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Carmakers Seen Producing 5 Million Fewer Vehicles After Russian Invasion | A closely watched auto-industry forecaster lopped more than 5 million cars off its projections for global production this year and next, largely due to fallout expected from Russia’ s invasion of Ukraine.
S & P Global Mobility, formerly known as IHS Markit, lowered its 2022 and 2023 estimates each by 2.6 million vehicles. The forecaster now expects auto companies to make 81.6 million cars worldwide this year and 88.5 million next year.
“ The downside risk is enormous, ” Mark Fulthorpe, S & P Global Mobility’ s executive director for global production forecasting, said in a statement Wednesday. In the firm’ s worst-case scenario, production would be as much as 4 million vehicles below its earlier projections for each year.
S & P Global Mobility cites the effect that Russia’ s war is having on the prices of energy and raw materials, expectation for the semiconductor shortage to worsen and disruptions to the flow of wire harnesses from Ukraine. Suppliers may have issues sourcing neon gas used for chip-making from Ukraine, as well as palladium from Russia. The platinum group metal is a base element of catalytic converters, which turn engine exhaust into less-toxic emissions.
Read more: Russia Sanctions Over Ukraine Worsen Chip Shortage as U.S., Europe Race China
China’ s outbreak of COVID-19 cases is also leading to plant closures in manufacturing hubs including Shenzhen and Changchun. Toyota Motor Corp., Volkswagen AG and Tesla Inc. are among the companies that have idled factories this week. | general |
Carmakers Seen Producing 5 Million Fewer Vehicles After Russian Invasion | A closely watched auto-industry forecaster lopped more than 5 million cars off its projections for global production this year and next, largely due to fallout expected from Russia’ s invasion of Ukraine.
S & P Global Mobility, formerly known as IHS Markit, lowered its 2022 and 2023 estimates each by 2.6 million vehicles. The forecaster now expects auto companies to make 81.6 million cars worldwide this year and 88.5 million next year.
“ The downside risk is enormous, ” Mark Fulthorpe, S & P Global Mobility’ s executive director for global production forecasting, said in a statement Wednesday. In the firm’ s worst-case scenario, production would be as much as 4 million vehicles below its earlier projections for each year.
S & P Global Mobility cites the effect that Russia’ s war is having on the prices of energy and raw materials, expectation for the semiconductor shortage to worsen and disruptions to the flow of wire harnesses from Ukraine. Suppliers may have issues sourcing neon gas used for chip-making from Ukraine, as well as palladium from Russia. The platinum group metal is a base element of catalytic converters, which turn engine exhaust into less-toxic emissions.
Read more: Russia Sanctions Over Ukraine Worsen Chip Shortage as U.S., Europe Race China
China’ s outbreak of COVID-19 cases is also leading to plant closures in manufacturing hubs including Shenzhen and Changchun. Toyota Motor Corp., Volkswagen AG and Tesla Inc. are among the companies that have idled factories this week.
Timely, incisive articles delivered directly to your inbox.
All content copyright ©2022 Keller International Publishing Corp All rights reserved. No reproduction, transmission or display is permitted without the written permissions of Keller International Publishing Corp | general |
The Ukrainian War and the Fed’ s Interest Rate Hikes: A Double Whammy for Emerging Markets and Developing Economies? | IMF and World Bank 2022 growth projections for emerging markets and developing economies ( EMDEs), released in January this year, were not encouraging. They found that deteriorated macroeconomic fundamentals, partly resulting from policy responses to the pandemic, deep institutional deficiencies, and social and political unrest in several countries, had combined to severely weaken the engines of growth in many economies. Moreover, inflationary pressures were on the rise—in part due to external factors, most notably important supply chain disruptions and increases in the price of energy and, in some cases, significant pass-through effects from currency depreciation. Some analysts expressed concern that many countries could be entering a period of stagflation, with slow growth and high inflation.
Enter Russia’ s invasion of Ukraine. In a recent press conference, the IMF managing director alerted that the institution will likely revise downwards global growth projections during its forthcoming Spring Meetings. And the OECD has already estimated that global economic growth could be more than 1 percent lower this year than predicted before the eruption of the conflicts. For many countries, the outlook has become even bleaker.
The answer depends on the duration, spread, and intensity of the war—all highly uncertain at this time. But it also hinges on the economic policies of advanced economies, particularly monetary policy, which affects global liquidity. It is well documented that the macroeconomic effects of the Ukraine crisis flow through intertwined commercial and financial channels. In the commercial channel, the large increases in commodity prices adversely affects net importers of these products the most, with net exporters benefiting from a positive terms of trade shock. In the financial channel investors’ risk perception associated with the uncertain evolution of the conflict have increased. Capital flows to EMDEs are strongly influenced by investors’ risk perceptions, but also by the return from EMDEs’ assets. If global liquidity remains abundant and the yield offered by emerging markets’ securities relative to those offered in advanced economies remains high, the jump in risk may be partly offset by high yields, containing the potential capital outflows from EMDEs. Here is where the Fed and other central banks in advanced economies play a key role.
Figure 1 shows markets’ expectations on commodity prices reflected in the prices of futures. The dashed line shows expectations at the beginning of the year ( pre-conflict) and the solid line shows the corresponding expectations in the second half of March ( during the conflict). Although prices are expected to decline over the medium term, futures for most commodities are now much higher than they were pre-conflict, signaling a significant and persistent adverse shock to the terms of trade of net commodity importers.
Figure 1. Commodity prices futures: pre- and during conflict expectations ( Index: 100 = spot price as of March 28)
What about strains in financial markets? There are well-known indicators to gauge the current situation, including the US Treasury OFR Financial Stress Index, which measures tension in global financial markets, and the EMBI global spread, an indicator of risk of emerging markets’ government bonds. Sharp and sustained increases in these indicators are associated with episodes of deep financial and economic troubles in emerging markets; a significant increase in investors’ risk perception triggers a move towards safe assets ( such as US Treasury bonds) and a reduction in available global liquidity to meet emerging markets’ financing needs.
Figure 2 shows the recent evolution of the Financial Stress Index and the EMBI global spreads. [ 1 ] Although both indicators abruptly increased at the beginning of the war, they have, at least partially, corrected the initial jump. Furthermore, at their peaks, the increases in both indicators were well below those observed during periods where global liquidity shortages were a serious problem for emerging markets, such as during the Global Financial Crisis and at the beginning of the COVID-19 pandemic.
Figure 2. OFR Financial Stress Index ( FSI) and EMBI global spreads 2007-2022
Despite the war, global liquidity that can be directed towards EMDEs’ assets remains ample. Although the Fed has made clear its determination to fight inflation through a series of interest rate hikes, real rates, namely, nominal rates deflated by inflation, remain quite negative across the entire yield curve. Moreover, real rates are also negative in Europe, and it is expected that the European Central Bank will not start hiking the policy rate until the last quarter of 2022 at the earliest. Negative real rates create strong incentives for investors to fund riskier assets. Thus, EMDE have not yet faced a drastic squeeze in liquidity. Risk aversion towards EMDEs may have increased but not sharply.
As long as global liquidity remains abundant it is hard to expect generalized distress in EMDEs from the war. The moderate increase in risk aversion likely signals additional investors’ differentiation between countries when allocating resources, rather than broad capital outflows. But this could change if, motivated by persistent inflationary pressures, the Fed and other central banks in advanced economies increase interest rates more abruptly and quickly. As of now, however, we expect that the most affected countries will be those where the war is sharply increasing their external financing needs and where large stocks of outstanding debt pressure their external financing costs. If the conflict continues over a prolonged period, those countries may face severe difficulties in refinancing external obligations, with significant adverse consequences for economic growth.
Who would be most affected? A common indicator of external financing needs is the ratio of current account deficits plus short-term debt to international reserves. The higher this ratio, the lower the capacity of a country to show that it has sufficient resources in hard currency ( currencies that are internationally tradable and highly liquid, such as the US dollar) to meet its external obligations. In times of increased global uncertainty, large accumulations of international reserves become especially handy.
Thus, countries whose financing needs would be most affected are the net importers of commodities who have high ratios of short-term debt to international reserves. To identify net commodity importers, we subtract the total value of commodity exports from the total value of commodity imports for each country, using United Nations data. [ 2 ]
Consider first how the external financing needs of net commodity importers looked before the onset of the war. A good approximation can be obtained by first adding the October 2021 IMF’ s World Economic Outlook projections for current account balances for 2022 to the existing stock of short-term debt by end-2021. This value can then be divided by the stock of international reserves at the end of 2021.
Figure 3 shows these ratios for a selected group of net commodity importers. Most Eastern European countries are not included in the graph because their proximity to Russia makes them subject to many more risks than a deterioration in the terms of trade, including the potential for further involvement in the conflict, that could jeopardize their financing needs in unpredictable ways.
Figure 3. External financing needs in selected net commodity importers
For the set of countries in Figure 3, a persistent increase in commodity prices represents a substantial adverse terms of trade shock and would, most likely, increase their financing needs for 2022.
By the end of 2021 there was a large differentiation between countries. Consider, for example, Guatemala, Vietnam, Dominican Republic, the Philippines, and Thailand on one extreme, and Sri Lanka, Tunisia, Turkey, Mozambique and Egypt on the other. Oil, gas, and minerals are among the most important imports in all these countries ( with Egypt and Mozambique, Tunisia and Sri Lanka being also large importers of wheat). However, due to their substantial stock of international reserves and relatively small ratios of short-term debt, Thailand, the Philippines, and the Dominican Republic could likely withstand a large deterioration in their current account balance in 2022 in the face of persistent high prices of the commodities they import. And Guatemala, like Vietnam, entered the war period with current account surpluses. While the war will affect growth prospects, severe financial distress is unlikely given the strong initial conditions of these countries.
In contrast, Sri Lanka, Tunisia, Turkey, Mozambique, and Egypt were already quite vulnerable to external shocks before the eruption of the conflict—their stocks of reserves were not enough to cover for their financing needs. By aggravating their already compromised macrofinancial stability, sustained high commodity prices might push some of these countries over the edge. Before the current shock, Turkey was dealing with the highest inflation rates in the last 20 years, while making unorthodox policy decisions and experiencing increasing social turmoil. Egypt, further affected by the decrease in tourism revenue, is asking for IMF support, and Sri Lanka, Tunisia and Mozambique are already in talks for IMF programs.
The assessment above can be complemented with data on countries’ overall external liabilities. Large stocks of debt ( short- and long-term) imply large payments to service it ( amortization plus interest). Figure 4 shows the relationship between total external debt to GDP ( a stock aggregate) and external financial needs ( a flow aggregate and as defined in Figure 3) for the same set of net commodity importer countries.
Figure 4. External debt to GDP in selected net commodity importers
Not surprisingly, there is a close positive relationship between countries with large financing needs for 2022 and those with large ratios of external debt. [ 3 ]
This important country differentiation is reflected in investors’ risk perceptions as reflected in the spreads between a country’ s 10-year government bonds yield and the 10-year US Treasury bond. As shown in Figure 5, from the beginning of the year to March 28, and despite hikes in US interest rates, the spreads increased substantially in Sri Lanka, Turkey, and Egypt, three of the most vulnerable countries to the effects of the Ukrainian war. In contrast, during the same period, the spreads have either remained practically constant or even decreased in the Philippines, Thailand, and Vietnam, three of the strongest net commodity importers in our sample.
Figure 5. Change in 10-year government bonds’ spreads ( between January 3, 2022 and March 28, 2022)
The Ukrainian war will be a hard blow to those countries that are net commodity importers and face large external financing needs, as the conflict is exacerbating their preexisting vulnerabilities. Whether the impact of the conflict spreads further throughout the EMDEs group depends on two factors. The first is, of course, the evolution of the war and the impact of sanctions on the global economy. The second lies with the reaction of central banks in advanced economies, especially the Fed, to the surge in inflation. If interest rate hikes are larger and faster than expected, global liquidity may shrink sharply, investors’ risk aversion may escalate, and capital flows to EMDEs may decrease or even reverse. If any of these external conditions worsen, they may drastically increase the severity of the impact on EMDEs and their prospects for economic recovery after COVID-19.
[ 1 ] EMBI is the JP Morgan Emerging Markets Bond Index. The EMBI Global spread is the difference between an ( asset weighted) indicator of emerging markets’ yields in secondary markets and the yield on 10-year US Treasury bonds. The shaded areas correspond with the Global Financial Crisis and the beginning of the pandemic. Values of the OFR FSI above zero indicate that financial stress is above normal historical levels.
[ 2 ] Commodities are defined following the IMF classification from the October 2021 World Economic Outlook ( p. 87) and include Standard International Trade Classification codes 0, 1, 2, 3, 4, 68 and 97.
[ 3 ] Zooming in on the debt issue, looming ( and present) debt distress has been threatening some low-income countries, particularly in sub-Saharan Africa, for a while. Among economies in our sample, and according to a World Bank classification that precedes the Ukrainian war, Mozambique was in “ debt distress, ” which means that it was “ already experiencing difficulties in servicing its debt. ” Others, like Tanzania, Rwanda, and Uganda were considered to face “ moderate ” risk; however, the recent shock to commodity importers will likely increase pressures on these countries. Consistent with the World Bank classification, Bangladesh was in “ low ” risk of facing debt distress, has under 50 percent of external debt as percentage of GDP and is in the lower percentiles of our external financial needs’ distribution.
You may use and disseminate CGD’ s publications under these conditions. | general |
How coronavirus triggers immune response in brain -- ScienceDaily | The study, published in the journal Molecular Neurobiology led by the University of Huddersfield's Dr Mayo Olajide, describes how the spike protein used by the coronavirus to enter human cells can have a similar effect on the brain's immune cells as it does with the rest of the body.
Dr Olajide, who's previous research discovered how the onset of Alzheimer's disease can be slowed and some of its symptoms curbed by a natural compound that is found in pomegranate, conducted the potential impact of the Spike Glycoprotein S1 using immune cell lines obtained from mice and is now applying for funding to develop the research further using brain cells from humans.
`` Following our hypothesis, '' said Dr Olajide, `` we are now questioning when the coronavirus has affected the brain, could this pose a risk for neurodegenerative disorders further down the line, like Alzheimer's or Parkinson's? ''
How the coronavirus activate the brain's own immune response
According to Dr Olajide, whilst other research demonstrated the mechanism of why the virus was able to gain access into the brain through the nose, theirs was among the first to demonstrate how the coronavirus activated the brain's own immune response.
`` It may not be multiplying in the brain, but when it gets into the brain, it can actually induce immune responses and this explains some of the trends people have reported when they have been infected such as continued brain fog and memory loss, '' he said.
Dr Olajide believes if adequate funding can be achieved the research could prove significant.
`` The thing with COVID research is so many researchers speculate but less actually carry out the experiments needed to prove their research because it takes such a long time to complete. ''
Dr Olajide is a Reader within the University's Department of Pharmacy in the School of Applied Sciences. His academic career includes a post as a Humboldt Postdoctoral Research Fellow at the Centre for Drug Research at the University of Munich. His PhD was awarded from the University of Ibadan in his native Nigeria, after an investigation of the anti-inflammatory properties of natural products. | science |
Federal labor board seeks to force Amazon to reinstate fired worker | NEW YORK — A federal labor board is seeking the reinstatement of an Amazon employee who was fired after leading a protest in the early days of the pandemic calling for the company to do more to protect workers against COVID-19.
Gerald Bryson, who worked at an Amazon
AMZN,
+2.70%
warehouse in the New York borough of Staten Island, helped lead the protest outside a warehouse in April 2020. Frank Kearl, Bryson’ s attorney, said while off the job during the protest, Bryson got into a dispute with another worker. Amazon later fired him for violating its vulgar-language policy.
Bryson filed an unfair labor practice case in 2020, claiming Amazon retaliated against him. The National Labor Relations Board said later that year it found merit in the complaint.
Seattle-based Amazon has previously said Bryson was “ witnessed by other employees bullying and intimidating a female associate. ” It did not immediately reply to a request for comment on Thursday.
If the court approves the labor board’ s request, Bryson would be able to return to his job at Amazon.
In a court filing at the Eastern District of New York Thursday, the NRLB requested the online retail giant post a copy of the court order in all breakrooms, bathrooms, and bathroom stalls and other places where the company post notices to its employees at the JFK8 facility where Bryson worked.
The labor board is also requesting Amazon distribute English and Spanish copies of the court order to internet sites or apps it uses to communicate with its employees, and have the order read to workers during one or more mandatory meetings.
New York Attorney General Letitia James, who is
suing Amazon over COVID-19 safety protocols
, also filed a motion in December to force Amazon to rehire Christian Smalls, another fired employee. Smalls is currently
a leader in an organization called the Amazon Labor Union
, which is trying to unionize JFK8. | business |
This is today's edition of The Download, our weekday newsletter by MIT Technology Review that provides a daily dose of what's going on in the world of technology. | Also: What do psychedelic drugs do to our brains? AI could help us find out.
This is today's edition of The Download, our weekday newsletter that provides a daily dose of what's going on in the world of technology.
Cut off: Russia’ s disconnection from the online services of the West has been abrupt and severe. Facebook has been blocked entirely by Russian authorities, while Twitter is almost completely cut off. Many more companies have voluntarily withdrawn from the Russian market—including Apple, Microsoft, TikTok, and Netflix.
Deeper splits: But all these are just services that use the internet, rather than the technologies or agreements that power it. More profound splits are on the cards—provoked by action on both sides. The moves have raised fears of a “ splinternet ”, in which instead of the single global internet we have today, we have a number of national or regional networks that don’ t speak to one another and perhaps even use incompatible technologies.
Why it matters: That would spell the end of the internet as a single global communications technology. If countries like China, Russia, and Iran set up rival governance bodies and a rival network, only the mutual agreement of all the world’ s major nations could rebuild it. Read the full story.
The big picture: Psychedelic drugs have long been touted as possible treatments for mental-health disorders like depression and PTSD. But very little is really known about what these substances actually do to our brains. Understanding how they work could help unlock their potential.
A new methodology: Some scientists are using AI to figure it out. A team at McGill University in Montreal used natural language processing to study written “ trip reports ” of users’ experiences with a range of drugs. The team then integrated this data with records of which neurotransmitter receptors in the brain each drug is known to interact with. Together, these steps let the team identify which receptors are linked to specific drug experiences.
What next: The work could shed light on how hallucinogens trigger specific mental states, whether that be euphoria, anxiety, or a sense of being at one with the world. It could also help design new drugs for mental health disorders—something some firms are already trying to do. Read the full story.
I’ ve combed the internet to find you today’ s most fun/important/scary/fascinating stories about technology.
1 Russia has stepped up its campaign of bombing civilians in UkraineIt just bombed a theater in Mariupol that hundreds of people had been sheltering in. ( AP) + US intelligence estimates Russia has lost more than 7,000 troops already. ( NYT $) + Zelensky urged more US companies to quit Russia. ( Quartz) + Biden pledged a further $ 800 million for Ukraine’ s war effort, including drones and anti-aircraft systems. ( Reuters $) + The tractor has become a symbol of Ukrainian resistance. ( Vice) + Ukrainian influencers are documenting what’ s going on. ( The Verge) + What’ s the risk of nuclear war? It’ s not zero. ( NYT $)
2 Facebook and YouTube removed a deepfake of the Ukrainian President It purported to show him surrendering to Russia—but it was quickly debunked. ( CNN) + Not before causing a fair bit of chaos yesterday, though. ( Vice) + The biggest threat of deepfakes isn't the deepfakes themselves. ( TR)
3 There’ s a link between covid-19 deaths and internet accessIt’ s not clear exactly why, though. ( Vox) + Covid cases are on the rise again around the world. ( Ars Technica) + Citizen science is making a comeback. ( Wired $)
4 NASA released its first image from the James Webb Telescope 🔭And it’ s a stunner. ( Ars Technica) + NASA’ s early warning system to detect asteroids got its first test. ( CNN)
5 Parts of Kenya are slowly sliding underwater And hundreds of thousands of people are being displaced as a result. ( The Guardian) + How rising groundwater caused by climate change could devastate coastal communities. ( TR) + The promise of solar canal panels. ( The Next Web)
6 How Chinese professors got caught up in a spying panic in the USAnd, in some cases, saw their livelihoods torn to shreds as a result. ( New Yorker $) + The US government is ending the China Initiative. Now what? ( TR)
7 Inside a ransomware gang’ s group chatsThe Conti gang extorted $ 180 million from companies last year. Now it wants to diversify into crypto projects. ( Wired $) 8 Netflix thinks it can guilt you into paying for those passwords you shareJust after it significantly hiked prices. Good luck with that. ( Gizmodo) 9 How is Instagram going to avoid hosting stolen NFTs? It sounds like a minor consideration but it’ s really not, given the world of NFTs is awash with them. ( The Next Web) + Spotify is planning to join in the crypto craze. ( FT $)
10 Elon Musk is beefing with Chechnya’ s brutal dictator on TwitterWarning: extremely high levels of toxic masculinity detected. ( Vice)
—President Joe Biden delivers his sharpest rebuke yet of Russian leader Vladimir Putin.
A place for comfort, fun and distraction in these weird times. ( Got any ideas? Drop me a line or tweet 'em at me.) + Happy St Patrick’ s Day to those who celebrate it! And before you decide whether to celebrate it, you might want to take this quiz. + These social media accounts are bound to cheer you up. + A surprisingly touching interview with the living legend that is Denzel Washington. + GUTTED to learn the world’ s largest ‘ potato’ is, in fact, not a potato. + Where you’ ll find some of the best sunsets and sunrises in the world. + My inner child was thrilled by this totally pointless, yet totally hilarious, weapon. + A type of bat not seen in 40 years has been found in Rwanda.
If Russia disconnects from—or is booted from— the internet’ s governing bodies, the internet may never be the same again for any of us.
The words people used to describe their trip experiences could lead to better drugs to treat mental illness.
Documents obtained by public records requests show that Operation Safety Net, a sprawling policing operation in Minnesota, continued to respond to protests long after the effort was supposedly shuttered.
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Our in-depth reporting reveals what’ s going on now to prepare you for what’ s coming next. | tech |
Pricing and Labor Trends in the Supply Chain in 2022 | The struggles of the supply chain continue in year three of the COVID-19 pandemic, with issues of product shortages, transportation, weather, labor and more. As prices swing one way or another, organizations must acquire a deep understanding of the market and what’ s happening in all aspects of the industry.
According to a recent U.S. Bureau of Labor report, wholesale inflation has hit an 8.3% year-on-year increase, the largest single annual increase in the department’ s history. Every part of the chain is a factor, from fuel prices to raw materials such as lumber and steel. The supply chain, meanwhile, is dealing with unreliable projections for revenue or margins. It’ s a good time to take an honest look at what’ s happening around us, learn from the experience of the past couple of years, and plan accordingly. Here are a few trends that we should be anticipating this year and beyond.
Growing pains linger. As the economy starts to pick up, growth in demand will put a significant strain on already pummeled industries. Shoppers expect their local supermarket to have in stock what they need, but shelves will be emptier more often. Suppliers will struggle to catch up with rising demand for consumer products. The increase in demand that started to show up in 2021 will continue in 2022, as all players in the supply chain strive to recover from the effects of the pandemic, while working to become more efficient than ever before.
Digital transformation separates the pack. This is a cause-and-effect game, marked by an increase in demand, complex logistics, a strained infrastructure and resource scarcity. All of these effects will drive organizations to develop their capabilities to become more proactive in forecasting, planning and executing in advance of the next big disruption to supply chains and the economy. While the concept of digital transformation has been around for a long time, the last two years have brought unprecedented attention to platforms, processes and best practices to enable organizations to do more with the same, if not less.
Tariffs take a toll. Tariff management is a complex issue. The last few years have taught us that how we manage tariffs has a great impact on an organization’ s bottom line. This is the year that companies implement the lessons of the pandemic and prior years, putting controls in place and becoming more proactive about tariffs and pricing. The trade war between U.S. and China has impacted billions of dollars worth of goods. The result has been a sharp decrease in imports and exports, reduced options for consumers, and higher prices. We always knew that tariffs have an impact; we now need to understand how to react to them.
Chips fall where they may. The global shortage of semiconductor chips is affecting large numbers of industries, and we won’ t see a resolution of the crisis any time soon. The market has no fix for this problem, except to slowly rebuild manufacturing capacity of the main providers. Expect chip sovereignty to take hold, with governments working to diversify sourcing beyond a handful of providers.
Labor woes take the wheel. They will continue across all industries. There remains a scarcity of truck drivers, causing transportation costs to skyrocket. Labor strikes could be in the cards, as carriers struggle to fill the gap by enticing younger people to become drivers, or providing temporary work permits for drivers in Mexico. Such moves can lead to lower wages or mistreatment of workers. The situation could worsen this year, as organizations scramble to reduce the negative impacts.
Covid continues to ravage all aspects of our lives and the economy. This year begins to show signs of labor and industrial fatigue; companies can maintain the cycle of lockdowns and lifting of restrictions for only so long. At the same time, workers are having a greater say in company operations. All of these factors can seriously affect the supply chains of companies in ways that becoming increasingly hard to deal with over the long term.
Jose Paez is solution strategist with Pricefx. | general |
Watch brand Zenith confident on growth, Russia not a key market | `` Every time there is geopolitical instability in the world it leads to a context of anxiety that is not good for business, '' Julien Tornare told Reuters in a phone interview.
`` Purchasing power, the price of petrol, the price of gas are worries for people and the mood may not be as good as we had hoped, '' said Tornare, who has been leading the brand since 2017.
He said, however, that most markets, in particular the United States, were still doing well, and he was confident the brand would achieve double-digit sales growth in the first quarter and was also aiming for that for the year as a whole.
Rival Swatch Group confirmed on Thursday it expects double-digit sales growth this year and no material impact on business from the crisis triggered by Russia's invasion of Ukraine.
Tornare said Russia was not a key market for the brand, even though it had a long history there. `` When the situation allows it, we 'll redeploy means to develop that market, '' he said.
Its parent company LVMH temporarily closed its 124 boutiques in Russia on March 6, saying it would continue to pay the salaries for its 3,500 employees in the country.
He said new lockdowns in China to rein in COVID-19 were a concern, but China remained an important growth driver in the longer term. `` We had a good start in China in January. February and March were a bit more quiet. ''
Tornare said the brand wanted to absorb part of the higher costs for energy and raw materials, but would raise prices globally by 2% to 4% on certain collections within the next weeks. The average price is currently at 10,000 euros ( $ 11,087.00), 30% higher than when Tornare took over as CEO.
Based in Le Locle in western Switzerland, Zenith is known for its El Primero watch mechanisms launched in 1969 that only survived the arrival of battery-powered quartz watches in the 1970s because a foreman hid the tools and plans in an attic at the factory against management orders. Modernised versions of the El Primero still power Zenith watches today, notably its Defy collection.
( $ 1 = 0.9020 euro)
( Reporting by Silke Koltrowitz; editing by Jonathan Oatis)
By Silke Koltrowitz | business |
Irish Taoiseach abruptly leaves DC gala attended by Biden after testing positive for Covid |
Irish Prime Minister Micheál Martin, known as the Taoiseach, tested positive for
Covid-19
Wednesday while attending a gala in Washington, DC, that had just been addressed by President Joe Biden.
Martin left the gathering for The Ireland Funds after his positive result was confirmed, according to PA Media, a UK-based news agency. Irish Ambassador to the US Daniel Mulhall announced the results to the room, a person who attended the dinner told CNN.
A White House official said Biden is not considered a close contact of Martin. The pair was set to hold a bilateral meeting at the White House on Thursday, but the official said the schedule will be changed.
CNN has reached out to Martin's office and the Irish Embassy in Washington for comment.
In a photo posted online by the Press Association, Martin is seen sitting next to House Speaker Nancy Pelosi at the event. CNN reached out to Pelosi's office for comment.
Read More
Biden spent less than an hour at the gala and was not seen by a CNN producer in attendance in close proximity to the Taoiseach.
Biden gave his 15-minute remarks from a lectern slightly away from the guests seated in the hall and left shortly after for the White House.
Martin became the Taoiseach in June 2020. The Irish leader typically has a standing invitation to the White House on St. Patrick's Day, which is Thursday. Last year, Biden and Martin
met virtually
due to the coronavirus pandemic.
As he opened his remarks Wednesday, Biden referenced a meeting between him and Martin when Biden was the US vice president and Martin was the Irish foreign minister.
`` We both have come full circle -- you're Taoiseach and I 'm President. What the hell are we going to do? '' Biden said. | general |
Pricing and Labor Trends in the Supply Chain in 2022 | The struggles of the supply chain continue in year three of the COVID-19 pandemic, with issues of product shortages, transportation, weather, labor and more. As prices swing one way or another, organizations must acquire a deep understanding of the market and what’ s happening in all aspects of the industry.
According to a recent U.S. Bureau of Labor report, wholesale inflation has hit an 8.3% year-on-year increase, the largest single annual increase in the department’ s history. Every part of the chain is a factor, from fuel prices to raw materials such as lumber and steel. The supply chain, meanwhile, is dealing with unreliable projections for revenue or margins. It’ s a good time to take an honest look at what’ s happening around us, learn from the experience of the past couple of years, and plan accordingly. Here are a few trends that we should be anticipating this year and beyond.
Growing pains linger. As the economy starts to pick up, growth in demand will put a significant strain on already pummeled industries. Shoppers expect their local supermarket to have in stock what they need, but shelves will be emptier more often. Suppliers will struggle to catch up with rising demand for consumer products. The increase in demand that started to show up in 2021 will continue in 2022, as all players in the supply chain strive to recover from the effects of the pandemic, while working to become more efficient than ever before.
Digital transformation separates the pack. This is a cause-and-effect game, marked by an increase in demand, complex logistics, a strained infrastructure and resource scarcity. All of these effects will drive organizations to develop their capabilities to become more proactive in forecasting, planning and executing in advance of the next big disruption to supply chains and the economy. While the concept of digital transformation has been around for a long time, the last two years have brought unprecedented attention to platforms, processes and best practices to enable organizations to do more with the same, if not less.
Tariffs take a toll. Tariff management is a complex issue. The last few years have taught us that how we manage tariffs has a great impact on an organization’ s bottom line. This is the year that companies implement the lessons of the pandemic and prior years, putting controls in place and becoming more proactive about tariffs and pricing. The trade war between U.S. and China has impacted billions of dollars worth of goods. The result has been a sharp decrease in imports and exports, reduced options for consumers, and higher prices. We always knew that tariffs have an impact; we now need to understand how to react to them.
Chips fall where they may. The global shortage of semiconductor chips is affecting large numbers of industries, and we won’ t see a resolution of the crisis any time soon. The market has no fix for this problem, except to slowly rebuild manufacturing capacity of the main providers. Expect chip sovereignty to take hold, with governments working to diversify sourcing beyond a handful of providers.
Labor woes take the wheel. They will continue across all industries. There remains a scarcity of truck drivers, causing transportation costs to skyrocket. Labor strikes could be in the cards, as carriers struggle to fill the gap by enticing younger people to become drivers, or providing temporary work permits for drivers in Mexico. Such moves can lead to lower wages or mistreatment of workers. The situation could worsen this year, as organizations scramble to reduce the negative impacts.
Covid continues to ravage all aspects of our lives and the economy. This year begins to show signs of labor and industrial fatigue; companies can maintain the cycle of lockdowns and lifting of restrictions for only so long. At the same time, workers are having a greater say in company operations. All of these factors can seriously affect the supply chains of companies in ways that becoming increasingly hard to deal with over the long term.
Jose Paez is solution strategist with Pricefx.
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Moated English Country House With Royal Ties Lists for £6.5 Million | An English Tudor country house with a moat and ties to a former queen has hit the market for £6.5 million ( US $ 8.6 million).
Sitting on 46 acres in the village of Pebrash in Essex, Stanstead Hall dates to the 16th century but has been preserved and updated with modern conveniences, according to Savills, which listed the property at the beginning of the month.
“ It has a long tree-lined driveway with a classic arrival where the house slowly comes into view, ” Savills agent Tim Phillips said. “ It’ s very impressive…but also important, it’ s a family home. It feels like a place a family could live in and enjoy. ”
The moat, plus the fact that the 13-bedroom, six-bathroom hall is set in the middle of the property, makes it “ hugely private, ” he added. “ It’ s lovely and quiet and … a great Tudor house that’ s highly historic and the current owners have put a lot of work into it. ”
There’ s evidence of a structure on the land going back to the 11th century, but the manor house was passed to Sir William Parr in the 16th century, according to Historic England, a preservation organization in the U.K.
Parr, who was made Earl of Essex in 1551, was the grandfather of Catherine Parr, the last of the six wives of King Henry VIII. She was also the Queen of England and Ireland from the time of their marriage in 1543 until Henry’ s death in early 1547.
There are seven reception rooms, including a living room with ornate paneling and ceilings and a dining room with leaded glass windows, listing photos show. There are several period fireplaces and a wood staircase, plus an updated kitchen.
The property also boasts a pool and a pool house with a bar and a pizza oven.
“ I can see families having the best time there in the summer, ” Mr. Phillips said.
Two barns exist on the property, one that could be used for special occasions and another two-story structure that could house a car collection, he added.
Homes in the English countryside have become popular during the Covid-19 pandemic, as families have searched for more space and taken advantage of not needing to be in London on a daily basis, according to Mr. Phillips. He estimates supply is down at least 30% year over year, and the demand has not slowed.
“ It’ s nice to see these historic English properties en vogue again, ” he said. “ We have a lot less property and a lot more buyers. ”
Mansion Global could not determine when property last sold for how much. The owners were not available for comment. | business |
Mother to child transmission of COVID-19 infection, possible but rare, study finds -- ScienceDaily | Overall, fewer than two per cent of babies born to mothers with SARS-CoV-2 infection also test positive for the virus, but they are more likely to test positive when the women have severe COVID-19 or were diagnosed after childbirth.
Experts also discovered that vaginal births and breast feeding do not increase the likelihood of babies testing positive for SARS-CoV-2 when their mothers have the infection.
An international research team, led by the University of Birmingham's WHO Collaborating Centre for Global Women's Health, published its findings today in BMJ after examining data from around the globe relating to more than 14,000 babies born to mothers with COVID-19.
Overall, 1.8% of the 14,271 babies born to mothers with SARS-CoV-2 infection tested positive for the virus using PCR tests.
Study lead Shakila Thangaratinam, Professor of Maternal and Perinatal Health at the University of Birmingham, commented: `` Ours is the first study to use the World Health Organization's stringent methods to show that it is possible for the virus to be spread from the mother to baby while in the womb, during childbirth, and after delivery.
`` However, parents and healthcare professionals can be reassured that only a very small proportion of babies born to mothers with SARS-CoV-2 test positive. This implies that the risks of infection to such babies are rare.
`` Mothers should also be reassured about the low risk of viral transmission through vaginal birth, skin-to-skin contact and breastfeeding -- all of which should be encouraged. ''
Professor Thangaratinam added that healthcare professionals and policy makers need to be aware of the expected burden of SARS-CoV-2 positivity in babies, and that they can be infected at any time during pregnancy and delivery -- highlights the need for appropriate measures to reduce risk of viral transmission in the postnatal period.
The research team recommends that, since babies born to mothers with severe SARS-CoV-2 are more likely to test positive, they will need to be tested after birth and monitored closely. Vaccination in pregnancy should be further encouraged to prevent infection and severe disease in mothers.
The team will analyse new studies as further evidence becomes available and also explore the effects that SARS-CoV-2 variants of concern and vaccination have on newborns. | science |
GameStop Reports Fourth Quarter and Fiscal Year 2021 Results | Announces Intended Launch of NFT Marketplace by Close of Q2 FY22
GRAPEVINE, Texas -- ( BUSINESS WIRE) -- GameStop Corp. ( NYSE: GME) ( “ GameStop ” or the “ Company ”) today released financial results for the fourth quarter and fiscal year ended January 29, 2022. The Company’ s condensed and consolidated financial statements, including GAAP and non-GAAP results, are below. The Company’ s Form 10-K and supplemental information can be found at http: //investor.GameStop.com. The Company also announced it intends to launch its marketplace for non-fungible tokens ( “ NFTs ”) by the end of the second quarter of fiscal year 2022.
FOURTH QUARTER OVERVIEW
FULL YEAR OVERVIEW
CONFERENCE CALL INFORMATION
A webcast with management is scheduled for March 17, 2022, at 5:00 p.m. ET to discuss the Company’ s fourth quarter and full-year activities and financial results. This call, along with supplemental information, can also be accessed at http: //investor.GameStop.com. The phone number for the investor conference call is 877-451-6152 and the confirmation code is 13725350. This webcast will be archived for two months on GameStop’ s investor relations website.
NON-GAAP MEASURES AND OTHER METRICS
As a supplement to the Company’ s financial results presented in accordance with U.S. generally accepted accounting principles ( GAAP), GameStop may use certain non-GAAP measures, such as adjusted SG & A, adjusted operating income ( loss), adjusted net income ( loss), adjusted diluted earnings ( loss) per share, adjusted EBITDA and free cash flow. The Company believes these non-GAAP financial measures provide useful information to investors in evaluating the Company’ s core operating performance. Adjusted selling, general and administrative expenses ( “ Adjusted SG & A ”), adjusted operating income ( loss), adjusted net income ( loss) and adjusted diluted earnings ( loss) per share exclude the effect of items such as transformation costs, asset impairments, store closure costs, severance, as well as divestiture costs. Results reported as constant currency exclude the impact of fluctuations in foreign currency exchange rates by converting the Company’ s local currency financial results using the prior period exchange rates and comparing these adjusted amounts to the Company’ s current period reported results. The Company’ s definition and calculation of non-GAAP financial measures may differ from that of other companies. Non-GAAP financial measures should be viewed as supplementing, and not as an alternative or substitute for, the Company’ s financial results prepared in accordance with GAAP. Certain of the items that may be excluded or included in non-GAAP financial measures may be significant items that could impact the Company’ s financial position, results of operations or cash flows and should therefore be considered in assessing the Company’ s actual and future financial condition and performance.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS - SAFE HARBOR
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon management’ s current beliefs, views, estimates and expectations, including as to the Company’ s industry, business strategy, goals and expectations concerning its market position, strategic and transformation initiatives, future operations, margins, profitability, sales growth, capital expenditures, liquidity, capital resources, expansion of technology expertise, and other financial and operating information, including expectations as to future operating profit improvement. Such statements include without limitation those about the Company’ s expectations for fiscal 2022, future financial and operating results, projections and other statements that are not historical facts. Forward-looking statements are subject to significant risks and uncertainties and actual developments, business decisions, outcomes and results may differ materially from those reflected or described in the forward-looking statements. The following factors, among others, could cause actual developments, business decisions, outcomes and results to differ materially from those reflected or described in the forward-looking statements: economic, social, and political conditions in the markets in which we operate; the impact of the COVID-19 pandemic on the Company’ s business and financial results; the cyclicality of the video game industry; the Company’ s dependence on the timely delivery of new and innovative products from its vendors; the impact of technological advances in the video game industry and related changes in consumer behavior on the Company’ s sales; the Company’ s ability to keep pace with changing industry technology and consumer preferences; the Company’ s ability to obtain favorable terms from its current and future suppliers and service providers; the ability of the Company’ s third party delivery services to deliver products to the Company’ s retail locations, fulfillment centers and consumers and changes in the terms the Company has with such service providers; the Company’ s dependence on sales during the holiday selling season; the decrease in popularity of certain types of video games containing graphic violence; the Company’ s ability to renew or enter into new leases on favorable terms; the Company’ s ability to maintain strong retail and ecommerce experiences for its customers; the Company’ s strategic plans and transformation initiatives and the Company’ s ability to achieve the desired results of its transformation initiatives within the anticipated time-frame or at all; enhanced risks as new business initiatives lead the Company to engage in new activities; the competitive nature of the Company’ s industry, including competition from multi-channel retailers, ecommerce businesses, and others; disruptions or interruptions to the Company’ s logistics capabilities or supply chain or the supply chain of the Company's suppliers; the Company’ s ability to anticipate, identify and react to trends in pop culture with regard to its sales of collectibles; the ability and willingness of the Company’ s vendors to provide marketing and merchandising support at historical or anticipated levels; restrictions on the Company’ s ability to purchase and sell pre-owned products; changes to tariff and import/export regulations; unfavorable changes in the Company’ s global tax rate; legislative actions; the Company’ s ability to comply with federal, state, local and international laws and regulations and statutes; the evolution of government regulation related to blockchain, digital assets and Web 3.0 technology; fluctuations in the Company’ s results of operations from quarter to quarter; the restrictions contained in the agreement governing the Company’ s revolving credit facility; the Company’ s ability to generate sufficient cash flow to fund its operations; the Company’ s ability to incur additional debt; turnover in senior management or the Company’ s ability to attract and retain qualified personnel; turnover in the Company’ s Board of Directors; the Company’ s ability to maintain the security or privacy of its customer, associate or Company information; potential damage to the Company’ s reputation or customers ' perception of the Company; occurrence of weather events, natural disasters, public health crises and other unexpected events; potential failure or inadequacy of the Company's computerized systems; the Company’ s ability to maintain effective control over financial reporting; volatility in the Company’ s Class A Common Stock price, including volatility due to potential short squeezes; continued high degrees of media coverage by third parties; the availability and future sales of substantial amounts of the Company’ s Class A Common Stock; and potential future litigation and other legal proceedings. Additional factors that could cause results to differ materially from those reflected or described in the forward-looking statements can be found on GameStop's most recent Annual Report on Form 10-K filed with the SEC and available at http: //www.sec.gov or http: //investor.GameStop.com. Forward-looking statements contained in this press release speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
GameStop Corp. Consolidated Statements of Operations ( in millions, except per share data) ( unaudited)
13 weeks ended January 29, 2022
13 weeks ended January 30, 2021
Net sales
$
2,253.9
$
2,122.1
Cost of sales
1,875.7
1,673.5
Gross profit
378.2
448.6
Selling, general and administrative expenses
538.9
419.1
Asset impairments
6.1
10.7
Operating earnings
( 166.8
)
18.8
Interest expense, net
0.9
8.2
( Loss) earnings from continuing operations before income taxes
( 167.7
)
10.6
Income tax benefit
( 20.2
)
( 69.7
)
Net ( loss) income from continuing operations
( 147.5
)
80.3
Income from discontinued operations, net of tax
—
0.2
Net ( loss) income
$
( 147.5
)
$
80.5
Basic ( loss) earnings per share:
Continuing operations
$
( 1.94
)
$
1.23
Discontinued operations
—
—
Basic ( loss) earnings per share
$
( 1.94
)
$
1.23
Diluted ( loss) earnings per share:
Continuing operations
$
( 1.94
)
$
1.19
Discontinued operations
—
—
Diluted ( loss) earnings per share
$
( 1.94
)
$
1.19
Weighted average common shares outstanding:
Basic
75.9
65.2
Diluted
75.9
67.8
Percentage of Net Sales:
Net sales
100.0
%
100.0
%
Cost of sales
83.2
%
78.9
%
Gross profit
16.8
%
21.1
%
Selling, general and administrative expenses
23.9
%
19.7
%
Asset impairments
0.3
%
0.5
%
Operating earnings
( 7.4
)%
0.9
%
Interest expense, net
—
%
0.4
%
( Loss) earnings from continuing operations before income taxes
( 7.4
)%
0.5
%
Income tax benefit
( 0.9
)%
( 3.3
)%
Net ( loss) income from continuing operations
( 6.5
)%
3.8
%
Income from discontinued operations, net of tax
—
%
—
%
Net ( loss) income
( 6.5
)%
3.8
%
GameStop Corp.
Consolidated Statements of Operations
( in millions, except per share data)
( unaudited)
52 weeks ended January 29, 2022
52 weeks ended January 30, 2021
Net sales
$
6,010.7
$
5,089.8
Cost of sales
4,662.9
3,830.3
Gross profit
1,347.8
1,259.5
Selling, general and administrative expenses
1,709.6
1,514.2
Asset impairments
6.7
15.5
Gain on sale of assets
—
( 32.4)
Operating loss
( 368.5)
( 237.8)
Interest expense, net
26.9
32.1
Loss from continuing operations before income taxes
( 395.4)
( 269.9)
Income tax benefit
( 14.1)
( 55.3)
Net loss from continuing operations
( 381.3)
( 214.6)
Loss from discontinued operations, net of tax
—
( 0.7)
Net loss
$
( 381.3)
$
( 215.3)
Basic loss per share:
Continuing operations
$
( 5.25)
$
( 3.30)
Discontinued operations
—
( 0.01)
Basic loss per share:
$
( 5.25)
$
( 3.31)
Diluted ( loss) per share:
Continuing operations
$
( 5.25)
$
( 3.30)
Discontinued operations
—
( 0.01)
Diluted loss per share
$
( 5.25)
$
( 3.31)
Weighted average common shares outstanding:
Basic
72.6
65.0
Diluted
72.6
65.0
Percentage of Net Sales:
Net sales
100.0%
100.0%
Cost of sales
77.6%
75.3%
Gross profit
22.4%
24.7%
Selling, general and administrative expenses
28.4%
29.7%
Asset impairments
0.1%
0.3%
Gain on sale of assets
—%
( 0.6)%
Operating loss
( 6.1)%
( 4.7)%
Interest expense, net
0.4%
0.6%
Loss from continuing operations before income taxes
( 6.6)%
( 5.3)%
Income tax benefit
( 0.2)%
( 1.1)%
Net loss from continuing operations
( 6.3)%
( 4.2)%
Loss from discontinued operations, net of tax
—%
—%
Net loss
( 6.3)%
( 4.2)%
GameStop Corp.
Condensed Consolidated Balance Sheets
( in millions)
( unaudited)
January 29, 2022
January 30, 2021
Current assets:
Cash and cash equivalents
$
1,271.4
$
508.5
Restricted cash
33.1
110.0
Receivables, net
141.1
105.3
Merchandise inventories
915.0
602.5
Prepaid expenses and other current assets
238.2
224.9
Total current assets
2,598.8
1,551.2
Property and equipment, net
163.6
201.2
Operating lease right-of-use assets
586.6
662.1
Deferred income taxes
16.3
—
Long-term restricted cash
15.4
16.5
Other noncurrent assets
118.6
41.6
Total assets
$
3,499.3
$
2,472.6
Current liabilities:
Accounts payable
$
471.0
$
341.8
Accrued liabilities and other current liabilities
668.9
626.8
Current portion of operating lease liabilities
210.7
227.4
Short-term debt, including current portion of long-term debt, net
4.1
121.7
Borrowings under revolving line of credit
—
25.0
Total current liabilities
1,354.7
1,342.7
Long-term debt, net
40.5
216.0
Operating lease liabilities
393.7
456.7
Other long-term liabilities
107.9
20.5
Total liabilities
1,896.8
2,035.9
Stockholders’ equity
1,602.5
436.7
Total liabilities and stockholders’ equity
$
3,499.3
$
2,472.6
GameStop Corp.
Consolidated Statements of Cash Flows
( in millions)
( unaudited)
13 weeks ended January 29, 2022
13 weeks ended January 30, 2021
Cash flows from operating activities:
Net ( loss) income
$
( 147.5)
$
80.5
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation and amortization
24.0
19.6
Asset impairments
6.1
10.7
Stock-based compensation expenses
9.8
1.8
Deferred income taxes
( 16.3)
34.9
Loss on disposal of property and equipment, net
3.5
3.3
Other
( 2.1)
( 1.7)
Changes in operating assets and liabilities:
Receivables, net
( 59.4)
( 26.0)
Merchandise inventories
215.6
270.8
Prepaid expenses and other current assets
( 1.4)
11.3
Prepaid income taxes and income taxes payable
( 8.8)
( 98.7)
Accounts payable and accrued liabilities
( 152.5)
( 157.5)
Operating lease right-of-use assets and liabilities
17.2
17.9
Changes in other long-term liabilities
1.5
( 2.1)
Net cash flows ( used in) provided by operating activities
( 110.3)
164.8
Cash flows from investing activities:
Capital expenditures
( 21.3)
( 27.4)
Other
( 2.3)
1.0
Net cash flows used in investing activities
( 23.6)
( 26.4)
Cash flows from financing activities:
Payments of financing costs
( 3.0)
—
Net repayments of senior notes
—
( 125.0)
Issuance of common stock, net of share repurchases for withholding taxes
( 0.2)
4.1
Net cash flows used in financing activities
( 3.2)
( 120.9)
Exchange rate effect on cash, cash equivalents and restricted cash
( 11.1)
14.9
( Decrease) increase in cash, cash equivalents and restricted cash
( 148.2)
32.4
Cash, cash equivalents and restricted cash at beginning of period
1,468.1
602.6
Cash, cash equivalents and restricted cash at end of period
$
1,319.9
$
635.0
GameStop Corp.
Consolidated Statements of Cash Flows
( in millions)
( unaudited)
52 weeks ended January 29, 2022
52 weeks ended January 30, 2021
Cash flows from operating activities:
Net loss
$
( 381.3)
$
( 215.3)
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation and amortization
77.2
80.7
Loss ( gain) on retirement of debt
18.2
( 1.5)
Asset impairments
6.7
15.5
Stock-based compensation expenses
30.5
7.9
Deferred income taxes
( 16.3)
80.3
Loss ( gain) on disposal of property and equipment, net
5.4
( 27.3)
Other
( 3.5)
2.4
Changes in operating assets and liabilities:
Receivables, net
( 38.4)
39.8
Merchandise inventories
( 329.6)
282.4
Prepaid expenses and other current assets
( 6.5)
8.4
Prepaid income taxes and income taxes payable
( 21.7)
( 87.0)
Accounts payable and accrued liabilities
224.4
( 78.6)
Operating lease right-of-use assets and liabilities
( 0.9)
19.0
Changes in other long-term liabilities
1.5
( 3.0)
Net cash flows ( used in) provided by operating activities
( 434.3)
123.7
Cash flows from investing activities:
Capital expenditures
( 62.0)
( 60.0)
Proceeds from sale of property and equipment
—
95.5
Other
( 2.8)
1.4
Net cash flows ( used in) provided by investing activities
( 64.8)
36.9
Cash flows from financing activities:
Proceeds from issuance of common stock, net of costs
1,672.8
—
Net repayments of senior notes
( 307.4)
( 130.3)
Proceeds from French term loans
—
47.1
Borrowings from the revolver
—
150.0
Repayments of revolver borrowings
( 25.0)
( 125.0)
Settlement of stock awards
( 136.8)
3.1
Payments of financing costs
( 3.0)
—
Other
—
( 0.3)
Net cash flows provided by ( used in) financing activities
1,200.6
( 55.4)
Exchange rate effect on cash, cash equivalents and restricted cash
( 16.6)
16.3
Increase in cash, cash equivalents and restricted cash
684.9
121.5
Cash, cash equivalents and restricted cash at beginning of period
635.0
513.5
Cash, cash equivalents and restricted cash at end of period
$
1,319.9
$
635.0
GameStop Corp.
Schedule I
Sales Mix
( in millions)
( unaudited)
13 weeks ended January 29, 2022
13 weeks ended January 30, 2021
Net Sales:
Net Sales
Percent of Total
Net Sales
Percent of Total
Hardware and accessories ( 1)
$
1,188.7
52.7%
$
1,162.7
54.8%
Software ( 2)
785.9
34.9%
731.2
34.4%
Collectibles
279.3
12.4%
228.2
10.8%
Total
$
2,253.9
100.0%
$
2,122.1
100.0%
52 weeks ended January 29, 2022
52 weeks ended January 30, 2021
Net Sales:
Net Sales
Percent of Total
Net Sales
Percent of Total
Hardware and accessories ( 1)
$
3,171.7
52.8%
$
2,530.8
49.7%
Software ( 2)
2,014.8
33.5%
1,979.1
38.9%
Collectibles
824.2
13.7%
579.9
11.4%
Total
$
6,010.7
100.0%
$
5,089.8
100.0%
( 1) Includes sales of new and pre-owned hardware, accessories, hardware bundles in which hardware and digital or physical software are sold together in a single SKU, interactive game figures, strategy guides, mobile and consumer electronics.
( 2) Includes sales of new and pre-owned video game software, digital software and PC entertainment software.
GameStop Corp. Schedule II ( in millions) ( unaudited)
Non-GAAP results
The following table reconciles the Company's selling, general and administrative expenses ( `` SG & A ''), operating earnings, net income ( loss) and earnings ( loss) per share as presented in its consolidated statements of operations and prepared in accordance with United States generally accepted accounting principles ( `` GAAP '') to its adjusted SG & A, adjusted operating income ( loss), adjusted net income ( loss) and adjusted diluted earnings per share. The diluted weighted-average shares outstanding used to calculate adjusted earnings per share may differ from GAAP weighted-average shares outstanding. Under GAAP, basic and diluted weighted-average shares outstanding are the same in periods where there is a net loss. The tax adjustments below for the 13 and 52 weeks ended January 29, 2022 respectively, include provisions for the tax effects of non-GAAP adjustments. The reconciliations below are from continuing operations only.
13 Weeks Ended January 29, 2022
13 Weeks Ended January 30, 2021
52 Weeks Ended January 29, 2022
52 Weeks Ended January 30, 2021
Adjusted SG & A
SG & A
$
538.9
$
419.1
$
1,709.6
$
1,514.2
Transformation costs
—
0.4
( 6.5)
( 1.6)
Significant transactions ( 1)
—
—
( 0.4)
( 7.5)
Severance, divestitures, and other ( 2)
—
0.2
( 18.3)
( 7.6)
Adjusted SG & A
$
538.9
$
419.7
$
1,684.4
$
1,497.5
( 1) Includes transaction costs associated with the sale of an aggregate of 8,500,000 shares of our common stock under our at-the-market equity offering program during the 52 weeks ended January 29, 2022 ( the `` ATM Transactions ''). Prior year includes transaction costs associated with our debt exchange.
( 2) Severance includes cash and stock based compensation expenses for key personnel that have separated from the Company.
13 Weeks Ended January 29, 2022
13 Weeks Ended January 30, 2021
52 Weeks Ended January 29, 2022
52 Weeks Ended January 30, 2021
Adjusted Operating Income ( Loss)
Operating earnings ( loss)
$
( 166.8)
$
18.8
$
( 368.5)
$
( 237.8)
Transformation costs
—
( 0.4)
6.5
1.6
Asset impairments
6.1
10.7
6.7
15.5
Significant transactions ( 1)
—
—
0.4
( 24.9)
Severance, divestitures, and other ( 2)
—
( 0.2)
18.3
7.6
Adjusted operating income
$
( 160.7)
$
28.9
$
( 336.6)
$
( 238.0)
( 1) Includes transaction costs associated with our ATM transactions paid in the 52 weeks ended January 29, 2022. Prior year includes the gain on sale of assets relating to sale-leaseback transactions and transaction costs associated with our debt exchange.
( 2) Severance includes cash and stock based compensation expenses for key personnel that have separated from the Company.
13 Weeks Ended January 29, 2022
13 Weeks Ended January 30, 2021
52 Weeks Ended January 29, 2022
52 Weeks Ended January 30, 2021
Adjusted Net Income ( Loss)
Net income ( loss)
$
( 147.5)
$
80.5
$
( 381.3)
$
( 215.3)
( Income) loss from discontinued operations
—
( 0.2)
—
0.7
Net income ( loss) from continuing operations
( 147.5)
80.3
( 381.3)
( 214.6)
Transformation costs
—
( 0.4)
6.5
1.6
Asset impairments
6.1
10.7
6.7
15.5
Significant transactions ( 1)
—
—
18.6
( 24.9)
Severance, divestitures, and other ( 2)
—
( 0.2)
18.3
7.6
Tax effect of non-GAAP adjustments
—
0.3
—
23.0
Adjusted net ( loss) income
$
( 141.4)
$
90.7
$
( 331.2)
$
( 191.8)
Adjusted Earnings ( Loss) Per Share
Basic
$
( 1.86)
$
1.39
$
( 4.56)
$
( 2.95)
Diluted
$
( 1.86)
$
1.34
$
( 4.56)
$
( 2.95)
Number of shares used in adjusted calculation
Basic
75.9
65.2
72.6
65.0
Diluted
75.9
67.8
72.6
65.0
( 1) Includes transaction costs associated with our ATM transactions and first quarter make-whole premium and accelerated amortization of the deferred financing costs associated with the voluntary early redemption of the 2023 Senior Notes paid in the 52 weeks ended January 29, 2022. Prior year includes the gain on sale of assets relating to sale lease-back transactions, a discount on open market purchases of the 2021 Senior Notes, gain on the early retirement of debt for the 39 weeks ended January 30, 2021.
( 2) Severance includes cash and stock-based compensation expenses for key personnel that have separated from the Company.
13 Weeks Ended
13 Weeks Ended
52 Weeks Ended
52 Weeks Ended
January 29, 2022
January 30, 2021
January 29, 2022
January 30, 2021
Reconciliation of Adjusted EBITDA to Net Income ( Loss)
Net ( loss) income
$
( 147.5)
$
80.5
$
( 381.3)
$
( 215.3)
( Loss) income from discontinued operations, net of tax
—
( 0.2)
—
0.7
( Loss) income from continuing operations
$
( 147.5)
$
80.3
$
( 381.3)
$
( 214.6)
Interest expense, net
0.9
8.2
26.9
32.1
Depreciation and amortization
24.0
19.6
77.2
80.7
Income tax benefit
( 20.2)
( 69.7)
( 14.1)
( 55.3)
EBITDA
$
( 142.8)
$
38.4
$
( 291.3)
$
( 157.1)
Stock-based compensation expenses
9.8
1.8
22.5
7.9
Transformation costs
—
( 0.4)
6.5
1.6
Asset impairments
6.1
10.7
6.7
15.5
Significant transactions ( 1)
—
—
0.4
( 24.9)
Severance, divestitures, and other ( 2)
—
( 0.2)
18.3
7.6
Adjusted EBITDA
$
( 126.9)
$
50.3
$
( 236.9)
$
( 149.4)
( 1) Includes transaction costs associated with the ATM transactions paid in the 52 weeks ended January 29,2022. Prior year includes the gain on sale of assets relating to sale-leaseback transactions and transaction costs associated with our debt exchange.
( 2) Severance includes cash and stock based compensation for key personnel that have separated from the Company.
GameStop Corp. Schedule III ( in millions) ( unaudited)
Non-GAAP results
The following table reconciles the Company's cash flows provided by operating activities as presented in its unaudited Consolidated Statements of Cash Flows and prepared in accordance with GAAP to its free cash flow and adjusted free cash flow.
13 Weeks Ended
13 Weeks Ended
52 Weeks Ended
52 Weeks Ended
January 29, 2022
January 30, 2021
January 29, 2022
January 30, 2021
Net cash flows ( used in) provided by operating activities
$
( 110.3)
$
164.8
$
( 434.3)
$
123.7
Capital expenditures
( 21.3)
( 27.4)
( 62.0)
( 60.0)
Free cash flow
$
( 131.6)
$
137.4
$
( 496.3)
$
63.7
Non-GAAP Measures and Other Metrics
Adjusted EBITDA, adjusted selling, general and administrative expense, adjusted operating income and adjusted net income are supplemental financial measures of the Company’ s performance that are not required by, or presented in accordance with, GAAP. We believe that the presentation of these non-GAAP financial measures provides useful information to investors in assessing our financial condition and results of operations. | general |
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. | business |
COVID Biz Interruption Insurance Payouts Up £40M In March | Insurance companies have paid out £1.05 billion ( $ 1.38 billion) in claims to businesses hit by COVID-19 in line with a court ruling requiring them to honor claims for some business interruption suffered during lockdowns, according to the City watchdog.The Financial Conduct Authority said on Wednesday that payments to policyholders in which final settlements had been agreed by March 7 were up from the £1.007 billion paid out a month before that, by Feb.7.The watchdog's data shows that just over 34,000 business interruption policyholders of the more than 42,000 who had their claims accepted have received at least an interim payment. The... | general |
New-home construction improves as builders work through backlog of permits -- - but they face pressure from inflation, labor shortages and rising rates | The numbers:
U.S. home builders started construction on homes at a seasonally-adjusted annual rate of roughly 1.77 million in February, representing a 6.8% increase from the revised figures for the previous month, the U.S. Census Bureau reported Thursday. Compared with February 2021, housing starts were up 22%.
Meanwhile, permitting for new homes occurred at a seasonally-adjusted annual rate of roughly 1.86 million, down 1.9% from January. Nevertheless, permitting activity was up 7.7% from a year ago.
Economists polled by MarketWatch had expected housing starts to occur at a median pace of 1.7 million and building permits to come in at a median pace of 1.85 million.
What happened:
A 5.7% increase in single-family starts drove the overall increase in new construction in February. Regionally, the Northeast saw the most notable improvement in housing starts with a nearly 29% increase on a monthly basis, while the West was the only part of the country to see decreased activity.
Permitting activity declined for both single-family and multifamily housing projects in February. However, there was significant regional variation. There were more building permits issued in the Northeast and West on a monthly basis, with 23% and 2% increases respectively, in February. But permitting activity declined in the Midwest and South.
The number of new housing units where construction was completed also increased in February, rising nearly 6% over the previous month, which was entirely driven by growth in the number of single-family homes where construction finished.
The big picture:
The increase in housing starts in February was a welcome improvement, more than making up for the previous month’ s decline. The falling number of COVID-19 cases and improved weather aided home builders in getting back to work.
If the drop in permits continues, it could signal a more conservative approach among builders. Sentiment in the construction industry has taken a hit as inflation cuts into profits and rising mortgage rates threaten demand. Builders already have a huge pool of permits to work from, so they have a long runway. But they may opt to hold off on seeking authorization proactively for homes if they begin to fear that housing demand will suffer as the cost to buy a home enters the stratosphere.
Looking ahead:
“ Pandemic-related worker absenteeism eased, enabling some progress in building activity, ” Priscilla Thiagamoorthy, an economist with BMO Capital Markets, wrote in a research note.
“ New residential construction is feeling the pressures of inflation, labor shortages and rising interest rates, ” said George Ratiu, senior economist and manager of economic research at Realtor.com. “ The trends are also reflected in stumbling homebuilder sentiment. ”
“ The overhang of building permits that has built up over the pandemic as a result of material and labor shortages is a positive signal for building ahead as supply bottlenecks ease, although home purchase intentions have started to drop off with higher mortgage rates, ” said Katherine Judge, director and senior economist at CIBC Capital Markets, in a research note. | business |
GE CEO Agrees to Pay Cut After Shareholder ‘ No’ Vote Last Year | The information you requested is not available at this time, please check back again soon.
Larry Culp, chairman and chief executive officer of General Electric Co., during an interview in New York, U.S., on Tuesday, March 15, 2022. General Electric suspended operations in Russia but will continue to supply health-care equipment and support existing power-generation operations in the region., Bloomberg
( Bloomberg) -- General Electric Co. slashed its chief executive officer’ s annual equity award by two-thirds after shareholders voted against the conglomerate’ s executive compensation plans at the annual meeting last year.
CEO Larry Culp and GE’ s board of directors agreed to cut his award to $ 5 million from $ 15 million previously, according to a proxy filing on Thursday. The change takes effect this year and will bring Culp’ s total target compensation down to about $ 11 million from an original projection of about $ 21 million.
He earned $ 22.7 million in 2021, according to the filing.
The action to nearly halve Culp’ s total pay “ reflects our desire to recognize and meaningfully respond to our shareholders ” while continuing to provide a performance incentive to the CEO, members of GE’ s compensation committee wrote in the filing.
Shares of the company are up 1.1% this year, but little changed from when he took over in October of 2018.
As its stock was reeling in the depths of the coronavirus pandemic, GE’ s board in August of 2020 revised Culp’ s employment contract, extending it to keep him on as CEO into 2024 and effectively cutting in half the share price targets needed for him to collect as much as $ 232 million.
Almost 58% of shares voting went against the pay deal at GE’ s annual meeting last year following criticism by shareholder advisory firms. | general |
Natural COVID-19 antibodies lasts seven months for children, according to new study -- ScienceDaily | The study was published today in Pediatrics.
Researchers examined data from 218 children across the state of Texas between the ages of 5 and 19 who were enrolled in the Texas CARES survey, which began in October of 2020 with the goal of assessing COVID-19 antibody status over time among a population of adults and children in Texas.
Volunteers who enrolled in the study provided researchers with three separate blood draws. Samples were collected before the vaccine rollout and during the Delta and Omicron variants. To date, investigators have completed three different phases of the study.
`` This is the first study from the Texas CARES survey that includes data from all three time points in the survey, '' said Sarah Messiah, PhD, MPH, corresponding author of the study and professor of epidemiology, human genetics, and environmental sciences at UTHealth School of Public Health Dallas campus. `` These findings are important because the information we collected from children infected with COVID-19 didn't differ at all by whether a child was asymptomatic, severity of symptoms, when they had the virus, were at a healthy weight or had obesity, or by gender. It was the same for everyone. ''
While 96% of those infected with COVID-19 continued to have antibodies up to seven months later, well over half ( 58%) of the sample were negative for infection-induced antibodies at their third and final measurement. The findings do not include the impact of vaccine protection.
The results of Texas CARES, Messiah said, are just a step in understanding the virus's impact on children. To date, 14 million kids in the U.S. have tested positive for the virus, she said.
`` Adult literature shows us that natural infection, plus the vaccine-induced protection, gives you the best defense against COVID-19. There has been a misunderstanding from some parents who think just because their child has had COVID-19, they are now protected and don't need to get the vaccine. While our study is encouraging in that some amount natural antibodies last at least six months in children, we still don't know the absolute protection threshold. We have a great tool available to give children additional protection by getting their vaccine, so if your child is eligible, take advantage of it, '' Messiah said.
The Texas CARES study is ongoing. To learn more about how to get involved visit: https: //sph.uth.edu/projects/texascares/
Additional UTHealth Houston authors included Stacia DeSantis, PhD; Luis Leon-Novelo, PhD; Yashar Talebi, MS; Frances Brito, MSc; Harold W. Kohl, III, PhD, MS; Melissa Valerio-Shewmaker, PhD; Jessica Ross, BS; Michael D. Swartz, PhD; Ashraf Yaseen, PhD; Steven H. Kelder, PhD, MPH; Shiming Zhang, MS; Onyinye S. Omega-Njemnobi, MD, PhD; Michael O. Gonzalez, MPH; Leqing Wu, MS; and Eric Boerwinkle, PhD. Other authors included David Lakey, MD, with The University of Texas System; and Jennifer A. Shuford, MD, MPH and Stephen J. Pont, MD, MPH, with the Texas Department of State Health Services.
The study was funded and supported by the Texas Department of State Health Services ( # HHS000866600001) and the University of Texas System. | science |
Hong Kong leader defends mainland medics against 'divisive comments ' | Hi, what are you looking for?
Hong Kong’ s leader on Friday warned against making “ divisive comments ” about mainland medics helping battle the city’ s deadly Omicron-fuelled wave.
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Hong Kong’ s leader on Friday warned against making “ divisive comments ” about mainland medics helping battle the city’ s deadly Omicron-fuelled wave after questions of accountability were raised by the press.
China this week sent about 400 healthcare workers to bolster the ranks of Hong Kong’ s anti-pandemic staff, a move that fuelled questions over the waving of working licenses for foreign doctors and medical accountability.
Local station Now TV drew the ire of Beijing supporters on Wednesday after its reporter asked how patients’ complaints about mainland medics would be handled.
The channel issued an apology the next day after a pro-Beijing think tank called for the reporter to be fired and accused her of possibly breaching the city’ s sweeping national security law.
Imposed in 2020 by Beijing after massive and at-times violent democracy protests, the law criminalises dissent and has ensnared nearly 170 people — including journalists.
When pressed on the incident, leader Carrie Lam dismissed the idea the attacks on Now TV’ s reporter were a sign of waning press freedom.
“ Why do we want to make all this fuss and make divisive comments? ” Lam said at a Friday press conference.
She pointed out the tough working conditions the medics face in Hong Kong — travelling in a closed-loop bubble and toiling in makeshift hospitals far from their families.
“ So please, you can ask questions to understand more about their deployment, their contributions and maybe their feelings in time to come, but don’ t make it into another political issue or relate it to media freedom, ” she said.
In a statement, the Hong Kong Journalists Association said it was worrying the Now TV reporter had been attacked for doing her job, adding her employer’ s apology would “ undoubtedly worsen the self-censorship of its editorial staff ”.
Hong Kong’ s news industry has long been known for scrutinising officials in ways unimaginable in mainland China, where local media is controlled by the state and foreign news outlets are heavily restricted.
But two of Hong Kong’ s most outspoken outlets — Apple Daily and Stand News — closed last year after being raided, while another was shuttered after its editors said they “ no longer feel safe to work ”.
Lam’ s administration has been widely panned over its unclear public messaging and handling of Hong Kong’ s fifth Covid-19 wave, which has seen nearly a million cases recorded and about 5,000 deaths in less than three months.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
There’ s only one person who can make the decisions about Russia’ s existence.
Hundreds of thousands of Irish and international visitors were to celebrate St Patrick’ s Day in Ireland on Thursday after a two-year pause.
In 2013 he achieved one of the great shocks in tennis history, knocking defending champion Roger Federer out of Wimbledon.
Ireland's Prime Minister ( Taoiseach) Micheal Martin was due to commemorate St Patrick's Day at the White House with US President Joe Biden before testing...
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Chubb Units Want 2nd Look In Virus Row With NYC Theaters | Two Chubb units asked a New York federal judge to rethink a ruling denying their bid for a quick win over the owner of five Broadway theaters in a COVID-19 coverage dispute, arguing the March 3 decision defies `` a substantial uniform body of case law. `` Federal Insurance Co. and Pacific Indemnity Co. noted Thursday that competing motions they filed along with policyholder Jujamcyn Theaters LLC were submitted in December 2020, when only two decisions regarding coverage for business losses caused by the COVID-19 pandemic were on the books. Trial courts and appellate courts across the Empire State have since consistently sided... | general |
Former Boeing pilot on trial over 737 MAX | Hi, what are you looking for?
A former Boeing pilot accused of misleading US aviation regulators during the certification process for the 737 MAX jetliner was due to go on trial.
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A former Boeing pilot accused of misleading US aviation regulators during the certification process for the 737 MAX jetliner was due to go on trial Friday.
In the wake of two fatal crashes of the MAX that killed 346 people, US authorities indicted Mark Forkner in November, and so far he is the only individual facing prosecution in the case.
Judge Reed O’ Connor was due to open proceedings in a Fort Worth, Texas court at 1800 GMT, starting with jury selection and opening statements, according to court documents. The first witnesses are expected to testify Monday.
A spokeswoman for the local prosecutor’ s office confirmed the trial was to begin on Friday.
Boeing has acknowledged responsibility for misleading the authorities about the MAX, and agreed in January 2021 to pay more than $ 2.5 billion to settle lawsuits related to the crash of a Lion Air flight in October 2018 and Ethiopian Airlines in March 2019.
The aviation giant said two of its employees misled the Federal Aviation Administration ( FAA).
According to prosecution documents, Forkner in 2016 discovered a major change made to the MAX flight control software known as MCAS, which was implicated in both crashes.
In a message to a colleague revealed in 2019, he indicated that the software made the plane difficult to fly in a simulator, the documents show.
But prosecutors say he failed to share all the information with the FAA, which did not require additional pilot training on the MAX.
Forkner’ s defense team said he is being made a scapegoat in the investigation.
The judge last month dismissed two of the six original charges against the pilot.
Forkner remains accused of having sought to mislead Boeing customers American Airlines and Southwest Airlines by not providing them with all the relevant information when they finalized their orders for the aircraft, in particular on the need for training, in a bid to protect the manufacturer from losing money.
Boeing declined to comment on Friday.
Forkner’ s lawyers and the prosecutors in the case did not immediately respond to a request for comment from AFP.
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...
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Moderna seeks FDA authorisation for fourth COVID-19 jab for adults | Moderna has requested an EUA from the FDA for a fourth dose of its COVID-19 vaccine, as a booster for people 18 and over.
As it stands, a single booster dose of Moderna’ s mRNA vaccine is authorised for emergency use in addition of its two-dose vaccine. The request comes two days after Pfizer and its collaborator BioNTech requested federal permission to provide an additional booster dose of their COVID-19 vaccine Comirnaty to people 65 and older.
Moderna said its request for approval for all adults was made “ to provide flexibility ” to the Centers for Disease Control and Prevention, along with medical providers, to determine the “ appropriate use ” of a second booster dose. The request is based partly on recently published data from the US and Israel, following the emergence of the omicron variant.
The FDA has not said how long it will take to review either request.
The company did not specify what the US and Israeli data showed, but Israel approved a fourth COVID-19 jab for vulnerable people over the age of 18 in January 2022. A study of more than one million Israelis over 60 showed that those who got a fourth dose of the Pfizer-BioNTech vaccine were half as likely to become infected and four-times less likely to become seriously ill than those who had only three shots. However, this has not yet been peer-reviewed. | tech |
Technological advances in healthcare: From NFTs to cryptocurrency | Hi, what are you looking for?
Healthcare can make use of blockchains to track patient records and help manage supply chains.
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Digital technologies reach out into multiple areas of modern living, and healthcare may be no exception over the next few years. Some examples of developing areas and innovative technologies are presented below.
NFTs
Nonfungible tokens ( NFTs), created using blockchain technology, are more generally associated with the digital art world. However, it is possible that NFT digital contracts could be repurposed for the healthcare industry.
This is according to a review published in the journal Science titled “ How NFTs could transform health information exchange. ”
Writing from the position of bioethics, the researchers argue that NFT digital contracts could provide an opportunity for patients to specify who can access their personal health information and to track how it is shared.
Cryptocurrency
A review in Laboratory Roots considers the future application of cryptocurrency in medicine, especially around the way cryptocurrency could be used to pay for healthcare treatments, scientific research, and hospital equipment.
Another possible application is with digital healthcare companies who see monetizing healthy habits as a future state. Examples could include taking medication regularly, staying sober, or engaging in more frequent exercise, in return for digital currency or equivalent rewards.
This capitalisation of healthcare may suit some cultures more than others, depending upon the model in place. For example, this form of incentivised payments model might fit the U.S. system better than the U.K., where most healthcare is free at the point of need.
Blockchain
Another review also considers how healthcare can make use of blockchains to track patient records and help manage supply chains, where the token concept of cryptocurrency plays a part. Furthermore, patients could make use of apps that enable them to scan a medication packets and to receive a digital confirmation that the medicine is indeed a genuine product and not a fake item.
It is also possible that blockchains could strengthen clinical trials, especially around patient confidentiality and data protection.
As an example, researchers from University of California – San Francisco, have created a proof-of-concept method for ensuring the integrity of clinical trials data with blockchain. Such a system could be developed to create an immutable audit trail that makes it easy to spot any tampering with results, such as making the treatment look more effective or diminishing side effects, and for assessing whether any data has been altered or removed from the intended digital flow path.
Dr. Tim Sandle is Digital Journal's Editor-at-Large for science news. Tim specializes in science, technology, environmental, and health journalism. He is additionally a practising microbiologist; and an author. He is also interested in history, politics and current affairs.
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...
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GM buying out SoftBank's $ 2.1 bn stake in Cruise self-driving cars | Hi, what are you looking for?
American automaker General Motors announced Friday it is acquiring SoftBank’ s $ 2.1 billion stake in its autonomous car venture Cruise.
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American automaker General Motors announced Friday it is acquiring SoftBank’ s $ 2.1 billion stake in its autonomous car venture Cruise.
In addition, GM will chip in another $ 1.35 billion investment to cover a commitment made in 2018 by the Vision Fund of SoftBank, a Japanese telecom giant.
The Detroit firm has ramped up its investments in autonomous technology and its build-out of electric vehicle capacity as it looks to curb emissions and engage in a technology race with Tesla and other self-driving ventures.
Cruise last month opened a sign-up page to allow consumers to take a driverless ride.
“ Cruise has made self-driving cars a reality and is a leader on the pathway to commercial autonomous ridesharing and delivery, creating significant value for both GM shareholders and Cruise’ s minority shareholders, ” GM said in a statement.
GM bought Cruise Automation in 2017, which was spun out as a separate company in May 2018.
GM is the main investor in the venture, which also is backed by Microsoft, Honda and Walmart.
Late last year, the company announced plans to boost investment in electric and autonomous vehicle technology by $ 7 billion to $ 27 billion through 2025.
GM chief Mary Barra has said the goal is to have a “ world with zero crashes, zero emissions and zero congestion. ”
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...
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IEA urges 'emergency measures ' to cut oil use over supply fears | Hi, what are you looking for?
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The International Energy Agency on Friday urged governments to urgently implement measures to cut global oil consumption within months following supply fears stemming from Russia’ s invasion of Ukraine.
The IEA also called on the OPEC+ group of oil-producing nations led by Saudi Arabia and Russia to help “ relieve the strain ” on markets, while warning that the world faced the biggest shock to supply “ in decades ”.
The outbreak of war in Ukraine has sent prices for the fuel up sharply and led to major economies, such as the United States and Canada, sanctioning Russia by banning imports of oil.
The IEA warned earlier this week of the risk of a global supply crisis as major oil companies, trading houses, shipping firms and banks have shunned Russia.
With the threat that supplies of Russian oil could be cut even more, “ there is a real risk that markets tighten further and oil prices escalate significantly in the coming months ” as the world enters its peak demand season, the IEA said.
“ As a result of Russia’ s appalling aggression against Ukraine, the world may well be facing its biggest oil supply shock in decades, with huge implications for our economies and societies, ” IEA Executive Director Fatih Birol said in a statement.
– US pressures OPEC –
Increases in supply of the crucial commodity “ would not be able to ease the current strains ” after the “ disappointing outcome ” of a recent monthly meeting of OPEC+, the IEA report concluded.
The OPEC+ group has resisted US pressure to step up production for months, agreeing only to modest increases in output at its regular meetings, even after Russia invaded Ukraine.
The IEA was hoping for “ some good messages which could help to relieve the strain on the oil markets ” after the group’ s next meeting on March 31, Birol said at a press conference to present a plan to cut demand.
The 10 proposals put forward by the IEA could cut oil consumption among advanced economies “ by 2.7 million barrels a day within the next four months ”, it said.
The measures, put forward together with the French government, could reduce consumption among those countries by 2.7 million barrels a day, while these currently consume between 44 and 45 million barrels a day, according to IEA estimates.
Together the world’ s advanced economies account for “ around 45 percent of global oil demand ”, it said.
The proposals, principally targeted at transport, included reducing speed limits, working from home three days a week, car-free Sundays, cheaper public transport and greater use of long-distance trains over planes.
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 |
AstraZeneca could abandon US regulatory efforts for COVID-19 vaccine | The Oxford/AstraZeneca vaccine has not yet been approved in the US, and has not been submitted for Emergency Use Authorisation ( EUA) to the FDA. There are suggestions that this will never happen.
In April 2020, AstraZenea and the University of Oxford appeared to be ahead of other major players in developing a COVID-19 vaccine. The Jenner Institute at Oxford had tested a vaccine for an earlier coronavirus in 2019, proved it was not harmful to humans and demonstrated its effectiveness in macaque monkeys in the National Institutes of Health’ s Rocky Mountain Laboratory in Montana.
In March 2021, the company reported results from a US Phase III trial of the vaccine, demonstrating 79% efficacy at preventing symptomatic COVID-19 and 100% efficacy at preventing severe disease and hospitalisation. However, there were then issues raised about the Data and Safety Monitoring Board ( DSMB) that was supervising the trial, implying that some of the data was potentially outdated and incomplete.
There were also issues raised regarding rare blood clots in some patients after it had been authorised in other parts of the world. As a result, during April 2021, numerous countries put a pause on distributing the vaccine, whilst the blood clotting claims were evaluated.
“ We don’ t need to push it in places we are not needed or wanted, ” Pangalos told the Financial Times. “ If we don’ t end up submitting it for a BLA ( Biologics License Application), I don’ t think it will have an impact around the world. ”
Over 70% of the eligible US population has already been vaccinated with shots from Moderna, Johnson & Johnson, or Pfizer-BioNTech. AstraZeneca also indicated that it was going to focus on providing vaccines for low income countries. | tech |
'Our heroes ': taxi drivers ferry Ukraine refugees to Spain | Hi, what are you looking for?
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After fleeing the war in Ukraine and reaching Warsaw by car and on foot, 22-year-old Khrystyna Trach had no idea how she would make it to Spain where her sister lives.
Then she heard about a convoy of Madrid taxi drivers who had come to Poland to deliver aid and ferry a group of 135 Ukrainians from a Warsaw refugee centre back to Spain.
“ They are our heroes, ” Trach told AFP outside a central Madrid church where the convoy of 29 taxis arrived in the early hours of Thursday after an epic five-day journey, pulling up to cheers from well-wishers gathered outside.
Most refugees are women and children who, like Trach, already have family or friends living in Spain. With them were four dogs and a cat.
“ I am going to look for work now to get money to help my country and my family, ” said Trach, an orphan who left her grandparents back in Kyiv where she worked in telesales.
She spoke in Spanish which she learned as a child while staying with a family in Spain for three months.
The convoy, which included two drivers in each taxi who took turns behind the wheel, left the Spanish capital last Friday on the 6,000-kilometre ( 3,700-mile) round-trip.
For many, like 46-year-old Olha Shokarieva who fled the capital Kyiv with her 15-year-old son, leaving was a bittersweet experience.
“ I’ m here only with my youngest son. My husband is now in Kyiv and my older son is in ( the western city of) Vinnytsia, they are staying there and fighting, ” she said in English.
“ We don’ t know if we have our house anymore and we don’ t know what is our future. ”
After crossing Europe together, many drivers and their passengers hugged each other and cried as they said goodbye.
– ‘ Lives changed’ –
The idea sprang from a discussion between taxi drivers about the Russian bombing of Ukraine as they waited for customers at Madrid airport.
When one suggested driving to Poland to bring back refugees, several others agreed, said Jose Miguel Funez of the Madrid Professional Taxi Federation, who coordinated the operation.
Soon dozens had signed up.
“ The response was incredible. We didn’ t expect this, ” said Funez.
Javier Hernandez, who brought over a couple and their 12-year-old son, said he “ could not sit still ” after watching images of children and women fleeing bombings.
When they first set off, the refugees were initially subdued, refusing to get out when the taxi convoy paused for breaks, but after the first day they were “ hugging us, making jokes, ” said the 47-year-old.
“ In just a day, their lives changed. It’ s very moving. It’ s really nothing, it’ s just driving for a few days which is what we do in Madrid. ”
Organisers estimate the operation cost about 50,000 euros ( $ 55,000), mostly in petrol and toll fees, with the funds raised through donations, mainly from fellow taxi drivers.
“ Our people are amazing, ” said Jesus Andrades, 38, one of the coordinators who transported three young Ukrainian women.
“ Some taxi drivers’ children even gave the money in their piggy banks. ”
– ‘ Do our bit’ –
Madrid taxi drivers have a long track record of helping out during a crisis.
During the 2004 Madrid train bombings which killed nearly 200 people, taxi drivers ferried the injured to the hospital.
And when the Covid pandemic hit in spring 2020, they ran doctors house-to-house or took the sick to hospital.
“ We are common people, and at the end of the day, I think common people help out more, ” said Hernandez, who once lived on the street for over a year after becoming depressed following his divorce.
More than three million people have fled Ukraine since Russia invaded on February 24, with Poland taking the bulk of them, United Nations figures show.
The Ukrainian embassy in Madrid helped select the refugees for the convoy.
Like other drivers who took part in the convoy, 34-year-old Nuria Martinez said she was ready to hit the road again to collect more refugees.
“ You can’ t do anything to help sitting at home on your sofa. We all have to do our bit, ” said Martinez who brought back a mother and her two-month-old baby.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
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Exclusive: Gabriella Papadakis and Guillaume Cizeron Finally Won Olympic Gold, and ‘ On Edge’ Captured It All | We may earn commission from links on this page, but we only recommend products we love. Promise.
The French ice dancing team opens up about having cameras follow them for the entire experience.
Gabriella Papadakis and Guillaume Cizeron are used to the Olympics by now. But that didn’ t make the 2022 Beijing experience any less stressful. After winning the silver medal back in 2018, the ice dancers had just one thing on their minds for the past four years: an Olympic gold medal. And that’ s easier said than done when you train, hang out, and sometimes even live with your fellow ice dancers as you all practice at the same school: Ice Academy of Montreal. Then there was another unique opportunity this season.
For the first time, cameras would be traveling with them for a year, recording everything for a special Olympics.com series, On Edge. Nothing was off-limits. From early practices to the one-on-one talks they had with their best friends, everything was taped for the world to see as part of a special docuseries. Originally, the series was supposed to end with them leaving for the Olympics. After all, fans can tune in to the competition to find out what happens. But thanks to a special bonus episode, the world will finally get a closer look at what it’ s like to become Olympic champions.
Cosmopolitan got to exclusively speak with the ice dancing gold medalists about their Olympic season, putting everything out there thanks to On Edge, and their upcoming plans for the World Figure Skating Championships and beyond.
Guillaume Cizeron: It’ s a project that our coaches started to talk about a while ago. We kind of knew that there was interest to do a docuseries on the school, the Ice Academy of Montreal, and focus on some of the teams. There was also Olympics producer Nick McCarvel, who knew how to bridge between the docuseries and our skating world, and On Ice Perspectives creator Jordan Cowan, so we knew the types of images he was capable of capturing for the show.
Overall, we thought it was a good idea to give some kind of insights to the public about what goes into our training and our daily lives.
An Olympic season can be stressful enough, but then you added cameras that are constantly following you around. Did that change anything?
GC: At the beginning, there was a little bit of concern. We didn’ t want something that was too much like a reality TV show, so we can focus on what we had to. They worked pretty well with us in not being in the way. It was not a lot of work for us because they were just kind of following us around. There just were a couple more interviews than we’ re used to. But it’ s not all the time that you want to be on camera during training because sometimes you just feel like you’ re not at your best. I think that was kind of the whole point of the series though: to see us from another angle and not competition ready.
On Edge feels particularly special for the both of you as it follows not just your journey to the Olympics but also winning the gold medal. How does it feel to have a video yearbook on your biggest season so far?
Gabriella Papadakis: I haven’ t looked at many episodes yet because I feel like it’ s too weird to watch myself in the video. I think maybe in, like, 10 years, we’ ll be happy to have that archive of some of the best moments of our life. It’ s funny too because they thought our personal lives were interesting. But when it’ s your life, you’ re like, “ What do you mean? It’ s a completely normal life. ” Especially the fact that we’ re all training together. It’ s a pretty special experience and it made us realize those kinds of things.
Throughout the series, we actually get to hear you both speak French with your coaches. How has that language connection helped you especially being away from home?
GC: When we moved here eight years ago, we felt very welcomed. The fact that they speak French—Québécois—is a big part of why we feel so much at home here. It’ s obviously much easier to speak in your native language, even though they’ re not exactly the same French. It would have been a little bit different if it had been in the U.S. or in another country where we don’ t feel like we have similar roots that much. Our coaches, Marie-France Dubreuil and Patrice Lauzon, already have that history with French ice dancer Romain Haguenauer and they also lived in France for so long, so there’ s a link that exists already. Montreal has become a second home and we’ ve felt very taken care of from the start.
On Edge touches upon your rivalry with Russian ice dancers Victoria Sinitsina and Nikita Katsalapov, which is interesting because they are one of the few teams that doesn’ t train at IAM. How do you approach competition against them versus your training mates?
GP: It’ s funny because normally, you wouldn’ t see your competitor train and you’ re always wondering where they are, where they’ re at, what they’ ve achieved or not, what they’ re working on. Last Olympic cycle, we had Tessa Virtue and Scott Moir right here with us too, so we’ re kind of used to that dynamic. It was kind of added kind of a mystery that we didn’ t have with Maddison Hubbell and Zachary Donohue and Madison Chock and Evan Bates, for example.
At the same time, it’ s not like when we’ re at training with them that we’ re judging them and giving them marks. We don’ t have that judge’ s mentality, so we can only be inspired by what they do and it pushes us more than anything. At the end of the day, we have no idea what the end result will be and it does leave us wondering a little bit more than with the other couples.
You were off competition ice for a lot of the 2020 to 2021 season due to COVID-19. How did that change how you approached this Olympics season?
GC: Covid made things a lot more complex. We had a lot of decisions to make. I think the first big decision was not going to Worlds in 2021. It was pretty obvious that starting to prepare for the Olympics back then would be an advantage. It really allowed us to question things versus just following the normal path of competitions. We asked ourselves, “ Why are we doing this specific competition? What do we want out of it? Is it a title? Is it more training? ” It was the same thing with 2022 Europeans when we decided not to go. It was pretty clear that being Olympic champions was our main goal and we were ready to do whatever it took to get it. So we kind of worked backward from that goal and then took every decision necessary to make it happen.
GP: It was like a normal competition but on crack. Everything that is normally there—the stress before the explosion of joy right after—was there, but way more than usual. So it was more having to deal with the intensity of it. Winning Olympic gold was the biggest goal that we ever had and our only one for the past four years. I never was that anxious or stressed before a competition. I was trying to remind myself that when I feel stressed, I perform well. So if I wasn’ t like that, then it meant that I wasn’ t going to skate that well.
GC: It took a while. You wait for so long and even just being there feels long. I think we were there for, like, 10 days before the end of the competition, but it felt like three months. You have the medal, but it’ s kind of the only tangible thing that makes you realize that you’ ve won. There are also those moments when you wake up and there’ s a split second where you forget. And then you remember, Oh, that happened.
You are now preparing for the World Figure Skating Championships, which is taking place in Montpellier, France. How does it feel to compete at such a big competition in your home country after becoming Olympic champions?
GP: First of all, training for Worlds right after the Olympics is super hard. Your body is just like, “ Oh, come on. Please be on vacation. ” But you’ re like, “ No, no. There’ s one more left. ” The fact that it’ s in France makes it feel like it’ s going to be a kind of homecoming. We’ re going to have a full audience, which is going to be wonderful because we didn’ t have that at the Olympics. And then a French audience that will celebrate with us. It’ s gon na be really, really special to skate these programs for the last time in front of fans that have been following us since the beginning of our career. It also gives us extra motivation to train and skate well.
GC: At this point, we haven’ t taken a firm decision. We’ re waiting to settle down first, rest, and then we will make decisions when the time comes.
Watch On Edge at Olympics.com now. | general |
Barrick Expands Global Footprint in Hunt for High-Quality | TORONTO, March 18, 2022 ( GLOBE NEWSWIRE) -- Barrick Gold Corporation ( NYSE: GOLD) ( TSX: ABX) is continuing to invest in its future through the development of capital projects that will expand and enhance an operating platform which already holds some of the industry’ s best assets, says president and chief executive Mark Bristow.
Writing in the company’ s 2021 annual report, published today, Bristow says that, while building on this value foundation, Barrick was also expanding its presence into new prospective areas in its hunt for high-quality assets.
“ A specialist Asia-Pacific team, set up to look at opportunities in that region, has acquired exploration permits in Japan and are hunting for additional opportunities in that region. We are also investigating projects across the Nubian and Arabian Shields in North Africa and the Middle East. We have put a particularly strong focus on exploration in Latin America, where our teams are testing a portfolio of targets on the El Indio belt along the border between Argentina and Chile. We have also added ground in Peru and started fieldwork on new projects in Guyana and Suriname. ”
“ We are working on a well-defined strategy to grow our business in Canada where I believe we are under-invested. A significant exploration portfolio has been secured in the country’ s Uchi Belt and the team is also looking at other opportunities in the country. ”
Bristow says Barrick has mapped out and is advancing on a clear road to achievable greenhouse gas emission reduction targets and its long-standing commitment to Environmental, Social and Governance ( ESG) principles informs all its business decisions.
“ The Social component of ESG tends to be overshadowed by its Environmental counterpart, but for Barrick it is the socio-economic state of our less-developed host countries that is critically important, and much of our sustainability strategy is directed at ensuring that our host communities are not negatively impacted by the world’ s transition to a green economy. ”
“ Our drive to employ the next generation of mining talent remained steady, with 56% of our workforce now under the age of 40 and 19% under 30. Throughout the period we also continued to increase our gender diversity, and last year 17% of new hires globally were women. Barrick believes in empowering our people to thrive in a decentralized structure with lean regional teams designed for agility and focused on creating value for all our stakeholders, ” says Bristow.
Barrick’ s 2021 Annual Report, Annual Information Form and Form 40-F are now available on SEDAR ( www.sedar.com) and EDGAR ( www.sec.gov), respectively. Updated National Instrument 43-101 technical reports for each of the Kibali Gold Mine and the Cortez Complex, current as of December 31, 2021, are also available on SEDAR and EDGAR.
To access the above-mentioned documents, please visit www.barrick.com. Shareholders may also receive a copy of Barrick’ s audited financial statements without charge upon request to Barrick’ s Investor Relations Department, 161 Bay Street, Suite 3700, Toronto, Ontario, M5J 2S1 or to investor @ barrick.com.
Investor and Media RelationsKathy du Plessis+44 20 7557 7738Email: barrick @ dpapr.com
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes “ forward-looking statements ”. All statements, other than statements of historical fact, are forward-looking statements. The words “ expand ”, “ continue ”, “ will ”, “ test ”, “ look ”, “ investigate ”, “ focus ”, “ work ”, “ strategy ”, “ grow ”, “ drive ”, “ believe ”, “ objective ”, “ empower ” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick’ s strategy to invest in capital projects for future growth while funding exploration initiatives to expand its presence in new prospective areas including in the Asia Pacific region, North Africa and the Middle East, Latin America and Canada; Barrick’ s focus on socioeconomic development in its host countries in line with its sustainability vision; Barrick’ s greenhouse gas emissions reduction targets; Barrick’ s initiatives to increase workforce diversity in line with its sustainability strategy to create value for all stakeholders; Barrick’ s future plans, growth potential, financial strength, investments and overall strategy; and expectations regarding future price assumptions, financial performance and other outlook or guidance.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’ s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities ( such as silver, diesel fuel, natural gas and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation and exploration successes; diminishing quantities or grades of reserves; operating or technical difficulties in connection with mining or development activities; failure to comply with environmental and health and safety laws and regulations; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in Canada, the United States and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; the Company’ s ability to achieve its climate-related goals and greenhouse gas emissions reduction targets; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses ( and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks). The Company also cautions that its 2022 guidance may be impacted by the unprecedented business and social disruption caused by the spread of Covid-19.
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’ s ability to achieve the expectations set forth in the forward-looking statements contained in this press release. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. | general |
China's emissions fraud cases signal challenges in carbon market rollout | In this week’ s highlights: Prospects of a modest oil price recovery in the coming months are growing...
China's Ministry of Ecology and Environment has disclosed cases of negligence and fraud by four third-party emissions consultants that were in charge of assessing whether power companies were measuring and reporting accurate emissions data for the national compliance carbon market.
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The cases range from inefficiency and incompetence to active involvement in falsifying emissions data and coal sampling, and underscore the challenges in rolling out a national carbon market on a scale that has not been previously attempted globally.
China's national compliance carbon market, launched July 16 last year, currently covers only the power sector that alone accounts for 40% of the nation's CO2 emissions, and is set to cover a total of eight industrial sectors in coming years.
The hurdles involved in putting a price on carbon in the world's second-largest economy by introducing standardized measurement reporting and verification systems across fragmented industries is a herculean task that dwarfs even the early days of the EU Emissions Trading System, which faced similar difficulties.
On March 14, China's environment ministry published details of false emissions reporting and negligence by four private consultants -- Zhongtan Nengtou Tech Co., SinoCarbon Innovation & Investment Co., Qingdao Xinuo Renewable Co., and the Liaoning Dongmei Testing and Analysis Research Institute.
The ministry in a statement said it has asked the respective provincial environment ministries to further investigate these companies and all the power companies involved.
The first company named was Beijing-based consultancy Zhongtan Nengtou Tech, which the ministry said tampered with data, forged coal quality test reports and advised power companies to submit fake coal samples, along with conducting poor quality emissions reporting.
Zhongtan Nengtou Tech tampered with inspection reports for emission-controlled enterprises like Inner Mongolia Erdos High-tech Materials Co. and advised companies to submit false coal samples for inspection, the ministry said.
In its consulting contract with clients, the consultancy promised that carbon emission allowances for power plants could be turned from losses to profits, and allowances could be used to enrich the company, the ministry said.
`` Zhongtan Nengtou clearly knew some companies did not keep their monthly coal samples used in 2019-2020, but it still advised these companies to prepare fake coal samples for carbon content measurement, '' it said. China carbon market's first compliance period ( July 16-Dec. 31, 2021) required companies to pay for surplus historical emissions in 2019-2020.
The carbon emission report prepared by the consultant falsely reported data such as coal burning, heat supply and electricity purchased from third parties, and some projects had multiple sets of production data reports and coal quality inspection reports with different values, the ministry said.
The second company named by the ministry was SinoCarbon Innovation & Investment Co., which it said did not perform its duties properly, and whose verification work `` went through the motions. ''
Sinocarbon's processes did not comply with regulations, the signed personnel did not conduct the actual verification, and the overall quality of reports was poor, the ministry said. The consultant `` turned a blind eye '' to obvious problems in the emissions report, such as fraudulent tests and statistical errors.
Some companies changed their reported emissions using different calculations and SinoCarbon failed to verify the source documents and data integrity, the ministry said.
The third consultancy was Shandong province based Qingdao Xinuo Renewable Co., whose verification procedures the ministry said were not compliant with government guidelines, leading to inaccurate results.
`` During the on-site verification, it mainly walked around and took pictures, and did not verify important documents such as environmental impact assessment and pollution discharge permits, '' the ministry said.
Qingdao Xinuo also `` turned a blind eye '' to obvious problems in the carbon emission reports of companies such as falsified test reports, and treated the workflow as `` a mere formality, '' it added.
`` In the absence of original coal quality inspection records, the content of the report was fabricated to indicate that the original records have been verified, '' the ministry said, adding that the content of its inspection report was `` obviously inconsistent with the actual situation of the enterprise. ''
The fourth consultant, Liaoning Dongmei Testing and Analysis Research Institute, was suspected of fabricating testing reports, the ministry said.
Liaoning Dongmei `` issued falsely dated elemental carbon content test reports on a monthly basis for a number of emission control companies that centrally submit coal samples for inspection, and tampered with the date of sample collection and test date, '' the ministry said.
Its `` internal quality control system is lacking, and it is difficult to verify the compliance of the coal quality analysis process and the authenticity of the results, '' it added.
SinoCarbon on March 14 issued a statement saying its verification work was impacted by COVID-19 quarantine regulations, resulting in negligence and non-compliance, and that it was deceived by companies that provided falsified source documents.
The other three companies did not respond to queries.
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CNFinance: Announces Fourth Quarter 2021 and Fiscal Year 2021 Unaudited Financial Results - Form 6-K | CNFinance Announces Fourth Quarter 2021 and
Fiscal Year 2021 Unaudited Financial Results
GUANGZHOU, China, March 18, 2022 /PRNewswire/ -- CNFinance Holdings Limited ( NYSE: CNF) ( `` CNFinance '' or the `` Company ''), a leading home equity loan service provider in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2021.
Fourth Quarter 2021 Operational and Financial Highlights
Fiscal Year 2021 Operational and Financial Highlights
`` The year of 2021 was very important in CNF's history as we achieved major success in expanding our Collaboration Model. During the year, we dedicated to work under the government's call of 'working on providing financial solutions for MSEs '. We acted as the bridge connecting our funding partners and MSE owners and helped over 22,000 of them get access to capital to meet their most urgent needs. The loan origination volume of 2021 was RMB12.8 billion and the outstanding loan principal under the Collaboration Model was RMB10.2 billion as of December 31, 2021. In 2021, we achieved major breakthroughs in our bank lending model as we finalized our terms with certain renowned commercial banks. We believe the success of the bank lending model will provide momentum to our further reformation.
While recognizing our achievements, we are keenly aware of our greater mission in 2022. As I have introduced on many occasions, as a key component to build China's inclusive financial system, CNF shoulders important responsibilities to help MSEs to meet their most urgent financing needs, which requires us to forge ahead to provide better services and solutions. Our goal for 2022 is to build our model into a real service platform under which we bear less risks and do not carry heavy assets on our book. We believe such model will be the solution to cover more MSEs while maintaining sustainable growth of our business, and to create continuous return for our shareholders. '' Commented Mr. Bin Zhai, Chairman and CEO of CNFinance.
Fourth Quarter 2021 Financial Results
Total interest and fees income for the fourth quarter of 2021 increased by 6.6% to RMB448.8 million ( US $ 70.4 million) as compared to RMB421.1 million for the same period of 2020.
Interest and financing service fees on loans increased by 6.6% to RMB444.7 million ( US $ 69.8 million) for the fourth quarter of 2021 as compared to RMB417.1 million for the same period of 2020, primarily due to the increase in the balance of average daily outstanding loan principal.
Interest on deposits with banks increased by 2.5% to RMB4.1 million ( US $ 0.6 million) for the fourth quarter of 2021 as compared to RMB4.0 million for the same period of 2020, primarily due to larger average daily balance of time deposits in the fourth quarter of 2021 as compared to the same period of 2020.
Total interest and fees expenses increased by 28.8% to RMB205.2 million ( US $ 32.2 million) for the fourth quarter of 2021 as compared to RMB159.3 million for the same period of 2020, primarily due to the increase in the principals of other borrowings as well as the funding cost from trust companies.
Net interest and fees income decreased by 7.0% to RMB243.6 million ( US $ 38.2 million) for the fourth quarter of 2021 as compared to RMB261.8 million for the same period of 2020 as the increase in interest and fees expenses being more significant than the increase in interest and fees income.
Collaboration cost for sales partners, representing sales incentives paid to sales partners, increased to RMB119.5 million ( US $ 18.8 million) for the fourth quarter of 2021 as compared to RMB104.4 million for the same period of 2020, primarily due to the increase in average daily outstanding loan principal under the collaboration model as compared to the same period of 2020.
Net interest and fees income after collaboration cost was RMB124.1 million ( US $ 19.4 million) for the fourth quarter of 2021, representing a decrease of 21.2% from RMB157.4 million in the same period of 2020 due to higher interest and fees expenses.
Provision for credit losses recorded a reversal of RMB308.2 million ( US $ 48.4 million) for the fourth quarter of 2021 as compared to a reversal of RMB30.9 million for the same period of 2020, primarily due to the combined effect of ( a) higher loss given default ( LGD) under the current expected credit loss ( CECL) model which takes into account the Company's historical data of actual loss in the past few years, and ( b) the fact that the Company transferred loans under the traditional facilitation model to third parties in bulk during the fourth quarter of 2021 and the allowance of such loans was reversed.
2
Net gains/ ( losses) on sales of loans decreased to a net loss of RMB468.6million ( US $ 73.5 million) for the fourth quarter of 2021 from a net gain of RMB43.7 million in the same period of 2020, primarily attributable to the fact that the Company transferred loans under the traditional facilitation model to third parties in bulk during the fourth quarter of 2021. Such loans were all facilitated prior to 2019, and the majority of them were long past due and therefore sold at a large discount.
Other gains, net was RMB16.2 million ( US $ 2.5 million) for the fourth quarter of 2021, compared to RMB7.8 million for the same period of 2020, primarily attributable to ( a) the increase of Credit Risk Mitigation Position forfeited by the sales partners, and ( b) the credit loss associated with an investment in debt securities. During the fourth quarter of 2021, the Company established a limited partnership with a third-party company, in which the Company acts as the limited partner and receives fixed rate of return of its investment on a quarterly basis, and such investment is recognized as debt securities.
Total operating expenses decreased by 7.6% to RMB106.3 million ( US $ 16.7million) for the fourth quarter of 2021, compared with RMB115.0 million for the same period of 2020.
Employee compensation and benefits increased by 19.5% to RMB62.4 million ( US $ 9.8 million) for the fourth quarter of 2021 as compared to RMB52.2 million for the same period of 2020, primarily due to a one-time compensation payment to our former CFO as he stepped down from his position in the fourth quarter of 2021.
Share-based compensation expenses decreased by 69.7% to RMB4.7 million ( US $ 0.7 million) for the fourth quarter of 2021 from RMB15.5 million in the same period of 2020. According to the Company's share option plan adopted on December 31, 2019, approximately 50%, 30% and 20% of the option granted will be vested on December 31, 2020, 2021 and 2022, respectively. Related compensation cost of the option grants will be recognized over the requisite period.
Taxes and surcharges decreased by 20.5% to RMB10.1 million ( US $ 1.6 million) for the fourth quarter of 2021, as compared to RMB12.7 million for the same period of 2020, primarily attributable to a decrease in the non-deductible value added tax ( `` VAT ''). The decrease in VAT was attributable to the characterization of certain amounts as `` service fees charged to trust plans '' which are a non-deductible item. According to PRC tax regulations, `` service fees charged to trust plans '' incur a 6% VAT on the subsidiary level, but are not recorded as an input VAT on a consolidated trust plan level. `` Service fees charged to trust plans '' were significantly decreased in the fourth quarter of 2021 compared to the same period of 2020 due to maturity of some trust plans.
Operating lease cost decreased by 30.4% to RMB3.2 million ( US $ 0.5 million) for the fourth quarter of 2021 as compared to RMB4.6 million for the same period of 2020, primarily due to the continued development of the collaboration model that allowed the Company to further reduce the office leasing costs which was used to rent offices to accommodate sales staff.
Other expenses decreased by 14.0% to RMB25.9 million ( US $ 4.1 million) for the fourth quarter of 2021 as compared to RMB30.1 million for the same period of 2020, such expenses were mainly attributable to decreases in ( a) the IT R & D and outsourcing service fees related to an employee service technology platform which was delivered and paid in full; ( b) service fees paid to third-party consultants, and ( c) costs related to the promotion of the collaboration model as it has been widely accepted.
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Income tax ( expense) /benefit recorded an income tax benefit of RMB15.4 million ( US $ 2.4 million) for the fourth quarter of 2021 as compared to an income tax expense of RMB24.2 million for the same period of 2020, primarily due to the fact that the Company recorded a loss before income tax for the fourth quarter of 2021, such loss was due to the loss associated with the sale of loans under the traditional facilitation model in bulk during the fourth quarter of 2021. Such loans were all facilitated prior to 2019, and the majority of them were long past due and therefore sold at a large discount.
Effective tax rate was 12.8% for the fourth quarter of 2021 as compared to 18.7% in the same period of 2020, primarily due to the combined effect of ( a) the non-deductible share-based compensation expenses which decreased to RMB4.7 million ( US $ 0.7 million) for the fourth quarter of 2021 from RMB15.5 million in the same period of 2020; ( b) the fourth quarter of 2021 had losses before income tax of RMB120.3 million ( US $ 18.9 million) as compared to income before income tax of RMB129.5 million in the same period of 2020, leading to a negative tax effect of the non-deductible share-based compensation expenses in the current period; and ( c) our Hongkong subsidiary incurred losses before income tax of RMB11.6 million ( US $ 1.8 million) expected not to be deductible in the future, thus no deferred tax assets were recognized.
Net income/ ( losses) was a net loss of RMB104.9 million ( US $ 16.5 million) for the fourth quarter of 2021 as compared to a net income of RMB105.3 million for the same period of 2020.
Basic and diluted earnings per ADS were RMB ( 1.53) ( US $ ( 0.24)) and RMB ( 1.53) ( US $ ( 0.24)), respectively, compared to RMB1.54 and RMB1.42, respectively, for the same period of 2020. One ADS represents 20 ordinary shares.
Fiscal Year 2021 Financial Results
Total interest and fees income for fiscal year 2021 decreased by 3.4% to RMB1,782.4 million ( US $ 279.7 million) as compared to RMB1,844.8 million for the same period of 2020.
Interest and financing service fees on loans decreased by 3.2% to RMB1,770.4 million ( US $ 277.8 million) for the fiscal year of 2021 as compared to RMB1,828.7 million for the same period of 2020, primarily due to the lowered interest rate on loans facilitated in an effort to comply with rules and regulations issued by relevant PRC regulatory authorities, including the Decisions of the Supreme People's Court to Amend the Provisions on Several Issues concerning the Application of Law in the Trial of Private Lending Cases issued in August 2020.
Interest on deposits with banks decreased by 25.5% to RMB12.0 million ( US $ 1.9 million) for the fiscal year of 2021 as compared to RMB16.1 million for the same period of 2020, primarily due to the smaller daily average amount of time deposits in the fiscal year of 2021 as compared to 2020.
Interest and fees expenses increased by 6.1% to RMB775.6 million ( US $ 121.7 million) for the fiscal year of 2021 as compared to RMB731.3 million for the same period of 2020, primarily due to the increase in the principals of other borrowings as well as the funding cost from trust companies.
Net interest and fees income decreased by 9.6% to RMB1,006.8 million ( US $ 158.0 million) for the fiscal year of 2021 as compared to RMB1,113.5 million for the same period of 2020.
Collaboration cost for sales partners representing sales incentives paid to sales partners increased to RMB425.7 million ( US $ 66.8 million) for the fiscal year of 2021 as compared to RMB415.1 million for the same period of 2020, primarily due to the increase in average daily outstanding loan principal under the collaboration model as compared to the same period of 2020.
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Net interest and fees income after collaboration cost was RMB581.1 million ( US $ 91.2 million) for the fiscal year of 2021, representing a decrease of 16.8% as compared to RMB698.4 million for the same period of 2020.
Provision for credit losses recorded a reversal of RMB278.2 million ( US $ 43.7 million) for the fiscal year of 2021 as compared to RMB277.6 million for the same period of 2020, mainly due to a combined effect of ( a) the fact that the Company transferred loans under the traditional facilitation model to third parties in bulk during the fourth quarter of 2021 and the allowance of such loans was reversed, ( b) the higher loss given default ( LGD) under the current expected credit loss ( CECL) model which takes into account the Company's historical data of actual loss in the past few years, partially offset by ( c) the lower probability of default ( PD) under the current expected credit loss ( CECL) model which takes into account the outlook of a more positive economy growth of China in the fiscal year of 2021 as compared to that of the same period of 2020 under the impact of COVID-19 pandemic.
Net gains/ ( losses) on sales of loans decreased to a net loss of RMB450.7 million ( US $ 70.7 million) for the fiscal year of 2021 from a net gain of RMB149.6 million in the same period of 2020, primarily attributable to the fact that the Company transferred loans under the traditional facilitation model to third parties in bulk during the fourth quarter of 2021. Such loans consist of loans that are long past due and therefore sold at a large discount.
Other gains, net was RMB50.1 million ( US $ 7.9 million) for the fiscal year of 2021, compared with RMB19.8 million in the same period of 2020. When a loan defaults and the sales partner chooses to repurchase such loan in installments, the Company would charge certain percentage of the loan as the fund possession fee. The increase in other gains for the fiscal year of 2021 was primarily due to the fact that there was a larger number of cases where delinquent loans were repurchased by the sales partner in installments, which led to an increase in fund possession fee received by the Company.
Total operating expenses decreased by 14.9% to RMB381.0 million ( US $ 59.8 million) for the fiscal year of 2021 as compared to RMB447.7 million for the same period of 2020.
Employee compensation and benefits increased by 10.9% to RMB211.2 million ( US $ 33.1 million) for the fiscal year of 2021 as compared to RMB190.4 million for the same period of 2020, primarily due to a one-time compensation payment to our Former CFO as he stepped down from his position in the fourth quarter of 2021.
Share-based compensation expenses decreased by 69.7% to RMB18.8 million ( US $ 3.0 million) for the fiscal year of 2021 as compared to RMB62.1 million for the same period of 2020. According to the Company's share option plan adopted on December 31, 2019, approximately 50%, 30% and 20% of the option granted will be vested on December 31, 2020, 2021 and 2022, respectively. Related compensation cost of the option grants will be recognized over the requisite period.
Taxes and surcharges decreased by 27.9% to RMB35.7 million ( US $ 5.6 million) for the fiscal year of 2021 as compared to RMB49.5 million for the same period of 2020, primarily attributable to a decrease in the non-deductible value added tax ( `` VAT ''). The decrease in VAT was attributable to the characterization of certain amounts as `` service fees charged to trust plans '' which are a non-deductible item. According to PRC tax regulations, `` service fees charged to trust plans '' incur a 6% VAT on the subsidiary level, but are not recorded as an input VAT on a consolidated trust plan level. `` Service fees charged to trust plans '' were significantly decreased in the fiscal year of 2021 compared to the same period of 2020 due to maturity of some trust plans.
Operating lease cost decreased by 31.8% to RMB14.8 million ( US $ 2.3 million) for the fiscal year of 2021 as compared to RMB21.7 million for the same period of 2020, primarily due to the continued development of the collaboration model that allowed the Company to further reduce the office leasing costs which was used to rent offices to accommodate sales staff.
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Other expenses decreased by 19.0% to RMB100.5 million ( US $ 15.8 million) for the fiscal year of 2021 as compared to RMB124.0 million for the same period of 2020, primarily due to ( a) a decrease in the litigation and attorney's fees during the ordinary course of business resulted from smaller amount of NPLs disposed through judicial procedure because the Company chose to transfer more NPLs to third party purchasers to accelerate recovery of cash; ( b) a decrease in consulting fee; and ( c) a decrease in the IT R & D and outsourcing service fees.
Income tax expense decreased by 39.7% to RMB28.8 million ( US $ 4.5 million) for the fiscal year of 2021 as compared to RMB47.8 million for the same period of 2020, primarily due to the decrease in the amount of taxable income.
Effective tax rate increased to 30.8% for the fiscal year of 2021 from 29.4% in the same period of 2020, primarily due to the combined effect of ( a) the non-deductible share-based compensation expenses which decreased to RMB18.8 million ( US $ 3.0 million) for the fiscal year of 2021 from RMB62.1 million in the same period of 2020; ( b) the proceeds of RMB39.9 million ( US $ 6.3 million) tax-free dividends from equity investment funds in 2021; and ( c) the redeemable loss of RMB30.1million ( US $ 4.7 million).
Net income decreased by 43.4% to RMB65.0 million ( US $ 10.3 million) for the fiscal year of 2021 as compared to RMB114.9 million for the same period of 2020.
Basic and diluted earnings per ADS were RMB0.95 ( US $ 0.15) and RMB0.90 ( US $ 0.14), respectively, compared to RMB1.67 and RMB1.55, respectively, in the same period of 2020. One ADS represents 20 ordinary shares.
As of December 31, 2021, the Company held cash and cash equivalents of RMB2.2 billion ( US $ 350.2 million), compared with RMB2.0 billion as of December 31, 2020, including RMB1.5 billion ( US $ 238.8 million) and RMB1.0 billion from structured funds as of December 31, 2021 and December 31, 2020, respectively, which could only be used to grant new loans and activities.
The actual delinquency rate for loans originated by the Company increased to 24.1% as of December 31, 2021 from 22.6% as of December 31, 2020. Under the collaboration model, the actual delinquency rate for first lien loans increased to 29.1% as of December 31, 2021 from 18.0% as of December 31, 2020, and the actual delinquency rate for second lien loans increased to 19.5% as of December 31, 2021 as compared to 15.6% as of December 31, 2020. Under the traditional facilitation model, the actual delinquency rate for first lien loans increased to 76.0% as of December 31, 2021 from 47.0% as of December 31, 2020, and the actual delinquency rate for second lien loans increased to 75.8% as of December 31, 2021 from 43.2% as of December 31, 2020.
The actual NPL rate for loans originated by the Company decreased to 9.4% as of December 31, 2021 from 11.7% as of December 31, 2020. Under the collaboration model, the actual NPL rate for first lien loans increased to 12.5% as of December 31, 2021 from 6.7% as of December 31, 2020, and the actual NPL rate for second lien loans increased to 6.0% as of December 31, 2021 from 4.6% as of December 31, 2020. Under the traditional facilitation model, the actual NPL rate for first lien loans increased to 59.2% as of December 31, 2021 from 38.2% as of December 31, 2020, and the actual NPL rate for second lien loans increased to 64.2% as of December 31, 2021 from 31.6% as of December 31, 2020.
Recent Development
Mr. Ning Li stepped down from the Company's Chief Financial Officer position due to personal reasons. Ms. Jing Li was appointed as the acting Chief Financial Officer, Assistant President of the Company and the Head of Department of Finance and Internal Control. Ms. Li has 20 years of experience in the financial industry and holds the certificate of ACCA and IPA. Prior to joining CNFinance Holdings Limited in 2008, she has worked for Deloitte and Fanhua Inc. Ms. Li will be in charge of all financial and internal control related matters of the Company.
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In January 2022, the Company announced the retirement of Mr. Paul Wolansky from the Board of Directors, and the appointment of Mr. Jun Qian as a Director of the Company. Mr. Qian joined the Company in 2001 and has served as the Vice President of CNFinance since 2010. Mr. Qian has over 20 years of experience in China's loan industry and has served in the Company's senior management team for more than 15 years.
In March 2022, Mr. Ning Li stepped down from his current positions as the Chair of the Company's Compensation Committee and the Chair of the Company's Nominating and Governance Committee. Mr. Bin Zhai was appointed by the Board of Directors to chair the Compensation Committee and the Nominating and Corporate Governance Committee, effective on March 15, 2022. At the same time, Mr. Jun Qian was appointed by the Board of Directors to serve as a member of the Compensation Committee and the Nominating and Corporate Governance Committee, effective on March 15, 2022.
Business Outlook
The extent to which the COVID-19 pandemic impacts the Company's results of operations will depend on future developments of the pandemic in China and across the globe, which are subject to changes and substantial uncertainty and therefore can not be predicted. Based on the information available as of the date of this press release, we expect to break even for the first quarter of 2022.
The above outlook is based on the current market conditions and reflects our current and preliminary estimates of market and operating conditions, which are all subject to substantial uncertainty.
Conference Call
CNFinance's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Friday, March 18, 2022 ( 8:00 PM Beijing/ Hong Kong Time on Friday, March 18, 2022).
Dial-in numbers for the live conference call are as follows:
A telephone replay of the call will be available after the conclusion of the conference call until 11:59 PM ET on March 25, 2022.
Dial-in numbers for the replay are as follows:
A live and archived webcast of the conference call will be available on the Investor Relations section of CNFinance's website at http: //ir.cashchina.cn/.
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Statement Regarding Preliminary Unaudited Financial Information
The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited financial information.
Exchange Rate
The Company's business is primarily conducted in China and all of the revenues are denominated in Renminbi ( `` RMB ''). This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.3726 to US $ 1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 30, 2021. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on December 30, 2021, or at any other rate.
Safe Harbor Statement
This press release contains forward-looking statements made under the `` safe harbor '' provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as `` will '', `` expects '', `` anticipates '', `` future '', `` intends '', `` plans '', `` believes '', `` estimates '', `` confident '' and similar statements. The Company may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: its goals and strategies, its ability to achieve and maintain profitability, its ability to retain existing borrowers and attract new borrowers, its ability to maintain and enhance the relationship and business collaboration with its trust company partners and to secure sufficient funding from them, the effectiveness of its risk assessment process and risk management system, its ability to maintain low delinquency ratios for loans it originated, fluctuations in general economic and business conditions in China, the impact and future development of COVID-19 pandemic in China and across the globe, and relevant government law, rules, policies or guidelines regulations relating to the Company's corporate structure, business and industry. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and the Company does not undertake any obligation to update such information, except as required under applicable law. | business |
Barrick Set to Deliver Substantial Future Free Cash Flows | TORONTO, March 18, 2022 ( GLOBE NEWSWIRE) -- Barrick Gold Corporation ( NYSE: GOLD) ( TSX: ABX) is built on a foundation of six Tier One1 gold mines with rolling 10-year plans which secure the company’ s ability to generate substantial free cash flows2 for the next decade and beyond, says executive chairman John Thornton.
Writing in the company’ s 2021 annual report, published today, Thornton notes that in September 2018, when the Randgold merger was announced, Barrick had net debt in excess of $ 4 billion. Since then it has not only moved into a net cash position but has returned $ 2.5 billion of cash to shareholders, including last year’ s record distribution of $ 1.4 billion.
“ As previously announced, after careful consideration of our capital allocation, the board has settled on a new dividend policy comprising a base dividend with an additional performance dividend linked to the net cash on the balance sheet, starting in 2022. We believe this will give our shareholders guidance on future dividend streams3, ” he says.
“ The board has also approved a $ 1 billion share buyback plan which will afford us the opportunity to acquire our shares when they are trading below what we consider to be their intrinsic value4. ”
Investor and Media RelationsKathy du Plessis+44 20 7557 7738Email: barrick @ dpapr.com
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes “ forward-looking statements ”. All statements, other than statements of historical fact, are forward-looking statements. The words “ will ”, “ set to deliver ”, “ secure ”, “ ability ”, “ expect ”, “ commit ”, “ would ”, “ could ” and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick’ s ability to deliver substantial free cash flows for the next decade and beyond; Barrick’ s performance dividend policy, including the criteria for future dividend payments and guidance on future dividend streams; the expected amount and timing of Barrick’ s share repurchase program; the expectation that the Company will have the financial strength to undertake the contemplated share repurchase program during the relevant period; and the potential that the share repurchase program may be suspended or discontinued by the Company at any time.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management’ s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities ( such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; assumptions relating to the trading price of the Company’ s common shares; changes in mineral production performance, exploitation, and exploration successes; disruption of supply routes which may cause delays in construction and mining activities at Barrick’ s more remote properties; whether benefits expected from recent transactions are realized; diminishing quantities or grades of reserves; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges and disruptions in the maintenance or provision of required infrastructure and information technology systems; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of targeted investments and projects will meet the Company’ s capital allocation objectives and internal hurdle rate; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation; fluctuations in the currency markets; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the jurisdictions in which the Company or its affiliates do or may carry on business in the future; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; damage to the Company’ s reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company’ s handling of environmental matters or dealings with community groups, whether true or not; the possibility that future exploration results will not be consistent with the Company’ s expectations; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with illegal and artisanal mining; risks associated with new diseases, epidemics and pandemics, including the effects of the global Covid-19 pandemic; litigation and legal and administrative proceedings; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks associated with working with partners in jointly controlled assets; employee relations including loss of key employees; increased costs and physical risks, including extreme weather events and resource shortages, related to climate change; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development, and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses ( and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick’ s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. | general |
Ben Affleck and Ana de Armas ' Relationship Timeline | We may earn commission from links on this page, but we only recommend products we love. Promise.
Way back in the days of January 2021, Ben “ Not My Batman ” Affleck and Knives Out star Ana de Armas ended their relationship after 10 months of dating. It was kinda nice while it lasted—you know, for fans who weren’ t convinced it was a big fat PR stunt for their movie Deep Water, which came out on Hulu today, BTW—but all good things come to an end, as they say.
Lord knows I live for the ~drama~, but the only way to truly figure out if there actually was anything between Ben and Ana is to analyze the evidence like my FBI agent boss would want me to. So without further ado, and because we all need a distraction, let’ s take a look at Ben and Ana’ s dating timeline to see exactly when things went south.
Production begins on the pair’ s new movie Deep Water and they fully connect on-set. According to a People source, Ben and Ana had “ great chemistry right from the start. Ben always seemed very relaxed and happy around Ana, but at the time, there were no signs of romance. He was very focused on making a fantastic movie. He arrived early and was one of the last people to leave. ”
Psst: Ben and Ana play a couple in this movie, just saying.
Ben tells Diane Sawyer that in five years, “ I would love to have a relationship that is deeply meaningful and one to which I could be deeply committed….Five years from now, Ben Affleck is sober and happy and sees his kids three and a half days a week and has made three or four movies that are interesting to him. I directed two [ movies ] that he is hopefully proud of and is in a healthy, stable, loving, committed relationship. ”
. @ BenAffleck opens up to @ DianeSawyer on his supportive friends in Hollywood, his sobriety and his new movie `` The Way Back. '' https: //t.co/cjkwru67WQ pic.twitter.com/GJoe05cJrN
📸 • Ana hoje ( 5) no restaurante `` La Corte del Principe '' em Cuba com Ben Affleck. pic.twitter.com/33uP8aIa3U
A source tells People that Ana and Ben are “ definitely dating ” and that “ Ana was his tour guide and took him to all her favorite places ” in Havana. Cute, but also…shouldn’ t they be isolating? Like…guys. Read the room.
Ben and Ana are photographed wandering along a beach in Costa Rica, where Ben spent a lot of time taking what turned out to be insanely blurry pics of Ana. Naturally, TMZ made them into a video:
Meanwhile, Us Weekly also confirms Ana and Ben are dating, with a source saying, “ Ben and Ana are happy together and officially dating. Jen [ Garner ] has completely moved on from Ben in a romantic sense. She considers him a friend, thinks he is a good dad to their children, and respects him. She is happy in her own life and supportive of him and happy for him and his relationship. ”
Ana posts the photos Ben took of her to Instagram, and the world is floored by his inability to focus a camera.
Ben and Ana are spotted on a coffee run in Los Angeles, despite calls for social isolation amid the coronavirus pandemic.
After about 26 days of dating, Ben is ready for Ana to meet his three kids. The only holdup is that his ex-wife, Jennifer Garner, thinks it’ s all a bit too soon. But it sounds like they’ re working it out because according to an Us Weekly source, “ Ben is understanding. [ He ] said he would work with Jennifer to prepare the kids for meeting [ Ana ]. ”
Welp, it was only a matter of time, folks. Ben and Ana take their relationship to the next level, and by next level, I mean they go Insta official. Ana and Ben celebrate her 32nd birthday and take a bunch of pics, two of which show them coupled up and holding each other tenderly. Dare I say…they’ re growing on me???
Ana and Ben just got even more serious and made their relationship “ music video official, ” by which I mean they made out in a YouTube video. Fast-forward to 2:20 to see Ana and Ben kiss in the middle of the desert in rapper Residente’ s “ Antes Que el Mundo Se Acabe ” vid.
Sources say Ana and Ben only continue to get more ~serious~. People reports that Ana spent Memorial Day weekend with Ben and his kids with ex Jennifer Garner—Violet, Seraphina, and Samuel.
“ He wants the kids to spend time with her so they can get to know her, ” People’ s insider said.
“ They are enjoying their time together, ” a friend of Ben’ s added to the outlet. “ He makes her laugh and she’ s a great influence. They safely visit with his family and he works to make sure he is healthy and present for his family. His priority will always be his children and making that work. ”
Looks like things between Ana and Ben’ s kids are going swell, because they just purchased an entire cardboard cutout of Ana…and put it on their dad’ s front lawn. Who knows what the motivation behind that move was, but it’ s hilarious!
Ben turns 48, and Ana marks the occasion by gifting him his-and-hers motorcycle helmets, which you can see right this way.
Yep, things between Ben and Ana are still going well. Things between Ben and Ana are going so well that Ana was spotted moving her stuff into Ben’ s L.A. home from her house in Venice. “ She had a huge grin and seemed very excited about living with Affleck, ” a source tells People. It’ s official—they’ ve taken the next big step in their relationship!
“ Ben and Ana really care for each other and they have a good thing going, ” a friend of the couple adds. “ She’ s aware that his family comes first. And appreciates that. They work very hard at that balance. ”
It’ s the holiday season! Ben and Ana spend their first Thanksgiving together, and the whole day goes swimmingly. The couple hosts a “ family-filled Thanksgiving weekend together, ” according to People, along with Ben’ s children, Violet, Seraphina, and Samuel. “ Ben and Ana seem great…everyone seemed very happy. Ana has been traveling so she had not seen the kids for a while, ” the source adds.
As boo’ d up and Ben and Ana seem to be, their connection does not last into the new year—after * almost * a year of dating, the two decide to call off their relationship…and over the phone, no less.
“ They have had numerous discussions about their future and they decided together to break up, ” a source tells People, while a second source adds that the breakup is “ mutual and something that is completely amicable. They are in different points in their lives; there is deep love and respect there. ”
If you’ re wondering why Ben and Ana ended things after all this time, here’ s what we know: According to a Page Six source, “ [ Ben ] would not commit to having more kids. She is in her 30s. It was a deal breaker. ” Another source chimes in and says, “ Ben is not in a place to start a new family. Both he and Ana have three jobs lined up. His family has [ been ] and will continue to be his focus. ”
And as for that hilarious cardboard cutout of Ana??? Yep, that is currently on its way to a trash facility in Los Angeles. There is some hope that Ben might buy another one someday, because a source tells Page Six “ they could get back together, ” “ they are in love, ” and “ people who know them believe it’ s temporary. ”
Ana’ s Twitter is gone…like, gone gone. She quietly deletes it on the heels of her breakup.
BREAKING: Ana de Armas has deactivated her Twitter account. 😱 pic.twitter.com/019500DWlu
No word yet on whether she’ ll ever return to social media, but I must say…I will miss her beefing with the people who run her own fan account.
Well, there ya have it, folks. Guess the only thing left to do is sit around and wait to see what Ben and Ana’ s steamy chemistry was * really * like in their erotic thriller Deep Water. | general |
Ukrainian refugees cook up a storm at Czech campsite | Hi, what are you looking for?
A steaming pot of thick soup bubbles at a campsite turned refugee shelter near Prague where Ukrainian women prepare delicious meals.
By
Published
A steaming pot of thick soup bubbles at a campsite turned refugee shelter near Prague where Ukrainian women who fled Russia’ s invasion prepare delicious meals for curious locals.
There are now traditional Ukrainian dishes including borscht, a beetroot-based soup with cabbage, on the menu at the restaurant in Revnice, southwest of Prague.
“ We want to tell the story of our cuisine, so we prepare and offer our Ukrainian food, ” said Inna Ilinskaya, who fled the southern port city of Odessa.
Ilinskaya, a 34-year-old mother of five, left Ukraine with her husband and children soon after Russia’ s invasion began on February 24.
She ended up at the campsite owned by Stefan Orsos alongside around 40 other Ukrainian refugees, more than half of them children.
“ I decided to accommodate Ukrainian refugees after a bottle of tequila on February 24 when the war started, ” said Orsos, who bought the campsite two years ago.
Today’ s fare is a far cry from what he offered before the war.
The 49-year-old mainly offered Asian food including Vietnamese pho soups until the Ukrainians arrived.
Pizza was even on the menu which he ran after he could not organise food festivals anymore because of the coronavirus pandemic.
“ We had to improvise when Covid started, we lost our jobs. ”
– Adapting –
“ We just improvised again with this Ukrainian restaurant, which also makes other food, but the core is Ukrainian, ” he said, as the laughter of children riding bicycles filled the air.
He was happy to accommodate women without any ties to the Czech Republic who have found a home at the campsite.
“ We also have Ukrainian Roma people whom nobody wants to accommodate, and we have sick people here too, ” he told AFP.
The women including Ilinskaya were busy preparing pampushki or garlic buns, borscht soup, and bograch, which is a kind of goulash.
In the kitchen, the cooks lovingly rolled the buns and placed them on trays before they turned a golden brown in the oven.
Ilinskaya said the restaurant had already offered golubtsy, or stuffed cabbage leaves, and pelmeni dumplings.
They also want to make vareniki, another type of dumplings, she said, as the garden restaurant filled with locals eager to try something new.
– ‘ Come back for sure’ –
Veronika Stara from Revnice relished the opportunity to visit.
“ I love the idea and the borscht was just fantastic. I will come back for sure, ” she told AFP.
“ The ladies definitely look like they know what they’ re doing. ”
The Czech Republic, which has a population of 10.7 million people, had a sizeable Ukrainian minority before the war broke out.
It has so far received more than 270,000 refugees from Ukraine.
Ilinskaya expects to settle down in the Czech Republic, but her heart breaks for those she left behind in Odessa including her sister.
“ I know it’ s terrible back there now. We managed to leave earlier so our children didn’ t really see what is going on there now, ” she said.
“ We are really grateful to be here. ”
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
There’ s only one person who can make the decisions about Russia’ s existence.
Hundreds of thousands of Irish and international visitors were to celebrate St Patrick’ s Day in Ireland on Thursday after a two-year pause.
Car chases starring action heroes like Tom Cruise are often filmed using a device previously known as the 'Russian Arm ' but henceforth called the...
A resident undergoes a coronavirus test in Shenzhen - Copyright AFP STRChina’ s southern tech powerhouse Shenzhen has partially eased lockdown measures, after President Xi...
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US says flights by Aeroflot, Abramovich violated sanctions on Russia | Hi, what are you looking for?
Airplanes owned by Russian billionaire Roman Abramovich and state carrier Aeroflot among others have violated US sanctions.
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Airplanes owned by Russian billionaire Roman Abramovich and state carrier Aeroflot among others have violated US sanctions imposed on Moscow over its invasion of Ukraine, Washington said Friday.
The United States earlier this month banned US-made planes or those with 25 percent American parts from entering Russia without authorization, but the Commerce Department said several aircraft had done so in contravention of the sanctions.
These include a Gulfstream G650ER owned by Abramovich, who also owns Chelsea football club, as well as Boeing 737 and 777 aircraft operated by Aeroflot.
The department, which said it aims to ground the planes, warned that providing any service to them, including refueling, would violate US rules and could result in fines and jail time.
“ We are publishing this list to put the world on notice — we will not allow Russian and Belarusian companies and oligarchs to travel with impunity in violation of our laws, ” Commerce Secretary Gina Raimondo said in a statement.
Western countries including the United States and the European Union have imposed stiff sanctions on a range of Russian industries and wealthy individuals seen as supporting Russian President Vladimir Putin and the invasion of Ukraine late last month. The penalties also targeted Belarus for its support.
All of the flights that violated the sanctions were operated or owned by Russian nationals, Commerce said.
Other planes Commerce identified include Boeing 777s and 737s operated by Nordwind Airlines, Boeing 767s and 737s flown by Utair, and Boeing 767s, 757s 777s and a 737 operated by Azur Air.
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...
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China reports first COVID deaths in more than a year | - Mainland China reported its first COVID-19 deaths in more than a year on Saturday, according to a post on the National Health Commission's website that said two people died in the northeastern region of Jilin.
The striking news - China reported only two COVID deaths for all of 2021, the last on Jan. 25 - comes as the country battles its most widespread outbreak to date, maintaining its zero-tolerance approach using `` dynamic clearance '' - short shutdowns and rapid testing where cases are found.
Jilin, bordering North Korea and Russia, is at the heart of the current wave, with case numbers make up over two thirds of total domestic infections.
The latest deaths raised the total number of victims reported since the pandemic began to to 4,638. The country reported 2,228 new confirmed coronavirus cases on March 18, compared with 2,416 a day earlier.
Of the new cases, 2,157 were locally transmitted, compared with 2,388 a day earlier, with 78% appearing in Jilin and others found in the southeastern province of Fujian and the southern province of Guangdong among others.
The number of new asymptomatic cases, which China does not classify as confirmed cases, stood at 1,823 compared with 1,904 a day earlier. As of March 18, mainland China had confirmed 128,462 cases overall.
The first casualties in more than a year quickly caught the social media spotlight.
`` Two new COVID deaths in Jilin '' was a top trending topic on China's Twitter-like Weibo platform, with many expressing a desire for more information on the two victims.
`` For what reaon did this ( the deaths) happen ( the details) should be released in a timely way, '' said one social media user.
Others voiced their support for China's zero-COVID policy.
`` In relation to 'lying flat ', herd immunity, even opening up to allow people to exercise, this is not going to work, '' said another person on Weibo. ( Reporting by Zoey Zhang and Engen Tham in Shanghai; Editing by Edmund Klamann, Raju Gopalakrishnan and Kenneth Maxwell) | business |
Conte hits back at Arteta for Premier League fixture complaints as he urges Arsenal boss to'remember ' north London derby postponement | Tottenham boss Antonio Conte has hit back at Mikel Arteta's complaints over Premier League fixtures, urging the Arsenal manager to `` remember '' the circumstances surrounding the postponement of the north London derby in January.
Arteta risked the wrath of the Premier League by claiming that his players are not being protected after their 2-0 loss to Liverpool in midweek.
Arsenal will play their third game in the space of six days at Aston Villa on Saturday, and the Spaniard feels his side are being treated differently to the rest of the clubs in the division, but Conte has issued a cutting response.
Speaking ahead of Spurs ' meeting with West Ham on Sunday, Conte addressed Arteta's comments by asking him to recall when Arsenal had their request to postpone their derby fixture at the Tottenham Hotspur Stadium on January 16 granted by the Premier League.
`` I only want Arteta to remember the game between Tottenham and Arsenal that was postponed, '' Conte told a press conference.
`` My answer is enough, if someone wants to speak about fair. I don't forget this.
`` I don’ t want to speak about fair or unfair. ''
Arsenal requested that their encounter with Tottenham be pushed back due to a depleted squad, despite the fact that only a small number of their absentees had tested positive for Covid-19.
The Premier League decided to re-arrange the fixture, but has since changed their Covid-19 rules so that no club can request a postponement without confirming at least four positive tests.
Conte was initially left hugely frustrated by the decision to push back the derby, which has yet to be rescheduled, as he told reporters at the time: `` This the first time in my life that there is a league that has postponed the game for injuries. It is very strange and surprising.
`` You have to laugh because they have totally changed the vision. You have to take the decision to postpone only for one reason – if there are Covid cases. Not for injuries, not for international duty. ” | general |
Bangladesh: Protection Officer ( Child Protection and Counter-Trafficking) | Established in 1951, IOM is a Related Organization of the United Nations, and as the leading UN agency in the field of migration, works closely with governmental, intergovernmental and non-governmental partners. IOM is dedicated to promoting humane and orderly migration for the benefit of all. It does so by providing services and advice to governments and migrants.
IOM is committed to a diverse and inclusive work environment. Read more about diversity and inclusion at IOM at www.iom.int/diversity.
Applications are welcome from first- and second-tier candidates, particularly qualified female candidates as well as applications from the non-represented member countries of IOM. For all IOM vacancies, applications from qualified and eligible first-tier candidates are considered before those of qualified and eligible second-tier candidates in the selection process.
All external candidates, except candidates from non-represented member states.
Under the overall supervision the Head of Humanitarian Assistance and Operations, and direct supervision of the Protection Coordinator of Cox’ s Bazar Sub-Office ( SO) of the International Organization for Migration’ s ( IOM) Country Office in Bangladesh, the Protection Officer ( Child Protection and Counter-Trafficking) will be responsible for managing and overseeing the Child Protection ( CP) and Counter-Trafficking ( CT) work portfolios for the Rohingya refugee camps and host community areas. The IOM Protection Unit in Cox’ s Bazar SO comprises four technical areas: General Protection, Counter-Trafficking, Child Protection and Gender-Based Violence ( GBV) with key activities concentrating on case management services, psychosocial support ( PSS), community-based protection through community engagement, accountability, and outreach, and capacity building initiatives.
IOM’ s competency framework can be found at this link. https: //www.iom.int/sites/default/files/about-iom/iom revised competency framework external.pdf
Competencies will be assessed during a competency-based interview.
Internationally recruited professional staff are required to be mobile.
Any offer made to the candidate in relation to this vacancy notice is subject to funding confirmation.
This selection process may be used to staff similar positions in various duty stations. Recommended candidates will remain eligible to be appointed in a similar position for a period of 24 months.
The list of NMS countries above includes all IOM Member States which are non-represented in the Professional Category of staff members. For this staff category, candidates who are nationals of the duty station’ s country can not be considered eligible.
Appointment will be subject to certification that the candidate is medically fit for appointment, accreditation, any residency or visa requirements, and security clearances. Subject to certain exemptions, vaccination against COVID-19 will in principle be required for individuals hired on or after 15 November 2021. This will be verified as part of the medical clearance process.
Interested candidates are invited to submit their applications via PRISM, IOM e-Recruitment system, by 30 March 2022 at the latest, referring to this advertisement.
IOM only accepts duly completed applications submitted through the IOM e-Recruitment system. The online tool also allows candidates to track the status of their application.
Only shortlisted candidates will be contacted.
For further information please refer to: www.iom.int/recruitment
Posting period: From 17.03.2022 to 30.03.2022
No Fees: IOM does not charge a fee at any stage of its recruitment process ( application, interview, processing, training or other fee). 10M does not request any information related to bank accounts.
Vacancies close at 23:59 local time Geneva, Switzerland on the respective closing date. No late applications will be accepted.
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Thailand to scrap pre-travel Covid-19 test to boost tourism | Hi, what are you looking for?
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Travellers to Thailand will no longer have to take a Covid-19 test before boarding the plane, under plans announced Friday as part of efforts to reboot the kingdom’ s pandemic-battered tourism sector.
From April 1, the requirement to take a negative test within 72 hours of travel will be scrapped, and instead visitors will be tested on arrival in Thailand, Taweesin Visanuyothin, spokesman for the country’ s Covid-19 task force, said.
Draconian travel curbs helped Thailand limit Covid-19 case numbers and deaths in the early stages of the pandemic, but hammered its crucial tourism industry, which accounts for about a fifth of the country’ s economy.
Thailand is currently recording around 25,000 new cases of Covid a day as the Omicron variant spreads around the country, but officials hope this will tail off in time for them to move to a “ post-pandemic ” phase from July.
Seeking to bounce back from its worst economic performance since the 1997 Asian financial crisis, Thailand has gradually eased travel restrictions over the past nine months.
But hotels, restaurants and other tourist-dependent businesses have urged the government to go further and faster to entice visitors back to the kingdom’ s beaches and resorts.
The tourism industry estimates that around five million foreign visitors will travel to Thailand in 2022 — down from nearly 40 million in the year before the pandemic.
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.
Under a shattered crescent hanger at Ukraine's Gostomel Airport the world's largest plane lies buckled and broken.
A federal appeals court upheld Biden’ s vaccine mandate for federal workers, while COVID-19 cases rise.
The fake logic is simple to the point of idiocy, but it’ ll work in information-starved Russia.
At least 52 people are killed, including five children, in a rocket attack on a train station in the eastern Ukrainian city of Kramatorsk.
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CONTAINER PREMIUMS: All-inclusive rates drop as shippers cut orders on Asia lockdowns | Saudi Arabia has returned to supplying the market at pre-pandemic levels, with its January crude oil...
Electra Battery Metals is looking to provide sustainable nickel sulfate from Canada to the North...
Divergent fundamentals pushed all-inclusive rates from North Asia down as many Asian production hubs went into isolation over coronavirus outbreaks, while rates from Southeast Asian origins balanced higher as increased blanked sailings further limited supply.
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The spot market continued to play at muted levels during the week to March 18 amid surging coronavirus cases in key Asian production hubs, and a resulting slowdown in export demand.
Liners were reported lowering rates to below the average Freight All Kinds, with little expectation for short-term increases, carrier sources reported.
During the week to March 18, S & P Global Commodity Insights heard bookings into the USWC at FAK levels, indicating demand had still not risen to pre-Lunar New Year levels.
On the East Coast market, premiums continued to balance at $ 1,000 to $ 2,000 above the spot assessment of $ 11,000/FEU. One offer from China to Savannah was heard at $ 12,500/FEU from a freight forwarder.
`` Of course, the situation in Shenzhen will upset things again and the coming wave expected for next month so we will continue to ride this rollercoaster, '' said one US-based freight forwarder.
Elsewhere in South America, carrier direct offers were heard at around $ 9,800/FEU into the Pacific Coast, and $ 9,200/FEU into the Atlantic Coast, indicating few bookings were made above FAK levels were on that lane.
The all-inclusive premium rates were heard at $ 16,000- $ 18,000/FEU for Southeast Asia to East Coast North America and $ 15,000- $ 16,000/FEU for the West Coast, sources said. This was $ 1,000- $ 2,000/FEU higher than a week ago.
`` The blank sailings in the last few weeks were hinting at weak demand but rates have started going up now due to increasing congestion after several lockdown restrictions were imposed in Shenzhen, '' a freight forwarder based in China said.
According to the Maersk update published on March 16, terminals at main ports in Greater China Area remain operational with vessel operations, yard handling and gate-in and gate-out functioning normally. However, some warehouse in Shenzhen will remain closed from March 14 to 20 and some depots have also been shut from March 15 until further notice.
`` Amid the COVID outbreak, freight forwarder and shippers have to look for alternative ports, '' a source based in Singapore said. `` When operations at Yantian are disrupted, they move to Nansha or Da Chan Bay or Shekou, which are still being operated, if Shanghai is closed, they have to look at Ningbo, which is always the case and vice-versa. ''
Even if the ports start functioning normally, shortage of the truckers will be the biggest challenge as they must go through a lot of tests at different checkpoints which often deter them from returning to work, the source added.
The disruptions in China-Europe rail and air freight has aggravated the concerns of congestion and backlogs, causing the premium rates to go up, sources said.
Meanwhile, rising crude oil prices have also fueled concerns of increase in bunker fuel surcharges and thus the container freight.
`` The rising bunker fuel costs may have a higher impact on the rates on short-haul routes than the long-haul since freight levels are already so high on the latter, '' a source based in India said. `` We expect additional bunker fuel surcharges in the coming weeks. ''
Container rates from Asia to North Europe saw slight downside over the course of the week as cargo imports eased slightly, however the market remained largely in wait-and-see mode regarding the latest coronavirus outbreak in Shenzhen.
Despite this, rates from Asia to the Mediterranean strengthened on FAK basis, rising to $ 13,700/FEU, from $ 13,000/FEU a week earlier. This firming came as gaps opened up in some carriers ' schedules and demand began to rebound, resulting in premiums re-entering the market.
A premium of $ 15,216/FEU from a carrier was heard for securing a slot for prompt loading.
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VLGC rates retreat as bunker prices ease, but volatility a concern | Restrictions aimed at containing a COVID-19 outbreak in northeast China have impacted crude...
Very Large Gas Carrier rates retreated from a near two-month high as bunker fuel costs eased, while...
Very Large Gas Carrier rates retreated from a near two-month high as bunker fuel costs eased, while LPG shipping fixtures slowed after a recent flurry, shipping sources said March 18.
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The benchmark FOB Singapore marine fuel 0.5% S cargo assessments fell to $ 788.18/mt March 17, from $ 786.03 March 16. Outright prices of Singapore-delivered marine fuel 0.5% S skyrocketed to an all-time high of $ 1,027/mt March 9 since S & P Global Commodity Insights launched the assessment in July 2019. The outright prices were last assessed at $ 805/mt March 17.
The benchmark marine fuel price averaged $ 746.07/mt over Jan. 3-March 17, up from $ 480.64/mt in the year-ago period. The price averaged $ 606.51/mt in the fourth quarter of 2021.
Rising bunker prices have slowed demand in Singapore since February, as shipping companies minimize requirements for impending voyages, or divert inquiries to regional ports, such as South Korea and China, for competitive spot prices, market sources said.
Shipowners are also more likely than ever to skip bunker-only calls amid higher freight rates and opt for refueling at end-destinations where cargo works are scheduled, Singapore-based traders said.
`` Though there are low-sulfur fuel oil fixtures when crude oil prices are lower, buyers also retracted inquiries in anticipation that prices would drop further, '' a Singapore-based bunker supplier said.
VLGC rates on the major Persian Gulf-Japan route fell to $ 63/mt March 17, after reaching $ 65/mt over March 14-15, the highest since hitting $ 74/mt Jan. 17, S & P Global data showed.
`` [ VLGC ] Prices are coming off hard, '' a shipping source said. `` I see spot rates around $ 62/mt, and maybe slide to $ 60/mt. ''
Charterers are closely monitoring bunker prices in the wake of forecasts of looming global oil supply shortages and growing pessimism over the slow progress in Russian-Ukraine peace talks, another shipping source said.
`` The market appears to be waiting on the Saudi ( April-loading term) acceptances which are understood to have a potential for additional spot availability, '' shipping brokerage GFI said in a report March 17. `` The tonnage list is beginning to stack up, causing the Baltic to ease a little, so it remains to be seen if activity will pick up over the next week. ''
The shipping market has been pretty active, with about 32 fixtures over the last two weeks, the second shipping source said. `` About 17 are ex- Arabian Gulf, the rest ex-US Gulf with usual options for Asia and the West, but mostly for Asia, '' the source said.
Sentosa Ship Brokers said in a report that three VLGCs were waiting to unload mixed propane/butane cargoes at India's Kandla port, one at Mundra, one at Dahej, two at Mumbai, three at JNPT, four at Mangalore, two at Ennore ( Kamarajar), two at Vizag and 10 at Jetty 17-18 in Haldia.
BW LPG, a unit of shipping major BW Group, said that bunker-price shocks, along with changing trade patterns, unexpected LPG inventory, management, and changes to shipping inefficiencies could spark near-term VLGC rate volatility, while the Russia-Ukraine crisis clouds the market in 2022.
BW LPG said in its Q4 and 2021 report that 2023 onward it remained confident about the long-term VLGC market because LPG is a viable transition fuel for decarbonization, despite uncertainties due to a heavy newbuildings delivery schedule and the implementation of IMO Energy Efficiency Existing Ship Index regulations. BW LPG also said there will be lower fleet supply because of the high number of ships put in dry docks for maintenance in 2023.
`` I really don't see dry-docking will have a big effect on shipping this year, '' another VLGC shipping source said. `` For drydocking in 2023, I also don't think it will have a major effect on the market, as new buildings are starting to come out that year, even though they are fairly spread out through the course of the year. ''
The global VLGC fleet will grow to 340 ships in 2022, 378 ships in 2023 and 381 ships in 2024, BW LPG said in the report.
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Beijing's vow to stabilise the market has worked... for now | Hi, what are you looking for?
An unexpected pledge by top Beijing officials this week to shore up the economy sent Asian stocks surging after days of jitters over China’ s coronavirus.
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An unexpected pledge by top Beijing officials this week to shore up the economy sent Asian stocks surging after days of jitters over China’ s coronavirus rebound, war in Ukraine and an uncertain property market.
It was seen as a sign of China’ s economic planners acknowledging anxiety over hot-button issues from tech and real estate to listings abroad.
But the soothing words — delivered after a meeting chaired by Vice Premier Liu He — are yet to be matched by hard policy decisions.
So what does it all mean?
What has China said and why?
Top financial leaders on Wednesday said they would maintain capital market “ stability ”, support overseas IPOs and reduce risks involving troubled property developers — whose problems repaying debts have threatened to destabilise the economy.
Their meeting called for policies “ beneficial to markets ”, indirect but instructive language on government concerns which sent shares — tech stocks in particular — soaring in Hong Kong.
The comments come as China’ s annual growth target of around 5.5 percent — its lowest in decades — has been challenged by coronavirus resurgences, a property slump and global uncertainty following Russia’ s invasion of Ukraine.
Reprieve for tech?
The announcement was music to the ears of investors in Chinese tech firms, which had been flayed for more than a year by a state crackdown on the sector.
Regulators have targeted everything from their market size to data use, rocking share prices, wiping billions off company valuations and smothering IPOs outside of China.
Scrutiny has hit some of the country’ s biggest names, including Alibaba and Tencent, pushing once-proud billionaire tech doyens into the shadows.
The latest guidance, which called for more “ predictable regulation ” of the tech sector, suggests some parts of government are willing to signal more clearly ahead of policy changes.
“ It is notable, very notable, that Liu He himself would feel the need to step in, ” Kendra Schaefer, head of tech policy research at consultancy Trivium, told AFP, forecasting “ a more measured approach to reform and regulation ”.
Yet, she cautioned that scrutiny of the tech behemoths — which dominate everything from shopping to ride hailing — and the way they use the public’ s data “ isn’ t going away ”.
What about real estate?
China’ s heavily indebted property sector has sagged under rules dubbed the “ three red lines ”, which targeted debt ratios to reduce the risks of companies going bust.
The rules challenged developers’ models of endless debt-driven expansion and major firms have been pushed to the brink of collapse.
Wednesday’ s statement offered some solace to the bruised sector, experts said.
“ One important signal was from the Ministry of Finance, which indicated that there are no plans to expand trials of property tax reforms, ” said IHS Markit’ s Asia-Pacific chief economist Rajiv Biswas.
But the statement did not indicate a change to the “ three red lines ” policy or offer hope of government bailouts to stricken companies.
“ The government is unlikely to provide any large-scale support that would benefit distressed developers, ” said Lucror Analytics’ senior credit analyst Leonard Law, although “ emphasis on stability may help stem the negative spiral ”.
And what now for US listings?
Beijing launched security probes on several US-listed Chinese companies after a controversial New York IPO by ride-hailing giant Didi Chuxing went ahead last year despite regulator warnings.
The dim view of US listings came as Washington and Beijing’ s relations sank to a nadir.
Wednesday’ s meeting said regulators in China and the US had made “ positive progress ” on the issue of US-listed Chinese stocks.
Both sides are working towards a cooperation plan, guidance from the meeting said.
The reassurance is backlit by war in Ukraine and US warnings of severe sanctions on anyone who helps Russia.
“ The last thing Beijing wants on top of everything else is any form of capital flight, ” ACY Securities chief economist Clifford Bennett told AFP.
While the responsivity from the top to market sentiment is telling, Hong Hao of financial services firm Bocom International warned “ it’ s a very high-level announcement… We still have to wait for detailed implementation. ”
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
There’ s only one person who can make the decisions about Russia’ s existence.
Hundreds of thousands of Irish and international visitors were to celebrate St Patrick’ s Day in Ireland on Thursday after a two-year pause.
In 2013 he achieved one of the great shocks in tennis history, knocking defending champion Roger Federer out of Wimbledon.
Ireland's Prime Minister ( Taoiseach) Micheal Martin was due to commemorate St Patrick's Day at the White House with US President Joe Biden before testing...
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Shenzhen eases lockdown as pandemic gnaws at China economy | Hi, what are you looking for?
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China’ s southern tech powerhouse Shenzhen has partially eased lockdown measures, after President Xi Jinping stressed the need to “ minimise the impact ” of the coronavirus pandemic on the nation’ s economy.
The city of 17.5 million, under full lockdown since Sunday, resumed work, factory operations and public transport in four districts and a special economic zone, Shenzhen’ s government said late Thursday.
Those areas have “ achieved dynamic zero-Covid in the community ”, it added.
China reported 4,365 new infections nationwide Friday, according to National Health Commission data, as the country battles a nationwide Omicron surge, its worst coronavirus outbreak since early 2020.
Millions remain under lockdown across the country, many under hyper-local restrictions aimed at smothering clusters as they emerge without shutting down entire cities.
China has firmly stuck to a “ dynamic zero-Covid ” strategy since the pandemic began, through targeted lockdowns, mass testing and travel restrictions — an approach that has left it increasingly isolated in a world adjusting to the pandemic.
However, frequent virus shutdowns affecting major port and industrial cities have dampened the country’ s economic growth, leading to Beijing announcing the weakest GDP target in decades earlier this month of 5.5 percent.
The new measures in Shenzhen were introduced to balance “ epidemic prevention and control with economic and social development ”, said a notice from the city’ s virus response command centre.
Shenzhen is home to supply chains for major companies making everything from iPhones to washing machines, while some of China’ s biggest tech firms also have campuses around the city.
Yantian port, whose three-week closure last summer due to an outbreak exacerbated global shipping delays, is included in one of the districts where measures were relaxed.
The notice added that Shenzhen’ s epidemic situation “ remains severe, but is generally controllable ” and that the city had completed two rounds of mass virus testing on its population.
Shenzhen-based factories of iPhone manufacturer Foxconn temporarily shut down earlier this week due to virus lockdowns, which triggered a major selloff of Chinese tech stocks listed in Hong Kong.
The measures came after Xi referenced the spiralling economic costs of China’ s zero-Covid strategy during a Politburo meeting Thursday where he vowed to “ stick to ” the approach, saying “ persistence is victory ”.
Eight Shenzhen officials have been dismissed so far over their perceived negligent handling of the outbreak, according to a Friday notice on the city’ s official Weibo account.
Shenzhen reported 105 new cases on Friday, according to National Health Commission figures.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
There’ s only one person who can make the decisions about Russia’ s existence.
Hundreds of thousands of Irish and international visitors were to celebrate St Patrick’ s Day in Ireland on Thursday after a two-year pause.
In 2013 he achieved one of the great shocks in tennis history, knocking defending champion Roger Federer out of Wimbledon.
Ireland's Prime Minister ( Taoiseach) Micheal Martin was due to commemorate St Patrick's Day at the White House with US President Joe Biden before testing...
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Chinese, US warships sailed through Taiwan Strait before Biden-Xi talks | Hi, what are you looking for?
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Chinese and US warships sailed through the flashpoint Taiwan Strait on Friday, Taiwanese and US officials said, shortly before China’ s Xi Jinping issued a warning to Joe Biden that ties could suffer if there is a “ mishandling ” of the island’ s status.
The two warships sailed through the strait — which separates China from Taiwan — hours before a highly anticipated nearly two-hour call between the two presidents over the Ukraine crisis and other topics.
During the call, Xi told Biden that their bilateral relationship had met “ more and more challenges ” since the Democrat took office in part because of “ erroneous ” US signals on Taiwan independence, state news agency Xinhua said.
“ Mishandling of the Taiwan question will have a disruptive impact on bilateral ties. China hopes that the US will give due attention to this issue, ” the Chinese foreign ministry said in its English-language readout of the meeting.
Earlier this month, former US secretary of state Mike Pompeo said Washington should recognise self-ruled Taiwan as a “ free and sovereign country ” during a visit to the island.
Washington has remained Taipei’ s most important ally and leading arms supplier despite switching diplomatic recognition to Beijing in 1979.
– Warship manoeuvres –
The Taiwan Strait is a flashpoint for the world’ s navies.
China regards Taiwan as its territory and has vowed repeatedly to seize it one day, by force if necessary. Washington says the strait is an international waterway.
In a short statement sent to AFP via text message, Taiwan’ s defence ministry confirmed the passage of China’ s Shandong aircraft carrier on Friday.
“ ( We) emphasise that we are aware and monitoring all Chinese PLA aircrafts and ships operating in surrounding areas of Taiwan Strait, ” the statement read.
The US Department of Defense later told AFP by email that “ one of our destroyers ” sailed through the Taiwan Strait on Friday.
Such movements of warships in the 180-kilometre-wide ( 110-mile-wide) strait are not uncommon.
The last time the Shandong sailed through it was December 2020 — a day after a US warship had made the same passage.
In December 2019, weeks before Taiwanese voters went to the polls, the Shandong also made a sail-by.
China-Taiwan relations have been especially frosty since President Tsai Ing-wen — who rejects Beijing’ s view that the island is part of “ One China ” — first took office in 2016.
China has massively ramped up its sabre-rattling in recent years, sending 969 Chinese warplanes into Taiwan’ s air defence zone in 2021, according to a database compiled by AFP — more than double the roughly 380 in 2020.
Under Biden’ s administration, Washington has stood by Taipei — so far approving at least two arms deals to the island to support its air and missile defence systems — a massive point of contention for Beijing, which says such support “ seriously undermines ” US-China relations.
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...
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Bank of Japan says no tightening as oil stirs inflation | Hi, what are you looking for?
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Japan’ s central bank chief said on Friday the country will likely reach its key two-percent inflation target as oil rates surge, but the bank will continue monetary easing policies because the price rises are caused by external factors.
The Bank of Japan has struggled to lift inflation for nearly a decade with the world’ s third-largest economy swinging between periods of sluggish inflation and deflation, both considered bad for growth.
“ Unlike in the US and Europe, inflation is currently at around 0.6 percent, and is likely to rise to about two percent after April, ” BoJ governor Haruhiko Kuroda told reporters following a two-day policy meeting.
“ Most of the rise in prices will be caused by increases in international commodity supplies, energy, and food import prices, so naturally it is not necessary or appropriate to tighten monetary policy. ”
The United States Federal Reserve raised its benchmark interest rate on Wednesday for the first time since 2018 in a bid to tackle soaring inflation.
Kuroda said consumption in Japan is expected to further recover from a pandemic dip as the government lifts restrictions — which mainly require restaurants and bars to limit opening hours — in Tokyo and elsewhere on Monday.
Japan’ s core consumer prices, which exclude volatile fresh food, rose 0.6 percent in February from a year earlier, government data showed Friday.
The internal affairs ministry said the rise was driven by food prices and utility bills due to a surge in energy costs linked to the Ukraine crisis.
It met market expectations as the sixth straight monthly gain, and the sharpest rise since February 2020.
The BoJ’ s target of sustained two-percent inflation is seen as key to spurring healthy economic growth in Japan.
But analysts say that even if the target is hit in the coming months, it is unlikely to last.
“ Once the energy-price shock and deterioration in terms of trade is gone, prices will decline again, ” Shigeto Nagai of Oxford Economics told AFP ahead of the BoJ meeting.
Excluding energy prices as well as fresh food, Japan’ s consumer prices were down 1.0 percent in February, the 11th straight monthly fall, the ministry said.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
There’ s only one person who can make the decisions about Russia’ s existence.
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...
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Using DPA for US energy security is'strong medicine ' worthy of caution – expert | Some policymakers are urging U.S. President Joe Biden to invoke the Defense Production Act to boost domestic energy production amid the loss of Russian oil and gas from global markets. But the U.S. must ensure `` the cure is not worse than the disease, '' one expert warned.
Russia's invasion of Ukraine has prompted the U.S. to ban imports of Russian energy products, including oil and natural gas. The European Commission has also announced plans to eliminate the EU's reliance on fossil fuels from Russia, helping to send spot crude markets to multiyear highs in recent weeks. The lost supply from Russia has compounded inflationary pressures affecting energy markets as world economies recover from the coronavirus pandemic.
Although Russian imports are a small piece of the U.S. petroleum mix, lawmakers have pushed Biden to use the rarely tapped Defense Production Act, or DPA, for a range of energy-related relief.
Enacted in 1950 in response to the Korean War, the law allows the president to direct private companies to sign contracts with the government to fulfill orders for scarce materials needed for national defense. The act also authorizes the government to make loans and loan guarantees to avoid shortfalls of critical resources.
`` The situation that is unfolding in Ukraine is so devastating that a lot of things that would not have been the normal tools to employ suddenly need to get a careful look, '' Jonathan Elkind, a senior research scholar at Columbia University's Center on Global Energy Policy, said in an interview.
Although some type of DPA directive may be necessary, `` that is strong enough medicine that we need to think about it really carefully before we act, '' Elkind cautioned.
U.S. Sen. Joe Manchin, D-W.Va., recently called for using the DPA or other means to finalize the permitting and construction of the 304-mile Mountain Valley Pipeline in West Virginia and Virginia. In addition, a group of U.S. House of Representatives members asked Biden to invoke the DPA to `` expedite and expand domestic oil and gas production, '' including through subsidies and loans to procure raw materials and implement refinery enhancements.
Some lawmakers and environmental groups have shown interest in using the DPA for clean energy production. Supporting renewable energy development through the DPA `` is a practical and logical next step for the administration, '' U.S. Rep. Raúl Grijalva, D-Ariz., said during a March 10 webinar.
Grijalva, who chairs the House Committee on Natural Resources, said potential investment in renewable energy research and development is the `` wise way to go '' in light of the country's climate goals and as sanctions on Russian exports drive interest in alternative energy.
On March 17, the Congressional Progressive Caucus called on Biden to declare a `` national climate emergency '' and invoke his powers under the DPA and Trade Expansion Act to mobilize domestic manufacturing of renewable energy technologies and build distributed energy facilities.
The Biden administration, however, has so far given a cool reception to calls for relying on the DPA, at least for oil production.
`` Without ruling out or ruling in any options, let me explain to you what the Defense Production Act would do in this regard, '' White House press secretary Jen Psaki said during a March 10 briefing. `` It would basically be providing money to oil companies to do something that they already probably have the capacity to do. ''
Before taking executive action to bolster energy security, the Biden administration must consider the potential impacts, including on other major energy-producing countries, Elkind said.
`` Does [ helping U.S. oil producers ] send the right signal to OPEC? Or does OPEC simply turn around and say, 'OK, we're happy to tune down our production by an amount equal to what you are increasing, ' '' said Elkind, who served in the Obama administration as the U.S. Department of Energy's Assistant Secretary for International Affairs.
Elkind also urged caution on using the DPA or similar measures to support alternative energy. Some clean energy advocates have said the DPA could be used to help manufacture heat pumps for European consumers to cut reliance on Russian gas.
Elkind, however, said the administration must consider the efficiency of such a solution and how shipping U.S.-made heat pumps abroad could affect European manufacturers of the technology. `` We want to make sure that the cure is not worse than the disease, '' Elkind said.
More broadly, with oil prices now back around $ 100 per barrel and rig counts rebounding, the government might not need to step up to better align U.S. supply with demand, said Zongyuan Zoe Liu, a fellow for international political economy at the Council on Foreign Relations.
Giving companies resources under the DPA `` might end up wasting a lot of, not just money, but also political resources, '' Liu told S & P Commodity Insights.
Rather than tapping the DPA or other emergency wartime measures, Liu said the government could foster public-private partnerships through existing institutions such as the Export-Import Bank of the United States or the U.S. International Development Finance Corp., or DFC. During the coronavirus pandemic, the DFC has approved federal funding to increase vaccine manufacturing and support other COVID-19 response efforts.
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Few Hits and Many Misses for Development in the FY22 US Spending Package | With rigorous economic research and practical policy solutions, we focus on the issues and institutions that are critical to global development. Explore our core themes and topics to learn more about our work.
In timely and incisive analysis, our experts parse the latest development news and devise practical solutions to new and emerging challenges. Our events convene the top thinkers and doers in global development.
CGD works to reduce global poverty and improve lives through innovative economic research that drives better policy and practice by the world’ s top decision makers.
Nearly six months into the fiscal year, Congress finally delivered an FY22 spending bill last week. But even after stalled negotiations prompted worries that lawmakers would be unable to reach a deal at all, the final measure is something of a disappointment—failing to deliver sufficient resources to address several pressing US development and humanitarian priorities. Undoubtedly the biggest upset came when lawmakers struck new COVID-19 response money from the bill to secure timely passage. ( This felt like adding insult to injury since even the funding initially included in the package to fight the pandemic abroad fell well short of anticipated needs.)
While we’ re crossing our fingers that Capitol Hill will manage an agreement to provide additional resources to combat COVID-19 at home and abroad, we thought we’ d provide a rundown on a few components of the international affairs division ( K) of the spending bill—lamenting shortfalls and missed opportunities while highlighting a few wins. The text of the full spending package can be found here, the joint explanatory statement for Division K here.
Earlier this month, the White House asked Congress for $ 5 billion to continue pandemic response efforts around the world. Officials outlined the need for resources to achieve near and medium-term ambitions in global vaccine delivery and extending access to critical medical supplies—including therapeutics, diagnostics, and personal protective equipment—while also meeting urgent pandemic-related humanitarian needs. The request represented only a fraction of what advocates and some lawmakers had hoped—and fell short of reported agency needs. Still, Capitol Hill had appeared poised to deliver on both domestic and global emergency COVID-19 spending until late-breaking dissent emerged over the decision to pay-for new spending by recapturing unused COVID-19 funds that had been allocated to states and localities. Facing a pressing deadline, House leadership decided to advance the package without COVID-19 funding.
But even as President Biden signed the omnibus bill into law this week, the administration continues to make the case for more resources to manage the pandemic at home and surge response efforts overseas. A recent White House fact sheet spells out the urgent need for further resources. In the absence of new funding, USAID will have to draw down its work to get shots in arms. House leaders have stated they’ re committed to bringing supplemental spending legislation to the floor—with House Speaker Nancy Pelosi ( D-CA) voicing support for a much larger topline figure—and are looking into new options to offset the spending.
As it stands, lawmakers’ inability to secure additional funds—even as vaccination rates remain exceedingly low in many parts of the world, threatening lives and increasing the risk of new emergent variants—is a monumental failure and outrageously short-sighted. Congress needs to come to an agreement on the lifesaving money as soon as possible.
One of the most alarming elements of the spending bill is its shortchanging of critical humanitarian accounts. The president’ s initial budget request, submitted to Congress in early June, proposed increased funding for USAID’ s International Disaster Assistance and the State Department’ s Migration and Refugee Assistance, but the omnibus includes cuts to both when compared to recent years. While a portion of the supplemental spending for Ukraine will be used for humanitarian support—and a share of emergency aid passed by Congress last year was dedicated to the resettlement of Afghans—the need for life-saving support around the world is unprecedented.
The United States has long been the leading provider of humanitarian assistance. Faced with a growing number of protracted crises alongside new and emerging conflicts—situations exacerbated by the pandemic and the effects of climate change—now is the time to step up, not pull back.
While the measure includes funding to deliver on current pledges and capital commitments to key multilateral development banks ( MDBs) and funds, it ignored the administration’ s request to pay down a portion of US arrears to the World Bank’ s International Development Association ( IDA). As we pointed out when the budget request was released last June, total US unmet commitments to international financial institutions ( IFIs) have been growing. And with the MDBs ramping up financing to support pandemic response and economic recovery, this was a particularly opportune time to make good on outstanding commitments. It also would have been a chance to ramp up MDB financing ahead of next year, when the US will need to make a double payment to the World Bank’ s concessional window. Owing to an early pandemic-focused IDA replenishment, in FY2023, the United States will likely need to provide both the third ( and final) installment of its pledge under IDA19 and its first payment toward fulfilling its IDA20 commitment made in December.
Appropriators included a contribution to an IMF facility supporting lower-income countries, but rejected the administration’ s request for authorization to lend US Special Drawing Rights ( SDRs) which could have provided a far more robust contribution. When the equivalent of $ 650 million in SDRs was approved at the IMF last year, the pitch centered on providing critical resources to lower income countries amid an unfolding economic crisis. But by design, a general SDR allocation is distributed in proportion to IMF shareholding—meaning countries like the United States received the lion’ s share. From the start, the hope had been that wealthier countries would find ways to reallocate SDRs to countries with greater need. This was always going to be complicated, but the absence of the authorization requested by Treasury is likely to stall this effort further—both for the United States and potentially for other donors looking to follow its lead.
Appropriators also rejected the administration’ s $ 1.25 billion request to deliver on its commitment to the Green Climate Fund and slashed the administration’ s contribution to the Clean Technology Fund—one of two Climate Investment Funds at the World Bank. The latter was a key climate priority for Secretary Yellen, highlighted in recent statements at the World Bank and G20.
Though the bill provides $ 912 million for the Millennium Challenge Corporation—level funding compared to last year—it would also rescind $ 515 million in unobligated money previously appropriated to the agency. Admittedly, this “ miss ” can’ t be pinned solely on lawmakers, since the administration was the one to propose the recission in its budget request. A substantial portion of the rescinded funds had been intended for a compact with Sri Lanka that never came to fruition. But though there would seem to be some justification for reclaiming this particular unspent investment, our colleague Sarah Rose pointed out last fall that the move could create a perverse incentive. MCC’ s willingness to pause or pull the plug on compacts when problems arise with a partner country has long been central to the agency’ s model. The decision to rescind such a substantial sum rather than allowing MCC to put at least some of the additional resources into its other programming—including helping to finance limited compact extensions that Congress authorized in light of pandemic delays—raises the concern that MCC leadership might be less likely to cancel unsuccessful partnerships if they perceive a threat of future budget volatility.
While COVID supplemental funding was stripped from the package, lawmakers delivered over and above the president’ s request for supplemental assistance for Ukraine across military and humanitarian assistance accounts. It was encouraging to see Capitol Hill reach consensus on at least one urgent request. And there’ s little doubt the situation on the ground warrants great attention and resources. We’ ll be watching to see how the US works to support the large number of Ukrainians displaced by the current conflict. Our colleagues have pointed to the potential for the Global Concessional Financing Facility, a World Bank trust fund that provides financing to countries hosting large refugee populations, to bolster response efforts. In accompanying materials, House appropriators emphasized that the Economic Support Funds including in the Ukraine supplemental ( Division N) can be used flexibly, and referenced macroeconomic needs and the needs of neighboring countries. The administration should consider further support for the GCFF to bolster the regional response.
Lawmakers boosted USAID operating expenses compared to recent years. The additional money comes as USAID Administrator Samantha Power has prioritized agency plans to put local actors in the driver seat and diversify USAID’ s partner base.
Power has committed to a target of 25 percent of USAID assistance going to local partners over the next four years, some of which will need to be through small, direct awards that require significant staff time to manage effectively. New resources to hire more staff will, in the long term, contribute to the administration’ s broader vision of USAID as nimble and responsive to local needs. Language accompanying the bill notes that the agency “ lacks sufficient personnel to adequately respond to many urgent and compelling needs around the world, ” and expresses congressional intent that the additional funding is to be used to hire new Foreign and Civil Service Officers. Increased bandwidth can help the agency bolster its collaboration with local actors and meet emerging development challenges.
And in a clear signal of support for the localization agenda, appropriators included a $ 100 million set aside to promote locally-led development in Central America. In November USAID launched an initiative, Centroamérica Local, to offer $ 300 million in support over five years to local actors addressing the root causes of irregular migration from El Salvador, Honduras, and Guatemala. As the agency moves forward with the initiative, we hope to see a commitment to evidence-based approaches and evaluating what works in local contexts—including a broader commitment to expanding legal pathways for migration.
Crucially, the spending directive for locally-led development in Central America would allow for up to 15 percent of funds to be spend on administrative expenses and oversight—which are expected to be higher as the agency seeks to partner with a growing number of new partners. But the bill doesn’ t envision the extended timeframe made possible by the five-year money included in the Senate draft.
Despite failing to include new funding to combat the current global pandemic ( see above), the experience of the past two years seems to have provided the impetus for further investment in international readiness to face future global health threats. While shy of the president’ s request, the bill provides $ 700 million for Global Health Security through USAID’ s Global Health Programs account. The joint explanatory statement suggests appropriators may be looking for more detail from the administration on plans for future global health security spending, including “ possible contributions to multilateral mechanisms. ” Presumably this refers to the administration’ s efforts to stand up a new financial intermediary fund at the World Bank that would help incentivize countries to address critical preparedness gaps. Sadly, our collective memory is often short—now is the time for the US not only to deliver a down payment on global pandemic preparedness, but to lay the groundwork for sustained investment that will ensure the world is better equipped to fend off the next pandemic.
* This total does not include the increased funding for DFC proposed by the administration in the context of a request for CR anomalies unveiled in September.
Since it opened its doors, the US International Development Finance Corporation ( DFC) has been tapped to tackle all manner of foreign policy priorities: deliver on global climate finance, counter China’ s overseas lending, advance global health and support economic recovery from the pandemic—all while addressing gender inequality. It was encouraging to see a bump in resources for the young agency to help it meet—seemingly boundless—expectations. Our colleagues often noted that DFC’ s predecessor OPIC was an ( unnecessarily) lean agency. Continuing to hire new staff will be important as DFC grows its portfolio—particularly to ensure it can deliver on its development mandate. Given the apparent bipartisan support for a well-resourced DFC, we’ re hopeful that lawmakers will also move forward with a proposal to fix the agency’ s equity scoring mechanism—a proposal included in the House-passed competitiveness package being negotiated alongside the Senate version now.
Appropriators displayed some optimism about the potential for innovation to address development challenges by maintaining a $ 30 million spending directive for USAID’ s Development Innovation Ventures ( DIV). Back in mid-2017, DIV’ s future looked uncertain. In the absence of dedicated funding, the program was forced to suspend new applications. But Congress included a funding allocation in the next year’ s spending deal that enabled DIV to re-open. Though a relatively small program, lawmakers have good reason to back DIV. Research has shown DIV’ s early portfolio delivered an incredible social rate of return per aid dollar invested.
Language in the measure’ s explanatory statement directing the USAID Administrator to develop and submit a multi-year strategy on global health research and development, including plans on coordinating with other federal agencies on innovative product development, also caught our attention. CGD has a long history of work on the potential for pull financing mechanisms—including the Advanced Market Commitment—that incentivize private actors to bring socially beneficial innovations to market. Such mechanisms have shown the potential to drive innovation and can be harnesses to deliver significant development benefits—particularly in the health sector. The US government faces some obstacles to offering or engaging in pull financing mechanisms, but they’ re surmountable. Faced with a relatively stagnant topline budget, US development agencies should explore opportunities to work with the private sector to finance and support the scaling of innovative ideas shown to work. A new emphasis in this area from USAID could also complement the work of authorizers on Capitol Hill seeking to bolster domestic health R & D and leave us better prepared equipped to tackle health challenges in the future.
Thanks to Sarah Rose and Scott Morris for their input on an earlier draft.
CGD blog posts reflect the views of the authors, drawing on prior research and experience in their areas of expertise. CGD is a nonpartisan, independent organization and does not take institutional positions.
CGD works to reduce global poverty and improve lives through innovative economic research that drives better policy and practice by the world’ s top decision makers. | general |
Japan's prices are finally rising, but will it last? | Hi, what are you looking for?
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From rice balls to nappies, prices are rising in Japan. But unlike inflation seen in many other places, the increases are long-sought but also unlikely to last, analysts say.
Since the 1990s, the country has swung between periods of sluggish inflation and deflation, where prices are falling — both considered bad for growth.
The central bank has tried an array of policies including pushing interest rates to rock-bottom to encourage spending and reach a two-percent inflation target, seen as key to boosting prosperity in the world’ s third-largest economy.
It hasn’ t worked: in 2021, the price of goods, not including volatile fresh food, inched down by an average of 0.2 percent.
But pandemic recovery demand, as well as a surge in oil and other commodities linked to the Ukraine war, may finally be achieving what the Bank of Japan couldn’ t.
Major Japanese companies have started raising the price of goods in a previously unthinkable, and sometimes controversial, fashion.
The maker of beloved children’ s corn snack Umaibo was even forced to apologise for the “ commotion ” caused by rumours ahead of a price rise amounting to two US cents, the first increase since its 1979 debut.
Other hikes have also made headlines in a country where wages and prices have long been stagnant.
The increases have been tough to make, according to Shigeto Nagai of Oxford Economics.
The so-called lost decades that followed Japan’ s 1980s boom have “ cemented a deflationary mindset ” among consumers, he told AFP.
“ People believe that wages and prices will not grow, ” and so companies fear losing ground to competitors if they price items higher, he explained.
On a narrow, bustling street in eastern Tokyo, shopkeepers said they felt squeezed by a pandemic downturn and higher costs for essentials such as cooking oil, flour and fuel.
But many prefer to absorb extra costs rather than pass them on.
“ We have been in business for over 70 years… we are extremely close to our customers, ” said Satoshi Okubo, whose family shop sells sweets and chewy udon noodles.
“ For now, I am swallowing the increased costs, ” he told AFP. “ We will only decide to increase our prices when it becomes absolutely necessary. ”
– Shrinkflation –
Some companies have instead opted to reduce the size of products while leaving the price unchanged, a move dubbed “ shrinkflation ”.
But this risks irritating customers like Masayuki Iwasa, 45, who since 2020 has documented shrinking goods and price increases on his website “ Neage ”, which means “ price hikes ” in Japanese.
“ Some companies clearly say what they are doing, and others don’ t. If they announce what they are doing, I think customers would understand, ” he told AFP.
Despite the challenges, prices have been climbing in Japan since the autumn, albeit at nowhere near the blistering pace seen in Europe or the United States, where inflation recently hit a 40-year high of 7.9 percent.
Core consumer prices, excluding fresh food, increased by 0.6 percent on-year in February, according to data released Friday, and some economists predict Japan could reach its two-percent inflation target in the coming months.
That level is “ not sustainable ” though, Nagai said, because it is driven by external factors and intensified by a weaker yen.
One key to achieving longer-lasting price rises is wage increases, which for decades companies have kept low in part to avoid hiking the cost of products for consumers.
Jobs once for life and laden with benefits have been swapped for cheaper part-time roles, often occupied by women, and even those with lifetime jobs have seen paltry pay rises.
Prime Minister Fumio Kishida has made wage increases a central plank of his economic policy, calling for companies to lift salaries by three percent in annual spring wage negotiations.
Recent years have produced only marginal increases as trade unions prioritise job protection, however, and this year’ s first negotiations have been disappointing for Kishida and the unions.
Nagai also warns that unexpected events such as the wave of the Omicron coronavirus variant could impact efforts to hike inflation.
“ We have been hoping for ‘ revenge consumption’ by consumers ( after pandemic restrictions), but many households have really experienced a sharp deterioration in real disposable income, ” he said.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
There’ s only one person who can make the decisions about Russia’ s existence.
Hundreds of thousands of Irish and international visitors were to celebrate St Patrick’ s Day in Ireland on Thursday after a two-year pause.
In 2013 he achieved one of the great shocks in tennis history, knocking defending champion Roger Federer out of Wimbledon.
Ireland's Prime Minister ( Taoiseach) Micheal Martin was due to commemorate St Patrick's Day at the White House with US President Joe Biden before testing...
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Dealer wins right to open Denver-area Kia store after court challenge | A federal judge in Colorado has cleared the way for Kia America and Emich Automotive to open a new point over objections by two of the automaker's four current dealerships in the Denver metropolitan area.
Chief U.S. District Judge Philip Brimmer ruled that the proposed Kia store in the Denver region's only available area of prime responsibility, or APR, `` is in the public interest and is fair and equitable '' to the challengers.
In October 2018, the automaker told existing stores that it intended to open a new point to replace the Denver East APR's Shortline Kia, which closed in 2015, the Feb. 23 decision said. Colorado's dealership law requires manufacturers to provide at least 60 days ' notice to existing dealers in the relevant market area of a new, reopened or relocated store.
Arapahoe Kia in Centennial, in the automaker's Denver Southeast APR, and Peak Kia in Littleton, in the Denver South APR, sued. They alleged violations of the state law and bad faith. The new point, Emich Kia, is 7.7 air miles from Arapahoe Kia and 9.3 air miles from Peak Kia.
Emich Automotive already had two Volkswagen franchises and a Chevrolet franchise. Emich Kia will operate in a Denver building the dealership group has been using for sales and service of used vehicles, said General Manager Fred Emich IV.
`` We're so excited we finally got through it, '' Emich told Automotive News. `` It's been a long, long time. '' He said Kia America is in the process of issuing a market clearance letter and amending the letter of intent. The store is expected to open in mid- to late April.
Brimmer reviewed conflicting evidence from a four-day nonjury trial concerning inventory, the performance of the challengers ' dealerships, competition from other manufacturers, local economic and market conditions, market penetration and population growth.
The decision said Kia has been underrepresented locally since Shortline's termination, its brand penetration there is `` much lower than expected, '' and existing stores don't provide adequate representation.
`` Kia has been underperforming as a brand for many years '' in metropolitan Denver, with a `` lower share of shelf space '' there than its national average, it said.
Brimmer wrote that the challengers had `` experienced tight inventory before COVID-19 and the microchip shortage, specifically with respect to the Telluride, but high demand for Kia vehicles has also led to tight inventory. ''
He found no proof that other Denver-area dealerships received preferential treatment in allocations and said inventory problems didn't deny the challengers an opportunity for `` reasonable growth and expansion. ''
He noted that the challengers had entered the market expecting five metro area dealerships and that an expert testified that the number of potential sales was adequate for Emich Kia to succeed without draining sales from Peak Kia or Arapahoe Kia.
Although the challengers argued that it wouldn't be in the public interest if their viability were threatened by competition from Emich Kia, Brimmer said the new store would benefit customer convenience and increase competition.
A Kia America spokesman declined to comment on the case. | general |
Ambasadorul Bunăvoinței pentru UNICEF David Beckham, în fruntea eforturilor globale de vaccinare în Săptămâna Mondială a Imunizării | BUCUREȘTI, 23 aprilie 2021 – Ambasadorul Bunăvoinței pentru UNICEF și inițiatorul Fondului 7 pentru UNICEF, David Beckham, se află în fruntea unei acțiuni globale menite să inspire încredere în vaccinuri și să încurajeze părinții din lumea întreagă să își vaccineze copiii împotriva unor boli mortale.
Într-un videoclip impresionant difuzat înaintea Săptămânii Mondiale a Imunizării, Beckham vorbește despre renunțarea la activitățile de zi cu zi din cauza COVID-19, la îmbrățișarea membrilor familiei, la petrecerea timpului cu prietenii și cu cei dragi și încurajează părinții să se vaccineze pentru a fi în siguranță. Îndeamnă de asemenea familiile să se asigure că li se administrează copiilor lor vaccinurile de rutină pentru a-i proteja împotriva unor boli precum difteria, rujeola și poliomielita.
„ În ultimul an, COVID-19 ne-a arătat cât de multe lucruri nu le apreciem la justa lor valoare, reamintindu-ne totodată de puterea vaccinurilor ”, a declarat Beckham. „ Vaccinurile funcționează, salvând milioane de vieți în fiecare an. Prin activitatea desfășurată alături de UNICEF, am aflat cât de importante sunt acestea pentru sănătatea celor dragi nouă. Totuși, sunt prea mulți copii în lume care nu au acces la vaccinările de rutină de care au nevoie pentru a fi protejați împotriva bolilor mortale. Din acest motiv, în Săptămâna Mondială a Imunizării din acest an, sunt foarte mândru că mă pot alătura UNICEF și partenerilor săi în demersul de a încuraja părinții să se vaccineze pe ei și pe copiii lor ”.
Alături de Beckham, ambasadorii și susținătorii UNICEF Orlando Bloom, Sofia Carson, Olivia Colman, Angelique Kidjo, Jeremy Lin, Alyssa Milano, Jessie Ware și alții vor lua parte la o serie de conversații online despre vaccinuri, purtate inclusiv cu cadre medicale, cadre didactice și experți în vaccinuri din lumea întreagă. Cei care lucrează în prima linie în Benin, Indonezia, Iordania și Peru vor împărtăși din cunoștințele și din experiența lor practică pentru a ilustra importanța vaccinării copiilor împotriva bolilor mortale.
În vederea difuzării în mediul online a informațiilor legate de eficacitatea vaccinurilor, începând de astăzi, UNICEF se va alătura partenerilor și finanțatorilor globali în efortul de a mobiliza părinții, cadrele medicale și publicul larg să pledeze online în favoarea vaccinurilor. Pentru fiecare apreciere, distribuire sau comentariu la postările în care este menționat un cont de socializare al UNICEF și folosind hashtag-ul # VaccinesWork până la finalul lunii aprilie, Fundația Națiunilor Unite prin campania Shot @ Life și Fundația Bill și Melinda Gates vor dona 1 dolar către UNICEF – până la o sumă totală de 5 milioane de dolari – pentru a se asigura că toți copiii beneficiază de vaccinurile vitale de care au nevoie.
„ După un an cu perioade de carantină, clase goale, vaccinări ratate, petreceri aniversare virtuale și cine în familie anulate, oameni din lumea întreagă primesc acum un vaccin împotriva COVID-19 sau așteaptă cu nerăbdare momentul în care îl vor primi. Ni se reamintește astfel cât de importante sunt și alte vaccinuri care ne permit să ne trăim viața de zi cu zi ”, a afirmat directorul executiv al UNICEF, Henrietta Fore. „ Cu toate că astăzi știm cu toții că vaccinurile împotriva COVID-19 sunt cea mai mare șansă de a reveni la o viață normală, pentru mult prea mulți copii din lumea întreagă ‘ normalitatea’ înseamnă lipsa accesului la orice vaccin împotriva bolilor care pot fi prevenite. Nu aceasta este ‘ normalitatea’ la care ar trebui să revenim ”.
Anual, la nivel mondial, 14 milioane de sugari și de copii nu beneficiază de niciun vaccin împotriva bolilor care pot fi prevenite, mulți dintre ei trăind în localități rurale izolate, în zone de conflict sau mahalale, fără acces la alte servicii medicale esențiale. În ultimul an, pandemia de COVID-19 a înrăutățit și mai mult situația, perioadele de carantină impuse de pandemie și perturbarea lanțului de aprovizionare amenințând să provoace în rândul copiilor o creștere devastatoare a deceselor care pot fi prevenite.
Săptămâna Mondială a Imunizării – sărbătorită anual în ultima săptămână a lunii aprilie – dorește să promoveze utilizarea vaccinurilor în vederea asigurării unei protecții împotriva maladiilor pentru persoanele de toate vârstele. Cu tema ‘ Vaccinurile ne apropie’, Săptămâna Mondială a Imunizării din 2021 va îndemna la un angajament mai puternic în domeniul imunizării la nivel global cu scopul de a promova importanța vaccinării pentru a-i aduce pe oameni împreună și pentru îmbunătățirea sănătății și a bunăstării întregii populații pe tot parcursul vieții, indiferent de locul în care se află.
UNICEF promotes the rights and wellbeing of every child, in everything we do. Together with our partners, we work in 190 countries and territories to translate that commitment into practical action, focusing special effort on reaching the most vulnerable and excluded children, to the benefit of all children, everywhere.
For more information about UNICEF and its work for children, visit www.unicef.org. | general |
WeWork rival IWG to add over 1,000 locations as firms shift to hybrid work model | The London-listed company's decision comes at a time when office landlords are slowly recovering following the COVID-19 pandemic, with businesses shifting to a permanent hybrid model in which employees split work between home and office.
`` The shift from fixed workspace to flex is now irreversible and the business will continue to accelerate its growth adding a thousand locations in the next year alone, '' said Chief Executive Officer Mark Dixon at the international property conference MIPIM.
The owner of the Spaces and Regus brands has around 3,500 buildings in more than 120 countries and counts 83% of the Fortune 500 firms among its global customer base. IWG, however, did not provide net addition of its centres for the year, which also takes into account closures if any.
IWG's customers can get access to the firm's wide network of locations, with various plans available for clients to opt from, giving employees the much-needed flexibility on geographical terms as well.
The Switzerland-headquartered firm earlier this month said it would merge its digital assets with flexible workspace platform The Instant Group as office space providers benefit from the hybrid work trend.
( Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Amy Caren Daniel) | business |
Biden-Xi call: 5 reasons it is so important amid Russia-Ukraine war |
When
President Joe Biden
spoke Friday with Chinese President Xi Jinping,
it wasn't just another phone call
in an ongoing flurry of telephone diplomacy.
This call -- which went nearly two hours, according to the White House -- comes at a potential turning point for ties between the United States and China. White House officials are watching with growing concern the budding partnership between Xi and Russian President Vladimir Putin, and China's response to
Russia's invasion of Ukraine
has proved troubling to western observers.
Beijing appears to be neither fully supportive nor directly opposed
, making for an uncertain stance Biden hopes both to decipher and influence in the call.
The White House said after the call that Biden `` described the implications and consequences if China provides material support to Russia. ''
`` The President underscored his support for a diplomatic resolution to the crisis, '' the White House said. The White House said Biden and Xi agreed to maintain `` open lines of communication. ''
Conflict and confrontation is not in anyone's interest, Xi told Biden at the start of the call, according to Chinese state media.
Read More
`` Peace and security are the most cherished treasures of the international community, '' CCTV quoted Xi as saying on the call.
White House officials said ahead of the call that they expected it could turn intense; a preliminary meeting between the two leaders ' aides stretched for
seven hours earlier this week
. And Biden upped the stakes when he alluded to his call a day beforehand, declaring his Chinese counterpart `` does not believe democracies can be sustained in the 21st century. ''
1. The call came at a critical moment in the Russia-Ukraine war
Biden spoke to Xi at a key juncture. According to US officials,
China is weighing whether to provide military
or financial assistance to Russia, which has requested it as its military sustains major losses in Ukraine. If China agrees, it could dampen its relationship with the West for decades to come.
`` We're concerned that they're considering directly assisting Russia with military equipment to use in Ukraine, '' Secretary of State Antony Blinken said Thursday, confirming what other US officials had been warning for days.
Already, the United States has conveyed to some NATO allies it believes China has some willingness to support Russia, though Moscow denies asking for it and Beijing says it's not providing any help.
American officials say they believe Xi has been unsettled by Russia's invasion and the performance of Russia's military, which has experienced logistical and strategic setbacks since the invasion began more than two weeks ago.
Watching from Beijing, Xi was caught off-guard that his own intelligence had not been able to predict what would happen, even though the United States had been warning of an invasion for weeks, the officials said.
2. China could provide Russia with a range of support
US officials don't believe China would be willing to provide Russia with large offensive equipment like tanks or jets. Instead, officials said they believed it more likely China would send smaller items like meals, ammunition, spare parts or surveillance equipment -- if they send anything at all.
Officials said it was still possible China helps Russia alleviate the effect of withering Western sanctions through financial support, though it's unlikely the country would be able to completely blunt the effects of the US and European measures.
On their phone call, Biden hoped to make clear to Xi the downsides of assisting Russia's war, either through military or financial assistance. He was set to `` make clear that China will bear responsibility for any actions it takes to support Russia's aggression and we will not hesitate to impose costs, '' Blinken said ahead of the call.
It is widely assumed Xi will secure a historic third term in power during the Communist Party's 20th National Congress in Beijing this fall. During such an important year,
western experts believe
Xi will be particularly mindful of the economic risks posed by secondary-sanctions. Trade between the European Union and China topped $ 800 billion last year and US-China trade was over $ 750 billion, according to China's official data, while its trade with Russia was just under $ 150 billion.
Yet there remains an ongoing debate within the administration about what steps to take against China should it decide to assist Russia. Biden and his administration have declined to publicly discuss exactly what options they are considering, but have warned that there will
be `` consequences ''
for China if they support Russia.
3. US must manage a 'cold-blooded ' partnership between Russia and China
Even before Russia invaded Ukraine, US officials were watching
warily as Putin and Xi grew closer.
CIA Director Bill Burns said last week the partnership was rooted in `` a lot of very cold-blooded reasons. ''
The two leaders declared their relationship had `` no limits '' in a lengthy document in February, when Putin visited Beijing for talks and to attend the opening ceremony of the Winter Olympics. The document saw China back Russia's central demand to the West, with both sides `` opposing further enlargement of NATO. ''
Since then, the partnership without limits has been tested as Xi weighs how to respond to Russia's war in Ukraine. Beijing's evolving response -- from denying an invasion would happen to attempting to avoid Western condemnation by presenting itself as willing to participate in mediation -- has been closely monitored by the White House.
US officials have seen mixed signals. When China abstained from a United Nations reprimand vote against Russia, it was viewed as a sign of Beijing distancing itself. And a top Chinese official said last month that Ukraine's sovereignty must be respected.
But other signs have pointed toward a more accommodating stance, including China's amplification of Russian disinformation. And top US officials have said a lack of denunciation is enough indication of where China's allegiance lies.
`` We believe China in particular has a responsibility to use its influence with President Putin and to defend the international rules and principles that it professes to support, '' Blinken said Thursday. `` Instead, it appears that China is moving in the opposite direction by refusing to condemn this aggression while seeking to portray itself as a neutral arbiter. ''
4. American allies in Asia are watching China's reaction to Ukraine war closely
Russia's invasion of Ukraine -- breaching its sovereignty and sending Europe into its worst conflict in decades -- has sent ripples of anxiety across the world.
One place watching closely is Taiwan,
the self-governing island claimed by China.
Beijing has recently stepped-up military flights close to the island there and warned against American support. In the early days of the Ukraine conflict, there were fears Russia's invasion could portend a Chinese invasion of Taiwan, even though it did not appear one was imminent.
American officials have since downplayed the parallels, saying if anything, the united response to Russia may cause China to rethink whatever plans it had for Taiwan. Russia's invasion has galvanized not only the West and NATO but also countries in the Asia-Pacific -- an outcome American intelligence believed Xi was unprepared for, supposing instead that economic interests would prevent countries there from imposing severe sanctions.
Even some on Biden's own national security team were surprised at how quickly some US allies in Asia, including Japan and Australia, were willing to slap sanctions on Russia following its invasion.
5. Biden and Xi have a long history -- and very different worldviews
Biden is fond of citing the long hours he spent with Xi when both were serving as their country's vice president. He has claimed to have spent more time with Xi than any other world leader.
Yet they haven't met face-to-face since Biden took office and Xi has not left China during the Covid pandemic. That has left them to meet in web conferences or speak on the phone, a dynamic Biden has said that he does not find ideal.
He and his team have worked to establish a policy of managed competition with China. They have left in place the tariffs imposed by former President Donald Trump and criticized China for not upholding its commitments from a Trump-era trade deal.
Before the conflict in Ukraine, Biden appeared intent on refocusing American foreign policy toward Asia, where he views the competition between the US and China as a defining challenge of the next century.
And while the Ukraine crisis has preoccupied the White House in recent weeks, officials insist they are still able to maintain their overriding vision.
CNN's Arlette Saenz contributed to this report. | general |
School, kindergarten hit as Kyiv's children suffer | Hi, what are you looking for?
By
Published
Fourteen-year-old Anna-Maria Romanchuk’ s lip trembles after a Russian missile exploded outside Gymnasia No34 Lybid, her school in Kyiv.
“ Scary, ” Anna-Maria says in halting English, her face pale with shock as her mother Oksana comforts her. “ I just hope that everything will be ok. ”
A body lies under a sheet, near a huge crater where the blast ripped through a square between the school, a kindergarten and several Soviet-era blocks of flats.
The force of the blast blew out every single one of the windows in the school, known as one of the best in the Ukrainian capital’ s northwestern Podilsky district.
The nearby kindergarten, decorated with a cheerful tiled mural of a squirrel, has also lost all its windows and the roof has been peeled back like a tin can.
Anna-Maria and Oksana were at home nearby when the blast happened, as the school has been closed since Russia’ s invasion and classes have been online.
But locals say the school was being used as a bomb shelter for civilians, and can not understand how it could be a target for Russian President Vladimir Putin’ s forces.
“ Our principal wrote us and asked us to come and help clean up the glass, ” says Tetiana Tereshchenko, 41, as she sweeps up with a broom.
Her daughter, who is also 14, is crying, she says. “ We were hoping we would go back to school. We had distance learning, now we don’ t know. ”
Kyiv’ s mayor Vitali Klitschko said one person was killed in Friday’ s attack and 19 injured, including four children.
– ‘ Is this a military base?’ –
Children face an “ immediate and growing threat ” from Russia’ s invasion of Ukraine, the UN children’ s fund UNICEF says.
At least 103 children have died, including four in Kyiv, Ukrainian officials said. At least six secondary schools and four primary schools in the capital have been damaged.
Many kids have fled the country, with some 90 percent of the 3.2 million refugees from Ukraine being women and children.
Yet there are millions of children who have stayed.
The situation in Kyiv is not as dire as in pummelled cities like Mariupol and Kharkhiv, but children in the capital are still at risk from the strikes that now hit the city daily.
“ This is senseless nonsense, ” raged former world heavyweight boxing champion Wladimir Klitschko, the mayor’ s brother, as he visited the scene.
“ Is this a military base here? Is this infrastructure? This is a living district. A kindergarten has been destroyed. ”
Ringed by tight security, the towering Klitschko strides into the housing estate to meet people whose houses have been wrecked.
The explosion tore off the end of one block, exposing apartments with beds, chairs and shelves inside, like a child’ s doll’ s house.
Smashed chunks of concrete cover a playground and the square is now a wasteland of singed trees and mangled cars.
“ A warrior should fight a warrior, not civilians. Most of all I care that little children and women are being killed, ” said Roman Vasylenko, 53, whose door and window were blown out.
He shows off a certificate saying he was one of the “ liquidators ” who cleaned up the Chernobyl nuclear plant after the 1986 disaster, and pictures of his daughter and grandchildren, who have since fled to Romania.
– ‘ Why do children have to suffer?’ –
Glimpses of children’ s pre-war life can be seen through the empty window frames of Gymnasia No34 Lybid: an alphabet poster, wall decorations and blackboards.
Dozens of local volunteers help take smashed glass and window frames to a huge pile of debris, hoping that one day the school can rebuild and reopen.
The whoosh of outgoing rocket fire however is a reminder that the school is only a few kilometres ( miles) from the frontline with Russian forces trying to encircle Kyiv.
For Ukrainians, the war remains as senseless as ever.
“ My granddad is Russian. I’ m Ukrainian. I don’ t understand the aim. Why so many people die, why? ” said Inna, 33, whose windows were also smashed.
“ There is somebody killed from that house. Why? In the school, children find shelter. Why do our children have to suffer? What did they see here in the school? ”
The fear of a Russian assault on the capital has so far emptied the city of around half of its 3.5 million inhabitants, including many children.
But Tetiana Tereshchenko, pushing her glasses up her nose as she carries on sweeping, says she will not be among them.
“ Where would we go? This is our city. We don’ t want to leave it. ”
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 |
4th COVID vaccine dose offers “ marginal benefits ” in healthy adults | Research published in The New England Journal of Medicine offers the first insights into the efficacy of a fourth COVID-19 vaccine dose. The data from a health care worker trial in Israel found a fourth dose only offers “ marginal benefits ” over three doses, however, experts claim the extra booster shot is likely to be more protective in elderly and vulnerable populations.
Late last year Israel became the first country in the world to begin rolling out a fourth COVID-19 vaccine dose. Initially focusing on immunocompromised populations, the fourth dose program is currently still limited to those over the age of 60, health care workers and others who may be at high risk of infection due to their work.
Recent research from the U.S. Centers for Disease Control and Prevention ( CDC) has confirmed a third COVID-19 vaccine dose is crucial in protecting against severe disease from the Omicron variant. However, the data also revealed third-dose vaccine protection from infection significantly drops off after around four months.
So does a fourth dose restore that protection, and will the extra booster be necessary for most people in the near future?
The new peer-reviewed and published data reports on a trial testing a fourth dose of either Moderna or Pfizer’ s mRNA COVID-19 vaccine in health care workers more than four months past their third dose. The study found the fourth dose was safe and restored antibody levels up to what was seen after three doses. But in terms of real-world infection prevention, the study found only small differences in positive Omicron cases when comparing the four-dose groups with a three-dose control.
“ Overall, 25.0 percent of the participants in the control group were infected with the Omicron variant, as compared with 18.3 percent of the participants in the BNT162b2 [ Pfizer ] group and 20.7 percent of those in the mRNA-1273 [ Moderna ] group, ” the researchers wrote. “ Vaccine efficacy against any SARS-CoV-2 infection was 30 percent. ”
The researchers note this cohort was too small to clearly determine the accurate efficacy of a fourth dose. It is also stressed that this cohort was filled with young and healthy subjects so there is no insight into the value of a fourth dose in more vulnerable populations.
“ … we observed low vaccine efficacy against infections in health care workers, as well as relatively high viral loads suggesting that those who were infected were infectious, ” the researchers concluded. “ Thus, a fourth vaccination of healthy young health care workers may have only marginal benefits. ”
Another study out of Israel, yet to be peer-reviewed and published, has tracked the efficacy of fourth doses in those over the age of 60. It found a fourth dose in older populations significantly reduces symptomatic infections and severe disease compared to three doses.
`` The results of this study suggest that a fourth dose could increase protection against severe illness relative to three doses that have been administered over four months ago, '' the researchers wrote in the pre-print study. `` Giving the fourth dose to individuals who were at risk to develop severe disease has been instrumental in limiting the burden on hospitals in Israel during the fast and wide-spreading Omicron surge. ''
Julian Tang, a clinical virologist from the University of Leicester, said this new study is useful. He agrees the benefits may be marginal for a broad fourth-dose program right now in all adults but argues another booster dose is probably beneficial in older and vulnerable populations.
“ Ideally, we need new COVID-19 vaccines designed specifically against Omicron if we want to improve this protection for the most vulnerable – in the same way that we update the seasonal flu vaccine each year – to ensure the best possible match against the currently circulating virus strain, ” said Tang.
Simon Clarke, from the University of Reading, said we may have squeezed the most we can out of these current vaccines. Putting aside the potential need for a fourth vaccine dose in vulnerable populations, Clarke said we need to update our vaccines to better target the new variants circulating.
“ These two vaccines generate the best response against variants that are no longer in circulation, ” said Clarke. “ It’ s about time that vaccines caught up with the variants that are currently infecting people, otherwise giving fourth doses might be like old Generals fighting old wars. ”
Nevertheless, not everyone is interpreting this new study as a reason to pause broad fourth-dose vaccine programs. Raina MacIntyre, an expert on the prevention and control of infectious diseases, explained how even if a fourth dose only offers modest extra protection from infection it can still be significantly valuable when disease burden is high.
“ The 11-30 percent VE [ vaccine effectiveness ] against any infection will make a substantial impact on transmission at a population level, ” MacIntyre explained on Twitter. “ The impact of vaccines is a function of VE, coverage and incidence of infection. When incidence is high, even a vaccine of modest VE can have a major population impact. ”
Here is a slide which demonstrates the population impact of a vaccine of modest efficacy when disease burden is high - note the high VE in kids vs low VE in adults, but much greater burden of infection = more impact of a lower VE vaccine in older people pic.twitter.com/QJ6xJxLrs0
MacIntyre also pointed out health care workers are likely to be exposed to much higher levels of the virus than those in the general community. And because we know there is a dose-response relationship to viral exposure it is possible a fourth dose will be more effective in members of the general population. Alongside good masking and robust ventilation protocols MacIntyre argues a fourth dose of the current vaccine will likely offer most people a “ fighting chance of avoiding COVID-19. ”
Most experts are in agreement that the conversation around a fourth COVID-19 vaccine dose is one of “ when ” that strategy should be deployed rather than “ if ” it will be necessary in the first place. Albert Bourla, CEO of Pfizer, has recently argued a fourth dose is necessary “ right now. ” A submission has already been made by Pfizer to the Food and Drug Administration ( FDA) for a broad fourth-dose approval in the United States.
Marco Cavaleri, head of vaccine strategy at the European Medicines Agency, recently expressed reticence at triggering fourth-dose programs at this point in time. He said, although there are currently significant spikes of COVID-19 cases in many European countries, it is unclear whether the resurgence is due to waning vaccine immunity or the broad lifting of many social restrictions.
`` I want to reiterate there is not yet enough evidence... supporting a recommendation for a second booster shot in the general population, '' Cavaleri said.
The new study was published in The New England Journal of Medicine. | science |
US existing home sales fell in February amid supply crunch | Hi, what are you looking for?
By
Published
Sales of existing homes dropped sharply in the United States last month as buyers struggled to afford homes that remained scarce, an industry survey said Friday.
The National Association of Realtors ( NAR) reported existing home sales dropped 7.2 percent in February to a seasonally adjusted annual rate of 6.02 million, a larger fall than analysts had expected.
“ Housing affordability continues to be a major challenge, as buyers are getting a double whammy: rising mortgage rates and sustained price increases, ” NAR Chief Economist Lawrence Yun said.
“ Some who had previously qualified at a three percent mortgage rate are no longer able to buy at the four percent rate. ”
The supply of homes for sales ticked up 2.4 percent last month to a 1.7-month supply at the current pace of sales, up from the record low recorded in January but nonetheless a tight market, NAR said.
The median existing home price continued to rise to $ 357,300, up 15 percent from the same month in 2021.
“ The sharp jump in mortgage rates and increasing inflation is taking a heavy toll on consumers’ savings, ” Yun said.
“ However, I expect the pace of price appreciation to slow as demand cools and as supply improves somewhat due to more home construction. ”
All regions saw sales decrease, with business in the Northeast dipping 11.5 percent and the Midwest falling nearly the same amount.
Sales dipped 5.1 percent in the South and 4.7 percent in the West, the survey said.
Nancy Vanden Houten of Oxford Economics said existing home sales are likely to fall further as more buyers are priced out of the market.
“ Resilient demand and strong income gains should keep a floor under home sales, however, particularly if home price growth moderates, ” she said in an analysis.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
There’ s only one person who can make the decisions about Russia’ s existence.
Hundreds of thousands of Irish and international visitors were to celebrate St Patrick’ s Day in Ireland on Thursday after a two-year pause.
Car chases starring action heroes like Tom Cruise are often filmed using a device previously known as the 'Russian Arm ' but henceforth called the...
A resident undergoes a coronavirus test in Shenzhen - Copyright AFP STRChina’ s southern tech powerhouse Shenzhen has partially eased lockdown measures, after President Xi...
COPYRIGHT © 1998 - 2022 DIGITAL JOURNAL INC. Digital Journal is not responsible for the content of external sites. Read more about our external linking. | general |
Trend Micro: This Week in Security News - March 18, 2022 | Welcome to our weekly roundup, where we share what you need to know about cybersecurity news and events that happened over the past few days. This week, learn about Trend Micro's findings of the most significant security issues from 2021. Also, read about why, despite significant vulnerabilities, a devastating cyberattack in the US from Russia is unlikely.
Read on:
Navigating New Frontiers: Trend Micro 2021 Annual Cybersecurity Report
Trend Micro looks back at the most significant security issues that emerged in 2021, with insights and recommendations to help organizations bolster their defenses. The digital migrations and transformations that had enabled organizations to continue their operations amid the Covid-19 pandemic continued to usher in significant shifts in the threat landscape in 2021.
US Has 'Significant ' Cyber Vulnerabilities, But A Sweeping Russian Cyberattack Is Unlikely
Even as the Russian army drops bombs and mortar shells on civilians in hospitals and neighborhoods and its invasion of Ukraine nears its fourth week, no known nightmare cyber scenario - a widespread power outage, a poisoned water system, a crippled supply chain - has come to pass in Ukraine, the US or elsewhere. The general consensus among the nearly 20 experts who spoke with CNN is that while Russia is well positioned to launch catastrophic cyberattacks on the US, it is not likely to do so.
New RURansom Wiper Targets Russia
Trend Micro analyzes RURansom, a malware variant discovered to be targeting Russia. Originally suspected to be a ransomware because of its name, analysis reveals RURansom to be a wiper due to its irreversible destruction of encrypted files.
Ukraine Secret Service Arrests Hacker Helping Russian Invaders
The Security Service of Ukraine ( SBU) said it has detained a `` hacker '' who offered technical assistance to the invading Russian troops by providing mobile communication services inside the Ukrainian territory.
New Nokoyawa Ransomware Possibly Related to Hive
In March 2022, Trend Micro came across evidence that another, relatively unknown, ransomware known as Nokoyawa is likely connected with Hive, as the two families share some striking similarities in their attack chain, from the tools used to the order in which they execute various steps.
Russian Cyclops Blink Botnet Launches Assault Against Asus Routers
The Cyclops Blink botnet is now targeting Asus routers in a new wave of cyberattacks. Cyclops Blink, a modular botnet, is suspected of being the creation of Sandworm/Voodoo Bear, a Russian advanced persistent threat ( APT) group.
Will Russian Oil Ban Spur Increased Cyber-Attacks
President Biden banned the sale of Russian oil to the United States to deprive the Putin regime of the economic resources needed to wage war. But this may put US companies in the firing line of cyber-attacks from the east.
New Ransomware Lokilocker Bundles Destructive Wiping Component
A new ransomware operation dubbed LokiLocker has slowly been gaining traction since August among cybercriminals, researchers warn. The malicious program uses a relatively rare code obfuscation technique and includes a file wiper component that attackers could use against non-compliant victims.
Utility Cybersecurity: How Cyber Awareness Can Reduce Future Risk
The electric utility industry is one of the most critical infrastructure industries that highly affects people's lives and economic activities. The power grids connect the systems of power generation, substation, transmission, and distribution over a wide area. They are going modernized and under threat from nation-state attacks.
Facebook Removes 'Deepfake ' Of Ukrainian President Zelenskyy
Meta removed a deepfake video of Ukrainian President Volodymyr Zelenskyy issuing a statement that he never made, asking Ukrainians to `` lay down arms. '' The deepfake appears to have been first broadcasted on a Ukrainian news website for TV24 after an alleged hack. The video shows an edited Zelenskyy speaking behind a podium declaring that Ukraine has `` decided to return Donbas '' to Russia and that his nation's war efforts had failed.
Oil & Gas Cybersecurity: Stop Critical Operation Cyber-attacks
Trend Micro has released a technical report on how the oil and gas industry can gain situational awareness across OT, IT and CT. The ransomware attack on the Colonial Pipeline in May 2021 had a huge impact on the industry. In February 2022, it was also reported that European oil facilities hit by cyber-attack and forced to operate at limited capacity. These latest incidents suggest that oil and gas supply process depend on IT systems, and that the critical operations could be disrupted by IT not working due to cyber-attack.
Cyclops Blink Sets Sights on Asus Routers
This report discusses the technical capabilities of this Cyclops Blink malware variant that targets ASUS routers and includes a list of more than 150 current and historical command-and-control ( C & C) servers of the Cyclops Blink botnet.
Keeping a Close Watch: Trend Micro Specialized Cybersecurity Report for Latin America and the Caribbean
In collaboration with the Cybersecurity Program of OAS/CICTE, we examine the cybersecurity challenges affecting member states of the OAS. These issues include ransomware and active attacks, threats related to remote work, and the risks brought about by the adoption of new technologies.
What did you find most surprising from Trend Micro's 2021 Annual Cybersecurity Report? Tweet me on Twitter to continue the conversation: @ JonLClay.
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Trend Micro Inc. published this content on 18 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 March 2022 20:56:53 UTC. | business |
CNFinance Announces Fourth Quarter 2021 and Fiscal Year 2021 Unaudited Financial Results | GUANGZHOU, China, March 18, 2022 /PRNewswire/ -- CNFinance Holdings Limited ( NYSE: CNF) ( `` CNFinance '' or the `` Company ''), a leading home equity loan service provider in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2021.
Fourth Quarter 2021 Operational and Financial Highlights
Fiscal Year 2021 Operational and Financial Highlights
[ 1 ] Refers to the total amount of loans CNFinance originated during the relevant period.
[ 2 ] Refers to the total number of loans CNFinance originated during the relevant period.
[ 3 ] Refers to the total amount of loans outstanding for loans CNFinance at the end of the relevant period.
[ 4 ] Refers to borrowers with outstanding loan principal of home equity loans as at the end of a specific period.
`` The year of 2021 was very important in CNF's history as we achieved major success in expanding our Collaboration Model. During the year, we dedicated to work under the government's call of 'working on providing financial solutions for MSEs '. We acted as the bridge connecting our funding partners and MSE owners and helped over 22,000 of them get access to capital to meet their most urgent needs. The loan origination volume of 2021 was RMB12.8 billion and the outstanding loan principal under the Collaboration Model was RMB10.2 billion as of December 31, 2021. In 2021, we achieved major breakthroughs in our bank lending model as we finalized our terms with certain renowned commercial banks. We believe the success of the bank lending model will provide momentum to our further reformation.
While recognizing our achievements, we are keenly aware of our greater mission in 2022. As I have introduced on many occasions, as a key component to build China's inclusive financial system, CNF shoulders important responsibilities to help MSEs to meet their most urgent financing needs, which requires us to forge ahead to provide better services and solutions. Our goal for 2022 is to build our model into a real service platform under which we bear less risks and do not carry heavy assets on our book. We believe such model will be the solution to cover more MSEs while maintaining sustainable growth of our business, and to create continuous return for our shareholders. '' Commented Mr. Bin Zhai, Chairman and CEO of CNFinance.
Fourth Quarter 2021 Financial Results
Total interest and fees income for the fourth quarter of 2021 increased by 6.6% to RMB448.8 million ( US $ 70.4 million) as compared to RMB421.1 million for the same period of 2020.
Interest and financing service fees on loans increased by 6.6% to RMB444.7 million ( US $ 69.8 million) for the fourth quarter of 2021 as compared to RMB417.1 million for the same period of 2020, primarily due to the increase in the balance of average daily outstanding loan principal.
Interest on deposits with banks increased by 2.5% to RMB4.1 million ( US $ 0.6 million) for the fourth quarter of 2021 as compared to RMB4.0 million for the same period of 2020, primarily due to larger average daily balance of time deposits in the fourth quarter of 2021 as compared to the same period of 2020.
Total interest and fees expenses increased by 28.8% to RMB205.2 million ( US $ 32.2 million) for the fourth quarter of 2021 as compared to RMB159.3 million for the same period of 2020, primarily due to the increase in the principals of other borrowings as well as the funding cost from trust companies.
Net interest and fees income decreased by 7.0% to RMB243.6 million ( US $ 38.2 million) for the fourth quarter of 2021 as compared to RMB261.8 million for the same period of 2020 as the increase in interest and fees expenses being more significant than the increase in interest and fees income.
Collaboration cost for sales partners, representing sales incentives paid to sales partners, increased to RMB119.5 million ( US $ 18.8 million) for the fourth quarter of 2021 as compared to RMB104.4 million for the same period of 2020, primarily due to the increase in average daily outstanding loan principal under the collaboration model as compared to the same period of 2020.
Net interest and fees income after collaboration cost was RMB124.1 million ( US $ 19.4 million) for the fourth quarter of 2021, representing a decrease of 21.2% from RMB157.4 million in the same period of 2020 due to higher interest and fees expenses.
Provision for credit losses recorded a reversal of RMB308.2 million ( US $ 48.4 million) for the fourth quarter of 2021 as compared to a reversal of RMB30.9 million for the same period of 2020, primarily due to the combined effect of ( a) higher loss given default ( LGD) under the current expected credit loss ( CECL) model which takes into account the Company's historical data of actual loss in the past few years, and ( b) the fact that the Company transferred loans under the traditional facilitation model to third parties in bulk during the fourth quarter of 2021 and the allowance of such loans was reversed.
Net gains/ ( losses) on sales of loans decreased to a net loss of RMB468.6million ( US $ 73.5 million) for the fourth quarter of 2021 from a net gain of RMB43.7 million in the same period of 2020, primarily attributable to the fact that the Company transferred loans under the traditional facilitation model to third parties in bulk during the fourth quarter of 2021. Such loans were all facilitated prior to 2019, and the majority of them were long past due and therefore sold at a large discount.
Other gains, net was RMB16.2 million ( US $ 2.5 million) for the fourth quarter of 2021, compared to RMB7.8 million for the same period of 2020, primarily attributable to ( a) the increase of Credit Risk Mitigation Position forfeited by the sales partners, and ( b) the credit loss associated with an investment in debt securities. During the fourth quarter of 2021, the Company established a limited partnership with a third-party company, in which the Company acts as the limited partner and receives fixed rate of return of its investment on a quarterly basis, and such investment is recognized as debt securities.
Total operating expenses decreased by 7.6% to RMB106.3 million ( US $ 16.7million) for the fourth quarter of 2021, compared with RMB115.0 million for the same period of 2020.
Employee compensation and benefits increased by 19.5% to RMB62.4 million ( US $ 9.8 million) for the fourth quarter of 2021 as compared to RMB52.2 million for the same period of 2020, primarily due to a one-time compensation payment to our former CFO as he stepped down from his position in the fourth quarter of 2021.
Share-based compensation expenses decreased by 69.7% to RMB4.7 million ( US $ 0.7 million) for the fourth quarter of 2021 from RMB15.5 million in the same period of 2020. According to the Company's share option plan adopted on December 31, 2019, approximately 50%, 30% and 20% of the option granted will be vested on December 31, 2020, 2021 and 2022, respectively. Related compensation cost of the option grants will be recognized over the requisite period.
Taxes and surcharges decreased by 20.5% to RMB10.1 million ( US $ 1.6 million) for the fourth quarter of 2021, as compared to RMB12.7 million for the same period of 2020, primarily attributable to a decrease in the non-deductible value added tax ( `` VAT ''). The decrease in VAT was attributable to the characterization of certain amounts as `` service fees charged to trust plans '' which are a non-deductible item. According to PRC tax regulations, `` service fees charged to trust plans '' incur a 6% VAT on the subsidiary level, but are not recorded as an input VAT on a consolidated trust plan level. `` Service fees charged to trust plans '' were significantly decreased in the fourth quarter of 2021 compared to the same period of 2020 due to maturity of some trust plans.
Operating lease cost decreased by 30.4% to RMB3.2 million ( US $ 0.5 million) for the fourth quarter of 2021 as compared to RMB4.6 million for the same period of 2020, primarily due to the continued development of the collaboration model that allowed the Company to further reduce the office leasing costs which was used to rent offices to accommodate sales staff.
Other expenses decreased by 14.0% to RMB25.9 million ( US $ 4.1 million) for the fourth quarter of 2021 as compared to RMB30.1 million for the same period of 2020, such expenses were mainly attributable to decreases in ( a) the IT R & D and outsourcing service fees related to an employee service technology platform which was delivered and paid in full; ( b) service fees paid to third-party consultants, and ( c) costs related to the promotion of the collaboration model as it has been widely accepted.
Income tax ( expense) /benefit recorded an income tax benefit of RMB15.4 million ( US $ 2.4 million) for the fourth quarter of 2021 as compared to an income tax expense of RMB24.2 million for the same period of 2020, primarily due to the fact that the Company recorded a loss before income tax for the fourth quarter of 2021, such loss was due to the loss associated with the sale of loans under the traditional facilitation model in bulk during the fourth quarter of 2021. Such loans were all facilitated prior to 2019, and the majority of them were long past due and therefore sold at a large discount.
Effective tax rate was 12.8% for the fourth quarter of 2021 as compared to 18.7% in the same period of 2020, primarily due to the combined effect of ( a) the non-deductible share-based compensation expenses which decreased to RMB4.7 million ( US $ 0.7 million) for the fourth quarter of 2021 from RMB15.5 million in the same period of 2020; ( b) the fourth quarter of 2021 had losses before income tax of RMB120.3 million ( US $ 18.9 million) as compared to income before income tax of RMB129.5 million in the same period of 2020, leading to a negative tax effect of the non-deductible share-based compensation expenses in the current period; and ( c) our Hongkong subsidiary incurred losses before income tax of RMB11.6 million ( US $ 1.8 million) expected not to be deductible in the future, thus no deferred tax assets were recognized.
Net income/ ( losses) was a net loss of RMB104.9 million ( US $ 16.5 million) for the fourth quarter of 2021 as compared to a net income of RMB105.3 million for the same period of 2020.
Basic and diluted earnings per ADS were RMB ( 1.53) ( US $ ( 0.24)) and RMB ( 1.53) ( US $ ( 0.24)), respectively, compared to RMB1.54 and RMB1.42, respectively, for the same period of 2020. One ADS represents 20 ordinary shares.
Fiscal Year 2021 Financial Results
Total interest and fees income for fiscal year 2021 decreased by 3.4% to RMB1,782.4 million ( US $ 279.7 million) as compared to RMB1,844.8 million for the same period of 2020.
Interest and financing service fees on loans decreased by 3.2% to RMB1,770.4 million ( US $ 277.8 million) for the fiscal year of 2021 as compared to RMB1,828.7 million for the same period of 2020, primarily due to the lowered interest rate on loans facilitated in an effort to comply with rules and regulations issued by relevant PRC regulatory authorities, including the Decisions of the Supreme People's Court to Amend the Provisions on Several Issues concerning the Application of Law in the Trial of Private Lending Cases issued in August 2020.
Interest on deposits with banks decreased by 25.5% to RMB12.0 million ( US $ 1.9 million) for the fiscal year of 2021 as compared to RMB16.1 million for the same period of 2020, primarily due to the smaller daily average amount of time deposits in the fiscal year of 2021 as compared to 2020.
Interest and fees expenses increased by 6.1% to RMB775.6 million ( US $ 121.7 million) for the fiscal year of 2021 as compared to RMB731.3 million for the same period of 2020, primarily due to the increase in the principals of other borrowings as well as the funding cost from trust companies.
Net interest and fees income decreased by 9.6% to RMB1,006.8 million ( US $ 158.0 million) for the fiscal year of 2021 as compared to RMB1,113.5 million for the same period of 2020.
Collaboration cost for sales partners representing sales incentives paid to sales partners increased to RMB425.7 million ( US $ 66.8 million) for the fiscal year of 2021 as compared to RMB415.1 million for the same period of 2020, primarily due to the increase in average daily outstanding loan principal under the collaboration model as compared to the same period of 2020.
Net interest and fees income after collaboration cost was RMB581.1 million ( US $ 91.2 million) for the fiscal year of 2021, representing a decrease of 16.8% as compared to RMB698.4 million for the same period of 2020.
Provision for credit losses recorded a reversal of RMB278.2 million ( US $ 43.7 million) for the fiscal year of 2021 as compared to RMB277.6 million for the same period of 2020, mainly due to a combined effect of ( a) the fact that the Company transferred loans under the traditional facilitation model to third parties in bulk during the fourth quarter of 2021 and the allowance of such loans was reversed, ( b) the higher loss given default ( LGD) under the current expected credit loss ( CECL) model which takes into account the Company's historical data of actual loss in the past few years, partially offset by ( c) the lower probability of default ( PD) under the current expected credit loss ( CECL) model which takes into account the outlook of a more positive economy growth of China in the fiscal year of 2021 as compared to that of the same period of 2020 under the impact of COVID-19 pandemic.
Net gains/ ( losses) on sales of loans decreased to a net loss of RMB450.7 million ( US $ 70.7 million) for the fiscal year of 2021 from a net gain of RMB149.6 million in the same period of 2020, primarily attributable to the fact that the Company transferred loans under the traditional facilitation model to third parties in bulk during the fourth quarter of 2021. Such loans consist of loans that are long past due and therefore sold at a large discount.
Other gains, net was RMB50.1 million ( US $ 7.9 million) for the fiscal year of 2021, compared with RMB19.8 million in the same period of 2020. When a loan defaults and the sales partner chooses to repurchase such loan in installments, the Company would charge certain percentage of the loan as the fund possession fee. The increase in other gains for the fiscal year of 2021 was primarily due to the fact that there was a larger number of cases where delinquent loans were repurchased by the sales partner in installments, which led to an increase in fund possession fee received by the Company.
Total operating expenses decreased by 14.9% to RMB381.0 million ( US $ 59.8 million) for the fiscal year of 2021 as compared to RMB447.7 million for the same period of 2020.
Employee compensation and benefits increased by 10.9% to RMB211.2 million ( US $ 33.1 million) for the fiscal year of 2021 as compared to RMB190.4 million for the same period of 2020, primarily due to a one-time compensation payment to our Former CFO as he stepped down from his position in the fourth quarter of 2021.
Share-based compensation expenses decreased by 69.7% to RMB18.8 million ( US $ 3.0 million) for the fiscal year of 2021 as compared to RMB62.1 million for the same period of 2020. According to the Company's share option plan adopted on December 31, 2019, approximately 50%, 30% and 20% of the option granted will be vested on December 31, 2020, 2021 and 2022, respectively. Related compensation cost of the option grants will be recognized over the requisite period.
Taxes and surcharges decreased by 27.9% to RMB35.7 million ( US $ 5.6 million) for the fiscal year of 2021 as compared to RMB49.5 million for the same period of 2020, primarily attributable to a decrease in the non-deductible value added tax ( `` VAT ''). The decrease in VAT was attributable to the characterization of certain amounts as `` service fees charged to trust plans '' which are a non-deductible item. According to PRC tax regulations, `` service fees charged to trust plans '' incur a 6% VAT on the subsidiary level, but are not recorded as an input VAT on a consolidated trust plan level. `` Service fees charged to trust plans '' were significantly decreased in the fiscal year of 2021 compared to the same period of 2020 due to maturity of some trust plans.
Operating lease cost decreased by 31.8% to RMB14.8 million ( US $ 2.3 million) for the fiscal year of 2021 as compared to RMB21.7 million for the same period of 2020, primarily due to the continued development of the collaboration model that allowed the Company to further reduce the office leasing costs which was used to rent offices to accommodate sales staff.
Other expenses decreased by 19.0% to RMB100.5 million ( US $ 15.8 million) for the fiscal year of 2021 as compared to RMB124.0 million for the same period of 2020, primarily due to ( a) a decrease in the litigation and attorney's fees during the ordinary course of business resulted from smaller amount of NPLs disposed through judicial procedure because the Company chose to transfer more NPLs to third party purchasers to accelerate recovery of cash; ( b) a decrease in consulting fee; and ( c) a decrease in the IT R & D and outsourcing service fees.
Income tax expense decreased by 39.7% to RMB28.8 million ( US $ 4.5 million) for the fiscal year of 2021 as compared to RMB47.8 million for the same period of 2020, primarily due to the decrease in the amount of taxable income.
Effective tax rate increased to 30.8% for the fiscal year of 2021 from 29.4% in the same period of 2020, primarily due to the combined effect of ( a) the non-deductible share-based compensation expenses which decreased to RMB18.8 million ( US $ 3.0 million) for the fiscal year of 2021 from RMB62.1 million in the same period of 2020; ( b) the proceeds of RMB39.9 million ( US $ 6.3 million) tax-free dividends from equity investment funds in 2021; and ( c) the redeemable loss of RMB30.1million ( US $ 4.7 million).
Net income decreased by 43.4% to RMB65.0 million ( US $ 10.3 million) for the fiscal year of 2021 as compared to RMB114.9 million for the same period of 2020.
Basic and diluted earnings per ADS were RMB0.95 ( US $ 0.15) and RMB0.90 ( US $ 0.14), respectively, compared to RMB1.67 and RMB1.55, respectively, in the same period of 2020. One ADS represents 20 ordinary shares.
As of December 31, 2021, the Company held cash and cash equivalents of RMB2.2 billion ( US $ 350.2 million), compared with RMB2.0 billion as of December 31, 2020, including RMB1.5 billion ( US $ 238.8 million) and RMB1.0 billion from structured funds as of December 31, 2021 and December 31, 2020, respectively, which could only be used to grant new loans and activities.
The actual delinquency rate for loans originated by the Company increased to 24.1% as of December 31, 2021 from 22.6% as of December 31, 2020. Under the collaboration model, the actual delinquency rate for first lien loans increased to 29.1% as of December 31, 2021 from 18.0% as of December 31, 2020, and the actual delinquency rate for second lien loans increased to 19.5% as of December 31, 2021 as compared to 15.6% as of December 31, 2020. Under the traditional facilitation model, the actual delinquency rate for first lien loans increased to 76.0% as of December 31, 2021 from 47.0% as of December 31, 2020, and the actual delinquency rate for second lien loans increased to 75.8% as of December 31, 2021 from 43.2% as of December 31, 2020.
The actual NPL rate for loans originated by the Company decreased to 9.4% as of December 31, 2021 from 11.7% as of December 31, 2020. Under the collaboration model, the actual NPL rate for first lien loans increased to 12.5% as of December 31, 2021 from 6.7% as of December 31, 2020, and the actual NPL rate for second lien loans increased to 6.0% as of December 31, 2021 from 4.6% as of December 31, 2020. Under the traditional facilitation model, the actual NPL rate for first lien loans increased to 59.2% as of December 31, 2021 from 38.2% as of December 31, 2020, and the actual NPL rate for second lien loans increased to 64.2% as of December 31, 2021 from 31.6% as of December 31, 2020.
Recent Development
Mr. Ning Li stepped down from the Company's Chief Financial Officer position due to personal reasons. Ms. Jing Li was appointed as the acting Chief Financial Officer, Assistant President of the Company and the Head of Department of Finance and Internal Control. Ms. Li has 20 years of experience in the financial industry and holds the certificate of ACCA and IPA. Prior to joining CNFinance Holdings Limited in 2008, she has worked for Deloitte and Fanhua Inc. Ms. Li will be in charge of all financial and internal control related matters of the Company.
In January 2022, the Company announced the retirement of Mr. Paul Wolansky from the Board of Directors, and the appointment of Mr. Jun Qian as a Director of the Company. Mr. Qian joined the Company in 2001 and has served as the Vice President of CNFinance since 2010. Mr. Qian has over 20 years of experience in China's loan industry and has served in the Company's senior management team for more than 15 years.
In March 2022, Mr. Ning Li stepped down from his current positions as the Chair of the Company's Compensation Committee and the Chair of the Company's Nominating and Governance Committee. Mr. Bin Zhai was appointed by the Board of Directors to chair the Compensation Committee and the Nominating and Corporate Governance Committee, effective on March 15, 2022. At the same time, Mr. Jun Qian was appointed by the Board of Directors to serve as a member of the Compensation Committee and the Nominating and Corporate Governance Committee, effective on March 15, 2022.
Business Outlook
The extent to which the COVID-19 pandemic impacts the Company's results of operations will depend on future developments of the pandemic in China and across the globe, which are subject to changes and substantial uncertainty and therefore can not be predicted. Based on the information available as of the date of this press release, we expect to break even for the first quarter of 2022.
The above outlook is based on the current market conditions and reflects our current and preliminary estimates of market and operating conditions, which are all subject to substantial uncertainty.
Conference Call
CNFinance's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on Friday, March 18, 2022 ( 8:00 PM Beijing/ Hong Kong Time on Friday, March 18, 2022).
Dial-in numbers for the live conference call are as follows:
International:
+1-412-902-4272
Mainland China
+86-4001-201203
United States:
+1-888-346-8982
Hong Kong:
+852-3018-4992
Passcode:
CNFinance
A telephone replay of the call will be available after the conclusion of the conference call until 11:59 PM ET on March 25, 2022.
Dial-in numbers for the replay are as follows:
International:
+1-412-317-0088
United States:
+1-877-344-7529
Passcode:
7163027
A live and archived webcast of the conference call will be available on the Investor Relations section of CNFinance's website at http: //ir.cashchina.cn/.
Statement Regarding Preliminary Unaudited Financial Information
The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited financial information.
Exchange Rate
The Company's business is primarily conducted in China and all of the revenues are denominated in Renminbi ( `` RMB ''). This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.3726 to US $ 1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 30, 2021. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into U.S. dollars at that rate on December 30, 2021, or at any other rate.
Safe Harbor Statement
This press release contains forward-looking statements made under the `` safe harbor '' provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as `` will '', `` expects '', `` anticipates '', `` future '', `` intends '', `` plans '', `` believes '', `` estimates '', `` confident '' and similar statements. The Company may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: its goals and strategies, its ability to achieve and maintain profitability, its ability to retain existing borrowers and attract new borrowers, its ability to maintain and enhance the relationship and business collaboration with its trust company partners and to secure sufficient funding from them, the effectiveness of its risk assessment process and risk management system, its ability to maintain low delinquency ratios for loans it originated, fluctuations in general economic and business conditions in China, the impact and future development of COVID-19 pandemic in China and across the globe, and relevant government law, rules, policies or guidelines regulations relating to the Company's corporate structure, business and industry. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and the Company does not undertake any obligation to update such information, except as required under applicable law. | business |
Journey Medical Corporation to Release Year End 2021 Financial Results and Provide Corporate Update on March 23, 2022 | SCOTTSDALE, Ariz., March 18, 2022 ( GLOBE NEWSWIRE) -- Journey Medical Corporation ( “ Journey Medical ”) ( NADSAQ: DERM), a commercial-stage pharmaceutical company that focuses on the development and commercialization of pharmaceutical products for the treatment of dermatological conditions, today announces it will release its year end 2021 financial results after the U.S. financial markets close on Wednesday, March 23, 2022. Journey Medical management will conduct a conference call and audio webcast on March 23, 2022 at 4:30 p.m. ET.
To listen to the conference call, interested parties within the U.S. should dial 1-866-777-2509 ( domestic) or 1-412-317-5413 ( international). All callers should dial in approximately ten minutes prior to the scheduled start time and ask to be joined into the Journey Medical conference call. Participants can register for the conference by navigating to https: //dpregister.com/sreg/10164652/f202af9c44. Please note that registered participants will receive their dial in number upon registration.
A live audio webcast can be accessed on the News and Events page of the Investors section of Journey Medical’ s website, www.journeymedicalcorp.com, and will remain available for replay for approximately 30 days after the conference call.
About Journey Medical CorporationJourney Medical Corporation ( NASDAQ: DERM) ( “ Journey Medical ”) is focused on identifying, acquiring, developing and strategically commercializing innovative, differentiated dermatology products through its efficient sales and marketing model. The company currently markets nine products that help treat and heal common skin conditions. The Journey Medical team is comprised of industry experts with extensive experience in developing and commercializing some of the most successful prescription dermatology brands. Journey Medical is located in Scottsdale, Arizona and was founded by Fortress Biotech, Inc. ( NASDAQ: FBIO). Journey is registered under the Securities Exchange Act of 1934, as amended, and files periodic reports with the U.S. Securities and Exchange Commission ( “ SEC ”). For additional information about Journey Medical, visit www.journeymedicalcorp.com.
Forward-Looking StatementsThis press release may contain “ forward-looking statements ” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. As used below and throughout this press release, the words “ we ”, “ us ” and “ our ” may refer to Journey Medical. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management’ s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated include: risks relating to our growth strategy; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; risks relating to the results of research and development activities; uncertainties relating to preclinical and clinical testing; risks relating to the timing of starting and completing clinical trials, including disruptions that may result from hostilities in Europe; our dependence on third-party suppliers; risks relating to the COVID-19 outbreak and its potential impact on our employees’ and consultants’ ability to complete work in a timely manner and on our ability to obtain additional financing on favorable terms or at all; our ability to attract, integrate and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as may be required by law, and we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The information contained herein is intended to be reviewed in its totality, and any stipulations, conditions or provisos that apply to a given piece of information in one part of this press release should be read as applying mutatis mutandis to every other instance of such information appearing herein.
Company Contacts: Jaclyn Jaffe and Bill BegienFortress Biotech, Inc. ( 781) 652-4500ir @ fortressbiotech.com
Media Relations Contact: Tony Plohoros6 Degrees ( 908) 591-2839tplohoros @ 6degreespr.com
2022 GlobeNewswire, Inc., source Press Releases | business |
Shanghai aluminium jumps over 3% on supply concerns, stimulus hopes | Aluminium prices in Shanghai jumped more than 3% on Friday, as coronavirus-induced restrictions in key producer China fuelled supply concerns, while market sentiment was also buoyed by expectations of more economic support.
The most-traded April aluminium contract on the Shanghai Futures Exchange ended daytime trading up 3.3% at 22,810 yuan ( $ 3,590.09) a tonne, gaining 3% for the week.
Three-month aluminium on the London Metal Exchange ( LME) rose 1.7% to $ 3,442 a tonne by 0730 GMT, but was down 1.2% so far in the week.
China has plenty of production capacity and while production may not be affected from the lockdowns, logistics and supply chains may see a greater impact, said DBS Bank analyst Eun-Young Lee.
China has lately been battling its worst COVID-19 outbreak since the virus first emerged in Wuhan in 2020, prompting authorities to impose restrictions on business activities and cargo transport in major cities such as Shenzhen.
However, investors have found solace from China's pledge to roll out market-friendly policies to support the economy.
Aluminium was also supported by Russian supply chain disruptions, higher energy prices, Chinese emission curbs and Europe's energy crisis, said ANZ analyst Soni Kumari.
Tokyo and Canberra announced separate measures sanctioning Russian individuals and organisations, including two oligarchs with links to Australia's mining industry.
Meanwhile, the fourth straight day of talks between Russian and Ukrainian negotiators on Thursday showed no signs of material progress.
Fears Russia's invasion of Ukraine and mounting sanctions on Moscow would disrupt metal flows and raise the cost of gas have boosted metal prices, with energy-intensive aluminium hitting an all-time high of $ 4,073.50 on March 7.
FUNDAMENTALS
* LME copper was flat at $ 10,239 a tonne, lead was up 0.8% at $ 2,268, zinc was unchanged at $ 3,825 and tin climbed 2.9% to $ 42,895.
* ShFE copper rose 0.8% to 72,830 yuan a tonne, lead was up 0.5% at 15,265 yuan, zinc gained 0.5% to 25,535 yuan, and tin climbed 3.7% to 339,900 yuan, while nickel fell 1.2% to 207,410 yuan.
* LME's benchmark nickel contract slumped to its daily limit for the second day in a row on Thursday and traders said it would probably continue to slide until it reached parity with the price of the metal in China.
* Copper inventories in warehouses monitored by the Shanghai Futures Exchange fell 19.9%, while stocks of tin declined 37.4% from last Friday.
* China's refined copper production in the first two months of 2022 rose 4.5% year-on-year to 1.7 million tonnes, data from the National Bureau of Statistics showed.
* For the top stories in metals and other news, click or
( $ 1 = 6.3536 Chinese yuan) ( Reporting by Eileen Soreng in Bengaluru; Editing by Subhranshu Sahu) | business |
Russia-Ukraine war latest: It will ‘ take years’ to defuse Russian mines, Ukraine’ s interior minister warns; Biden outlines ‘ consequences’ if China aids Russia – live | It will likely ‘ take years’ to defuse all unexploded Russian ordnances; Biden warns Xi Jinping of ‘ implications’ if Beijing helps Russia during call to China president
Abené Clayton ( now); Adam Gabbatt, Léonie Chao-Fong, Samantha Lock and Tom Ambrose ( earlier)
Fri 18 Mar 2022 22.59 GMT First published on Fri 18 Mar 2022 04.46 GMT
7.18pm GMT 19:18
The US has “ seen a number of missteps ” by Russia in its invasion of Ukraine, the US defense secretary said on Friday.
In an interview with CNN Lloyd Austin said Russian troops “ have not progressed as far as quickly as they would have liked ”, adding that Russian forces have “ struggled with logistics ”.
Austin told CNN he has not seen evidence of “ good employment of tactical intelligence ” or “ integration of air capability with a ground maneuver. ”
“ There are a number of things that we would expect to have seen that we just haven’ t seen, ” Austin said.
“ Many of their assumptions have not proven to be true as they entered this fight. ”
“ I think [ Russia ] envisioned that they would move rapidly and very quickly seize the capital city, they’ ve not been able to do that, ” the Pentagon chief added.
This is Adam Gabbatt taking over from Léonie Chao-Fong.
Updated at 7.20pm GMT
7.00pm GMT 19:00
It is 9pm in Kyiv. Here’ s where things stand now:
Updated at 7.01pm GMT
6.55pm GMT 18:55
The US president, Joe Biden, described to China’ s president, Xi Jinping, in a phone call today “ implications and consequences ” if Beijing provides material support to Russia as it attacks Ukrainian cities and civilians, the White House said.
In a statement, the White House said the phone call between the Chinese and American leaders, which lasted nearly two hours, focused on Russia’ s invasion of Ukraine.
President Biden outlined the views of the United States and our Allies and partners on this crisis. President Biden detailed our efforts to prevent and then respond to the invasion, including by imposing costs on Russia.
He described the implications and consequences if China provides material support to Russia as it conducts brutal attacks against Ukrainian cities and civilians.
The President underscored his support for a diplomatic resolution to the crisis.
An earlier statement from the Chinese foreign ministry quoted Xi as telling Biden that conflicts and confrontations were in no-one’ s interests.
According to the ministry, Xi said:
The top priorities now are to continue dialogue and negotiations, avoid civilian casualties, prevent a humanitarian crisis, cease fighting and end the war as soon as possible.
Chinese state media quoted Xi saying in the call:
The Ukraine crisis is something that we don’ t want to see.
Updated at 6.59pm GMT
6.36pm GMT 18:36
The former UK prime minister, David Cameron, is driving a small lorry full of supplies for Ukrainian refugees to the country’ s border with Poland.
Cameron announced the trip on Twitter, where he said he had been volunteering for two years at a food project in west Oxfordshire called the Chippy Larder.
I 'm currently driving to Poland with two Chippy Larder colleagues to make our delivery to the Red Cross. It’ s going to be a long drive, but I’ ll keep you updated along the way. # StandWithUkraine️ pic.twitter.com/T0ORCT4Eek
Updated at 6.41pm GMT
6.28pm GMT 18:28
Helena Smith
The Greek government has announced it is “ ready to rebuild ” the maternity hospital bombed in Mariupol on March 9th, Helena Smith reports.
Announcing the plan, the Greek prime minister, Kyriakos Mitsotakis, referred to the besieged city’ s connection with expatriate Greeks, a 120,000-strong community who have lived and worked there for centuries.
The centre-right leader tweeted:
Greece is ready to rebuild the maternity hospital in Mariupol, the centre of the Greek minority in Ukraine, a city dear to our hearts and symbol of the barbarity of the war.
Russia’ s shelling of the hospital shocked the world as images of a heavily pregnant woman being rushed to an ambulance on a stretcher from the bombed building emerged. Russian officials claimed the maternity hospital had been taken over by Ukrainian extremists using it as a base and that at the time of the attack neither patients nor medics were inside.
Moscow’ s ambassador to the UN and the Russian embassy in London described the images as “ fake news ”. Both the woman and her baby died less than a week later, according to the Associated Press.
Russian forces first encircled the strategic port city on March 2nd, subjecting it to constant bombardment ever since with an estimated 400,000 people who have remained in Mariupol having no access to water, food or medicines. Heat and phone services have also been cut.
Updated at 10.26pm GMT
6.17pm GMT 18:17
Mykhailo Podolyak, an adviser to the Ukrainian president and a member of the negotiating team, has accused Russian statements on peace talks of attempting “ to provoke tension in the media ”.
“ Our positions are unchanged, ” he tweeted today. “ Ceasefire, withdrawal of troops & strong security guarantees with concrete formulas. ”
Negotiation status. The statements of the Russian side are only their requesting positions. All statements are intended, inter alia, to provoke tension in the media. Our positions are unchanged. Ceasefire, withdrawal of troops & strong security guarantees with concrete formulas.
Podolyak’ s comments come after a member of Russia’ s negotiating team, Vladimir Medinsky, said Moscow and Kyiv are most aligned on Ukraine’ s neutrality and giving up on joining Nato.
Medinsky said Moscow and Kyiv are “ halfway there ” in agreeing on the issue of Ukraine’ s demilitarisation, adding that both sides were discussing nuances of security guarantees should Ukraine no longer attempt to join the Nato alliance, the Interfax news agency reported.
6.05pm GMT 18:05
Residents of Ukraine’ s besieged city of Mariupol have resorted to escaping on foot as official evacuation efforts have mostly failed due to ongoing shelling by Russian forces, the region’ s governor Pavlo Kyrylenko said.
Speaking on national television, Kyrylenko said around 35,000 had managed to leave the city in recent days, many leaving on foot or in convoys of private cars, Reuters reports.
The way out of blockaded Mariupol begins with residents getting out either on foot or in their own transport.
Some cars that were leaving Mariupol did not have enough fuel to reach the nearest villages or towns, he said.
Near-constant shelling by Russian forces was preventing authorities from opening humanitarian corridors to supply aid and food to the city and to evacuate women, children and those most in need, Kyrylenko said.
Read our latest report on the situation in Mariupol:
5.51pm GMT 17:51
Lizzy Davies
Six and a half million people are currently displaced within Ukraine, the UN has said today, nearly twice as many as have managed to flee the country, Lizzy Davies reports.
The new figure, which dwarfs the 3.3 million refugees who have entered mainly EU territory, is a big jump on the UN’ s last estimate of 1.85 million. The International Organisation for Migration, which conducted a survey between 9 and 16 March to get a better idea of the scale of the problem, calculated the number of IDPs at 6.48 million.
Aid workers told the Guardian at the weekend they were only able to get a fraction of what was needed to vulnerable people on the move. On Friday the International Displacement Monitoring Centre at the Norwegian Refugee Council said:
Most IDPs are sheltering with family or in private accommodation in basements or underground car garages. Air raid shelters and metro stations are also a place of refuge.
A growing number are moving to collective shelters - public buildings such as schools, churches, gyms and concert halls - where, in addition to overcrowded conditions, they face limited water and electricity and a lack of gender separation, greatly increasing the risk of gender-based violence, Covid-19 transmission and other infectious disease outbreaks.
The UN protection cluster said a major reason for the enormous spike in estimates was that IOM’ s survey had access to people from eastern and northern regions “ close to areas under active hostilities ” which turned out to host large numbers of IDPs displaced within cities or the same oblasts.
In the previous week, few reliable data sources from the latter regions were available... so the previous methodology considered mostly data sources reported in the Western and Central areas of the country. IOM’ s assessment therefore provides a more comprehensive overview of the displacement situation.
Updated at 5.55pm GMT
5.42pm GMT 17:42
Fighting has reached the centre of the besieged Ukrainian city of Mariupol, according to reports.
Mariupol Mayor Vadym Boichenko told the BBC:
Yes, they were really active today. Tanks and machine gun battles continue. Everybody is hiding in bunkers.
More than 80% of residential buildings in Mariupol are either damaged or destroyed, he added, and 30% of them can not be restored.
There’ s no city centre left. There isn’ t a small piece of land in the city that doesn’ t have signs of war.
Earlier today, the Russian defence ministry said Russian forces were “ tightening the noose ” around the city of Mariupol, adding that fighting was ongoing in the city centre.
In a one-hour call between the French president, Emmanuel Macron, and his Russian counterpart, Vladimir Putin, today, Macron said he was “ extremely concerned ” about the situation in Mariupol, the French presidential office said.
Updated at 5.44pm GMT
5.29pm GMT 17:29
It is almost 7.30pm in Kyiv. Here’ s where we stand now:
Hello everyone. I’ m Léonie Chao-Fong and I’ ll continue to bring you all the latest developments on the war in Ukraine today. Feel free to drop me a message if you have anything to flag, you can reach me on Twitter or via email. | general |
Australia shares record best week in 13 months on boost from mining, energy sectors | * Benchmark posts best weekly gain since Feb 2021
* Mining, energy sectors lead gains
* Gold stocks record first weekly drop after six weeks
March 18 ( Reuters) - Australian shares rose for a third straight day on Friday to record their best week since February last year, driven by gains in commodity sub-indexes, but investors treaded lightly as they sought more cues on the geopolitical scene.
The S & P/ASX 200 index rose 0.6% to 7,294.4 points at the close of trade. The benchmark gained more than 3% on the week, recording its best performance in 13 months.
Market players have become more circumspect about economic growth, especially after the U.S. Federal Reserve took a more hawkish stance and forecast seven rate hikes for the year.
Little progress in peace talks between Moscow and Kyiv also kept investor sentiment in check.
`` Despite geopolitical tensions and inflationary concerns, the surge in the benchmark can be partly attributed to diminishing concerns around the chances of Russian default after investors received foreign-debt payments, '' Kalkine Group Chief Executive Officer Kunal Sawhney said.
In Australia, energy stocks led the gains, rising as much as 2.9%, as crude prices rose on renewed fears of a supply crunch due to growing sanctions on Russia.
Index heavyweights such as Woodside Petroleum Ltd and Beach Energy Ltd firmed about 2.5% and 1%, respectively.
Shares in miners also rose 1.8% after iron ore prices climbed on easing concerns over China's COVID cases and the country's promise of a new financial stimulus to prop up its economy.
Sector majors such as Rio Tinto Ltd, Fortescue Metals Group and rival BHP Group Ltd gained in the range of 0.7% and 1.7%.
Gold stocks were up 0.8%, but posted their first weekly loss after six weeks. Newcrest Mining Ltd rose as much as 0.8% in the day.
Financial stocks recouped their early losses to end higher at 0.4%, with banking major Macquarie Group Ltd gaining about 1.3%
New Zealand's benchmark S & P/NZX 50 index rose about 1.5% to 12,175.9 points to finish the session. ( Reporting by Archishma Iyer in Bengaluru; Editing by Anil D'Silva) | business |
REFILE-UPDATE 1-UK Stocks-Factors to watch on March 18 | Britain's FTSE 100 index is seen opening higher on Friday, with futures up 0.38%.
* TED BAKER: Sycamore Partners is in the early stages of making a possible cash offer for fashion retailer Ted Baker, the private equity firm confirmed on Friday, the latest in a slew of takeover interest in British companies from the United States.
* INVESTEC: Investec, raised its full-year profit guidance on Friday, saying it now expected an up to 90% increase in earnings.
* J D Wetherspoon: J D Wetherspoon is facing higher costs of food, drink and energy, but expects the rise in input prices to be slightly lesser than the level of inflation, the British pub operator said on Friday after reporting a first half loss.
* IAG: Iberia-owner IAG has struck a deal to provide a 100 million euro, seven-year unsecured loan to Globalia which could be turned into a 20% equity holding in its Air Europa airline, it said on Thursday.
* ASTRAZENECA: An AstraZeneca Plc executive said the British drugmaker would consider not submitting its COVID-19 vaccine for approval in the United States if the regulatory process takes too long, the Financial Times reported on Thursday.
* BHP: A union representing workers at BHP's sprawling Escondida copper mine in Chile, the world's largest copper mine, on Thursday threatened a work stoppage over what it claims are breaches in its collective contract.
* P & O FERRIES: Britain's P & O Ferries on Thursday made 800 staff redundant with immediate effect and suspended crossings for the next few days, sparking a backlash from politicians and unions who criticised plans to hire cheaper agency workers instead.
* HSBC: HSBC is buying a plot of virtual real estate in an online gaming space called The Sandbox for an undisclosed sum, the bank's first major foray into the metaverse as it shrinks its UK branch network.
* FTSE 100: UK's FTSE 100 extended gains on Thursday, as oil majors lifted the commodity-heavy index, while the Bank of England raised interest rates as expected and struck a less hawkish tone on further hikes.
* For more on the factors affecting European stocks, please click on:
TODAY 'S UK PAPERS
> Financial Times
> Other business headlines ( Reporting by Aby Jose Koilparambil and Sinchita Mitra in Bengaluru; Editing by Vinay Dwivedi) | business |
FedEx Shares Lower After Omicron, Labor Shortages Affect 3Q Volumes | By Michael Dabaie
FedEx Corp. shares were 5% lower, to $ 216.24, in Friday afternoon trading after quarterly adjusted earnings came up short of analyst expectations Thursday, though revenue beat views.
The transportation, e-commerce and business services company reported third-quarter adjusted earnings of $ 4.59 a share, up from the year-ago period but shy of FactSet consensus for $ 4.65. Revenue rose to $ 23.6 billion, beating FactSet consensus for $ 23.4 million.
In the third quarter, revenue growth was 10% year-over-year with double-digit yield improvement for FedEx Express and FedEx Freight, the company said. FedEx Ground was at 9% year-over-year yield improvement.
`` In the United States, our package revenue grew 9% in Q3 on strong yield improvement of 10%, '' Chief Marketing and Communications Officer Brie Carere said on the company's conference call. `` We executed on our peak pricing strategy in the month of December, delivering more than $ 250 million in peak surcharge revenue. Softness in parcel volumes came predominantly from constraining FedEx Ground Economy and the effects of Omicron on both our network and on our customers. ''
President and Chief Operating Officer Raj Subramaniam said on the call that the new year brought challenges mostly driven by the Covid-19 Omicron variant. The company saw staffing shortages, particularly in air operations, and customers experienced Omicron-driven staffing shortages, reducing demand, Mr. Subramaniam said.
With Omicron and labor challenges less harsh heading into the fourth quarter, and FedEx guiding a lower fiscal 2022 tax rate, the company maintained its fiscal year adjusted EPS guidance of $ 20.50 to 21.50, Oppenheimer said in a note.
`` We're encouraged by FedEx maintaining the guidance it originally issued at the start of FY22 as headwinds become progressively less harsh. However, we're maintaining our 'Perform ' as geopolitical issues keep uncertainty elevated and the company's in a'show me ' position with regard to margin improvement, '' Oppenheimer said.
Write to Michael Dabaie at michael.dabaie @ wsj.com
( END) Dow Jones Newswires
03-18-22 1515ET | business |
U.S. booking sites seeing strong demand for 2022 travel | `` We are seeing strong booking activity for spring break and the beginnings of a very strong summer, '' said Jamie Lane, VP of research at AirDNA, which tracks the daily performance of over 10 million properties on vacation rental firms Airbnb and Vrbo.
Oil has soared over $ 100 a barrel as Russia's invasion of Ukraine jolted global markets. But U.S. carriers including Delta Air Lines Inc, United Airline Holdings Inc and American Airlines Inc this week reported a strong rebound in travel demand after the blip caused by the Omicron coronavirus variant.
AirDNA data said the booking pace for travel in the northern hemisphere spring is 49% higher than this time last year, and 26% higher than pre-pandemic 2019.
`` The rush to book summer vacation homes has further accelerated in 2022, '' said Vrbo in a statement earlier this month. The vacation rental booking platform reports demand for properties is already outpacing last summer by 15%.
`` When reviewing the booking data, it's clear that Omicron was a bigger concern for travelers than rising fuel costs, '' said Dakota Smith, Chief Strategy Officer at Hopper, a travel booking app.
The app, which is popular among younger travelers, has seen a 50% increase in travel booking since fourth-quarter 2021.
Airline carriers are counting on strong demand to deal with the rising fuel costs. Some airlines intend to pass along a majority of that increase to customers.
`` As gas prices reach record highs, jet fuel prices may not be far behind... this summer travel season may be a pricey one, '' said Paul Jacobs, GM and VP of KAYAK North America. Flight prices were up 17% last week compared to the same week in 2019, according to KAYAK.
The rising fuel costs will have less impact on domestic and short-haul flights, though, and indications are that the pandemic-era preference from U.S. travelers for those trips is continuing, and may remain while the war in Ukraine drags on, said Hopper's Smith.
Hopper said U.S. bookings to Europe have dropped from 21% of Hopper's international bookings to 15% since Feb. 12, with international bookings shifting toward Mexico, Central America and the Caribbean. These locations now represent 61% of Hopper's international bookings, according to Smith. Europe accounted for approximately 30% of Hopper's international bookings in 2019.
Business travel and travel to urban locations has yet to recover to pre-pandemic levels, according to AirDNA.
Investors will also get another view on the recovery of leisure travel when Carnival Corp reports earnings on Tuesday. Carnival on average is expected to post a loss of $ 1.21 a share, while revenue soars to over $ 2 billion, according to data from Refinitiv.
( Reporting by Doyinsola Oladipo, Editing by Rosalba O'Brien)
By Doyinsola Oladipo | business |
Fed policymakers say dramatic rate hikes may be ahead | Two of the Federal Reserve's most hawkish policymakers on Friday said the central bank needs to take more aggressive steps to combat inflation, and two others said they would be open to it – one of whom just six months ago envisioned a 2022 with no rate increases at all
It still could be that the Fed only needs to raise rates '' modestly '' above neutral, Minneapolis Fed President Neel Kashkari said in an essay published on the regional Fed bank's website in which the former dove said he wants to raise rates to 1.75% to 2% this year.
But, he said, the economy may have shifted to a '' high-pressure, high-inflation equilibrium, '' requiring the Fed '' to act more aggressively and bring policy to a contractionary stance in order to move the economy back to an equilibrium consistent with our 2% inflation target. ''
Which way the Fed needs to go will depend on what economic data shows over the course of the year, he said.
Fed officials hiked interest rates this week for the first time in three years and signaled that more rate increases are coming as the central bank removes the support provided during the coronavirus pandemic and works to tame inflation at 40-year highs.
Most Fed policymakers see rates rising next year to a level that would restrict growth, forecasts show, but exactly how fast or high rates should rise is a matter of debate.
Earlier in the day, Fed Governor Chris Waller said economic risks around Russia's war in Ukraine led him to vote in favor of a quarter percentage point rate increase at this week's meeting rather than dissent in favor of the larger half point increase he had been advocating.
`` The data is screaming at us to go 50 ( basis points) but the geopolitical events were telling you to go forward with caution, '' Waller said on CNBC. But in the months ahead Waller said he would favor a series of half percentage point increases to `` front load '' tighter policy and have a quicker impact on inflation.
St. Louis Fed President James Bullard, who dissented on this week's action in favor of a half point increase, said on Friday that officials should raise the Fed's overnight lending rate to more than 3% this year to catch up with elevated inflation. After Wednesday's move, the Fed's target rate is now 0.25-0.50%.
He said he not only favored a half point increase this week, but rate increases at a pace that would require half point increases at five of the Fed's six remaining meetings this year.
`` The U.S. economy has proven to be especially resilient, '' against the pandemic and geopolitical risks, Bullard said in a statement explaining his dissent.
With inflation by the Fed's preferred gauge running above 6%, triple its 2% target, Bullard said more Fed action was needed `` to prudently manage the U.S. macroeconomic situation. ''
INFLATION FIGHTING STANCE
Though most Fed officials see six more quarter-point rate increases this year, seven of the Fed's current 16 policymakers, like Bullard, think rates should go even higher by year's end.
To counteract inflation faster Waller said the central bank should pack more of that into the next few months. `` I really favor front-loading our rate hikes... Just do it rather than just promise it, '' he said.
While he did not specify where he would like to see the target federal funds rate end the year, Waller said he would prefer to get above the 2% to 2.25% level he sees as acting neutrally for the economy.
Half of Fed policymakers see rates rising to at least 2.8% by the end of next year, high enough to brake economic growth in the view of most of them, projections released this week show.
With rates still far from a level that would constrain growth, that rate path `` shouldn't drive economic decline, '' said a fourth Fed policymaker, Richmond Fed President Thomas Barkin.
Barkin said he is `` very open '' to a half-point rate hike if inflation accelerates or expectations move up. But, he said, setting the pace is a `` balancing act '' between raising rates enough to contain inflation but not so much it hurts jobs.
Kashkari did not address the possibility of a half-point hike, but the shift in his policy outlook encapsulates the Fed's pivot from policy designed to cushion the pandemic crisis to its current inflation-fighting stance.
In September he was the Fed's most dovish member, arguing that as the pandemic receded inflation would cool this year without any interest rate hikes as supply chains got fixed, workers returned to the labor force, and super-charged demand for goods ebbed.
Instead, inflation has accelerated to well above the Fed's target. Supply chains have been slow to recover and a resurging pandemic in China risks continued bottlenecks; wage growth has picked up instead of slowing and, in what Kashkari said was his biggest surprise, spending on goods remains elevated.
Speaking at a North Dakota Petroleum Council event, Kashkari underscored his hawkish turn, saying he favors starting to reduce the Fed's balance sheet next month at a pace twice as fast as the Fed used the last time it shrank its portfolio.
He said he still thinks it's possible inflation is mostly driven by a supply-demand imbalance that will right itself, allowing the Fed to raise rates only slightly above the 2% he sees as a neutral level.
But Russia's invasion of Ukraine makes inflation pressures worse, and continued strong household spending suggests that '' robust economic activity and the associated high inflation may be sustained and in fact might not be transitory, '' he said. ( Reporting by Howard Schneider and Ann Saphir; Writing by Jonnelle Marte; Editing by Andrea Ricci) | business |
Wall Street struggles for direction as ceasefire hopes fade | Yesterday, Wall Street continued to rise after the Fed announced a 0.25% rate hike, the start of a series this year. This major change, intended to reduce the available liquidity amid soaring prices, caused no turmoil. It had been announced for so long that investors have had time to prepare for it. In the background, the conflict in Ukraine continues to create uncertainty about the economic situation, while oil prices have risen again after the International Energy Agency warned about the consequences of a ban on Russian production.
As central banks start to raise rates, the issue of government debt would resurface at some point. Central banks have been injecting money in the system for so long, and governments have recently unveiled multi-billion-dollar stimulus packages.
Of course, these policies have a cost. They are also one of the causes of rampant inflation across the world. `` We are now faced with a significant debt overhang, both on the part of governments and the private sector, '' writes economist Joachim Klement. But the difference with 2008 is that the vulnerable actors are not banks and households, but private companies and governments. This makes it more difficult for central banks because if they raise interest rates too much, the vicious circle of recession is set in motion.
But there's some good news: `` In my opinion, this debt overhang creates a glass ceiling for interest rates, '' Klement notes, because if central banks break through that glass ceiling, the economy will stagnate and the slowing economy will eventually force central banks to cut interest rates. The economist puts this ceiling at between 2% and 3% in the US and the UK, and probably a little lower in the Eurozone. He believes that there will be monetary tightening, but that the overall low interest rate environment will persist. To get rid of the debt overhang, you need low interest rates for long enough and zero or negative real interest rates for even longer. `` If interest rates rise too fast, central banks kill growth. If real interest rates go too far above zero, they also kill growth. What we need is another decade in the same environment as we have had in the last decade, '' continues Klement, who sees little chance of central banks causing another financial crisis and therefore believes that the current environment will continue.
As I write this, Joe Biden is having a call with his Chinese counterpart Xi Jinping. U.S. intelligence has leaked its concerns about an alignment between China and Russia. It also suggested that Vladimir Putin is ready to raise the nuclear threat again if the situation escalates for his troops. In any case, the diplomatic situation has become more tense than the somewhat naïve hopes at the start of the week.
Economic highlights of the day:
In the US, February's leading indicators and last month's housing figures are on the agenda.
The dollar/euro pair is trading at EUR 0.9063. The ounce of gold is stabilizing at USD 1932. Oil is rallying with North Sea Brent crude at $ 106.96and U.S. light crude WTI at $ 103.89. US debt yields are up slightly to 2.17% over 10 years, while German debt offers a coupon of 0.38% over the same duration. Bitcoin is trading around USD 40,550.
On markets:
* Fedex - The logistics and express delivery group reported Thursday a lower-than-expected quarterly profit due to higher costs and the impact of the Omicron coronavirus outbreak. FedEx shares are down 3.1% in premarket trading and several analysts have lowered their price targets.
* Tesla - The automaker restarted production at its Shanghai plant on Friday after a two-day shutdown due to health restrictions amid the resurgence of the COVID-19 outbreak in China, sources close to the matter said. Tesla shares are down 0.8% in premarket trading.
* The Boeing Company, Delta Air Lines - The U.S. aircraft manufacturer is discussing with the airline a giant order for up to 100 737 MAX 10s, sources close to the matter told Reuters. Boeing shares gained 0.4 percent in premarket trading.
* Meta Platforms - The Australian competition authority filed a complaint against the parent company of Facebook, accusing it of allowing fraudulent advertisements to circulate on its platform, notably promoting investments via cryptocurrencies falsely recommended by celebrities.
* General Electric - The industrial conglomerate announced Thursday that its chief executive, Larry Culp, had agreed to cut his potential 2022 bonus from $ 15 million to $ 5 million after shareholders rejected the terms of his compensation plan in a nonbinding vote.
* Moderna - The company submitted a request to U.S. health officials Thursday night for approval of a second booster shot of its COVID-19 vaccine in adults.
* Gamestop - The video game distributor reported a fourth-quarter net loss Thursday due to higher procurement costs and increased expenses as it transitions to online shopping. The stock fell 8.3% in pre-market trading.
* Lucid - The electric vehicle maker is considering raising prices on its future models due to `` strong inflationary pressures, '' Peter Rawlinson, the group's chief executive, told Reuters on Thursday.
Analyst recommendations: | business |
Health Care Up, but Lags Broad Market, Amid Cyclical Bias -- Health Care Roundup | Health-care companies rose, but not by as much as the broad market, as traders rotated into cyclical sectors, relieved that the Federal Reserve's shift in rate policy was not more drastic.
Moderna asked the Food and Drug Administration to authorize a second booster dose of its Covid-19 vaccine for adults in the U.S.
The biggest credit-reporting firms, Equifax, Experian and Transunion, will strip tens of billions of dollars in medical debt from consumers ' credit reports, a move that will assist millions of Americans struggling with credit.
( END) Dow Jones Newswires
03-18-22 1709ET | business |
M Dias Branco S A Indústria e Comercio de Alimentos: 4Q21 and 2021 Earnings Release | EARNINGS RELEASE 4Q21 | 2021
Earnings
Release
4Q21 | 2021
1
Eusébio ( CE), March 18, 2022 - M. Dias Branco S. A. Indústria e Comércio de Alimentos ( B3: MDIA3), leader in Brazil's cookie & cracker and pasta markets, announces today its results for the fourth quarter of 2021 ( 4Q21) and full year ( 2021). The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ( IFRS) and the accounting practices adopted in Brazil ( BR GAAP).
WEBINAR 4Q21 | 2021
MARCH 21, 2022
Time:
> Portuguese
11h00 ( Brasília Time)
10h00 ( NY Time)
Registration in Zoom Meetings:
Click Here
> English
11h00 ( Brasília Time)
10h00 ( NY Time)
Registration in Zoom Meetings:
Clck Here
Stock Price:
Closing on 03/16/2022 MDIA3: R $ 20,51 per share Market Cap: R $ 6.9 billion
CONTATOS RI
Gustavo Lopes Theodozio
Vice-President of Investments and Controllership Phone: ( 85) 4005-5667
Email: gustavo.theodozio @ mdiasbranco.com.br
Fabio Cefaly
New Business and Investor Relations Officer Phone: ( 11) 3883-9273
Email: fabio.cefaly @ mdiasbranco.com.br
Rodrigo Ishiwa
Investor Relations Manager
Phone: ( 11) 3883-9225
Email: ri @ mdiasbranco.com.br
ri @ mdiasbranco.com.br
ri.mdiasbranco.com.br
youtube.com/rimdias
EARNINGS RELEASE 4Q21 | 2021
M. Dias Branco's net revenue reaches R $ 7.8 billion in 2021,
up by 7.7% over 2020.
Cash generation1 grows by 41.3%, to R $ 960 million
3
EARNINGS RELEASE 4Q21 | 2021
MESSAGE FROM MANAGEMENT
Dear all,
2021 was marked by several challenges for the market and society in general. The coronavirus pandemic, the macroeconomic, political and social context led people, institutions and organizations to adapt and adopt protective measures in line with their strategies.
The M. Dias Branco, based on their own experience of almost 70 years in the market, and firmly motivated by the belief in Brazil and in the recovery of the world economy, carried out important strategic changes, with the purpose of continuing its historical trajectory of growth and profitability, combined with the maintenance of the recognized quality of its products.
As the main obstacles confronted in 2021, we highlight the rise in the costs of our supplies due to the devaluation of the Real against the US Dollar, as well as the rise in commodity prices. In a scenario of consumption impacted by inflation, there are natural difficulties in offsetting this increase in costs in passing through the price to the consumer. We know, however, that this is an atypical and transitory scenario. In this context, in addition to several other measures, we adopted concrete and effective actions to recover margins and protect cash.
The Company, rated with AAA rating with a stable outlook, reaffirmed by Fitch Ratings, has high financial solidity and low leverage, with emphasis on the debt extension after the issuance of the Agribusiness Receivables Certificates - CRA, carried out in 2021. This financial structure solid foundation combined with an efficient pricing policy and constant attention to consumer desires and possibilities have been of fundamental importance for us to overcome these challenges.
We continue to invest to enable sustainable growth in the medium and long term, especially with the launch of higher value-added products and investments in marketing. It is in this context that the acquisition of the Latinex company in 2021 is inserted. With the FIT FOOD, Frontera, Smart and Taste & Co brands, Latinex reinforces the Company's presence in healthy food and snacks, in addition to marking its entry into the seasonings, sauces and condiments, which reflects the company's commercial strategy to grow profitably, including in its portfolio products with high growth potential and value
In the search for greater efficiency and productivity, we carried out an important corporate restructuring. Some positions were suppressed, others created and some areas unified. All in favor of greater synergy, security and agility in the performance of our activities. In this context, two new statutory boards were created: Vice-Presidency for Supply Chain and Vice-Presidency for Legal, Governance, Risks and Compliance.
This corporate restructuring generated significant savings in our costs and also provided us with an adequate structure to continue growing with a focus on the needs of our customers and the development of the market in which we operate, as well as representing a reinforcement of our unwavering commitment to seek to guarantee the highest level of corporate governance in our operations.
In 2021, we also revised M. Dias Branco's strategic sustainability agenda with a focus on 2030, with long-term public commitments. Climate change, diversity, inclusion and surrounding communities are topics that received even more attention. We remained in the ISE portfolio ( B3's Corporate Sustainability Index), evolved from D to B- in the CDP ( Carbonlosure Project) ranking, and raised funds unprecedented in the Company's history through the already issued CRA, which was delivered as `` Green Title ''.
4
EARNINGS RELEASE 4Q21 | 2021
In terms of social investment, among other actions, we donated more than 4,300 tons of food to institutions in the vicinity of our units to food banks. We also collaborated with the victims of the rains that hit Bahia at the end of the year.
We are a Company attent to its time. We are present on the main e-commerce and delivery platforms in the country and we remain connected with startups and disruptive culture through our Germinar program.
We recognize our leading position in the national market for pasta and cookies and we are proud of the dedication and union of our employees, and we allow ourselves, supported by our entrepreneurial spirit, our market experience, capacity for work and innovation, to live up to each more and more, to our positioning of `` Dreaming, Achieving, Growing '', generating value for shareholders and society.
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BP: Notice of Meeting 2022 pdf / 1.1 MB | This is an important document and requires your immediate attention
Notice of bp
Annual General
Meeting 2022
Performing
while
transforming
The BP p.l.c. Annual General Meeting will be held electronically via bp's electronic meeting platform and at ExCeL London, One Western Gateway, Royal Victoria Dock, London E16 1XL, UK.
Commencing at: 1pm on Thursday, 12 May 2022.
If you are in any doubt about the action you should take, you should consult an independent financial advisor. If you have recently sold or transferred your shares in BP p.l.c. you should forward this document to your bank, stockbroker or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee.
The registered office of BP p.l.c. is:
1 St James's Square, London SW1Y 4PD, UK. Tel: +44 ( 0) 20 7496 4000
Registered in England and Wales No. 102498
Find out more online bp.com/agm
Contents
Letter from the chair
1
Get involved and have your say
2
Notice of meeting
3-5
Director biographies
6-10
Notes to the resolutions
11-15
Joining the AGM online
Attending the AGM
16
Voting at the AGM
17
Asking questions at the AGM
18
Joining the AGM in person
Attending the AGM
19
Voting at the AGM
20
Asking questions at the AGM
20
Shareholder notes
21-25
Other information
26
Appendix 1 - Follow This statement and bp's response
27-28
Contact details
29
Participating in the Annual General Meeting
The BP p.l.c. Annual General Meeting ( AGM or meeting) will be held electronically via bp's electronic meeting platform and at ExCeL London commencing at 1pm on Thursday, 12 May 2022.
Health notice
In light of the ongoing Covid-19 pandemic, the ExCeL London currently has in place certain health and safety measures which those attending the AGM in person will be expected to follow. To find out more please go to excel.london.
Please refrain from attending the meeting if you are experiencing symptoms of Covid-19 or have recently been in contact with anyone who has tested positive. Wearing a face covering is recommended for everyone attending the meeting in person.
Given the current circumstances, shareholders should be aware that arrangements for the AGM may change at short notice. We will give notice of any changes to our arrangements as early as possible before the date of the meeting via our website at bp.com/agm or via a regulatory announcement.
See notes on pages 16-20
for further details on how to attend the meeting
How to vote
Your votes matter. If you can not attend the meeting on the day, please vote your shares by appointing a proxy.
You can vote online at bp.com/evoting or mybpshares.com or via CREST by using procedures described in my CREST manual at my.euroclear.com or proxymity.io.
See further information on pages 21-25
to understand which voting process is applicable to you
Information for online audience
Information for in-person audience
Letter from the chair
Dear fellow shareholder,
I am pleased to invite you to the 2022 AGM of BP p.l.c. ( bp or the company) to be held at 1pm British Summer Time ( BST) on Thursday, 12 May 2022.
Welcoming you to the meeting
This year, we are offering shareholders a choice of either joining our AGM online or, if they choose to do so, in person.
Due to the impact of Covid-19 over the past two years, we have been unable to hold in-person AGMs. But our experience in modernizing the traditional format for these events has been very positive and shareholders have been able to take part in these meetings remotely, to ask questions and to vote during the meeting. Importantly, we have found that virtual participation at these events enables access to a wider spectrum of our owners than is possible through an exclusively in-person event.
Because of these benefits that our shareholders have been able to experience, this year, we have made further improvements to our digital AGM platform. We hope that shareholders will take up the opportunity to join the meeting in this way and look forward to seeing even more of you online.
The business of the meeting
The various resolutions to be proposed at the AGM are set out in this notice together with explanations in each case.
The board believes that resolutions 1 to 23 are in the best interests of the company and its shareholders and are unanimous in recommending that you vote in favour of each of them, as we intend to do as fellow shareholders.
Among the ordinary business items for the AGM, you will see two particular resolutions that I would like to briefly comment on:
1. `` Net Zero - from ambition to action '' report - this year, the board is submitting a non-binding advisory vote to shareholders on bp's net zero ambition. This resolution appears in the notice as resolution 3 and seeks to secure support for our ambition and the pathway which has been set for its delivery.
This resolution is supported by the board which considers it to be in the best interests of its shareholders.
2. Requisitioned resolution - as was the case last year, a group of shareholders coordinated by Follow This has proposed a resolution which appears in this notice as resolution 24, together with a supporting statement on page 27.
The board does not support this resolution as it does not consider it to be in the best interests of the company and its shareholders as a whole.
A statement from the board in response to resolution 24, encouraging shareholders to vote against it - as was the case in 2019 and again in 2021
Voting and asking questions
However you decide to join the AGM this year, we value your vote and we encourage you to take this opportunity to provide us with your views on the actions bp is taking in the delivery of our strategy.
You can vote in a number of ways. Those attending online will be able to cast their ballot via the digital AGM platform. For those of you attending in person, you will be able to use an electronic voting handset. If you would like to vote in advance of the meeting, please do so - you can submit a proxy vote. For those of you who are participants in a bp employee share plan, please refer to the notice of meeting and our internal messaging on how to vote.
Guidance on how to appoint a proxy and information on corporate representatives and voting can be found on pages 24-25 of this notice.
The board will be available at the AGM to answer questions from shareholders, with some joining us via live video link. You are welcome to submit questions in advance of the meeting, by telephone or via the digital platform during the meeting itself.
Voting results
The voting results will be announced through a regulatory information service and will be published on our website at bp.com/agm as soon as possible following the AGM.
On behalf of your board, I would like to thank you for your continued support and look forward to welcoming you to our AGM.
Helge Lund
Chair
18 March 2022
Please scan the QR code below or visit bp.com/agmto find out more information on the AGM or to access the `` Net Zero - from ambition to action '' report.
Notice of bp Annual General Meeting 2022
1
Get involved and have your say
Joining the AGM
1: Electronically
Shareholders are encouraged to participate in the AGM electronically via bp's electronic meeting platform.
2: In person
Alternatively, you may attend the meeting in person at ExCeL London, One Western Gateway, Royal Victoria Dock, London E16 1XL. A step-by-step guide on how to attend the AGM in person can be found on page 19-20.
Viewing the AGM
1: Broadcast
Shareholders who wish to simply follow ( and not participate in) the AGM via the webcast should go to bp.com/agm/webcast and follow the online instructions. Shareholders should note that the webcast is not interactive. If you wish to participate in or vote at the meeting you should join the meeting electronically via bp's electronic meeting platform, or in person, rather than following the broadcast. If you can not attend the meeting please appoint a proxy on your behalf so that their vote is counted.
Our website, bp.com,
is the principal means we use to communicate with our shareholders.
A copy of our Annual Report, which includes our Strategic Report
All the latest news, press releasesand investor presentations
A detailed account of our approach to corporate governance
Voting before the AGM
All shareholders are encouraged to vote. There are several ways to submit your voting instructions in advance of the meeting:
1:
2: by completing and returning a paper proxy form ( enclosed with this notice if you have elected for hard copy documents, or otherwise available from the bp Registrar, Link Group, on request)
3: via CREST by using procedures described in my CREST manual at my.euroclear.com
4: via Proxymity at proxymity.io
For points 1-4 see notes on pages 24-25.
Options 1, 2, 3 and 4 above should be registered by no later than 1pm BST on Tuesday, 10 May 2022. After then, you will no longer be able to submit your proxy vote via bp's Share Centre website, or via the CREST or Proxymity platforms. If you are an employee share plan participant you can instruct the plan/account trustee ( s) /nominee ( s) to vote on your behalf at the AGM for any shares which have voting rights as per the applicable plan rules. You can submit your instruction to the trustee ( s) /nominees ( s) via your EquatePlus account. This can be accessed using the link to EquatePlus on the bp intranet at people @ bp or by logging in to equateplus.com. Instructions must be received via EquatePlus for onward transmission to the trustee ( s) /nominee ( s) by 5pm BST on Wednesday, 4 May 2022. This time and date is subject to the trustee ( s) /nominees ( s) confirmation upon receipt of this notice of meeting. Please refer to EquatePlus for the latest information and timing on submitting your instructions.
Voting at the AGM
Shareholders participating in the meeting electronically via bp's electronic meeting platform will be able to vote once the chair of the AGM formally opens the poll at the meeting. A list of all resolutions and voting choices will appear on your device. See more information on page 17.
Shareholders attending the meeting in person will be able to vote with the electronic voting handset received as you enter the auditorium. See more information on page 20.
2 Notice of bp Annual General Meeting 2022
Notice of meeting
Notice of meeting and resolutions to be proposed
Notice is hereby given that the 113th Annual General Meeting of BP p.l.c. ( bp or the company) will be held electronically via bp's electronic meeting platform and at the ExCeL London, One Western Gateway, Royal Victoria Dock, London E16 1XL, UK commencing at 1pm ( BST) on Thursday,
12 May 2022, for the transaction of the following business.
The board considers resolutions 1 to 23 to be in the best interests of the company and its shareholders as a whole and recommends that you vote FOR these resolutions.
The board does not consider resolution 24 to be in the best interests of the company and its shareholders as a whole and recommends that you vote AGAINST this resolution.
Resolution 1
Report and accounts
To receive the Annual Report and Accounts for the year ended 31 December 2021.
See notes on page 11
Resolution 2
Directors ' remuneration report
To approve the directors ' remuneration report contained on pages 116-141 of the Annual Report and Accounts for the year ended 31 December 2021.
See notes on page 11
Resolution 3
`` Net Zero - from ambition to action '' report
That the report *, `` Net Zero - from ambition to action '', is supported.
* dated 18 March 2022 and available on bp.com/agm
See notes on pages 11-12including the board's recommendation to vote FOR this resolution.
Resolution 4
To re-elect Mr H Lund
See biography on page 6and notes on page 12
Resolution 5
To re-elect Mr B Looney
See biography on page 6and notes on page 12
Resolution 6
To re-elect Mr M Auchincloss
See biography on page 7and notes on page 12
Resolution 7
To re-elect Mrs P R Reynolds
See biography on page 7and notes on page 12
Resolution 8
To re-elect Miss P Daley
See biography on page 8and notes on page 12
Resolution 9
To re-elect Mrs M B Meyer
See biography on page 8and notes on page 12
Resolution 10
To re-elect Sir J Sawers
See biography on page 9and notes on page 12
Resolution 11
To re-elect Mr T Morzaria
See biography on page 9and notes on page 12
Resolution 12
To re-elect Mrs K Richardson
See biography on page 10and notes on page 12
Resolution 13
To re-elect Dr J Teyssen
See biography on page 10and notes on page 12
Resolution 14
Reappointment of auditor
To reappoint Deloitte LLP as auditor from the conclusion of the meeting until the conclusion of the next annual general meeting before which accounts are laid.
See notes on page 12
Notice of bp Annual General Meeting 2022
3
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Harris tests negative for Covid-19 days after her husband tested positive | White House press secretary Jen Psaki confirmed on Friday that Harris tested negative earlier in the day.
Emhoff tested positive for Covid-19 on Tuesday, marking the first known case of Covid-19 among the first or second families since President Joe Biden and Harris took office in January 2021. Harris has tested negative on Tuesday after her husband's positive result.
Harris was set to participate in an Equal Pay Day event at the White House Tuesday evening that began just as Emhoff's test results were released. In a potential sign of how last minute the vice president was pulled out of the event, there was an empty chair set for her on stage. But during his remarks, the President confirmed Harris decided not to attend the event `` out of an abundance of caution. ''
The vice president had participated in an event with Biden at the White House earlier that day -- before Emhoff's diagnosis was announced. Harris stood by Biden's side as the President gave remarks, and later stood with lawmakers who attended the signing ceremony. Neither Harris nor Biden wore a mask at the event.
Inside the White House, in accordance with federal public health guideline changes in recent weeks, officials and visitors have not been required to wear masks or socially distance. Covid-19 cases in Washington have declined since their peak in early January, when the country was facing a wave of Omicron variant cases.
In recent days, Harris and Biden have been in the vicinity of a number of individuals who later tested positive for Covid-19.
Democratic lawmakers tested positive after attending a conference where Biden spoke last weekend. And ahead of several St. Patrick's Day celebrations, the Irish Prime Minister Micheál Martin tested positive for Covid-19 in Washington, forcing their bilateral meeting to be virtual. The President said during their virtual meeting that he 'd seen Martin for `` seven-and-a-half minutes '' prior to the diagnosis.
In each case, including Emhoff's, the President was not considered a close contact. The White House has indicated that, so far, Biden's testing protocol hasn't changed.
According to US Centers for Disease Control and Prevention guidelines, fully vaccinated people can `` refrain from quarantine following a known exposure if asymptomatic. '' Harris is fully vaccinated and boosted, as is her husband. | business |
Opinion: Trump's 'America First ' policy is dead | The twin shocks of the Covid-19 pandemic and Russia's war on Ukraine have exposed the pitfalls of former President Donald Trump's so-called America First policy, which was premised on the idea that working with our allies requires the United States to contribute more than what we gain in return.
The pandemic revealed that the only way to handle a devastating virus in an age of global movement is through international coordination and cooperation. Sharing valuable research on the virus and information about caseloads or new variants, not to mention working across borders to distribute vaccines, have all been crucial to the fight against the pandemic.
And with Vladimir Putin waging war in Ukraine, the US has worked in concert with its allies to apply immense economic pressure on Russia and provide military support for Ukraine. The fact that an attack on any NATO country bordering Ukraine would trigger a fierce response from other members of the alliance remains an important check on Russia's territorial ambitions.
Today, we are seeing a revival of support for the international outlook that President Harry Truman promoted during the early Cold War. Of course, this support is less about ramping up military spending or committing US forces to fight against communist expansion around the globe, and more about his insistence that international alliances were crucial to US diplomatic and military success.
With the bipartisan support of key Republicans such as Sen. Arthur Vandenberg of Michigan, Truman was able to forge ahead with his vision of liberal internationalism. When the United Nations was established in October 1945, the US became a key participant in the international body committed to achieving peace and strengthening global cooperation.
The Truman administration also invested in growing a State Department filled with first-rate diplomats who could offer their expertise and foreign policy assessments. In 1949, the US also joined the North Atlantic Treaty Organization with Truman stating his hope that the alliance would `` create a shield against aggression and the fear of aggression. ''
Liberal internationalism offered a powerful model for handling threats overseas. The political scientist G. John Ikenberry, a colleague of mine at Princeton, famously argued that the US succeeded in solidifying its power by working to craft stable and cooperative international institutions that limited the power of participants -- including its own -- in ways that were advantageous to all members.
Liberal internationalism was certainly far from perfect. After all, it was under this approach that the US went down the disastrous path of Vietnam. But the Vietnam War did not totally discredit the virtues of Truman's vision. In many ways, President Lyndon Johnson's greatest failure was ignoring key elements of this strategy -- and rejecting the French President Charles de Gaulle's proposal to accept a negotiated settlement, for example -- in favor of militarism.
For decades, Truman's vision has come under continued attack. During the 1950s and 1960s, right-wing extremists railed against international institutions as some sort of liberal conspiracy to undermine America's strength. Robert Welch, the founder of the conspiracy-driven John Birch Society, once claimed that NATO was a Communist `` hoax. ''
In the 1990s and early 2000s, criticism of NATO grew among conservatives who claimed that other countries took advantage of the US by forcing it to shoulder too much of the financial burden ( Some liberals, on the other hand, argued that the expansion of NATO was provocative to Russia after the Cold War had come to an end.) After the strong show of international support for the US after the horrific attacks on 9/11, President George W. Bush decided to launch a war against Iraq in 2003, despite the opposition of key allies. Bush also dismissed international agreements, such as the 1972 Anti-Ballistic Missile Treaty and the Kyoto Protocol, as unnecessary inhibitions on US policymakers.
Then Trump revived America First arguments out of the far-right shadows and directly into the Republican mainstream, which included his ongoing criticism of NATO and warm relationships with adversarial leaders such as Putin. `` The United States is spending far more on NATO than any other Country, '' Trump tweeted before a summit in 2018. `` This is not fair, nor is it acceptable. '' To be sure, there have also been those on the left who have also attacked these institutions as well, sometimes from the perspective that they prop up powerful economic interests.
But the past few years have reminded us of the steep costs that come from going it alone. Working without alliances can often leave the US much weaker as a nation and without crucial resources that we need to contain serious and dangerous national security threats.
At a time when autocratic governments around the world are gaining strength and Russia and China appear to be forging closer ties, US policymakers must remember that alliances like NATO are greater than the sum of their parts. This has always been true in international affairs, and rarely has it been as urgent as it is today when we face so many threats that transcend national boundaries. | business |
Brookfield Business Partners L P: to Acquire La Trobe Financial - Form 6-K | Brookfield Business Partners to Acquire La Trobe Financial
BROOKFIELD, NEWS, March 18, 2022 ( GLOBE NEWSWIRE) -- Brookfield Business Partners L.P. ( NYSE: BBU; TSX: BBU.UN) and Brookfield Business Corporation ( NYSE, TSX: BBUC) ( collectively `` Brookfield Business Partners '') together with institutional partners ( collectively `` Brookfield '') today announced an agreement to acquire La Trobe Financial ( `` La Trobe ''), a leading Australian non-bank lender and asset manager, for approximately $ 1.1 billion including a contingent payment tied to the business achieving certain performance milestones.
Founded in 1952, La Trobe Financial is a prominent Australian diversified credit asset manager with more than A $ 13 billion in assets under management. La Trobe manages fixed income credit funds on behalf of more than 50,000 qualified retail investors, primarily in residential property-backed loans. It also plays a critical role in the Australian real estate credit market by financing loans to high-quality borrowers.
`` We are pleased to expand our presence in Australia with the acquisition of La Trobe Financial, one of Australia's leading mortgage originators and asset managers, '' said Len Chersky, Managing Partner, Brookfield Business Partners. `` We intend to invest in La Trobe Financial to support its growth and look forward to building on the business ' foundation of continuous growth and profitability. ''
Investment Highlights
Funding
Brookfield's initial investment will be funded with approximately $ 765 million of equity, of which Brookfield Business Partners intends to invest approximately $ 250 million, and the balance from institutional partners. Prior to or following closing, a portion of Brookfield Business Partners ' commitment may be syndicated to other institutional investors.
Transaction Process
The transaction is subject to customary closing conditions and regulatory approvals, including approval by Australia's Foreign Investment Review Board. Closing is expected in the second quarter of 2022.
Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors have flexibility to invest in our company either through Brookfield Business Partners L.P. ( NYSE: BBU; TSX: BBU.UN), a limited partnership, or Brookfield Business Corporation ( NYSE, TSX: BBUC), a corporation. For more information, please visit https: //bbu.brookfield.com.
Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management's Private Equity Group. Brookfield Asset Management is a leading global alternative asset manager with approximately $ 690 billion of assets under management. More information is available at www.brookfield.com.
For more information, please contact:
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
Note: This news release contains `` forward-looking information '' within the meaning of Canadian provincial securities laws and `` forward-looking statements '' within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Business Partners, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as `` expects, '' `` anticipates, '' `` plans, '' `` believes, '' `` estimates, '' `` seeks, '' `` intends, '' `` targets, '' `` projects, '' `` forecasts '' or negative versions thereof and other similar expressions, or future or conditional verbs such as `` may, '' `` will, '' `` should, '' `` would '' and `` could. ''
Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Partners to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; including as a result of the ongoing novel coronavirus ( SARS-CoV-2) pandemic, including any SARS-CoV-2 variants ( collectively, `` COVID-19 ''); the behavior of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition ( including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; ability to collect amounts owed; catastrophic events, such as earthquakes; hurricanes and pandemics/epidemics; the possible impact of international conflicts and other developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.
In addition, our future results may be impacted by various government mandated economic restrictions resulting from the ongoing COVID-19 pandemic and the related global reduction in commerce and travel and substantial volatility in stock markets worldwide, which may negatively impact our revenues, affect our ability to identify and complete future transactions, impact our liquidity position and result in a decrease of cash flows and impairment losses and/or revaluations on our investments and assets, and therefore we may be unable to achieve our expected returns. See `` Risks Associated with the COVID-19 Pandemic '' in the `` Risks Factors '' section included in our Management's Discussion and Analysis of Financial Condition and Results of Operations in our Form 20-F for the year ended December 31, 2020.
We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, Brookfield Business Partners undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.
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Chewters invests in packaging technology on its confectionery lines | “ As a manufacturer, if you want to be the best, you must invest in the best. That has been the approach adopted by Chewters Chocolates, as it has undertaken a project to automate its production and packaging lines, helping to make it more productive and efficient, ” the company said.
Chewters said it has invested in new checkweighing, metal detection and x-ray product inspection systems from Mettler-Toledo.
“ We are trying to become a world-class facility ” said Arjan Cheema, Chewters Chocolates’ project engineer.
“ Mettler-Toledo equipment is the industry standard. Chewters relies on their equipment to achieve precision on the weights of our bags - we are looking to eliminate any deviations greater than one gram, depending on the package. The metal detection and x-ray systems help us to avoid false rejections associated with our packing lines. ''
Chewters said that with the recent transition to a third shift the hardware will allow it to run 24 hours, 5 days a week for every week of the year.
The company produces its all-natural ChocXO brand, Organic Dark Chocolate Almond Butter Cups, and organic 85% dark chocolate ChocKeto Snaps.
Filling a gap for low-sugar, high quality chocolates with no additives, the products taste less bitter than most dark chocolate and Chewters said it has focused on the nutty and fruity flavour of the cacao beans that make up 85% of the chocolate’ s content.
With a customer base including some of the largest wholesalers and retail chain stores in North America, and with COVID-19 having seen increased demand for its products from consumers stuck at home, there was a need to keep up with demand, which precipitated the investment in new technologies.
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Moscow marks Crimea annexation with patriotic rally | Hi, what are you looking for?
Moscow on Friday marked eight years since its annexation of Crimea from Ukraine, as its troops advanced further into the country.
By
Published
A sea of Russian flags, pro-Kremlin pop stars, and state television unexpectedly cutting President Vladimir Putin mid-speech: Moscow on Friday marked eight years since its annexation of Crimea from Ukraine, as its troops advanced further into the country.
Tens of thousands took part in an ultra-patriotic rally at Moscow’ s main Luzhniki stadium. Many wore a ribbon with the letter Z, which has become a symbol of support for the Russian army in Ukraine.
The event was heavily anti-Western and filled with Soviet nostalgia, as Russian authorities ramp up patriotism in response to being hit by massive international sanctions for Putin’ s Ukraine campaign.
A stage at the centre of the stadium had a banner that read “ For a world without Nazism ” — a reference to Putin saying he sent troops to Ukraine to “ de-Nazify ” the country.
The Russian leader took to the stage to chants of “ Russia! Russia! Russia! ”.
He said Moscow did the right thing in 2014 by “ pulling Crimea out of the humiliating state it was in when it was part of another state. ”
He claimed Russia had vastly improved the infrastructure of the peninsula — which has been isolated since the annexation.
Russian troops have entered Ukraine from several directions since Putin sent them in last month, including from Crimea.
Putin said that Moscow now aimed to “ rid people from their suffering and genocide ”.
He invoked the Bible as he praised Russian soldiers, which he said were “ heroically ” fighting “ shoulder to shoulder ” in Ukraine.
Then Russian TV cut Putin mid-sentence, switching to showing a clip of patriotic music.
The Kremlin later said it was a technical glitch, and state television proceeded to show Putin’ s speech in full and him walking off stage about ten minutes later.
Russian state television is tightly controlled and such interruptions are highly unusual.
– Pro-Kremlin pop stars –
Patriotic pop stars and the face of Russia’ s RT state television channel — Margarita Simonyan — took to the stage one by one to back Putin’ s actions in Ukraine.
“ Mother Russia, take Donbas home, ” Simonyan told crowds, referring to the eastern Ukraine region taken over by separatists in 2014.
“ This is for our boys who are fighting scum right now, ” Simonyan, whose channel has been banned in most Western countries after Putin sent troops to Ukraine, told cheering crowds.
Russia’ s outspoken foreign ministry spokeswoman, Maria Zakharova, also took the stage.
“ We are a country and nation that safeguards peace and fights evil, ” she said.
Some of Russia’ s leading pro-Kremlin pop stars performed well known patriotic hits in support of the Russian army.
Pop star Oleg Gazmanov sang his “ Made in USSR ” hit, with lyrics that include claiming that Kazakhstan and the Baltics are “ part of my country ”.
Luzhniki — which hosted the 2018 World Cup final — has a capacity of 81,000. There were also crowds on the pitch of the stadium and outside it.
Putin sent thousands of Russian troops into Ukraine in the early hours of February 24th, despite weeks of warnings that Russia would be hit with massive sanctions that would cripple its economy if he did so.
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 |
Dollar gains on Fed official remarks, stays firm vs yuan after Biden-Xi talk | The U.S. dollar also was up 0.1% versus China's offshore yuan at 6.3716 yuan, registering little change following U.S. President Joe Biden's video call with Chinese President Xi Jinping, where Biden sought to prevent Beijing giving new life to Russia's invasion of Ukraine. The talks, which ended without big surprises, helped to boost stocks on Wall Street, however, especially in the technology sector.
Two of the Federal Reserve's most hawkish policymakers said the central bank needs to take more aggressive steps to combat inflation. A third, who just six months ago was the U.S. central bank's most dovish member, said he was open to that possibility.
The Fed hiked interest rates by a quarter of a percentage point Wednesday in an effort to tame inflation at 40-year highs. It was the first hike in three years, and the Fed also signaled that more rate increases are coming.
St. Louis Fed President James Bullard, who dissented on this week's action in favor of a half-point increase, said on Friday that officials should raise the Fed's overnight lending rate to more than 3% this year.
`` For the dollar, hawkish Fed speak has put some wind back in its sails, '' said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington.
`` It's playing up the more hawkish outlook for Fed policy. While the Fed was hawkish this week, their outlook for rates was still generally in line with market expectations. ''
The U.S. dollar index was last up 0.2% at 98.190, but well off its highs of the session, after declining for the past four days.
The dollar was up 0.4% against the Japanese yen and hit a fresh six-year high. The Bank of Japan left its ultra-accommodative policy settings unchanged on Friday, as widely expected, leaving it an outlier among developed-world central banks which are exiting coronavirus pandemic emergency measures.
The euro weakened as investors assessed developments in the Ukraine-Russia conflict, including news that Russia paid interest due on two sovereign dollar bonds.
The euro declined 0.4% to $ 1.1054 but rose 1.3% for the week in its biggest weekly percentage gain since the first week of February, when European Central Bank President Christine Lagarde signaled for the first time that interest rates will rise in the euro zone in 2022.
The commodity-sensitive Australian dollar was up 0.5% against the U.S. dollar, extending gains for a fourth day. Oil prices settled higher on Friday, but posted a second straight weekly loss. [ O/R ]
In cryptocurrencies, bitcoin was up about 2% and ether was up about 5%.
========================================================
Currency bid prices at 3:21PM ( 1921 GMT)
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Dollar index
98.1900 97.9650 +0.24% 2.642% +98.6240 +97.8300
Euro/Dollar
$ 1.1054 $ 1.1093 -0.35% -2.77% + $ 1.1118 + $ 1.1004
Dollar/Yen
119.1000 118.6050 +0.42% +3.46% +119.3950 +118.4750
Euro/Yen
131.64 131.54 +0.08% +1.01% +131.9100 +131.2000
Dollar/Swiss
0.9317 0.9370 -0.59% +2.12% +0.9382 +0.9315
Sterling/Dollar
$ 1.3184 $ 1.3145 +0.30% -2.51% + $ 1.3197 + $ 1.3111
Dollar/Canadian
1.2600 1.2625 -0.20% -0.34% +1.2646 +1.2593
Aussie/Dollar
$ 0.7410 $ 0.7375 +0.47% +1.94% + $ 0.7418 + $ 0.7361
Euro/Swiss
1.0300 1.0390 -0.87% -0.67% +1.0401 +1.0296
Euro/Sterling
0.8382 0.8434 -0.62% -0.21% +0.8440 +0.8378
NZ
Dollar/Dollar $ 0.6908 $ 0.6880 +0.38% +0.90% + $ 0.6913 + $ 0.6868
Dollar/Norway
8.7320 8.7870 -0.57% -0.83% +8.8260 +8.7365
Euro/Norway
9.6539 9.7543 -1.03% -3.59% +9.7650 +9.6545
Dollar/Sweden
9.4120 9.4146 -0.33% +4.37% +9.4814 +9.3972
Euro/Sweden
10.4044 10.4384 -0.33% +1.67% +10.4578 +10.3980
( Reporting by Caroline Valetkevitch; additional reporting by Saikat Chatterjee in London and Kevin Buckland in Tokyo; editing by Robert Birsel, Jason Neely and Jonathan Oatis)
By Caroline Valetkevitch | business |
Chelsea face Real Madrid in Champions League quarters, Man City play Atletico | Hi, what are you looking for?
By
Published
Troubled holders Chelsea were drawn against 13-time winners Real Madrid in the quarter-finals of the Champions League on Friday, while Manchester City will take on Atletico Madrid.
Liverpool were drawn to play Benfica as all three remaining English clubs were kept apart and Bayern Munich were paired with Spanish side Villarreal.
Chelsea are hoping to defend their title in Europe despite turmoil at the Stamford Bridge club, who were put up for sale after the British government placed Russian owner Roman Abramovich under sanctions in the wake of Russia’ s invasion of Ukraine.
Thomas Tuchel’ s team are due to play Real at home in the first leg on April 5 or 6, before the return at the Santiago Bernabeu a week later.
It was reported this week that Chelsea may have to play their next Champions League home ties behind closed doors due to EU sanctions on Abramovich that prevent them from selling tickets.
Chelsea beat Madrid — now coached by ex-Blues boss Carlo Ancelotti — in the semi-finals last season on the way to defeating Pep Guardiola’ s City in the final in Porto and lifting the Champions League trophy for the second time under Abramovich’ s ownership.
With the draw for the semi-finals taking place at the same time, Chelsea and City know they will meet each other in the last four should they both progress through their quarter-final ties against Spanish opponents, but a Madrid derby at that stage is also a possibility.
Having eliminated Manchester United in the last 16, Atletico will return to northwest England for the first leg of their tie against City, which sees Guardiola pit his wits against Diego Simeone.
– Favourable draw for Liverpool –
Liverpool, the 2019 European champions who are still in contention to win a quadruple this season, will be hotly fancied to get the better of two-time European Cup winners Benfica, with the first leg of that tie to be played in Lisbon.
Benfica are currently just third in the Portuguese league this season but they qualified for the last 16 at the expense of Barcelona and then ousted a much-fancied Ajax side.
The winners of that tie will face either Bayern or Villarreal in the last four, with the German giants heading to Spain for the first leg against Unai Emery’ s side.
Villarreal won last season’ s Europa League and reached the Champions League quarter-finals by stunning Juventus, beating the Italians 3-0 in Turin on Wednesday to go through 4-1 on aggregate.
The semi-finals of the Champions League will be played in late April and early May, with the final taking place at the Stade de France in Paris on May 28.
The match was initially due to be played in Saint Petersburg before the Russian city was stripped of the match by UEFA due to Russia’ s military action in Ukraine.
It is the third year running that UEFA has moved the Champions League final with the Covid-19 pandemic leading to the 2020 edition being switched from Istanbul to Lisbon, and then again from the Turkish city to Porto last year.
The 80,000-capacity Stade de France, in Saint-Denis just to the north of the French capital, has hosted the Champions League final twice before, in 2000 when Real Madrid beat Valencia, and in 2006 when Barcelona defeated Arsenal.
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 |
Unwed and unwanted, Chinese single mothers fight for rights | Hi, what are you looking for?
By
Published
Li Meng is a devoted mother trying to support her two-year-old daughter, but in the eyes of Chinese society and the state, she is almost a second-class citizen.
Millions of single mothers like her have it rough in a country where out-of-wedlock births are frowned upon, and where only married women can claim maternity benefits.
Li, a Shanghai resident, got pregnant with her boyfriend, but he left her to raise the child by herself.
Ineligible for maternity leave because she was not married, she had to quit her job in real estate to take care of her baby.
“ There was a lot of resistance ( to having the baby). My mother said I was crazy, ” said Li, who used a pseudonym to avoid being further stigmatised.
“ She thought it was unacceptable for a traditional family in China. ”
The Chinese government in 2016 scrapped its longtime “ one-child policy ” and began encouraging citizens to have more children as the birth rate drops in the world’ s most populous country.
But benefits such as several months of paid maternity leave and medical coverage are still reserved only for married women.
– ‘ Kicking a football’ –
When Li tried to secure her maternity rights, she was stymied by her lack of a marriage certificate, forcing her into an exhausting quest that bounced her between multiple government agencies.
“ It’ s like they’ re kicking a football between each other, ” she said.
Frustrated, she filed a pending court case.
A 2019 report by a government-affiliated research institute estimated China had more than 19 million single mothers, including divorcees and widows.
They’ re stuck in a catch-22, said lawyer Dong Xiaoying, who has formed a legal support network for single mothers.
“ There’ s no direct law stating that having a child out of wedlock is illegal… but it also doesn’ t explicitly say it is not illegal, ” she said.
This puts women at the mercy of differing interpretations by local governments.
China’ s National Health Commission went as far as saying in 2017 that out-of-wedlock births were “ against the public order and against good morals ”.
The experience of Wang Ruixi, an online advocate for single mothers who has a young daughter of her own, shows how they face more than just bureaucratic indifference.
After the outspoken 30-year-old last year expressed her pride online at raising her child alone, she faced a torrent of abuse on social media.
She eventually left China and now lives in Europe.
“ I can take the discrimination and abuse, ” she said.
“ But I don’ t want my child to grow up in such an environment. ”
Still, there are some flickers of hope.
Since 2016, children of single parents have finally been allowed to obtain the local household registration status crucial for gaining access to government services like schooling and healthcare.
The government has sought to promote marriage and child-bearing after China in 2020 saw its lowest number of marriage registrations in 17 years, partly due to improving educational and career options for women.
China’ s national legislature met in Beijing earlier this month, with at least two members calling for measures to help single mothers, but it is unclear whether they will gain any traction.
A fundamental cultural shift is needed, said Dong, and “ it’ s impossible to change all at once ”.
– ‘ We should fight’ –
Yu, a 37-year-old single mother in Shanghai who declined to give her full name, has a two-year-old son.
Yu split up with the boy’ s father after he told her to “ disappear ” when she asked him to help support their child, she said, tears streaming down her face.
Raising the boy by herself, she has waged a fierce but futile fight for maternity benefits.
“ Everything I did has been useless, ” she said.
Local authorities even called her boss to complain about Yu’ s persistence, but she is undeterred.
“ We should fight for ( our rights) so at least we don’ t have regrets, ” she said.
Many women have found inspiration in the family story of Chinese-American freestyle skier Eileen Gu, who became a sensation in the country with her gold-medal performance at last month’ s Beijing Olympics.
Her mother Yan Gu, who raised Eileen herself, has become a model for Chinese single mothers, drawing praise online as an example of the successful children they can raise.
Yu said she has friends who have nuclear families, as well as gay couples and heterosexual partners who have chosen not to have children.
“ All of these family structures should be seen as normal, ” she said.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
There’ s only one person who can make the decisions about Russia’ s existence.
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 |
Pandemic restrictions slow crude discharging at northeast China port, impacting refiners | In this week’ s highlights: All eyes are set on the IEA as it weighs long-term scenarios for global...
欧洲谈判代表在3月11日表示，与伊朗的核协议谈判 '' 由于外部因素 '' 陷入停顿，尽管他表示最终协议已经拟定，等待签署，这将开启伊朗大量的石油出口。...
Restrictions aimed at containing a COVID-19 outbreak in northeast China have impacted crude discharging and land transportation at Yingkou port, slowing feedstock deliveries to at least one refinery in the area, refinery sources told S & P Global Commodity Insights March 18.
The port in Liaoning province receives VLCCs to serve Norinco's Huajin Chemical refinery and the independent Panjin North Asphalt Fuel and Haoye Chemical refineries. The province has tightened movement restrictions and neighboring Jilin province has imposed lockdowns in a bid to curb a spike in omicron variant infections.
`` Port staff are required to do COVID tests and isolate, leaving a shortage of hands to deal with port operations as normal and leading to discharging delays, '' a local refinery source said.
The vessel queue at Yingkou port was not long due to few arrivals, but some cargoes have been waiting to discharge for longer than usual, the source added.
The Zaliv Amerika carrying 700,773 barrels of ESPO crude has been floating in Yingkou waters since March 4, and the Onrense carrying 1.1 million barrels of crude since March 2, according to data intelligence provider Kpler.
Crude cargoes typically took 1-2 days to be discharged prior to the tightening of COVID-19 controls in the province on March 5.
The 20.5 million mt/year Panjin North Asphalt Fuel refinery was also grappling with land transportation restrictions in receiving its crude barrels from the port via truck, forcing it to minimize crude runs to avert a shutdown, a refinery source said.
Other refineries connected to the port via pipeline were less impacted, sources said.
COVID controls in eastern China, where most of the country's refining capacity is located, have had less impact on refinery and ports operations as these regions have adopted more targeted controls to minimize the impact on the economy, refiners in Shanghai and in Shandong and Jiangsu provinces told S & P Global.
This was despite Shandong and Shanghai being among the epicenters of the current outbreak.
China's President Xi Jinping has pushed for `` swift containment '' of the outbreak but at a minimum cost, to reduce the socioeconomic impact as much as possible.
`` To ensure stable operations at the port, we're required to move only between home and the workplace, '' said a source with Shandong Qingdao port, China's top crude port by turnover.
There was no port congestion in Shandong currently amid expectations of low arrivals in March, port sources said.
But domestic demand for transportation has slowed down due to the various movement restrictions, prompting independent refineries to cut throughput.
The average run rate at Shandong independent refineries fell further to around 56% March 16, down one percentage point from a week earlier, according to local energy information provider JLC.
China is forecast to see oil demand destruction of 650,000 b/d in March and 400,000 b/d in April based on the estimated demand loss for each oil product at a provincial level, according to S & P Global Commodity Insights ' Platts Analytics.
The current pandemic restrictions could also impact oil product exports in April, market sources said. | business |
Alcohol-related deaths in the US spiked more than 25% in the first year of the pandemic, study shows |
The number of deaths in the US involving alcohol jumped 25.5% between 2019 and 2020, the first year of the Covid-19 pandemic, according to
research
published Friday in the Journal of the American Medical Association.
This is a sharp incline from prior years; the average annual percent increase in deaths involving alcohol was
2.2%
between 1999 and 2017.
There were 78,927 alcohol-related deaths in the US in 2019 and 99,017 in 2020. These deaths also included motor vehicle crashes that happened as a result of driving under the influence of alcohol.
Alcohol-related deaths made up 2.8% of all deaths in 2019 and 3% in 2020.
`` We're not surprised. It's unfortunate, but we sort of expected to see something like this, '' Aaron White, lead author of the study and a neuroscientist at the National Institute on Alcohol Abuse and Alcoholism, said.
No amount of alcohol is good for the heart, new report says, but critics disagree on science
Read More
`` It's not uncommon for people to drink more when they're under more duress, and obviously, the pandemic brought a lot of added stress to people's lives. In addition to that, it reduced a lot of the normal outlets people have for coping with stress, [ like ] social support and access to gyms. ''
The researchers also saw a 16.6% increase in deaths caused by any reason between 2019 and 2020, but the shift in alcohol-related deaths surpassed that in an `` unprecedented leap, '' White said.
The study analyzed death certificates provided by the US Centers for Disease Control and Prevention's National Center for Health Statistics for people 16 and over between 2019 and 2020. The researchers identified all deaths in which alcohol was listed as an underlying cause.
The researchers also looked at the CDC's provisional data for the first half of 2021. They found that January 2021 was the month with the highest number of alcohol-related deaths between January 2019 and June 2021.
The spike in alcohol-related deaths in the first year of the pandemic was seen across all age groups. The largest change in alcohol-related deaths was among 35- to 44-year-olds, with a nearly 40% increase.
Although more men have alcohol-related deaths, the rate for women is accelerating.
`` These measures have been escalating faster for women. That's one of the things that's been very clear over the last 20 years, '' White said.
US drug overdose deaths reach another record high as deaths from fentanyl surge
As drug overdose deaths continue to hit
record highs
, according to the CDC, opioid overdose deaths that involved alcohol also increased about 41% during the first year of the pandemic. In fact, overdoses from alcohol, along with overdoses of other drugs in which alcohol was involved, are second to liver disease as the top underlying factors for alcohol-related deaths. Liver disease makes up a third of deaths involving alcohol, according to White.
White also said that the increasing rate of deaths involving alcohol is a reflection of increasing alcohol consumption.
`` Nationwide, there was about a 3% increase in alcohol sales, which is the biggest increase... in 50 years, '' he said.
The numbers reflected in the study are probably underestimates, though. White said alcohol is not always reflected in a death certificate, even if it is involved with the death. For example, death certificates `` way underestimate '' the role of alcohol in traffic fatalities.
`` Deaths involving alcohol reflect hidden tolls of the pandemic, '' the researchers wrote in the study.
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Considering these trends, White said it's important for care providers to start thinking about what's causing this uptick in the first place, to increase screening to and openly ask patients about their alcohol use.
`` We need to help people learn how to cope in healthy ways, '' he said. `` It's not enough to prevent unhealthy behavior. We need to go that next step and promote healthy behavior. ''
Although the numbers are grim, White is somewhat optimistic: `` I also see hope in this. We're beginning to understand what needs to be done to turn this around. '' | general |
US sets the stage for contentious call with China's Xi | Biden and Xi spoke for nearly two hours Friday, according to the White House, with the US setting the stage for a stern warning that Chinese firms would pay a serious price if the Beijing government heeds Russian President Vladimir Putin's pleas for military and economic aid. The call found the US surmounting one of its deepest-set foreign policy fears -- risking an open clash with China while simultaneously facing down Russia -- in another extraordinary geopolitical shuffle triggered by the Ukraine war. It also put Biden in the odd position of seeking the tacit cooperation of the nation seen as America's most powerful rising foe to suppress its historic Cold War rival of the second half of the 20th century.
Given that China is known for ruthlessly pursuing its own interests and has no interest in shoring up the Western-led world order that Putin is seeking to buckle, it seems fanciful that Xi will choose what the US sees as the right side of history on the Ukraine conflict -- at least until its own economic self-interest dictates a change of course. And US-China relations are so toxic that many analysts had been predicting a new Cold War in the Pacific between the rivals, before the original version reignited in Europe with Putin's invasion of Ukraine at the end of last month.
The theatrics of a call that was closely watched around the world can not be dismissed. Just by holding the conversation, and publicizing it heavily beforehand, Biden sent a signal to Putin that his `` no limits '' friendship forged with Xi in Beijing shortly before the invasion may not be as significant as the Russian leader had hoped. The conversation also fosters an impression that Washington sees China as the key global power other than itself -- instead of Moscow.
It comes as a surprisingly swift and effective Western and international front has clamped a devastating economic, banking, cultural, sporting and diplomatic boycott on Russia. Any significant help from China for Russia could, therefore, be hugely valuable to Putin, possibly allowing him to offset some of the isolation and economic blight in his country and sustain his brutal Ukraine war longer.
Two US officials told CNN this week that Russia had asked China for military support, including drones, as well as economic assistance following the invasion. The US also informed allies in Asia and Europe in a diplomatic cable that China has expressed some openness to offering such help. Both Russia and China have denied that there have been any such requests.
Any pledge from Xi not to break international sanctions on Russia would be seen as a major victory for Biden, though it's possible the Chinese would seek concessions from the US for such a move -- possibly over Trump-era tariffs.
A tough warning for China
Secretary of State Antony Blinken on Thursday offered a robust preview of the call, saying that `` China will bear responsibility for any actions it takes to support Russia's aggression, '' and that the US `` will not hesitate to impose costs '' on China if it does so.
His comments were a barely disguised hint that Chinese firms could face secondary sanctions if the government in Beijing offers aid to Moscow. That would be a concern for Xi's government given the current slowing of China's traditionally soaring growth rates and the economic consequences of the latest Covid-19 surge. The US President may have some leverage since Chinese Foreign Minister Wang Yi told Spanish Foreign Minister José Manuel Albares on Monday that China was not a party to the conflict and `` still less wants to be affected by the sanctions, '' according to the official Xinhua News Agency.
Xi's government has attempted to adopt a delicate balance throughout the Ukraine crisis.
It has a clear interest in Putin's attempt to use the conflict to weaken democracy, the West and the rule of international law. And if the United States is bogged down for years in Europe, it could frustrate Washington's goal of pivoting military, intelligence and diplomatic resources to Asia to deal with broader consequences of China's rise.
But China's long-term economic interests are also at risk if the Ukraine war sends the global economy into reverse. So Beijing has sought to create a diplomatic middle ground, refraining from criticizing Putin but seeking to avoid going to a point of no return with the US -- and its significant trading partners in the European Union.
While China has not formally condemned the invasion, Xi did stress the situation was `` worrisome, '' that China was `` deeply grieved '' by the war and that it would `` work actively '' to support a peaceful settlement. Those comments came in a video call with French and German leaders last week, Xinhua reported.
Beijing also endorsed comments made by its ambassador to Ukraine, Fan Xianrong, that were quoted in a press release from the Lviv regional government. `` China will never attack Ukraine. We will help, especially economically, '' Fan said in comments that appear incompatible with any possible Chinese military aid to Putin's war effort.
But in line with a desire to discredit the US, China's media has also amplified false Russian propaganda that Washington had funded biological weapons labs in Ukraine. The conspiracies are seen by Washington as a possible precursor to a `` false flag '' event that Moscow might use as a ruse to deploy such weapons.
The Biden White House is making the case that China's straddle on the war is unsustainable. The issue appeared to have been the subject of tough exchanges on Ukraine during a seven-hour meeting in Rome this week between US national security adviser Jake Sullivan and Chinese foreign policy chief Yang Jiechi in Rome, which the US side describes as `` intense. ''
Biden's call on Friday was expected to be equally frank.
`` This is an opportunity for President Biden to assess where President Xi stands, '' White House press secretary Jen Psaki told reporters Thursday, promising that her boss would be `` candid '' and `` direct '' on the call.
What could change China's mind?
Robust US rhetoric running up to the telephone call, which almost verges on scolding of China, would not seem likely to improve the chances of a successful conversation. Xi, who has adopted an increasingly nationalistic and belligerent tone in foreign policy, is unlikely to want to seem to be bowing to US pressure. The American rhetoric might also reflect the tense nature of most of the contacts between the Biden administration and China so far in the US President's term. And it may be indicative of low expectations in the White House of success on the call following Sullivan's reception in Rome.
Beijing is showing every sign of trying to keep its options open and avoiding committing itself beyond its own area of interests.
`` I think there is a mismatch in the views about what the optics are, '' said Scott Kennedy, trustee chair in Chinese business and economics at the Center for Strategic and International Studies in Washington. `` Either you are with Russia or you are with Ukraine and the rest of the world '' is one view, Scott said but, `` I think China's view is that there is a third path, an unaligned path. ''
Still, the longer the war drags on, the harder China's choices could get, and it might find itself forced to adopt a tougher stand toward Moscow -- one that could make Xi's new friendship with Putin look like a strategic error.
In the long term, China has little to gain from a prolonged economic crunch because of the war. While it has a strong trading relationship with Russia, the value of its exports to the United States and the European Union are worth many times more in dollar value. And Chinese growth prospects are intertwined with the American and European economies in a way that gives the West leverage if it were to sanction China for aiding Moscow's war effort.
Years of higher crude prices could also hurt China's oil-thirsty manufacturing sector. And the current year is also an important one for Xi, who is set to secure a third term at the Community Party's National Congress in the fall, cementing his status as one of his country's most historic leaders alongside Mao Zedong.
Economic disruption from Ukraine that worsens the knock-on effects of a new Covid-19 wave, which saw restrictions imposed in the crucial southern trading city of Shenzhen, could also disrupt Xi's hopes for a smooth political year.
Kennedy suggested several possibilities that could prompt Xi to reconsider his current path regarding Russia. First, if the war starts to go even more poorly for Putin and it threatens his own rule. `` They don't want to back a loser, '' Kennedy said of the Chinese. Then, if the so-far unified Western front against Russia is sustained -- and might be turned on China if it seeks to breach the sanctions barricade against Moscow -- Xi might shirk from a serious confrontation.
Dramatic course shifts were unlikely following the call. But if the President is able to pry China even a slight bit away from Putin -- or give Russia the impression he has done so -- he may be able to claim some progress. | business |
Henkel: Half-year financial report 2021 ( 2.23 MB) | Half-year Financial Report
2021
January through June 2021
H e n k e l H a l f - y e a r F i n a n c i a l R e p o r t 2 0 2 1
Contents
2
Henkel Group: Key financials
in million euros
1-6/2020
1-6/2021
+/-
Sales
9,485
9,926
4.7%
Adhesive Technologies
4,153
4,752
14.4%
Beauty Care
1,818
1,839
1.1%
Laundry & Home Care
3,460
3,275
-5.3%
Operating profit ( EBIT)
1,094
1,296
18.5%
Adjusted1 operating profit ( adjusted EBIT)
1,191
1,430
20.1%
Return on sales ( EBIT margin)
11.5%
13.1%
1.5pp
Adjusted1 return on sales ( adjusted EBIT margin)
12.6%
14.4%
1.9pp
Net income
777
947
21.8%
Attributable to non-controlling interests
1
5
> 100%
Attributable to shareholders of Henkel AG & Co. KGaA
776
942
21.4%
Earnings per preferred share
in euros
1.79
2.18
21.8%
Adjusted1 earnings per preferred share
in euros
1.96
2.40
22.4%
At constant exchange rates
30.1%
Return on capital employed ( ROCE)
10.0%
13.0%
2.9pp
pp = percentage points
Note: All individual figures in this report have been commercially rounded. Addition may result in deviations from the totals indicated.
H e n k e l H a l f - y e a r F i n a n c i a l R e p o r t 2 0 2 1
3
Henkel Group: Key financials
Summary: Half-year results
Summary: Half-year results
Interim Group management report
Sales: 9,926 million euros, nominal growth 4.7%
Interim consolidated
financial statements
Organic sales growth:
Review report
Henkel Group: 11.3%
Adhesive Technologies: 20.2%
Responsibility statement
Beauty Care: 5.2%
Report of the Audit Committee
Laundry & Home Care: 3.9%
of the Supervisory Board
Multi-year summary
Credits
Contacts
Financial calendar
Adjusted1 return on sales ( adjusted1 EBIT margin):
Adjusted1 earnings per preferred share ( EPS): 2.40 euros, nominal growth 22.4%, at constant exchange rates 30.1%
Major events
H e n k e l H a l f - y e a r F i n a n c i a l R e p o r t 2 0 2 1
4
Henkel Group: Key financials
Summary: Half-year results
Interim Group management report
Interim Group management report
Interim consolidated financial statements
Review report
Responsibility statement
Report of the Audit Committee of the Supervisory Board
Multi-year summary
Credits
Contacts
General economic conditions
The general economic conditions described in this section are based on data published by IHS Markit.
Global economic development in the first six months of 2021 continued to be impacted by the effects of the COVID-19 pandemic.
Following the economic slump in 2020 as a result of the pandemic, the global economy recovered noticeably in the first half of 2021, with gross domestic product growing by approximately 7 percent year on year. This growth was driven particularly by a double-digit percentage increase of approximately 10.5 percent in the second quarter.
At approximately 8 percent, global unemployment was on a par with the first six months of 2020. Year on year, consumer prices rose by around 3 percent in global terms.
Prices for raw materials, packaging, and purchased goods and services increased significantly compared to the first six months of 2020.
On the currency markets, the US dollar depreciated against the euro in the first six months of 2021 versus prior year, with the average coming in at 1.21 US dollars. In the emerging markets, in particular the Turkish lira and Russian ruble experienced strong devaluation.
Sectors of importance for Henkel
Financial calendar
Economic recovery was appreciable in both the mature markets
and the emerging markets.
The mature markets grew by approximately 6 percent. Economic
output in Western Europe and North America expanded by
approximately 6.5 percent in the first six months of 2021, while
it moderately increased in Japan by approximately 3 percent
year on year.
The emerging markets also registered a significant recovery,
with economic growth of approximately 9 percent. Economic
output in the emerging markets of Asia ( excluding Japan) in-
creased by approximately 10.5 percent in the first six months
of 2021. Compared to the first half year of 2020, economic out-
put in Latin America rose by approximately 8 percent, and in
Eastern Europe by approximately 6 percent. The Africa/Middle
East region recorded slight economic growth of approximately
1 percent.
According to IHS Markit, private consumption increased in the wake of economic recovery by approximately 7 percent in the first six months of 2021. Consumer spending rose in both North America and Western Europe, with improvements of approximately 8.5 percent and approximately 4 percent re- spectively. Consumption in the emerging markets grew by approximately 9 percent.
The industrial production index ( IPX) rose notably by approximately 11 percent according to IHS Markit, primarily due to the significant recovery in industrial demand in the first half of 2021. This in turn was mainly driven by an increase of approximately 16.5 percent in the second quarter, with the prior-year period having been particularly hard hit by the impacts of the COVID-19 pandemic. In the first six months of the year, the IPX gained approximately 8 percent in the mature markets and approximately 13.5 percent in the emerging markets.
H e n k e l H a l f - y e a r F i n a n c i a l R e p o r t 2 0 2 1
5
Henkel Group: Key financials
Business performance January-June 2021
Organic sales growth
Summary: Half-year results
Key financials
+11.3%
Interim Group management report
in million euros
1-6/2020
1-6/2021
+/-
Sales
9,485
9,926
4.7%
Interim consolidated
Operating profit ( EBIT)
1,094
1,296
18.5%
Adjusted1 EBIT
financial statements
1
1,191
1,430
20.1%
Adjusted operating profit ( adjusted EBIT)
margin
Return on sales ( EBIT margin)
11.5%
13.1%
1.5pp
Review report
Adjusted1 return on sales ( adjusted EBIT margin)
12.6%
14.4%
1.9pp
14.4%
Net income - attributable to shareholders of Henkel AG & Co. KGaA
776
942
21.4%
Responsibility statement
Adjusted1 net income - attributable to shareholders of Henkel AG & Co. KGaA
847
1,040
22.9%
Earnings per preferred share
in euros
1.79
2.18
21.8%
Report of the Audit Committee
Adjusted1 earnings per preferred share
in euros
1.96
2.40
22.4%
of the Supervisory Board
pp = percentage points
Adjusted1 EPS
1 Adjusted for one-time expenses and income, and for restructuring expenses.
Multi-year summary
Credits
Sales
Sales development
2.40€
Contacts
Financial calendar
Henkel's business performance in the first six months of 2021 was very strong compared to the prior-year period, which had been significantly impacted by the effects of the COVID-19 pandemic.
In the first half of 2021, Group sales increased by 4.7 percent to 9,926 million euros. Currency effects had a negative impact of -7.0 percent on sales. Conversely, acquisitions and divestments caused an increase of 0.4 percent in sales. Organically ( i.e. adjusted for foreign exchange and acquisitions/
in percent
Sales
Change versus previous year
Foreign exchange
Adjusted for foreign exchange
Acquisitions/divestments
Organic
Of which price
Of which volume
Q2/2021
4,958
8.8%
-6.5%
15.3%
0.1%
15.2%
2.5%
12.7%
1-6/2021
9,926
4.7%
-7.0%
11.7%
0.4%
11.3%
2.1%
9.2%
Development of adjusted1 EPS at constant exchange rates
+30.1%
divestments), sales grew by 11.3 percent.
All business units and regions contributed to the sales growth.
The Adhesive Technologies business unit recorded double- digit organic sales growth of 20.2 percent, supported by a significant recovery in the global economy. Sales growth in the Beauty Care business unit was very strong, with an increase of 5.2 percent driven primarily by a significant recovery in the Professional business area. The Laundry & Home Care business unit generated strong organic growth of 3.9 percent, after
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Henkel AG & Co. KGaA published this content on 18 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 March 2022 11:12:05 UTC. | business |
Brookfield Business Partners to Acquire La Trobe Financial | BROOKFIELD, NEWS, March 18, 2022 ( GLOBE NEWSWIRE) -- Brookfield Business Partners L.P. ( NYSE: BBU; TSX: BBU.UN) and Brookfield Business Corporation ( NYSE, TSX: BBUC) ( collectively “ Brookfield Business Partners ”) together with institutional partners ( collectively “ Brookfield ”) today announced an agreement to acquire La Trobe Financial ( “ La Trobe ”), a leading Australian non-bank lender and asset manager, for approximately $ 1.1 billion including a contingent payment tied to the business achieving certain performance milestones.
Founded in 1952, La Trobe Financial is a prominent Australian diversified credit asset manager with more than A $ 13 billion in assets under management. La Trobe manages fixed income credit funds on behalf of more than 50,000 qualified retail investors, primarily in residential property-backed loans. It also plays a critical role in the Australian real estate credit market by financing loans to high-quality borrowers.
“ We are pleased to expand our presence in Australia with the acquisition of La Trobe Financial, one of Australia’ s leading mortgage originators and asset managers, ” said Len Chersky, Managing Partner, Brookfield Business Partners. “ We intend to invest in La Trobe Financial to support its growth and look forward to building on the business’ foundation of continuous growth and profitability. ”
Investment Highlights
Funding
Brookfield’ s initial investment will be funded with approximately $ 765 million of equity, of which Brookfield Business Partners intends to invest approximately $ 250 million, and the balance from institutional partners. Prior to or following closing, a portion of Brookfield Business Partners ' commitment may be syndicated to other institutional investors.
Transaction Process
The transaction is subject to customary closing conditions and regulatory approvals, including approval by Australia’ s Foreign Investment Review Board. Closing is expected in the second quarter of 2022.
Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors have flexibility to invest in our company either through Brookfield Business Partners L.P. ( NYSE: BBU; TSX: BBU.UN), a limited partnership, or Brookfield Business Corporation ( NYSE, TSX: BBUC), a corporation. For more information, please visit https: //bbu.brookfield.com.
Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management’ s Private Equity Group. Brookfield Asset Management is a leading global alternative asset manager with approximately $ 690 billion of assets under management. More information is available at www.brookfield.com.
For more information, please contact:
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION
Note: This news release contains “ forward-looking information ” within the meaning of Canadian provincial securities laws and “ forward-looking statements ” within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Business Partners, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “ expects, ” “ anticipates, ” “ plans, ” “ believes, ” “ estimates, ” “ seeks, ” “ intends, ” “ targets, ” “ projects, ” “ forecasts ” or negative versions thereof and other similar expressions, or future or conditional verbs such as “ may, ” “ will, ” “ should, ” “ would ” and “ could. ”
Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Partners to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.
Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; including as a result of the ongoing novel coronavirus ( SARS-CoV-2) pandemic, including any SARS-CoV-2 variants ( collectively, “ COVID-19 ”); the behavior of financial markets, including fluctuations in interest and foreign exchange rates; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; changes in accounting policies and methods used to report financial condition ( including uncertainties associated with critical accounting assumptions and estimates); the ability to appropriately manage human capital; the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation within the countries in which we operate; governmental investigations; litigation; changes in tax laws; ability to collect amounts owed; catastrophic events, such as earthquakes; hurricanes and pandemics/epidemics; the possible impact of international conflicts and other developments including terrorist acts and cyber terrorism; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.
In addition, our future results may be impacted by various government mandated economic restrictions resulting from the ongoing COVID-19 pandemic and the related global reduction in commerce and travel and substantial volatility in stock markets worldwide, which may negatively impact our revenues, affect our ability to identify and complete future transactions, impact our liquidity position and result in a decrease of cash flows and impairment losses and/or revaluations on our investments and assets, and therefore we may be unable to achieve our expected returns. See “ Risks Associated with the COVID-19 Pandemic ” in the “ Risks Factors ” section included in our Management’ s Discussion and Analysis of Financial Condition and Results of Operations in our Form 20-F for the year ended December 31, 2020.
We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, Brookfield Business Partners undertakes no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.
2022 GlobeNewswire, Inc., source Press Releases | business |
Sanofi Preps API Spinoff for Paris Exchange Listing | Two years after the company spun out its pharmaceutical ingredient operations, Sanofi ( ENXTPA: SAN) is listing the API company on the Paris stock exchange. Sanofi has a 30% stake in Euroapi, and will continue to hold that ownership post-transaction, the company said on Friday. The Euroapi board of directors unanimously proposed to submit 58% of shares to shareholders, at a price of & # 128; 3.33 per share, according to the announcement. The deal is subject to approval at a May 3, 2022 shareholders meeting. The move comes amid a broad Sanofi corporate rebrand, with 6,000 jobs cut, a pruned pipeline and a revamped logo and brand image. In a February interview with Endpoints News, a Sanofi spokesperson mentioned that the drug ingredients business would be teased for an IPO, as long as the market conditions allowed it. However, because of volatile market conditions connected to the Russian invasion of Ukraine, already-existing Sanofi shareholders will receive an additional cash dividend. The company would have preferred to go with an IPO because it & # 146; s the more established value generator, a company spokesman told Endpoints Friday, but decided that this was the safest way to go considering the state of the market. The company also wanted to stay with its timeline of listing shares by the end of the first half of 2022 to ensure consistency in the supply chain, the spokesman said. Though Euroapi was born before the Covid-19 pandemic truly had a stranglehold on the world, it has become a vital part in curbing the pandemic. French Tech Souveraineté will purchase 12% of shares for up to & # 128; 150 million, and as a result, it will add Benjamin Paternot and another member to the board of directors. & # 147; Despite volatile market conditions, Sanofi has decided to move forward with the listing process of EUROAPI, & # 148; the company said in a press release. & # 147; As an independent stand-alone company, EUROAPI will be able to fully unlock its growth potential, offering the best alignment of strategy, value creation and financial objectives for all of Sanofi & # 146; s shareholders & # 148;. | business |
Hang Seng Community COVID Support: Youth Placement Programme Providing 150 Short-term Job Opportunities for Recent Graduates ( 18 March 2022) | 18 March 2022
Hang Seng Community COVID Support: Youth Placement Programme
Providing 150 Short-term Job Opportunities for Recent Graduates
In its latest initiative to support the Hong Kong community to overcome the challenges created by the COVID pandemic, Hang Seng Bank is launching a 'Youth Placement Programme ' ( 'YP Programme ') today to provide 150 recent graduates with the opportunity to earn some income and gain six months of valuable work experience to help them transition into the workplace.
The YP Programme follows on the heels of the Bank's HK $ 10 million Community COVID Support Programme, launched in February, which included charitable donations of rapid antigen tests and COVID care packages to various local NGOs for distribution to vulnerable groups across Hong Kong, and the setting up of a Well- being and General COVID Support Hotline in collaboration with the Hong Kong Family Welfare Society.
The YP Programme aims to enhance the employability of young people who are facing increased difficulties in finding a job in the current environment. Participants in the Programme will benefit from exposure to and experience of working in the banking industry, and will also gain useful vocational and soft skills to enhance their competitiveness.
All opportunities under the Programme, which are for a fixed term of six months, provide participants and their families with some additional income amid the pandemic. Any university graduates who obtained a bachelor's degree in any discipline between 2020 and 2022 is eligible and welcome to apply.
The employment market in Hong Kong has been adversely affected by the pandemic. According to the Census and Statistics Department, the seasonally adjusted unemployment rate stood at 4.5% for the period between December 2021 and February 2022. However, the situation has been particularly challenging for young people. Among those between 20 to 24 years old, the unemployment rate during the same period was 8.0% 1. Towards the end of last year, the Secretary for Labour and Welfare Bureau noted that a lack of work experience was a key reason for the high youth unemployment rate.
1 Source: Detailed statistical tables on labor force, employment, unemployment and underemployment ( December 2021 to February 2022), The Census and Statistics Department, Government of the HKSAR, not seasonally adjusted) https: //www.censtatd.gov.hk/tc/EIndexbySubject.html? pcode=D5250021 & scode=200
Hang Seng Community COVID Support: Youth Placement Programme/2
Elaine Wang, Head of Human Resources at Hang Seng, said: `` Hang Seng's approach to community investment places a strong emphasis on engaging young people and empowering them with the skills and knowledge that they need to thrive. By providing job opportunities to young people in these challenging times, we aim to help them improve their employability and develop good interpersonal and soft skills that will increase their competitiveness. ''
The opportunities offered under the YP Programme are specifically tailored for recent graduates and cover a variety of different roles within the Bank, such as frontline operations, back-office support, and information technology. Participants will receive training in areas such as financial literacy, banking operations, compliance and risk management. They can also make use of the resources and training platforms provided by the Bank to increase their work competencies by participating in a variety of free self-study training and learning courses.
The YP Programme is accepting applications from 21 March to 31 May 2022, with successful candidates expected to report for duty by mid-June 2022. Individuals who demonstrate strong talent will be considered for future employment by the Bank.
In addition to using general publicity and promotion channels, Hang Seng is collaborating with NGO partner St. James ' Settlement ( 'SJS ') to promote the YP Programme through `` I am... '' Youth Portal, a digitalised and personalised platform developed by SJS, and sponsored by Hang Seng, which offers young people timely and accurate career and academic advice. SJS will also help identify good potential candidates for the YP Programme through its employment services network and encourage them to apply.
Hang Seng is committed to help Hong Kong youths grow and to enhance their employability. In last year, the Bank had participated in the 'PROcruit C Project ', a talent matching and development initiative organized by the HKCCS, by offering job opportunities to undergraduates in a 12-month paid employment as ESG Assistants. The contract of these young talents will expire soon, the Bank will continue to hire them and to support them to pursue their career.
Hang Seng will also continue to develop and launch future-skills learning opportunities for young people to help them strengthen their ability to adapt and thrive in a fast-changing environment.
# End #
Hang Seng Community COVID Support: Youth Placement Programme/3
Photo Caption
Photo 1
Hang Seng's Youth Placement Programme is accepting applications from 21 March to 31 May 2022.
Photo 2
Elaine Wang, Head of Human Resources hopes Hang Seng's Youth Placement Programme will help enhance the employability of young people while equipping them with both technical and soft skills needed in the workplace.
Hang Seng Community COVID Support: Youth Placement Programme/4 | business |
BP CEO Looney's 2021 pay package more than doubles to around $ 5.9 million | BP's 2021 profits hit an eight-year high on higher oil and gas prices, after a loss the previous year which was marked by collapsing fuel demand due to coronavirus restrictions.
( $ 1 = 0.7614 pounds)
( Reporting by Shadia Nasralla; editing by Jason Neely) | business |
Longest-serving U.S. congressman, Alaska's Don Young, dies at 88 | The 88-year-old congressman died while traveling home to Alaska, his office said.
`` Don Young's legacy as a fighter for the state will live on, as will his fundamental goodness and honor. We will miss him dearly, '' the statement said.
His office did not give the cause of death. The Anchorage Daily News reported that Young lost consciousness on a flight from Los Angeles to Seattle and could not be resuscitated. The newspaper report cited Jack Ferguson, who had served as Young's chief of staff.
Young was Alaska's only member in the House of Representatives. The longest-serving member of the current U.S. Congress, according to his website, he represented Alaska for 25 terms and last year he filed to enter this November's election.
`` I 'm incredibly saddened to hear of the passing of Don Young, '' U.S. Representative Steve Scalise, the No. 2 Republican in the House, said in a statement.
`` He was a passionate champion of his home state of Alaska, but he was also a mentor who, as the Dean of the House, had more institutional knowledge of Congress than anyone I know, '' Scalise said.
U.S. Representative Dean Phillips, a Democrat from Minnesota, said on Twitter: `` His fiercely independent voice for Alaska and one of a kind wit and character will be missed. ''
Young was born in California in 1933 and moved to Alaska in 1959, shortly after statehood.
In Congress, he was known for directing billions of dollars of federal money to Alaska, the largest state in the country but with one of the smallest populations.
In late 2020, Young was diagnosed with COVID-19 after he had earlier ridiculed the disease as a `` beer virus. ''
( Reporting by Eric Beech, Chris Gallagher and Yereth Rosen; Editing by Raju Gopalakrishnan and Kenneth Maxwell) | business |
Tight COVID-19 measures slow China's trucked LNG sales in several provinces | In this week’ s highlights: Prospects of a modest oil price recovery in the coming months are growing...
Trucked LNG loading schedules have slowed at several LNG terminals in northern and southern China after tighter movement restrictions were imposed in some cities and provinces to control the largest COVID-19 outbreak in the country.
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China's intensifying anti-pandemic measures have caused demand destruction for oil and petroleum products, according to S & P Global Commodity Insights, which expects the effect of lockdowns on oil demand in March and April to be greater than rising oil prices.
COVID-19 exacerbates the impact of record high global spot LNG prices on China's gas demand amid expectations of slower economic growth in 2022.
President Xi Jinping on Thursday called for a `` swift containment '' of the outbreak but at a minimum socioeconomic development cost.
China recorded 2,388 confirmed COVID-19 cases and 1,742 asymptomatic infections March 17, latest government data showed. The outbreak has been severe in the cities of Jilin and Changchun in the northern Jilin province, the cities of Tianjin and Qingdao in the northern Shandong province, and the manufacturing hub of Shenzhen in the Guangdong province.
Downstream LNG supply has been affected by a mix of slowing business activity and logistical issues as companies grapple with some of the strictest restrictions in China since the start of the pandemic.
LNG terminal operators require truck drivers to produce a qualified nucleic acid test report within 48 hours of reporting for duty. Transportation between some cities has been restricted, affecting trucked LNG distribution, market sources said.
Jilin province has no LNG terminal, but the daily loading trucked LNG schedule at PipeChina's 6 million mt/year Dalian LNG terminal in the adjacent Liaoning province fell 43% to 20 trucks on March 15, from March 1, according to domestic information provider JLC.
Daily trucked LNG loadings scheduled at PetroChina's 10 million mt/year Tangshan LNG terminal in the Hebei province in northern China plunged 68% to eight trucks in the first half of March, the data showed.
The loadings scheduled at state-owned Sinopec's 10 million mt/year LNG terminal slumped 66.7% to five trucks during the same period, while Sinopec's 7 million mt/year Qingdao LNG terminal in Shandong province saw its loadings plummet 81.3% to 30 trucks.
Scheduled loadings at PipeChina's 6 million mt/year LNG terminal in Tianjin dropped 34.6% to 85 trucks in the first half of March, JLC data showed. PipeChina's Tianjin LNG terminal has the highest number of trucked LNG sales, which hit a record high of 646 trucks per day on Nov. 12, according to the provincial government.
PipeChina's 7 million mt/year Shenzhen Diefu LNG terminal in southern China loaded five trucks of LNG on March 15, down 95% from March 1, according to JLC data.
These terminals together account for 15% -20% of China's total trucked LNG supply that can average about 2,500-3,500 trucks per day. Downstream end-users of natural gas typically sign purchase contracts with a gas supplier, and terminals schedule loadings based on volume and contract terms.
China's overall trucked LNG loadings, the highest in the world, were about 15% lower than the total planned volume over recent weeks, a local market source said.
Domestic demand for natural gas, particularly LNG, has been dampened by high global prices.
The Platts JKM benchmark for spot LNG in Northeast Asia averaged $ 35.87/MMBtu over Feb. 16-March 15 for April-delivery cargoes on a DES basis, up about 50.9% month on month, according to S & P Global data.
The price was equivalent to about Yuan 11,000/mt after adding taxes and fee. China's LNG terminals maintained their trucked LNG offers in the week ended March 18 due to high import costs and relatively low inventories, market sources said.
Trucked LNG prices for coastal terminals and inland plants averaged Yuan 8,078/mt March 16, mostly unchanged from early March, data from the Shanghai Petroleum and Natural Gas Exchange showed. The prices were above the breakeven level for many businesses.
High prices of natural gas and chemicals used as raw materials have forced ceramics factories, which operate more than 700 ceramic production lines in the Guangdong province, to operate at half of their capacity, the lowest for this time of the year in recent years, Ceramics Information, or CI, a Foshan government-backed information provider, said March 10.
Some ceramics factories in Foshan that had resumed operations after the Lunar New Year holiday were forced to shut down again after natural gas prices exceeded Yuan 7/cu m, the CI said, citing suppliers.
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NACI recommends kids get Pfizer COVID-19 vaccine, calls Moderna suitable alternative | OTTAWA — The National Advisory Committee on Immunization has released new guidelines that favour giving kids a Pfizer-BioNTech COVID-19 vaccine over the newly approved Moderna version.
Health Canada approved Moderna's pediatric COVID-19 vaccine for kids ages six to 11 on Thursday.
The risk of heart inflammation, known as myocarditis, in Moderna's child-sized dose is unknown, but the adult dose carries a slightly higher risk of the rare adverse complication in adolescents when compared to the vaccine from Pfizer-BioNTech.
The advisory committee says Moderna's vaccine can be offered to kids as an alternative, but the Pfizer dose is preferred for the first two shots because of the potential risk for myocarditis.
Moderna's vaccine does appear to be slightly more effective, according to indirect data in the adult population.
For that reason, the committee says a three-dose regimen of Moderna may be considered for some immunocompromised kids.
This report by The Canadian Press was first published March 18, 2022.
© 2022 The Canadian Press. All rights reserved., source Canadian Press DataFile | business |
Italy approves decree to curb energy costs, strengthen anti-takeover powers | * Latest energy price-capping scheme is worth 4.4 bln euros
* Italy's economy facing increasingly weak growth outlook
* Funding of measures to lean on extra profits from energy firms
ROME, March 18 ( Reuters) - Italy on Friday approved measures to help consumers and firms cope with surging energy costs exacerbated by the Ukraine crisis, in a wide-ranging decree that also strengthens Rome's powers to shield key assets from foreign bids.
The package, worth 4.4-billion euro ( $ 4.86 billion), is the latest step to curb energy and fuel prices and comes on top of some 16 billion euros budgeted since last July to try and soften electricity and gas bills for firms and households.
`` We have taken important and motivated measures to respond to the consequences on our country of the war in Ukraine, '' Prime Minister Mario Draghi told a news conference after a cabinet meeting on the issue.
The measures are funded by taxing extra profits of energy firms that benefited from surging energy prices and will not worsen the public deficit. The levy takes the form of a 10% one shot contribution on profit margins that rose significantly in the last six months on an annual basis.
`` This redistributive intervention... allows us to avoid extra borrowing and keep public accounts under control, '' Draghi said.
Rome last autumn targeted the fiscal gap to fall to 5.6% of GDP this year from 7.2% in 2021.
In beefing up Rome's `` golden power, '' the decree introduces a specific set of measures to oversee and block takeovers and commercial agreements on 5G networks and cloud technology.
Firms operating in these two sectors will be required to supply on an annual basis considerably more detailed notification to the authorities for proposed mergers and supply deals.
A new 10-member body at the prime minister's office will be responsible for vetting any potentially sensitive deals, said a draft decree seen by Reuters.
Since the golden power was introduced in 2012, government authorities have blocked foreign forays into Italy six times. Five of those headed off Chinese bids, and four have come since Draghi took office 13 months ago.
The government also told public authorities to replace anti-virus software linked to Russia, and says it is considering measures to block exports of raw materials to shield domestic industries from shortages.
In the energy part of the decree, Rome set out plans to cut excise duties on petrol and diesel. This would cut prices paid at the pump by 25 cents per liter until the end of April.
Italy's economy, which grew 6.6% last year following a record contraction of 9.0% in 2020 caused by extended coronavirus lockdowns, is now facing an increasingly weak growth outlook.
The Treasury is preparing to downgrade Italy's growth target significantly below 4% this year from a previous 4.7% goal made last autumn, a government source said.
( $ 1 = 0.9051 euros) ( Writing by Gavin Jones, Angelo Amante and Giuseppe Fonte; Editing by Leslie Adler, Bernard Orr) | business |
US sets the stage for contentious call with China's Xi |
Blunt US rhetoric heading into
President Joe Biden's
call with
Chinese President Xi Jinping
suggests that a meeting of the minds on
Russia's brutality in Ukraine
is unlikely, and reflects the current bitter tensions between Washington and Beijing.
Biden and Xi are
due to speak at 9 a.m. ET Friday
, with the US setting the stage for a stern warning that Chinese firms would pay a serious price if the Beijing government heeds Russian President Vladimir Putin's
pleas for military and economic aid
. The call will find the US surmounting one of its deepest-set foreign policy fears -- risking an open clash with China while simultaneously facing down Russia -- in another extraordinary geopolitical shuffle triggered by the Ukraine war. It also puts Biden in the odd position of seeking the tacit cooperation of the nation seen as America's most powerful rising foe to suppress its historic Cold War rival of the second half of the 20th century.
Given that China is known for ruthlessly pursuing its own interests and has no interest in shoring up the Western-led world order that Putin is seeking to buckle, it seems fanciful that Xi will choose what the US sees as the right side of history on the Ukraine conflict -- at least until its own economic self-interest dictates a change of course. And US-China relations are so toxic that many analysts had been predicting a new Cold War in the Pacific between the rivals, before the original version reignited in Europe with Putin's invasion of Ukraine at the end of last month.
The theatrics of a call that will be closely watched around the world can not be dismissed. Just by holding the conversation, and publicizing it heavily beforehand, Biden is sending a signal to Putin that his `` no limits '' friendship forged with Xi in Beijing shortly before the invasion may not be as significant as the Russian leader had hoped. The conversation also fosters an impression that Washington sees China as the key global power other than itself -- instead of Moscow.
It comes as a surprisingly swift and effective Western and international front has clamped a devastating economic, banking, cultural, sporting and diplomatic boycott on Russia. Any significant help from China for Russia could, therefore, be hugely valuable to Putin, possibly allowing him to offset some of the isolation and economic blight in his country and sustain his brutal Ukraine war longer.
Read More
Two US officials told CNN this week that
Russia had asked China
for military support, including drones, as well as economic assistance following the invasion. The US also informed allies in Asia and Europe in a diplomatic cable that China has expressed some openness to offering such help. Both Russia and China have denied that there have been any such requests.
Any pledge from Xi not to break international sanctions on Russia would be seen as a major victory for Biden, though it's possible the Chinese would seek concessions from the US for such a move -- possibly over Trump-era tariffs.
A tough warning for China
Secretary of State Antony Blinken on Thursday offered a robust preview of the call, saying that `` China will bear responsibility for any actions it takes to support Russia's aggression, '' and that the US `` will not hesitate to impose costs '' on China if it does so.
His comments were a barely disguised hint that Chinese firms could face secondary sanctions if the government in Beijing offers aid to Moscow. That would be a concern for Xi's government given the current slowing of China's traditionally soaring growth rates and the economic consequences of the latest Covid-19 surge. The US President may have some leverage since Chinese Foreign Minister Wang Yi told Spanish Foreign Minister José Manuel Albares on Monday that China was not a party to the conflict and `` still less wants to be affected by the sanctions, '' according to the official Xinhua News Agency.
4 ways China is quietly making life harder for Russia
Xi's government has attempted to adopt a delicate balance throughout the Ukraine crisis.
It has a clear interest in Putin's attempt to use the conflict to weaken democracy, the West and the rule of international law. And if the United States is bogged down for years in Europe, it could frustrate Washington's goal of pivoting military, intelligence and diplomatic resources to Asia to deal with broader consequences of China's rise.
But China's long-term economic interests are also at risk if the Ukraine war sends the global economy into reverse. So Beijing has sought to create a diplomatic middle ground, refraining from criticizing Putin but seeking to avoid going to a point of no return with the US -- and its significant trading partners in the European Union.
While China has not formally condemned the invasion, Xi did stress the situation was `` worrisome, '' that China was `` deeply grieved '' by the war and that it would `` work actively '' to support a peaceful settlement. Those comments came in a video call with French and German leaders last week, Xinhua reported.
Beijing also endorsed comments made by its ambassador to Ukraine, Fan Xianrong, that were quoted in a press release from the Lviv regional government. `` China will never attack Ukraine. We will help, especially economically, '' Fan said in comments that appear incompatible with any possible Chinese military aid to Putin's war effort.
But in line with a desire to discredit the US, China's media has also
amplified false Russian propaganda
that Washington had funded biological weapons labs in Ukraine. The conspiracies are seen by Washington as a possible precursor to a `` false flag '' event that Moscow might use as a ruse to deploy such weapons.
China's promotion of Russian disinformation indicates where its loyalties lie
The Biden White House is making the case that China's straddle on the war is unsustainable. The issue appeared to have been the subject of tough exchanges on Ukraine during a
seven-hour meeting
in Rome this week between US national security adviser Jake Sullivan and Chinese foreign policy chief Yang Jiechi in Rome, which the US side describes as `` intense. ''
Biden's call on Friday is expected to be equally frank.
`` This is an opportunity for President Biden to assess where President Xi stands, '' White House press secretary Jen Psaki told reporters Thursday, promising that her boss would be `` candid '' and `` direct '' on the call.
What could change China's mind?
Robust US rhetoric running up to the telephone call, which almost verges on scolding of China, would not seem likely to improve the chances of a successful conversation. Xi, who has adopted an increasingly nationalistic and belligerent tone in foreign policy, is unlikely to want to seem to be bowing to US pressure. The American rhetoric might also reflect the tense nature of most of the contacts between the Biden administration and China so far in the US President's term. And it may be indicative of low expectations in the White House of success on the call following Sullivan's reception in Rome.
Beijing is showing every sign of trying to keep its options open and avoiding committing itself beyond its own area of interests.
This was supposed to be Xi Jinping's big year. Instead, he's dealing with Covid and war
`` I think there is a mismatch in the views about what the optics are, '' said Scott Kennedy, trustee chair in Chinese business and economics at the Center for Strategic and International Studies in Washington. `` Either you are with Russia or you are with Ukraine and the rest of the world '' is one view, Scott said but, `` I think China's view is that there is a third path, an unaligned path. ''
Still, the longer the war drags on, the harder China's choices could get, and it might find itself forced to adopt a tougher stand toward Moscow -- one that could make Xi's new friendship with Putin look like a strategic error.
In the long term, China has little to gain from a prolonged economic crunch because of the war. While it has a strong trading relationship with Russia, the value of its exports to the United States and the European Union are worth may times more in dollar value. And Chinese growth prospects are intertwined with the American and European economies in a way that gives the West leverage if it were to sanction China for aiding Moscow's war effort.
Years of higher crude prices could also hurt China's oil-thirsty manufacturing sector. And the current year is also an important one for Xi, who is set to secure a third term at the Community Party's National Congress in the fall, cementing his status as one of his country's most historic leaders alongside Mao Zedong.
Economic disruption from Ukraine that worsens the knock-on effects of a new Covid-19 wave, which saw restrictions imposed in the crucial southern trading city of Shenzhen, could also disrupt Xi's hopes for a smooth political year.
Kennedy suggested several possibilities that could prompt Xi to reconsider his current path regarding Russia. First, if the war starts to go even more poorly for Putin and it threatens his own rule. `` They don't want to back a loser, '' Kennedy said of the Chinese. Then, if the so-far unified Western front against Russia is sustained -- and might be turned on China if it seeks to breach the sanctions barricade against Moscow -- Xi might shirk from a serious confrontation.
Dramatic course shifts are unlikely in Biden's call. But if the President is able to pry China even a slight bit away from Putin -- or give Russia the impression he has done so -- he may be able to claim some progress. | general |
Recent Ransomware Attacks & What We Learned | Ransomware is one of the most severe cyber threats facing businesses today. While this branch of cybercrime is far from new, it’ s surging – ransomware attacks grew by 105% globally in 2021 alone. Many recent ransomware attacks are also among the largest and most significant.
While this trend is alarming, it also presents organizations with an opportunity to improve. The biggest ransomware attacks of the past two years reveal important security lessons that businesses should take to heart.
European electronics retailer MediaMarkt suffered a massive ransomware attack in early November 2021. The attack affected as many as 3,100 servers, rendering cash registers across numerous stores incapable of accepting credit cards or printing receipts. Hive—the ransomware group behind the attack—initially demanded $ 240 million, though it reduced the ransom shortly afterward.
MediaMarkt didn’ t suspend operations after discovering the attack, but the company did limit in-store services and shut down some IT resources to contain it. After negotiating with Hive, MediaMarkt was able to lower the ransom to $ 50 million, though it remains unclear whether the company restored the compromised systems or paid the ransom.
The MediaMarkt attack is significant for its size and target. It highlights the growing trend of cybercriminals targeting retailers, who often have valuable data but may lack cybersecurity resources. The high initial demand also emphasizes attackers’ growing confidence and greed. Security professionals in retail sectors must prepare for increasingly severe attacks.
Another one of the biggest ransomware attacks in recent years struck Kaseya in July 2021. The attack on the IT company trickled down to 1,500 organizations by infecting roughly 50 managed service providers using Kaseya’ s products.
The infamous REvil group demanded $ 70 million to restore the damage, though Kaseya refused to pay. A third-party security firm developed a universal decryption key to undo the attack, but its sheer scale was enough to capture Homeland Security’ s attention. The Cybersecurity and Infrastructure Security Agency ( CISA) published ransomware guidelines less than two weeks later.
This attack highlights the importance of not paying the ransom, as Kaseya was able to avoid paying $ 70 million and restore their systems. It also demonstrates how attacks on one entity can spread to many others, like how the recent Red Cross hack targeted a third-party data center and affected more than 500,000 people.
REvil was behind another of the latest ransomware attacks, too. The May 2021 attack on JBS Foods—a meat producer—halted production in at least five facilities, including the company’ s five largest.
JBS opted to pay the ransom, which totaled $ 11 million. While security professionals advise against paying these ransoms, the company says they did it to avoid further disruption, including meat shortages in restaurants and grocery stores across the nation.
The JBS attack is one of the highest-profile examples of a ransomware attack on industrial facilities. These targets have become increasingly popular as Industry 4.0 technology adoption outpaces that of new security measures. It also stands as a warning of ransomware’ s increasing complexity, as the attack was too sophisticated for JBS to undo without paying.
The Colonial Pipeline incident is one of the most infamous ransomware attacks in recent history. The attack resulted in gas shortages and widespread panic as one of the country’ s largest pipelines shut down. Despite its massive scale, the attack itself was fairly straightforward: exploiting a legacy VPN profile that didn’ t have multi-factor authentication ( MFA) turned on.
One day after the May 7 attack, Colonial Pipeline paid the $ 5 million ransom to resume operations and fight the resulting gas shortage. However, the FBI was able to recover $ 2.3 million from a Bitcoin wallet belonging to DarkSide, the group behind the attack.
This incident provided a painful reminder of how vulnerable the nation’ s critical infrastructure is. As governments and private companies incorporate more connected technologies into these systems, they must also improve their security. Without measures like encryption, microsegmentation, MFA, and network monitoring, cyberattacks could cause massive damage.
Another infamous ransomware group, Netwalker, struck the University of California at San Francisco ( UCSF) on June 3, 2020. Researchers at the school had been researching a cure for COVID-19 when the malware encrypted its files. It’ s unclear how it initially infected the system, but it likely came from a phishing email.
Netwalker initially demanded $ 3 million in ransom, but UCSF negotiated it down to $ 1.14 million. The school paid the ransom, unable to decrypt its systems otherwise. UCSF wasn’ t alone, either, as researchers found that Netwalker had targeted at least two other universities within two months of this attack.
Schools are difficult environments to secure and often contain valuable financial and personal information. As a result, they make ideal ransomware targets and may find themselves increasingly targeted in the future. Educational organizations must take cybersecurity as seriously as businesses do.
These recent ransomware attacks aren’ t the only instances in 2021 and 2020. These incidents are becoming alarmingly frequent, but each attack highlights a shortcoming or developing trend to notice. Cybersecurity professionals must pay attention to these developments to stay ahead of threats and reduce their vulnerabilities.
CIO Insight offers thought leadership and best practices in the IT security and management industry while providing expert recommendations on software solutions for IT leaders. It is the trusted resource for security professionals who need to maintain regulatory compliance for their teams and organizations. CIO Insight is an ideal website for IT decision makers, systems integrators and administrators, and IT managers to stay informed about emerging technologies, software developments and trends in the IT security and management industry.
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Ford CEO Jim Farley's 2021 compensation nearly doubles | DETROIT — Ford Motor Co. CEO Jim Farley's total compensation soared 93 percent to $ 22.8 million in 2021, his first full year as the company's chief executive.
The increase is largely attributed to Farley's stock awards, which more than tripled to about $ 16 million, according to the company's annual proxy statement filed Friday. Farley's pay included a $ 1.7 million base salary, up 19 percent over 2020. His compensation also included $ 830,305 for personal use of aircraft.
Ford executives hit 135 percent of their business performance targets in 2021, compared to just 23 percent the previous year at the beginning of the coronavirus pandemic. Ford said executives exceeded cash flow, pretax earnings and quality targets, although they achieved none of their revenue goals.
Despite ongoing challenges from semiconductor shortages, Ford posted 2021 net income of $ 17.9 billion, after racking up a $ 1.3 billion loss in 2020 as the pandemic spread. The company's 2021 earnings included a $ 7.4 billion profit in North America.
Ford posted adjusted EBIT for 2021 of $ 10 billion, roughly four times its 2020 earnings. Coupled with an EBIT margin of 7.3 percent, it was Ford's strongest performance since 2016. Ford's 2021 revenue totaled $ 136 billion, up from $ 127 billion in 2020, marking the second consecutive year it generated more revenue than General Motors. | general |
Dealer wins right to open Denver-area Kia store | A federal judge in Colorado has cleared the way for Kia America and Emich Automotive to open a new point over objections by two of the automaker's four current dealerships in the Denver metropolitan area.
Chief U.S. District Judge Philip Brimmer ruled that the proposed Kia store in the Denver region's only available area of prime responsibility, or APR, `` is in the public interest and is fair and equitable '' to the challengers.
In October 2018, the automaker told existing stores that it intended to open a new point to replace the Denver East APR's Shortline Kia, which closed in 2015, the Feb. 23 decision said. Colorado's dealership law requires manufacturers to provide at least 60 days ' notice to existing dealers in the relevant market area of a new, reopened or relocated store.
Arapahoe Kia in Centennial, in the automaker's Denver Southeast APR, and Peak Kia in Littleton, in the Denver South APR, sued. They alleged violations of the state law and bad faith. The new point, Emich Kia, is 7.7 air miles from Arapahoe Kia and 9.3 air miles from Peak Kia.
Emich Automotive already had two Volkswagen franchises and a Chevrolet franchise. Emich Kia will operate in a Denver building the dealership group has been using for sales and service of used vehicles, said General Manager Fred Emich IV.
`` We're so excited we finally got through it, '' Emich told Automotive News. `` It's been a long, long time. '' He said Kia America is in the process of issuing a market clearance letter and amending the letter of intent. The store is expected to open in mid- to late April.
Brimmer reviewed conflicting evidence from a four-day nonjury trial concerning inventory, the performance of the challengers ' dealerships, competition from other manufacturers, local economic and market conditions, market penetration and population growth.
The decision said Kia has been underrepresented locally since Shortline's termination, its brand penetration there is `` much lower than expected, '' and existing stores don't provide adequate representation.
`` Kia has been underperforming as a brand for many years '' in metropolitan Denver, with a `` lower share of shelf space '' there than its national average, it said.
Brimmer wrote that the challengers had `` experienced tight inventory before COVID-19 and the microchip shortage, specifically with respect to the Telluride, but high demand for Kia vehicles has also led to tight inventory. ''
He found no proof that other Denver-area dealerships received preferential treatment in allocations and said inventory problems didn't deny the challengers an opportunity for `` reasonable growth and expansion. ''
He noted that the challengers had entered the market expecting five metro area dealerships and that an expert testified that the number of potential sales was adequate for Emich Kia to succeed without draining sales from Peak Kia or Arapahoe Kia.
Although the challengers argued that it wouldn't be in the public interest if their viability were threatened by competition from Emich Kia, Brimmer said the new store would benefit customer convenience and increase competition.
A Kia America spokesman declined to comment on the case. | general |
FedEx, US Steel fall; Moderna, Tesla rise | NEW YORK ( AP) — Stocks that traded heavily or had substantial price changes Friday:
FedEx Corp., down $ 9.07 to $ 218.91.
The package delivery company's fiscal third-quarter earnings fell short of Wall Street forecasts.
GameStop Corp., up $ 3.09 to $ 90.79.
The video game retailer beat Wall Street's fourth-quarter revenue forecasts.
United States Steel Corp., down $ 1.59 to $ 32.96.
The steelmaker gave investors a disappointing first-quarter profit forecast.
Moderna Inc., up $ 10.67 to $ 178.93.
The drug developer asked U.S. regulators to authorize a fourth dose of its COVID-19 vaccine for adults.
Bank of America Corp., down 13 cents to $ 42.90.
Bond yields slipped and weighed down banks, which rely on higher yields to charge more lucrative interest on loans.
Bank of New York Mellon Corp., down 21 cents to $ 52.30.
The bank expects a loss of $ 100 million in revenue during the quarter because of its pullback from business in Russia.
SolarEdge Technologies Inc., down $ 2.09 to $ 312.51.
The photovoltaic products maker priced a stock offering at a discount to its previous closing price.
Tesla Inc., up $ 33.79 to $ 905.39.
The electric vehicle maker reportedly restarted production at its Shanghai plant after a two-day halt.
Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source Associated Press News | business |
REFINERY NEWS ROUNDUP: Asian refiners look at alternatives to Russian crude | In this week’ s highlights: Prospects of a modest oil price recovery in the coming months are growing...
Asian refiners would have little problem sourcing alternatives to Russian crude oil, but end-users hope to see OPEC and its allies more than double the scale of the producer group's monthly production hike due to increasing feedstock cost burdens and faltering oil inventory levels, market participants said at the S & P Global Commodity Insights 9th Asian Refining and Petrochemicals Summit.
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Asian refiners would have little problem sourcing alternatives to Russian crude oil, but end-users hope to see OPEC and its allies more than double the scale of the producer group's monthly production hike due to increasing feedstock cost burdens and faltering oil inventory levels, market participants said at the S & P Global Commodity Insights 9th Asian Refining and Petrochemicals Summit.
Asia's top crude importers including India, South Korea and Japan, are relatively unscathed by Russian supply disruptions in the wake of the Ukraine war and Western sanctions levied against Moscow's financial sector, as the Asian buyers ' reliance on Russian crude is relatively low, Hisashi Miyagawa, crude oil trading manager at P66, said during a panel discussion at the S & P Global summit.
As Russian crude makes up around 3% -5% of major Asian economies ' overall refinery feedstock imports, finding alternative sources wouldn't be too troublesome, Miyagawa said, indicating that light sweet WTI crude would be one of the top alternative options for regional end-users considering Asian refiners ' extensive and well-established US crude trading network.
But run rates could nonetheless come under pressure in the coming months on the back of high oil prices and tight feedstock availability, speakers at summit said.
`` We're expecting significant run rate cuts at existing refineries due to the tight supply of crudes worldwide, and it will take time for the market to get balanced again, '' Royston Huan, analyst for strategy and market research at PetroChina, said.
Australia's Viva Energy will no longer buy crude oil of Russian origin and the company made efforts to resell Russian-origin oil that it purchased before the Ukraine-Russia conflict, the refiner said in a statement March 8. The Australian refiner indicated that two Russian-origin oil cargoes were purchased from international trading companies prior to the conflict and are due to arrive over the next two months. Viva Energy has explored options to dispose of these cargoes, but there are no credible buyers willing to take the barrels in the current market, the company said.
Thailand is poised to reduce Russian crude imports due to financial and logistical hurdles and increase light sweet crude purchases from Southeast Asia, Africa and North America to fill any gaps, market and trading participants said March 9. State-run PTT often buys Far East Russian Sokol crude, while the country takes small volumes of ESPO crude from the Far East Russian market time to time, according to feedstock management sources at Thai refiners and petrochemical companies. Thailand's overall energy purchases from Russia will likely drop sharply in the coming months as companies find arranging finance from banks to buy Russian products ever more difficult.
Meanwhile, Russia is looking to boost its oil exports to India after a dramatic decline in interest for its oil among Western consumers since the country's invasion of Ukraine, Russian deputy prime minister Alexander Novak said March 10.
In other news, Indonesia's Balikpapan refinery continued operations after a fire at the plant the morning of March 4 local time, according to local media reports. The fire had been swiftly put out, the report said, citing the company. The company was investigating cause of the fire.
Pakistan's gasoline consumption growth is expected to hover at close to double digits over the next three years on rising auto sales, while gasoil demand will grow at around half that rate, despite the push toward cleaner fuels, CEO of Pakistan State Oil Syed Muhammad Taha told S & P Global Commodity Insights in an interview. `` In the next two to three years, motor gasoline demand is expected to increase by 8% to 10% per annum owing to the significant increase in economic activity, '' Taha said.
`` Moreover, another factor which would keep growth in line with expectations is the announcement of the new auto policy, which will bring different variants of automobiles into the market and hence increase sales, '' he added.
Taha, who is also the managing director of PSO, added that Pakistan's economic growth in the current fiscal year ending June 30 is expected to be around 8%, compared with 11% in the previous fiscal year, when growth rebounded from a lower base the year before.
`` For high speed diesel or gasoil, we expect growth to be around 4% -5% over the next few years as it is linked with economic growth emanating mainly from the manufacturing and agricultural sectors, '' he said.
* * South Korean refiner GS Caltex plans to shut its 125,000 b/d No. 1 crude distillation unit at Yeosu for a one-month turnaround, traders said. The company also plans to shut its 66,000 b/d vacuum residue hydrocracker for maintenance, but details of the schedule were not known.
* * Indonesian state-owned Pertamina's Balongan refinery is undergoing a large-scale maintenance since early March, the company said March 9.
* * Taiwan's Formosa Petrochemical restarted its 180,000 b/d crude distillation unit at its Mailiao refinery in February after the refiner shut the unit Jan. 27 due to a fire at a 36,000-b/d delayed coker on Jan. 21, company sources said. The refiner restarted the delayed coker early March, one of the sources said.
* * South Korean refiner S-Oil plans to shut its 240,000 b/d No. 2 CDU at Onsan for one month from early March for turnaround. In addition to the No. 2 CDU, the company also plans to shut its No. 1 residue fluid catalytic cracker with a capacity of 73,000 b/d for maintenance.
* * Petron plans to shut its Bataan refinery in the Philippines from early second quarter for one month, a source close to the company said Feb. 21. `` Should be early Q2, the exact date is not fixed yet... having turnaround in Q2 for one month, '' the source said.
* * South Korean refiner Hyundai Oilbank plans to shut its No. 1 CDU at Daesan for a turnaround over several weeks in April-May. It operates two CDUs with a combined capacity of 520,000 b/d -- the No. 1 with 160,000 b/d and No. 2 with 360,000 b/d -- at its Daesan complex. `` The company will not shut the other CDU for maintenance this year so as to keep its crude run rate high as refining margins have been improving, '' an official said.
* * South Korea's top refiner SK Innovation plans to shut its No. 1 CDU with a capacity of 60,000 b/d at its main complex in Ulsan on the country's southeast coast for a month between March and April 2022 for regular maintenance, a company official said. SK Energy operates the Ulsan complex that runs five CDUs with a combined capacity of 840,000 b/d: the 60,000 b/d No. 1 CDU, 110,000 b/d No. 2 CDU, 170,000 b/d No. 3 CDU, 240,000 b/d No. 4 CDU, and 260,000 b/d No. 5 CDU. SK Innovation has focused on raising utilization rates of upgraders to maximize profitability, the official said, noting that its 64,000 b/d No. 1 residue fluid catalytic cracker and its 90,000 b/d No. 2 RFCC were run at 90% in Q3, compared with 67% and 86% a year earlier, respectively, and 79% and 102% in Q2, respectively.
* * New Zealand's Refining NZ said that work to prepare the site and staff at its Marsden Point refinery for the transition to a terminal is `` well advanced. '' Marsden Point refinery will convert operations to an import-only fuel terminal Channel Infrastructure from April 1, 2022. In November, the company's board took the final investment decision confirming the change of operations to a terminal called Channel Infrastructure. It has previously said that in the months preceding the conversion it will focus on `` the ongoing operation of our refinery '' and the `` safe shutdown and decommissioning of refinery assets. '' Separately, Refining NZ said in December 2021 that together with Fortescue Future Industries, it is studying the `` feasibility of production, storage, distribution, and export of industrial-scale green hydrogen from Marsden Point. '' Work on the study will begin in early 2022.
* * ExxonMobil Australia will integrate the common infrastructure between the Altona refinery in Melbourne and the new Mobil Melbourne fuel import and storage terminal over the course of 2022, with the conversion expected to be carried `` over the next few years. '' The infrastructure that is not part of the future terminal will be safely decommissioned. The process of shutting down the refinery started at the end of August 2021 after the company announced its plans to close it in February 2021. Most facilities have been halted, but some parts of the refinery, including the flares and boilers, will continue to operate in 2022 `` to ensure a safe site. ''
* * BP Australia is undertaking a feasibility study on producing green hydrogen at the Kwinana refinery site. It will work on the project in partnership with Macquarie Capital and with funding from the Western Australian government. The company plans to repurpose the site as a clean energy hub, `` which will include the production of renewable fuels, '' it said. BP also said it was `` already underway with plans to develop a renewable fuels plant at the site, producing sustainable aviation fuel and renewable diesel. '' BP announced its plan to shut the refinery in October 2020, and wind down refining activities over the following six months. Refining activities were completed by March 2021.
* * India's Bharat Petroleum Corp. Ltd. is planning to shut its No. 1 CDU with a 120,000 b/d capacity, and an associated unit train for routine maintenance at its Mumbai refinery from mid-May, a company source said. The No. 2 CDU at Mumbai will continue to operate, although overall throughput at the refinery will be lower, the source said, adding that the plans were subject to the omicron variant not leading to a large spike in infections in India. A turnaround for around a month at a 10,000 mt/day diesel hydrotreater at the refinery is also planned from mid-July, the source said.
* * India's Mangalore Refinery and Petrochemicals plans a short maintenance shutdown in the first quarter of the next fiscal year starting April 2022, company officials said. The refinery has no plans in place to carry out any maintenance till the end of the current fiscal year in March 2022.
* * India's Kochi refinery has no plans to carry out any maintenance shutdown in fiscal year 2021-22 ( April-March). The next maintenance shutdown will be for 30 days to carry out an annual turnaround, which is due every four years. The annual turnaround would be in the second half of fiscal 2022-23.
* * India's state-run BPCL-owned Bina refinery in central India will have a planned shutdown in 2022. The shutdown will be for regular maintenance and comes after four years. `` The duration and magnitude of the shutdown are still being worked out, '' said a senior official at the refinery.
* * India's Reliance is planning maintenance at Jamnagar in Q3, according to trading sources. The maintenance was originally planned for March, but has been deferred.
* * Indonesia's Balikpapan refinery is in the process of building an RFCC unit, which is expected to be operational in 2024 and have a 90,0000 b/d capacity. In the first phase of the refinery upgrade, scheduled to be completed in 2024, the facility would see its total refining capacity increase from 260,000 b/d to 360,000 b/d. In the second phase, the refinery would have increased flexibility in its crude oil supply, enabling it to process sour crude with sulfur content of as much as 2%. The second phase is scheduled for completion in 2026.
* * Pertamina's Balongan refinery is upgrading and aims to increase capacity to 150,000 b/d. It is also upgrading its residue cracking unit and expects to complete the revamp in 2022. The unit will have 83,000 b/d capacity. The project is expected to be completed in 2026. Pertamina will build the project in three phases. The first phase will raise refining capacity to 150,000 b/d by 2022, from 125,000 b/d currently. The second and third phases will increase the product yield from the refinery, including from the new petrochemical plant.
* * Pertamina is carrying out upgrades at Cilacap, Dumai and Plaju refineries. Pertamina will go ahead and revamp its Cilacap refinery without Saudi Aramco, raising capacity from 348,000 b/d to 370,000 b/d. In May 2020, Pertamina and South Korean Consortium DH Global Holdings Co signed a memorandum of understanding for the upgrade of the Dumai refinery complex, with plans to increase the refinery's operating capacity.
* * India's HPCL expects higher refining margins from its Vizag refinery on the east coast in 2023-24, after the completion of a residual bottom upgrade. Vizag refinery's modernization project, involving capacity expansion, will be complete by December 2022. The project is expected to be completed in March 2022, while the residual bottom upgrade has been set to be completed by December 2022. The capacity expansion project has been delayed by three years, mainly on account of the pandemic. The expansion aims to raise the refinery's existing capacity of 8.3 million mt/year to 15 million mt/year. The modernization project involves installation of primary processing units such as a CDU, replacing one of the three existing CDUs, a hydrocracker, and a naphtha isomerization unit. The initial deadline for the completion of the project along with a bottom-upgrade program was March 2020.
* * India's Indian Oil Corp. will invest around $ 1.2 billion for a new crude pipeline system to connect the Mundra port on the west coast with its Panipat refinery in northern India. The proposed new pipeline system will have a nameplate capacity of 17.5 million mt/year. `` The project is expected to be completed within 36 months, and would be synchronized with the commissioning of the Panipat refinery expansion project, '' IOC said in a regulatory filing in December. The project will meet enhanced crude oil demand arising from the capacity expansion of the refinery from 15 million mt/year to 25 million mt/year by 2025. The expansion project will be part of a petrochemicals integration plan for Panipat refinery. The expansion program includes an Indmax unit for deriving maximum value from the petrochemical molecule, a polypropylene unit, and a lube complex for producing lube oil base stock.
* * India's Numaligarh Refinery Ltd. has finalized more details of the new diesel hydrotreating unit it will be installing as part of its multi-year expansion. Toyo Engineering Corp. said Dec. 9 that its Toyo Engineering India subsidiary had been awarded a contract by NRL for the engineering, procurement, construction and commissioning of 3.55 million mt/year diesel hydrotreating unit. The finalization of the details came on the back of the refiner saying in May it will use Honeywell's UOP technology to produce clean-burning diesel fuel in compliance with India's Euro 6 emissions standards, and increase crude oil conversion. NRL is undertaking a project to triple its capacity to 9 million mt/year. Axens will provide technical support and license a naphtha hydrotreating unit, continuous catalytic reforming unit, isomerization, and fluid catalytic cracker. The company was aiming to complete the expansion project by 2025.
* * SK Innovation and Energy has selected Honeywell UOP for a feasibility study to retrofit the hydrogen plant at its Ulsan refinery with carbon capture. SK will `` explore capturing and sequestering 400,000 tons of carbon dioxide '' from the existing hydrogen production assets. From 2026, the CO2 will be reinjected in depleted natural gas reservoirs, Honeywell said. `` With the global demand for hydrogen expected to grow significantly within the next decade, hydrogen producers need a low-cost carbon capture system to help them meet their sustainability goals, '' said Ben Owens, vice president and general manager, Honeywell Sustainable Technology Solutions.
* * Indian Oil Corp. has received environmental clearance for a capacity upgrade project at its Mathura refinery. The capacity expansion project includes residue upgrade and distillate yield improvement programs. The upgraded crude processing capacity will be 11 million mt/year.
* * India's Nayara Energy will complete the first phase of its petrochemicals expansion project, including the setting up of a 450,000 mt/year polypropylene plant, in 2023 at its 20 million mt/year refinery complex at Vadinar in Gujarat. Nayara, as part of its broader plan for its petrochemicals vertical, will set up a new propylene recovery unit along with upgrading the existing fluid catalytic cracking and LPG treatment units.
* * Reliance Industries Ltd. has no investment commitment for any refinery capacity expansion plan at its Jamnagar integrated complex, company officials have said. Reliance has two refineries at the world's biggest refinery complex in Gujarat on India's west coast with a combined capacity of 68.2 million mt. Reliance has received environmental clearance for a capacity expansion proposal at its export-focused refinery from 35.2 million mt to 41 million mt. Reliance also applied for regulatory clearance for a capacity expansion proposal at its domestically focused refinery from a capacity of 33 million mt/year to 40.5 million mt. However, it aborted the proposal after marketing conditions changed.
* * State-run Indian Oil Corp. has awarded an engineering, procurement, construction, and commissioning contract to Paris-based Technip for its expansion project at the Barauni refinery in the eastern state of Bihar. The contract involves the installation of a 1 million mt/year `` once-through '' hydrocracker unit, a fuel gas treatment unit and associated facilities. The expansion project will raise its capacity by 50% to 180,000 b/d, and add petrochemicals such as polypropylene to its product portfolio. The initial plan for completing the capacity project was scheduled for 2021. But the second wave of the coronavirus pandemic may result in this being rescheduled.
* * IOC-owned Bongaigaon refinery plans to raise its capacity to 4.5 million mt/year.
* * IOC's Haldia refinery will launch a second catalytic dew axing unit with 270,000 mt/year capacity in 2023. The unit will produce advanced Group III Lubes Oil Base Stock. The unit is expected to be commissioned in January 2023.
* * IOC-owned Gujarat refinery's capacity expansion project is set to be over by Sept. 30, 2024, a delay of one-and-a-half years from the previous deadline. The delay is mainly due to the pandemic. The initial deadline was for 2020. The existing smaller capacity atmospheric unit and vacuum units will be replaced by a large atmospheric vacuum unit. The project also involves a revamp of the existing hydrogen generation unit, a new n-butanol processing unit and a revamp of the linear alkylbenzenes unit. IOC plans to raise the capacity of the Gujarat refinery to 360,000 b/d by March 2023, from the current 275,000 b/d.
* * IOC-owned Paradip refinery will install the first stage of a Grassroot Needle Coker Unit by using its own in-house technology. The proposed unit will have a Calcined Needle Coke production capacity of 56 kilotons/year. The company does not plan any expansion for its Paradip refinery, whose overall capacity is 15 million mt/year.
* * French company Axens has been selected to provide technological support to Chennai Petroleum's 9 million mt/year Cauvery Basin Refinery project at Nagapattinam in Tamil Nadu. IOC approved a proposal for a grassroots refinery project of its subsidiary Chennai Petroleum Corp. Ltd. at Cauvery basin, known as the Cauvery Basin Refinery. CPCL initially set up a refinery at the Cauvery basin in south India with a capacity of 500,000 mt/year in 1993, and later expanded the capacity to 1 million mt/year in 2002. Now, CPCL is expanding the capacity of CBR and as part of that, Axens will provide technologies for a Naphtha Hydrotreating Unit, Reforming unit ( Octanizing), C5-C6 isomerization unit, and VGO ( Vacuum Gasoil) Hydrotreater incorporating ZPJE spiraled tube heat exchangers technology.
* * Pakistan's National Refinery is considering installing a continuous catalytic reformer to produce Euro 5 motor gasoline while reducing production of naphtha to zero. The project is expected to take at least four or five years to complete. It is continuing to study the possibility of a hydrocracker/bottom-of-the-barrel upgrade, aimed at upgrading fuel oil to value-added products. For the highly capital-intensive project of converting fuel oil into diesel and naphtha a joint project among Pakistan's five refineries is under initial consideration. A joint venture is being considered to carry out the project as it is not feasible for low-capacity refineries on a standalone basis.
* * Pakistan's largest refiner, Cnergyico -- formerly Byco -- plans to convert the bulk of its fuel oil output capacity into producing gasoline and diesel meeting international Euro 5 standards, Chairman Mohammad Wasi Khan said in September 2021. Byco Petroleum typically produces 30% -40% fuel oil, or furnace oil as it is commonly called in the country, from each barrel of crude oil it refines. The product is mainly used by utilities for power generation. But furnace oil demand has weakened after utilities started using LNG, which is a cleaner alternative, said Wasi Khan. `` Byco started development work to modernize its refinery by launching the Upgrade-I project at the start of this year which would be completed by 2025, '' he said. Civil work on the site and the arrival of equipment and machinery are underway, and the company is getting ready to install additional units. `` Byco seeks to install 14 plants altogether, including fluid catalytic cracking and diesel hydro desulfurization units, '' Wasi Khan said. By the time it finishes, the company will have 19 plants at its oil refining complex.
This equipment will help convert the bulk of Byco's furnace oil output into Euro 5 compliant gasoline and diesel, and produce other high-quality fuels like jet fuel and kerosene. Meanwhile, Axens has been selected by Byco to support its upgrade projects Phases I, II and III. The scope of Axens ' work includes `` the supply of process design package for integration of three existing units into FCC gasoline hydrotreating configuration '' as well as catalysts and adsorbents for the sulfur recovery unit and distillate hydrotreaters 2 and 3, and distillate hydrotreater 3 reactor internals. The start-up date of the complete Phases I, II and III is expected in Q2, 2024. Currently Pakistan's Byco refinery is rebranding under the name of Cnergyico Pk Ltd.
* * Pakistan's Attock refinery reiterated in its latest financial report that it was in the process of upgrades, including of the diesel desulfurization unit. The Front End Engineering Design for the Continuous Catalyst Regeneration complex has been completed.
* * Pakistan Refinery Limited plans to complete its upgrade in five years, phasing out fuel oil and moving to Euro 5 grade diesel and gasoline to meet international standards and government requirements for a cleaner environment, said Zahid Mir, managing director and CEO of Pakistan Refinery. Pakistan Refinery would be expanding its capacity, doubling to 100,000 b/d while at the same time converting to a deep conversion refinery from the existing hydro skimming, Mir said. Following the completion of upgrades and expansion, the production of furnace oil in Pakistan will be significantly reduced from the existing 30% of refining output, and will substantially increase the production of diesel and motor gasoline, he said.
* * Pertamina will start producing biodiesel at its Cilacap Refinery Unit IV in December. It will begin to produce around 3,000 b/d of D-100 bbm, with an increased production of an additional 6,000 b/d of combined D-100 bbm and B30 biodiesel blend set to come on stream from December 2022. Units are also being built at Plaju refinery for an additional 20,000 b/d in biofuel production. Pertamina will use Honeywell UOP technology to produce advanced biofuels at Plaju and Cilacap.
* * Indonesia's TPPI has laid out the next steps of its upgrading works at its Tuban refinery, setting 2024 as the target for the completion of its new olefin project. TPPI will also continue with its aromatics revamping project. The olefins project is slated for completion by 2024, while the aromatics revamping project will be completed by 2022.
* * Petron Malaysia has been considering a plan to more than double capacity at its 88,000 b/d Port Dickson refinery in Malaysia to 178,000 b/d.
* * Hengyi Industries has selected a flexicoking technology for a second time as part of its expansion project in Pulau Muara Besar. The Brunei refinery already started up a 1.1 million mt/year flexicoking unit at the end of 2019. Hengyi Industries has selected the technology for its new Phase II expansion project. The flexicoking unit, due for a start-up in June 2024, will upgrade 2.1 million mt/year of vacuum residue, FCC slurry oil and steam cracker pyoil into valuable distillates and flexigas. Hengyi Industries will use `` advanced reforming and aromatics technologies '' from Honeywell UOP for the integrated petrochemical complex in Puala Muara Besar, Brunei. The Brunei complex will include an aromatics block comprising CCR Platformer to convert naphtha into aromatics, as well as an aromatics complex to recover high-purity paraxylene from mixed xylenes. The latter will produce up to 2.3 million mt/year of paraxylene. The complex will also include naphtha hydrotreater and olefin removal process unit among others. In addition, UOP is providing VGO unicracking unit and diesel unicracking unit targeting maximum naphtha production. The first phase of the Pulau Muara Besar refinery envisages crude processing capacity of 8 million mt/year, while in the second phase, the refinery will add 14 million mt/year of crude processing capacity, bringing overall capacity to 22 million mt/year.
* * A $ 4 billion clean fuel project is being undertaken at Thailand's Sriracha refinery. The upgrade is slated to be completed in 2023 and will increase the refinery's capacity from 275,000 b/d to 400,000 b/d, boosting the yield of cleaner products.
* * Two separate consortiums have submitted bids for the engineering, procurement, and construction contract to build, upgrade and expand the Dung Quat refinery in central Vietnam. The upgrade will raise the capacity of Dung Quat to 8.5 million mt/year from current 6.5 million mt/year.
* * Saudi Aramco and S-Oil signed a memorandum of understanding to collaborate on a $ 6 billion steam cracker and olefin downstream project at Onsan due for completion in 2024.
* * ExxonMobil announced a final investment decision at its Singapore complex. The project includes an expansion aimed at converting `` fuel oil and other bottom-of-the-barrel crude products into higher-value lube base stocks and distillates. '' Startup is set for 2023.
* * Petron plans to expand and upgrade its Bataan refinery in Limay. There was no timeline for when the expansion will take place. The refinery's capacity will be increased by 100,000 b/d of condensates and light crude oils, from current capacity of 180,000 b/d.
* * Malaysia's Pengerang Refining and Petrochemical integrated complex, also known as PRefChem, is expected to resume operations in Q2, possibly in May, according to market sources. Petronas has previously said it aimed for a restart in 2021. The refinery, also known as RAPID, had delayed its restart several times following a fire that broke out at the diesel unit in March 2020. The plant, part of the Pengerang Integrated Petroleum Complex at Johor in the south of the Malay peninsula, was launched in late 2019.
* * Vitol's refinery in southern Malaysia's Johor state is not expected to be online before the end of Q2 2022, the company said Jan. 21. The refinery, whose construction started in 2019, was likely to be operational in Q4 2021, but there have been some minor delays.
* * Mongolia is aiming to complete the construction of its maiden refinery project in 2025, according to a statement on the country's parliament website. Engineering work at the refinery in Dornogovi in the southeast of the country has been completed despite the disruptions caused by COVID-19. When the feasibility study was approved in December 2018, completion was expected for 2024, the statement said. It will have a 1.5 million mt/year capacity, with 66% of the output diesel and the rest 95 RON gasoline, LPG and jet fuel. The plant will cover 80% of the domestic demand for diesel and gasoline. Construction started in 2018.
* * Flow Petroleum Ltd, a Pakistan-based oil marketing company, has signed an agreement with Al Ghurair Investments, a large investment group in the UAE, for 100% ownership of a 120,000 b/d refinery named Trans Asia Refinery. It will be set up on 200 acres of land leased from Port Qasim Authority, Karachi, Pakistan.
* * India's proposed new 1.2 million b/d Ratnagiri refinery on the west coast is still facing delay due to `` local issues. '' Construction at the site was expected to start in 2020, but there were issues relating to land acquisition which had stalled the project. The location of the project has already moved once, from Ratnagiri district to Raigad district. The refinery is now expected to be commissioned in 2025, according to industry sources.
* * Pak-Arab Oil Refinery Limited will start physical works on its coastal refinery in 2021, after almost 13 years of delays. The refinery is expected to come online in 2025-26.
* * Indonesia's Pertamina decided to postpone the construction of a proposed 300,000 b/d Bontang refinery in East Kalimantan.
* * A Rosneft and Pertamina joint venture has signed a contract with Spanish Tecnicas Reunidas to design the construction of an oil refinery and petrochemical complex in Tuban, Indonesia. Primary processing design capacity is planned at up to 15 million mt/year, planned capacity at the petrochemical complex includes more than 1 million mt/year for ethylene and 1.3 million mt/year for aromatic hydrocarbons.
* * Sri Lanka has approved a $ 20 billion refinery project at the port town of Hambantota. The announcement follows the inauguration of a smaller refinery complex at the port, which has backing from the Oman Oil Company.
* * Indian Haldia Petrochemicals Ltd.'s proposal to invest $ 4.05 billion in an integrated refinery and petrochemicals facility in Balasore, India, has been granted approval by the Odisha state government.
* * Pakistan and Saudi Arabia are in talks to develop a 200,000-300,000 b/d refinery in Balochistan's Gwadar district for $ 10 billion.
* * A new HPCL project in Barmer, India, is due for completion by March 2023.
* * India's refinery project in Maharashtra, being developed by state-owned IOC, HPCL and BPCL, will start up around 2022-23.
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Opinion: Trump's 'America First ' policy is dead | Julian Zelizer, a CNN political analyst, is a professor of history and public affairs at Princeton University and author of the forthcoming book
`` The Presidency of Donald J. Trump: A First Historical Assessment. ''
Follow him on Twitter
@ julianzelizer
. The views expressed in this commentary are his own. View more
opinion
on CNN.
( CNN)
If the last two years have shown us anything, it's that America's strength depends on its international alliances.
The twin shocks of the Covid-19 pandemic and Russia's war on Ukraine have exposed the pitfalls of former President Donald Trump's so-called
America First policy
, which was premised on the idea that working with our allies requires the United States to contribute more than what we gain in return.
The pandemic revealed that the only way to handle a devastating virus in an age of global movement is through international coordination and cooperation. Sharing valuable research on the virus and information about caseloads or new variants, not to mention working across borders to distribute vaccines,
have all been
crucial to the fight
against the pandemic
.
And with Vladimir Putin waging war in Ukraine, the US has worked in concert with its allies to apply immense
economic pressure
on Russia and provide military support for Ukraine. The fact that an attack on any NATO country bordering Ukraine would trigger a fierce response from other members of the alliance remains an important check on Russia's territorial ambitions.
Today, we are seeing a revival of support for the international outlook that President Harry Truman promoted during the early Cold War. Of course, this support is less about ramping up military spending or committing US forces to fight against communist expansion around the globe, and more about his insistence that international alliances were crucial to US diplomatic and military success.
Read More
The only way to guarantee nuclear weapons are never used
With the bipartisan support of key Republicans such as Sen. Arthur Vandenberg of Michigan, Truman was able to forge ahead with his vision of liberal internationalism. When the United Nations was
established in October 1945
, the US became a key participant in the international body committed to achieving peace and strengthening global cooperation.
The Truman administration also invested in
growing a State Department
filled with first-rate diplomats who could offer their expertise and foreign policy assessments. In 1949, the US also joined the North Atlantic Treaty Organization with Truman
stating his hope
that the alliance would `` create a shield against aggression and the fear of aggression. ''
Liberal internationalism offered a powerful model for handling threats overseas. The political scientist G. John Ikenberry, a colleague of mine at Princeton, famously
argued
that the US succeeded in solidifying its power by working to craft stable and cooperative international institutions that limited the power of participants -- including its own -- in ways that were advantageous to all members.
Liberal internationalism was certainly far from perfect. After all, it was under this approach that the US went down the disastrous path of Vietnam. But the Vietnam War did not totally discredit the virtues of Truman's vision. In many ways, President Lyndon Johnson's greatest failure was ignoring key elements of this strategy -- and rejecting the French President Charles de Gaulle's proposal to
accept a negotiated settlement
, for example -- in favor of militarism.
Zelensky's stirring message to America
For decades, Truman's vision has come under continued attack. During the 1950s and 1960s, right-wing extremists
railed against
international institutions as some sort of liberal conspiracy to undermine America's strength. Robert Welch, the founder of the conspiracy-driven John Birch Society, once claimed that NATO was
a Communist `` hoax. ''
In the 1990s and early 2000s,
criticism of NATO grew
among conservatives who claimed that other countries took advantage of the US by forcing it to shoulder too much of the financial burden ( Some liberals, on the other hand, argued that the expansion of NATO was provocative to Russia after the Cold War had come to an end.) After the strong show of international support for the US after the horrific attacks on 9/11, President George W. Bush decided to launch a war against Iraq in 2003, despite
the opposition of key allies.
Bush also dismissed international agreements, such as the
1972 Anti-Ballistic Missile Treaty
and the
Kyoto Protocol
, as unnecessary inhibitions on US policymakers.
Then Trump revived America First
arguments
out of the far-right shadows and directly into the Republican mainstream, which included his ongoing criticism of NATO and warm relationships with adversarial leaders such as Putin. `` The United States is spending far more on NATO than any other Country, '' Trump
tweeted
before a summit in 2018. `` This is not fair, nor is it acceptable. '' To be sure, there have also been those on the left who have also attacked these institutions as well, sometimes from the perspective that they prop up powerful economic interests.
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and
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But the past few years have reminded us of the steep costs that come from going it alone. Working without alliances can often leave the US much weaker as a nation and without crucial resources that we need to contain serious and dangerous national security threats.
At a time when autocratic governments around the world are gaining strength and Russia and China appear to be
forging closer ties
, US policymakers must remember that alliances like NATO are greater than the sum of their parts. This has always been true in international affairs, and rarely has it been as urgent as it is today when we face so many threats that transcend national boundaries. | general |
Daniel Ricciardo: From withstanding searing heat to 'fighting tension in the body, ' how F1 star's performance coach prepares driver for the season ahead |
Australian personal trainer Michael Italiano previously had little knowledge of
Formula One
, but that soon changed when he received a surprise text message from an old acquaintance.
That message came from Formula One Daniel Ricciardo at the end of 2017, who wanted Italiano to travel the world with him as his performance coach.
The pair, who had met through mutual friends in Perth at the age of 12, hadn't discussed the possibility of working together before, and most of Italiano's experience of F1 had come from following Ricciardo's rise through the motorsport ranks over the years.
`` I used to watch the races, for sure, '' Italiano tells
CNN Sport
as he prepares to enter his fifth season alongside McLaren's Ricciardo.
`` Did I know the history behind it? No. Did I know the sport science behind it or how to train a Formula One driver? No. So 2018 was a lot of work. ''
Read More
The learning process entailed picking the brains of those around him in the F1 paddock, as well as scouring Google Scholar for any available information on the physical demands of driving headlong around a track for two hours.
But Italiano's responsibilities don't stop with drawing up fitness sessions for the 32-year-old Ricciardo.
An F1 performance coach is charged with ensuring their driver is in prime physical and mental condition at the start of every race -- something that means the pair spend 250 days of the year together.
Italiano takes responsibility for massages, nutrition, sleep, jet lag, mindfulness and anything in between to ensure race weekends run smoothly.
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`` It could be making sure his laundry is getting done, or even making sure he's having breakfast on time, or just cleaning up the room and making sure his backpack is packed and ready to go, '' explains Italiano.
`` Little things like that really add up [... ] giving him a schedule so that he doesn't have to think [... ] kind of running his week so he can just focus on racing. ''
Neck strength
The pair are now coming off the back of a three-month preseason in preparation for the first race of the season in Bahrain on Sunday.
Italiano has worked on building Ricciardo's neck strength -- a crucial requirement for drivers to withstand the G-force of tackling sharp corners at high speed.
And as the sport advances, engines get bigger and cars get faster, placing more demand on a driver's body each year, according to Italiano.
`` It's not about just hitting the markers with their neck strength; every year, they need to hit PBs [ personal bests ] pretty much, '' he says.
`` A typical corner on an F1 course might see drivers fighting against four to five G, which is about pulling roughly 35 kilos [ 77 pounds ] on your neck -- quite a big load.
`` You might think, 'Okay, it's a corner, it only lasts for one to two seconds. ' But you're doing it for two hours, so it can add up quickly. ''
This weekend's Bahrain Grand Prix will mark the start of Ricciardo and Italiano's fifth season together having teamed up while Ricciardo was with Red Bull.
In an attempt to build Ricciardo's neck strength, Italiano says he's studied other sports like the NFL, boxing and rugby for inspiration, while he also carries a neck harness with him throughout the season for flexion and extension exercises.
`` These guys are under tension in the body pretty much for two hours. They're fighting the car and the vibrations of the car, the resistance of the car, '' says Italiano.
That means whole-body strength and cardiovascular fitness become an important factor, too.
`` These guys are in fire-resistant suits, they don't breathe, '' Italiano continues. `` All of a sudden, thermoregulation of the body -- the ability for the body to cool down -- is heavily restricted.
`` They're low to the ground, the bitumen is so hot; they 've got an engine behind them, which is bringing in more heat.
`` The ability to cool down is just non-existent [... ] You start becoming dehydrated, you start lacking fluids, you start to fatigue.
`` And if you start to fatigue, your reaction times start to hinder. That starts happening, you start losing one or two tenths per lap in a Formula One race. It could be the difference between a podium and finishing in the top 10. ''
In the gym during preseason, Italiano has tasked Ricciardo with cardio sessions ( running, rowing and cycling), strength exercises ( deadlifts, squatting and bench-press) and core stability training.
`` We also emphasize training on the posterior chain [ muscles on the backside of the body ] because a lot of the braking loads -- when they're smashing that brake with their left foot -- is going through the calves, hamstrings and glutes, '' says Italiano.
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Mental preparation
Italiano's influence extends to Ricciardo's diet during race weekends -- meeting with the McLaren team chef to provide guidance on mealtimes, recipes and portion sizes -- adapting to hot climates and high altitudes, and assisting with recovery from travel and jet lag.
`` We hired a bit of a jet lag guru and we also have a jet lag app, which helps a lot with caffeine timing, light exposure, adapting to the time zone, '' he says.
`` The meal timing on a flight is a big one, and also exercise timing when you land can aid with sleep and getting on the right time zone. There are a lot of factors that affect jet lag. It was the number one thing we really, really tried to hone down on. ''
Then there's also mental preparation during a race weekend.
`` Something we talk a lot about is getting to that flow state on a Sunday, '' says Italiano. `` The Wednesday or Thursday, it's get everything off your chest day, where it's like: 'OK, mate, what's bugging you? What's on your mind? ' Just get it off your chest.
`` Qualifying, I like to get Daniel in a very calming state of mind because qualifying is about just perfecting the one lap. And Daniel, he performs very well in a relaxed state for qualifying.
`` Whereas race, we want him at an intensity level of about seven out of 10, we don't want him too intense because being too fired up can actually make your reactions worse if you're too fired up. ''
Come Sunday when the checkered flag falls at the start of the Bahrain Grand Prix, Italiano will be hoping that his painstaking preparation -- from calf strength to cardio, squats to sleep schedules -- bears fruit.
Ricciardo, who placed eighth in the driver standings last season, tested positive for Covid-19 last week, but has recovered in time to compete in this weekend's race.
Italiano juggles his work as Ricciardo's performance coach with his own online coaching platform,
MI Coaching
, which seeks to make elite-level performance training accessible to the public.
But F1 remains the priority. He anticipates there will be plenty of nerves as the season gets underway on Sunday, but excitement and curiosity, too.
`` There is an element of uncertainty and unknown, '' says Italiano, `` not knowing which teams have made gains and which teams are a step behind. I find it quite intriguing. ''
Those emotions are always accompanied by a sense of pride when he watches Ricciardo take to the racetrack.
`` It's been a massive inspiration to see a guy from the same city as me on the world stage, '' says Italiano. `` It's just inspiring to be with him and then also helping him. It gives me belief as a coach as well. '' | general |
North American Morning Briefing: Stock Futures Fall, Oil Gains with Ukraine and Fed Dominant | MARKET WRAPS
Watch For:
Existing Home Sales for February; Federal Reserve Bank of Chicago President Charles Evans and Federal Reserve Board Governor Michelle Bowman speeches
Opening Call:
Stocks looked poised to open lower Friday as the war in Ukraine and changes in U.S. monetary policy continued to loom large.
Overseas, the pan-European Stoxx 600 declined 0.1%, while Hong Kong's Hang Seng Index slipped 0.3%, after notching the biggest two-day gains since 1998 on Wednesday and Thursday.
`` Markets are trying to make sense of a hawkish FOMC that announced a dovish rate hike and believes it can tighten aggressively while maintaining growth, '' said Jeffrey Halley, an analyst at broker Oanda. `` Not helping was a lack of clarity from the Ukraine-Russia talks, on what so much of the market's recent asset class price action has been built on. ''
Not much has changed on the Ukraine front. There have been mixed messages on the status of diplomatic talks, while Russia's offensive on Ukrainian cities continues. The U.S. has made further commitments of military support to Ukraine, and Joe Biden is set to speak with Chinese President Xi Jinping later Friday about the conflict.
`` Biden will reportedly emphasize the U.S. will impose costs on China were it to support Russia in the conflict, '' said Jim Reid, a strategist at Deutsche Bank. `` U.S. intelligence warned that Vladimir Putin was likely to increase nuclear sabre rattling should the war drag on. This is something that hasn't come up since three weekends ago, so worrying news. ''
Economic Insight:
Consumer demand in the U.S. is likely to endure the purchasing power pinch from high inflation, with real consumption expected to grow 2.7% this year, said JPMorgan.
Savings will cushion part of the hit from higher prices, and a tight labor market is set to continue to boost households ' incomes, JPM said.
`` With households expected to maintain a steady profile of spending growth by drawing down excess savings, we expect the saving rate to drop to 4.9% by the end of this year, the lowest in more than a decade. ''
Tight labor markets are a relief for lower-income households as they are able to reap the benefits of faster earnings growth.
The Fed:
Looking beyond the Federal Reserve's March meeting earlier this week, Pimco expects higher inflation and concerns about inflation prospects to continue to weigh more heavily on Fed officials than downside risks to growth in the coming months.
As a result, Pimco keeps its baseline forecast unchanged, expecting that there will be rate rises at consecutive Fed meetings and a meaningful further tightening of policy throughout the year, U.S. economist Allison Boxer says. `` This faster pace of tightening raises the risk of a hard landing further down the road and suggests a higher risk of a recession over the next 2 years, `` she says. ( emese.bartha @ wsj.com)
-- -
Scott Ruesterholz, portfolio manager at Insight Investment said the current highs in inflation and lows in unemployment have raised concerns about the Fed being behind the curve, thus risking a hard landing into recession.
The Fed's policy trajectory remains uncertain, however, Ruesterholz said, adding that the interplay of geopolitics, inflation and growth are currently unclear. Insight Investment's base case is for five interest rate rises by the Fed this year.
Forex:
The dollar seems unable to benefit from the Fed's decision to raise interest rates and signal additional increases, said Unicredit Research.
The DXY Dollar Index was up 0.1% in Europe after falling in recent days but remains below the key 99.0000 level. Markets had already priced in a rapid increase in rates this year so the Fed's announcement Wednesday may have triggered some profit-taking to the dollar's detriment, Unicredit said.
`` Hopes of a breakthrough in negotiations between Russia and Ukraine lifting market sentiment might have been another possible reason that the dollar appears to be loosening its grip. ''
-- -
The Russian ruble will struggle to recover from its post-Ukraine war losses even if the country's central bank raises interest rates further in a policy decision Friday, said Commerzbank.
The analyst consensus forecast is that the central bank will leave its benchmark rate unchanged after hiking it to 20% from 9.5% in an emergency move in February but the monthly policy decision has lost much of its significance since Russia invaded Ukraine, said Commerzbank currency analyst Tatha Ghose.
Even if rates rise, it will `` hardly have any supporting function '' for the ruble, he said.
Commodities:
Oil prices remained volatile, holding above $ 100 a barrel amid warnings on supply tightness and pessimism on Russia-Ukraine peace breakthroughs. Sanctions on Russia have disrupted energy supply chains and oil has spiked as much as 30% in the span of a few weeks.
-- -
U.S. natural gas prices could gain on higher demand for liquefied natural gas exports, said Goldman Sachs, noting high gas utilization rates at U.S. LNG export plants.
It said the Ukraine war spurred European end-users to wean themselves off Russian natural gas supply and U.S. LNG exports could fill the gap. The market also appears tight, Goldman Sachs said.
`` With producer discipline still keeping supply growth well below pre-pandemic levels, we believe U.S. natural gas prices should be supported. ''
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The positive correlation between commodity prices and the dollar is likely to persist, said Goldman Sachs.
It said a strong dollar has historically weighed on commodities but this doesn't seem to be the case now. The current energy shortage is pushing up prices of many commodities. At the same time, the U.S. is a beneficiary of the shortage due to its position as a net energy exporter, Goldman Sachs said. This in turn is giving a boost to the dollar.
`` We continue to believe that commodities will defy a strong dollar and expect the FX-commodity correlation to remain positive. ''
-- -
Fears are mounting about the continued flow of Ugandan gold exports after the U.S. Treasury Department imposed sanctions on the country's largest gold refiner, African Gold Refinery, and its owner in a bid to remove conflict gold from global supply chains.
Sasha Lezhnev, policy consultant at The Sentry said the measures targeting the Ugandan entity, one of Africa's largest refiners that exports around 10 tons of gold every year, will shake up the global gold supply chain. `` Turning a blind eye to conflict gold now carries a heavy price, '' Lezhnev said.
Ugandan gold dealers have already been embroiled in a standoff with the Ugandan government since the start of the year over new levies on gold exports.
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Over 3.25 million have fled Ukraine, most to Poland | Hi, what are you looking for?
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More than 3.25 million refugees have fled Ukraine since the Russian invasion, the United Nations said Friday, with more than two million crossing the Polish border.
UNHCR, the UN refugee agency, said 3,270,662 people had joined the exodus since the war began on February 24, or another 100,765 since Thursday’ s update.
“ We have seen a general slowdown ” in flow since the early days of the conflict, said UNHCR spokesman Matthew Saltmarsh.
As for people still within Ukraine who have left their homes, “ It’ s safe to assume the number is considerably higher than two million ”, he said.
However, “ the pace and magnitude of the internal displacement and refugee exodus from Ukraine, as well as resulting humanitarian needs, will only increase if the situation deteriorates. ”
Some 90 percent of those who have fled are women and children, he added. Ukrainian men aged 18 to 60 are eligible for military call-up and can not leave.
The UN’ s International Organization for Migration said that as of Wednesday, 162,000 third-country nationals had fled the country.
The UNHCR initially estimated that up to four million people could leave Ukraine, but last week admitted that figure might well be revised upwards.
Before the conflict, Ukraine had a population of 37 million in the regions under government control, excluding Russia-annexed Crimea and the pro-Russian separatist regions in the east.
Here is a breakdown of where Ukrainian refugees headed to, according to UNHCR:
– Poland –
Six in every 10 Ukrainian refugees crossed the Polish border, or 1,975,449 people so far, according to the UNHCR’ s latest figures.
But Poland’ s border guards said that by 0800 GMT on Friday, the total number of refugees crossing from Ukraine had exceeded two million.
Tens of thousands of people are also entering Ukraine from Poland — mostly those returning to fight but also others seeking to care for elderly relatives or to bring their families out to Poland.
The data of arrivals into Ukraine’ s neighbouring countries which are in Europe’ s Schengen open-borders zone — Poland, Hungary and Slovakia — only represent border crossings into that country.
“ We estimate that a large number of people have moved onwards to other countries, ” UNHCR said.
– Romania –
The UNHCR said more than half a million people had now made their way into Romania.
Some 508,692 have reached the country, including people who had crossed over from Moldova to reach the EU member state.
The UNHCR figures per neighbouring country are 281,563 higher than their overall total — a difference which the agency says reflects the number of people who crossed between Moldova and Romania.
The vast majority are thought to have made their way onto other countries further into Europe.
– Moldova –
The UNHCR said 355,426 Ukrainians had crossed into the non-EU state wedged between Romania and Ukraine. It is the closest border to the major port city of Odessa.
Many Ukrainians fleeing the fighting transit through Moldova, a small nation of 2.6 million people and one of the poorest in Europe, en route westwards to Romania and other countries beyond.
– Hungary –
Ukrainian refugees who have crossed into Hungary number 291,230.
Hungary has five border posts with Ukraine and several frontier towns, including Zahony, where local authorities have turned public buildings into emergency centres for refugees.
– Slovakia –
A total of 234,738 refugees made it across Ukraine’ s shortest border into Slovakia.
Another 5,894 Ukrainians entered Slovakia on Thursday.
– Russia –
Some 184,563 refugees have sought shelter in Russia.
In addition, UNHCR said 50,000 people had crossed into Russia from the pro-Russian Donetsk and Lugansk regions of eastern Ukraine between February 21 and 23.
– Belarus –
And 2,127 refugees have made it to Belarus, the UNHCR says.
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.
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Brazil Supreme Court judge bars messaging app Telegram | Hi, what are you looking for?
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A Supreme Court judge in Brazil ruled Friday to block popular messaging application Telegram nationwide, barring one of far-right President Jair Bolsonaro’ s favorite communication channels.
Citing Telegram’ s failure to comply with orders from Brazilian authorities and remove messages found to contain disinformation, Judge Alexandre de Moraes ordered the app blocked immediately in Brazil, in a ruling dated Thursday and published Friday on the high court’ s website.
“ Telegram’ s disrespect for Brazilian law and repeated failure to comply with countless court decisions… is completely incompatible with the rule of law, ” wrote Moraes.
He said the company had repeatedly refused to comply with rulings and requests from police, the Superior Electoral Tribunal and the Supreme Court itself.
That includes a Supreme Court-ordered investigation into allegations against the Bolsonaro administration of using official communication channels to spread disinformation, he said.
Bolsonaro reacted on Twitter, posting a link to subscribe to his channel on Telegram — which was still operational in Brazil Friday afternoon.
“ Our Telegram informs people every day of many important actions of national interest, which many regrettably omit, ” he said.
“ Welcome, and share the truth. ”
Founded by Russian-born tech entrepreneur Pavel Durov in 2013, Dubai-based Telegram is hugely successful in Brazil, where it has been downloaded on 53 percent of all cell phones.
Bolsonaro, who has had various posts blocked on Facebook, Twitter and YouTube for violating their rules on misinformation, has been eagerly encouraging his base to follow him on Telegram as he gears up to seek reelection in October.
– Election row –
Moraes also cited Telegram’ s repeated lack of compliance with efforts by the Superior Electoral Tribunal to get it to cooperate in fighting disinformation in the run-up to the elections.
Telegram was notably absent last month when the tribunal signed an agreement with eight leading social networks to combat disinformation during the elections, including Twitter, TikTok, Facebook, WhatsApp, Instagram and YouTube.
The court’ s president, Luis Roberto Barroso, wrote to Telegram headquarters in December, asking for a meeting and warning that the app was rife with “ conspiracy theories and false information about ( Brazil’ s) electoral system. ”
Moraes said in his ruling that Telegram “ ignored the Brazilian electoral authorities once again, underlining its total contempt for the Brazilian justice system. ”
Bolsonaro has more than one million followers on Telegram, not including numerous fan groups with names like “ Reelect Bolsonaro 2022. ”
He faces a series of investigations for spreading false information on social networks, notably over his repeated claims of rampant fraud in Brazil’ s electronic voting system, for which he has provided no evidence.
Telegram has made its refusal to cooperate with the authorities part of its brand.
It deliberately spreads its encryption keys and chat data on disparate servers around the world so governments can not “ intrude on people’ s privacy and freedom of expression, ” it says on its website.
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 |
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