps more importantly, how they responded to client and consumer demand. In addition to the day-to-day business, the pandemic cast increased scrutiny on how well businesses performed against their ESG goals. But, amidst the changes and policy reexamination, a number of misperceptions emerged – in some cases impacting the adoption of robust ESG practises by SMEs.
Undoubtedly, ESG reporting is a powerful vehicle for creating business value, a sustainable economy, and a more equitable world. What is also important to remember, however, is that ESG and profitability are now interlinked for business success. On a global scale, companies that prioritise sustainability practices are attracting greater reputational and financial support. Moreover, from a regulatory and legislative perspective, ESG issues are vital indicators of broader business risks, and more stringent reporting has led to greater transparency in these areas.
According to a recent Investment Association global survey, the UK has the highest percentage of investors incorporating ESG across their portfolio ( 30 per cent). Meanwhile, in a survey of UK consumers by PricewaterhouseCoopers, 67 per cent said ESG considerations are important for them.
As with many areas of business, the big hitters are ahead of the game, with most large companies having programmes in place to manage their risks. Many SME owners, however, are falling behind in this regard and in many cases, do not clearly understand how to implement an ESG strategy that can help deliver reputational and financial benefits.
Myth 1: ESG focuses primarily on environmental protection
Environmental protection is certainly a factor, but while climate change and environmental issues are commonly discussed, other sustainability initiatives include resource utilisation, employee wellness and safety, business ethics, and community engagement.
Adopting a strong ESG proposition can strengthen an SME’ s corporate reputation, offering a competitive advantage to spur growth into new or existing markets. It is important not to underestimate the power of perception and customers, employees and investors are increasingly holding large companies accountable for ESG compliance across the ecosystem. As a result, these buyers are actively mapping their supply chain and auditing the ESG practices of suppliers and their vendors.
In addition, they are also beginning to encourage their Tier one suppliers to educate and assess next-tier suppliers on ESG compliance to mitigate overall reputational risk. With this in mind, SMEs that want to capitalise on global opportunities need to evaluate their ESG protocols and implement initiatives to address gaps. The alternative is they will potentially face the loss of sought-after contracts. Procurement may also choose to give preferential terms to suppliers that can show a robust ESG framework.
Myth 2: ESG is expensive to implement and beyond the reach of SMEs
This is a big one, with many SME owners believing that implementing a sustainability strategy is both expensive and complex. The truth is, it needn’ t be either and, crucially, the benefits far outweigh the efforts. A positive ESG performance helps SMEs improve operational resilience and reduces their perceived downside risk. Studies show that businesses with ESG practices implemented can have superior financial performance and drive cost efficiencies than those without.
Having faced difficulties with covid-19, investors are increasingly looking to future-proof their portfolio against future disruptions in the supply chain and, as a result, are adopting sustainability investing practices. By integrating ESG into operational protocols, there is potential for SMEs to benefit from higher credit ratings and, at the same time, lower loan and credit default swap spreads. As well, it can unlock a larger pool of financing options, such as bank loans, direct investment, or other alternative financing arrangements.
Interestingly, SMEs who meet the ESG criteria and pass the financial assessment process can access quick turnaround invoice financing solutions with, for example, the Incomlend ESG Invoice Financing Programme – ESG-focused structured finance programme in Asia. Qualified SMEs can monetise their invoices three days after the shipment of their products, thus improving access to working capital to fund the next production cycle, pursue new opportunities, or even invest in greener technology to reduce their carbon footprint. The programme also connects socially conscious institutional investors with responsible, sustainable companies.
Myth 3: Measuring the impact of ESG is complicated and can negatively affect SMEs
No two companies are alike when it comes to ESG and standards of measurement and reporting vary by market and industry. Nonetheless, ESG is becoming a critical business fundamental. Of course, it can be daunting for SMEs, but local industry partners and government organisations are there to guide businesses on simple steps to identify and track ESG data.
Sustainable supply chain financing for SMEs will take a different approach to how these businesses are assessed and qualified, according to Terigi. Lenders will continue to consider their varying stages of maturity and resource constraints and customise criteria based on globally recognised frameworks.
The Incomlend ESG Invoice Financing Programme does not require SMEs to demonstrate ESG impact similar to large corporations. Instead, it uses established international standards such as the United Nations Principles on Business and Human Rights and the UN Sustainable Development Goals to assess its commitment to ESG.
Enhancing value creation through ESG
Changing consumer behaviours and regulatory requirements can be challenging, but, by getting ahead of the ESG curve, SMEs can tap into opportunities to strengthen business resilience, enhance cost efficiencies, drive innovation, and improve their competitive position. They will also leverage sustainable supply chain financing to access a broader range of working capital solutions to fund opportunities and grow their business
The Fintech Times
The Fintech Times is the world’ s first and only newspaper dedicated to fintech.
Published Bimonthly, the Fintech Times explores the explosive world of financial technology, blending first hand insight, opinion and expertise with observational journalism to provide a balanced and comprehensive perspective of this rapidly evolving industry.
PR & Editorials Advertise With Us Jobs Partnerships
If you are interested in working with us then please click the appropriate link above.
Telephone: +44 ( 0) 20 7193 5883 | business |
RNC narrows 2024 convention finalists down to Nashville and Milwaukee |
The Republican National Committee has narrowed down the sites for
its 2024 national convention
to two cities, Milwaukee and Nashville, according to two people familiar with the decision.
RNC Chairwoman Ronna McDaniel traveled to Milwaukee on Wednesday for an official site visit, according to one of those people.
Two other contenders, Salt Lake City and Pittsburgh, have been ruled out, this person added. Salt Lake City's main arena will be under renovation and unavailable in 2024, the person said.
`` The RNC is very appreciative of the overwhelming interest and competitive bids from cities across the country, especially Salt Lake City and Pittsburgh, to host the 2024 Republican National Convention, '' RNC senior adviser Richard Walters said in a statement Thursday. `` We look forward to entering the final stages of the selection process and delivering an incredible convention for our Party. ''
Politico
first reported the two finalists.
Read More
While Nashville is the capital of Tennessee, a reliably Republican state, selecting Milwaukee would put the GOP's 2024 convention in a key swing state. Republican nominee Donald Trump narrowly won Wisconsin in 2016 but lost it in 2020.
Milwaukee was the planned site of the 2020 Democratic National Convention. But due to the pandemic, Democrats scrapped nearly all of the events in that city, opting for a `` virtual '' convention. The 2020 RNC, meanwhile, was held partly in Charlotte, North Carolina, although the state's Covid-19 restrictions limited some of the events. The prime-time addresses at that convention were instead conducted in Washington, DC. | general |
Apple, Major Production Cos. Sued Over Film Set Harassment | A female worker tasked with coordinating COVID-19 tests on film and television sets hit Apple Inc., Jerry Bruckheimer Inc. and Lionsgate Entertainment with a lawsuit in Louisiana federal court, claiming the companies didn't shield her from her supervisors ' sexual harassment.Alicia Kelly's 81-page complaint took aim at the production companies for their negligence in failing to intervene with or prevent her harassment while she worked on location, as well as the environmental testing and response company — the Center for Toxicology & Environmental Health — that directly employed her.Her suit also named CTEH's owner, Montrose Environmental Group, and the two... | general |
US governors look for ways to aid Ukraine, from field hospital kits to rebuilding funds |
As
Ukrainian President Volodymyr Zelensky
calls on US officials `` to do more '' to help his country, governors around the US are mobilizing to bolster shipments of humanitarian aid and other supplies, including at least one state sending personal protective and medical equipment it had been scrambling to acquire at the beginning of the
Covid-19 pandemic
.
At a state disaster logistics warehouse in Solano County this week, California Gov. Gavin Newsom helped pack up a field hospital kit designed for use during the pandemic to treat 50 patients over three days. The self-contained package of hospital beds, IV-starter kits and poles, tourniquets, trauma and oxygen supplies, and automated external defibrillators fits in a 53-foot trailer that will now be deployed in Ukraine.
After loading and shrink-wrapping boxes for shipment alongside state emergency workers, the Democratic governor scrawled a message in black marker on one of the containers, promising that this would be just the first of multiple donations from his state. While some of the supplies California is offering Ukraine -- like PPE and ventilators -- were in critically short supply in the US just two years ago, the state now has an emergency stockpile that fills more than a million square feet of warehouse space, Newsom said.
`` What a gift for us, for all of us as taxpayers, as Californians, to do this, without any impact whatsoever in terms of our own capacity to maintain readiness and keep us safe, '' Newsom told reporters, describing the state as being in `` an abundant place. ''
California's donation will be added to a much larger March 26 shipment -- including emergency and chronic disease medications, antibiotics and backpacks filled with supplies for emergency first responders -- that is being assembled by the California-based charity Direct Relief and flown via a FedEx 777 charter to Poland, with all items
specifically requested
by the Ukrainian Ministry of Health.
Read More
The idea for California's medical supply donations stemmed from a recent meeting between Newsom and Consul General of Ukraine in San Francisco Dmytro Kushneruk. Officials with Direct Relief said California's donation was the first the charity had received from a state government or municipality that had included surplus Covid-19 supplies.
Direct Relief noted that medical-grade oxygen is critically needed in Ukraine and demand is likely to grow depending on both the course of the war and the pandemic.
`` We 'd be more than willing to work with other states, particularly if they have supplies that match the requests that we have from Ukraine, '' said Leighton Jones, Direct Relief's director of emergency response.
Newsom and a number of other US governors and municipal agencies are also collecting bulletproof vests, helmets and other protective equipment that has been requested by Ukraine. Vermont Gov. Phil Scott, a Republican who recently signed
legislation
to provide nearly $ 645,000 in humanitarian aid to Ukraine that is being sent through Save the Children, is supporting a
body armor drive
coordinated by Vermont law enforcement agencies through next Wednesday.
Ohio Gov. Mike DeWine, a Republican, has asked law enforcement agencies to look for personal protective gear that could be shipped to Ukraine, including expired or extra helmets and body armor. The equipment would be collected, DeWine's office said, only if a need is identified by US European Command, which is helping
coordinate
shipments of weapons to Ukraine.
Several other governors, including Utah Gov. Spencer Cox, have joined forces with private donors to aid in the collection of donations. Cox, a Republican, recently appeared at the launch of a fundraiser and community donation drive known as ``
Driven to Assist
, '' where private donors have pledged to match donations of up to $ 2 million as they also collect items for refugees like diapers, waterproof jackets, warm hats, mittens and base layers, as well as emergency thermal blankets, which will be flown to Europe.
In West Virginia, Gov. Jim Justice asked the legislature to approve $ 5 million in spending to help rebuild
the maternity ward and children's hospital in Mariupol
that was devastated by
bombing
. In a
letter
to the state legislature requesting rebuilding funds that would be used `` once the conflict has ended and the sovereign Ukraine is victorious, independent and free, '' the Republican governor said he hoped the pledge would `` spur others to contribute '' and `` show Putin that the free world stands together in support of Ukraine. ''
Some states are also taking steps to divest their retirement funds from Russian-owned assets while severing other financial ties with Russia. Phil Murphy, the Democratic governor of New Jersey, signed a new law last week unanimously approved by the legislature that aims to prevent companies that do business with the state from dealing with the Russian and Belarusian governments. It would prevent companies with such ties from bidding on or renewing state contracts, working with state agencies and qualifying for tax abatements.
At least 10 states have stopped selling Russian alcohol in their state-run liquor stores, but business analysts have
questioned
the efficacy of that move since very few US consumers buy vodka that is made in Russia and some smaller US companies that import it will be harmed by the boycotts.
Other states with defense contractors manufacturing weapons in their states have been touting the role that their state workers are playing in arming Ukraine.
Alabama Republican Gov. Kay Ivey took to Twitter to boast about Javelin anti-tank missiles being manufactured by Lockheed Martin in Troy, Alabama. `` We want the last thing Putin ever reads to be 'Made in Alabama, ' '' Ivey
tweeted
. | general |
Japanese households accumulate record financial assets as COVID curbs spending | Japanese households had accumulated a record ¥2.023 quadrillion in financial assets as of December last year, roughly four times the size of its economy, as the COVID-19 pandemic kept consumers housebound, saving their money instead of spending it.
While the crisis in Ukraine clouds the outlook by pushing up fuel and living costs for households, the government’ s decision to end pandemic curbs next week could give consumption a much-needed boost.
“ Households may see their purchasing power sapped as prices of goods like flour and gasoline rise, ” said Masato Koike, senior economist at Dai-ichi Life Research Institute. “ But consumption is likely to recover as Japan pulls out from the pandemic. ”
The financial assets households accumulated at the end of December was 4.5% higher than year-before levels, and topped the ¥2 quadrillion mark for the first time, central bank data showed on Thursday.
Cash and deposits accounted for over half of the total assets, up 3.3% to ¥1.092 trillion, the largest on record, reflecting consumers saving more than spending. Comparable data became available in 2005.
Higher stock prices boosted the value of assets held in equities by 15.5% to ¥212 trillion and those in investment trusts by 20.4% to ¥94 trillion.
Assets held by nonfinancial firms hit a record ¥1,279 trillion, up 5.9%, the BOJ data showed. Corporate earnings have been recovering from the initial pandemic fallout.
Corporate lending by financial firms was up 0.2% at ¥356 trillion, a sign of easing funding needs.
The BOJ’ s current policy has kept borrowing costs low, providing funding support in particular for companies hit by the pandemic. As part of its monetary easing, the central bank continues to buy assets including Japanese government bonds and exchange-traded funds.
The BOJ’ s holdings of Japanese government bonds fell 2.9% to ¥530 trillion. But it still owned 43.4% of the outstanding state debt.
Overseas investors held ¥175 trillion worth of the bonds, up 7.4%. | tech |
FedEx Corp. Reports Higher Third Quarter Earnings | Operating Income of $ 1.3 Billion, Up 32% Year Over Year; Up 37% on an Adjusted Basis
Strong Earnings Growth Expected in Fourth Quarter
MEMPHIS, Tenn. -- ( BUSINESS WIRE) -- FedEx Corp. ( NYSE: FDX) today reported financial results for the quarter ended February 28.
FedEx reported ( adjusted measures exclude the items listed below for the applicable fiscal year):
Fiscal 2022
Fiscal 2021
As Reported ( GAAP)
Adjusted ( non-GAAP)
As Reported ( GAAP)
Adjusted ( non-GAAP)
Revenue
$ 23.6 billion
$ 23.6 billion
$ 21.5 billion
$ 21.5 billion
Operating income
$ 1.33 billion
$ 1.46 billion
$ 1.01 billion
$ 1.06 billion
Operating margin
5.6%
6.2%
4.7%
4.9%
Net income
$ 1.1 billion
$ 1.22 billion
$ 892 million
$ 939 million
Diluted EPS
$ 4.20
$ 4.59
$ 3.30
$ 3.47
This year’ s and last year’ s quarterly consolidated results have been adjusted for:
Impact per diluted share
Fiscal 2022
Fiscal 2021
Business realignment costs
$
0.31
$
0.03
TNT Express integration expenses
0.08
0.14
“ The continued execution of our strategies drove improved third quarter results, ” said Frederick W. Smith, FedEx Corp. chairman and chief executive officer. “ I am proud of our team members around the world, who are constantly proving their resilience amidst a rapidly evolving global environment. FedEx is supporting our team members and others affected by the ongoing conflict in Ukraine as we hope to soon see a return to peace. ”
Third quarter operating income improved due to higher revenue per shipment and a net fuel benefit at all transportation segments. The quarter's results also benefited from lower variable compensation expense and less severe winter weather, resulting in favorable year-over-year comparisons. The improved results were partially offset by the effects of the Omicron variant, as well as higher purchased transportation costs and wage rates.
“ We successfully executed during the holiday peak season, resulting in record December operating income, ” said Michael C. Lenz, FedEx Corp. executive vice president and chief financial officer. “ 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. We remain focused on revenue quality and operational efficiency initiatives to mitigate inflationary pressures and drive earnings improvement. ”
Third quarter net income included a tax benefit of $ 78 million ( $ 0.29 per diluted share) related to revisions of prior year estimates for actual tax return results. Last year's net income included discrete tax benefits of $ 108 million ( $ 0.40 per diluted share).
FedEx Express operating results increased, driven by higher yields, a net fuel benefit, and lower variable compensation expense. The improved results were partially offset by the negative effects of the Omicron variant, which constrained near-term economic growth, labor availability, and shipping demand. These effects also resulted in lower express freight revenue, as air capacity limitations drove a temporary suspension of International Economy Express Freight services and certain U.S. Domestic Express Freight services during the quarter. These negative effects on third quarter results fully offset the estimated benefit from less severe winter weather.
FedEx Ground operating results declined primarily due to increased rates for purchased transportation and employee wages, network inefficiencies, and expansion-related costs. These costs were partially offset by higher revenue per package, a boost from two additional ground commercial operating weekdays, and a net fuel benefit. Average daily volume was flat, as Ground Economy declined and growth in commercial and FedEx Home Delivery services was constrained by the effects of the Omicron variant.
FedEx Freight third quarter operating income nearly tripled, driven by a continued focus on revenue quality and profitable growth. Revenue per shipment increased 19% and average daily shipments grew 2% during the quarter, while the operating margin increased 850 basis points to 15.0%.
The previously announced accelerated share repurchase program ( ASR) was completed during the quarter and 6.1 million shares were delivered under the ASR agreement. The decrease in outstanding shares benefited third quarter results by $ 0.06 per diluted share. Cash on-hand as of February 28, 2022 was $ 6.1 billion.
Outlook
FedEx is unable to forecast the year-end fiscal 2022 mark-to-market ( MTM) retirement plans accounting adjustment. As a result, FedEx is unable to provide a fiscal 2022 earnings per share or effective tax rate ( ETR) outlook on a GAAP basis.
FedEx now expects for the fiscal year:
These forecasts assume continued growth in U.S. industrial production and global trade, a continued gradual improvement in labor availability, no new COVID-19 related business restrictions, current fuel price expectations and no additional adverse geopolitical developments. FedEx’ s ETR and earnings per share forecasts are based on current law and related regulations and guidance.
“ Our strategic investments are fundamentally changing the way we perform and execute in e-commerce, demonstrated by our strong performance during the peak month of December, ” said Raj Subramaniam, FedEx Corp. president and chief operating officer. “ We are committed to delivering for our customers, and remain focused on our strategic initiatives to increase productivity, lower our cost to serve and create shareholder value. ”
Corporate Overview
FedEx Corp. ( NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenue of $ 92 billion, the company offers integrated business solutions through operating companies competing collectively, operating collaboratively and innovating digitally under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its nearly 600,000 team members to remain focused on safety, the highest ethical and professional standards and the needs of their customers and communities. FedEx is committed to connecting people and possibilities around the world responsibly and resourcefully, with a goal to achieve carbon-neutral operations by 2040. To learn more, please visit fedex.com/about.
Additional information and operating data are contained in the company’ s annual report, Form 10-K, Form 10-Qs, Form 8-Ks and Statistical Books. These materials, as well as a webcast of the earnings release conference call to be held at 5:30 p.m. EDT on March 17, are available on the company’ s website at investors.fedex.com. A replay of the conference call webcast will be posted on our website following the call.
The Investor Relations page of our website, investors.fedex.com, contains a significant amount of information about FedEx, including our Securities and Exchange Commission ( SEC) filings and financial and other information for investors. The information that we post on our Investor Relations website could be deemed to be material information. We encourage investors, the media and others interested in the company to visit this website from time to time, as information is updated and new information is posted.
Certain statements in this press release may be considered forward-looking statements, such as statements relating to management’ s views with respect to future events and financial performance and underlying assumptions. Forward-looking statements include those preceded by, followed by or that include the words “ will, ” “ may, ” “ could, ” “ would, ” “ should, ” “ believes, ” “ expects, ” “ anticipates, ” “ plans, ” “ estimates, ” “ targets, ” “ projects, ” “ intends ” or similar expressions. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from historical experience or from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions in the global markets in which we operate; our ability to meet our labor and purchased transportation needs while controlling related costs; a significant data breach or other disruption to our technology infrastructure; the continuing effect of the COVID-19 pandemic; anti-trade measures and additional changes in international trade policies and relations; the effect of any international conflicts or terrorist activities, including as a result of the current conflict between Russia and Ukraine; our ability to successfully implement our business strategy, effectively respond to changes in market dynamics and achieve the anticipated benefits and associated cost savings of such strategies and actions, including our ability to successfully implement our FedEx Express workforce reduction plan in Europe and to continue to transform and optimize the FedEx Express international business, particularly in Europe; damage to our reputation or loss of brand equity; changes in the business or financial soundness of the U.S. Postal Service, including strategic changes to its operations to reduce its reliance on the air network of FedEx Express; changes in fuel prices or currency exchange rates, including significant increases in fuel prices as a result of the ongoing conflict between Russia and Ukraine; our ability to match capacity to shifting volume levels; the effect of intense competition; our ability to effectively operate, integrate, leverage and grow acquired businesses and realize the anticipated benefits of acquisitions and other strategic transactions; the future rate of e-commerce growth and our ability to successfully expand our e-commerce services portfolio; the timeline for recovery of passenger airline cargo capacity; evolving or new U.S. domestic or international laws and government regulations, policies and actions; future guidance, regulations, interpretations, challenges or judicial decisions related to our tax positions; legal challenges or changes related to service providers engaged by FedEx Ground and the drivers providing services on their behalf; an increase in self-insurance accruals and expenses; our ability to quickly and effectively restore operations following adverse weather or a localized disaster or disturbance in a key geography; our ability to achieve our goal of carbon-neutral operations by 2040; and other factors which can be found in FedEx Corp.’ s and its subsidiaries’ press releases and FedEx Corp.’ s filings with the SEC. Any forward-looking statement speaks only as of the date on which it is made. We do not undertake or assume any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
The financial section of this release is provided on the company's website at investors.fedex.com
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES
Third Quarter Fiscal 2022 and Fiscal 2021 Results
The company reports its financial results in accordance with accounting principles generally accepted in the United States ( “ GAAP ” or “ reported ”). We have supplemented the reporting of our financial information determined in accordance with GAAP with certain non-GAAP ( or “ adjusted ”) financial measures, including our adjusted third quarter fiscal 2022 and 2021 consolidated operating income and margin, net income and diluted earnings per share, and adjusted third quarter fiscal 2022 and 2021 FedEx Express segment operating income and margin. These financial measures have been adjusted to exclude the effect of the following items:
The costs related to business realignment activities in connection with the FedEx Express workforce reduction plan in Europe are excluded from our third quarter fiscal 2022 and fiscal 2021 consolidated and FedEx Express segment non-GAAP financial measures because they are unrelated to our core operating performance and to assist investors with assessing trends in our underlying businesses.
We have incurred and expect to incur significant expenses through fiscal 2022 in connection with our integration of TNT Express. We have adjusted our third quarter fiscal 2022 and 2021 consolidated and FedEx Express segment financial measures to exclude TNT Express integration expenses because we generally would not incur such expenses as part of our continuing operations. The integration expenses are predominantly incremental costs directly associated with the integration of TNT Express, including professional and legal fees and other operating expenses. Internal salaries and employee benefits are included only to the extent the individuals are assigned full-time to integration activities. The integration expenses do not include costs associated with our business realignment activities.
We believe these adjusted financial measures facilitate analysis and comparisons of our ongoing business operations because they exclude items that may not be indicative of, or are unrelated to, the company’ s and our business segments’ core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. These adjustments are consistent with how management views our businesses. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating the company’ s and each business segment’ s ongoing performance.
Our non-GAAP financial measures are intended to supplement and should be read together with, and are not an alternative or substitute for, and should not be considered superior to, our reported financial results. Accordingly, users of our financial statements should not place undue reliance on these non-GAAP financial measures. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. As required by SEC rules, the tables below present a reconciliation of our presented non-GAAP financial measures to the most directly comparable GAAP measures.
Fiscal 2022 Earnings Per Share and Effective Tax Rate Forecasts
Our fiscal 2022 earnings per share ( EPS) forecast is a non-GAAP financial measure because it excludes ( i) the fiscal 2022 year-end MTM retirement plans accounting adjustment, ( ii) estimated fiscal 2022 TNT Express integration expenses, ( iii) estimated fiscal 2022 business realignment costs, and ( iv) the second quarter fiscal 2022 MTM retirement plans accounting adjustments. Our fiscal 2022 effective tax rate ( ETR) forecast is a non-GAAP financial measure because it excludes the effect of the fiscal 2022 year-end MTM retirement plans accounting adjustment.
We have provided these non-GAAP financial measures for the same reasons that were outlined above for historical non-GAAP measures. These items are excluded from our fiscal 2022 EPS and ETR forecasts, as applicable, for the same reasons described above for historical non-GAAP measures. The fiscal 2022 year-end MTM retirement plans accounting adjustment is excluded from our fiscal 2022 EPS and ETR forecasts because it is unrelated to our core operating performance and to assist investors with assessing trends in our underlying businesses.
We are unable to predict the amount of the year-end MTM retirement plans accounting adjustment, as it is significantly affected by changes in interest rates and the financial markets, so such adjustment is not included in our fiscal 2022 EPS and ETR forecasts. For this reason, a full reconciliation of our fiscal 2022 EPS and ETR forecasts to the most directly comparable GAAP measures is impracticable. It is reasonably possible, however, that our fiscal 2022 year-end MTM retirement plans accounting adjustment could have a material effect on our fiscal 2022 consolidated financial results and ETR.
The table included below titled “ Fiscal 2022 Earnings Per Share Forecast ” outlines the effects of the items that are excluded from our fiscal 2022 EPS forecast, other than the year-end MTM retirement plans accounting adjustment.
Third Quarter Fiscal 2022
FedEx Corporation
Operating
Income
Net
Diluted Earnings
Dollars in millions, except EPS
Income
Margin
Taxes1
Income2
Per Share
GAAP measure
$
1,326
5.6
%
$
263
$
1,112
$
4.20
Business realignment costs3
107
0.5
%
25
82
0.31
TNT Express integration expenses4
29
0.1
%
6
23
0.08
Non-GAAP measure
$
1,462
6.2
%
$
294
$
1,217
$
4.59
FedEx Express Segment
Operating
Dollars in millions
Income
Margin5
GAAP measure
$
520
4.6
%
Business realignment costs
107
0.9
%
TNT Express integration expenses
24
0.2
%
Non-GAAP measure
$
651
5.8
%
Third Quarter Fiscal 2021
FedEx Corporation
Operating
Income
Net
Diluted Earnings
Dollars in millions, except EPS
Income
Margin
Taxes1
Income2
Per Share
GAAP measure
$
1,005
4.7
%
$
157
$
892
$
3.30
TNT Express integration expenses4
49
0.2
%
10
39
0.14
Business realignment costs3
10
—
2
8
0.03
Non-GAAP measure
$
1,064
4.9
%
$
169
$
939
$
3.47
FedEx Express Segment
Operating
Dollars in millions
Income
Margin
GAAP measure
$
463
4.3
%
TNT Express integration expenses
41
0.4
%
Business realignment costs
10
0.1
%
Non-GAAP measure
$
514
4.8
%
Fiscal 2022 Earnings Per Share Forecast
Dollars in millions, except EPS
Adjustments
Diluted Earnings Per Share
Earnings per diluted share before year-end MTM retirement plans accounting adjustment ( non-GAAP) 6
$ 18.60 to $ 19.60
TNT Express integration expenses
$
150
Income tax effect1
( 32
)
Net of tax effect
$
118
0.44
Business realignment costs
$
250
Income tax effect1
( 55
)
Net of tax effect
$
195
0.73
Second quarter fiscal 2022 MTM retirement plans accounting adjustments7
$
260
Income tax effect1
( 65
)
Net of tax effect
$
195
0.73
Earnings per diluted share with adjustments6
$ 20.50 to $ 21.50
Notes:
1 –
Income taxes are based on the company’ s approximate statutory tax rates applicable to each transaction.
2 –
Effect of “ total other ( expense) income ” on net income amount not shown.
3 –
Business realignment costs were recognized at FedEx Express.
4 –
These expenses were recognized at FedEx Corporation and FedEx Express.
5 –
Does not sum to total due to rounding.
6 – | general |
Merck’ s KEYTRUDA® ( pembrolizumab) Significantly Improved Disease-Free Survival ( DFS) Versus Placebo as Adjuvant Therapy in Patients With Stage IB-IIIA Non-Small Cell Lung Cancer ( NSCLC) Regardless of PD-L1 Expression | First Phase 3 Study To Demonstrate Statistically Significant Improvement in DFS in the Adjuvant Setting for Patients With Stage IB-IIIA NSCLC Regardless of PD-L1 Expression
KENILWORTH, N.J. -- ( BUSINESS WIRE) -- Merck ( NYSE: MRK), known as MSD outside the United States and Canada, the European Organisation for Research and Treatment of Cancer ( EORTC) and the European Thoracic Oncology Platform ( ETOP) today announced results from the pivotal Phase 3 KEYNOTE-091 trial, also known as EORTC-1416-LCG/ETOP-8-15 – PEARLS. The study found that adjuvant treatment with KEYTRUDA significantly improved disease-free survival ( DFS), one of the dual primary endpoints, reducing the risk of disease recurrence or death by 24% compared to placebo ( hazard ratio [ HR ] =0.76 [ 95% CI, 0.63-0.91 ]; p=0.0014) in patients with stage IB ( ≥4 centimeters) to IIIA non-small cell lung cancer ( NSCLC) following surgical resection regardless of PD-L1 expression. Median DFS was 53.6 months for KEYTRUDA versus 42.0 months for placebo, an improvement of nearly one year. These data are being presented today during a European Society for Medical Oncology ( ESMO) Virtual Plenary and will be shared with regulatory authorities worldwide.
“ These are the first positive results for KEYTRUDA in the adjuvant setting for non-small cell lung cancer, and represent the sixth positive pivotal study evaluating a KEYTRUDA-based regimen in earlier stages of cancer, ” said Dr. Roy Baynes, senior vice president and head of global clinical development, chief medical officer, Merck Research Laboratories. “ KEYTRUDA has become foundational in the treatment of metastatic non-small cell lung cancer, and we are pleased to present these data showing the potential of KEYTRUDA to help more patients with lung cancer in earlier stages of disease. We thank the patients, their caregivers and investigators for participating in this study. ”
As previously announced, there was also an improvement in DFS for patients whose tumors express PD-L1 ( tumor proportion score [ TPS ] ≥50%) treated with KEYTRUDA compared to placebo, the other dual primary endpoint; these results did not reach statistical significance per the pre-specified statistical plan ( HR=0.82 [ 95% CI, 0.57-1.18 ]; p=0.14). Among these patients, median DFS was not reached in either arm. Additionally, a favorable trend in overall survival ( OS), a key secondary endpoint, was observed for KEYTRUDA versus placebo regardless of PD-L1 expression ( HR=0.87 [ 95% CI, 0.67-1.15 ]; p=0.17); these OS data are not mature and did not reach statistical significance at the time of this interim analysis. The trial will continue to evaluate DFS in patients whose tumors express high levels of PD-L1 ( TPS ≥50%) and OS. The safety profile of KEYTRUDA in this study was consistent with that observed in previously reported studies.
“ Lung cancer is most treatable at earlier stages, and adding treatment after surgery may help reduce the risk of recurrence, ” said Professor Mary O'Brien, consultant medical oncologist and head of the Lung Unit at The Royal Marsden NHS Foundation Trust and professor of practice ( medical oncology) at Imperial College London, as well as co-principal investigator. “ We are encouraged by these new Phase 3 data, as they represent the first time adjuvant immunotherapy has demonstrated a statistically significant and clinically meaningful improvement in disease-free survival for patients with stage IB-IIIA non-small cell lung cancer. ”
“ While significant advancements have been made in the treatment of metastatic non-small cell lung cancer, there remains an unmet need for patients with earlier stages of this disease, as up to 43% of them will experience disease recurrence following surgery, ” said Dr. Luis Paz-Ares, chair of the medical oncology department, Hospital Universitario Doce de Octubre, Madrid, Spain and co-principal investigator. “ The positive disease-free survival data observed in this study with the use of KEYTRUDA in the adjuvant setting has the potential to have important implications for how we treat patients with stage IB-IIIA non-small cell lung cancer. ”
In addition to KEYNOTE-091, five other pivotal trials evaluating a KEYTRUDA-based regimen in patients with earlier stages of cancer met their primary endpoint ( s). These trials included: KEYNOTE-716 in stage IIB and IIC melanoma; KEYNOTE-054 in stage III melanoma; KEYNOTE-564 in renal cell carcinoma; KEYNOTE-522 in triple-negative breast cancer; and KEYNOTE-057 in Bacillus Calmette-Guerin ( BCG) -unresponsive, high-risk, non-muscle invasive bladder cancer.
Merck has an extensive clinical development program in lung cancer and is advancing multiple registration-enabling studies, with research directed at earlier stages of disease and novel combinations. Key studies in earlier stages of NSCLC include KEYNOTE-091, KEYNOTE-671, KEYNOTE-867 and KEYLYNK-012.
Study Design and Additional Data From KEYNOTE-091
KEYNOTE-091, also known as EORTC-1416-LCG/ETOP-8-15 – PEARLS, is a randomized, Phase 3 trial ( ClinicalTrials.gov, NCT02504372) sponsored by Merck and conducted in collaboration with EORTC and ETOP evaluating KEYTRUDA compared to placebo for the adjuvant treatment of patients with stage IB ( ≥4 centimeters) to IIIA NSCLC following surgical resection ( lobectomy or pneumonectomy) and with adjuvant chemotherapy when indicated. The dual primary endpoints are DFS in the overall population and in patients whose tumors express PD-L1 ( TPS ≥50%). Disease-free survival is calculated as the time from randomization to the date of disease recurrence, occurrence of second primary lung cancer, occurrence of second malignancy, or death from any cause, whichever occurs first. The secondary endpoints include OS and lung cancer-specific survival ( the time from randomization to date of death due to lung cancer specifically). The study randomized 1,177 patients ( 1:1) to receive either KEYTRUDA ( 200 mg intravenously [ IV ] every three weeks [ Q3W ] for one year or maximum 18 doses; n=590); or placebo ( IV Q3W for one year or maximum 18 doses; n=587). The median number of doses was 17 for KEYTRUDA and 18 for placebo. As of data cut-off for this interim analysis ( September 20, 2021), median time from randomization to data cut-off was 35.6 months ( range, 16.5-68.0 months).
Grade ≥3 adverse events occurred in 34.1% of patients receiving KEYTRUDA and 25.8% of patients receiving placebo. Adverse events resulting in discontinuation of any treatment occurred in 19.8% of patients receiving KEYTRUDA and 5.9% of patients receiving placebo; there were four treatment-related deaths in the KEYTRUDA arm and no treatment-related deaths in the placebo arm.
About EORTC
The European Organisation for Research and Treatment of Cancer ( EORTC) is a non-governmental, non-profit organisation, which unites clinical cancer research experts, throughout Europe, to define better treatments for cancer patients to prolong survival and improve quality of life. Spanning from translational to large, prospective, multi-centre, phase III clinical trials that evaluate new therapies and treatment strategies as well as patient quality of life, its activities are coordinated from EORTC Headquarters, a unique international clinical research infrastructure, based in Brussels, Belgium.
For further information, please visit the EORTC website: www.eortc.org.
About ETOP
The European Thoracic Oncology Platform ( ETOP) is a foundation promoting exchange and research in the field of thoracic malignancies in Europe. It is a not-for-profit organization, domiciled in Bern, Switzerland. Since 2009 ETOP been able to bring together international leaders in field of thoracic malignancies from all disciplines and has continuously enlarged its clinical trial and translational research activity in collaboration with many groups and institutions from 20 countries from Europe and beyond.
For further information, please visit the ETOP website: www.etop-eu.org.
About Lung Cancer
Lung cancer is the leading cause of cancer death worldwide. In 2020 alone, there were more than 2.2 million new cases and 1.8 million deaths from lung cancer globally. Non-small cell lung cancer ( NSCLC) is the most common type of lung cancer, accounting for about 82% of all cases. In the U.S., the overall five-year survival rate for patients diagnosed with lung cancer is 24%, a 14% improvement over the last five years. Improving survival rates are due in part to earlier detection and screening, reduction in smoking, advances in diagnostic and surgical procedures as well as the introduction of new therapies.
About Merck’ s Research in Lung Cancer
Merck is advancing research aimed at transforming the way lung cancer is treated, with a goal of improving outcomes for patients affected by this deadly disease. Through nearly 200 clinical trials evaluating more than 36,000 patients around the world, Merck is at the forefront of lung cancer research. In advanced NSCLC, KEYTRUDA has four approved U.S. indications ( see indications below), and is approved in advanced NSCLC in more than 95 countries. Among Merck’ s research efforts are trials focused on evaluating KEYTRUDA in earlier stages of lung cancer as well as identifying new combinations and coformulations with KEYTRUDA.
About Merck’ s Early-Stage Cancer Clinical Program
Finding cancer at an earlier stage may give patients a greater chance of long-term survival. Many cancers are considered most treatable and potentially curable in their earliest stage of disease. Building on the strong understanding of the role of KEYTRUDA in later-stage cancers, Merck is studying KEYTRUDA in earlier disease states, with approximately 20 ongoing registrational studies across multiple types of cancer.
About KEYTRUDA® ( pembrolizumab) Injection, 100 mg
KEYTRUDA is an anti-programmed death receptor-1 ( PD-1) therapy that works by increasing the ability of the body’ s immune system to help detect and fight tumor cells. KEYTRUDA is a humanized monoclonal antibody that blocks the interaction between PD-1 and its ligands, PD-L1 and PD-L2, thereby activating T lymphocytes which may affect both tumor cells and healthy cells.
Merck has the industry’ s largest immuno-oncology clinical research program. There are currently more than 1,700 trials studying KEYTRUDA across a wide variety of cancers and treatment settings. The KEYTRUDA clinical program seeks to understand the role of KEYTRUDA across cancers and the factors that may predict a patient's likelihood of benefitting from treatment with KEYTRUDA, including exploring several different biomarkers.
Selected Indications for KEYTRUDA® ( pembrolizumab) in the U.S.
Non-Small Cell Lung Cancer
KEYTRUDA, in combination with pemetrexed and platinum chemotherapy, is indicated for the first-line treatment of patients with metastatic nonsquamous non-small cell lung cancer ( NSCLC), with no EGFR or ALK genomic tumor aberrations.
KEYTRUDA, in combination with carboplatin and either paclitaxel or paclitaxel protein-bound, is indicated for the first-line treatment of patients with metastatic squamous NSCLC.
KEYTRUDA, as a single agent, is indicated for the first-line treatment of patients with NSCLC expressing PD-L1 [ tumor proportion score ( TPS) ≥1% ] as determined by an FDA-approved test, with no EGFR or ALK genomic tumor aberrations, and is:
KEYTRUDA, as a single agent, is indicated for the treatment of patients with metastatic NSCLC whose tumors express PD-L1 ( TPS ≥1%) as determined by an FDA-approved test, with disease progression on or after platinum-containing chemotherapy. Patients with EGFR or ALK genomic tumor aberrations should have disease progression on FDA-approved therapy for these aberrations prior to receiving KEYTRUDA.
See additional selected indications for KEYTRUDA in the U.S. after the Selected Important Safety Information
Selected Important Safety Information for KEYTRUDA
Severe and Fatal Immune-Mediated Adverse Reactions
KEYTRUDA is a monoclonal antibody that belongs to a class of drugs that bind to either the PD-1 or the PD-L1, blocking the PD-1/PD-L1 pathway, thereby removing inhibition of the immune response, potentially breaking peripheral tolerance and inducing immune-mediated adverse reactions. Immune-mediated adverse reactions, which may be severe or fatal, can occur in any organ system or tissue, can affect more than one body system simultaneously, and can occur at any time after starting treatment or after discontinuation of treatment. Important immune-mediated adverse reactions listed here may not include all possible severe and fatal immune-mediated adverse reactions.
Monitor patients closely for symptoms and signs that may be clinical manifestations of underlying immune-mediated adverse reactions. Early identification and management are essential to ensure safe use of anti–PD-1/PD-L1 treatments. Evaluate liver enzymes, creatinine, and thyroid function at baseline and periodically during treatment. For patients with TNBC treated with KEYTRUDA in the neoadjuvant setting, monitor blood cortisol at baseline, prior to surgery, and as clinically indicated. In cases of suspected immune-mediated adverse reactions, initiate appropriate workup to exclude alternative etiologies, including infection. Institute medical management promptly, including specialty consultation as appropriate.
Withhold or permanently discontinue KEYTRUDA depending on severity of the immune-mediated adverse reaction. In general, if KEYTRUDA requires interruption or discontinuation, administer systemic corticosteroid therapy ( 1 to 2 mg/kg/day prednisone or equivalent) until improvement to Grade 1 or less. Upon improvement to Grade 1 or less, initiate corticosteroid taper and continue to taper over at least 1 month. Consider administration of other systemic immunosuppressants in patients whose adverse reactions are not controlled with corticosteroid therapy.
Immune-Mediated Pneumonitis
KEYTRUDA can cause immune-mediated pneumonitis. The incidence is higher in patients who have received prior thoracic radiation. Immune-mediated pneumonitis occurred in 3.4% ( 94/2799) of patients receiving KEYTRUDA, including fatal ( 0.1%), Grade 4 ( 0.3%), Grade 3 ( 0.9%), and Grade 2 ( 1.3%) reactions. Systemic corticosteroids were required in 67% ( 63/94) of patients. Pneumonitis led to permanent discontinuation of KEYTRUDA in 1.3% ( 36) and withholding in 0.9% ( 26) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, 23% had recurrence. Pneumonitis resolved in 59% of the 94 patients.
Pneumonitis occurred in 8% ( 31/389) of adult patients with cHL receiving KEYTRUDA as a single agent, including Grades 3-4 in 2.3% of patients. Patients received high-dose corticosteroids for a median duration of 10 days ( range: 2 days to 53 months). Pneumonitis rates were similar in patients with and without prior thoracic radiation. Pneumonitis led to discontinuation of KEYTRUDA in 5.4% ( 21) of patients. Of the patients who developed pneumonitis, 42% interrupted KEYTRUDA, 68% discontinued KEYTRUDA, and 77% had resolution.
Immune-Mediated Colitis
KEYTRUDA can cause immune-mediated colitis, which may present with diarrhea. Cytomegalovirus infection/reactivation has been reported in patients with corticosteroid-refractory immune-mediated colitis. In cases of corticosteroid-refractory colitis, consider repeating infectious workup to exclude alternative etiologies. Immune-mediated colitis occurred in 1.7% ( 48/2799) of patients receiving KEYTRUDA, including Grade 4 ( < 0.1%), Grade 3 ( 1.1%), and Grade 2 ( 0.4%) reactions. Systemic corticosteroids were required in 69% ( 33/48); additional immunosuppressant therapy was required in 4.2% of patients. Colitis led to permanent discontinuation of KEYTRUDA in 0.5% ( 15) and withholding in 0.5% ( 13) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, 23% had recurrence. Colitis resolved in 85% of the 48 patients.
Hepatotoxicity and Immune-Mediated Hepatitis
KEYTRUDA as a Single Agent
KEYTRUDA can cause immune-mediated hepatitis. Immune-mediated hepatitis occurred in 0.7% ( 19/2799) of patients receiving KEYTRUDA, including Grade 4 ( < 0.1%), Grade 3 ( 0.4%), and Grade 2 ( 0.1%) reactions. Systemic corticosteroids were required in 68% ( 13/19) of patients; additional immunosuppressant therapy was required in 11% of patients. Hepatitis led to permanent discontinuation of KEYTRUDA in 0.2% ( 6) and withholding in 0.3% ( 9) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, none had recurrence. Hepatitis resolved in 79% of the 19 patients.
KEYTRUDA With Axitinib
First-line treatment of advanced RCC in combination therapy with axitinib ( KEYNOTE-426)
KEYTRUDA in combination with axitinib can cause hepatic toxicity. Monitor liver enzymes before initiation of and periodically throughout treatment. Consider monitoring more frequently as compared to when the drugs are administered as single agents. For elevated liver enzymes, interrupt KEYTRUDA and axitinib, and consider administering corticosteroids as needed. With the combination of KEYTRUDA and axitinib, Grades 3 and 4 increased alanine aminotransferase ( ALT) ( 20%) and increased aspartate aminotransferase ( AST) ( 13%) were seen at a higher frequency compared to KEYTRUDA alone. Fifty-nine percent of the patients with increased ALT received systemic corticosteroids. In patients with ALT ≥3 times upper limit of normal ( ULN) ( Grades 2-4, n=116), ALT resolved to Grades 0-1 in 94%. Among the 92 patients who were rechallenged with either KEYTRUDA ( n=3) or axitinib ( n=34) administered as a single agent or with both ( n=55), recurrence of ALT ≥3 times ULN was observed in 1 patient receiving KEYTRUDA, 16 patients receiving axitinib, and 24 patients receiving both. All patients with a recurrence of ALT ≥3 ULN subsequently recovered from the event.
Immune-Mediated Endocrinopathies
Adrenal Insufficiency
KEYTRUDA can cause primary or secondary adrenal insufficiency. For Grade 2 or higher, initiate symptomatic treatment, including hormone replacement as clinically indicated. Withhold KEYTRUDA depending on severity. Adrenal insufficiency occurred in 0.8% ( 22/2799) of patients receiving KEYTRUDA, including Grade 4 ( < 0.1%), Grade 3 ( 0.3%), and Grade 2 ( 0.3%) reactions. Systemic corticosteroids were required in 77% ( 17/22) of patients; of these, the majority remained on systemic corticosteroids. Adrenal insufficiency led to permanent discontinuation of KEYTRUDA in < 0.1% ( 1) and withholding in 0.3% ( 8) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement.
Hypophysitis
KEYTRUDA can cause immune-mediated hypophysitis. Hypophysitis can present with acute symptoms associated with mass effect such as headache, photophobia, or visual field defects. Hypophysitis can cause hypopituitarism. Initiate hormone replacement as indicated. Withhold or permanently discontinue KEYTRUDA depending on severity. Hypophysitis occurred in 0.6% ( 17/2799) of patients receiving KEYTRUDA, including Grade 4 ( < 0.1%), Grade 3 ( 0.3%), and Grade 2 ( 0.2%) reactions. Systemic corticosteroids were required in 94% ( 16/17) of patients; of these, the majority remained on systemic corticosteroids. Hypophysitis led to permanent discontinuation of KEYTRUDA in 0.1% ( 4) and withholding in 0.3% ( 7) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement.
Thyroid Disorders
KEYTRUDA can cause immune-mediated thyroid disorders. Thyroiditis can present with or without endocrinopathy. Hypothyroidism can follow hyperthyroidism. Initiate hormone replacement for hypothyroidism or institute medical management of hyperthyroidism as clinically indicated. Withhold or permanently discontinue KEYTRUDA depending on severity. Thyroiditis occurred in 0.6% ( 16/2799) of patients receiving KEYTRUDA, including Grade 2 ( 0.3%). None discontinued, but KEYTRUDA was withheld in < 0.1% ( 1) of patients.
Hyperthyroidism occurred in 3.4% ( 96/2799) of patients receiving KEYTRUDA, including Grade 3 ( 0.1%) and Grade 2 ( 0.8%). It led to permanent discontinuation of KEYTRUDA in < 0.1% ( 2) and withholding in 0.3% ( 7) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement. Hypothyroidism occurred in 8% ( 237/2799) of patients receiving KEYTRUDA, including Grade 3 ( 0.1%) and Grade 2 ( 6.2%). It led to permanent discontinuation of KEYTRUDA in < 0.1% ( 1) and withholding in 0.5% ( 14) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement. The majority of patients with hypothyroidism required long-term thyroid hormone replacement. The incidence of new or worsening hypothyroidism was higher in 1185 patients with HNSCC, occurring in 16% of patients receiving KEYTRUDA as a single agent or in combination with platinum and FU, including Grade 3 ( 0.3%) hypothyroidism. The incidence of new or worsening hypothyroidism was higher in 389 adult patients with cHL ( 17%) receiving KEYTRUDA as a single agent, including Grade 1 ( 6.2%) and Grade 2 ( 10.8%) hypothyroidism.
Type 1 Diabetes Mellitus ( DM), Which Can Present With Diabetic Ketoacidosis
Monitor patients for hyperglycemia or other signs and symptoms of diabetes. Initiate treatment with insulin as clinically indicated. Withhold KEYTRUDA depending on severity. Type 1 DM occurred in 0.2% ( 6/2799) of patients receiving KEYTRUDA. It led to permanent discontinuation in < 0.1% ( 1) and withholding of KEYTRUDA in < 0.1% ( 1) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement.
Immune-Mediated Nephritis With Renal Dysfunction
KEYTRUDA can cause immune-mediated nephritis. Immune-mediated nephritis occurred in 0.3% ( 9/2799) of patients receiving KEYTRUDA, including Grade 4 ( < 0.1%), Grade 3 ( 0.1%), and Grade 2 ( 0.1%) reactions. Systemic corticosteroids were required in 89% ( 8/9) of patients. Nephritis led to permanent discontinuation of KEYTRUDA in 0.1% ( 3) and withholding in 0.1% ( 3) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, none had recurrence. Nephritis resolved in 56% of the 9 patients.
Immune-Mediated Dermatologic Adverse Reactions
KEYTRUDA can cause immune-mediated rash or dermatitis. Exfoliative dermatitis, including Stevens-Johnson syndrome, drug rash with eosinophilia and systemic symptoms, and toxic epidermal necrolysis, has occurred with anti–PD-1/PD-L1 treatments. Topical emollients and/or topical corticosteroids may be adequate to treat mild to moderate nonexfoliative rashes. Withhold or permanently discontinue KEYTRUDA depending on severity. Immune-mediated dermatologic adverse reactions occurred in 1.4% ( 38/2799) of patients receiving KEYTRUDA, including Grade 3 ( 1%) and Grade 2 ( 0.1%) reactions. Systemic corticosteroids were required in 40% ( 15/38) of patients. These reactions led to permanent discontinuation in 0.1% ( 2) and withholding of KEYTRUDA in 0.6% ( 16) of patients. All patients who were withheld reinitiated KEYTRUDA after symptom improvement; of these, 6% had recurrence. The reactions resolved in 79% of the 38 patients.
Other Immune-Mediated Adverse Reactions
The following clinically significant immune-mediated adverse reactions occurred at an incidence of < 1% ( unless otherwise noted) in patients who received KEYTRUDA or were reported with the use of other anti–PD-1/PD-L1 treatments. Severe or fatal cases have been reported for some of these adverse reactions. Cardiac/Vascular: Myocarditis, pericarditis, vasculitis; Nervous System: Meningitis, encephalitis, myelitis and demyelination, myasthenic syndrome/myasthenia gravis ( including exacerbation), Guillain-Barré syndrome, nerve paresis, autoimmune neuropathy; Ocular: Uveitis, iritis and other ocular inflammatory toxicities can occur. Some cases can be associated with retinal detachment. Various grades of visual impairment, including blindness, can occur. If uveitis occurs in combination with other immune-mediated adverse reactions, consider a Vogt-Koyanagi-Harada-like syndrome, as this may require treatment with systemic steroids to reduce the risk of permanent vision loss; Gastrointestinal: Pancreatitis, to include increases in serum amylase and lipase levels, gastritis, duodenitis; Musculoskeletal and Connective Tissue: Myositis/polymyositis, rhabdomyolysis ( and associated sequelae, including renal failure), arthritis ( 1.5%), polymyalgia rheumatica; Endocrine: Hypoparathyroidism; Hematologic/Immune: Hemolytic anemia, aplastic anemia, hemophagocytic lymphohistiocytosis, systemic inflammatory response syndrome, histiocytic necrotizing lymphadenitis ( Kikuchi lymphadenitis), sarcoidosis, immune thrombocytopenic purpura, solid organ transplant rejection.
Infusion-Related Reactions
KEYTRUDA can cause severe or life-threatening infusion-related reactions, including hypersensitivity and anaphylaxis, which have been reported in 0.2% of 2799 patients receiving KEYTRUDA. Monitor for signs and symptoms of infusion-related reactions. Interrupt or slow the rate of infusion for Grade 1 or Grade 2 reactions. For Grade 3 or Grade 4 reactions, stop infusion and permanently discontinue KEYTRUDA.
Complications of Allogeneic Hematopoietic Stem Cell Transplantation ( HSCT)
Fatal and other serious complications can occur in patients who receive allogeneic HSCT before or after anti–PD-1/PD-L1 treatments. Transplant-related complications include hyperacute graft-versus-host disease ( GVHD), acute and chronic GVHD, hepatic veno-occlusive disease after reduced intensity conditioning, and steroid-requiring febrile syndrome ( without an identified infectious cause). These complications may occur despite intervening therapy between anti–PD-1/PD-L1 treatment and allogeneic HSCT. Follow patients closely for evidence of these complications and intervene promptly. Consider the benefit vs risks of using anti–PD-1/PD-L1 treatments prior to or after an allogeneic HSCT.
Increased Mortality in Patients With Multiple Myeloma
In trials in patients with multiple myeloma, the addition of KEYTRUDA to a thalidomide analogue plus dexamethasone resulted in increased mortality. Treatment of these patients with an anti–PD-1/PD-L1 treatment in this combination is not recommended outside of controlled trials.
Embryofetal Toxicity
Based on its mechanism of action, KEYTRUDA can cause fetal harm when administered to a pregnant woman. Advise women of this potential risk. In females of reproductive potential, verify pregnancy status prior to initiating KEYTRUDA and advise them to use effective contraception during treatment and for 4 months after the last dose.
Adverse Reactions
In KEYNOTE-006, KEYTRUDA was discontinued due to adverse reactions in 9% of 555 patients with advanced melanoma; adverse reactions leading to permanent discontinuation in more than one patient were colitis ( 1.4%), autoimmune hepatitis ( 0.7%), allergic reaction ( 0.4%), polyneuropathy ( 0.4%), and cardiac failure ( 0.4%). The most common adverse reactions ( ≥20%) with KEYTRUDA were fatigue ( 28%), diarrhea ( 26%), rash ( 24%), and nausea ( 21%).
In KEYNOTE-054, when KEYTRUDA was administered as a single agent to patients with stage III melanoma, KEYTRUDA was permanently discontinued due to adverse reactions in 14% of 509 patients; the most common ( ≥1%) were pneumonitis ( 1.4%), colitis ( 1.2%), and diarrhea ( 1%). Serious adverse reactions occurred in 25% of patients receiving KEYTRUDA. The most common adverse reaction ( ≥20%) with KEYTRUDA was diarrhea ( 28%). In KEYNOTE-716, when KEYTRUDA was administered as a single agent to patients with stage IIB or IIC melanoma, adverse reactions occurring in patients with stage IIB or IIC melanoma were similar to those occurring in 1011 patients with stage III melanoma from KEYNOTE-054.
In KEYNOTE-189, when KEYTRUDA was administered with pemetrexed and platinum chemotherapy in metastatic nonsquamous NSCLC, KEYTRUDA was discontinued due to adverse reactions in 20% of 405 patients. The most common adverse reactions resulting in permanent discontinuation of KEYTRUDA were pneumonitis ( 3%) and acute kidney injury ( 2%). The most common adverse reactions ( ≥20%) with KEYTRUDA were nausea ( 56%), fatigue ( 56%), constipation ( 35%), diarrhea ( 31%), decreased appetite ( 28%), rash ( 25%), vomiting ( 24%), cough ( 21%), dyspnea ( 21%), and pyrexia ( 20%).
In KEYNOTE-407, when KEYTRUDA was administered with carboplatin and either paclitaxel or paclitaxel protein-bound in metastatic squamous NSCLC, KEYTRUDA was discontinued due to adverse reactions in 15% of 101 patients. The most frequent serious adverse reactions reported in at least 2% of patients were febrile neutropenia, pneumonia, and urinary tract infection. Adverse reactions observed in KEYNOTE-407 were similar to those observed in KEYNOTE-189 with the exception that increased incidences of alopecia ( 47% vs 36%) and peripheral neuropathy ( 31% vs 25%) were observed in the KEYTRUDA and chemotherapy arm compared to the placebo and chemotherapy arm in KEYNOTE-407.
In KEYNOTE-042, KEYTRUDA was discontinued due to adverse reactions in 19% of 636 patients with advanced NSCLC; the most common were pneumonitis ( 3%), death due to unknown cause ( 1.6%), and pneumonia ( 1.4%). The most frequent serious adverse reactions reported in at least 2% of patients were pneumonia ( 7%), pneumonitis ( 3.9%), pulmonary embolism ( 2.4%), and pleural effusion ( 2.2%). The most common adverse reaction ( ≥20%) was fatigue ( 25%).
In KEYNOTE-010, KEYTRUDA monotherapy was discontinued due to adverse reactions in 8% of 682 patients with metastatic NSCLC; the most common was pneumonitis ( 1.8%). The most common adverse reactions ( ≥20%) were decreased appetite ( 25%), fatigue ( 25%), dyspnea ( 23%), and nausea ( 20%).
In KEYNOTE-048, KEYTRUDA monotherapy was discontinued due to adverse events in 12% of 300 patients with HNSCC; the most common adverse reactions leading to permanent discontinuation were sepsis ( 1.7%) and pneumonia ( 1.3%). The most common adverse reactions ( ≥20%) were fatigue ( 33%), constipation ( 20%), and rash ( 20%).
In KEYNOTE-048, when KEYTRUDA was administered in combination with platinum ( cisplatin or carboplatin) and FU chemotherapy, KEYTRUDA was discontinued due to adverse reactions in 16% of 276 patients with HNSCC. The most common adverse reactions resulting in permanent discontinuation of KEYTRUDA were pneumonia ( 2.5%), pneumonitis ( 1.8%), and septic shock ( 1.4%). The most common adverse reactions ( ≥20%) were nausea ( 51%), fatigue ( 49%), constipation ( 37%), vomiting ( 32%), mucosal inflammation ( 31%), diarrhea ( 29%), decreased appetite ( 29%), stomatitis ( 26%), and cough ( 22%).
In KEYNOTE-012, KEYTRUDA was discontinued due to adverse reactions in 17% of 192 patients with HNSCC. Serious adverse reactions occurred in 45% of patients. The most frequent serious adverse reactions reported in at least 2% of patients were pneumonia, dyspnea, confusional state, vomiting, pleural effusion, and respiratory failure. The most common adverse reactions ( ≥20%) were fatigue, decreased appetite, and dyspnea. Adverse reactions occurring in patients with HNSCC were generally similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a monotherapy, with the exception of increased incidences of facial edema and new or worsening hypothyroidism.
In KEYNOTE-204, KEYTRUDA was discontinued due to adverse reactions in 14% of 148 patients with cHL. Serious adverse reactions occurred in 30% of patients receiving KEYTRUDA; those ≥1% were pneumonitis, pneumonia, pyrexia, myocarditis, acute kidney injury, febrile neutropenia, and sepsis. Three patients died from causes other than disease progression: 2 from complications after allogeneic HSCT and 1 from unknown cause. The most common adverse reactions ( ≥20%) were upper respiratory tract infection ( 41%), musculoskeletal pain ( 32%), diarrhea ( 22%), and pyrexia, fatigue, rash, and cough ( 20% each).
In KEYNOTE-087, KEYTRUDA was discontinued due to adverse reactions in 5% of 210 patients with cHL. Serious adverse reactions occurred in 16% of patients; those ≥1% were pneumonia, pneumonitis, pyrexia, dyspnea, GVHD, and herpes zoster. Two patients died from causes other than disease progression: 1 from GVHD after subsequent allogeneic HSCT and 1 from septic shock. The most common adverse reactions ( ≥20%) were fatigue ( 26%), pyrexia ( 24%), cough ( 24%), musculoskeletal pain ( 21%), diarrhea ( 20%), and rash ( 20%).
In KEYNOTE-170, KEYTRUDA was discontinued due to adverse reactions in 8% of 53 patients with PMBCL. Serious adverse reactions occurred in 26% of patients and included arrhythmia ( 4%), cardiac tamponade ( 2%), myocardial infarction ( 2%), pericardial effusion ( 2%), and pericarditis ( 2%). Six ( 11%) patients died within 30 days of start of treatment. The most common adverse reactions ( ≥20%) were musculoskeletal pain ( 30%), upper respiratory tract infection and pyrexia ( 28% each), cough ( 26%), fatigue ( 23%), and dyspnea ( 21%).
In KEYNOTE-052, KEYTRUDA was discontinued due to adverse reactions in 11% of 370 patients with locally advanced or mUC. Serious adverse reactions occurred in 42% of patients; those ≥2% were urinary tract infection, hematuria, acute kidney injury, pneumonia, and urosepsis. The most common adverse reactions ( ≥20%) were fatigue ( 38%), musculoskeletal pain ( 24%), decreased appetite ( 22%), constipation ( 21%), rash ( 21%), and diarrhea ( 20%).
In KEYNOTE-045, KEYTRUDA was discontinued due to adverse reactions in 8% of 266 patients with locally advanced or mUC. The most common adverse reaction resulting in permanent discontinuation of KEYTRUDA was pneumonitis ( 1.9%). Serious adverse reactions occurred in 39% of KEYTRUDA-treated patients; those ≥2% were urinary tract infection, pneumonia, anemia, and pneumonitis. The most common adverse reactions ( ≥20%) in patients who received KEYTRUDA were fatigue ( 38%), musculoskeletal pain ( 32%), pruritus ( 23%), decreased appetite ( 21%), nausea ( 21%), and rash ( 20%).
In KEYNOTE-057, KEYTRUDA was discontinued due to adverse reactions in 11% of 148 patients with high-risk NMIBC. The most common adverse reaction resulting in permanent discontinuation of KEYTRUDA was pneumonitis ( 1.4%). Serious adverse reactions occurred in 28% of patients; those ≥2% were pneumonia ( 3%), cardiac ischemia ( 2%), colitis ( 2%), pulmonary embolism ( 2%), sepsis ( 2%), and urinary tract infection ( 2%). The most common adverse reactions ( ≥20%) were fatigue ( 29%), diarrhea ( 24%), and rash ( 24%).
Adverse reactions occurring in patients with MSI-H or dMMR CRC were similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a monotherapy.
In KEYNOTE-811, when KEYTRUDA was administered in combination with trastuzumab, fluoropyrimidine- and platinum-containing chemotherapy, KEYTRUDA was discontinued due to adverse reactions in 6% of 217 patients with locally advanced unresectable or metastatic HER2+ gastric or GEJ adenocarcinoma. The most common adverse reaction resulting in permanent discontinuation was pneumonitis ( 1.4%). In the KEYTRUDA arm versus placebo, there was a difference of ≥5% incidence between patients treated with KEYTRUDA versus standard of care for diarrhea ( 53% vs 44%) and nausea ( 49% vs 44%).
The most common adverse reactions ( reported in ≥20%) in patients receiving KEYTRUDA in combination with chemotherapy were fatigue/asthenia, nausea, constipation, diarrhea, decreased appetite, rash, vomiting, cough, dyspnea, pyrexia, alopecia, peripheral neuropathy, mucosal inflammation, stomatitis, headache, weight loss, abdominal pain, arthralgia, myalgia, and insomnia.
In KEYNOTE-590, when KEYTRUDA was administered with cisplatin and fluorouracil to patients with metastatic or locally advanced esophageal or GEJ ( tumors with epicenter 1 to 5 centimeters above the GEJ) carcinoma who were not candidates for surgical resection or definitive chemoradiation, KEYTRUDA was discontinued due to adverse reactions in 15% of 370 patients. The most common adverse reactions resulting in permanent discontinuation of KEYTRUDA ( ≥1%) were pneumonitis ( 1.6%), acute kidney injury ( 1.1%), and pneumonia ( 1.1%). The most common adverse reactions ( ≥20%) with KEYTRUDA in combination with chemotherapy were nausea ( 67%), fatigue ( 57%), decreased appetite ( 44%), constipation ( 40%), diarrhea ( 36%), vomiting ( 34%), stomatitis ( 27%), and weight loss ( 24%).
Adverse reactions occurring in patients with esophageal cancer who received KEYTRUDA as a monotherapy were similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a monotherapy.
In KEYNOTE-826, when KEYTRUDA was administered in combination with paclitaxel and cisplatin or paclitaxel and carboplatin, with or without bevacizumab ( n=307), to patients with persistent, recurrent, or first-line metastatic cervical cancer regardless of tumor PD-L1 expression who had not been treated with chemotherapy except when used concurrently as a radio-sensitizing agent, fatal adverse reactions occurred in 4.6% of patients, including 3 cases of hemorrhage, 2 cases each of sepsis and due to unknown causes, and 1 case each of acute myocardial infarction, autoimmune encephalitis, cardiac arrest, cerebrovascular accident, femur fracture with perioperative pulmonary embolus, intestinal perforation, and pelvic infection. Serious adverse reactions occurred in 50% of patients receiving KEYTRUDA in combination with chemotherapy with or without bevacizumab; those ≥3% were febrile neutropenia ( 6.8%), urinary tract infection ( 5.2%), anemia ( 4.6%), and acute kidney injury and sepsis ( 3.3% each).
KEYTRUDA was discontinued in 15% of patients due to adverse reactions. The most common adverse reaction resulting in permanent discontinuation ( ≥1%) was colitis ( 1%).
For patients treated with KEYTRUDA, chemotherapy, and bevacizumab ( n=196), the most common adverse reactions ( ≥20%) were peripheral neuropathy ( 62%), alopecia ( 58%), anemia ( 55%), fatigue/asthenia ( 53%), nausea and neutropenia ( 41% each), diarrhea ( 39%), hypertension and thrombocytopenia ( 35% each), constipation and arthralgia ( 31% each), vomiting ( 30%), urinary tract infection ( 27%), rash ( 26%), leukopenia ( 24%), hypothyroidism ( 22%), and decreased appetite ( 21%).
For patients treated with KEYTRUDA in combination with chemotherapy with or without bevacizumab, the most common adverse reactions ( ≥20%) were peripheral neuropathy ( 58%), alopecia ( 56%), fatigue ( 47%), nausea ( 40%), diarrhea ( 36%), constipation ( 28%), arthralgia ( 27%), vomiting ( 26%), hypertension and urinary tract infection ( 24% each), and rash ( 22%).
In KEYNOTE-158, KEYTRUDA was discontinued due to adverse reactions in 8% of 98 patients with recurrent or metastatic cervical cancer. Serious adverse reactions occurred in 39% of patients receiving KEYTRUDA; the most frequent included anemia ( 7%), fistula, hemorrhage, and infections [ except urinary tract infections ] ( 4.1% each). The most common adverse reactions ( ≥20%) were fatigue ( 43%), musculoskeletal pain ( 27%), diarrhea ( 23%), pain and abdominal pain ( 22% each), and decreased appetite ( 21%).
Adverse reactions occurring in patients with HCC were generally similar to those in patients with melanoma or NSCLC who received KEYTRUDA as a monotherapy, with the exception of increased incidences of ascites ( 8% Grades 3-4) and immune-mediated hepatitis ( 2.9%). Laboratory abnormalities ( Grades 3-4) that occurred at a higher incidence were elevated AST ( 20%), ALT ( 9%), and hyperbilirubinemia ( 10%).
Among the 50 patients with MCC enrolled in study KEYNOTE-017, adverse reactions occurring in patients with MCC were generally similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a monotherapy. Laboratory abnormalities ( Grades 3-4) that occurred at a higher incidence were elevated AST ( 11%) and hyperglycemia ( 19%).
In KEYNOTE-426, when KEYTRUDA was administered in combination with axitinib, fatal adverse reactions occurred in 3.3% of 429 patients. Serious adverse reactions occurred in 40% of patients, the most frequent ( ≥1%) were hepatotoxicity ( 7%), diarrhea ( 4.2%), acute kidney injury ( 2.3%), dehydration ( 1%), and pneumonitis ( 1%). Permanent discontinuation due to an adverse reaction occurred in 31% of patients; KEYTRUDA only ( 13%), axitinib only ( 13%), and the combination ( 8%); the most common were hepatotoxicity ( 13%), diarrhea/colitis ( 1.9%), acute kidney injury ( 1.6%), and cerebrovascular accident ( 1.2%). The most common adverse reactions ( ≥20%) were diarrhea ( 56%), fatigue/asthenia ( 52%), hypertension ( 48%), hepatotoxicity ( 39%), hypothyroidism ( 35%), decreased appetite ( 30%), palmar-plantar erythrodysesthesia ( 28%), nausea ( 28%), stomatitis/mucosal inflammation ( 27%), dysphonia ( 25%), rash ( 25%), cough ( 21%), and constipation ( 21%).
In KEYNOTE-564, when KEYTRUDA was administered as a single agent for the adjuvant treatment of renal cell carcinoma, serious adverse reactions occurred in 20% of patients receiving KEYTRUDA; the serious adverse reactions ( ≥1%) were acute kidney injury, adrenal insufficiency, pneumonia, colitis, and diabetic ketoacidosis ( 1% each). Fatal adverse reactions occurred in 0.2% including 1 case of pneumonia. Discontinuation of KEYTRUDA due to adverse reactions occurred in 21% of 488 patients; the most common ( ≥1%) were increased ALT ( 1.6%), colitis ( 1%), and adrenal insufficiency ( 1%). The most common adverse reactions ( ≥20%) were musculoskeletal pain ( 41%), fatigue ( 40%), rash ( 30%), diarrhea ( 27%), pruritus ( 23%), and hypothyroidism ( 21%).
Adverse reactions occurring in patients with TMB-H cancer were similar to those occurring in patients with other solid tumors who received KEYTRUDA as a single agent.
Adverse reactions occurring in patients with recurrent or metastatic cSCC or locally advanced cSCC were similar to those occurring in patients with melanoma or NSCLC who received KEYTRUDA as a monotherapy.
In KEYNOTE-522, when KEYTRUDA was administered with neoadjuvant chemotherapy ( carboplatin and paclitaxel followed by doxorubicin or epirubicin and cyclophosphamide) followed by surgery and continued adjuvant treatment with KEYTRUDA as a single agent ( n=778) to patients with newly diagnosed, previously untreated, high-risk early-stage TNBC, fatal adverse reactions occurred in 0.9% of patients, including 1 each of adrenal crisis, autoimmune encephalitis, hepatitis, pneumonia, pneumonitis, pulmonary embolism, and sepsis in association with multiple organ dysfunction syndrome and myocardial infarction. Serious adverse reactions occurred in 44% of patients receiving KEYTRUDA; those ≥2% were febrile neutropenia ( 15%), pyrexia ( 3.7%), anemia ( 2.6%), and neutropenia ( 2.2%). KEYTRUDA was discontinued in 20% of patients due to adverse reactions. The most common reactions ( ≥1%) resulting in permanent discontinuation were increased ALT ( 2.7%), increased AST ( 1.5%), and rash ( 1%). The most common adverse reactions ( ≥20%) in patients receiving KEYTRUDA were fatigue ( 70%), nausea ( 67%), alopecia ( 61%), rash ( 52%), constipation ( 42%), diarrhea and peripheral neuropathy ( 41% each), stomatitis ( 34%), vomiting ( 31%), headache ( 30%), arthralgia ( 29%), pyrexia ( 28%), cough ( 26%), abdominal pain ( 24%), decreased appetite ( 23%), insomnia ( 21%), and myalgia ( 20%).
In KEYNOTE-355, when KEYTRUDA and chemotherapy ( paclitaxel, paclitaxel protein-bound, or gemcitabine and carboplatin) were administered to patients with locally recurrent unresectable or metastatic TNBC who had not been previously treated with chemotherapy in the metastatic setting ( n=596), fatal adverse reactions occurred in 2.5% of patients, including cardio-respiratory arrest ( 0.7%) and septic shock ( 0.3%). Serious adverse reactions occurred in 30% of patients receiving KEYTRUDA in combination with chemotherapy; the serious reactions in ≥2% were pneumonia ( 2.9%), anemia ( 2.2%), and thrombocytopenia ( 2%). KEYTRUDA was discontinued in 11% of patients due to adverse reactions. The most common reactions resulting in permanent discontinuation ( ≥1%) were increased ALT ( 2.2%), increased AST ( 1.5%), and pneumonitis ( 1.2%). The most common adverse reactions ( ≥20%) in patients receiving KEYTRUDA in combination with chemotherapy were fatigue ( 48%), nausea ( 44%), alopecia ( 34%), diarrhea and constipation ( 28% each), vomiting and rash ( 26% each), cough ( 23%), decreased appetite ( 21%), and headache ( 20%).
Lactation
Because of the potential for serious adverse reactions in breastfed children, advise women not to breastfeed during treatment and for 4 months after the final dose.
Pediatric Use
In KEYNOTE-051, 161 pediatric patients ( 62 pediatric patients aged 6 months to younger than 12 years and 99 pediatric patients aged 12 years to 17 years) were administered KEYTRUDA 2 mg/kg every 3 weeks. The median duration of exposure was 2.1 months ( range: 1 day to 24 months).
Adverse reactions that occurred at a ≥10% higher rate in pediatric patients when compared to adults were pyrexia ( 33%), vomiting ( 30%), leukopenia ( 30%), upper respiratory tract infection ( 29%), neutropenia ( 26%), headache ( 25%), and Grade 3 anemia ( 17%).
Additional Indications for KEYTRUDA in the U.S.
Melanoma
KEYTRUDA is indicated for the treatment of patients with unresectable or metastatic melanoma.
KEYTRUDA is indicated for the adjuvant treatment of adult and pediatric ( 12 years and older) patients with stage IIB, IIC, or III melanoma following complete resection.
Head and Neck Squamous Cell Cancer
KEYTRUDA, in combination with platinum and fluorouracil ( FU), is indicated for the first-line treatment of patients with metastatic or with unresectable, recurrent head and neck squamous cell carcinoma ( HNSCC).
KEYTRUDA, as a single agent, is indicated for the first-line treatment of patients with metastatic or with unresectable, recurrent HNSCC whose tumors express PD-L1 [ combined positive score ( CPS) ≥1 ] as determined by an FDA-approved test.
KEYTRUDA, as a single agent, is indicated for the treatment of patients with recurrent or metastatic HNSCC with disease progression on or after platinum-containing chemotherapy.
Classical Hodgkin Lymphoma
KEYTRUDA is indicated for the treatment of adult patients with relapsed or refractory classical Hodgkin lymphoma ( cHL).
KEYTRUDA is indicated for the treatment of pediatric patients with refractory cHL, or cHL that has relapsed after 2 or more lines of therapy.
Primary Mediastinal Large B-Cell Lymphoma
KEYTRUDA is indicated for the treatment of adult and pediatric patients with refractory primary mediastinal large B-cell lymphoma ( PMBCL), or who have relapsed after 2 or more prior lines of therapy.
KEYTRUDA is not recommended for treatment of patients with PMBCL who require urgent cytoreductive therapy.
Urothelial Carcinoma
KEYTRUDA is indicated for the treatment of patients with locally advanced or metastatic urothelial carcinoma ( mUC):
Non-muscle Invasive Bladder Cancer
KEYTRUDA is indicated for the treatment of patients with Bacillus Calmette-Guerin ( BCG) -unresponsive, high-risk, non-muscle invasive bladder cancer ( NMIBC) with carcinoma in situ with or without papillary tumors who are ineligible for or have elected not to undergo cystectomy.
Microsatellite Instability-High or Mismatch Repair Deficient Cancer
KEYTRUDA is indicated for the treatment of adult and pediatric patients with unresectable or metastatic microsatellite instability-high ( MSI-H) or mismatch repair deficient ( dMMR) solid tumors that have progressed following prior treatment and who have no satisfactory alternative treatment options.
This indication is approved under accelerated approval based on tumor response rate and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in the confirmatory trials. The safety and effectiveness of KEYTRUDA in pediatric patients with MSI-H central nervous system cancers have not been established.
Microsatellite Instability-High or Mismatch Repair Deficient Colorectal Cancer
KEYTRUDA is indicated for the treatment of patients with unresectable or metastatic MSI-H or dMMR colorectal cancer ( CRC).
Gastric Cancer
KEYTRUDA, in combination with trastuzumab, fluoropyrimidine- and platinum-containing chemotherapy, is indicated for the first-line treatment of patients with locally advanced unresectable or metastatic HER2-positive gastric or gastroesophageal junction ( GEJ) adenocarcinoma.
This indication is approved under accelerated approval based on tumor response rate and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in the confirmatory trials.
Esophageal Cancer
KEYTRUDA is indicated for the treatment of patients with locally advanced or metastatic esophageal or gastroesophageal ( GEJ) ( tumors with epicenter 1 to 5 centimeters above the GEJ) carcinoma that is not amenable to surgical resection or definitive chemoradiation either:
Cervical Cancer
KEYTRUDA, in combination with chemotherapy, with or without bevacizumab, is indicated for the treatment of patients with persistent, recurrent, or metastatic cervical cancer whose tumors express PD-L1 ( CPS ≥1) as determined by an FDA-approved test.
KEYTRUDA, as a single agent, is indicated for the treatment of patients with recurrent or metastatic cervical cancer with disease progression on or after chemotherapy whose tumors express PD-L1 ( CPS ≥1) as determined by an FDA-approved test.
Hepatocellular Carcinoma
KEYTRUDA is indicated for the treatment of patients with hepatocellular carcinoma ( HCC) who have been previously treated with sorafenib. This indication is approved under accelerated approval based on tumor response rate and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in the confirmatory trials.
Merkel Cell Carcinoma
KEYTRUDA is indicated for the treatment of adult and pediatric patients with recurrent locally advanced or metastatic Merkel cell carcinoma ( MCC). This indication is approved under accelerated approval based on tumor response rate and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in the confirmatory trials.
Renal Cell Carcinoma
KEYTRUDA, in combination with axitinib, is indicated for the first-line treatment of adult patients with advanced renal cell carcinoma ( RCC).
KEYTRUDA is indicated for the adjuvant treatment of patients with RCC at intermediate-high or high risk of recurrence following nephrectomy, or following nephrectomy and resection of metastatic lesions.
Tumor Mutational Burden-High Cancer
KEYTRUDA is indicated for the treatment of adult and pediatric patients with unresectable or metastatic tumor mutational burden-high ( TMB-H) [ ≥10 mutations/megabase ] solid tumors, as determined by an FDA-approved test, that have progressed following prior treatment and who have no satisfactory alternative treatment options. This indication is approved under accelerated approval based on tumor response rate and durability of response. Continued approval for this indication may be contingent upon verification and description of clinical benefit in the confirmatory trials. The safety and effectiveness of KEYTRUDA in pediatric patients with TMB-H central nervous system cancers have not been established.
Cutaneous Squamous Cell Carcinoma
KEYTRUDA is indicated for the treatment of patients with recurrent or metastatic cutaneous squamous cell carcinoma ( cSCC) or locally advanced cSCC that is not curable by surgery or radiation.
Triple-Negative Breast Cancer
KEYTRUDA is indicated for the treatment of patients with high-risk early-stage triple-negative breast cancer ( TNBC) in combination with chemotherapy as neoadjuvant treatment, and then continued as a single agent as adjuvant treatment after surgery.
KEYTRUDA, in combination with chemotherapy, is indicated for the treatment of patients with locally recurrent unresectable or metastatic TNBC whose tumors express PD-L1 ( CPS ≥10) as determined by an FDA-approved test.
Merck’ s Focus on Cancer
Our goal is to translate breakthrough science into innovative oncology medicines to help people with cancer worldwide. At Merck, the potential to bring new hope to people with cancer drives our purpose and supporting accessibility to our cancer medicines is our commitment. As part of our focus on cancer, Merck is committed to exploring the potential of immuno-oncology with one of the largest development programs in the industry across more than 30 tumor types. We also continue to strengthen our portfolio through strategic acquisitions and are prioritizing the development of several promising oncology candidates with the potential to improve the treatment of advanced cancers. For more information about our oncology clinical trials, visit www.merck.com/clinicaltrials.
About Merck
For over 130 years, Merck, known as MSD outside the United States and Canada, has been inventing for life, bringing forward medicines and vaccines for many of the world’ s most challenging diseases in pursuit of our mission to save and improve lives. We demonstrate our commitment to patients and population health by increasing access to health care through far-reaching policies, programs and partnerships. Today, Merck continues to be at the forefront of research to prevent and treat diseases that threaten people and animals – including cancer, infectious diseases such as HIV and Ebola, and emerging animal diseases – as we aspire to be the premier research-intensive biopharmaceutical company in the world. For more information, visit www.merck.com and connect with us on Twitter, Facebook, Instagram, YouTube and LinkedIn.
Forward-Looking Statement of Merck & Co., Inc., Kenilworth, N.J., USA
This news release of Merck & Co., Inc., Kenilworth, N.J., USA ( the “ company ”) includes “ forward-looking statements ” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based upon the current beliefs and expectations of the company’ s management and are subject to significant risks and uncertainties. There can be no guarantees with respect to pipeline products that the products will receive the necessary regulatory approvals or that they will prove to be commercially successful. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.
Risks and uncertainties include but are not limited to, general industry conditions and competition; general economic factors, including interest rate and currency exchange rate fluctuations; the impact of the global outbreak of novel coronavirus disease ( COVID-19); the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; the company’ s ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of the company’ s patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.
The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in the company’ s Annual Report on Form 10-K for the year ended December 31, 2021 and the company’ s other filings with the Securities and Exchange Commission ( SEC) available at the SEC’ s Internet site ( www.sec.gov).
Please see Prescribing Information for KEYTRUDA ( pembrolizumab) at http: //www.merck.com/product/usa/pi circulars/k/keytruda/keytruda pi.pdf and Medication Guide for KEYTRUDA at http: //www.merck.com/product/usa/pi circulars/k/keytruda/keytruda mg.pdf.
Media:
Merck: Melissa Moody ( 215) 407-3536
Nikki Sullivan ( 718) 644-0730
EORTC: Isabelle Gautherot communication @ eortc.org
Investors:
Merck: Peter Dannenbaum ( 908) 740-1037
Damini Chokshi ( 908) 740-1807
Merck’ s KEYTRUDA Significantly Improved DFS Versus Placebo as Adjuvant Therapy in Patients With Stage IB-IIIA NSCLC Regardless of PD-L1 Expression
Media: | general |
INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Butterfly Network, Inc. f/k/a Longview Acquisition Corp. ( BFLY) Investors | BENSALEM, Pa. -- ( BUSINESS WIRE) -- Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Butterfly Network, Inc. ( “ Butterfly ” or the “ Company ”) f/k/a Longview Acquisition Corp. ( “ Longview ”) ( NYSE: BFLY) securities between February 16, 2021 and November 15, 2021, inclusive ( the “ Class Period ”). Butterfly investors have until April 18, 2022 to file a lead plaintiff motion.
Investors suffering losses on their Butterfly investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith @ howardsmithlaw.com.
On February 16, 2021, Longview completed its Merger with Butterfly.
Then on November 15, 2021, Butterfly released its third quarter 2021 financial results, revealing that the Company’ s total gross margin for the quarter was negative 35% and that it expected its fiscal 2021 revenue to be as much as $ 20 million below its initial guidance of $ 76 to $ 80 million. Butterfly’ s CEO blamed the disappointing financial results on “ healthcare logistical challenges, and doctor, nurse, and medical technician fatigue concurrent with COVID conditions and it's broad consequences. ”
On this news, Butterfly’ s stock fell $ 1.08, or 12.6%, to close at $ 7.52 per share on November 15, 2021, thereby injuring investors.
The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: ( 1) Butterfly had overstated its post-Merger business and financial prospects; ( 2) notwithstanding the ongoing COVID-19 pandemic, Butterfly’ s financial projections failed to take into account the pandemic’ s broad consequences, which included healthcare logistical challenges, and medical personnel fatigue; ( 3) accordingly, Butterfly’ s gross margin levels and revenue projections were less sustainable than the Company had represented; ( 4) all the foregoing was reasonably likely to have a material negative impact on Butterfly’ s business and financial condition; and ( 5) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times. | general |
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.
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 Second Skin’ s standard retail price is US $ 89.99.
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.
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.
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. | business |
Stan Brainin: 1944-2022 - The Santa Barbara Independent | The first time I saw Stan, he was weaving around in a solitary spin at the outer edges of an ecstatic dance event. We were both slower and more staid than the rest of the undulating, exuberant crowd. We ran into each other later gathering our shoes. He smiled. I smiled. We didn’ t say anything, so it was some years before I knew his name, voice, opinions. In that moment, and for many ensuing events in our local New Age community, he was just the man with a kind face, one that reminded me of Buddhist monks, both contained in themselves and completely open.
In fact, Stan was a bit of a monk for the 25 years he lived in Santa Barbara. He had a committed meditation practice in the Hindu tradition, sprung from living in India prior. When he spoke of his time there, and the transformation that took hold of him, I imagined him like one of the Beatles sitting with the Maharishi, hippie accoutrements slowly giving way to something deeper than cultural iconography. In this community, he slipped into an epic awakening to much more than his true self. He went beyond to recognize there is no self at all.
He used to tell me about there being no self as we sat in various Santa Barbara cafés, where he was familiar to staff and would embarrass me — a father figure — bantering with the baristas. He was an older bachelor, and his day was enhanced by the open-heartedness he found in the service industry. He would go out two or three times for a coffee or a meal more interesting than he could make. He read library books alone or made conversation with those at the next table.
Away from the public, he meditated for hours each early morning, his sanctuary being the sea of higher consciousness, the empty mind. Imbued with that stillness, he could do his circuit of errands and interludes in cafés without seeming like someone caught in a repetitive to-do list. He could step into life as a senior citizen without being stuck in the backward gaze at his ancient history, lost triumphs, pangs of regret. He did have consequential stories, the most dramatic surrounding the drug addiction that originated in Washington, D.C., as he did, then blew apart in L.A., where he ran comfortably with Hell’ s Angels and rock stars.
He got sober in the early’ 90s. In his first clean years, his son died of an overdose. I think that kept Stan on a path that always had one edge in outer space. It might have fueled his capacity to sit outside his body in a deep meditative trance. It might have kept him connected to humanity predominantly through pursuit of mind-body integration: Feldenkrais bodywork, Dance Away then Dance Tribe, the Y on upper State for a hard sweat, and walks along the Mesa bike path as his body started to slow down in our COVID age.
And Stan was a COVID casualty by some estimation. It wasn’ t that he got sick with the virus — he was desperately cautious because he had lost half a lung to cancer years before. It was that the lifestyle of staying away from people — from cafés and music venues and a gym workout — hurt his vibrancy, extinguished the outlets that kept him awake to the community, to life on earth. He couldn’ t even get library books.
In the middle of COVID, I had the clear impulse to leave Santa Barbara after a 13-year tour and go back to Northern California. It was such a spiritually directed decision that I couldn’ t keep Stan, who had become a dearest friend, in mind. It felt actually like a betrayal to his vigorous spirit if I would decide to stay and help him through whatever infirmity might be lurking. I would rather portray him as resilient, years ahead of any significant decline, ably independent. But it wasn’ t that way at all. He took a bad fall that was hard to rebound from and then received the horrendous diagnosis of leukemia. I called him after too long a lapse, and he was lying in the hospital. You had to find out things like this by accident with him — he would not group-text his ills.
I was lucky to see him on a trip back just days later. We sat in his apartment at six-foot distance in N-95 masks talking about what he felt like there on the precipice of a real launch into the cosmos.
“ Does your meditation prepare you for what’ s beyond this? ” I asked, longing for some further fatherly insight to how the world works, how the afterlife invites us in.
“ Not so much, ” he said, but I could tell it was his East Coast bent toward glibness, mixed with cultivated non-attachment. He was already disappearing into the other realm, only the tiniest tendrils anchoring him here.
“ I shouldn’ t have left, ” I suggested. “ I could be here helping you. ” It was such an ache in my heart.
“ Oh, sweetie, ” he said. “ You’ re fine. Thank you for thinking of me. ” I helped him put lotion on the places he couldn’ t reach, the barrier of blue latex gloves making me feel bold in touching him through this pandemic’ s terrible limitations on human contact and warmth.
Stan Brainin will be celebrated with a kirtan concert by Dave Stringer on March 26 at Yoga Soup. | general |
Canadian Pacific Railway Threatens Economically 'Crippling ' Lockout | Major railway Canadian Pacific has threatened to lock out employees as early as Sunday if contract negotiations are not settled, warning this would lead to `` crippling '' economic disruptions.
In a statement late Wednesday, CP said it issued a 72-hour notice to Teamsters Canada of its plan if the union and the company are unable to come to a negotiated collective agreement or agree to binding arbitration.
Despite daily talks assisted by federal mediators, CP said both sides `` remain far apart '' after the union this week rejected CP's latest offer on wages, benefits and pensions.
A work stoppage, it warned, would `` impact virtually all commodities within the Canadian supply chain, thereby crippling the performance of Canada's trade-dependent economy. ''
Canada relies heavily on rail to move commodities across the country -- the second-largest in the world by geography -- to ports for overseas shipping, and to the United States, where it acquired last year Kansas City Southern ( KCS).
Canadian manufacturers, grain shippers and farmers have lamented the prospects of the labor strife adding to shipping woes on the heels of Covid-19 supply chain disruptions and after heavy rains and mudslides last year washed out track and cut off access to Canada's largest port, in Vancouver.
They warned that shipments of grain, potash and coal, for example, could be curtailed at a time of soaring commodity prices.
A fourth work stoppage at CP in the past decade would affect nearly 3,000 locomotive engineers, conductors, train and yard workers across Canada.
The union's members had previously voted 96.7 percent in favor of a strike. | business |
The Daily Chase: U.S. Fed, Russia whipsaw markets; CP Rail lockout notice | The information you requested is not available at this time, please check back again soon.
The U.S. Federal Reserve almost never fails to give global markets pause. Sure, we had the rally into the close of trading yesterday. Overnight and this morning, however, stocks and U.S. futures have been wobbling in and out of positive territory. Good thing we have a stellar lineup of market professionals to walk us through the mood of the market – not to mention RBC Capital Markets Chief U.S. Economist Tom Porcelli at 10:30 a.m., and before that we’ ll hear from former Atlanta Federal Reserve President Dennis Lockhart at 9:10 a.m. We’ ll highlight here what another former regional Fed president told us late yesterday afternoon. Jeffrey Lacker, who used to run the Richmond Fed, said he doesn’ t “ think it plausible ” that the Fed’ s forecasts will work out as planned, and he also questioned whether the central bank’ s roadmap for rate hikes ( including six more this year) is “ going to be sufficient. ” We’ re of course mindful there’ s plenty more than the Fed for traders to consider, including more mixed messaging today emanating from Ukraine-Russia talks.
Canadian Pacific Railway turned the table on the Teamsters Canada Rail Conference last night, warning it will lock out the union’ s workers if the two sides don’ t reach a new labour deal by one minute past midnight on March 20. Teamsters, which represents more than 3,000 CP workers, has been in a position to strike since yesterday morning, but balked at serving 72-hour notice. Now, CP CEO Keith Creel says “ we simply can not prolong for weeks or months the uncertainty associated with a potential labor disruption. ” For its part, the union indicated it’ s ready to stay at the bargaining table as long as necessary.
When we think about sectors with something at stake in the CP-Teamsters talks, potash producers are near the top of the list ( CP generated $ 115 million in revenue from that group in its most recent quarter, 12 per cent more than a year earlier), and so that’ s another wrinkle to news last night from Nutrien. The Canadian giant of the global crop nutrient industry announced it now intends to produce ~15 million tonnes of potash this year – approximately one million more than previously planned. Interim Nutrien CEO Ken Seitz said in a release that his company is motivated by “ this period of unprecedented market uncertainty ” that’ s been caused by Russia’ s invasion of Ukraine.
Three federal ministers have a news conference scheduled for this morning, at which time we’ ll get all the details on what CTV News reported yesterday about lifting the pre-arrival COVID testing requirements for fully vaccinated travellers. One can only imagine the management teams at Air Canada and other airlines were breathing a little easier yesterday. As were their investors, apparently. Air Canada shares closed the day seven per cent higher, presumably at least in part because of the advance reporting.
The Russian Finance Ministry is claiming to have done its part by covering the US $ 117 million in interest payments that were due yesterday. But it’ s unclear at this point if that was done in U.S. dollars or rubles, though Moscow has previously indicated it would be the latter. And so now we wait for reaction from the creditors and credit ratings agencies on whether this constitutes default. And then we’ ll watch the dominos fall, as we were told to brace for by a sovereign debt expert earlier this week. | general |
Deliveroo Reports Rising Annual Losses As Costs Jump | 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.
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. | business |
Kenya Probing Sale Of Donated Condoms, Drugs On Black Market | Kenya said Thursday it was investigating allegations that thousands of donated condoms, mosquito nets and life-saving medicines were stolen from a government-run warehouse and then sold on the black market.
The items were donated by the Geneva-based aid body Global Fund which has disbursed over $ 1.4 billion to Kenya since 2003, to fight HIV, tuberculosis and malaria.
A recent audit by the fund alleged that around 1.1 million condoms, 908,000 mosquito nets and tuberculosis drugs worth $ 91,000 ( 83,000 euros) were stolen from the state-run Kenya Medical Supplies Agency ( KEMSA) and resold on the black market to private pharmacies.
`` KEMSA is in the process of investigating the claims by the Global Fund, '' the agency told AFP, adding that `` necessary reforms to address the issues identified have already been put in place. ''
The report, released on March 11, accuses KEMSA of drastically inflating the value of medicines to the tune of $ 5.6 million, including overstating the price of expired drugs up to 100 times the actual cost.
`` KEMSA's Nairobi warehouse was overcrowded with commodities during our visit, making it difficult to trace commodities, '' Global Fund said, blaming `` poor internal controls. ''
A probe is now under way, the UN-backed body said, telling AFP late Wednesday that: `` The Office of the Inspector General does not comment on any ongoing investigations until they are finalised and published. ''
The revelations could put funding for Kenya's healthcare system at risk and come at a time when hospitals in East Africa's economic powerhouse -- battered by the coronavirus pandemic -- are already facing a shortage of crucial medicines.
`` Administrative action has already been taken and continues to be taken for those involved, '' KEMSA said, promising further action against `` specific individuals on a case by case basis. ''
It is not the first time KEMSA is being accused of fraud.
In 2020, it was at the centre of a corruption scandal after government officials and businessmen allegedly pilfered $ 400 million in public money earmarked for medical equipment needed in the fight against Covid-19.
A television expose called `` Covid millionaires '' first aired the allegations in August 2020, prompting staff to go on strike at Kenya's ill-equipped hospitals.
Following street protests, President Uhuru Kenyatta disbanded KEMSA's top management and ordered the health ministry to publish details of all purchases made during the pandemic. | business |
New Study Finds Pfizer and Moderna mRNA COVID-19 Vaccines Safe for High-Risk Patients | First comprehensive trial in patients with impaired immunity shows that mRNA-based Covid-19 vaccines are well tolerated.
Spare a thought for patients with impaired immunity during the Covid-19 pandemic. Their condition puts them at high risk of severe complications from Covid-19, but also creates uncertainty about the safety and effectiveness of the available vaccines that could protect them.
A new study in Frontiers in Oncology helps to put this catch-22 situation to rest by finding that two popular mRNA-based vaccines are well tolerated by such high-risk patients. The trial found that the vaccines were safe and did not cause unexpected adverse events in a group of patients with various cancers, neurological, and rheumatological conditions that are associated with immunosuppression. The results will reassure vaccine-hesitant patients that the vaccines are safe, even for the immunocompromised.
By now, many of us have received a Covid-19 vaccine, including those based on new mRNA technology, and this has allowed society to largely reopen in many countries. Vaccine-mediated protection, along with the rise of the milder Omicron variant, means that the number of Covid-19 patients with severe disease has dropped significantly over the past year. However, it hasn’ t been plain sailing for everyone.
The original clinical trials for these vaccines were conducted in healthy volunteers. While this is standard practice, it means that high-risk immunocompromised patients, such as those taking immunosuppressant drugs for neurological conditions, were not included in the trials.
This lack of trial data could lead such patients to be understandably hesitant about the safety and effectiveness of the vaccines. However, in a cruel irony, they are also at high risk of severe Covid-19 complications, suggesting that they would greatly benefit from vaccine-mediated protection. In an effort to cast more light on the safety of mRNA-based Covid-19 vaccines, a group of researchers in Italy conducted a study to assess Covid-19 vaccine safety in high-risk patients.
The researchers enrolled 566 high-risk patients in the trial, and administered two doses of either the Pfizer-BioNTech or Moderna mRNA vaccine as normal. The patients reported any adverse events in a questionnaire, and the questions focused on the first week after each dose.
The most common reported side-effects at the injection site included pain, swelling, and a rash, whereas the most common general side-effects included tiredness, headache, chills and muscle pain. Such side-effects are also commonly reported by people with a fully functioning immune system who have received the vaccine. The study also found no evidence that the underlying disease of the patients was affected, and vaccination did not interfere with the patient’ s ability to undergo standard treatment for their conditions.
“ Strikingly, we found that the occurrence of adverse events in these high-risk patients is comparable to that reported in vaccine trials conducted in the general population, ” explained Prof Nicola Silvestris of the University of Bari Aldo Moro, Italy, the senior author.
“ Our patients did not show a higher incidence of severe adverse events and we did not see an increased risk of discontinuation of treatment programs due to vaccination. Therefore, vaccination for Covid-19 is confirmed as safe, even in this group of high-risk patients. ”
The results will help to calm fears among immunocompromised patients who are at high risk of severe Covid-19 complications, but are also worried about the side-effects of the vaccine.
“ Our main recommendation based on the results of this study is that vaccination for Covid-19 is strongly recommended and the safety profile is reassuring, ” said Dr Maria Teresa Lupo-Stanghellini of the San Raffaele Scientific Institute, Italy, lead author on the study.
“ Our ongoing safety monitoring of the Covid-19 vaccine continues in the spirit of offering the best prevention and care for our patients. ”
Reference: “ mRNA-COVID19 vaccination can be considered safe and tolerable for frail patients ” 17 March 2022, Frontiers in Oncology. DOI: 10.3389/fonc.2022.855723 | tech |
China's elevated Covid cases may not hit the economy as hard as feared | BEIJING — As China tackles its worst Covid-19 outbreak since the initial phase of the pandemic, consumption looks set to be hit the hardest while factories find ways to keep producing.
Mainland China reported for Wednesday a second-straight day of declines in new confirmed cases.
The 1,226 new locally transmitted cases reported for the day is only the lowest since Friday, when the new daily case count was a far lower 476, according to National Health Commission data. Mainland China has not reported new deaths from the latest wave of Covid cases, and those numbers are still well below that of other major countries.
The omicron wave is `` more similar to the power shortage episode from late last year, '' said Dan Wang, Shanghai-based chief economist at Hang Seng China. She was referring to abrupt factory power cuts in the fall that temporarily affected production.
This time around, Wang expects factories to be affected for at most two weeks, shorter than in early 2020 when it took some regions several weeks to reopen. `` There is risk that this might come back again and again and again, '' she said. `` If that's the case then it will have a lasting impact. But if it's just this month we wouldn't feel much pain. ''
After suspending local operations Monday, Apple supplier Foxconn said Wednesday it had partially resumed production in Shenzhen at factory campuses that also include employee housing.
Shipping giant Maersk said Wednesday in an online customer advisory that terminals in major Greater China ports `` remain business as usual including vessel operation, yard handling and gate-in & out. ''
However, the company noted that some depots for transporting goods through Shenzhen have been closed since Tuesday, while warehouses are closed for the week.
Covid testing requirements for truck drivers and stricter road control between Shenzhen and nearby cities means trucking services in the area will likely `` be severely impacted by 30%, '' Maersk said.
Analysis from Bank of America Securities earlier this week also found a muted impact from Covid on supply chains, including autos and semiconductors.
The supply chain shocks are relatively light so far, but the primary economic impact is on consumer spending and the services industry, said Bruce Pang, head of macro and strategy research at China Renaissance.
Not only is there an impact on services industries that rely on in-person and social gatherings, especially catering, Covid suppresses people's confidence and expectations for spending, he said. If they `` don't know when the pandemic will end, they won't dare to spend money, and will prudently save. ''
He expects retail sales will rise by about 7% this year.
Consumer spending has remained sluggish since the pandemic began. Data for January and February released this week showed retail sales grew by 6.7% during those two months from the same period a year ago, a significant pickup from December and beating analysts ' expectations.
Chinese authorities ' initial reaction to new Covid cases has typically been to restrict travel as well as isolating and quarantining confirmed cases or contacts. Authorities restrict travel based on exposure to designated medium or high-risk districts, which can sometimes be as small as a single building or office park.
The mainland added three high-risk districts on Wednesday, for a total of 23, according to state media. That figure had fallen to zero as recently as Feb. 18, reports showed.
Consumption and any impact from Covid is just one aspect of China's economy, whose growth was already slowing before the latest wave of omicron cases. The massive real estate sector has struggled following Beijing's efforts to reduce developers ' reliance on debt, while commodity prices have surged, especially after Russia invaded Ukraine in late February.
Xpeng and more: Morgan Stanley says these stocks will benefit from rising oil prices
Morgan Stanley upgrades Chinese TikTok rival and predicts over 60% in share price gains
Global investor Mark Mobius expects Chinese stocks to rebound, aided by Russia invading Ukraine
`` Factories are also closing down for different reasons. It's not just Covid, '' Hang Seng China's Wang said, noting many had closed before the latest outbreak due to high raw material costs and price controls on end products like food and gas.
Rising production costs and inability to raise prices for consumers would cut into profits, or even eliminate them.
Tesla suspended production at its Shanghai factory on Wednesday and Thursday without giving a specific reason, Reuters reported, citing an internal document. The electric car company did not immediately respond to a CNBC request for comment on the report.
This week, Tesla CEO Elon Musk warned in a tweet that `` Tesla & SpaceX are seeing significant recent inflation pressure in raw materials & logistics. ''
— CNBC's Sam Shead contributed to this report. | business |
Small Study Finds COVID-19 Vaccine Safe in Patients With Previous Myocarditis | A small study has shown that SARS-CoV-2 vaccination in patients who had an inflamed heart muscle in the past is not associated with a recurrence of the condition or other serious side effects. The research is presented at ESC Acute CardioVascular Care 2022, a scientific congress of the European Society of Cardiology ( ESC). [ 1 ]
“ These results provide reassuring data that may encourage patients with a history of myocarditis to get vaccinated against SARS-CoV-2, ” said study author Dr. Iyad Abou Saleh of Hospices Civils de Lyon, France. “ It should be noted that the majority of patients in our study received the BNT162b2 mRNA vaccine and therefore the findings may not apply to other vaccines. ” [ 2 ]
Myocarditis is an inflammation of the heart muscle. Signs and symptoms include fatigue, chest pain, shortness of breath, and rapid heartbeats. The inflammation can reduce the heart’ s ability to pump and can also cause arrhythmias ( irregular heartbeats). Prevalence is estimated at 10 to 106 cases per 100,000 individuals worldwide. [ 3 ] The leading cause of myocarditis is viral infection.
Rare cases of myocarditis following SARS-CoV-2 vaccination have been reported in the scientific literature with a prevalence of 2.1 cases for 100,000 inhabitants. [ 4-6 ] However, there are a lack of data regarding the risk of myocarditis recurrence after SARS-CoV-2 vaccination in patients with a history of the condition.
Dr. Abou Saleh pointed out: “ Our experience shows that in some situations patients have avoided vaccination because they, or their GP, were afraid it could cause another bout of myocarditis. We hypothesized that SARS-CoV-2 vaccination would not increase the risk of myocarditis recurrence in patients who had the condition in the past. ”
The researchers included all patients hospitalized in Hospices Civils de Lyon during the last five years ( from January 2016 to June 2021) with a diagnosis of acute myocarditis. Patients were contacted by telephone and asked if they had been vaccinated, with which vaccine, how many times, and whether they had any side effects. Patients were also asked if they currently had COVID-19 or had contracted it in the past.
A total of 142 patients with a prior history of confirmed acute myocarditis were enrolled in the study. The average age was 31 years and 20.3% were women. Among them, vaccination status was known for 71 patients ( 50%): 55 patients were vaccinated and 16 were not vaccinated. The main reason given for not getting the vaccine was the fear of myocarditis recurrence ( 12 patients, 75% of non-vaccinated patients). Vaccination status was unknown for 66 patients and five patients had died before the COVID-19 outbreak.
Among the vaccinated patients, 12 had one dose and 43 had two doses. Patients were mainly vaccinated with BNT162b2 mRNA ( 53 patients, 96.4%). One patient had the mRNA-1273 vaccine [ 7 ] and one had the Ad26.COV2-S [ recombinant ] vaccine. [ 8 ]
The researchers also obtained information about side effects following vaccination from medical records. These included serious events such as death, arrhythmias, and recurrent myocarditis. There were no serious adverse events after SARS-CoV-2 vaccination.
Dr. Abou Saleh said: “ We showed that SARS-CoV-2 vaccination in patients with a history of acute myocarditis is not associated with a risk of recurrent myocarditis or other serious side effects. Our results should be interpreted with caution due to the small number of patients and the predominant use of one type of vaccine. ” | tech |
UK politics: Tactics used by P & O to sack 800 crew ‘ completely unacceptable’, says No 10 – as it happened | Shitshow fatigue?
Someone else linked to this:
https: //www.theguardian.com/law/2021/oct/22/anger-as-ministers-block-fire-and-rehire-bill-in-commons
Robert Courts, the transport minister, said the tactics were “ completely unacceptable ”. Asked when the government was first told what the company was planning, he said “ yesterday evening ”.
Researchers ans health service planning. We 've currently no real idea what the prevalence of the new variant is or whether it's responsible for the increase in hospital admissions.
Dinghies?
A N D R E W.. E M M E R S O N @ AAEmmerson Replying to @ dhothersall and @ BarryGardiner I 'm afraid you 've got the law wrong on this one. This isn't fore and rehire. As would have been prohibited it's simply firing sea farers who basically have little to no standing anywhere with in UK employment law. 3:01 PM · Mar 17, 2022·Twitter for Android
Is this right?
Our police - questions need answeringhttps: //www.theguardian.com/uk-news/2022/mar/17/80-percent-of-uk-police-accused-of-domestic-abuse-kept-jobs-figures-show
... soon a 3 day week
Apparently Dross has been spotted emulating Bozo by hiding in a fridge. One of those min-bar thingies you get in hotel rooms.
He's only a wee fella with a teeny weeny brain after all.
The Daily Mail comments about the P & O sackings are something else. There is no hope.
It's Saint Patrick's Day. We're all Irish and drunk.
It was 2 years ago, if it had been a white girl the media would have been all over it then,
P & O Ferries... have the Tories blamed the last Labour govt yet?
Obviously it’ s all ok to treat workers as the boss sees fit.
Ukraine has not been the focus today but the war continues into its 3rd week. UK govt has nto waived visas - it's likely to be months before first person arrives on the Homes for Ukraine scheme.Meanwhile old people, children and their mothers are crowded into Moldovia which is too poor to support them properly.Many potential hosts will find process too exhausting and drop out. Waive the visas
But they 've kept their jobs.
Correct! I also noticed this ( I knew about Thames Gateway but I didn’ t know about Solent).
Freeports was Sunak’ s big idea. Now we get a glimpse of what kind of jobs these freeports will provide.
It beggars belief that they were so ill-informed.
I think AllinKhan is doing a worthwhile job and she needs to work to keep up her registration.Cox however is helping tax dodgers and himself. There is no comparison whatsoever.
And Johnson's Brexit government have delivered in spades /s
Can you remind us of which worker protections have been lost again?
`` Fire-and-rehire: Government blocks law to curb the practice ''
If you see Tory ministers wringing their hands about P & O today, remember that they blocked a proposed law change in October 2021 that would have made the debacle much less likely.
https: //twitter.com/uk domain names/status/1504509738213687299
Any hand-wringing is just theatrics.This is the kind of practice the Tories have been working towards throughout their existence.
Good point. The RMT's pro Brexit propaganda was and is scandalous.
There are alternatives.
I see Tricia Marwick has made an arse of herself again.
Except Corbyn. He's responsible for it all. Obviously.
Just reading reports the P & O French employees are, unsurprisingly, unaffected by the mass sacking their UK employees have been hit with.
Brexit yet again.
Over to you RMT, you campaigned for this and now you have got it.
https: //www.francebleu.fr/infos/economie-social/transmanche-po-licencie-800-marins-a-douvres-1647524802
Cheap food, cheap labour, cheap and weak everythingWeak public services. Weak legislation. Weak enforcement.
Why so few comments today?
P & O, Iran, Oil, MP additional stipends ( not really jobs, and no favours expected in return, you understand), Oil, Russian gifts, Ukraine, Oil, Covid?
So why such a quiet day?
> 4) Bar all UK P & O directors from any public appointments, directorships etc
Hold them personally liable for this. Bankrupt them and jail them unless they immediately resign in and repudiate what has been done.
He sounds as deluded as lazy nige.
How anyone representing working people could imagine a torykipper brexit would be anything other than a clusterfuck that takes away opportunities and makes people less well off.
If the police as an institution don't care about ethnic minorities or don't appear to, then how much faith and trust will minorities have when it comes to reporting crimes?
So why is one of our major arteries for imports and exports at the potential mercy of the actions of a foriegn country?
Unfettered and unregulated privatization in action.
No doubt the Dubia company will be hoping the UK government buys out the PO operation between Dover and Calais. They know Johnson's government will not just seize it even if it could as, they're desperate for Middle Eastern Oil.
The question is, why wasn't the PO operation between Dover and Calais kept under tight government control in the first place.
No doubt Dominic Rabb thinks Dubia is in Wales.
What legal right do these guards have anyway? I’ m sure it’ s shady stuff.
Ooh I bet that's got the Dubai owners shaking in their boots.
Any word of Labour reversing any of this shambles if it wins the next GE? Or would that upset the sacred red wallers?
Holdit you just said it happend under your brother as if its always gone on and then you blame this givt
which is it a oerneriall decage old issue or something new created by Tories?
You seem to be excelling in contradicting your own point in the last few minutes
So, a fleet of ships transporting goods to and from Britain and internally within the UK will be staffed by Colombians.
Does anyone else see a small problem with that? Because I do. Honest workers will be open to immense blackmail risk with the easy threat to family back home by criminal gangs.
And don't we have labour laws in the UK? I was unaware that an employer can simply sack all its workers without consultation.
And if as reported `` security '' people are going on board to handcuff workers, within UK territorial waters, forgive my naivety, but isn't that a criminal assault?
Passengers on the Ferries have been left stranded. I thought the route to Holland from Hull was well supported but I suppose Covid has caused problems. You would have thought some notice should have been given for staff and passengers. Does this mean no ferries operating in England apart from those to Ireland? I would have thought this will force more people to fly. It's sad. I was hoping to use the ferry in the future.
Apart from the people losing their jobs, p & O had £15 million in government grants and furlough money in 2020 and paid £270 million dividends to their shareholders also in 2020. Get that money back too.
This could be P & O's Gerald Ratner moment. Who would now do business with such a blatantly evil company? I give them six months until they declare bankrupcy.
You can always swim to the continent...
Not reasonable or fair. They are paid to be MPs. Nothing else.
Pyrrhic Pride eh? That’ s a new one on me.
Raab hotfoots it to the port of Cambridge to assist the disgruntled employees of P & O
I take it that Borisonaro will be donning a suitable hi viz jacket and touring various ports to show his support for the P & O staff tomorrow. Probably not.
Unfair dismissal - the employees haven't been sacked for stealing. Jobs removed en masse without notice has to be challenged
You might 've missed this article...
Tonnes of new ferry routes have helped to Brexit-proof Irish trade - but choppy waters could yet be ahead
The UK landbridge – usually a route from Dublin, to Holyhead, and across the Channel to northern France – has been an convenient, fast and cheap link to the continent.
Since Brexit, that reliability has become unstable – requiring further checks and costs, and risking long delays. But despite adapting to a new way of trading and transporting, it doesn’ t appear as though Ireland is completely free from reliance on its UK connections.
Around half of Ireland’ s exports to countries other than the UK, and almost 150,000 trucks, travelled over the UK landbridge each year before Brexit. That rate of traffic has now been halved, and is being diverted around the UK on ferries going directly to the EU.
The number of Irish trucks using the UK landbridge fell to 50% in January, after new Brexit checks were introduced covering animal and plant safety standards, customs checks and costs, and regulatory standards.
Meanwhile, traffic flows through Rosslare Port increased by 45%, as 12 sailings a week from all Irish ports to the continent increased to six a day. The routes that circumvent the UK to the European continent are called ‘ direct’ routes, and traditionally have taken more time and cost more to use.
Vlad the Invader claims to know something abiout Russian history. He obviously doesn't know that when the Nazis bombed Stalingrad to rubble it sealed their fate, because it was then much easier to defend and the Nazis couldn't dislodge the defenders. The same could well happen in Kharkiv and Kiev. If so, a lot of Russians will go home in boxes and many won't go home at all..
Aye, if we 'd been in the EU this never would have happened.Planet remain is a wonderful place. If only it existed in reality.
t is difficult to see, how, exactly, it would be possible to restrict or control or cap their incomes from such occupations
Cox spending moretime as a lawyer, including being based abroad, than an MP is not acceptable
Sign in or create your Guardian account to recommend a comment | general |
P & O Ferries Axes UK Jobs To Stay Afloat, Sparking Angry Protests | P & 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 & 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 & 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 & O personnel from Dover facilities, while 100 Colombians and 40 temporary workers boarded the group's ferries that were stationed there, the source added.
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 & 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 & O Ferries, '' it added.
The company was forced to take `` a very difficult but necessary decision... after seriously considering all the available options ''.
P & 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.
Police were meanwhile forced to intervene when dozens of P & O staff blocked a key road leading to Dover after P & 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 & 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 & O vessel 'The Pride Of Hull ', according to local lawmaker Karl Turner, who called the company's actions `` disgraceful ''.
Britain's biggest public sector union Unite urged P & 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 & 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 & 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. '' | business |
Tom Cruise Heading To Cannes For 'Top Gun ' Premiere | Tom Cruise is headed for the Cannes Film Festival in May for the long-delayed world premiere of the `` Top Gun '' sequel, the organisers said on Thursday.
`` Top Gun: Maverick '' will play out of competition on May 18, festival director Thierry Fremaux said at a press conference in Paris.
The film was originally supposed to open back in 2020 but has been repeatedly delayed by the Covid-19 pandemic.
It picks up the story of Maverick and his fighter pilot buddies 30 years after the events of the 1986 blockbuster original.
Val Kilmer is set to reprise his role as Iceman, despite his career being curtailed by throat cancer that has destroyed his voice.
Cruise has not been at Cannes for three decades since `` Far and Away '' played on the closing night of the 1992 edition.
Fremaux said the festival would pay `` special homage '' to Cruise and `` the utterly unique and singular trace he is leaving on the history of cinema ''. | business |
The Economic Impact of Russia's War Will Hit Inflation and Growth in the U.S. | About the author: Dana M. Peterson is the chief economist at The Conference Board.
Russia’ s war on Ukraine is a horrific event exacting extensive human and economic costs on both nations. However, the regional conflict’ s tragedies will also reverberate globally—inflicting more damage than many realize beyond the grizzly images of violence and misery we see on television and the internet. These ripples will include shortages, supply chain disruptions, higher prices, slower growth, hits to employment, and possibly even global recession. The U.S. will not be exempt from these shocks.
Many nations, especially the U.S., will feel the negative effects of the war through higher inflation. Russia and Ukraine are major global exporters of energy ( such as crude oil, natural gas), grains ( wheat, oats, rye, barley, corn), and metals that are used for inputs to semiconductor production ( nickel, gold). If battles, destruction, sanctions, or blockaded tankers in the Black Sea prevent these products from reaching global markets, then the world should anticipate higher prices.
Consumers will feel the effects of Russian and Ukrainian raw-materials shortages. Gasoline prices may continue to swell on surges in global crude oil and ethanol prices. Supermarket trips will become even more expensive as the cost of cereal, bread, and meat spikes with grains prices. If Ukraine is unable to plant this spring, then global food shortages could result, risking famine in lower-income economies and food insecurity for U.S. families. Higher metals prices for components of computer chips will mean more expensive cars, appliances, cell phones, and other high-tech goods.
The war will also exacerbate Covid-19 supply-chain backlogs, and the inflation that came along with it. Such disruptions will probably be most acute in western, and central, and eastern Europe as Russia and Ukraine are major suppliers of intermediate goods to those regions. Still, we learned from the pandemic that backlogs on the other side of the globe can hit pocketbooks at home. If factories continue to shut down in Europe amid the war, then fewer goods will be exported to U.S. shores. Such backlogs also stoke higher inflation.
Not only will the price of goods levitate, but so will those for services, delaying these industries’ full rebound from the pandemic. While the U.S. economy expanded by 5.7% year-over-year in 2021, not every sector benefited. Indeed, in-person services are still recovering from mobility restrictions and the pandemic fear factor. Fold in the war’ s impact: Restaurants will continue to pass the elevated costs of food from higher grain and transportation prices to diners; airline fares will soar with jet fuel; and the cab ride fare may spike on more than just rush-hour surge pricing.
New waves of inflation from the war in Ukraine and the lingering effects of the pandemic bode poorly for consumer spending. Gasoline prices are increasing just ahead of the vacation season. Cash-strapped consumers may forego road trips and other discretionary driving. Fewer people may return to the office, dampening city centers’ expectations of economic rebounds. Households may significantly cut back spending because prices are rising too rapidly. If consumers stop spending, then a major engine of U.S. economic activity will stall, signaling slower real gross domestic product growth.
Enter the Federal Reserve. Its Federal Open Market Committee has now begun to raise rates to stem the rising tide of pandemic-related inflation. If policymakers’ initial efforts to subdue inflation are insufficient, then they may more aggressively raise rates higher. Indeed, rate hikes can address the demand-side drivers of inflation, namely high employment, rising wages, and past cash injections from pandemic-era fiscal stimulus, which all boost consumption. But the Fed can do little to counter supply-side inflationary pressures from disrupted supply chains and commodity shortages. Altogether, the conflict in Eastern Europe compounds the risk of the Fed going too hard, too fast, slowing the economy more than desired.
Then there are global recession risks: Commodities-market shocks or the war broadening could spur a doomsday scenario for the global economy. Severe damage to Ukrainian infrastructure and sanctions extended on Russia to commodities exports could cause world prices for food, energy, and metals to skyrocket. If other economies are unable to step in to fill in the gaps, then these shortages and inflationary spirals could crash the global and U.S. economies. Likewise, the conflict widening to include NATO could also trigger a global recession as labor and resources are repurposed for the war effort instead of toward GDP-enhancing activities like investments in infrastructure, education, or renewable energy.
Given the war’ s negative spillover effects, The Conference Board downgraded its growth outlook and raised inflation expectations. We propose that real U.S. GDP growth in 2022 might be anywhere from a half to a full percentage point weaker than expected. Much of the slowdown reflects potentially rampant inflation increases, and a powerful reaction from the Fed to arrest it. We are admittedly near the extreme end of many forecast-survey ranges, but should the Russia-Ukraine conflict persist, other forecasters may move their projections drawing closer to ours.
The bottom line is that so long as war smolders in eastern Europe it will cloud the economic picture for the entire globe. In this environment, CEOs and their executives must brace for continued uncertainty and pivot yet again to protect their margins, investors, talent, and customers. Whatever the plan, from raising prices, redirecting supply chains, halting activities, divestment, or even staying the course, firms must be thoughtful, strategic, transparent, and highly communicative in their approach. What the world can not afford to do is look the other way. | business |
China mobilises to control latest Covid outbreak – in pictures | Country steps up efforts to control a surge in coronavirus cases as it tries to maintain its zero Covid policy. Major cities such as Shenzhen and Changchun have been locked down as Covid cases hit a two-year high. Nearly 90% of new infections are in Jilin province, while tens of millions of people across the country remain confined to their homes
Thu 17 Mar 2022 00.46 GMT
Photograph: Kevin Frayer/Getty Images
Photograph: AFP/Getty Images
Photograph: Kevin Frayer/Getty Images
Photograph: Kevin Frayer/Getty Images
Photograph: AP
Photograph: HU GUOLIN/ Future Publishing/Getty Images
Photograph: VCG/Getty Images
Photograph: Andy Wong/AP
Photograph: Reuters
Photograph: AFP/Getty Images | general |
BigBear.ai Announces Fourth Quarter and Full Year 2021 Financial Results |
COLUMBIA, Md. -- ( BUSINESS WIRE) -- BigBear.ai Holdings, Inc. ( NYSE: BBAI) ( “ BigBear.ai ” or the “ Company ”), a leading provider of AI-powered analytics and cyber engineering solutions, today announced financial results for the fourth quarter and full year ended December 31, 2021.
“ The growth of our federal Analytics business and new commercial opportunities are fueling our move toward more scalable, high growth, technology-first solutions and products, ” said BigBear.ai CEO Dr. Reggie Brothers. “ We have a deep bench of top-tier talent with domain expertise across our product, engineering, and sales & marketing functions, and we are well positioned to execute our commercial SaaS strategy in 2022. Our government business continues to thrive, providing a solid foundation for R & D innovation in areas that resonate with the public and private sectors. 2021 was a milestone year for BigBear.ai, and we are looking forward to even more exciting growth opportunities in 2022. ”
Financial Highlights
“ Our aggressive investment strategy has put us in a remarkable position to capture new growth opportunities, while also growing our core business among federal customers, ” said BigBear.ai CFO Josh Kinley. “ We added new contracts and customers throughout the year, resulting in a backlog of $ 465 million, which is three times the size of our entire revenue for 2021. Delayed government contract awards and the Continuing Resolution pushed some revenue into future periods, and this depressed near-term EBITDA, but our investments throughout the year have positioned the company for growth in 2022. The company continues to be EBITDA positive on an adjusted basis, and we are already seeing the results of our investments. ”
Dr. Brothers continued, “ We will continue to rely on our strong services business as a predictable source of revenue as we ramp up our commercial business toward the latter half of the year. The geopolitical climate today is increasing demand for technical solutions, operational support, and expert guidance among our federal customers. Our significant backlog, which is 14% higher than last year, multiple new customer wins, and 100% customer retention rate provide strong momentum for the entire business in 2022. ”
Financial Outlook
The following information and other sections of this release contain forward-looking statements, which are based on the Company’ s current expectations. Actual results may differ materially from those projected. It is the Company’ s practice not to incorporate adjustments into its financial outlook for proposed acquisitions, divestitures, changes in law, or new accounting standards until such items have been consummated, enacted or adopted. For additional factors that may impact the Company’ s actual results, refer to the “ Forward-Looking Statements ” section in this release.
For the year-ended December 31, 2022, the Company is projecting:
“ We will leverage our history of strong organic growth and strategic M & A to make 2022 a transformational year for the company, ” Dr. Brothers continued. “ We expect to grow revenue substantially among commercial customers, positioning the company for sustainable, highly-profitable revenue in a growing addressable market. ”
The Company notes that 2022 projections reflect known impacts from the COVID-19 pandemic based on the Company’ s understanding at the time of this news release and its experience to date. Internal analysis of federal solicitations in the Company’ s market showed that the time between solicitation and contract award increased from 290 days to more than 600 days between 2019 and 2021. COVID led to delays in government contract awards in 2020 and 2021, and the Company can not predict how the pandemic will evolve or what impact it will continue to have.
Although the Company does provide guidance for adjusted EBITDA * ( which is a non-GAAP financial measure), it is not able to forecast the most directly comparable measure calculated and presented in accordance with GAAP without unreasonable effort. Certain elements of the composition of the GAAP amounts are not predictable, making it impracticable for the Company to forecast. As a result, no GAAP guidance or reconciliation of the Company’ s adjusted EBITDA * guidance is provided. For the same reasons, the Company is unable to assess the probable significance of the unavailable information, which could have a potentially significant impact on its future GAAP financial results. The outlook is based on certain assumptions that are subject to the risk factors discussed in the Company’ s filings with the Securities and Exchange Commission ( “ SEC ”).
* Refer to the “ Non-GAAP Financial Measures and Related Information ” section in this press release.
Summary of Results for the Quarter and Year Ended December 31, 2021
$ thousands ( expect per share amounts)
Quarter Ended December 31, 20211
Year Ended December 31, 20211
Revenues
$
33,478
$
145,578
Cost of revenues2
29,651
111,510
Gross margin
3,827
34,068
Operating expenses:
Selling, general and administrative2
73,950
106,507
Research and development
1,875
6,033
Operating ( loss) income
( 71,998)
( 78,472)
Net increase in fair value of derivatives
33,353
33,353
Loss on extinguishment of debt
2,881
2,881
Interest expense
2,183
7,762
Other income, net
1
-
( Loss) income before taxes
( 110,416)
( 122,468)
Income tax ( benefit) expense
4,378
1,084
Net ( loss) income
$
( 114,794)
$
( 123,552)
Basic and diluted ( loss) income per share
( $ 1.02)
( $ 1.15)
1 Amounts presented are unaudited.
2 In the fourth quarter of 2021 the Company recognized stock-based compensation expense of $ 60.3 million, of which $ 6.9 million was recognized in cost of revenues and $ 53.4 million was recognized in selling, general and administrative expenses, related to legacy equity awards that vested upon the consummation of the Merger.
EBITDA * and Adjusted EBITDA * for the Quarter and Year Ended December 31, 2021
$ thousands
Quarter Ended December 31, 20211
Year Ended December 31, 20211
Net ( loss) income
$
( 114,794)
$
( 123,552)
Interest expense
2,183
7,762
Income tax ( benefit) expense
4,378
1,084
Depreciation and amortization
1,830
7,262
EBITDA
( 106,403)
( 107,444)
Adjustments:
Equity-based compensation2
60,529
60,615
Net increase in fair value of derivatives3
33,353
33,353
Loss on debt extinguishment4
2,881
2,881
Transaction bonuses5
1,089
1,089
Capital market advisory fees6
2,961
6,917
Termination of legacy benefits7
157
1,639
Management fees8
318
1,001
Non-recurring integration costs9
538
1,783
Commercial start-up costs10
2,245
3,018
Adjusted EBITDA
$
( 2,332)
$
4,852
1 Amounts presented are unaudited.
2 Equity-based compensation includes approximately $ 60.34 million related to legacy equity compensation plans, including Tranches that vested upon the successful consummation of the Business Combination.
3 The increase in fair value of derivatives primarily relates to the changes in the fair value of certain Forward Purchase Agreements that were entered into prior to the closing of the Business Combination.
4 Loss on extinguishment of debt consists of the derecognition of the remaining unamortized debt issuance costs related to the Antares Capital Credit Facility upon its settlement.
5 Bonuses paid to certain employees related to the closing of the Business Combination.
6 The Company incurred capital market and advisory fees related to advisors assisting with preparation for the Business Combination.
7 In the third quarter of 2021, the Company elected to terminate certain legacy employee incentive benefits with final payments made in the fourth quarter of 2021.
8 Management and other related consulting fees paid to AE Partners. These fees will no longer be accrued or paid subsequent to the Business Combination.
9 Non-recurring internal integration costs related to the Business Combination.
10 Commercial start-up costs includes certain non-recurring expenses that are not capitalized associated with tailoring the Company’ s software products for commercial customers and use cases.
Consolidated Balance Sheet as of December 31, 2021
$ thousands
December 31,
20211
Assets
Current assets
Cash and cash equivalents
$
68,900
Restricted cash
101,021
Accounts receivable, less allowance for doubtful accounts
28,605
Contract assets
628
Prepaid expenses and other current assets
7,028
Total current assets
206,182
Non-current assets
Property and equipment, net
1,078
Goodwill
91,636
Intangible assets, net
83,646
Other non-current assets
780
Total assets
$
383,322
Liabilities and equity
Current liabilities
Accounts payable
$
5,475
Short-term debt, including current portion of long-term debt
4,233
Accrued liabilities
10,735
Contract liabilities
4,207
Derivative liabilities
44,827
Other current liabilities
541
Total current liabilities
70,018
Non-current liabilities
Long-term debt, net
190,364
Deferred tax liabilities
248
Other non-current liabilities
324
Total liabilities
260,954
Equity
Common stock
14
Additional paid-in capital
253,744
Accumulated deficit
( 131,390)
Total equity
122,368
Total liabilities and equity
$
383,322
1 Amounts presented are unaudited.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Exchange Act. Forward-looking statements generally are accompanied by words such as “ believe, ” “ may, ” “ will, ” “ estimate, ” “ continue, ” “ anticipate, ” “ intend, ” “ expect, ” “ should, ” “ would, ” “ plan, ” “ predict, ” “ potential, ” “ seem, ” “ seek, ” “ future, ” “ outlook, ” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding BigBear.ai’ s industry, future events, and other statements that are not historical facts. These statements are based on various assumptions, whether or not identified herein, and on the current expectations of BigBear.ai’ s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by you or any other investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; risks related to the uncertainty of the projected financial information ( including on a segment reporting basis); risks related to delays caused by factors outside of our control, including changes in fiscal or contracting policies or decreases in available government funding; changes in government programs or applicable requirements; budgetary constraints, including automatic reductions as a result of “ sequestration ” or similar measures and constraints imposed by any lapses in appropriations for the federal government or certain of its departments and agencies; influence by, or competition from, third parties with respect to pending, new, or existing contracts with government customers; potential delays or changes in the government appropriations or procurement processes, including as a result of events such as war, incidents of terrorism, natural disasters, and public health concerns or epidemics, such as the recent coronavirus outbreak; and increased or unexpected costs or unanticipated delays caused by other factors outside of our control, such as performance failures of our subcontractors; risks related to the rollout of the business and the timing of expected business milestones; the effects of competition on our future business; our ability to issue equity or equity-linked securities in the future, and those factors discussed in the Company’ s reports and other documents filed with the SEC, including under the heading “ Risk Factors. ” If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that BigBear.ai presently does not know or that BigBear.ai currently believes are immaterial which could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect BigBear.ai’ s expectations, plans or forecasts of future events and views as of the date of this release. BigBear.ai anticipates that subsequent events and developments will cause BigBear.ai’ s assessments to change. However, while BigBear.ai may elect to update these forward-looking statements at some point in the future, BigBear.ai specifically disclaims any obligation to do so. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Non-GAAP Financial Measures
The financial information and data contained in this press release is unaudited. Some of the financial information and data contained in this press release, such as Adjusted EBITDA, have not been prepared in accordance with United States generally accepted accounting principles ( “ GAAP ”). To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with GAAP in our press release, we also report certain non-GAAP financial measures. A “ non-GAAP financial measure ” refers to a numerical measure of a company’ s historical or future financial performance, financial position, or cash flows that excludes ( or includes) amounts that are included in ( or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in such company’ s financial statements.
The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP and should not be considered measures of BigBear.ai’ s liquidity. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In particular, many of the adjustments to our GAAP financial measures reflect the exclusion of certain items, as defined in our non-GAAP definitions below, which are recurring and will be reflected in our financial results for the foreseeable future. In addition, these measures may be different from non-GAAP financial measures used by other companies, even where similarly titled, limiting their usefulness for comparison purposes and therefore should not be used to compare BigBear.ai’ s performance to that of other companies. We endeavor to compensate for the limitation of the non-GAAP financial measures presented by also providing the most directly comparable GAAP measures and descriptions of the reconciling items and adjustments to derive the non-GAAP financial measures.
We believe these non-GAAP financial measures provide investors and analysts with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key measures used by management to operate and analyze our business over different periods of time
Adjusted EBITDA is defined as of any date of calculation, the consolidated pro forma earnings of the Company and its subsidiaries, before finance income and finance cost ( including bank charges), tax, depreciation and amortization calculated from the audited consolidated financial statements of such party and its subsidiaries ( prepared in accordance with GAAP), transaction fees and other non-recurring costs. Similar excluded expenses may be incurred in future periods when calculating these measures. BigBear.ai believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’ s financial condition and results of operations. BigBear.ai believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends and in comparing BigBear.ai’ s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors.
Non-GAAP financial performance measures are used to supplement the financial information presented on a GAAP basis. This non-GAAP financial measure should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis. Because not all companies use identical calculations, our presentation of non-GAAP measures may not be comparable to other similarly titled measures of other companies.
Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’ s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expense and income items are excluded or included in determining these non-GAAP financial measures.
Management uses EBITDA and adjusted EBITDA as a non-GAAP performance measure which is defined in the accompanying tables and is reconciled to earnings ( loss) before taxes.
We present reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measure in the tables above.
Conference Call Information
BigBear.ai will host its earnings results conference call ( listen-only mode) and audio webcast on Thursday, March 17, 2022 at 5 p.m. ET. The earnings conference call can be accessed by calling 877-485-3107 ( toll-free) or 201-689-8427 ( toll). The listen-only audio webcast of the call will be available on the BigBear.ai Investor Relations website: https: //ir.bigbear.ai.
About BigBear.ai | general |
Art Market to Expand if Passion for Living Artists, Digital Works Continues | The art market has rapidly transformed to attract and adapt to younger, more diverse, and increasingly tech-savvy collectors since the onset of the pandemic in 2020.
If current trends to buy the art of living, diverse artists, and to buy via digital channels, including marketplaces for nonfungible tokens, or NFTs, continue, Citi expects the art market will grow and evolve “ further and faster ” this year, according to a report on the 2021 global art market published on Tuesday.
“ We’ re at a transition point, ” says Suzanne Gyorgy, global head of art advisory and finance at Citi Private Bank.
This transition is fueled, in part, by the growing treatment of art as an asset class similar to stocks and bonds—an approach to art few collectors once openly had.
“ They collected art because they became passionate collectors and connoisseurs and did the research and due diligence, ” Gyorgy says.
An explanation for the shift can be found in the skyrocketing prices for a range of artworks. In the 18 months ending in June 2021, prices across most categories of public art auction sales were up 28.2% above December 2019 levels, Citi reported citing the latest data available from Masterworks.io’ s All Art Index.
In the same time period, developed market stocks returned 31.4%, emerging market stocks returned 28.4%, and investment-grade bonds returned 3.1%, according to the report. Art, however, generally doesn’ t perform in sync with any other asset class, which can make it an appealing addition to a portfolio.
Citi looks at art from the perspective of a collector, and doesn’ t include it as a category in asset allocation models for clients. But in the report, the bank’ s investment strategists said investors could reduce risks in their investment portfolios if they have broad exposure to the art market or to a category within it, such as contemporary art.
Art also has proven its value as a way to preserve wealth “ because it’ s been so stable, ” Gyorgy says. That’ s particularly true for collectors focused on only the very best art. But a diversified collection can also produce stable results, she says.
The biggest art story of 2021 was the rise of NFTs, one-of-a-kind digital assets linked to works of art that most often are created digitally. These tokens disrupted the art market by creating “ a new way of consuming art and collectibles ” that tapped into a “ younger, digitally native audience, ” Anders Petterson, founder and managing director of ArtTactic, wrote in a chapter of the report.
NFTs are easily traded without the use of an intermediary—giving them a value outside of their aesthetic worth—and the tokens provide a way for digital artists to profit, Petterson said.
They have also quickly and thoroughly been integrated into the traditional art world of auction houses and dealers, who had been searching, prior to the pandemic, for a way to draw younger collectors to the art market. NFTs and the acceleration of online art tools such as virtual galleries turned the tide.
“ It turned out that Covid and going virtual made the art market appealing to a lot of people who were used to being online, ” Gyorgy says.
Auction houses gravitated quickly to NFTs as these sales exposed them instantly to new bidders, creating a new group of clients who could eventually branch out into buying physical works of art, Gyorgy says.
“ It starts to trigger this desire to collect, ” she says.
Another trend that began in 2020 and accelerated since was an auction-house focus on living artists such as Amy Sherald or Jadé Fadojutimi. Until recently, works by current artists were largely only sold through galleries and other private dealers.
The auction houses have even carved out new sales categories to highlight “ ultra-contemporary ” work, such as Sotheby’ s “ The Now ” sale, and Christie’ s 21st-century category. They’ ve also raised the profile of existing sales featuring young, emerging artists, Betsy Bickar, an art advisor at Citi, wrote in the report. Phillips, which has long featured these artists, saw sales climb in 2021, she said.
Relationships in the art world are shifting as a result. Auction houses, for instance, are planning exhibitions with galleries and larger, established dealers such as David Zwirner and Jeffrey Dietsch are reaching a new base of collectors through partnerships with smaller, emerging galleries, Bickar said.
Much of money flowing into the ultra-contemporary sector is being driven by collectors from across the world. “ A lot of the emerging wealth is buying the emerging contemporary, ” Gyorgy says.
As with any emerging market, time will tell whether some of the artists making headlines today will have staying power. “ If you are buying purely for investment, you’ ll have some wins, but you’ re going to have some losses, ” she says.
One potential drag on the market in the coming year could be a rise in global interest rates, which will make it more expensive to take out a loan against an art collection. Also, volatile markets could potentially reduce the amount of disposable income wealthier collectors have to buy art. | business |
Japan machinery orders fell 2% in January, slipping for first time in five months | Japan’ s core private-sector machinery orders dropped 2.0% in January from December for the first decline in five months, falling back after increases in orders from both manufacturers and nonmanufacturers the previous month, government data showed Thursday.
The orders, which exclude those for ships and from electricity utilities due to their volatility, totaled ¥899.6 billion ( $ 7.6 billion), according to the Cabinet Office.
Despite the fall, the office kept its assessment unchanged that machinery orders, seen as a leading indicator of corporate capital spending, were “ picking up, ” after an upgrade in December.
In the reporting month the country saw its sixth wave of coronavirus infections due to the omicron variant, which prompted the government to declare a quasi-state of emergency for most of the country’ s 47 prefectures.
But a government official said, “ It is difficult to decide just on the basis of a single-month decline whether the increase in COVID-19 cases had an impact ( on the orders). ” The three-month moving average of the orders through December showed an increase of 1.2% following a 2.7% climb in the previous period.
Machinery orders from the manufacturing sector decreased 4.8% to ¥432.2 billion, showing the first decline in three months. The fall came after brisk orders for reactor equipment from electrical machinery makers in the previous month, according to the office.
Orders from nonmanufacturers dropped 1.9% to ¥452.9 billion, following a 0.4% rise in December, in reaction to high demand for transport machinery including cranes from the wholesale and retail trade industries as well as construction machinery from contractors in the previous month.
Orders from overseas, seen as an indicator of future exports, inched up 0.9% to ¥1.3 trillion — supported by a big-ticket order for railway cars — following a 2.8% fall in December. Orders from the public sector sank 13.6% to ¥233.8 billion, after a 1.5% gain in December.
Total orders were down 3.3% to ¥2.8 trillion in January, following a 1.8% rise the previous month.
Looking ahead, the Cabinet Office projected a 0.5% decrease in core orders in the January to March quarter compared with the previous three months.
The government official said the office will pay close attention to downward risks that have been emerging recently, such as Russia’ s invasion of Ukraine and a further rise in raw material prices. | tech |
Pandemic mood: Much worse than a bad Monday | The COVID-19 pandemic has been depressing, demoralizing, and stressful for people around the world. But is there any way to measure exactly how bad it has made everyone feel? A new study led by MIT researchers attempts just that, through a massive examination of hundreds of millions social media posts in about 100 countries. The research, which analyzes the language terms used in social media, finds a pronounced drop in positive public sentiment after the pandemic set in during early 2020—with a subsequent, incremental, halting return to prepandemic status. To put that downturn in perspective, consider a prepandemic fact that the same kind of analysis uncovered: Typically, people express the most upbeat emotions on social media on weekends, and the most negative ones on Monday. Worldwide, the onset of the pandemic induced a negative turn in sentiment 4.7 times as large as the traditional weekend-Monday gap. Thus the early pandemic months were like a really, really bad Monday, on aggregate, globally, for social media users. `` The takeaway here is that the pandemic itself caused a huge emotional toll, four to five times the variation in sentiment observed in a normal week, '' says Siqi Zheng, an MIT professor and co-author of a new paper detailing the study's results. The paper, `` Global evidence of expressed sentiment alterations during the COVID-19 pandemic, '' appears in Nature Human Behaviour. To conduct the study, the researchers examined 654 million location-identified social media posts from Twitter in about 100 countries. The posts appeared between Jan. 1, 2020, and May 31, 2020, an early phase of the global pandemic. The researchers used natural-language processing software to evaluate the content of the social media, and examined the language of pandemic-period posts in relation to historical norms. Having previously studied the effects of pollution, extreme weather, and natural disasters on public sentiment, they found that the pandemic produced bigger changes in mood than those other circumstances. `` The reaction to the pandemic was also three to four times the change in response to extreme temperatures, '' Fan observes. `` The pandemic shock is even larger than the days when there is a hurricane in a region. '' The biggest drops in sentiment occurred in Australia, Spain, the United Kingdom, and Colombia. The countries least affected by the pandemic in these terms were Bahrain, Botswana, Greece, Oman, and Tunisia. The study also revealed a potentially surprising fact about temporary lockdown policies—namely, that lockdowns did not appear to have much of an effect on the public mood. `` You can't expect lockdowns to have the same effect on every country, and the distribution of responses is quite wide, '' says Fan. `` But we found the responses actually largely centered around a very small positive reaction [ to lockdowns ]. … It's definitely not the overwhelmingly negative impact on people that might be expected. '' As to why people might have reacted like this, Zheng says, `` On the one hand, lockdown policies might make people feel secure, and not as scared. On the other hand, in a lockdown when you can not have social activities, it's another emotional stress. The impact of lockdown policies perhaps runs in two directions. '' Because many factors might concurrently affect public sentiment during a lockdown, the researchers compared the mood of countries during lockdowns to those with similar characteristics that simultaneously did not enact the same policies. The scholars also evaluated patterns of sentiment recovery during the early 2020 period, finding that some countries took as long as 29 days to erase half of the dropoff in sentiment they experienced; 18 percent of countries did not recover to their prepandemic sentiment level. The new paper is part of the Global Sentiment project in Zheng's Sustainable Urbanization Lab, which studies public sentiment as expressed through social media, rather than public-opinion polling. `` The traditional approach is to use surveys to measure well-being or happiness, '' Zheng observes. `` But a survey has smaller sample size and low frequency. This a real-time measure of people's sentiment. '' Explore further Researchers examine public sentiment on social media platform regarding COVID-19 vaccine More information: Chenghu Zhou, Global evidence of expressed sentiment alterations during the COVID-19 pandemic, Nature Human Behaviour ( 2022). DOI: 10.1038/s41562-022-01312-y. www.nature.com/articles/s41562-022-01312-y Journal information: Nature Human Behaviour
A new study led by MIT researchers attempts just that, through a massive examination of hundreds of millions social media posts in about 100 countries. The research, which analyzes the language terms used in social media, finds a pronounced drop in positive public sentiment after the pandemic set in during early 2020—with a subsequent, incremental, halting return to prepandemic status.
To put that downturn in perspective, consider a prepandemic fact that the same kind of analysis uncovered: Typically, people express the most upbeat emotions on social media on weekends, and the most negative ones on Monday. Worldwide, the onset of the pandemic induced a negative turn in sentiment 4.7 times as large as the traditional weekend-Monday gap. Thus the early pandemic months were like a really, really bad Monday, on aggregate, globally, for social media users.
`` The takeaway here is that the pandemic itself caused a huge emotional toll, four to five times the variation in sentiment observed in a normal week, '' says Siqi Zheng, an MIT professor and co-author of a new paper detailing the study's results.
The paper, `` Global evidence of expressed sentiment alterations during the COVID-19 pandemic, '' appears in Nature Human Behaviour.
To conduct the study, the researchers examined 654 million location-identified social media posts from Twitter in about 100 countries. The posts appeared between Jan. 1, 2020, and May 31, 2020, an early phase of the global pandemic.
The researchers used natural-language processing software to evaluate the content of the social media, and examined the language of pandemic-period posts in relation to historical norms. Having previously studied the effects of pollution, extreme weather, and natural disasters on public sentiment, they found that the pandemic produced bigger changes in mood than those other circumstances.
`` The reaction to the pandemic was also three to four times the change in response to extreme temperatures, '' Fan observes. `` The pandemic shock is even larger than the days when there is a hurricane in a region. ''
The biggest drops in sentiment occurred in Australia, Spain, the United Kingdom, and Colombia. The countries least affected by the pandemic in these terms were Bahrain, Botswana, Greece, Oman, and Tunisia.
The study also revealed a potentially surprising fact about temporary lockdown policies—namely, that lockdowns did not appear to have much of an effect on the public mood.
`` You can't expect lockdowns to have the same effect on every country, and the distribution of responses is quite wide, '' says Fan. `` But we found the responses actually largely centered around a very small positive reaction [ to lockdowns ]. … It's definitely not the overwhelmingly negative impact on people that might be expected. ''
As to why people might have reacted like this, Zheng says, `` On the one hand, lockdown policies might make people feel secure, and not as scared. On the other hand, in a lockdown when you can not have social activities, it's another emotional stress. The impact of lockdown policies perhaps runs in two directions. ''
Because many factors might concurrently affect public sentiment during a lockdown, the researchers compared the mood of countries during lockdowns to those with similar characteristics that simultaneously did not enact the same policies.
The scholars also evaluated patterns of sentiment recovery during the early 2020 period, finding that some countries took as long as 29 days to erase half of the dropoff in sentiment they experienced; 18 percent of countries did not recover to their prepandemic sentiment level.
The new paper is part of the Global Sentiment project in Zheng's Sustainable Urbanization Lab, which studies public sentiment as expressed through social media, rather than public-opinion polling.
`` The traditional approach is to use surveys to measure well-being or happiness, '' Zheng observes. `` But a survey has smaller sample size and low frequency. This a real-time measure of people's sentiment. '' Explore further Researchers examine public sentiment on social media platform regarding COVID-19 vaccine More information: Chenghu Zhou, Global evidence of expressed sentiment alterations during the COVID-19 pandemic, Nature Human Behaviour ( 2022). DOI: 10.1038/s41562-022-01312-y. www.nature.com/articles/s41562-022-01312-y Journal information: Nature Human Behaviour
Explore further | tech |
Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of Butterfly Network, Inc. f/k/a Longview Acquisition Corp. ( BFLY) Investors | LOS ANGELES -- ( BUSINESS WIRE) -- Glancy Prongay & Murray LLP ( “ GPM ”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Butterfly Network, Inc. ( “ Butterfly ” or the “ Company ”) f/k/a Longview Acquisition Corp. ( “ Longview ”) ( NYSE: BFLY) securities between February 16, 2021 and November 15, 2021, inclusive ( the “ Class Period ”). Butterfly investors have until April 18, 2022 to file a lead plaintiff motion.
If you suffered a loss on your Butterfly investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/butterfly-network-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders @ glancylaw.com to learn more about your rights.
On February 16, 2021, Longview completed its Merger with Butterfly.
Then on November 15, 2021, Butterfly released its third quarter 2021 financial results, revealing that the Company’ s total gross margin for the quarter was negative 35% and that it expected its fiscal 2021 revenue to be as much as $ 20 million below its initial guidance of $ 76 to $ 80 million. Butterfly’ s CEO blamed the disappointing financial results on “ healthcare logistical challenges, and doctor, nurse, and medical technician fatigue concurrent with COVID conditions and it's broad consequences. ”
On this news, Butterfly’ s stock fell $ 1.08, or 12.6%, to close at $ 7.52 per share on November 15, 2021, thereby injuring investors. | general |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.