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DOL sues N.Y. ophthalmologist over reported COVID-19 hazards | BI’ s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
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The U.S. Department of Labor has filed suit against an ophthalmologist and his practice in Amsterdam, New York, for allegedly firing an employee who raised concerns about the practice’ s failure to implement state-mandated protocols to protect employees from COVID-19, and later filed complaints with state health officials. The complaint alleges that between March and December 2020 an employee expressed concerns to their supervisor at Kwiat Eye and Laser Surgery PLLC about the lack of COVID-19 safety protocols, including mask-wearing and social distancing, according to a statement issued by the department on Thursday. The Occupational Safety and Health Administration conducted a whistleblower investigation which found that the owner Dr. David Kwiat and his practice retaliated against the employee for filing complaints with the New York State Department of Health. The investigation revealed that Dr. Kwiat fired the employee the same day the health department contacted his office, and he specifically cited the employee's contact with state officials as the reason for the termination, according to the department. The department is asking the court to enjoin the defendants permanently from future violations of the OSH Act’ s anti-retaliation provisions and order them to reinstate the worker and pay damages to the complainant for all lost wages and benefits resulting from their unlawful termination, among other requests.
The U.S. Department of Labor has filed suit against an ophthalmologist and his practice in Amsterdam, New York, for allegedly firing an employee who raised concerns about the practice’ s failure to implement state-mandated protocols to protect employees from COVID-19, and later filed complaints with state health officials.
The complaint alleges that between March and December 2020 an employee expressed concerns to their supervisor at Kwiat Eye and Laser Surgery PLLC about the lack of COVID-19 safety protocols, including mask-wearing and social distancing, according to a statement issued by the department on Thursday.
The Occupational Safety and Health Administration conducted a whistleblower investigation which found that the owner Dr. David Kwiat and his practice retaliated against the employee for filing complaints with the New York State Department of Health. The investigation revealed that Dr. Kwiat fired the employee the same day the health department contacted his office, and he specifically cited the employee's contact with state officials as the reason for the termination, according to the department.
The department is asking the court to enjoin the defendants permanently from future violations of the OSH Act’ s anti-retaliation provisions and order them to reinstate the worker and pay damages to the complainant for all lost wages and benefits resulting from their unlawful termination, among other requests.
Lawmakers in Washington state are scheduled to discuss a bill that proponents say would improve worker safety and patient care in health care facilities by addressing staffing needs, overtime, and meal and rest breaks.
1. Ruling bars suit after COVID death, highlights worker safety concerns
2. DOL sues N.Y. ophthalmologist over reported COVID-19 hazards
3. Serious, repeat violations at USPS facility following employee amputation
4. Alnylam files patent infringement suits against Pfizer, Moderna
5. State Fund declares $ 55M dividend for 2021 policy year
6. Kansas lawmakers consider medical marijuana bill | general |
Protests in Britain over shock P & O job cuts | Hi, what are you looking for?
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Protests were held on Friday in the English port cities of Dover, Hull and Liverpool, a day after the sudden dismissal of 800 employees by shipping operator P & amp; O Ferries.
On the south coast in Dover, angry demonstrators chanted “ save our seafarers, ” “ stop the dismantling of jobs at P & amp; O ” and “ resist all job cuts ”.
P & amp; O Ferries, which is owned by Dubai’ s DP World, prompted outcry from trade unions and politicians on Thursday when the loss-making group axed 800 jobs with immediate effect to save cash, citing its unviable finances.
Unions slammed the decision and revealed that P & amp; O had encouraged staff to re-apply for agency work under what they described as a “ fire and rehire ” policy.
The news also prompted widespread protests on Thursday, with personnel refusing to leave company facilities and ships.
Images have since emerged of security guards scaling P & amp; O ships to remove staff who were outraged over the dismissals.
Transport Minister Grant Shapps said he was “ shocked and dismayed by the insensitive and brutal treatment ” of P & amp; O’ s employees who were “ dismissed via a pre-recorded Zoom video, with only 30 minutes of notice ”.
“ This is no way to treat employees in the 21st century ” he said at a Conservative Party conference in Blackpool.
P & amp; O Ferries was badly hit over the last two years by the Covid pandemic, which ravaged the travel sector with multiple lockdowns and travel restrictions.
The group had already announced the dismissal of 1,100 employees in May 2020, in an effort to make the company viable and sustainable during the Covid crisis.
At the time P & amp; O received emergency funding from the government –- as well as receiving furlough support to help pay wages.
A Downing Street spokesperson said Friday that the government “ takes this issue very seriously ”, indicating that such company behaviour is only tolerable “ in extreme circumstances ” – provided that all other options, including negotiations, have failed.
“ We don’ t believe this was the case for P & amp; O staff, but we are looking into this very carefully before setting our final view, ” the spokesperson added.
P & amp; O, which operates four routes serving Britain, France, Ireland and the Netherlands, has suspended passenger and freight ships since Thursday.
With 2,400 staff representing 100 different nationalities, AFP covers the world as a leading global news agency. AFP provides fast, comprehensive and verified coverage of the issues affecting our daily lives.
There’ s only one person who can make the decisions about Russia’ s existence.
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 |
Responding to emergencies with life-saving supplies | During humanitarian crises, children are especially vulnerable to disease, malnutrition and violence. While their needs are urgent, our work to reach them with assistance can be hindered by disrupted infrastructure and insecurity in conflicts or disasters, which threaten access to basic necessities like shelter, healthcare and hygiene, education and social support.
Medical and nutrition products, safe water and sanitation, as well as education and recreation supplies, must be appropriate for children in vulnerable situations and withstand the pressures of an emergency. The logistics of storing and transporting these supplies are complex, especially given the time-sensitive nature of an emergency response, and this means we must be ready and prepared, no matter where the challenge arises.
But our work does not stop at delivery. We must ensure that our assistance continues to have a positive impact in the long term, so that children can hope to enjoy healthy lives and fulfill their dreams.
At the onset of an emergency – whether it’ s a conflict or a disaster – UNICEF is capable of delivering pre-positioned life-saving supplies within 72 hours from a network of supply hubs around the world. Pre-positioned supplies are essential items that are ready to be deployed from strategic locations at any moment, to bring timely relief to an emergency anywhere in the world.
We respond with essential supplies that help children survive and recover from trauma following a crisis.
UNICEF sends pre-packed kits that can be assembled, shipped and distributed rapidly in emergency situations. Commonly used kits include the Interagency Emergency Health Kit ( IEHK), the WASH ( Water, Sanitation and Hygiene) and Dignity Kit, and the Acute Watery Diarrhoea Kit, which contain products and instructions for use in health posts and camps for refugees and displaced persons.
UNICEF also mobilizes education supplies and child-friendly spaces for small children and young people to continue learning and playing in prolonged crises. Our School-in-a-Box and Recreation Kits, among others, help to provide stability and structure in often traumatic situations that can jeopardize children’ s long-term well-being.
UNICEF’ s supply and logistics teams work around the clock to send life-saving supplies where they are needed most.
The kits serve as a first response to urgent needs where local market solutions are not immediately available or accessible.
UNICEF warehouses and distribution centres around the world enable us to coordinate agile responses to emergencies and regular programmes globally.
Access UNICEF health emergency preparedness initiative ( HEPI) supply notes.
Since the start of the COVID-19 outbreak, UNICEF has been delivering life-saving health supplies to help countries in their response to the pandemic.
Medicines and medical equipment to meet the initial primary healthcare needs of a population of 10,000 people for three months.
Every child has the right to a fair chance in life. Your donations can help UNICEF and our partners make a difference in the lives of children around the world. | general |
COVID-19, „ cea mai mare criză globală care afectează copiii din toată activitatea noastră de 75 de ani ” – UNICEF | BUCUREȘTI, 9 decembrie 2021 – COVID-19 afectează copiii la o scară fără precedent, provocând cea mai mare criză resimțită de copii pe care a cunoscut-o UNICEF în toată activitatea sa de 75 de ani, afirmă agenția ONU dedicată copiilor într-un raport publicat astăzi.
Raportul Preventing a lost decade: Urgent action to reverse the devastating impact of COVID-19 on children and young people [ Prevenirea unui deceniu pierdut: acțiuni urgente pentru contracararea impactului devastator al COVID-19 asupra copiilor și a tinerilor ] prezintă diferitele moduri în care COVID-19 periclitează decenii întregi de progrese realizate în vederea eliminării provocărilor majore cu care se confruntă copiii, precum sărăcia, sănătatea, accesul la educație, nutriția, protecția copilului și bunăstarea mintală. Documentul avertizează că, la aproape doi ani de la debutul pandemiei, impactul COVID-19 devine tot mai amplu, ceea ce adâncește sărăcia, intensifică inegalitățile și amenință drepturile copilului la un nivel fără precedent.
„ De-a lungul întregii noastre activități, UNICEF a contribuit la crearea unui mediu mai sănătos și mai sigur pentru copiii din întreaga lume, obținând rezultate extraordinare pentru milioane de copii ”, a declarat Directorul Executiv al UNICEF Henrietta Fore. „ Aceste realizări sunt acum în pericol. Pandemia de COVID-19 este cea mai mare amenințare la adresa progreselor realizate pentru copii în toți cei 75 de ani de activitate. În timp ce numărul copiilor flămânzi, neșcolarizați, abuzați, săraci sau obligați să se căsătorească este în creștere, numărul copiilor care au acces la servicii medicale, vaccinuri, hrană suficientă și servicii esențiale este în scădere. Într-un an în care ar trebui să privim înainte, facem pași înapoi ”.
Raportul estimează că alte 100 de milioane de copii trăiesc acum în sărăcie multidimensională din cauza pandemiei, o creștere de 10 procente față de anul 2019. Aceasta înseamnă aproximativ 1,8 copii pe secundă de la mijlocul lui martie 2020. Mai mult, raportul atenționează că avem o cale lungă de parcurs pentru a recupera terenul pierdut – chiar și cel mai optimist scenariu prevede că va fi nevoie de șapte sau opt ani pentru a ne redresa și a reveni la rata sărăciei infantile de dinaintea COVID-19.
Raportul prezintă și alte dovezi ale regresului, afirmând că numărul copiilor care trăiesc acum în gospodării ce se confruntă cu sărăcie monetară a crescut cu aproximativ 60 de milioane față de situația de dinaintea pandemiei. În plus, în 2020, peste 23 de milioane de copii au ratat vaccinuri esențiale – o creștere de aproape patru milioane față de 2019 și cel mai mare număr înregistrat în ultimii 11 ani.
Chiar și înaintea pandemiei, la nivel mondial, în jur de un miliard de copii sufereau din cauza a cel puțin unei forme de lipsuri severe, neavând acces la educație, sănătate, locuințe, nutriție, salubritate sau apă. Numărul lor este în creștere acum, când redresarea inegală accentuează diferențele tot mai profunde dintre copiii înstăriți și cei săraci, cei mai afectați fiind copiii cei mai marginalizați și mai vulnerabili. Raportul notează următoarele:
Pe lângă pandemie, raportul atrage atenția asupra altor amenințări ce pun serios în pericol drepturile copilului. La nivel global, 426 de milioane de copii – aproape unu din cinci – trăiesc în zone în care se întețesc conflictele, având un impact tot mai mare asupra civililor și afectând copiii într-un mod disproporționat. Femeile și fetele sunt expuse celui mai mare risc de violență sexuală din cauza conflictelor. Nevoile umanitare sunt provocate de conflicte în proporție de 80%. De asemenea, aproximativ un miliard de copii – aproape jumătate dintre copiii lumii – trăiesc în țări ce prezintă un „ risc extrem de ridicat ” în ceea ce privește impactul schimbărilor climatice.
„ Într-o perioadă caracterizată prin pandemie globală, intensificarea conflictelor și agravarea schimbărilor climatice, este cu atât mai important să dăm întâietate copiilor ”, a declarat Fore. „ Ne aflăm la o răscruce de drumuri. În efortul de a ne trasa parcursul comun pentru următorii 75 de ani alături de guverne, donatori și alte organizații, trebuie să punem copiii pe primul loc pe lista investițiilor și pe ultimul loc pe lista restricțiilor financiare. Viitorul nostru depinde de prioritățile pe care le stabilim în prezent ”.
UNICEF este prezent în România și în alte 190 de țări și teritorii pentru a promova supraviețuirea și dezvoltarea copiilor din perioada copilăriei mici până la adolescență. În România, UNICEF lucrează împreună cu actori cheie precum Guvernul, Parlamentul, autorități locale, societatea civilă, sectorul privat, parteneri naționali și internaționali și mass media pentru a asigura accesul tuturor copiilor la educație timpurie de calitate și la școală, pentru protejarea adolescenților și monitorizarea drepturilor copilului, pentru protecție socială și pentru mobilizarea de resurse în beneficiul copiilor. Pentru mai multe informații despre UNICEF și activitatea sa, vizitați https: //www.unicef.org/romania/ro.
Urmăriți UNICEF în România pe Facebook și Instagram.
Fără scuze. Țineți școlile deschise. Copiii nu pot aștepta. | general |
CHINA DATA: Gasoil exports sink to multi-year lows in Jan, Feb on quota cuts | 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。...
China's gasoil exports hit multi-year lows in January and February, at 220,000 mt and 200,000 mt, respectively, according to data released March 18 by the General Administration of Customs, reflecting a steep reduction in export quota allocations.
These were the lowest monthly export volumes since just 63,000 mt was sent overseas in September 2013, according to GAC data.
Total exports of 420,000 mt in the first two months of 2022 were down 87.8% year-on-year.
China slashed gasoline, gasoil and jet export allocations in the first batch of quotas for 2022 by 56% year on year to 13 million mt, meaning the nine-year low for gasoil exports in February was more or less within expectations.
S & P Global Commodity Insights tracked export volumes of around 194,000 mt for the month, comprising 84,000 mt from Norinco's Huajin, 70,000 mt from Sinopec and 40,000 mt from ChemChina. PetroChina, CNOOC and Zhejiang Petroleum & Chemical all skipped exports in the month.
Gasoline exports in January-February also fell, down 46.7% year on year to 1.89 million mt, GAC data showed.
In February, gasoline exports bounced back 18.6% on the month to 1.02 million mt but this was still down 37.9% year on year.
S & P Global tracked at least 980,000 mt of gasoline going overseas in February, comprising 380,000 mt from PetroChina, 285,000 mt from Zhejiang Petroleum & Chemical, 205,000 mt from Sinochem's Quanzhou refinery, 80,000 mt from CNOOC and 30,000 mt from Sinopec.
Market sources said gasoline exports fell less than gasoil because the economics for gasoline in the international market were more attractive.
`` Due to the significant export quota reduction, oil companies need to be cautious when making exports decisions to maximize export profit and balance domestic market supplies, '' a Singapore-based analyst said.
In contrast, jet exports in the first two months of the year were up 39.8% amid muted domestic consumption because of COVID controls and resurgent overseas demand for international flights.
Jet fuel exports were at 670,000 mt and 560,000 mt for February and January, respectively, GAC data showed.
At the same time, China cut jet fuel output by 18.4% year on year to 5.56 million mt in the first two months, data from the National Bureau of Statistics showed.
Looking forward to March, China's gasoil exports are likely to recover slightly to more than 500,000 mt as export margins have become more attractive, while gasoline outflows are likely to fall to as low as 520,000 mt amid tight export quotas, according to S & P Global estimates.
Jet fuel exports are likely to remain at the similar levels amid stable fundamentals.
Feb-22 Feb-21 *% Change Jan-22% Change Gasoline 1,020 1,643 -37.9% 860 18.6% Gasoil 200 1,739 -88.5% 220 -9.1% Jet 670 515 30.2% 560 19.6% Total 1,890 3,896 -51.5% 1,640 15.2%
Jan-Feb 2022 Jan-Feb 2021 *% Change Gasoline 1,890 3,546 -46.7% Gasoil 420 3,443 -87.8% Jet 1,230 880 39.8% Total 3,540 7,868 -55.0% | business |
UNICEF: Alimentația copiilor mici nu a înregistrat nicio îmbunătățire în ultimul deceniu și „ ar putea deveni mult mai deficitară ” în timpul pandemiei de COVID-19 | BUCUREȘTI, 22 septembrie 2021 – Copiii sub doi ani nu primesc alimentele sau nutrienții de care au nevoie pentru a se dezvolta și a crește armonios, ceea ce are un impact ireversibil asupra dezvoltării lor, potrivit unui nou raport publicat de UNICEF astăzi.
Raportul Fed to Fail? The crisis of children’ s diets in early life [ Eșec în alimentație? Criza alimentației copiilor în primii ani de viață ] – publicat chiar înaintea Summitului ONU privind sistemele alimentare din această săptămână – avertizează că nivelul în creștere de sărăcie, inegalitățile, conflictele, dezastrele climatice și crizele sanitare, precum pandemia de COVID-19 contribuie la criza nutrițională care afectează cei mai tineri cetățeni ai lumii, fără a se observa îmbunătățiri majore în ultimii zece ani.
„ Concluziile raportului sunt clare: într-un moment în care miza este atât de mare, milioane de copii mici au o alimentație care îi îndreaptă spre eșec ”, a afirmat Directorul Executiv al UNICEF, Henrietta Fore. „ Un aport nutrițional deficitar în primii doi ani de viață poate provoca daune ireversibile la nivelul organismului și creierului în rapidă dezvoltare ale copiilor, afectându-le educația, perspectivele de angajare și viitorul. Cu toate că știm acest lucru de ani de zile, s-au realizat puține progrese în ceea ce privește asigurarea unei alimentații adecvate, nutritive și sigure copiilor. Iar actualele perturbări provocate de pandemia de COVID-19 ar putea înrăutăți și mai mult situația ”.
În cadrul unei analize ce include 91 de state, raportul constată faptul că doar jumătate dintre copiii cu vârste cuprinse între 6 și 23 de luni beneficiază de numărul minim recomandat de mese pe zi, în timp ce doar o treime consumă numărul minim de grupe alimentare care sunt necesare pentru dezvoltarea lor. O analiză mai aprofundată a 50 de țări în care sunt disponibile date referitoare la tendințe relevă faptul că aceste modele alimentare necorespunzătoare au persistat în ultimul deceniu.
În condițiile în care COVID-19 continuă să perturbe serviciile esențiale și împinge și mai multe familii spre sărăcie, raportul constată că pandemia afectează modul în care familiile își hrănesc copiii. De exemplu, o anchetă realizată la nivelul gospodăriilor urbane din Jakarta a relevat faptul că jumătate dintre familii au fost nevoite să cumpere mai puține alimente nutritive. Prin urmare, procentul copiilor care consumă numărul minim recomandat de grupe alimentare a scăzut în 2020 cu o treime față de 2018.
Copiii suportă tot restul vieții consecințele unei alimentații proaste și ale unor practici alimentare necorespunzătoare. Un aport insuficient de nutrienți din legume, fructe, ouă, pește și carne, necesari pentru a asigura creșterea la vârste fragede, expune copiii riscului de a se confrunta cu dezvoltare cerebrală deficitară, rezultate slabe la învățătură, imunitate scăzută, un număr mare de infecții și chiar deces.
Copiii sub doi ani sunt cei mai vulnerabili la orice formă de malnutriție – retard de creștere, emaciere, carențe de micronutrienți, supraponderabilitate și obezitate – cauzată de o alimentație proastă, având în vedere că necesarul de nutrienți esențiali pe kilogram de masă corporală este mai mare în copilărie decât în orice alt moment al vieții.
La nivel global, UNICEF estimează că mai bine de jumătate dintre copiii sub 5 ani care suferă de emaciere – în jur de 23 de milioane de copii – sunt mai mici de doi ani, iar prevalența retardului statural crește rapid între vârsta de șase luni și doi ani, în momentul în care alimentația copiilor nu reușește să țină pasul cu nevoile lor nutriționale tot mai mari.
Potrivit raportului, copiii de 6-23 de luni care trăiesc în mediul rural sau în gospodării mai sărace prezintă un risc mult mai ridicat de a avea o alimentație proastă decât copiii care provin din mediul urban sau din familii mai înstărite. În 2020, de exemplu, proporția copiilor care consumă numărul minim recomandat de grupe alimentare era de două ori mai mare în mediul urban ( 39%) decât în mediul rural ( 23%).
Conform estimărilor din raport, România a înregistrat un ușor progres în privința reducerii procentului de copii sub 5 ani cu retard de creștere, de la 11% în 2012 la 10% în 2020. În privința emacierii moderate și severe la copiii sub 5 ani, estimările sunt de 4% pentru perioada 2014-2020. Un ușor progres se înregistrează și la procentul de copii supraponderali din aceeași categorie de vârstă, acesta scăzând de la 9% în 2012 la 7% în 2020.
Raportul notează faptul că se pot înregistra progrese cu ajutorul investițiilor. În America Latină și Caraibe, de exemplu, aproape două treime ( 62%) dintre copiii de 6–23 de luni au o dietă minim diversificată, în timp ce în Asia de Est și de Sud ( 24%), Africa de Vest și Centrală ( 21%) și Asia de Sud ( 19%), sub unu din patru copii mici beneficiază de o dietă minim diversificată. În toate regiunile, sunt necesare investiții prin care să se asigure tuturor copiilor alimentația diversificată de care au nevoie pentru prevenirea oricăror forme de malnutriție și pentru a crește, a se dezvolta și a învăța la potențialul lor maxim.
„ Copiii nu pot supraviețui sau crește doar cu calorii ”, a declarat Fore. „ Numai prin eforturile comune ale guvernelor, sectorului privat, societății civile, partenerilor din domeniul dezvoltării și sectorul umanitar și familiilor, putem transforma sistemele alimentare și putem garanta o alimentație nutritivă și sigură, la un preț accesibil, pentru fiecare copil. Summitul ONU privind sistemele alimentare, ce va avea loc în curând, constituie o ocazie importantă de a pune bazele unor sisteme alimentare globale care răspund nevoilor tuturor copiilor ”.
Datele cantitative prezentate în acest raport cu privire la situația actuală, inechitățile și tendințele referitoare la alimentația copiilor mici sunt preluate din bazele de date globale ale UNICEF, care includ numai date ce sunt comparabile la nivel internațional și solide din punct de vedere statistic. Bazele de date globale ale UNICEF cuprind date din 607 anchete reprezentative la nivel național realizate în 135 de țări și teritorii, cuprinzând peste 90% dintre copiii sub doi ani de la nivel mondial.
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 |
NexPoint Diversified Real Estate Trust ( NXDT) Provides Update on MGM Investment | DALLAS, March 18, 2022 /PRNewswire/ -- NexPoint Diversified Real Estate Trust ( NYSE: NXDT) ( `` NXDT '' or the `` Company '') today provided an update on its investment in Metro Goldwyn Mayer, Inc. ( `` MGM ''). On March 17, 2022, Amazon.com Inc. ( `` Amazon '') announced it had closed its previously announced acquisition of MGM. As a result of the deal closing, NXDT received $ 43,115,073 in cash, reflecting the Company's direct ownership of MGM shares. The Company also has indirect investments in MGM through which it is expected to receive approximately $ 81 million. In total, NXDT is expected to receive more than $ 126 million in cash from the transaction. Only proceeds from the Company's direct investment have been received at this time.
NXDT's initial investment was in MGM's debt, which converted to equity when the company emerged from bankruptcy in 2010. NXDT's average cost was $ 24.59/share. The position generated a return of nearly 6x the original investment.
The NexPoint Diversified Real Estate Trust ( NYSE: NXDT) is a closed-end fund managed by NexPoint Advisors, L.P. that is in the process of converting to a diversified REIT. On August 28, 2020, shareholders approved the conversion proposal and amended the Company's fundamental investment policies and restrictions to permit the Company to pursue its new business. The Company is realigning its portfolio so that it is no longer an `` investment company '' under the Investment Company Act of 1940 ( the `` 1940 Act ''). On March 31, 2021, the Company filed an application ( the `` Deregistration Application '') with the Securities and Exchange Commission ( the `` SEC '') for an order under the 1940 Act declaring that the Company is no longer an investment company ( the `` Deregistration Order ''). On September 13, 2021, November 5, 2021, and December 2, 2021, the Company filed amendments to the Deregistration Application, which provides additional information regarding the realignment of the Company's portfolio. The Company will continue to be structured as a registered closed-end investment company until it receives the Deregistration Order; however, the Company has repositioned its portfolio sufficient to achieve REIT tax status and is operating during its 2021 taxable year so that it may qualify for taxation as a REIT.
Effective November 8, 2021, NHF changed its name to NexPoint Diversified Real Estate Trust and is traded on the New York Stock Exchange under the ticker NXDT.
For more information visit nexpoint.com/nxdt.
NexPoint Advisors, L.P. is an SEC-registered adviser on the NexPoint alternative investment platform. It serves as the adviser to a suite of funds and investment vehicles, including a closed-end fund, interval fund, business development company ( `` BDC ''), and various real estate vehicles. For more information visit nexpoint.com.
Investors should consider the investment objectives, risks, charges and expenses of the NexPoint Diversified Real Estate Trust carefully before investing. This and other information can be found in the Company's prospectus, which may be obtained by calling 1-866-351-4440 or visiting www.nexpoint.com/nxdt. Please read the prospectus carefully before you invest.
No assurance can be given that the Company will achieve its investment objectives.
This press release contains forward-looking statements. These statements reflect the current views of management with respect to future events and financial performance. Forward-looking statements can be identified by words such as `` anticipate '', `` expect '', `` could, '' `` may '', `` potential '', `` will '', `` ability, '' `` targets, '' `` believe, '' `` likely, '' `` assumes, '' `` ensuring, '' `` available, '' `` optionality, '' `` viability, '' `` maintain, '' `` consistent, '' `` pace, '' `` should, '' `` emerging, '' `` driving, '' `` looking to, '' and similar statements of a future or forward-looking nature. Forward-looking statements address matters that involve risks and uncertainties. Past performance does not guarantee future results. Performance during time periods shown is limited and may not reflect the performance in difference economic and market cycles. There can be no assurance that similar performance will be experienced.
While NexPoint is committed to the REIT conversion, it is still contingent upon regulatory approval and the ability to reconfigure NXDT's portfolio to attain REIT status and deregister as an investment company. The time required to reconfigure the Company's portfolio could be impacted by, among other things, the COVID-19 pandemic and related market volatility, determinations to preserve capital, the Company's ability to identify and execute on desirable investments, and applicable regulatory, lender and governance requirements. The conversion process could take up to 24 months; and there can be no assurance that conversion of NXDT to REIT status will improve its performance or reduce the discount to NAV. Further, the SEC may determine not to grant the Company's request for the Deregistration Order, which would materially change the Company's plans for its business and investments.
In addition, these actions may adversely affect the Company's financial condition, yield on investment, results of operations, cash flow, per share trading price of its common shares, and ability to satisfy debt service obligations, if any, and to make cash distributions to shareholders. Whether the Company remains a registered investment company or converts to a REIT, its common shares, like an investment in any other public company, are subject to investment risk, including the possible loss of investment. For a discussion of certain other risks relating to the proposed conversion to a REIT, see `` Implementation of the Business Change Proposal and Related Risks '' in the proxy statement.
No assurance can be given that the Company will achieve its investment objectives.
Please see additional risks and disclosures at www.nexpoint.com/nexpoint/disclosures/closed-end-fund-disclosures/
CONTACTS
Investor ContactJackie Graham ( 214) 550-8254Email
Media ContactLucy Bannon ( 214) 550-4572Email
View original content: https: //www.prnewswire.com/news-releases/nexpoint-diversified-real-estate-trust-nxdt-provides-update-on-mgm-investment-301506090.html
SOURCE NexPoint Diversified Real Estate Trust | business |
Harris tests negative for Covid-19 days after her husband tested positive |
Vice President Kamala Harris has tested negative again for Covid-19 after Second Gentleman Doug Emhoff tested positive earlier this week.
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.
Read More
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.
CNN's Jasmine Wright contributed to this report. | general |
The vibe shift in Silicon Valley | Last month, Allison P. Davis wrote a widely read article in New York titled “ A Vibe Shift Is Coming. ” In it, she posited that the third year of our pandemic would reveal an obvious, and perhaps wrenching, evolution of the culture. A vibe shift, she wrote, is “ a relatively simple idea: In the culture, sometimes things change, and a once-dominant social wavelength starts to feel dated. ”
I have been thinking about Davis’ piece more or less ever since. In particular, I’ ve been working on how to apply it to my chosen field: tech journalism, which is driven as much by social wavelengths as any other part of our culture. For some time, I had been attempting to work out which stories felt relevant in 2022 that may not have in, say, 2020. Today, I want to tell you what I’ ve come up with.
In short, some kinds of tech journalism have come to feel dated to me; some stories feel like they are beginning to come to their conclusion. At the same time, there are a host of new stories that need telling, thanks to shifts in power in Silicon Valley, and talented journalists are already beginning to bring them to our attention.
The most obvious reason for this shift is the change in presidents. Donald Trump’ s malignant reign as president demanded one sort of coverage; Joe Biden’ s quiet, pro-democracy presidency demands another. Biden doesn’ t appear in Davis’ story, but on the subject of tech and tech policy, his presidency ( and Trump’ s social media exile) account for a significant portion of the vibe shift.
A few caveats before we get started. One, just because a storyline is starting to feel old doesn’ t mean publications should stop covering it. There are great stories to tell even on beats that might seem played out. Two, plenty of important stories have transcended the shift in presidents: among them are tech labor issues; diversity, equity, and inclusion; cybersecurity; the long-term effect on COVID-19 on companies and the economy; VR and gaming; and the uses and misuses of artificial intelligence.
Three, Max Read previously wrote a much funnier version of what’ s below.
All that said, I hope this guide might be useful to readers seeking to improve their understanding of the moment; junior reporters building their beats ( or starting a Substack!); publications considering how to allocate their resources; and anyone who works for a tech company trying to understand where the energy is going in tech journalism right now.
With that in mind, here’ s a guide to what feels dated and what feels fresh in 2022.
Trump-era vibe: Facebook is the center.
Facebook grew its user base by the billions during the Trump era, and its savvy acquisitions of Instagram and WhatsApp placed it at the center of global communications. Publications typically assigned multiple people to cover the company’ s many controversies, focused on its content moderation decisions and their fallout.
But Apple’ s move to crush the market for targeted mobile advertising, coupled with unexpected competition, has put Facebook on the defensive. It’ s spending billions of dollars in a risky attempt to pivot to augmented and virtual reality, renaming itself to Meta along the way. In the meantime, though, its stock price has plunged and its user base has started to shrink for the first time.
Biden-era vibe: TikTok is the center.
Almost nobody in America saw TikTok coming. But ByteDance’ s short-form video app is now in its imperial phase; in September, it announced it had hit 1 billion users. The app survived Trump’ s effort to force ByteDance to sell TikTok to his cronies, and now Meta, YouTube, and Snap have all introduced clones.
Due to its Chinese ownership, we still know relatively little about the executives leading ByteDance and TikTok. ( Without Googling, can you name TikTok’ s current CEO?) What’ s on their product roadmap? What do their user growth and retention look like? What internal controversies are its leaders attempting to manage? How does it develop content policy? We’ re all ears.
What to do about it: Hire dedicated ByteDance and TikTok reporters and elevate their coverage.
Trump-era vibe: Information is spreading too quickly.
This genre of reporting focused on the rapid spread of misinformation, disinformation, hate speech, and other arms. It was premised on the idea that Facebook in particular — but also Twitter and YouTube — were building truly global social networks that would endure for decades, if not forever. It prompted important ( but unequal) investments in content moderation by tech companies and made it more difficult ( but not impossible) to use them for ill.
At the same time, the media elite grew gradually more used to the idea that fast-spreading information is suspect. It invested heavily in real-time fact-checking and explanatory journalism. Meanwhile, a certain defeatism settled in; as Max Read writes, “ The thing about misinformation is, it won. ”
Biden-era vibe: Information is having trouble spreading at all.
This genre of reporting focuses on the splinternet: the increasing fragmentation of the global web, through a combination of good-natured regulation ( GDPR, let’ s say) and despotic lunacy ( Putin invading Ukraine). It looks at the second-order consequences of India banning TikTok, or “ hostage-taking laws ” that threaten tech executives with jail time over their content moderation decisions. It focuses on who loses when free expression is restricted, particularly among marginalized groups.
What to do about it: re-orient pure “ misinformation ” coverage around covering online speech issues and information flows generally.
Trump-era vibe: Fix the web.
This genre of tech coverage focused on how to improve the internet, largely through regulations and breaking up big tech companies. It finally saw some success with the introduction of several tech bills in US Congress, and the installation of antitrust crusaders in the Federal Trade Commission. But it now seems clear that nothing is going to get broken up; more importantly, the moment has passed. ( See “ TikTok is the center, ” above.)
Biden-era vibe: Replace the web.
This genre of tech coverage focuses on efforts to rebuild large parts of the internet using cryptocurrencies and blockchain technologies. It focuses on efforts underway to reinvent successful platforms of the Web 2.0 era as “ Web3 ” equivalents, and offers skeptical but open-minded coverage of NFTs, DAOs, decentralization, and related technologies.
What to do about it: Flood the zone on crypto; assume US-led efforts to regulate tech will come to nothing, and allocate coverage resources accordingly.
Trump-era vibe: Data is mind control.
Trump-era coverage of data often began with the premise that you could control people’ s behavior through targeted advertising; this was the spark that turned the Cambridge Analytica data privacy scandal into a global phenomenon. Follow-up reporting suggested that the firm’ s claims were and had always been overblown, but distrust of data collection practices by big tech platforms persisted. There’ s a direct link between Cambridge Analytica and App Tracking Transparency.
Biden-era vibe: Data is a personal liability.
Wartime has revealed much more pressing risks posed by data collection, particularly to those who live under autocrats. It illustrates the need for end-to-end encryption in messaging; disappearing messages; and advanced protections for activists, journalists, dissidents, and marginalized groups. The fact that NSO Group belongs to a legal and thriving spyware industry is a daily scandal.
What to do about it: Op-ed pages should rally for encryption, and against data brokers. Bloggers should complain wherever disappearing messages don’ t yet exist. Publications should hire spyware reporters and demand to know what Apple and Google are doing to thwart NSO Group and its rivals.
Trump-era vibe: the United States as tech’ s regulator-in-chief.
Revelations about Russian interference in the 2016 US presidential election, much of it on social platforms, led many of us to assume that US lawmakers would crack down in various ways.
Instead, they held endless hearings and passed nothing.
Biden-era vibe: Europe — and Apple — as tech’ s regulators-in-chief.
GDPR was only the beginning. The United Kingdom’ s Age-Appropriate Design Code changed more about US tech platforms than anything US lawmakers have done in decades. Europe’ s Digital Markets Act and Digital Services Act would further reshape US tech platforms. For the most part, though, it’ s covered in the United States as a story for foreign correspondents to worry about.
Meanwhile, Apple’ s App Store monopoly and insistence on taking its 30 percent cut ( or when sued, 27 percent cut) continue to limit the kinds of internet businesses that are created.
What to do about it: US publications should cover Europe with an eye toward explaining how legislation there will affect Americans. Apple policy decisions, and the businesses they affect, deserve more play.
Trump-era vibe: Tech is destroying our politics.
This genre of coverage focused on the tendency of algorithms to amplify outrage, promote right-wing voices above all others, and generally accelerate polarization. I found it fairly persuasive, though explanations for polarization differ among experts and much more research is needed.
More importantly, though, to paraphrase Max Read: the thing about outrage is, it won.
Biden-era vibe: Tech is hurting the children.
The Wall Street Journal’ s coverage of Frances Haugen’ s leaks crystalized a sense that tech platforms might be uniquely harmful to children: enabling bullying, promoting self-harm, glamorizing eating disorders, contributing to depression. The attending furor inspired Republicans and Democrats to come together and propose new legislation; the United Kingdom’ s Online Safety Bill, introduced into Parliament this week, would go even further.
What to do about it: Scrutinize the claims here on all sides, particularly trade-offs involved in free expression and the impact on marginalized children if these proposed regulations were to become law. Report on new research from academics on the subject as it is published. Demand that tech platforms tell us more about what they know.
Of course, there are many more shifts you could probably name that would support a full-time tech reporter at any publication: the heightened importance of chip manufacturing and innovation; the global supply chain; the post-COVID gig economy; and the decriminalization of psychedelics, which isn’ t exactly tech but is definitely tech-adjacent.
But when I think about my own coverage, these are the shifts that are guiding it: my evolving sense of where power is moving in tech and the surrounding culture.
I imagine you may have your own thoughts on the vibe shift, and I’ m eager to hear them.
| tech |
EUROPEAN MIDDAY BRIEFING - Stocks Edge Lower on -2- | `` While focus will be on the telephone conference between the U.S. and Chinese presidents today, at the same time, a further escalation of the Russian-Ukraine conflict can not be excluded and bears the risk of triggering another flight to quality, '' analysts at the Italian bank said, adding that it could potentially lead investors to demand duration rather than credit risk, at least temporarily.
Duration is a measurement of a bond's interest-rate risk.
-- -
U.K. borrowing costs fall for a second consecutive day after the BOE's policy statement Thursday was perceived as softer than expected.
Bank officials raised interest rates by 25 basis points to 0.75% in a decision that had been widely anticipated.
However, one policymaker unexpectedly voted to leave rates on hold and the tone of the press release was more cautious than previous communication in February, given an uncertain economic outlook.
The 10-year gilt yield traded last at 1.553%, down from Thursday's close at 1.572%, according to Tradeweb.
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. ''
Other News:
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.
EMEA HEADLINES
EDF Aims to Earn $ 3.4 Bln in New Rights Issue
Electricite de France SA said Friday that it is aiming to secure more than 3.1 billion euros ( $ 3.44 billion) via a capital increase to gain more financial flexibility and to help fund development operations in the coming years.
The state-controlled utility company will issue around 500 million new shares at a subscription price of EUR6.35, a discount of 28% to Wednesday's closing price, EDF said. Existing shareholders will be given preference in the subscription, and will receive one subscription right a share held, the company said.
Vonovia Targets Growth in 2022
Vonovia SE on Friday said it is planning to further grow revenue and funds from operations this year after the company acquired rival Deutsche Wohnen SE in 2021.
The German real-estate company said for 2022 it is targeting total segment revenue of between 6.2 billion euros ( $ 6.88 billion) and EUR6.4 billion. It also guides for group funds from operations -- the company's key figure for operational profitability also called FFO -- between EUR2.0 billion and EUR2.1 billion.
How the U.S. and EU Cut Russia Off From the Global Economy
Shortly before Thanksgiving, Treasury Secretary Janet Yellen met with senior officials in the White House Situation Room to discuss a Russian troop buildup on the border of Ukraine. The meeting included top intelligence advisers, defense officials and diplomats, who concluded Russia might be preparing to invade.
Ms. Yellen said she would contact counterparts in Europe and elsewhere to urge them to begin preparations for an economic response, according to people familiar with the meeting, and she started making calls to coordinate after the holiday.
U.K.-based Ferguson Builds Its U.S. Finance Team Ahead of Move to NYSE
Ferguson PLC, a U.K.-based plumbing- and heating-supply company, is expanding its U.S.-based finance team and revamping its financial reporting ahead of the planned transfer of its primary listing to the New York Stock Exchange.
Ferguson shareholders last week voted in favor of shifting the company's primary listing to the NYSE from the London Stock Exchange. The move, set to take place on May 12, follows a yearslong effort by the company to shed businesses outside of North America. Following its sale last year of Wolseley, its U.K.-based business and former namesake, the company is generating all of its revenue in the U.S. and Canada.
Russia Averts Default After Investors Receive Foreign-Debt Payments
Russia made good on payments to foreign bondholders, according to investors and traders, averting default on its foreign debt in the face of the war in Ukraine and punishing Western sanctions.
Holders of two Russian dollar bonds said coupon payments arrived Thursday, a day late, but well within the 30-day grace period granted under the terms of the bonds.
Putin Rails Against Alleged Traitors as Economic Pain Begins to Bite
For weeks, Russian President Vladimir Putin has railed against foes in the West and in Ukraine, where his bloody invasion is bogged down after three weeks.
Now, with no clear end to the hostilities in sight and the Russian economy coming under enormous strain, Mr. Putin has issued an ominous warning: The Kremlin will tolerate no dissent. Moreover, those with ties to the West are squarely in the Kremlin's sights.
Desperation Mounts for Ukrainians in Mariupol as Russia Tries to Capture Key City
LVIV, Ukraine-Rescuers dug through the debris of a bombed theater in Mariupol where hundreds of Ukrainian civilians had sought shelter as Russian forces continued to shell the southern port city and other urban areas across the country.
The entrance to a bomb shelter under the theater in Mariupol was blocked when the building partially collapsed from a Russian airstrike late Wednesday night, said Pavlo Kyrylenko, head of military administration in the eastern region of Donetsk. Former governor Sergiy Taruta said on Thursday the shelter had remained intact and there were survivors.
Macron Proposes Increasing France's Retirement Age to 65
PARIS-French President Emmanuel Macron said Thursday he planned to increase the legal retirement age to 65 from the current 62, raising a controversial issue three weeks before national elections.
Mr. Macron proposed an overhaul of the country's pension system about two years ago, which led to a transport strike that lasted more than a month. The government shelved its plan when the Covid-19 pandemic hit.
GLOBAL NEWS
Eurozone Posted Record Trade Deficit in January as Energy Prices Jumped
The eurozone's trade balance swung to a record deficit in January from a surplus a year earlier as the cost of imported energy increased sharply, according to data from the European Union's statistics agency, Eurostat, released Friday.
The eurozone's trade deficit in goods -- the difference between exports and imports -- was 27.2 billion euros ( $ 30.17 billion) in January, compared with a EUR10.7 billion surplus the same month a year earlier.
Inside the Nickel Market Failure: Massive Trades the Exchange Didn't See
LONDON-The war in Ukraine broke the nickel market. The risks had been building for years.
Banks and brokers lent heavily to producers and speculators eager to take a position on the humble metal, a key ingredient in stainless steel and electric-vehicle batteries.
The End of Zero: Prepare for a World With Higher Rates
This is the first column in a Heard on the Street series about the end of zero interest rates.
Warren Buffett has compared interest rates to gravity. That is an especially useful way to think about them right now.
Americans Are Having an Inflation 'Aha ' Moment
The highest inflation in four decades became real for Matthew Rivera when he ordered a plate of chicken wings last month at a restaurant in the Catskill Mountains. He normally pays $ 8-10, and this time it was $ 20. The old, lower price was crossed out on the menu.
`` 'Inflation, ' `` was the explanation from the waitress, he said. He ordered wings for his children but pledged not to do it again. `` It wasn't worth it. ''
Bank of Japan Maintains Ultra-Easy Monetary Policy
TOKYO-The Bank of Japan on Friday kept its ultra-easy policy in place, distancing itself from a global wave of monetary tightening because inflationary forces remain weak in Japan.
The bank maintained its target for short-term interest rates at minus 0.1% and its target for the 10-year Japanese government-bond yield at around zero.
Overwhelmed by Omicron, Hong Kong Runs Out of Space for Its Dead
HONG KONG-People are dying from Covid-19 in Hong Kong at a rate that surpasses most of the world's worst pandemic peaks, with almost 300 deaths a day overwhelming the city's ability to cope.
( MORE TO FOLLOW) Dow Jones Newswires
03-18-22 0638ET | business |
TOTVS S A: Annual and Extraordinary General Meeting - 04/19/2022 - Manual to Attend | TOTVS S.A.
A publicly-held corporation
Corporate Taxpayer's Id. ( CNPJ/ME) No. 53.113.791/0001-22 Company Registry ( NIRE) 35.300.153.171
1. MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS
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2. AGENDA OF THE MEETINGS
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3. GUIDELINES FOR TAKING PART IN MEETINGS
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3.1
DATE, TIME, AND PLACE OF MEETINGS
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3.2
GENERAL INFORMATION
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4. USEFUL LINKS
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This document is property of TOTVS. All rights reserved. ©
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1. MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS
São Paulo, March 18, 2022
We are pleased to invite all shareholders, on behalf of the Board of Directors, to take part in the Annual and Extraordinary General Meetings of TOTVS S.A. ( hereinafter referred to as `` TOTVS '') to be held, cumulatively, on April 19, 2022 at 10:00 a.m. ( BRT) at the headquarters of TOTVS located at Avenida Braz Leme, No. 1.000, Casa Verde district, in the city of Sao Paulo, State of Sao Paulo, Brazil, under the provisions of the Meeting Notice to be published in the Valor Econômico newspaper ( the `` Meetings '').
In this introductory letter, I would like to start by proposing a reflection on the meaning of year 2021 for the world. At first, the most obvious conclusion would be to say that it was exactly the same thing as 2020, that nothing had changed, and that the Covid-19 health crisis continued to rule over the global spotlight, again. It is an undeniable fact that the challenges surrounding the global COVID pandemic have remained and have expanded as we have seen new variants emerge, but we have gone much further: amidst uncertainties and so many immeasurable losses, we have tested our capacity for resilience as never before and we watched the infinite ability of human beings and organizations to reinvent themselves and adapt faced with a period as adverse as the one we are currently experiencing.
The legacy is positive: we have fully adjusted ourselves to this new reality. We are adaptable. With science and technology, we created vaccines; we challenged the limits of logistics by distributing them globally; we changed the work dynamics to a hybrid and flexible model; we called on the world to take a new look at the global challenges at COP26, among many other adaptations that had to be made. We didn't stop at any time; rather, we worked hard and responded quickly to it all.
For TOTVS, entrepreneurship and digitalization are must-have ingredients in this new reality. All TOTVERs are nonconformists and don't get used to less than what they're actually capable of delivering. It is not just a striking motto; rather, it is something that permeates our culture and was translated into our daily attitudes and deliveries of that period: we turned the 3D ecosystem into reality ( Management, Business Performance, and Techfin); we created disruptive alliances such as the partnership with B3 at Dimensa; we structured an innovative investment model through the Corporate Venture Capital as a Service mechanism. In common with these and many other achievements, we have the `` technology '' factor, which is the most genuine thing we have.
As to ESG ( Environmental, Social, and Governance), our performance was marked by significant progress, driven by implementing the ESG Policy guidelines. About the E pillar, we developed the first inventory of GHG - Greenhouse Gas - emissions from TOTVS operations as an important step in our environmental agenda. As to the S pillar, we continued strengthening our relations with the community by creating partnerships with the government and society to promote training to achieve skilled labor; we contributed to the employability of many young people through the Social Opportunity Institute ( IOS); we continued promoting our Diversity and Inclusion Program; and we structured the flexible work model to be implemented after the pandemic, besides the planning and feasibility of other health and safety measures, as part of TOTVS 'S contribution to achieve SDGs 4, 5, and 8, respectively. About the G pillar, we renewed the ESG materiality matrix by engaging our stakeholders, and reinforced our commitment to the highest level of ethics and transparency in business relationships, with emphasis on the approval of the Audit Committee's Charter and its conversion into a Statutory Audit Committee, besides the approval of the new Data Privacy and Indemnity Policies for the Management members.
Eventually, to top it all off, we bid farewell to 2021 by celebrating our 15th anniversary of IPO at B3. We were born as the first unicorn and became the largest technology company in Brazil. Our almost 40-year trajectory has always been marked by hard work, overcoming and determination, and when we had to look back, it was to better understand the present and tackle the challenges of the future. We made the right choices and the best
This document is property of TOTVS. All rights reserved. ©
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decisions at every moment in the face of each challenge. We rejuvenated, made progress on this journey, and all this was achieved alongside our clients, customers, partners, TOTVERS and our stockholders who believed in our legacy and invested in us, in our strategy, in our vision of the future.
With the above considerations in mind, we highlight that the matters to be resolved at the Meetings are described in the Call Notice and in this document, which is composed of the Management's proposals and general guidelines to take part in the Company's Meetings, both announced to the market today, and include, among others, topics such as approval of the management's accounts and financial statements, the allocation of the results for the fiscal year 2021, the proposal for compensation of the management members for the fiscal year 2022, and the election of members of the Board of Directors.
Accordingly, I kindly ask everyone to examine with care the documents connected to the Meetings that are available at the headquarters of TOTVS and also on the Investor Relations website on the links pointed out in the corresponding section 4 of this Guide, and on the websites of the Brazilian Securities and Exchange Commission ( www.cvm.gov.br) and B3 S.A. - Brasil, Bolsa, Balcão ( www.b3.com.br).
Yours faithfully,
LAÉRCIO JOSÉ DE LUCENA COSENTINO
Chairman of the Board of Directors
This document is property of TOTVS. All rights reserved. ©
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2. AGENDA OF THE MEETINGS
For the Annual General Meeting:
1. Reviewing the Company's accounts as submitted by its Management, and also examine, discuss, and vote on the Company's financial statements for the fiscal year ended on December 31, 2021. We propose that the management accounts and audited financial statements for the fiscal year 2021 be approved with no restriction, as disclosed on February 16, 2022 on the websites of the Brazilian Securities and Exchange Commission ( `` CVM '') and B3 S.A. - Brasil, Bolsa, Balcão ( `` B3 ''), and published on February 17, 2022 in the `` Valor Econômico '' newspaper.
Pursuant to article 9, III, of CVM Instruction No. 481 of December 17, 2009 ( `` CVM Instruction 481/09 ''), the Executive Officers ' comments on the Company's financial status are detailed in EXHIBIT Ito the Management's Proposal.
As detailed in EXHIBIT IIIto the Management's Proposal, we hereby propose the following allocation of net income of the fiscal year 2021:
Net profit of the fiscal year 2021
R $ 368,492,462.57
Legal reserve
R $ 18,424,623.133
Interest on net Equity - stated on July 30, 2021
R $ 51,192,745.92
Interest on net Equity - stated on Dec. 15, 2020
R $ 79,050,179.65
Retained earnings reserve
R $ 219,824,913.87
Out of the total net profit for the fiscal year ended on December 31, 2021 in the amount of R $ 368,492,462.57 ( three hundred and sixty-eight million, four hundred and ninety-two thousand, four hundred and sixty-two Reals and fifty-seven cents), we hereby propose that the these amounts be allocated as follows: ( a) R $ 18,424,623.13 ( eighteen million, four hundred and twenty-four thousand, six hundred and twenty-three Reals and thirteen cents) to create a legal reserve of 5% ( five percent); ( b) R $ 130,242,925.57 ( one hundred and thirty million, two hundred and forty-two thousand, nine hundred and twenty-five thousand Reals and fifty-seven cents) to pay interest on net equity to shareholders, of which R $ 51,192,745.92 ( fifty-one million, one hundred and ninety-two thousand, seven hundred and forty-five Reals and ninety-two cents) had already been stated on July 30, 2021 and paid on October 22, 2021, and R $ 79,050,179.65 ( seventy-nine million, fifty thousand, one hundred and seventy-nine Reals and sixty-five cents) had already been stated on December 22, 2021 and will be paid on May 20, 2022, as resolved at the Board of Directors ' meetings of July 30, 2021 and December 22, 2021, respectively, and the amount of R $ 219,824,913.87 ( two hundred and nineteen million, eight hundred and twenty-four thousand, nine hundred and thirteen Reals and eighty-seven cents) shall be allocated to the retained earnings reserve, based on capital budgeting performed pursuant to art. 196 of the Brazilian Corporations Act, to be approved by the General Meeting under item ( 2) hereinabove.
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How to improve your focus while working from home | Working from home can be full of distractions and challenges. These evidence-based practices may improve your focus and productivity.
Matthew Sweeney received his Bachelor of Arts in English with a specialization in English literature from Portland State.
The COVID-19 pandemic drove many into `` hermit mode '' as our employers required us to work from home for months. Working from home seems easy until you have to do it while dealing with the ordinary distractions of home life! Luckily, there are many strategies for how to improve your focus in this unique work situation.
Working from home presents challenges because it blurs work and leisure. If you have all day at home to complete a task, it's human to get distracted by the internet or your phone.
Evidence-based strategies for improving focus — such as eliminating distractions, getting exercise, and practicing time management — can help you stay productive and empower you as a remote professional.
Read on to learn some of the best strategies for improving focus as a home-based remote worker.
The overall appearance of your workstation may greatly impact your ability to concentrate. You need to keep the space not only tidy but also visually appealing and energizing.
Make sure your workstation is in a room with good natural lighting. Try arranging any of the following objects at or around it:
Shifting your work environment visuals around every few months can also help you refresh the space.
Eliminating visual distractions will make it easier to concentrate. Clutter can be distracting, so keep the space clean. You should try to keep your cell phone out of arms ' reach, along with television screens, gaming PCs, or even bookshelves that could visually distract you.
If you have housemates, set clear boundaries with them on when you will need privacy and be unable to socialize.
You want to ensure that your work situation is ergonomically comfortable, especially if you need to sit for long periods. Invest in a comfortable office chair and keep it at a comfortable screen height and tilt.
Maintaining a healthy posture makes it easier to work for long periods and may also ensure that you are not harming your body unintentionally. Sitting with bad posture may increase your risks of developing issues such as sciatica.
Music and sounds also impact your ability to concentrate. Keep your workstation away from distracting sounds such as traffic, if possible.
Music or background sounds can help you concentrate, depending on what you like. A white noise machine, nature sounds, or beatless music such as Tibetan singing bowls can provide a steady, calming backdrop.
Adjust your schedule to fit the time of day your focus peaks. Though many of us work best in the morning or the middle of the day, each person is different.
For instance, if you're most alert and focused in the early morning, save the hardest tasks for that time window. Focus on lesser tasks later.
Doing your best work means giving tasks your undivided attention. If you waver on whether you are working or taking a break, your work will suffer — half-focusing only leads to taking twice as long completing tasks and possibly even halving your work's quality.
Maintaining a clear boundary between breaks and actual work will keep you on track. It can also help you recognize when you need a break.
When working from home, routines and schedules are your friends. Create a schedule that makes a clear distinction between work time and self-care tasks such as freshening up, going for a walk, reading, etc. Build in a buffer between waking up and going to work.
Following a consistent daily schedule can help define boundaries between self-care and work time more clearly. However, it's okay if you don't follow it to the minute every day.
Creating a to-do list can help boost your work productivity and general well-being. To-do lists could take the form of:
Make them visible in a place you frequently look, such as your fridge or living room, and at your workstation.
Productivity apps such as Todoist also function as list-making tools.
Note when your attention starts to wander. It is easier to focus on work if you know the triggers for becoming distracted or slacking off. Then, retrieve your focus. Strategies might include:
One of the internet's drawbacks is that certain websites can be so alluring that they distract from getting work done. If you compulsively check apps such as Instagram, YouTube, or Facebook, mute them during work time or consider removing them from your phone.
You may also want to block addictive websites. These may include:
Phone notifications can also pull your focus away from work. Every buzz of your phone demands attention. It helps to turn off notifications on your phone and mute certain apps, such as your email, Slack, and any app that features ads as notifications.
One of the best steps for eliminating technological distractions is refusing to check your phone while working. You can set a useful boundary by resolving only to check your phone during breaks.
It is essential to take breaks to do good work. You should never feel guilty about needing a break. The human brain can likely only focus for less than an hour at a time. Giving your brain rest allows it to process information and refresh.
Staying physically active can also help you focus better on your work and decrease the likelihood of developing health problems.
Though some people opt to join a gym, you may not need to make dramatic life changes to increase your daily physical activity. Everyday activities you can incorporate include:
Eating a healthy diet and drinking plenty of water can also help you focus on your work. Dehydration and hunger are unwelcome distractions.
Learning how to improve your focus while working from home is tough but doable. Even capable people may struggle because we all desire separation between home and work life.
Remember that it is okay to have occasional `` off '' days. Nobody brings their best every single day, especially when we are learning something completely new.
Data centres are still a tempting target for hackers. Here's how to improve your security
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GlaxoSmithKline: All presentation slides PDF - 12.4MB | Consumer Healthcare Capital Markets Day
28 February 2022
1
Agenda
Introduction
12:30-12:35
Sonya Ghobrial, Consumer Healthcare Head of Investor Relations
Delivering shareholder value
12:35-12:40
Emma Walmsley, Chief Executive Officer GSK
Haleon: A global consumer healthcare leader delivering sustainable
12:40-13:10
above market growth and attractive returns
Brian McNamara, Chief Executive Officer Designate Haleon
Competitive capabilities to outperform in the market
13:10-13:35
Tamara Rogers, Chief Marketing Officer & Franck Riot Head of R & D
Break
13:35-13:50
Delivering attractive growth across the regions
13:50-14:45
Lisa Paley, Head of U.S. & North America
Keith Choy, Head of Asia Pacific
Filippo Lanzi, Head of EMEA & LatAm
Break
14:45-15:00
Running a responsible business, integral to all we do
15:00-15:20
Teri Lyng, Head of Sustainability
Committed to delivering attractive & sustainable growth,
15:20-15:50
maximising shareholder value
Tobias Hestler, Chief Financial Officer Designate Haleon
Bringing it all together
15:50-15:55
Brian McNamara, Chief Executive Officer Designate Haleon
Short break ahead of Q & A
15:55-16:00
Q & A
16:00-17:00
DISCLAIMER
NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. BY ATTENDING THE MEETING WHERE THIS PRESENTATION IS MADE, OR BY READING THE PRESENTATION SLIDES, YOU ACKNOWLEDGE AND AGREE TO COMPLY WITH THE FOLLOWING RESTRICTIONS.
This presentation ( the `` Presentation '') has been prepared and issued by and is the sole responsibility of GlaxoSmithKline plc ( the `` Company '' or `` GSK ''). The Presentation has been prepared, and access to it has been granted to you, solely for your information in connection with the proposed demerger by GSK of its consumer healthcare business ( `` Consumer Healthcare ''). For the purposes of this notice, `` Presentation '' means this document, its contents or any part of it, any oral presentation, any question and answer session and any written or oral material discussed or distributed during the Presentation meeting.
The Presentation and the information contained herein must not be recorded, taken away, disclosed, copied, distributed, reproduced, transmitted or passed on, directly or indirectly, in whole or in part, to any other person or published in whole or in part, for any purpose or under any circumstances, without the prior written consent of the Company, Citigroup Global Markets Limited ( `` Citi ''), Goldman Sachs International ( `` Goldman Sachs '') and Merrill Lynch International ( `` BofA Securities '' and, together with Citi and Goldman Sachs, the `` Banks '').
No person is authorised to give any information or to make any representation not contained in and not consistent with the Presentation and, if given or made, such information or representation must not be relied upon as having been authorised by, or on behalf of, the Company or the Banks. The information set out in this Presentation does not constitute or form part of, and should not be construed as, any recommendation for the taking of any action, the acquisition of any asset or any securities.
This Presentation does not constitute or form part of any offer or invitation to purchase, acquire, subscribe for, sell, dispose of or issue, or any solicitation of any offer to purchase, acquire, subscribe for, sell or dispose of, any security, including shares of GSK, shares of the new holding company of Consumer Healthcare ( `` Haleon '') or any other securities of GSK, CH or their respective subsidiaries.
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This Presentation is directed only at persons: ( a) in member states of the European Economic Area who are `` qualified investors '' within the meaning of Article 2 ( e) of Regulation ( EU) 2017/1129; ( b) in the United Kingdom who ( i) have professional experience in matters relating to investments who fall within the definition of `` investment professionals '' in Article 19 ( 5) of the Financial Services and Markets Act 2000 ( Financial Promotion) Order 2005 ( the `` Order '') or fall within Article 49 ( 2) ( a) to ( d) of the Order; and ( ii) are `` qualified investors '' within the meaning of Article 2 ( e) of the UK version of the Regulation ( EU) 2017/1129 as it forms part of retained EU law as defined in and by virtue of the European Union ( Withdrawal) Act 2018; and ( c) to whom they may otherwise lawfully be communicated ( all such persons in ( a), ( b), and ( c) together being referred to as `` Relevant Persons ''). It is a condition of your receiving the Presentation that you are a Relevant Person.
No representation, warranty or undertaking, express or implied, is or will be made or given and no responsibility or liability is or will be accepted by the Company or any of the Banks or any of their respective affiliates or any of their respective representatives in relation to the truth, adequacy, accuracy, completeness or reasonableness of the information and opinions contained in, or the use of, the Presentation ( or whether any information has been omitted from the Presentation), or as to any such information or opinions remaining unchanged after the Presentation is issued ( and no‐one is authorised to do so on behalf of any of them).
The Company, each of the Banks and their respective affiliates and representatives disclaim, to the maximum extent permitted by law, any responsibility or liability, whether express or implied, arising in tort, contract or otherwise, for the Presentation and any information and opinions contained therein, or any errors, omissions or misstatements contained in the Presentation.
3
DISCLAIMER cont.
Except where otherwise indicated in the Presentation, the information provided herein is based on matters as they exist as of the date of preparation of the Presentation and not as of any future date. All information presented or contained in the Presentation is subject to verification, correction, completion and change without notice. None of the Company or any of the Banks or any of their respective affiliates or any of their respective representatives undertakes any obligation to amend, correct, keep current or update the Presentation or to provide the recipient with access to any additional information that may arise in connection with it. The Presentation does not constitute an audit or due diligence review and should not be construed as such. No reliance may be placed for any purposes whatsoever on the information contained in the Presentation or on its truth, adequacy, accuracy, completeness or reasonableness.
In addition, the Presentation contains certain statements that are, or may be deemed to be, `` forward-looking statements '' with respect to current expectations and projections about future events, strategic initiatives and future financial condition and performance relating to Consumer Healthcare and/or GSK. These statements sometimes use words such as `` expects '', `` anticipates '', `` believes '', `` targets '', `` plans '', `` intends '', `` projects '', `` indicates '', `` may '', `` will '', `` should '' and words of similar meaning ( or the negative thereof). These forward-looking statements include all matters that are not historical facts. These include, but are not limited to, statements relating to future actions, prospective products or product approvals, future performance or results of current and anticipated products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, dividend payments and financial results.
They appear in a number of places in the Presentation. Any forward-looking statements made by or on behalf of the Company speak only as of the date they are made and are based upon the knowledge and information available to the Directors on the date of this Presentation. These statements and views may be based on a number of assumptions and, by their nature, involve unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future and/or are beyond the Company's control or precise estimate. Such factors include, but are not limited to, those discussed under 'Principal risks and uncertainties ' on pages 261 to 275 of GSK's Annual Report for 2020 and any impacts of the COVID-19 pandemic.
Such forward-looking statements are not guarantees of future performances and no assurance can be given that any future events will occur, that projections will be achieved or that the Company's assumptions will prove to be correct. Actual results may differ materially from those projected, and ( other than in accordance with its legal or regulatory obligations ( including under the Market Abuse Regulations, the UK Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority ( `` FCA '')), the Company does not undertake to revise any such forward-looking statements to reflect new information, future events or circumstances or otherwise. You should, however, consult any additional disclosures that the Company may make in any documents which it publishes and/or files with the SEC and take note of these disclosures, wherever you are located. These forward-looking statements speak only as of the date of the relevant document. Undue reliance should not be placed on these forward-looking statements. Except as required by applicable law or regulation, each of the Company and the Banks expressly disclaims any obligation or undertaking to release any updates or revisions to these forward-looking statements.
No statement in the Presentation is or is intended to be a profit forecast or profit estimate.
Certain figures contained in this Presentation, including financial information, have been subject to rounding adjustments. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this Presentation may not conform exactly with the total figure given.
Certain financial information contained herein has not been audited, comforted, confirmed or otherwise covered by a report by independent accountants. When and if audited financial information is published or becomes available, the data could vary from the data set forth herein. In addition, past performance can not be relied on as a guide to future performance.
All outlooks, targets, ambitions and expectations regarding future performance and the dividend, as well as the medium term outlooks and 2022 considerations, should be read together with this disclaimer and the Appendix at the end of this Presentation.
4
DISCLAIMER cont.
Unless otherwise stated, statements of market position are on the basis of sales to consumers in the relevant geographic market or product category in 2020, as reported by: ( i) in the case of statements relating to OTC/VMS, Nicholas Hall's DB6 Consumer Healthcare Database at manufacturer's selling prices; and ( ii) in the case of statements relating to Oral Health, Euromonitor Passport at manufacturer's selling prices. The value of a geographic market or product category and market size are provided on the basis of sales to consumers in 2020 in the relevant market or product category, as reported by:
The Company confirms that all third-party data contained in this Presentation has been accurately reproduced and, so far as the Company is aware and able to ascertain from information published by that third party, no facts have been omitted that would render the reproduced information inaccurate or misleading.
Where third-party information has been used in this Presentation, the source of such information has been identified.
While industry surveys, publications, consultant surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, the accuracy and completeness of such information is not guaranteed. The Company has not independently verified any of the data obtained from third-party sources ( whether identified in this Presentation by source or used as a basis for the Directors ' beliefs and estimates), or any of the assumptions underlying such data. Similarly, internal surveys, industry forecasts and market research, which the Company believes to be reliable, have not been independently verified.
This Presentation includes trademarks, trade names and trade dress of other companies. Use or display by us of other parties ' trademarks, trade names or trade dress or products is not intended to and does not imply a relationship with, or endorsement or sponsorship of us by, the trademark, trade name or trade dress owners. Solely for the convenience of investors, in some cases we refer to our brands in this Presentation without the ® symbol, but these references are not intended to indicate in any way that we will not assert our rights to these brands to the fullest extent permitted by law.
Any product claims which appear in this Presentation are only intended for audiences in the territories for which they were created. Product descriptions and product claims which appear in this Presentation may not be available or applicable in other territories. The Company makes no representation that such material is appropriate for use outside of the original intended territory and nothing in this Presentation should be construed as providing any kind of medical advice or recommendation, and should not be relied on as the basis for any decision or action.
Each of the Banks is authorised by the Prudential Regulation Authority ( `` PRA '') and regulated in the United Kingdom by the PRA and the FCA. Each of the Banks will not regard any other person ( whether or not a recipient of the Presentation) as a client and will not be responsible to anyone other than GSK and Haleon for providing the protections afforded to its clients or for giving advice in relation to any transaction, arrangement or other matter referred to in the Presentation.
A number of Adjusted measures are used to report the performance of our business, which are non-IFRS measures. Adjusted results, CER and other non-IFRS measures may be considered in addition to, but not as a substitute for or superior to, information presented in accordance with IFRS. These measures are defined and set out in the `` Glossary '' slide at the end of this presentation. Reconciliations to the nearest IFRS measure are included in the Appendix and will be provided as part of the Haleon prospectus.
5
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Declaraţia directorului executiv al UNICEF, Henrietta Fore, cu privire la pandemia de COVID-19 | NEW YORK, 18 martie 2020 – „ La o săptămână de la declararea pandemiei de COVID-19, numărul cazurilor continuă să crească în întreaga lume. Sute de milioane de copii nu merg la şcoală. Părinţii şi persoanele în grija cărora se află aceştia lucrează de la distanţă ori de câte ori au posibilitatea. Graniţele s-au închis. Vieţile oamenilor sunt complet bulversate.
Ne aflăm cu toţii pe un teritoriu necunoscut. La UNICEF, luptăm împotriva unui nou virus, demontăm mituri şi combatem dezinformarea, iar în acelaşi timp ne preocupăm de bunăstarea angajaţilor noştri şi a propriilor noastre familii.
Activităţile noastre ce salvează vieţi şi asigură sănătatea, educaţia, nutriţia şi protecţia copiilor nu au fost niciodată atât de importante. Având în vedere că milioane de copii sunt strămutați, afectaţi de războaie, uciși din cauze evitabile, ne şcolarizaţi sau nu beneficiază de vaccinuri esenţiale, nevoia de sprijin n-a fost niciodată atât de mare.
UNICEF face demersuri pentru a ajuta la prevenirea răspândirii intercomunitare a virusului în ţările afectate. Diseminăm informaţii corecte cu privire la măsurile necesare pentru siguranţa familiilor, oferind truse igienice şi medicale şcolilor şi clinicilor medicale şi atenuând impactul epidemiei asupra accesului copiilor la servicii medicale, sociale şi de educaţie.
Acum, mai mult ca oricând, contăm pe donatorii noştri pentru a continua să ne sprijine misiunea de a-i ajuta pe cei care nu au nimic şi pe nimeni – în ciuda acestor vremuri grele. ”
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 |
Oil settles up but posts second consecutive weekly decline | Brent crude futures settled up $ 1.29, or 1.2%, to $ 107.93 a barrel, a day after surging nearly 9% in the biggest daily percentage gain since mid-2020.
U.S. West Texas Intermediate ( WTI) crude futures settled up $ 1.72, or 1.7%, at $ 104.70 a barrel, adding to the previous session's 8% jump.
Both benchmark contracts ended the week down around 4%, after trading in a $ 16 range. Prices hit 14-year highs nearly two weeks ago, encouraging bouts of profit taking since then.
Russia said an agreement had yet to be reached after a fourth day of talks with Ukraine. Some signs of progress had emerged earlier in the week.
`` Prior expectations for a Ukraine/Russian cease fire or agreement have faded as Russian military assault on key cities continues in suggesting additional financial sanctions against Russia, '' said Jim Ritterbusch, president of Ritterbuch and Associates LLC in Galena, Illinois.
Crude prices have been on a rollercoaster ride, boosted by the supply crunch from traders avoiding Russian barrels and dwindling oil stockpiles. But prices have been pressured by worries about demand with COVID-19 cases surging in China, while stumbling nuclear talks with Iran have been a wild card on the market.
The volatility has scared some investors out of the oil market, which could exacerbate price swings.
Meanwhile, output from the OPEC+ producer group in February undershot targets even more than in the previous month, sources said. The International Energy Agency said oil markets could lose 3 million bpd of Russian oil from April.
U.S. oil producers have also shown considerable constraint since the conflict in Ukraine began. U.S. energy firms this week reduced the number of oil rigs active in the country by 3 to 524 this week, according to energy services firm Baker Hughes.
Consultancy FGE said on-land product stocks at key countries are 39.9 million barrels lower for this time of the year relative to the 2017-2019 average.
( Additional reporting by Sadia Nasralla in London, Sonali Paul in Melbourne and Florence Tan in Singapore; editing by Kirsten Donovan, David Gregorio and Chizu Nomiyama)
By Laura Sanicola | business |
China may balk at unnerved reserves seeking yuan: Mike Dolan | - China's yuan is in no great position yet to absorb a sizeable chunk of global central bank reserves if other central banks were to be unnerved by the freezing of Russia's overseas assets.
And many investors doubt China could manage or even want them right now.
The yuan is still not fully convertible overseas and floating it now, while potentially attracting hundreds of billions of dollars of reserve hoards, would risk the sort of severe currency overvaluation Beijing has spent decades resisting.
China has had a long-standing objective of greater '' internationalization '' of the yuan - but its mantra on seeking stability would likely trump that for the foreseeable future. And after a year of hyperactive financial intervention and regulation, Beijing seems in no rush to liberalise markets.
Barely concealed official alarm this week at wild swings in Chinese stocks - jarred by new COVID lockdowns, soaring energy costs and continued financial and trade links with heavily sanctioned Russia - pushed the government to pledge more support and even flag some rowing back of its recent regulatory zeal.
In the light of all those serial shocks, an exchange rate battle may not be top of Beijing's to-do list.
And yet if the yuan were to suddenly command just 10% of the nearly $ 13 trillion in global central bank reserves - something many analysts expected only over a decade or so - it would have to almost quadruple its current 2.6% share.
That roughly equates to $ 1 trillion of extra overseas cash being parked in the currency and yuan assets - more than all foreign inflows into its stock and bonds since 2019.
Unless fully offset by China directly intervening to sell yuan and amassing even more of the hard cash reserves that other central banks were shedding, that flow could overwhelm.
As asset manager DWS noted wryly this week: `` China's not bursting with energy at the moment. ''
And so even as people see the yuan as the only realistic counterpoint to the dollar and euro and a handful of other reserve currencies, they still see status quo persisting.
`` To replace the United States as the issuer of the world's global currency, China would need to make the ( yuan) renminbi fully convertible, which in turn would require much deeper liberalisation of its financial system and its economy, '' said Sonal Desai, Chief Investment Officer at Franklin Templeton Fixed Income.
`` In recent years instead, China's policymakers have been re-tightening their control over the economy. ''
Morgan Stanley strategists, who prior to the Russia-Ukraine shock saw the yuan's share of reserves rising only gradually to 10% by 2030, also doubt a sudden shift in the dollar's status.
`` It is not clear that the recent actions have undermined the idea of the dollar as the relatively safest global reserve asset and it may well remain the dominant global currency for some time to come, albeit at slightly lower levels than before. ''
'WEAPONIZING ' RESERVES?
So why the doubts about the dollar's status anyway?
As part of swingeing financial sanctions against Russia, G7 and European Union governments late last month paralysed more than half the Russian central bank's $ 640 billion of foreign currency and gold reserves.
While countries such as Iran, Venezuela and - most recently - Afghanistan faced similar sanctions in recent years, economic powers have never frozen the reserves of another sitting member of the G20 and Bank for International Settlements.
Currency managers have since been abuzz about what some call a `` weaponizing '' of central bank reserves could mean for the near $ 13 trillion parked in deposits and government bills and bonds of the main reserve currencies.
The question is whether some countries not closely allied to the G7 might fear their holdings in western markets would be less safe in the event of some future clash.
The dollar and euro account for almost 80% of these world reserve holdings, while sterling and yen make up another 10%.
China is by far the biggest reserve holder itself, with a $ 3.4 trillion stash - a sign that China still doesn't consider its domestic economy and financial system strong enough to soak up unfettered overseas capital without major distortion.
Before the Russian freeze, it, Brazil, India and China plus Saudi Arabia accounted for more than 40% of the world reserves.
Gaming the possible fallout, investors have considered everything from rapid reserve diversification to big sales of U.S. Treasuries or German Bunds, shifts toward hoarding metals and commodities or even halting reserve stockpiling altogether.
But the chance that China's yuan will take up the mantle dominates many investor calls, with reports this week that Saudi Arabia wanted to price some of the crude oil it sells to China in yuan rather than dollars adding to the mix.
If the pandemic and Ukraine war now lead to a more polarised world of two different economic and political blocs, where China becomes an alternative anchor, some suggest reserve managers may eventually just have to follow suit to balance the risks.
But whatever the timeframe, it assumes China takes sides with Russia and actively shuns a dollar trading system.
DWS reckons this week's market volatility illustrates how China has its own problems to resolve and knows it still relies massively on big western markets for badly needed growth.
`` We think this scenario is implausible, or at least extremely premature, '' it said. `` China is likely to do everything in its power to maintain a neutral position externally. ''
The author is editor-at-large for finance and markets at Reuters News. Any views expressed here are his own
( by Mike Dolan, Twitter: @ reutersMikeD. Charts by Andrew Galbraith and Marc Jones Editing by Catherine Evans) | business |
EUROPEAN MIDDAY BRIEFING - Stocks Edge Lower on -2- | `` While focus will be on the telephone conference between the U.S. and Chinese presidents today, at the same time, a further escalation of the Russian-Ukraine conflict can not be excluded and bears the risk of triggering another flight to quality, '' analysts at the Italian bank said, adding that it could potentially lead investors to demand duration rather than credit risk, at least temporarily.
Duration is a measurement of a bond's interest-rate risk.
U.K. borrowing costs fall for a second consecutive day after the BOE's policy statement Thursday was perceived as softer than expected.
Bank officials raised interest rates by 25 basis points to 0.75% in a decision that had been widely anticipated.
However, one policymaker unexpectedly voted to leave rates on hold and the tone of the press release was more cautious than previous communication in February, given an uncertain economic outlook.
The 10-year gilt yield traded last at 1.553%, down from Thursday's close at 1.572%, according to Tradeweb.
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. ''
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.
EDF Aims to Earn $ 3.4 Bln in New Rights Issue
Electricite de France SA said Friday that it is aiming to secure more than 3.1 billion euros ( $ 3.44 billion) via a capital increase to gain more financial flexibility and to help fund development operations in the coming years.
The state-controlled utility company will issue around 500 million new shares at a subscription price of EUR6.35, a discount of 28% to Wednesday's closing price, EDF said. Existing shareholders will be given preference in the subscription, and will receive one subscription right a share held, the company said.
Vonovia SE on Friday said it is planning to further grow revenue and funds from operations this year after the company acquired rival Deutsche Wohnen SE in 2021.
The German real-estate company said for 2022 it is targeting total segment revenue of between 6.2 billion euros ( $ 6.88 billion) and EUR6.4 billion. It also guides for group funds from operations -- the company's key figure for operational profitability also called FFO -- between EUR2.0 billion and EUR2.1 billion.
How the U.S. and EU Cut Russia Off From the Global Economy
Shortly before Thanksgiving, Treasury Secretary Janet Yellen met with senior officials in the White House Situation Room to discuss a Russian troop buildup on the border of Ukraine. The meeting included top intelligence advisers, defense officials and diplomats, who concluded Russia might be preparing to invade.
Ms. Yellen said she would contact counterparts in Europe and elsewhere to urge them to begin preparations for an economic response, according to people familiar with the meeting, and she started making calls to coordinate after the holiday.
U.K.-based Ferguson Builds Its U.S. Finance Team Ahead of Move to NYSE
Ferguson PLC, a U.K.-based plumbing- and heating-supply company, is expanding its U.S.-based finance team and revamping its financial reporting ahead of the planned transfer of its primary listing to the New York Stock Exchange.
Ferguson shareholders last week voted in favor of shifting the company's primary listing to the NYSE from the London Stock Exchange. The move, set to take place on May 12, follows a yearslong effort by the company to shed businesses outside of North America. Following its sale last year of Wolseley, its U.K.-based business and former namesake, the company is generating all of its revenue in the U.S. and Canada.
Russia made good on payments to foreign bondholders, according to investors and traders, averting default on its foreign debt in the face of the war in Ukraine and punishing Western sanctions.
Holders of two Russian dollar bonds said coupon payments arrived Thursday, a day late, but well within the 30-day grace period granted under the terms of the bonds.
For weeks, Russian President Vladimir Putin has railed against foes in the West and in Ukraine, where his bloody invasion is bogged down after three weeks.
Now, with no clear end to the hostilities in sight and the Russian economy coming under enormous strain, Mr. Putin has issued an ominous warning: The Kremlin will tolerate no dissent. Moreover, those with ties to the West are squarely in the Kremlin's sights.
LVIV, Ukraine-Rescuers dug through the debris of a bombed theater in Mariupol where hundreds of Ukrainian civilians had sought shelter as Russian forces continued to shell the southern port city and other urban areas across the country.
The entrance to a bomb shelter under the theater in Mariupol was blocked when the building partially collapsed from a Russian airstrike late Wednesday night, said Pavlo Kyrylenko, head of military administration in the eastern region of Donetsk. Former governor Sergiy Taruta said on Thursday the shelter had remained intact and there were survivors.
PARIS-French President Emmanuel Macron said Thursday he planned to increase the legal retirement age to 65 from the current 62, raising a controversial issue three weeks before national elections.
Mr. Macron proposed an overhaul of the country's pension system about two years ago, which led to a transport strike that lasted more than a month. The government shelved its plan when the Covid-19 pandemic hit.
The eurozone's trade balance swung to a record deficit in January from a surplus a year earlier as the cost of imported energy increased sharply, according to data from the European Union's statistics agency, Eurostat, released Friday.
The eurozone's trade deficit in goods -- the difference between exports and imports -- was 27.2 billion euros ( $ 30.17 billion) in January, compared with a EUR10.7 billion surplus the same month a year earlier.
LONDON-The war in Ukraine broke the nickel market. The risks had been building for years.
Banks and brokers lent heavily to producers and speculators eager to take a position on the humble metal, a key ingredient in stainless steel and electric-vehicle batteries.
This is the first column in a Heard on the Street series about the end of zero interest rates.
Warren Buffett has compared interest rates to gravity. That is an especially useful way to think about them right now.
The highest inflation in four decades became real for Matthew Rivera when he ordered a plate of chicken wings last month at a restaurant in the Catskill Mountains. He normally pays $ 8-10, and this time it was $ 20. The old, lower price was crossed out on the menu.
`` 'Inflation, ' `` was the explanation from the waitress, he said. He ordered wings for his children but pledged not to do it again. `` It wasn't worth it. ''
TOKYO-The Bank of Japan on Friday kept its ultra-easy policy in place, distancing itself from a global wave of monetary tightening because inflationary forces remain weak in Japan.
The bank maintained its target for short-term interest rates at minus 0.1% and its target for the 10-year Japanese government-bond yield at around zero.
HONG KONG-People are dying from Covid-19 in Hong Kong at a rate that surpasses most of the world's worst pandemic peaks, with almost 300 deaths a day overwhelming the city's ability to cope.
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To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.
Read our editorial policy to learn more about our process. | business |
Japanese sushi prices soar as Russian sanctions hit industry | Market vendors and restaurant owners in Japan are already feeling the impact of the limit on trade with Russia in the wake of the invasion of Ukraine, as Tokyo has been a major importer of seafood from Moscow.
The seafood supply chain has been uprooted amid international restrictions on Russia, sending prices higher and limiting the ability of food suppliers to obtain ingredients, such as salmon.
At the same time, Japan has been impacted by a fall in seafood imports from Norway due to rerouted or cancelled flights from the European nation after access to Russia airspace was limited due to the increased international tensions.
“ We unfortunately have had to stop serving our popular aurora salmon dish, ” an employee at Sushi Choshimaru told Japanese newspaper Asahi Shimbun, as they are having to rely on “ frozen salmon products ” while it’ s “ not possible ” to fly the item from Norway.
Russia is the third-largest exporter of seafood to Japan, according to the country’ s Ministry of Agriculture, Forestry and Fisheries, making up 8.6% of all seafood imports into the Asian nation. Red salmon is one of the key products provided by Russia, with Moscow providing 79% of the supply to Japan.
Japan announced on Wednesday that it is revoking Russia’ s most-favoured nation trade status following further sanctions against Moscow, including banning imports of certain products.
The most-favoured nation trade status had ensured the best trade terms possible between the two nations, reducing tariffs, trade barriers and providing them with the highest import quota or none at all.
Japanese Prime Minister Fumio Kishida has acknowledged the need for the government to step in to reduce the impact of sanctions on local companies. During a visit to Tokyos wholesale fish market in Toyosu last week, Kishida accepted that executives are now “ struggling amid a double whammy of the covid-19 pandemic and the Ukraine crisis. ”
post @ salmonbusiness.com | general |
Wall St closes higher after Biden-Xi talks end, oil steadies | * Biden urges Xi to abandon Moscow over Ukraine
* FedEx falls on lower-than-expected quarterly earnings
* Moderna up on seeking FDA authorization for second booster
* Indexes rise: Dow 0.8%, S & P 500 1.17%, Nasdaq 2.05% ( New throughout; updates prices, market activity and comments)
March 18 ( Reuters) - Wall Street's three major indexes closed higher on Friday, with the biggest boost from recently battered technology stocks, after talks between U.S. President Joe Biden and Chinese President Xi Jinping over the Ukraine crisis ended without big surprises.
Investors were also relieved by slowing gains in oil prices as they continued to digest the Federal Reserve's Wednesday interest rate increase and its aggressive plan for further hikes aimed at combating soaring inflation.
U.S. President Joe Biden warned Chinese leader Xi Jinping during a call that there would be `` consequences '' if Beijing gave material support to Russia's invasion of Ukraine, the White House said. Both sides stressed the need for a diplomatic solution to the crisis.
While Xi called on NATO nations to hold a dialog with Moscow, he did not assign blame to Russia for the invasion.
`` The read out from the meeting was as expected, '' said Art Hogan, chief market strategist at National Securities in New York regarding the Xi/Biden talks. He said that since Russia/Ukraine talks were continuing, investors were tending toward optimism.
`` Regarding Russia, Ukraine, the market has been more positive on news from the diplomatic front than negative on the escalation. ''
Hogan also cited calmer oil prices and relief that the highly anticipated Fed news was finally out.
`` Instead of having fears and trepidation of what the Fed might do we have clear roadmap for monetary policy, '' he said.
In addition to less onerous than expected Fed actions, Steve Sosnick, chief strategist at Interactive Brokers in Greenwich, Connecticut said investors were reassured that U.S. crude oil prices weren't too far above $ 100 on Friday after recently surpassing $ 130.
`` At least for this week oil has found a level. That's someway positive for the market as a rising oil price is overweighted in consumer minds as an inflationary indicator, '' said Sosnick. `` Does the market like oil around $ 100? No. But is it happier that it's around $ 100 than going up $ 20 every day? Of course. ''
Investors were also monitoring for any impact from Friday's '' triple witching, '' in which investors unwind positions in futures and options contracts before they expire, which can lead to volatility and trading volume.
On Friday the expirations appeared to boost volume as 18.47 billion shares changed hands on U.S. exchanges compared with the 14.56 billion moving average for the last 20 sessions.
The Dow Jones Industrial Average rose 274.17 points, or 0.8%, to 34,754.93, the S & P 500 gained 51.45 points, or 1.17%, to 4,463.12 and the Nasdaq Composite added 279.06 points, or 2.05%, to 13,893.84.
Wall Street's three main indexes boasted their biggest weekly percentage gains since early November 2020 with the S & P adding 6.2% while the Dow rose 5.5% and the Nasdaq jumping 8.2%.
Ten of the 11 major S & P 500 sectors closed higher, with heavyweight technology and consumer discretionary both finishing up 2.2% while communication services rising 1.4%.
The only declining sector was utilities which ended the session down 0.9%.
Moderna Inc closed up 6.3% after the drugmaker submitted a request to the U.S. Food and Drug Administration to allow for a second booster of its COVID-19 vaccine.
Shares of Boeing Co finished up 1.4% after reports the planemaker was edging toward a landmark order from Delta Air Lines for up to 100 of its 737 MAX 10 jets.
But shares in U.S. delivery firm FedEx Corp slumped almost 4% after a weaker-than-expected quarterly earnings report.
Advancing issues outnumbered declining ones on the NYSE by a 2.20-to-1 ratio; on Nasdaq, a 2.19-to-1 ratio favored advancers.
The S & P 500 posted 19 new 52-week highs and 1 new lows; the Nasdaq Composite recorded 44 new highs and 41 new lows. ( Reporting by Sinéad Carew, Herbert Lash in New York, Shreyashi Sanyal and Sabahatjahan Contractor in Bengaluru and Sinead Carew in New York; Editing by Sriraj Kalluvila, Leslie Adler and David Gregorio) | business |
At-home COVID-19 tests linked to accidental injuries, FDA warns | Live Science is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Learn more
By Rachael Rettner published 18 March 22
Some people have injured themselves by mistakenly putting the liquid test solution in their eyes.
Some people are accidentally hurting themselves by using at-home COVID-19 tests incorrectly, such as mistakenly putting the liquid test solution in their eyes, the U.S. Food and Drug Administration ( FDA) has warned.
On Friday ( March 18), the FDA issued an alert warning that at-home COVID-19 tests can cause harm if they are used improperly, for example, if the liquid test solution touches a person's skin or eyes, or if the small vials of liquid solution are swallowed, the agency said in a statement. The agency also reminded people to keep the tests out of reach of children and pets.
Some test solutions contain the chemical sodium azide, which can cause harm if it comes into contact with the skin, nose, mouth or eyes, or if the chemical is swallowed, the agency said.
The FDA has received reports of injuries that occurred when people accidentally put the liquid test solution in their eyes because they mistook the small vials of liquid for eye drops.
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The agency has also received reports of injuries that occurred when people put the tests ' nasal swabs into the liquid before they swabbed their nose. ( The liquid should not touch the body, the agency noted.) In addition, children have been injured when they put the test parts in their mouth and swallowed liquid test solutions.
At-home COVID-19 tests can be a convenient way for people to check if they are infected with SARS-CoV-2, the virus that causes COVID-19. The tests are safe when people follow the tests ' step-by-step instructions, the FDA said.
People should immediately call poison control or contact their health care provider if they experience skin or eye irritation after exposure to test chemicals that does not go away, or if a person or animal swallows the liquid test solution, the agency said.
Originally published on Live Science. | general |
Tesla restarts Shanghai plant after two-day COVID stoppage, report says | SHANGHAI -- Tesla Inc. resumed production at its Shanghai plant Friday after a two-day suspension, people familiar with the matter said, as movement controls imposed on its workers as part of the city's efforts to curb the latest COVID-19 outbreak eased.
The Shanghai factory restarted its two-shift production at 7 a.m. local time to run around the clock, said the people. Enough workers have returned to their positions after being cordoned off in nearby residential compounds for 48 hours where they were required to be tested for COVID-19, according to the people who declined to be identified as they were not authorized to speak with media.
Tesla did not immediately respond to a request for comment.
Reuters reported Wednesday that the U.S. electric vehicle maker had suspended production at its Shanghai factory for two days, according to a notice sent internally and to suppliers, as China tightens measures to curb its largest outbreak in two years. Read full story
Tesla said Thursday it was doing its best to keep production going at its Shanghai factory while it cooperates with China's COVID-19 prevention measures. It did not provide details. | general |
China Covid strategy: Xi Jinping vows to reduce the economic impact of surging cases |
As Covid
makes a resurgence
in China, the country's leader signaled that his focus this time around is on containing the
collateral damage
to its huge economy.
China must `` strive to achieve the maximum prevention and control at the least cost, and minimize the impact of the epidemic on economic and social development, '' President
Xi Jinping
said Thursday at a closed-door meeting of the politburo standing committee, China's top decision-making body.
Xi's statement may serve as a tacit acknowledgment of the impact of China's zero-Covid strategy and its strict lockdowns on the world's second largest economy.
China is facing its biggest Covid surge since the first major outbreak in
Wuhan
in early 2020, and its focus largely remains on containing a pandemic that other countries have decided to live with.
Authorities have imposed stringent measures to control the spread of the virus since cases surged across the country earlier this month.
Tens of millions of people
have been placed under various forms of lockdowns. Businesses were shuttered, and travel was restricted in several major industrial and technology hubs.
Read More
But those strict restrictions come at a price.
Economists have predicted a big hit to China's economy by the widespread lockdowns. Goldman Sachs analysts estimated on Thursday that a four-week lockdown of 30% of China could reduce GDP by around 1 percentage point. Nomura analysts, meanwhile, believe that the zero-Covid strategy will make it quite hard for Beijing to achieve its
5.5% growth target
for 2022.
China's new Covid lockdowns are another threat to the economy
Fears of the Covid crisis earlier this week helped trigger the worst sell-off in Chinese stocks in more than a decade, prompting the government to
step in to reassure investors
and stop the slide.
Even before Xi's statement on Thursday, there were indications that the Chinese government no longer feels containing the pandemic can come at the cost of economic stability.
On Wednesday, China's Vice Premier Liu He, Xi Jinping's top economic advisor, said at a key government meeting that virus controls should be coordinated with economic development. He also pledged that the government will `` substantially '' boost economic growth and keep financial markets stable.
On Thursday, Shenzhen, the technology and manufacturing hub in southern China, said it will allow companies to resume work in an `` orderly '' manner, three days after it imposed a strict lockdown prompted by 66 new positive cases.
Foxconn, one of Apple's key suppliers, said it has partially resumed production in Shenzhen after
previously halting operations
in the city due to the Covid outbreak.
A `` closed loop '' process has been implemented on campuses that adheres to policies issued by the Shenzhen government, the company said in a statement to CNN Business. | general |
MINK THERAPEUTICS, INC. Management's Discussion and Analysis of Financial Condition and Results of Operations. ( form 10-K) | Overview
We are a clinical stage biopharmaceutical company pioneering the discovery, development and commercialization of allogeneic, off-the-shelf invariant natural killer T ( `` iNKT '') cell therapies to treat cancer and other immune-mediated diseases. iNKT cells are a distinct T cell population that combine durable memory responses with the rapid cytolytic features of natural killer ( `` NK '') cells. iNKT cells offer distinct therapeutic advantages as a platform for allogeneic therapy in that the cells naturally home to tissues, aid clearance of tumors and infected cells and suppress Graft versus Host Disease ( `` GvHD ''). Our proprietary platform is designed to facilitate scalable and reproducible manufacturing for off-the-shelf delivery. As such, we believe that our approach represents a highly versatile application for therapeutic development in cancer and immune diseases. We are leveraging our platform and manufacturing capabilities to develop a wholly owned or exclusively licensed pipeline of both native and engineered iNKT cells.
Our business activities include product research and development, manufacturing, regulatory and clinical development, corporate finance and support of our collaborations. To be successful, our product candidates require clinical trials and approvals from regulatory agencies, as well as acceptance in the marketplace. We are a party to an Intercompany General & Administrative Services Agreement and an Intellectual Property Assignment and License Agreement with Agenus. Under the Intercompany General & Administrative Services Agreement, Agenus provides us with administrative support, including, without limitation, financial, legal, information technology and human resources administrative support. Additional non-administrative services and use of certain facilities are available as may be agreed to between the parties from time to time. Under the Intellectual Property Assignment and License Agreement, Agenus exclusively assigned patent rights and know-how related to our technology to us. We also have a field-limited exclusive license under certain Agenus patents and know-how; and we retain the rights to expand a proprietary pipeline of products and technologies.
Our most advanced product cancer, AGENT-797, is an off-the-shelf, allogeneic, native iNKT cell therapy. We have commenced a Phase 1 clinical trial of AGENT-797 for the treatment of multiple myeloma, reported preliminary signals of activity, and expect to report data from this trial in the fourth quarter of 2022. In addition, we announced the initiation of our Phase 1 clinical trial for the study of solid tumor cancers with AGENT-797 as a monotherapy and in combination with checkpoint inhibitors, which we intend to advance as a priority. We currently expect to have preliminary readouts from this clinical trial in 2022 in indications that may lead to an accelerated path to marketing approval. We also intend to initiate a Phase 1 study of AGENT-797 in GvHD in 2022 and expect to report top-line data from this trial in the second half of 2022. Finally, with the unique circumstances of the COVID-19 pandemic, we were able to commence first-in-human studies of AGENT-797 in ARDS secondary to COVID-19 and reported encouraging survival benefit exceeding 75% presented at the Society of Immunotherapy for Cancer ( `` SITC '') in 2021. Later this year, we expect to present updated data of the clinical effect of AGENT-797 on viral ARDS where there are currently no effective therapies.
In addition, we are advancing a pipeline of next-generation allogeneic, engineered iNKT programs. Our two most advanced engineered programs are ( 1) a CAR-iNKT program targeting B-cell maturation antigen ( `` BCMA ''), which we refer to as BCMA-CAR-iNKT, and ( 2) a tumor stromal targeting CAR-iNKT program, which we refer to as stromal target-CAR-iNKT. These programs are both in preclinical development and we expect to initiate our investigational new drug ( `` IND '') filings for these candidates in 2022.
Our research and development expenses for the years ended December 31, 2021 and 2020 were $ 14.0 million and $ 9.5 million, respectively. We have incurred losses since our inception. As of December 31, 2021, we had an accumulated deficit of $ 82.9 million.
Until the completion of our initial public offering, we were reliant on Agenus to finance our operations. We expect to continue to incur operating losses and negative cash flows for the foreseeable future. Based on our current plans and projections, we believe our year-end cash balance will be sufficient to satisfy our liquidity requirements for more than one year from when these financial statements were issued. Management continues to address our liquidity position and will adjust spending as needed in order to preserve liquidity. Our future liquidity needs will be determined primarily by the success of our operations with respect to the progress of our product candidates and key development and regulatory events in the future. Potential sources of additional funding include: ( 1) pursuing collaboration, out-licensing and/or partnering opportunities for our portfolio programs and product candidates with one or more third parties, ( 2) securing additional debt financing and/or ( 3) selling equity securities.
Historical Results of Operations
For the Year Ended December 31, 2021 Compared to the Year Ended December 31, 2020
Research and development ( `` R & D '') expense
R & D expense includes compensation and other direct costs plus an allocation of indirect costs, based on certain assumptions. R & D expense increased 47% to $ 14.0 million for the year ended December 31, 2021 from $ 9.5 million for the year ended December 31, 2020. This increase is primarily due to costs associated with an increase in preclinical activities, the initiation of our clinical trials late in 2020, increased costs associated with the allocation of Agenus services and the increased activity of our UK subsidiary.
General and administrative ( `` G & A '') expense
G & A expense consists primarily of personnel costs, facility expenses, and professional fees. G & A expense increased 260% to $ 4.6 million for the year ended December 31, 2021 from $ 1.3 million for the year ended December 31, 2020. This increase results primarily from increased professional fees, including increased legal and audit fees, increased stock-based compensation expense and increased costs associated with the allocation of Agenus services.
Change in fair value of convertible affiliated note
Change in fair value of convertible affiliated note reflects the result of our fair value measurement of our convertible affiliated note issued to Agenus ( the '' Note '') at the balance sheet date. In October 2021, in connection with our initial public offering, the Note was automatically converted into 5,451,958 shares of our common stock and was not outstanding as of December 31, 2021.
Interest expense
Interest expense related to the Note was $ 2.4 million for both of the years ended December 31, 2021 and 2020. In October 2021, in connection with our initial public offering, the Note was automatically converted into 5,451,958 shares of our common stock and was not outstanding as of December 31, 2021.
Research and Development Programs
R & D program costs include compensation and other direct costs plus an allocation of indirect costs, based on certain assumptions.
Our product candidates are in various stages of development and significant additional expenditures will be required if we start new clinical trials, encounter delays in our programs, apply for regulatory approvals, continue development of our technologies, expand our operations and/or bring our product candidates to market. The total cost of any particular clinical trial is dependent on a number of factors such as trial design, length of the trial, number of clinical sites, number of patients and trial sponsorship. The process of obtaining and maintaining regulatory approvals for new products is lengthy, expensive and uncertain. Because of the current stage of our product candidates, among other factors, we are unable to reliably estimate the cost of completing our research and development programs or the timing for bringing such programs to various markets or substantial partnering or out-licensing arrangements, and, therefore, when, if ever, material cash inflows are likely to commence.
Liquidity and Capital Resources
We have incurred annual operating losses since inception, and we had an accumulated deficit of $ 82.9 million as of December 31, 2021. We expect to incur losses over the next several years as we continue development of our technologies and product candidates, manage our regulatory processes, initiate and continue clinical trials, and prepare for potential commercialization of products.
In October 2021, we completed an initial public offering of 3,333,334 shares of our common stock, at a public offering price of $ 12.00 per share. The gross proceeds from the offering, before deducting underwriting discounts, commissions and other offering expenses, were approximately $ 46.0 million, which includes the exercise of the underwriters option to acquire an additional 500,000 shares at the public offering price, which shares were delivered in November 2021. Underwriting discounts, commissions and other offering expenses, were approximately $ 6.2 million, resulting in net proceeds of approximately $ 39.8 million.
Prior to our initial public offering, we had been reliant on Agenus to finance our operations. From our inception through our initial public offering in October 2021, we received funding of $ 45.5 million from Agenus through the Note. The Note had a $ 45.5 million principal balance, plus accrued and unpaid interest of $ 6.8 million. In connection of the completion of our initial public offering, the Note was automatically converted into 5,451,958 shares of our common stock and was not outstanding as of December 31, 2021.
In December 2018, we entered into an agreement with the Belgium Walloon Region Government ( the `` Walloon Region '') in which the Walloon Region agreed to provide a grant of €1.3 million and a repayable advance of €8.3 million for the development of one of our research programs. As of December 31, 2021, we received $ 881,000 of the grant portion and $ 5.3 million of the repayable advance. During 2020, we discontinued research efforts related to this program and are evaluating our options in accordance with the terms of the agreement. We recognized the grant portion received as income during the years ended December 31, 2019 and 2020 and have included the repayable advance balance of $ 5.3 million in other current liabilities in our condensed consolidated balance sheet at December 31, 2021, while we finalize the termination of the agreement with the Walloon Region. We received a notice from the Walloon Region in February 2021 informing us that, pursuant to the terms of the agreement, they have assumed we plan to exploit the results of our research under the program and as such expect us to reimburse the repayable advance, and we have responded to the Walloon Region that we do not plan to exploit the results of such research. It is uncertain at this time if we will be obligated to repay any or all of this advance.
Our cash balance as of December 31, 2021 was $ 38.9 million. Based on our current plans and projections we believe this cash balance will be sufficient to satisfy our liquidity requirements for more than one year from when these financial statements were issued.
Management continues to address our liquidity position and will adjust spending as needed in order to preserve liquidity. Our future liquidity needs will be determined primarily by the success of our operations with respect to the progression of our product candidates and key development and regulatory events in the future. Potential sources of additional funding include: ( 1) pursuing collaboration, out-licensing and/or partnering opportunities for our portfolio programs and product candidates with one or more third parties, ( 2) securing additional debt financing and/or ( 3) selling equity securities.
Net cash used in operating activities for the years ended December 31, 2021 and 2020 was $ 12.8 million and $ 8.3 million, respectively. Our future ability to generate cash from operations will depend on achieving regulatory approval and market acceptance of our product candidates, and our ability to enter into collaborations. Please see the `` Note Regarding Forward-Looking Statements '' of this Annual Report on Form 10-K and the risks highlighted under Part I-Item 1A. `` Risk Factors '' of this Annual Report on Form 10-K.
Critical Accounting Policies and Estimates
The SEC defines `` critical accounting policies '' as those that require the application of management's most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods.
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles ( `` U.S. GAAP '') requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We base those estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.
Our significant accounting policies are described in Note 2 of the notes to our consolidated financial statements contained elsewhere in this Annual Report on Form 10-K. In many cases, the accounting treatment of a particular transaction is dictated by U.S. GAAP, with no need for our judgment in its application. There are also areas in which our judgment in selecting an available alternative would not produce a materially different result.
Recent Accounting Pronouncements
Refer to Note 2 to our consolidated financial statements included within Item 8 of this Annual Report on Form 10-K for a description of recent accounting pronouncements applicable to our business.
JOBS Act
We qualify as an `` emerging growth company '' as defined in the JOBS Act. As an emerging growth company, we may take advantage of specified reduced disclosure and other requirements that are otherwise applicable generally to public companies, including reduced disclosure about our executive compensation arrangements, exemption from the requirements to hold non-binding advisory votes on executive compensation and golden parachute payments and exemption from the auditor attestation requirement in the assessment of our internal control over financial reporting.
We may take advantage of these exemptions until the last day of the fiscal year following the fifth anniversary of our initial public offering or such earlier time that we are no longer an emerging growth company. We would cease to be an emerging growth company earlier if we have more than $ 1.07 billion in annual revenue, we have more than $ 700.0 million in market value of our stock held by non-affiliates ( and we have been a public company for at least 12 months and have filed one annual report on Form 10-K) or we issue more than $ 1.0 billion of non-convertible debt securities over a three-year period. For so long as we remain an emerging growth company, we are permitted, and intend, to rely on exemptions from certain disclosure requirements that are applicable to other public companies that are not emerging growth companies. We may choose to take advantage of some, but not all, of the available exemptions.
In addition, the JOBS Act provides that an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. This allows an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected not to `` opt out '' of such extended transition period, which means that when a standard is issued or revised and it has different application dates for public or private companies, we will adopt the new or revised standard at the time private companies adopt the new or revised standard and will do so until such time that we either ( i) irrevocably elect to `` opt out '' of such extended transition period or ( ii) no longer qualify as an emerging growth company. Therefore, the reported results of operations contained in our consolidated financial statements may not be directly comparable to those of other public companies.
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© Edgar Online, source Glimpses | business |
Canadian Pfizer partner sues to head off patent lawsuit over COVID-19 vaccine | The biotech company that makes mRNA-delivery technology for Pfizer's COVID-19 vaccine sued Arbutus Biopharma Corp in Manhattan federal court on Friday, seeking to head off claims that the vaccine infringes Arbutus ' patents.
Canada-based Acuitas Therapeutics Inc said Arbutus and partner Genevant Sciences have threatened to sue for potentially billions of dollars in `` unjustified royalties '' over the vaccine Pfizer developed with Germany's BioNTech SE.
Acuitas asked the court https: //fingfx.thomsonreuters.com/gfx/legaldocs/movandxaxpa/IP% 20ACUITAS% 20PATENTS% 20complaint.pdf to find that the Pfizer/BioNTech vaccine does not infringe Arbutus patents and that several Arbutus patents are invalid.
A representative for Arbutus did not immediately respond to a request for comment on Acuitas ' claims.
Acuitas Chief Executive Thomas Madden said in a statement that the company remains confident in its technology but otherwise declined to comment on the lawsuit.
The lawsuit is part of a growing web of patent disputes over COVID-19 vaccine technology. Arbutus sued Moderna over its mRNA technology last month, but has not yet sued Pfizer or Acuitas.
Pfizer and Moderna were hit with patent lawsuits on Thursday by Alnylam Pharmaceuticals Inc, which argued its own lipid nanoparticle mRNA-delivery technology was `` essential '' to both of the widely used COVID-19 vaccines.
Pfizer said last month that it expected $ 32 billion in revenue from its vaccine this year. Moderna has said its vaccine earned the company $ 17.7 billion in revenue in 2021. ( Reporting by Blake Brittain in Washington, D.C.; Editing by David Bario and Bill Berkrot) | business |
Nikkei posts biggest weekly gain in nearly 2 years | - Japan's Nikkei benchmark stock index ended higher on Friday and posted its biggest weekly gain in nearly two years, tracking overnight Wall Street gains, amid caution over a five-day rally in local markets.
The Nikkei share average advanced 0.65% to end at 26,827.43 and rose 6.62% for the week, the biggest weekly gain since May 2020.
The broader Topix rose 0.54% to 1,909.27 and rose 6.1% for the week, the biggest rise since early April in 2020.
`` The market rose sharply yesterday because investors who had shorted stocks bought them back. But with the long weekend ahead, they refrained from active bets, '' said Shigetoshi Kamada, general manager at the research department at Tachibana Securities.
The Nikkei had jumped more than 3% on Thursday to post its highest close in more than two weeks.
`` Today, both buyers and sellers were cautious, '' Kamada said.
Technology investor SoftBank Group led the Nikkei's gains, rising 3.68%, followed by chip making equipment maker Tokyo Electron, rising 0.85% and Uniqlo clothing shop owner Fast Retailing, which edged up 0.5%.
Toshiba Corp rose 1.15% after an independent director said he would back a shareholder proposal at next week's extraordinary meeting that could pave the way for a potential buyout of the conglomerate.
Toyota Motor fell 0.79% as the automaker said it would cut its global production target in April to 750,000 vehicles, down 150,000 from an earlier plan as a semiconductor shortage and the COVID-19 pandemic bite into its plans.
Toyota's declines dragged the index of auto and parts makers 0.88% lower, making the sector the worst performer among the Tokyo Stock Exchange's 33 industry sub-indexes.
Airlines followed with a loss of 0.58%.
( Reporting by Junko Fujita; Editing by Subhranshu Sahu and Rashmi Aich) | business |
Vonovia: PDF, 3.91 MB | FY 2021
Earnings Call.
March 18, 2022
Agenda
1.
2.
3.
Preface pages 2-8
FY 2021 Results & Business Update pages 9-34
Appendix pages 35-68
Mar. 18, 2022
2
Five Key Observations
Context in Light of Current Equity Market Sentiment
1.
Preface
Consistent growth since IPO
•
Earnings ( FFO p.s.) + 13% CAGR.
1
Growth
•
DPS +13% CAGR.
•
Value ( NTA p.s.) + 18% CAGR.
We are highly confident in our ability to continue to deliver earnings and value growth.
2
Return
7.5% average combined organic return p.a.
( almost 15% including yield compression)
•
32% discount to NTA ( 2021A) wider than at Covid-19 low point.
3
Undemanding equity
•
5.8% Group FFO yield ( 2022E) highest level since IPO.
valuation
• 4.1% Dividend yield ( 2022E) compared to 3.6% 1 on average for listed European Real Estate and 3.4% 2 for the
DAX.
Vonovia is an operating company that delivers not only an initial asset yield but an earnings yield by monetizing on its
4
Vonovia is not a
platform value.
bond proxy
The spread between German real 10Y bund yields and Vonovia's earnings yield ( FFO/share price) has been widening
and is at a record high of > 800bps.
Asset class remains
No direct link between interest rates and our portfolio value. Values are based on rental cash flows and comparable
market transactions.
5
highly attractive and
Structural supply/demand imbalance is much more relevant for valuation. As long as demand is higher than supply,
Vonovia is the best-
economic rationale and history suggest rising rather than declining prices.
in-class platform to
invest
Attractive implied asset & property management fee of 0.2% compared to ca. 0.5% -1% ( plus additional property
management fees) charged by external fund managers.3
1 Source: UBS 2022E dividend yield estimates for European real estate as of March 11. 2 Source: Factset. Simple average across dividend-paying constituents. Based on closing price as of March 11. 3 Vonovia asset and property management fee calculated as 2021 cost per unit multiplied by average number of units and divided by YE2021 fair value ( Vonovia Germany excluding Deutsche Wohnen). Market data based on third-party analysis of 87 non-listed European real estate funds. Universe includes core, value-add and open end. Fee calculated as total expense ratio ( TER) including ( i) fund expenses, ( ii) management fees and ( iii) performance fees in relation to gross asset value.
Mar. 18, 2022
FY 2021 Earnings Call
3
Sustainable Performance
Vonovia Delivers Consistent Earnings, Dividend and Value Growth
1.
Preface
FFO and Dividend growthEPRA NTA growth
13%
CAGR ( 2013-2022E)
17%
CAGR ( 2013-2021A)
FFO p.s.
EPRA NTA p.s.
DPS
2.642
66,7
2,23
58,8
2,11
2,15
1,78
1,93
48,7
42,1
1,53
1,58
1.661
1,47
36,1
1,35
1,22
1,24
28,8
1,05
0,89
0,94
22,7
0,88
21,2
19,0
0,62
0,70
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022E
2013
2014
2015
2016
2017
2018
2019
2020
2021
FFO based on eop number of shares and prevailing internal management KPI, which was FFO1 from 2013-2018 and Group FFO starting in 2019. Unadjusted for changes in IFRS 16 accounting. NTA based on eop number of shares and prevailing internal management KPI, which was Adj. EPRA NAV from 2013-2019 and EPRA NTA starting in 2020. 1 To be proposed to the AGM on April 29, 2022. 2 Mid point 2022 Group FFO guidance on the basis of current number of shares. 2013-2020per-share numbers TERP-adjusted.
Mar. 18, 2022
FY 2021 Earnings Call
4
7.5% Average Combined Organic Return p.a.
Dividend Yield Plus Organic Asset Value Growth
1.
Preface
Dividends
Organic Asset Value Growth
~70% payout ratio
Annual growth from rent increase
Increased DPS every year since IPO
and investments
Excluding yield compression
20%
15%
10%
5%
0%
Yield Compression
Dividend yield
Organic asset value growth ( excl. YC)
9.2%
9.3%
8.3%
8.4%
7.5%
7.1%
6.0%
6.5%
5.4%
2014
2015
2016
2017
2018
2019
20201
20211,2
average p.a.
Dividend yield calculated as dividend paid for the period over share price at the end of that period ( e.g. dividend paid in 2021 for 2020 over YE2020 share price). Organic asset value growth reflects the combined value growth from performance and investments and is calculated as total value growth minus yield compression. 1 Excl. temporary effects from Berlin rent-freeze law to provide better comparability. 2 Dividend to be proposed to the AGM on April 29, 2022.
Mar. 18, 2022
FY 2021 Earnings Call
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
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Vonovia SE 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 13:52:04 UTC. | business |
EUROPEAN MIDDAY BRIEFING - Stocks Edge Lower on Ukraine Escalation Fears | European stocks edged lower as investors were concerned of further escalation in the war in Ukraine that could lead to shortfalls of commodities supply.
`` Sentiment remains fragile, and that the risk of further escalation remains a real concern despite the gains of the last two weeks, '' said Michael Hewson, chief markets analyst at CMC Markets.
Oil prices hovered at elevated levels as traders remain concerned about lower oil supplies due to longer-term sanctions on Russia amid signs that the conflict may drag on.
Russian and U.S. officials said Thursday that talks between Moscow on Kyiv on a cease-fire hadn't yielded progress. President Biden is scheduled to speak with China's Xi Jinping on Friday, and is expected to try to deter Beijing from supporting Russia in the Ukraine war.
Fresh attacks by Russian forces hit the western city of Lviv and the capital Kyiv. Its forces have been blamed for an attack this week on a theater in devastated Mariupol serving as a shelter and clearly been marked as `` children inside. ''
The Russian stock market remained closed and the central bank hasn't yet said if it will open next week. The central bank will announce an interest-rate decision at 6:30 a.m. ET.
The ruble appreciated 4% against the dollar, trading at around 102 rubles to $ 1, after the Russian state avoided default by making coupon payments on dollar-denominated sovereign bonds on Thursday.
`` Markets were positioned for a technical default of Russia, people were surprised, '' said Ludovic Subran, chief economist at Allianz. This is delivering a boost to the currency, he added.
Russian government bonds rallied as well. A bond maturing next year traded at around 70 cents on the dollar on Thursday afternoon, up from 25 cents at the beginning of the week, according to AdvantageData.
`` Equity markets remain highly sensitive to the repercussions of the conflict and as fighting enters the fourth week, there still seems a gulf separating Russian and Ukrainian negotiators, '' said Hargreaves Lansdown analyst Susannah Streeter in a note.
Read Barrons.com: A Financial Storm Is Brewing in Europe. Where to Hide
Hermes shares look cheap as the business proves robust amid a tough period for the luxury-goods sector, said Bryan Garnier, raising its rating on the stock to buy from neutral.
The luxury house has underperformed the sector, losing 22% of its share value in the last year, but its positioning at the high end of luxury makes it resilient to current macroeconomic and geopolitical pressures, said Bryan Garnier.
Hermes is less exposed to inflation than its peers and it has plenty of pricing power in its arsenal. Bryan Garnier has kept its target price at EUR1,300.
Russia's invasion of Ukraine is just the latest headwind for the automotive industry. S & P Global Mobility has cut its 2022 light-vehicle production forecast by 2.6 million units to 81.6 million.
Part of the downgrade will come from lost demand due to the war, thanks to rising oil and raw material prices as well as tightening interest rates. The other part will be ongoing supply-chain constraints. Semiconductor supply challenges may worsen due to neon-gas supply disruptions and availability of palladium.
Difficulty substituting Ukraine-built wiring harnesses and a surge in Covid-19 cases in China triggering quarantines and plant closures in manufacturing hubs are also potential constraining factors, S & P said.
The Bank of England's more prudent approach when talking about further interest rate increases over the next months signals that policy makers are increasingly concerned about a squeeze on household incomes, said Pantheon Macroeconomics.
`` The Committee now is placing more weight on the adverse impact that high inflation will have on domestic demand than on the risk that it will cause inflation expectations and wage growth to drift higher over the medium term. ''
Pantheon expects the rate increase cycle will stall once the rate reaches 1% from the current 0.75%, which is still likely to happen in May. `` By the meeting in June 16, it should be clear enough that the economy is struggling. ''
Stock futures pointed to losses ahead of `` massive '' options expirations and amid worries over the continued Russia-Ukraine war. Still, major indexes were set for the best weekly returns since late 2020.
Stocks have advanced for the past three days, putting the S & P 500 on track for the best weekly performance in over a year. It is up 4.9% so far. Investors said they were assessing the impact the war in Ukraine could have on the U.S. economy and that companies still have strong fundamentals. The recent upward march in oil prices could potentially damp sentiment and spur more worries about inflation, investors said.
Friday marks `` massive '' quarterly options expirations on Friday for derivatives such as options on equity futures, noted the Saxo Bank Strategy team.
`` Hedging related to derivatives with some $ 3.5 trillion in underlying exposure could explain some of the price action in U.S. equity markets this week ahead of today's options expiration, '' they said in a note to clients.
`` In addition, options with strike prices near the current S & P level are said by some sources to be the largest in years, '' the strategists said.
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.
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 said.
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.
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 ECB is likely to take action if the euro remains weak, ING said. Klaas Knot on Thursday became the latest ECB member to say the euro's weakness would be unwelcome as Europe deals with the energy supply shock resulting from the Russia-Ukraine conflict and said two interest rate rises this year couldn't be ruled out, ING analysts said.
EUR/USD may `` stay heavy '' this summer and that will probably drag the ECB into a more `` hawkish position '' in favor of tightening monetary policy, they said.
A trimming of short-seller bets lifted EUR/USD above 1.11 on Thursday but the pair is likely to drift back to 1.10 in these uncertain times, they said.
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.
Eurozone government bond yields were mixed early Friday, with growth risks back in focus after central bank meetings.
`` Recession risks are moving into focus with the central bank meetings out of the way, '' said Commerzbank's rates strategists. They recommend scaling into tactical longs in German Bunds at yield levels above 0.40%.
DZ Bank's analysts underweight eurozone peripheral government bonds versus semicore government bonds, saying the invasion of Ukraine has altered the market's spread drivers.
`` Alongside rating differentials, investors are also now taking account of the geopolitical and trade implications of the war. ''
Economic and geopolitical risks, the threat of stagflation and the European Central Bank's monetary policy response are expected to be the main influences on spreads, the analysts said.
Overall, DZ holds eurozone government bonds as underweight.
European corporate credit remains vulnerable to the war raging in Ukraine, said UniCredit's research team.
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Poster - How to talk about the new coronavirus | Although it started in China at the end of last year, the epidemic caused by the new coronavirus ( COVID-19) has spread worldwide, becoming a pandemic. The new coronavirus can infect anyone, regardless of nationality, ethnicity, gender, religion or age. | general |
Capesize owners opt for shorter Pacific over longer Brazil trips despite contango | 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...
The Capesize dry bulk segment is seeing shorter trips within the Pacific region offering higher returns than the longer voyages out of Brazil in March -- a reversal of the usual state of affairs when the freight market is in contango.
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The time charter rate for a Capesize ship opening in the Far East to move iron ore from Western Australia to China was assessed at $ 23,743/d March 17 -- $ 5,600/d higher than the return trip via Brazil, which was assessed at $ 18,143/d.
A typical round trip for moving iron ore from Western Australia to China takes less than 40 days, while a round voyage via Brazil takes about 90 days.
`` The Atlantic is having more open tonnage and so is India. [ Thus ] there is downward pressure on South Africa and Brazil rates, '' a shipowner said.
Typically when the market is in contango -- or future demand is greater than prompt demand -- shipowners tend to discount freight rates on shorter trips so they can be available again to fix at the higher rate later.
Capesize freight derivative rates for April and the second quarter stood at $ 28,829/d and $ 31,952/d, respectively, March 17, according to Singapore Exchange data.
Shipping market sources noted that forward prices remained higher than spot for most of 2021.
`` The contango is quite stark still and will continue stay that way as there is still optimism on forward demand, '' a ship chartering source with a commodity trader said.
A Singapore-based shipbroker said there was still demand from ship-operators to fix ships on period business in order to lock in tonnage for durations of up to one year.
`` A weak spot [ market ] doesn't mean forward is weak, '' a ship-operator said, noting that spot and forward rates were trading independently.
The shipowner source said that in the current conditions: `` It is clear that if you have the choice on vessels in the Pacific, stay there. ''
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‘ She was granted power of attorney, but she is abusing that power’: My sister is taking complete control over my 94-year-old mother —and even changed her will | Dear Quentin,
My 71-year-old sister has power of attorney over my 94-year-old mother. My sister is retired and, at times, has refused to have anything to do with the family, meaning my mother and father. After my father passed away in 2011, my oldest sister has been trying to take complete control over my mother. She was granted power of attorney, but she is abusing that power.
My mother has always lived near me. In 2015, she moved to the same town in South Carolina. She was happy here. COVID-19 came around, and the non-assisted living center she lived in wouldn’ t let them out or allow anyone in for their safety. My sister came up from Florida in April 2020, took my mom to Florida for a visit, and never brought her back home.
“
‘ I visited my mom earlier this month, and she complained about having chest pain. I took her to a doctor and had X-rays taken of her chest, where two fractured ribs were found.’
”
She rented my mother a place and put her in it along with all the furniture, but there isn’ t enough room for everything. My sister changed my mother’ s will, and put herself as a beneficiary on my life-insurance policy that I have my mother on as a co-owner. She must have forged my name, because I did not sign any documents allowing her to do this.
My sister changed my mother’ s will to give herself all my mother’ s jewelry, her car and boat. She also changed the percentages in her will to read that she gets 40% of the estate, my brother gets 40% and I get 20%.
I visited my mom earlier this month, and she complained about having chest pain. I took her to a doctor and had X-rays taken of her chest, where two fractured ribs were found.
I set up two doctors’ appointments and physical therapy, but my sister got wind of it and cussed me out in a text saying I had no business doing that because she had power of attorney, and Mom didn’ t want to pay the copay for the doctors’ visits. She canceled the appointments. My girlfriend called social services and reported this as elder abuse.
What can I do?
Desperate to Help My Mother
Dear Desperate,
These stories are, alas, all too common. Your sister is betting on you standing by, and using your distance as an advantage. Your best course of action is to hire a lawyer and file a petition with the probate court to replace your sister as power of attorney.
In some cases, an independent power of attorney can help make long-term financial and healthcare decisions if and/or when she becomes incapacitated. In this case, you should move to replace your sister as valid, out-of-state power of attorneys are allowed in Florida.
The changes to your joint life-insurance policy would likely have required both signatures, so that should be part of your body of evidence. The time for passivity is over. You should contact the life-insurance company ASAP. In addition, changes to a will are not valid if they can be proven to have been made due to fraud or undue influence. Call your lawyer.
“ Like most states, Florida law allows a person to bring a petition for the appointment of a guardian, ” says Neil V. Carbone, partner at
Farrell Fritz, P.C
.
“ A guardian of the person would handle a ward’ s personal affairs as delegated by the court. This would generally include the right to consent to medical treatment and to make decisions concerning the ward’ s social environment. ”
“ A guardian of the property would handle a ward’ s financial affairs, with certain transactions requiring prior court approval, ” he adds. “ So that the court can monitor the actions of the guardian, the guardian would have to file certain reports with the court. ”
“
Your mother’ s injuries are concerning and your sister’ s resistance to allow her to see a doctor is even more bizarre and disturbing.
”
“ In addition, Florida law provides for an ‘ elder abuse injunction, ' ” Carbone says. “ The injunction will protect a vulnerable person from exploitation on a temporary basis until a hearing can be held before the court. The injunction may prevent the respondent from having access to the vulnerable person or the vulnerable person’ s assets. ”
The National Center on Elder Abuse
, a government agency affiliated with the U.S. Administration on Aging, and the nonprofit National Adult Protective Services Association will have resources and provide help with the steps you can take to report alleged abuse. Contact your mother’ s primary physician in Florida too.
Elder abuse impacts an estimated five million Americans every year, according to the
National Council on Aging
, and multiple agencies say the number of cases is both increasing and underreported.
“ Unfortunately, elder abuse is not uncommon and the abusers are often relatives of the vulnerable, elderly person, ” Carbone adds. “ In fact, the fights that traditionally played out among children over a parent’ s money after death, are playing out more and more frequently towards the end of the parent’ s life, usually when the parent requires help with day-to-day tasks, medical appointments and financial matters. ”
Keep a record of all communications with your sister, especially those related to your mother’ s injury and your sister’ s response. Your mother’ s injuries are concerning and your sister’ s resistance to allow her to see a doctor is even more bizarre and disturbing. It suggests that your mother may be in danger, and there is more than financial abuse taking place.
Yo
u
can email The Moneyist with any financial and ethical questions related to coronavirus at qfottrell @ marketwatch.com, and follow Quentin Fottrell on
Twitter.
Check out
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group, where we look for answers to life’ s thorniest money issues. Readers write in to me with all sorts of dilemmas. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.
The Moneyist regrets he can not reply to questions individually.
More from Quentin Fottrell
:
•
‘ I’ ve felt like an outsider my whole life’: My father died without a will, leaving behind my stepmother and her 4 children. Do I have any rights to his estate?
•
‘ He was infatuated with her’: My brother had a drinking problem and took his own life. He left $ 6 million to his former girlfriend who used to buy him alcohol
•
‘
She had a will, but it was null and void’: My friend and her sister are fighting over their mother’ s life-insurance policy and bank account. Who should win out? | business |
Biden-Xi call: 5 reasons it is so important amid Russia-Ukraine war | 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.
`` 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. | business |
FedEx Shares Lower After Omicron, Labor Shortages Affect 3Q Volumes | 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
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To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.
Read our editorial policy to learn more about our process. | business |
North American Morning Briefing: Stock Futures Fall, Oil Gains with Ukraine and Fed Dominant | 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. ''
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.
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.
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.
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. ''
Read Barrons.com: U.S. Steel Slumps on Weak Forecast. But Seasonal Demand Expected to Accelerate
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.
An Australian regulator is suing Meta Platforms Inc. for not doing enough to remove scam ads from Facebook that featured public figures promoting cryptocurrency, deepening the social media giant's legal troubles over the issue.
The Australian Competition and Consumer Commission alleged in federal court that the scam ads were still being displayed on Facebook even after public figures around the world complained that their names and images were being used without consent. One of them, Andrew Forrest, the chairman and largest shareholder of major iron ore producer Fortescue Metals Group Ltd., has filed litigation against Meta in Australian and American courts over similar fake ads.
Moderna Inc. has asked the Food and Drug Administration to authorize a second booster dose of its Covid-19 vaccine for adults in the U.S.
The Cambridge, Mass., company said Thursday the dose could be given to anyone who received an initial booster shot of any of the authorized Covid-19 vaccines.
Chinese developer Yango Group Co. said it is unable to pay 5.03 billion yuan ( US $ 792.2 million) in onshore debt that came due early after the company missed payments on offshore bonds last month.
Fujian-based Yango said in a filing to the Shenzhen bourse Friday that it hadn't obtained exemptions from cross-defaulting terms on the onshore debt, which comprises four bonds. Yango in February failed to make $ 27.3 million in overdue interest payments on two U.S. dollar bonds.
Koch Industries Inc. is planning to stay in Russia amid the country's ongoing invasion of Ukraine, even as the list of companies departing grows and the U.S. and European nations have imposed strict economic sanctions.
In a statement Wednesday, the conglomerate run by billionaire Charles Koch said its subsidiary Guardian Industries will keep operating two glass manufacturing plants in Russia that employ 600 people.
SYDNEY-The Star Entertainment Group Ltd. shares dropped to an 17-month low amid a review into whether the Australian casino operator is complying with its license conditions at its flagship Sydney casino.
The stock dropped as much as 7% in Friday's early trade to A $ 3.08, its lowest intraday level since October 2020. An independent review commissioned by the gaming watchdog New South Wales began hearing testimony on Thursday, with its remit including potential breaches of money-laundering law.
General Electric Co. said Chief Executive Larry Culp agreed to reduce his potential compensation by about $ 10 million this year, responding to shareholder concerns over changes that GE's board made to executives ' pay packages in 2020.
Transparency is how we protect the integrity of our work and keep empowering investors to achieve their goals and dreams. And we have unwavering standards for how we keep that integrity intact, from our research and data to our policies on content and your personal data.
We’ d like to share more about how we work and what drives our day-to-day business.
We sell different types of products and services to both investment professionals and individual investors. These products and services are usually sold through license agreements or subscriptions. Our investment management business generates asset-based fees, which are calculated as a percentage of assets under management. We also sell both admissions and sponsorship packages for our investment conferences and advertising on our websites and newsletters.
How we use your information depends on the product and service that you use and your relationship with us. We may use it to:
To learn more about how we handle and protect your data, visit our privacy center.
Maintaining independence and editorial freedom is essential to our mission of empowering investor success. We provide a platform for our authors to report on investments fairly, accurately, and from the investor’ s point of view. We also respect individual opinions––they represent the unvarnished thinking of our people and exacting analysis of our research processes. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive.
To further protect the integrity of our editorial content, we keep a strict separation between our sales teams and authors to remove any pressure or influence on our analyses and research.
Read our editorial policy to learn more about our process. | business |
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Americas Gold and Silver Corporation Reports Full-Year 2021 Results | TORONTO -- ( BUSINESS WIRE) -- Americas Gold and Silver Corporation ( TSX: USA) ( NYSE American: USAS) ( “ Americas ” or the “ Company ”), a growing North American precious metals producer, reports consolidated financial and operational results for the year ended December 31, 2021.
This earnings release should be read in conjunction with the Company’ s Management’ s Discussion and Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted on the Americas Gold and Silver Corporation SEDAR profile at www.sedar.com, and on its EDGAR profile at www.sec.gov, and which are also available on the Company’ s website at www.americas-gold.com. All figures are in U.S. dollars unless otherwise noted.
Highlights
“ The financial results for 2021 do not reflect the current state of the Company, ” stated Americas Gold and Silver President & CEO Darren Blasutti. “ The reopening of the Cosalá Operations and return to full production combined with the increasing silver and zinc prices have greatly improved the Company’ s financial position and will provide steady cash flow for the Company. Continued exploration success at the Galena Complex and the Galena hoist project are expected to increase throughput and production for the asset over the next several years beginning in Q4-2022. While 2021 was a disappointment at Relief Canyon, the Company continues to advance certain technical studies, including metallurgical testing, and is hopeful for a positive solution to re-start mining operations given the constructive gold price outlook over the next few years. ”
Cosalá Operations
The Cosalá Operations recalled all workers in September 2021 and successfully re-started mining and milling operations after reaching an agreement with union representatives and certain Mexican government ministries in July 2021. Production from the San Rafael mine increased during Q4-2021 as the normal mining cycle was re-established. The Los Braceros processing plant was fed with a combination of over 20,000 tonnes of existing stockpiled ore and new production from the mine. The milling rate ramped up in tandem with mine production, averaging approximately 1,700 tonnes per day during December 2021 and continuing into 2022. During Q4-2021, the Cosalá Operations produced approximately 61,000 ounces of silver, 4.2 million pounds of zinc and 1.7 million pounds of lead.
Initial production will focus on maximizing near-term cash flow by mining high-grade zinc areas of the Main Zone which were fully developed prior to the illegal blockade. Over the course of the next six months, the mine will continue development and start production from the Upper Zone, which carries silver grades approximately 5-6 times higher than the Main Zone.
Based on the Cosalá Operations being in full production and planned development/production from the Upper Zone, silver production from the Cosalá Operations in 2022 is forecast to be between 0.7 to 0.9 million ounces. The Cosalá Operations are expected to increase silver production through 2022 benefitting from higher-grade silver areas in the Upper Zone of the San Rafael mine in the second half of 2022. Zinc production from the Cosalá Operations is expected to be approximately 36 to 40 million pounds and lead production is expected to be 13 to 15 million pounds.
Galena Complex
The Phase II drill program at the Galena Complex began in late August 2021. The initial focus is to test the recently discovered Silver Vein extension below the 5500 Level, the deepest level of the mine. To date, the Silver Vein extension has been delineated to over 350 ft below the 5500 Level. As part of the 5500 Level drilling of the Silver Vein, the Company has successfully intersected the high grade 185 Vein approximately 800 ft below the 5500 Level. In addition, continued definition drilling from the 4900 Level to define mineral reserves and increase mineral resources adjacent to current production areas is part of the Phase II plan. With the most recent update to its Mineral Reserve and Resource statement as at June 30, 2021, the Company successfully increased proven and probable silver reserves at the Galena Complex by 38%, increased the measured and indicated silver resources by 72% and the inferred mineral silver resources by 36% and expects continuing increases with the Phase II drill program which runs through the end of 2022. The Company anticipates releasing a fulsome exploration update for the Galena Complex in Q2-2022.
Attributable silver production to the Company from the Galena Complex ( 60% owned by Americas) in 2022 is expected to be between 0.7 to 0.9 million silver ounces. Attributable lead production is expected to be between 9 to 11 million pounds. The Company expects to complete the Galena hoist project in Q4-2022.
Relief Canyon
The Company is committed to continuing efforts to resolve the metallurgical challenges at Relief Canyon. An independent metallurgical lab has been contracted to complete a metallurgical test program to evaluate process modifications, including the use of blinding agents, to minimize the impact of naturally occurring carbonaceous material on gold recovery. Initial work is expected to be completed by end of Q2-2022. Based on the success of these initial tests, the Company is expected to initiate larger scale testing in the second half of 2022.
About Americas Gold and Silver Corporation
Americas Gold and Silver Corporation is a high-growth precious metals mining company with multiple assets in North America. The Company owns and operates the Relief Canyon mine in Nevada, USA, the Cosalá Operations in Sinaloa, Mexico and manages the 60% -owned Galena Complex in Idaho, USA. The Company also owns the San Felipe development project in Sonora, Mexico. For further information, please see SEDAR or www.americas-gold.com.
Technical Information and Qualified Persons
The scientific and technical information relating to the operation of the Company’ s material operating mining properties, its mineral resources and exploration contained herein has been reviewed and approved by Daren Dell, P.Eng., Chief Operating Officer of the Company. The Company’ s current Annual Information Form and the NI 43-101 Technical Reports for its other material mineral properties, all of which are available on SEDAR at www.sedar.com, and EDGAR at www.sec.gov contain further details regarding mineral reserve and mineral resource estimates, classification and reporting parameters, key assumptions and associated risks for each of the Company’ s material mineral properties, including a breakdown by category.
All mining terms used herein have the meanings set forth in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ( “ NI 43-101 ”), as required by Canadian securities regulatory authorities. These standards differ significantly from the requirements of the SEC that are applicable to domestic United States reporting companies. Any mineral reserves and mineral resources reported by the Company in accordance with NI 43-101 may not qualify as such under SEC standards. Accordingly, information contained in this news release may not be comparable to similar information made public by companies subject to the SEC’ s reporting and disclosure requirements.
Cautionary Statement on Forward-Looking Information:
This news release contains “ forward-looking information ” within the meaning of applicable securities laws. Forward-looking information includes, but is not limited to, Americas Gold and Silver’ s expectations, intentions, plans, assumptions and beliefs with respect to, among other things, estimated and targeted production rates and results for gold, silver and other metals, the expected prices of gold, silver and other metals, as well as the related costs, expenses and capital expenditures; the Phase II drill program at and production from the Galena Complex, including the expected production levels and potential additional mineral resources thereat; mining and processing operations at the Cosalá Operations continuing, including expected production levels and the continuity of legal access for employees and contractors; and the goal and results of test work intended to address metallurgical challenges at Relief Canyon. Guidance and outlook contained in this press release was prepared based on current mine plan assumptions with respect to production, costs and capital expenditures, the metal price assumptions disclosed herein, and assumes no adverse impacts to operations from the COVID-19 pandemic and no further adverse impacts to the Cosalá Operations from blockades and is subject to the risks and uncertainties outlined below. Often, but not always, forward-looking information can be identified by forward-looking words such as “ anticipate ”, “ believe ”, “ expect ”, “ goal ”, “ plan ”, “ intend ”, “ potential’, “ estimate ”, “ may ”, “ assume ” and “ will ” or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions, or statements about future events or performance. Forward-looking information is based on the opinions and estimates of Americas Gold and Silver as of the date such information is provided and is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of Americas Gold and Silver to be materially different from those expressed or implied by such forward-looking information. With respect to the business of Americas Gold and Silver, these risks and uncertainties include risks relating to widespread epidemics or pandemic outbreak including the COVID-19 pandemic; the impact of COVID-19 on our workforce, suppliers and other essential resources and what effect those impacts, if they occur, would have on our business, including our ability to access goods and supplies, the ability to transport our products and impacts on employee productivity, the risks in connection with the operations, cash flow and results of the Company relating to the unknown duration and impact of the COVID-19 pandemic; interpretations or reinterpretations of geologic information; unfavorable exploration results; inability to obtain permits required for future exploration, development or production; general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; fluctuating mineral and commodity prices; the ability to obtain necessary future financing on acceptable terms or at all; the ability to operate the Company’ s projects; and risks associated with the mining industry such as economic factors ( including future commodity prices, currency fluctuations and energy prices), ground conditions, illegal blockades and other factors limiting mine access or regular operations without interruption, failure of plant, equipment, processes and transportation services to operate as anticipated, environmental risks, government regulation, actual results of current exploration and production activities, possible variations in ore grade or recovery rates, permitting timelines, capital and construction expenditures, reclamation activities, labor relations or disruptions, social and political developments and other risks of the mining industry. The potential effects of the COVID-19 pandemic on our business and operations are unknown at this time, including the Company’ s ability to manage challenges and restrictions arising from COVID-19 in the communities in which the Company operates and our ability to continue to safely operate and to safely return our business to normal operations. The impact of COVID-19 on the Company is dependent on a number of factors outside of its control and knowledge, including the effectiveness of the measures taken by public health and governmental authorities to combat the spread of the disease, global economic uncertainties and outlook due to the disease, and the evolving restrictions relating to mining activities and to travel in certain jurisdictions in which it operates. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. Readers are cautioned not to place undue reliance on such information. Additional information regarding the factors that may cause actual results to differ materially from this forward-looking information is available in Americas Gold and Silver’ s filings with the Canadian Securities Administrators on SEDAR and with the SEC. Americas Gold and Silver does not undertake any obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law. Americas Gold and Silver does not give any assurance ( 1) that Americas Gold and Silver will achieve its expectations, or ( 2) concerning the result or timing thereof. All subsequent written and oral forward-looking information concerning Americas Gold and Silver are expressly qualified in their entirety by the cautionary statements above.
1 Silver equivalent ounces for the 2022 guidance, and 2023 and 2024 outlook references were calculated based on $ 22.00/oz silver, $ 1.30/lb zinc and $ 0.95/lb lead throughout this press release. 2 This is a non-GAAP financial measure or ratio. The Company uses the financial measure “ adjusted net loss ” and “ adjusted loss per share ” because it understands that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the Company’ s profitability. The presentation of adjusted net loss is not meant to be a substitute for the net loss presented in accordance with IFRS, but rather should be evaluated in conjunction with such IFRS measure.
Adjusted net loss is net loss with certain non-cash items backed-out ( i.e. impairment to property, plant and equipment, write-downs to inventory, and loss related to the fair value of financial instruments). Adjusted loss per share is adjusted net loss divided by the weighted average number of common shares outstanding.
Reconciliation of Adjusted Net Loss and Adjusted Loss per Share
2021
2020
Net Loss ( ‘ 000)
$
160,576
$
30,066
Less impairment to property, plant and equipment from Relief Canyon ( ‘ 000)
( 55,623)
-
Less Relief inventory write-downs from lowering expected gold recoveries ( ‘ 000)
( 24,780)
-
Less Relief inventory write-downs to net realizable value ( ‘ 000)
( 15,127)
-
Less loss on metal contract liability ( ‘ 000)
( 20,780)
-
Less care and maintenance costs from Cosalá Operations ( ‘ 000)
( 7,309)
( 5,501)
Adjusted net loss ( ‘ 000)
$
36,957
$
24,565
Weighted average number of common shares outstanding ( ‘ 000)
141,888
103,941
Adjusted loss per share
$
0.26
$ | general |
State Fund declares $ 55M dividend for 2021 policy year | BI’ s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.
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Sacramento, California-based State Compensation Insurance Fund announced on Friday plans to distribute an approximate $ 55 million dividend to its qualifying policyholders with policies that took effect between Jan. 1 and Dec. 31, 2021. This dividend equals about 5% of the estimated annual premium reported during that period, the company said. In 2021, State Fund reported about $ 1.1 billion in estimated annual premium and about $ 159 million in realized capital gains. State Fund president and chief executive officer Vern Steiner said this is the third consecutive year State Fund is able to return money to policyholders. State Fund policyholders eligible for the 2021 dividend will begin to receive their payments after the expiration date of their individual policies.
Sacramento, California-based State Compensation Insurance Fund announced on Friday plans to distribute an approximate $ 55 million dividend to its qualifying policyholders with policies that took effect between Jan. 1 and Dec. 31, 2021.
This dividend equals about 5% of the estimated annual premium reported during that period, the company said. In 2021, State Fund reported about $ 1.1 billion in estimated annual premium and about $ 159 million in realized capital gains.
State Fund president and chief executive officer Vern Steiner said this is the third consecutive year State Fund is able to return money to policyholders.
State Fund policyholders eligible for the 2021 dividend will begin to receive their payments after the expiration date of their individual policies.
The State Compensation Insurance Fund of California will distribute $ 39 million — approximately 10% of its estimated annual premium — in a dividend to qualifying policyholders, the Pleasanton, California-based workers compensation insurer announced Monday.
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3. Serious, repeat violations at USPS facility following employee amputation
4. Alnylam files patent infringement suits against Pfizer, Moderna
5. State Fund declares $ 55M dividend for 2021 policy year
6. Kansas lawmakers consider medical marijuana bill | general |
Lasso-ing Chelsea FC? Why super-rich US sports owners are looking to buy a London soccer team | Ted Lasso, the story of an American football coach bringing his unique management skills to a fictional soccer club in West London, has entertained TV viewers since 2020. It now appears that some investors stateside are looking to experience this close up by buying a real English Premier League club in West London: Chelsea FC.
For the fictional Lasso, swap in the very real Ricketts family. The Chicago Cubs owners have confirmed that they will join up with hedge fund billionaire Ken Griffin to submit a formal bid on March 18 – the deadline for formal offers.
There are reports that Woody Johnson, owner of the New York Jets and a former Ambassador to the U.K., will also throw his hat into the ring.
And there may be more rich Americans entering the fray as deadline day progresses.
The fire sale of the club is part of the fallout from the unprovoked Russian invasion of Ukraine. The current owner is the Russian oligarch Roman Abramovich. Facing pressure over his links to Vladimir Putin, he promised to sell the club and donate the proceeds for Ukraine relief. Then the U.K. government froze his assets and imposed conditions on the sale process to make sure there was no impropriety. The expected price tag for the club is in excess of US $ 3 billion.
Chelsea is one of the best known soccer clubs in the world and current holder of Europe’ s prestigious Champions League trophy, which the team also won in 2012. Chelsea is a five-time champion of the English Premier League ( EPL).
But the interest is driven not so much by what Chelsea has been, as what it might become. The EPL is already the dominant soccer league on the planet, and it might plausibly go on to become the dominant league across all sports – a kind of NFL Global if you will. And that makes Chelsea, one of the league’ s biggest clubs, a very attractive prospect. Its location in one of London’ s most fashionable districts also helps, even if the stadium itself could do with an upgrade.
This interest of American investors in English professional soccer is not new. In fact, it can be dated to 1998 when, temporarily, Manchester United became the world’ s most valuable sports team.
The flood of TV money that started to swell the coffers of England’ s top teams from the early 1990s piqued interest in the U.S. and led to a series of acquisitions.
By 2005, the Glazer family, owners of the Tampa Bay Buccaneers, had acquired Manchester United. A couple of years later, St. Louis Rams owner Stan Kroenke started buying shares in London club Arsenal, eventually taking overall control. In 2010, Boston Red Sox owner John Henry purchased Liverpool.
For those already super-rich individuals, the move into soccer has paid off. Between 2004 and 2021, the value of these three clubs plus Chelsea increased from $ 2.5 billion to $ 14.3 billion, a healthy 11% compound average growth rate.
While Europe’ s Champions League gives these clubs international exposure – the final of that competition in 2020 pulled in 328 million viewers worldwide – it’ s the global reach of the English Premier League that makes its clubs attractive in the long term. The EPL now generates over 50% of its broadcast revenues from overseas contracts. It recently signed a $ 2.7 billion contract for the U.S., even though most games air on weekend mornings, meaning people living on the West Coast having to wake up at 4 a.m. to catch some games.
There is almost no country in the world where you can not get access to EPL games. While Spain’ s La Liga and Germany’ s Bundesliga are popular, they lag far behind in revenues and reach, and no other league generates even half the revenues of the EPL.
But acquiring an English soccer club is not without risk. The promotion and relegation system, in which the bottom three teams in the EPL annually go down a division to the less glamorous second-tier Championship, means that teams that fail to win on the pitch are threatened with commercial as well as sporting failure, as several American owners learned the hard way.
Before John Henry and the Fenway Sports Group bought Liverpool, the club was briefly owned by two other Americans, Tom Hicks and George Gillett, who nearly drove the club into ruin before selling it.
Randy Lerner, the billionaire who once owned the Cleveland Browns, bought Aston Villa FC in 2006 with hopes of bringing success back to a storied team situated in the U.K’ s second-largest city, Birmingham. But he decided to sell a decade later after the club was relegated from the EPL, losing a large chunk of TV revenue in the process.
Similarly, American businessman Ellis Short bought Sunderland AFC in 2008 and sold it in 2018 following relegation in that year.
Chelsea’ s neighbor Fulham FC – the two teams’ stadiums are only a mile apart – was purchased by Jacksonville Jaguars owner Shahid Khan in 2013, but the club was immediately relegated. And in 2017, former Disney CEO Michael Eisner bought Portsmouth FC – a famous team languishing in the third tier of English football, where it remains today.
Because of the financial and sporting risks of relegation from the English Premier League, successful clubs must continually invest in talent, making it hard to generate profit.
In the past five years, based on the club’ s audited financial statements, Chelsea has reported a cumulative net loss of £227 million ( $ 299 million) on revenues of £2.166 billion ( $ 2.85 billion). The accounts also show that this can be attributed to player wage costs, which have averaged 65% of revenues over the past five seasons, and reached 77% of revenues in the 2020/21 season, when COVID-19 kept fans out of the stadium.
The obvious solution for big clubs like Chelsea is to limit risk by abolishing the promotion and relegation system and then instituting salary caps and other restrictive measures employed in U.S. leagues.
However, when the big clubs proposed something along these lines in 2021 – the ill-fated European Super League – the opposition from fans was so intense that the clubs were forced to back down.
American owners frequently mention a steep learning curve when describing the acquisition of an English soccer club. The attractions are easy to see, the pitfalls are perhaps a little less obvious to the untrained eye.
[ More than 150,000 readers get one of The Conversation’ s informative newsletters. Join the list today. ] | business |
Xtrackers II UK Regulatory Announcement: Important Notice ( CONVENING THE ANNUAL GENERAL MEETING) to Shareholders of Xtrackers II | LONDON -- ( BUSINESS WIRE) --
Xtrackers II
Investment Company with Variable Capital
( société d'investissement à capital variable)
Registered office: 49, avenue J.F. Kennedy, L-1855 Luxembourg
R.C.S. Luxembourg B-124.284
( the “ Company ”)
IMPORTANT NOTICE CONVENING THE ANNUAL GENERAL MEETING OF THE SHAREHOLDERS OF THE COMPANY
Capitalised terms used in this notice shall have the same meaning ascribed to them in the latest version of the prospectus of the Company ( the `` Prospectus '') unless the context otherwise requires.
Shareholders of the Company ( the “ Shareholders ”) are hereby invited to the
Annual General Meeting of Shareholders
which will be held on Friday, 22 April 2022 at 10 a.m. ( Luxembourg time) ( the “ AGM ”) with the following agenda:
AGENDA
Bios for each of the persons mentioned in resolutions 6.- 9. can be found in the Prospectus, which is available on the Company's website www.Xtrackers.com.
Voting Arrangements for the AGM
Due to exceptional circumstances in the context of the COVID-19 pandemic and in accordance with Luxembourg law, the Board of Directors has decided to hold the AGM without physical meeting. All Shareholders shall exercise their voting rights at the AGM by proxy, as described below.
A proxy form may be obtained from the Company’ s website www.Xtrackers.com and is attached below. The proxy form is for use by the Shareholders registered in the Company’ s shareholders’ register ( the “ Registered Shareholders ”) only.
The signed proxy has to be returned by Registered Shareholders before 6:00 p.m. ( Luxembourg time) on 20 April 2022 by courier to State Street Bank International GmbH, Luxembourg Branch ( “ State Street ”) to the attention of the Domiciliary Department, 49, avenue J.F. Kennedy, L-1855 Luxembourg, or by fax at the number: + 352 46 40 10 413, or by e-mail to: Luxembourg-Domiciliarygroup @ statestreet.com.
For the Shareholders who are not Registered Shareholders and who are holding shares in the Company through a financial intermediary or clearing agent, it should be noted that:
Voting at the AGM
The presence or representation of a minimum number of Shareholders is not required ( i.e. no quorum is required). The resolutions will be passed by simple majority of the Shareholders present or represented at the AGM. Each Share is entitled to one vote.
Audited Annual Report
The reports of the Board of Directors and the approved statutory auditor, as well as the English version of the audited financial statements of the Company ( the “ Audited Annual Report ”) for the financial year ending 31 December 2021 will be available to Shareholders at the registered office and on the website of the Company, https: //etf.dws.com/en-gb/information/etf-documents/reports-and-accounts/, on or around 30 March 2022 and at least eight days before the date of the AGM.
The Shareholders may also request that a copy of the Audited Annual Report be sent to their attention, free of charge, by sending an e-mail to: Luxembourg-finrep3 @ statestreet.com.
Bio
Michael Mohr
Michael Mohr is Global Head of Passive Product Specialists at DWS. Michael Mohr has been with the Deutsche Bank Group for 23 years, 15 of which have been spent with DWS. Michael Mohr has extensive experience in the structuring and management of UCITS funds, from strategy through to product development and management. Michael Mohr’ s current role covers exchange traded funds ( UCITS and 40 Act), exchange traded commodities and Passive Institutional Mandates. Michael Mohr’ s early roles at the Deutsche Bank Group included product management for Structured Products and business development. In 2010, Michael Mohr joined the Global Markets Structuring Team to build up the ETC business and transferred to DWS’ s Indexing business in 2012. Michael Mohr studied at the Frankfurt School of Finance and Management and the National University of Singapore, and holds a Master’ s Degree in Banking & Finance from the Frankfurt School of Finance and Management.
Neither the contents of the Company's website nor the contents of any other website accessible from hyperlinks on the Company's website is incorporated into, or forms part of, this announcement.
18 March 2022
The Board of Directors
Xtrackers II
Investment Company with Variable Capital
( société d'investissement à capital variable)
Registered office: 49, avenue J.F. Kennedy, L-1855 Luxembourg
R.C.S. Luxembourg B-124.284
( the “ Company ”)
Form of Proxy
( for use by Registered Shareholders * only)
I/we the undersigned, herewith give irrevocable proxy for all my/our shares of
Xtrackers II
to the Chairman of the annual general meeting of Shareholders ( the “ AGM ”) with full power of substitution, to represent me/us at the AGM to be held in Luxembourg on Friday, 22 April 2022 at 10 a.m. ( Luxembourg time) and at any meeting to be held thereafter for the same purpose, with the same agenda and to act and vote in my/our name and on my/our behalf on the matters set out in the following agenda:
FOR AGAINST ABSTENTION
2. Approval of the audited financial statements of the Company for the financial year ending 31 December 2021.
FOR AGAINST ABSTENTION
3. Allocation of the results for the financial year ending 31 December 2021. A proposed dividend per share ( if any) in respect of each relevant sub-fund and share class shall be published on www.Xtrackers.com on or around 25 March 2022.
FOR AGAINST ABSTENTION
4. Re-election of KPMG Luxembourg Société Anonyme ( formerly KPMG Luxembourg Société Coopérative) as approved statutory auditor ( réviseur d'entreprises agréé) of the Company that will approve the annual accounts for the financial year ending 31 December 2022.
FOR AGAINST ABSTENTION
5. Discharge of the Board of Directors for the performance of their duties during the financial year ending 31 December 2021.
FOR AGAINST ABSTENTION
6. Re-election of Philippe Ah-Sun as Director until the next annual general meeting of Shareholders that will approve the annual accounts for the financial year ending 31 December 2022.
FOR AGAINST ABSTENTION
7. Re-election of Freddy Brausch as independent Director until the next annual general meeting of Shareholders that will approve the annual accounts for the financial year ending 31 December 2022.
FOR AGAINST ABSTENTION
8. Re-election of Thilo Wendenburg as independent Director until the next annual general meeting of Shareholders that will approve the annual accounts for the financial year ending 31 December 2022.
FOR AGAINST ABSTENTION
9. Re-election of Julien Boulliat as Director until the next annual general meeting of Shareholders that will approve the annual accounts for the financial year ending 31 December 2022.
FOR AGAINST ABSTENTION
10. Election of Michael Mohr as Director until the next annual general meeting of Shareholders that will approve the annual accounts for the financial year ending 31 December 2022, subject to approval by the Commission de Surveillance du Secteur Financier of Luxembourg ( CSSF).
FOR AGAINST ABSTENTION
11. Approval of the remuneration for Freddy Brausch and Thilo Wendenburg as independent Directors, which will be paid pro rata for the performance of their duties for the relevant period ending on the date of the AGM. The proposed amount for each Director is set out in the Subsequent Events section of the Annual Report, which will be available to Shareholders on or around 30 March 2022 and at least eight days before the date of the AGM. For the avoidance of doubt the non-independent Directors do not receive remuneration from the Company.
FOR AGAINST ABSTENTION
Any blank vote on any of the matters set out in the agenda above will be counted as an abstention.
I/we hereby give and grant the said proxy holder full power and authorisation to do and perform all and everything necessary or incidental to the exercise of the powers herein specified and I/we hereby ratify and confirm all that the said proxy holder shall lawfully do or cause to be done by virtue hereof.
Name:
Account Number:
Signed:
Date: 2022 | general |
Maurel & Prom: 2021 Annual Results | PARIS -- ( BUSINESS WIRE) -- Regulatory News:
Maurel & Prom ( Paris: MAU):
Audio conference for analysts and investors M & P will hold an analyst/investor conference via an audio webcast in French and English, today at 10:00 a.m., followed by a Q & A session.
To attend this webcast live or listen to the recording, click the following link: https: //channel.royalcast.com/landingpage/maureletpromen/20220318 2/
Key financial indicators
in $ mm
2021
2020
Change
Income statement
Sales
500
330
+52%
Opex & G & A
-168
-164
Royalties and production taxes
-77
-50
Change in overlift/underlift position
25
-27
Other
–
6
EBITDA
280
95
+195%
Depreciation, amortisation and provisions and impairment of production assets
-107
-592
Expenses on exploration assets
-0
-31
Other
-16
-6
Operating income
158
-534
N/A
Net financial expenses
-16
-11
Income tax
-44
-29
Share of income/loss of associates
23
-18
Net income
121
-592
N/A
O/w net income before non-recurring items
136
-54
N/A
Cash flows
Cash flow before income tax
280
91
Income tax paid
-82
-35
Operating cash flow before change in working capital
198
56
+256%
Change in working capital
82
53
Operating cash flow
280
109
+158%
Development capex
-164
-46
Exploration capex
–
-47
M & A
-8
–
Free cash flow
108
16
+595%
Net cost of debt
-96
-95
Dividends received
15
12
Dividends paid
–
–
Other
1
5
Change in cash position
27
-63
N/A
Opening cash
168
231
Closing cash
196
168
At its meeting of 17 March 2022, chaired by John Anis, the Board of Directors of the Maurel & Prom Group ( “ M & P ” or “ the Group ”) approved the audited financial statements1 for the year ended 31 December 2021.
Olivier de Langavant, Chief Executive Officer of M & P, stated: “ The financial results for the year 2021 are up sharply, supported of course by the recovery in crude oil prices, but also thanks to the ongoing control of costs and expenses that we initiated in 2020. This enables us today to accelerate the pace of deleveraging, which remains as a priority objective, while at the same time reintroducing the dividend. This remuneration testifies to the discipline that we have shown in our capital allocation strategy and our pledge to immediately return value creation to shareholders. M & P is also preparing its future and its continuing development: in Gabon, where the extension of our exploration periods and the granting of new contractual terms allow us to envisage plans for future growth with serenity, and in Colombia, where we have recently reinforced our exploration portfolio. Finally, our withdrawal from the Sawn Lake asset in Canada shows our commitment to concentrate on projects that not only respect the Group’ s economic criteria, but are also in line with our environmental targets. ”
Financial position
Consolidated sales in 2021 amounted to $ 500 million, a year-on-year increase of 52%. This was mainly due to an average oil sale price during the period of $ 72.5/bbl, which was a sharp increase ( 81%) over 2020 ( $ 40.1/bbl).
Operating expenses and G & A stood at $ 168 million and were largely kept at their 2020 level ( $ 164 million), demonstrating the sustainability of the measures introduced under the adaptation plan implemented in March 2020 with the aim of significantly reducing the Group’ s expenses. Royalties and production taxes increased significantly ( $ 77 million compared to $ 50 million in 2020) due to their proportionality to sale prices. The Group also recorded a positive change in the overlift/underlift position for $ 25 million, due to a favourable lifting programme in the second half of 2021.
EBITDA therefore came in at $ 280 million, an increase of 195% compared to the previous fiscal year ( $ 95 million). Depreciation and amortisation charges amounted to $ 107 million in 2021, versus $ 114 million ( excluding exceptional items) in 2020. Current operating income stood at $ 158 million, after taking into account expenses of $ 16 million, mostly related to workover expenses in Angola that were impaired immediately.
Net financial expenses on the income statement amounted to $ 16 million for 2021.
M & P’ s share of income from equity associates was $ 23 million, corresponding almost exclusively to its 20.46% stake in Seplat Energy.
The Group’ s net income for 2021 was $ 121 million, while net income before non-recurring items was $ 136 million, versus negative $ 54 million in 2020.
Cash flow from operating activities before change in working capital was $ 198 million ( versus $ 56 million in 2020). After change in working capital ( positive impact of $ 82 million), cash flow from operating activities was $ 280 million.
There was a substantial increase in development capex once operations resumed. It stood at $ 164 million ( compared to $ 46 million in 2020), of which $ 97 million was for M & P’ s share in the $ 100-million comprehensive agreement entered into with the Gabonese Republic in November 2021. The remainder was mainly split between development operations that had resumed on the Ezanga asset in Gabon ( $ 40 million, of which $ 21 million was drilling) and operations in Angola ( $ 22 million).
Free cash flow for fiscal 2021 stood at $ 108 million.
In terms of financing flows, the debt expense was relatively unchanged at $ 96 million versus $ 95 million in 2020. Of this, $ 84 million was for loan repayments ( $ 75 million for bank borrowings and $ 9 million for the Shareholder Loan) and $ 12 million for cost of debt. In 2021 M & P received $ 15 million in dividends, net of taxes, from its 20.46% stake in Seplat Energy.
As at 31 December 2021, M & P’ s cash position stood at $ 185 million, a year-on-year increase of $ 27 million. Debt at 31 December 2021 amounted to $ 539 million ( nominal value), i.e. a net debt of $ 343 million ( versus $ 455 million at 31 December 2020).
The Group’ s gross debt as at 31 December 2021 amounted to $ 539 million, i.e., net debt of $ 343 million after taking into account the cash position ( $ 196 million). This net debt was $ 112 million lower than at the end of 2020, when it stood at $ 455 million.
In fiscal 2021, M & P repaid $ 84 million in debt, which included $ 75 million for the Term Loan ( $ 450 million drawn at 31 December 2020) and $ 9 million for the Shareholder Loan ( $ 89 million drawn at 31 December 2020). The amount to be repaid in 2021 is $ 191 million, which includes $ 175 million for the Term Loan.
Aside from its robust cash position, M & P has access to additional liquidity thanks to the undrawn $ 100-million tranche of the Shareholder Loan.
M & P is currently ( as at March 2022) working on refinancing its Term Loan beyond its December 2023 term, mainly to spread the maturities due in 2023 over a longer term ( particularly the $ 275-million Term Loan). M & P is examining the most advantageous options available to it under current market conditions, knowing that the maturities scheduled for 2022 are entirely sustainable, even without refinancing, especially in view of current crude oil prices.
Debt repayment profile at 31 December 2021:
Object omitted.
The Group expects M & P’ s working interest production to reach 26,000 boepd in 2022, including:
With these production assumptions, the forecasts for cash flow from operating activities in 2022 under various Brent price assumptions2 are as follows:
Other significant cash outflows budgeted for the year, for a total of $ 355 million:
M & P’ s internal forecasts for the next 12 months indicate that the Group will be in a position to carry on with its business activities and maintain sufficient liquidity. In addition to its cash on hand ( $ 196 million at 31 December 2021), and even assuming a lower oil price environment, M & P has access if necessary to $ 100 million in immediate liquidity via the undrawn portion of its Shareholder Loan.
After examining the Group’ s financial situation and its performance during fiscal 2021, the Board of Directors proposes to pay a dividend of €0.07 per share, equivalent to a total payment of $ 15 million, which is the maximum currently permitted under the restrictions attached to the Bank loan.
Subject to the removal of this restriction in case of completion of the refinancing of the Term Loan, the remuneration of shareholders will be increased to $ 30 million for the calendar year 2022.
2021 activity
The Lost Time Injury Frequency ( “ LTIF ”) rate was 0 in 2021, versus 1.83 in 2020. The Total Recordable Incident Rate ( “ TRIR ”) was 2.52.
Object omitted.
Like the previous year, 2021 was characterised by the effects of the Covid-19 pandemic. The Group took all necessary steps to ensure business continuity, in full compliance with the recommendations of the relevant health authorities. At operational sites, measures exceeding recommendations have been implemented to ensure business continuity, which so far has not been in question since the outbreak began.
After a volatile and bearish 2020, crude oil prices experienced a sustained and almost uninterrupted increase over the course of 2021. Brent began the year at around $ 50/bbl, finishing at just below $ 80/bbl at end-December. It averaged $ 70/bbl over the full year, versus $ 40/bbl in 2020. There were two main reasons behind this sharp increase. One was the earlier- and stronger-than-expected economic recovery from the pandemic, and the other was the relative weakness of global oil production in a context of marked underinvestment.
From an operational standpoint, M & P paid close attention in 2021 to the sustainability of the efforts undertaken as part of the adaptation and cost reduction plan, which was rolled out in 2020. Cost-reduction initiatives were ongoing and there was little change in the level of operating expenses and G & A ( $ 168 million in 2021 vs $ 164 million in 2020). This financial discipline did not, however, exclude capital expenditure. In that regard, a drilling campaign and stimulation operations on existing wells got under way in summer 2021 on the Ezanga asset to support the fields’ production potential.
In Gabon, M & P and the Gabonese Republic signed a comprehensive agreement in November 2021 settling a number of outstanding issues between the parties. Under this agreement, the parties approved the immediate release to the Gabonese Republic of the $ 43 million that had been placed in an escrow account for pre-2018 carrying costs on the Ezanga permit, as well as the payment of an additional sum of $ 57 million to the Gabonese Republic.
In return, the agreement provided for:
This mutually beneficial agreement reflects M & P’ s long-term commitment in Gabon, and its economic effects are already being felt through changes to the fiscal terms on the Ezanga permit.
The Group’ s policy is to manage its exploration and appraisal asset portfolio dynamically. To that end, in 2021 and early 2022, M & P cemented its presence in Colombia before disposing of its operations in Canada:
In Venezuela, due to international sanctions against PDVSA, operations conducted by the Group in relation to its stake in Petroregional del Lago ( “ PRDL ”) are strictly limited to maintenance related to the safety of staff and assets, and to environmental protection. Consequently, no contribution to M & P’ s net income has been recognised, despite the fact that the asset is still in production ( gross production of 11,954 bopd in 2021, or 4,782 bopd theoretically for the 40% consolidated stake held by M & P) and still has development potential. In addition, M & P is currently working on the possibility to lift oil with respect to sums owed by PRDL and corresponding to past dividends.
Q1 2021
Q2 2021
Q3 2021
Q4 2021
2021
2020
Change 2021 vs 2020
M & P working interest production
Gabon ( oil)
bopd
15,120
15,256
15,104
16,668
15,540
16,896
-8%
Angola ( oil)
bopd
3,333
3,786
3,698
2,848
3,416
3,933
-13%
Tanzania ( gas)
MMcfd
40.7
36.5
35.6
44.0
39.2
31.5
+25%
Total
boepd
25,240
25,124
24,738
26,847
25,490
26,076
-2%
In fiscal 2021, M & P’ s working interest production stood at 25,490 boepd, a 2% increase over 2020 ( 26,076 boepd).
In Gabon, M & P’ s working interest oil production ( 80%) on the Ezanga permit was 15,540 bopd ( gross production: 19,425 bopd) for the year. The drop in crude prices and production cuts under OPEC quotas led M & P to limit its working interest production on the Ezanga permit to 15,200 bopd ( gross production: 19,000 bopd) up to first quarter 2021. Field production increased again at the end of 2021, after development operations resumed in July 2021 ( development drilling and stimulation operations on existing wells).
In Tanzania, M & P’ s working interest gas production ( 48.06%) on the Mnazi Bay permit stood at 39.2 mmcfd ( gross production: 81.6 mmcfd) for 2021, up 25% from 2020. This was just short of the annual production record achieved in 2018 ( 40.0 mmcfd for M & P working interest), demonstrating the steady nature of Tanzania’ s demand for gas.
In Angola, M & P working interest production ( 20%) in Block 3/05 in 2021 was 3,416 bopd ( gross production: 17,079 bopd), a year-on-year decline of 13%. Production was affected in the second half of the year by maintenance operations carried out between end-October and mid-November.
Exploration and appraisal activities resumed in 2021 after being paused in 2020 due to the outbreak of Covid-19 and the application in March 2020 of the adaptation and cost reduction plan.
Under a comprehensive agreement entered into with the Gabonese Republic in November 2021, the Group was granted an extension to the exploration periods for its three assets in Gabon. The Ezanga permit will now expire in 2026, while the Kari and Nyanga-Mayombé permits will expire in 2029.
M & P is currently preparing a 3D seismic data acquisition campaign for the Ezanga permit, which is expected to take place in 2022. This will be used to identify opportunities for development in the vicinity of fields currently in production. This campaign is intended to ensure the continuing development of the asset, thanks in particular to the visibility provided by the agreement reached with the Gabonese authorities in November 2021.
Following the finalisation of the agreement concluded in Q4 2021 with PRE-PSIE Coöperatief, a wholly owned subsidiary of Frontera Energy, M & P strengthened its position in Colombia. It now owns 100% of M & P Colombia, which holds the COR-15 and Muisca exploration permits. Plans are in place to drill two shallow exploration wells on the COR-15 permit in 2022.
Meanwhile, in the “ Ronda Colombia 2021 ” exploration licensing round, M & P was awarded the permit for VSM-4, located in the upper part of the Rio Magdalena valley ( Valle Superior del Magdalena), in December 2021. The contract for the block was officially signed on 21 January 2022. In consideration for being granted a six-year exploration licence, M & P has agreed to drill an exploration well. M & P has already identified a potential prospect on this block, which is in close proximity to several permits currently in production and to existing infrastructure.
The production test that began in the first half of 2021 on the Mios permit was still ongoing in March 2022. The Group is awaiting a response from the French authorities as to whether it will be granted a concession to continue operating the licence.
In March 2022, M & P finalised the sale of its 25% interest in the Sawn Lake project in Alberta to Andora Energy Corporation ( “ Andora ”), which already owned 50% of the asset and is the operator. In consideration for a payment to Andora of $ 0.5 million, M & P has transferred all of its financial commitments pertaining to Sawn Lake, and particularly those related to site abandonment costs. M & P has also agreed to grant an exclusivity period to discuss the potential direct or indirect acquisition by Andora of M & P’ s 19.57% stake in Deep Well oil & Gas, Inc., whose subsidiaries collectively hold a 25% participating interest in the Sawn Lake project.
Although the production pilot conducted between 2014 and 2016 provided encouraging technical results, development of the Sawn Lake project is not part of M & P’ s strategy. Firstly, the economics of the project are adversely affected by local crude oil price dynamics, with substantial discounts relative to global crude benchmarks. Secondly, the project’ s carbon intensity, particularly greenhouse gas emissions generated by the production of steam required for the oil recovery technique known as “ SAGD ” ( steam-assisted gravity drainage), is incompatible with the Group’ s investment criteria.
The sale marks the end of the Group’ s operations in Canada.
The Group provides drilling services through its wholly owned subsidiary Caroil. After a reorganisation in 2020 as part of the adaptation and cost reduction plan, Caroil’ s management functions were relocated to its operational headquarters in Pau, France. Caroil also offers training in drilling activities in both France and Gabon.
The resumption of drilling activities on the Ezanga permit saw the restart of the C3 rig. Five wells were drilled in the second half of 2021 and the drilling campaign has been continued into 2022.
In Gabon, operations at Caroil S.A.S., which were previously run by a Gabonese branch of the French parent company, were transferred to a new Gabon-based company set up in the context of a partial asset contribution. The new company, Caroil Drilling Solution S.A., is still wholly owned by Caroil S.A.S.
Additionally, a letter of intent was signed in March 2022 with a third-party operator for the execution of a drilling programme including in particular a firm commitment for five wells.
Group reserves as at 31 December 2021
The Group’ s reserves correspond to the volumes of technically recoverable hydrocarbons on permits where production is currently underway—proportionate to the Group’ s share of interest in those permits—plus those revealed by discovery and delineation wells that can be operated commercially. These reserves were certified as at 31 December 2021 by DeGolyer and MacNaughton in Gabon and Angola, and by RPS Energy in Tanzania.
The Group’ s 2P reserves stood at 171.2 mmboe at 31 December 2021, of which 108.8 mmboe are proven reserves ( 1P).
2P reserves for M & P’ s working interest:
Oil ( mmbbls)
Oil ( mmbbls)
Gas ( bcf)
mmboe
Gabon
Angola
Tanzania
Group total
31/12/2020
132.4
14.6
214.0
182.73
Production
-5.7
-1.4
-13.8
-9.3
Revision
-3.2
+0.4
+4.0
-2.1
31/12/2021
123.5
13.7
204.3
171.2
O/w 1P reserves
79.6
11.4
106.5
108.8
As a% of 2P
64%
83%
52%
64%
Note that these figures do not take into account M & P’ s 20.46% interest in Seplat Energy, one of Nigeria’ s main operators listed on the London and Lagos stock exchanges. As a reminder, Seplat Energy’ s 2P reserves were 449 mmboe4 at 31 December 2021 ( i.e. 92 mmboe for M & P’ s 20.46% interest).
In addition, due to international sanctions against Venezuela’ s state oil company PDVSA, the activity associated with M & P’ s interest in PRDL is, for the time being, limited to operations related solely to the safety of staff and assets, and to environmental protection. Accordingly, no reserves have been recognised for this interest.
Français
Anglais
pieds cubes
pc
cf
cubic feet
millions de pieds cubes par jour
Mpc/j
mmcfd
million cubic feet per day
milliards de pieds cubes
Gpc
bcf
billion cubic feet
baril
B
bbl
barrel
barils d’ huile par jour
b/j
bopd
barrels of oil per day
millions de barils
Mb
mmbbls
million barrels
barils équivalent pétrole
bep
boe
barrels of oil equivalent
barils équivalent pétrole par jour
bep/j
boepd
barrels of oil equivalent per day
millions de barils équivalent pétrole
Mbep
mmboe
million barrels of oil equivalent
For more information, please visit www.maureletprom.fr/en/.
This document may contain forward-looking statements regarding the financial position, results, business activities and industrial strategy of Maurel & Prom. By nature, forward-looking statements contain risks and uncertainties to the extent that they are based on events or circumstances that may or may not happen in the future. These projections are based on assumptions we believe to be reasonable, but which may prove to be incorrect and which depend on a number of risk factors, such as fluctuations in crude oil prices, changes in exchange rates, uncertainties related to the valuation of our oil reserves, actual rates of oil production and the related costs, operational problems, political stability, legislative or regulatory reforms, or even wars, terrorism and sabotage. | general |
Are 'COVID Toes ' Actually Caused by the Coronavirus? News and Research | In March 2020, just as COVID-19 cases began to surge in Boston, Massachusetts, Esther Freeman noticed something peculiar—a deluge of people with discoloured toes requesting appointments. Freeman, director of global health dermatology at Massachusetts General Hospital, had seen these kinds of toes before. The itchy red and purple patches are a classic sign of chilblains, a skin condition that typically appears in cold weather. But usually, she would see one or two cases each winter. “ Suddenly, I was seeing 15, 20 patients a day, ” she says. Intriguingly, the surge—seen by physicians around the globe—seemed to coincide with the rise of the COVID-19 pandemic.
Yet, when physicians examined people with what the media began calling ‘ COVID toes’, most didn’ t test positive for a coronavirus SARS-CoV-2 infection. Scientists were stumped, and have been looking for answers ever since.
The latest study, published on 25 February, is an immunological deep dive, examining 21 people who developed chilblains during the early months of the pandemic in Connecticut. Although the results don’ t rule out a direct connection between COVID-19 and chilblains, the authors couldn’ t find any immunological evidence of a past SARS-CoV-2 infection in 19 of those people. The report adds to the argument by some researchers that ‘ COVID toe’ could have been caused by something unrelated to the virus. For instance, it might have arisen from people in lockdown “ being at home, not wearing shoes and socks ”, says Jeff Gehlhausen, a dermatologist and immunologist at Yale School of Medicine in New Haven, Connecticut, and first author of the study.
Still, the results raise “ some very interesting questions that deserve further study ”, says Freeman, who was not involved in the research. For instance, the study doesn’ t exclude the possibility that people exposed to the virus could have fought it off using an innate immune response—a first-line defence that would not prompt the body to produce detectable antibodies and T-cells against SARS-CoV-2. So for now, she adds, the mystery remains.
How chilblains arise isn’ t entirely clear. “ We think of it as a cold-weather-related injury, ” says Patrick McCleskey, a dermatologist and researcher at Kaiser Permanente in Oakland, California. “ We always see some amount of chilblains in the winter, and then it goes down in the summer. ” Researchers think that the cold probably leads to a restriction in blood flow, causing some cells to die and kicking off an inflammatory process. The purple or red patches that appear on toes ( and sometimes fingers, ears or noses) can be itchy, tender or, in some cases, downright painful.
Most of the people in the latest study developed ‘ COVID toes’ between April and May 2020, when COVID-19 cases surged in Connecticut. About one-third reported having some symptoms of COVID-19 before developing the condition, and one-third reported that they had been in contact with a person confirmed or suspected to have been infected with SARS-CoV-2.
The researchers used a variety of methods to look for antibodies and T-cells specific to the coronavirus—signs of the body having what’ s called an adaptive immune response to a pathogen. These people were months past the onset of their chilblains, so their immune systems would have had plenty of time to respond to SARS-CoV-2 if they had been infected. But the team picked up signs of a past infection only in two people, one of whom had initially tested positive.
Many groups have tested people with chilblains for SARS-CoV-2 antibodies, but “ nobody had looked really into this hypothesis about the T-cell response ”, Freeman says. “ The team did a fantastic, really extraordinary job. ” But she emphasizes that the study is small—and therefore not necessarily generalizable—and that much larger epidemiological studies have shown a connection between chilblains and SARS-CoV-2.
Dermatologist Thierry Passeron, at Côte d’ Azur University in Nice, France, still thinks COVID toes are triggered by the virus. His team found that people who developed chilblains during the pandemic showed evidence of a strong innate immune response. The researchers posit that many people with pandemic chilblains clear the virus in this way, so “ very few develop antibodies ”, he says.
Previous studies have examined whether people with chilblains had been infected with SARS-CoV-2 by taking tissue biopsies and staining the samples with a dye that identifies parts of the virus. Gehlhausen and colleagues tried the stain and found that it stuck to some of their tissue samples. But they also tested the stain on random tissue samples collected before the pandemic, when the virus was not in circulation, and found that it also marked some of those. “ Our study suggests that there may be a lack of specificity in that staining, ” Gehlhausen says.
With the link between COVID-19 and chilblains still in question, some researchers point to the lockdown theory—that people spent more time at home barefoot early in the pandemic and got cold feet, literally. Or perhaps all the media coverage of COVID toes led to more people than usual seeking medical attention for the problem.
For Freeman, “ the case is not yet closed. ” On one hand, she has seen patients who developed chilblains, justifiably, after walking in flip flops during a snowstorm. On the other hand, she has seen people who test positive for SARS-CoV-2 and then develop chilblains with no other obvious explanation.
The debate has become strangely polarizing, Gehlhausen says. But the hypotheses are not mutually exclusive. “ It’ s possible that all these things are true, ” he says. “ I am not on any team. ”
It’ s also possible the problem might be fading. “ We’ re still seeing patients with new chilblains, but it seems to be kind of back to the old background rate, ” says Yale dermatologist William Damsky, an author on the paper.
In the end, the issue makes for an intriguing scientific debate, but the answer isn’ t likely to alter how dermatologists treat patients, McCleskey says. Irrespective of whether a person had COVID-19, chilblains generally go away on their own in two or three weeks.
“ Honestly, I think maybe we can chill out about chilblains, ” he says.
This article is reproduced with permission and was first published on March 16 2022. | science |
The Nick Kilhams Foundation: The importance of sharing mental health struggles | The Nick Kilhams Foundation ( NKF) has been set up in memory of Nick Kilham, a well-regarded professional in the insurance industry who sadly took his own life. Nick’ s wife, Catherine and all the trustees of the charity hope funds raised in Nick’ s name will flag awareness of mental health challenges in the insurance industry and give support and make a difference to individuals and the families of people who feel, for whatever reason, unable to speak to anyone else.
Catherine Kilhams ( CK): The Nick Kilhams Foundation was formed following Nick’ s death in May 2021. Nick was made redundant just after Christmas in 2021 after a 22-year career leading a political risk and credit team at a Lloyd’ s syndicate. Nick was a very proud man and this hit him hard. COVID too impacted and prevented Nick and his wife, Catherine, from taking time out to re-evaluate. Instead, Nick become obsessed with securing his next role, and his inability to expedite this troubled him greatly and he became increasingly depressed at his lack of progress.
As a consequence, Nick started to withdraw from his family. In April 2021 he tried and failed to take his own life. In May, tragically, he succeeded.
Nick managed very successfully to hide his mental torment. In the days between his two attempts, he heard how much he was loved by family and friends. He shared, for the first time, the demons he had been battling. As a 53-year-old, he struggled to share these feelings. The London Insurance Market is not an environment that fosters the sharing of struggles.
The NKF will promote mental health awareness and support specifically targeting the London insurance market.
CK: The NKF’ s focus is to support people who are struggling mentally and feel unable to share their issues as well as offering support to those bereaved families impacted by suicide. The family is prepared to showcase Nick’ s plight in the hope that others will be strong enough to speak before it is too late.
CK: The NKF is not intending to build its own support infrastructure, but rather identify and work with existing charities to tailor something for our target audience. A lot of research has already been conducted to determine which charities fit our criteria and a number have been identified.
CK: It would be wonderful if people felt they wanted to make a donation to the NKF, by directly paying into the bank account. ( Please email [ email protected ] for bank details).
Alternatively, the NKF is set up on Just Giving, so if someone wanted to complete a challenge, they could make the NKF their charity [ see below ].
CK: In hindsight I can see that Nick became very quiet, he lost weight, he seemed to drink a lot more than was normal, it appeared he was watching life from behind a pane of glass. He also became quite unkempt. These are the signs I missed whilst living with him but looking back, I can now see the deterioration:
CK: Nick was a wonderful man. He had a larger-than-life character. Always laughing – you always knew where Nick was, either at work or on the golf course because of his booming laugh. He was always interested in other people.
He loved his job, although he did find it extremely stressful at times. He was the man that everyone wanted to sit next to at a dinner party. He was a great raconteur and always had a funny story to tell. He told the whole market about all his family antics, sharing amusing stories and he told his family everything about what happened at work.
Nick shared everything – it is just a tragedy he didn’ t share the thing that mattered the most – his mental health struggle.
Already, Nick’ s legacy is inspiring the endeavours of fund raisers. Nick Robinson, head of credit and political risk at HDI Global Specialty, is planning to run four marathons in four days in aid of the NKF.
“ I miss Nick, and I wanted to do something genuinely challenging in his name. As many of you know, the NKF will support initiatives to raise awareness of mental health issues, including suicide, in our insurance community. I hope you would agree that the charity is a worthy cause, and that my challenge, is, well, challenging!
“ Between 29 May and 1 June I’ ll make my way from the Cape Wrath Lighthouse in the far north west corner of Scotland, to John O’ Groats in the far north east corner of Scotland.
“ The Cape Wrath lighthouse is also known as the Lloyd’ s Buildings, having been built by the insurance market to protect and monitor shipping crossing into the Atlantic, seems like a fitting start point for this challenge given Nick’ s long time spent in the Lloyd’ s market, ” says Robinson.
“ The money raised will make a difference to prevent similar tragedies happening in the future within our community, ” Robinson says.
Personal or corporate donations can be made via https: //www.justgiving.com/nicholas-robinson49.
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TXF and the TXF: Trade and Export Finance logo are registered and owned by TXF Limited, a company registered in England and Wales with company number 08421624. | general |
Actiphy ActiveVisor v.7 monitors overall system protection of the backup source PCs | Actiphy released ActiveVisor v.7, a centralized management console, with new features and enhancements supporting ActiveImage Protector 2022.
As uncertainty increases globally, threats from cyber attacks are rampant. The COVID-19 pandemic has changed how and where we work. With so many people working from home and other remote locations, it is essential that a reliable centralized management solution secures backup and recovery.
ActiveVisor provides real-time monitoring and notification alerts so that issues are quickly identified and corrected. System administrators substantially reduce workloads by monitoring and managing the backup status and configure backup settings for ActiveImage Protector clients from any location.
ActiveVisor v.7 offers the following new features and enhancements supporting ActiveImage Protector 2022.
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Physician venture investor talks telehealth, digital therapeutics, Medicaid tech | Dr. Justin Norden, a partner at GSR Ventures
GSR Ventures, a $ 3 billion assets under management venture firm investing in early-stage digital health companies, is an unusual venture firm: The partners all are former practicing physicians and former successful healthcare technology entrepreneurs themselves.
This hands-on experience in the industry gives them the opportunity to bring their medical knowledge and business-growing experience into their investment strategy and process – with the ultimate aim of improving patient care and outcomes.
Dr. Justin Norden is a partner at GSR Ventures. Healthcare IT News sat down with this digital health investor to talk about digital health investment trends during the pandemic and where he sees funding trending in 2022 and beyond. Norden is particularly passionate about funding companies focused on the Medicaid population – a traditionally tricky and often ignored area.
Q. What has been one digital health investment trend during the COVID-19 pandemic, and why is it important?
A. Out of the $ 15 billion invested in digital health in 2020 and $ 29 billion in 2021, on-demand healthcare – including telemedicine streaming video or text-based visits with a healthcare provider – has been the single largest trend, although it is still just the tip of the iceberg with all of the funding activity occurring now.
Before COVID-19, a few companies, such as Livongo, made a splash in the digital health community by going public – Livongo in July 2019. Yet, if you polled physicians, health system executives or patients, they likely would either have never heard of the company or not known what their solution offered.
Fast-forward to March 2020, for the first time, physicians, patients and administrators were forced to utilize digital health tools, and companies like Teladoc and Amwell were rapidly adopted. When a global pandemic required that non-emergency care be delivered at a distance, all stakeholders bought into new solutions.
Telemedicine, remote patient monitoring and digital front door technologies that once were fringe, became mainstream. While telemedicine visits have dropped significantly in percentage of overall visits from the peak, the consumer awareness created during that time can not be overstated.
Healthcare is a notoriously conservative industry – COVID-19 fundamentally accelerated the adoption of many technologies forward by at least a decade.
Q. What has been another digital health investment trend during the COVID-19 pandemic, and why is it significant?
A. Mental health is an area where investment accelerated during the COVID-19 pandemic, even beyond telehealth visits with therapists and other mental health professionals. Although the consumer perception and stigma around mental health was starting to change before COVID-19, the pandemic generated widespread acceptance and adoption of mental and behavioral healthcare services.
Furthermore, patients and providers were encouraged to try novel technology solutions. Digital solutions also have a distinct advantage over their in-person counterparts, and not just in a pandemic setting.
For example, in research studies I conducted as a clinical investigator at Stanford University, we showed that when given the option between in-person and virtual care for mental healthcare, study participants tended to choose telehealth. Virtual visits were selected five times more often for anxiety and depression complaints than in-person – and this was for pre-pandemic encounters between 2015 and 2017.
Notably, since 2018, mental health has been the top clinical indication to receive investment, growing from $ 1.4 billion that year to $ 5.1 billion in 2021, according to Rock Health. Most of the funding was invested in consumer-facing telehealth platforms, such as Lyra and Cerebral, as investors recognize that patients prefer virtual visits with their mental health professional, which is what we found in our research.
While the growth of telehealth platforms has been substantial, a more exciting area of investment in mental health is in digital therapeutics. Companies like Pear Therapeutics, Limbix, Applied VR and Click Therapeutics are treating people with clinically validated and FDA-approved ( or pending) digital interventions.
These solutions are essential going forward because it will not be feasible to train enough providers to meet the mental healthcare demand, whether in-person or online. We need digital health solutions that can increase the number of patients who have access to treatment and support, increasing the number of patients a provider can safely treat.
For many years, mental health has lagged between physical health both in access to treatment and reimbursement – this is despite the mandates of the Mental Health Parity and Addiction Equity Act of 2008. Worse yet, COVID-19 has exacerbated mental and behavioral health issues.
Substance use disorders, in particular, have worsened during the pandemic, as more than 100,000 Americans died from drug overdoses in a 12-month period between 2020 and 2021. Fortunately, government, investors and startups are working together to close some of these care gaps.
By loosening the requirement that a clinician must conduct an in-person visit before prescribing an opioid use disorder medication ( Ryan Haight Act), startups have made treatment more accessible. Furthermore, startups have shown through telehealth and digital interventions that they can improve treatment adherence at twice the rates seen in traditional brick-and-mortar clinics, which means companies like these have the potential to save countless lives.
Q. Where do you see digital health funding trending this year?
A. Digital health funding will continue to increase, although it will not double as in previous years for several reasons. While a record number of digital health companies went public through various methods in 2021 – 23 in just one year compared to a total of 26 from 2011 through 2020 – they fared poorly in the market. By some definitions the digital health field lost almost 70% of its market cap, or $ 180 billion.
The incredible excitement in digital health due to the trends I 've discussed, such as on-demand care and digital adoption by consumers and physicians, created a mismatch between market valuation and actual financial performance. Companies such as One Medical and Oak Street Health were trading at near software company multiples – approximately 15-times their revenue – when in reality these are service businesses with a technology interface that should be trading at three to five times their revenues.
Typically, when we see public markets come down like this, private valuations starting with later-stage financings will fall in the months to come.
Over the long term, however, digital health has just begun to scratch the surface of addressing the $ 4 trillion healthcare industry in the U.S. In fact, digital health companies only account for less than $ 10 billion of that $ 4 trillion in spending.
While 2021 may have been a public coming-out year for digital health companies, these first-generation solutions were actually service companies with a bit of technology – which the market belatedly realized. The next generation of digital health companies will be true technology-first companies that can truly scale across our healthcare ecosystem.
Q. You are passionate about funding companies focused on the Medicaid population – a traditionally tricky and often ignored area. What's happening in this area of digital health?
A. The disparity in care received by those who can pay and those who can't always plagued me as a medical professional. While in medical school, we might learn every protocol for how to dose a hypertensive medication, and yet we would not spend any time ensuring these patients have access to or can afford these medications.
Furthermore, in training we would move between premier research hospitals, like Stanford, to safety-net hospitals and witness the incredible inequality in resources available to both patients and providers. Medicaid patients, unfortunately, often have the fewest resources, both to self-manage their health as well as access to high-quality services.
Hospitals are faced with impossible decisions. Ultimately, because many health systems follow the motto `` no margin, no mission, '' they must limit their patients with Medicaid to cut their losses and ensure access for commercially insured patients whose health plans make up the gap.
Not only is this population difficult to manage for the existing care system, it is even harder for startup entrants. Compared with Medicare or other populations, Medicaid patients often have more complex social determinants of health and can cycle in and out of beneficiary status.
These two things together make longer term investments in someone's health very difficult and often showing no ROI. Worse yet, payment and regulation differ from state to state, making it much more complicated for digital health companies to automate and scale their solutions for this market.
Despite these challenges, I am still excited about digital health investment for Medicaid populations for several reasons. First, new technologies can fundamentally change the cost of delivering high-quality care while improving care access for patients in geographically dispersed areas.
While historically digital adoption of these technologies was not widespread, today among patients with Medicaid and their providers, these digital health tools have become adopted. Finally, with COVID-19, people now expect to be able to interact digitally, saving significant time and cost.
Another reason for my excitement is 70% of Medicaid lives are now covered through arrangements by Medicaid managed care organizations. As these groups receive capitated payments and are contracted to provide care within a budget they have more payment with their spending toward social determinants of health or other interventions that might not fall within a traditional fee-for-service paradigm.
As a computer scientist going through medical training, I felt trapped doing repeatable tasks that could be automated instead of delivering compassionate care to every person who needed it.
The reason I stepped away from clinical practice is that I believe, through technology, we can deliver a higher quality of care regardless of the patient's health status or economic situation. In the coming years, I expect to see many more companies working to solve this problem.
Twitter: @ SiwickiHealthIT Email the writer: bsiwicki @ himss.org Healthcare IT News is a HIMSS Media publication. | tech |
U.S. Leading Economic Index Points to Economic Rebound in February | An economic index that measures U.S. business cycles increased in February after falling the previous month, suggesting that economic growth gained traction as the Covid-19 Omicron wave receded.
The Leading Economic index rose 0.3% to 119.9 in February, according to data from The Conference Board released Friday, matching the increase expected from economists polled by The Wall Street Journal. In January, the indicator fell by a revised 0.5%.
The Conference Board Leading Economic Index is based on 10 components, among them initial claims for unemployment insurance, manufacturers ' new orders, building permits of new private housing units, stock prices and consumers expectations. It is intended to signal swings in the business cycle and to smooth out some of the volatility of individual indicators.
However, February data don't reflect the full impact of the war in Ukraine, which could lower the trajectory for the index and signal slower-than-anticipated economic growth in the first half of the year, said Ataman Ozyildirim, senior director of economic research at The Conference Board.
`` The global economic impact of the war on supply chains and soaring energy, food and metals prices -- coupled with rising interest rates, existing labor shortages and high inflation -- all pose headwinds to U.S. economic growth, '' he said.
Amid these risks, The Conference Board downwardly revised its gross domestic product growth projection for the U.S. economy to 3% in 2022, the report said.
The Coincident Economic Index, a measure of current economic activity, increased 0.4% in February to 108.0. The Lagging Economic Index was unchanged at 110.3, the data showed.
Write to Xavier Fontdegloria at xavier.fontdegloria @ wsj.com
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SpartanNash Addresses Director Nominations | Macellum originally nominated a control slate while owning just 1,000 shares in December and prior to any meaningful engagement; Ancora never contacted SpartanNash before today’ s letter
SpartanNash response highlights the Company’ s ongoing turnaround that has resulted in 251% TSR since the summer of 2019 and 88% TSR since new management team announced
Shareholders are not required to take any action at this time
GRAND RAPIDS, Mich. -- ( BUSINESS WIRE) -- The Board of Directors of food solutions company SpartanNash ( the “ Company ”) ( Nasdaq: SPTN) today confirmed that Macellum Advisors GP, LLC ( “ Macellum ”) and Ancora Holdings Group, LLC ( “ Ancora ”) ( together with their affiliates, the “ Investor Group ”) have delivered notice of their intent to nominate three candidates to stand for election to the Company’ s nine-member Board of Directors ( the “ Board ”) at the Company’ s 2022 annual meeting of shareholders. The Company issued the following statement regarding the continuing actions it is taking to enhance shareholder value:
The SpartanNash Board and management team are committed to moving the Company forward with a clear priority – driving long-term, sustainable value creation for shareholders. The Board is confident that the transformation strategy is working and is the best path to continue enhancing performance. The Company remains open-minded and receptive to constructive ideas, from any source, that will drive shareholder value.
Board Has Implemented Significant Change that is Driving Value
Over the past four years, the SpartanNash Board has overseen a comprehensive transformation, taking decisive action to enhance the composition of the Board while improving performance through executive leadership upgrades. During this time, the Company has increased revenue and adjusted EBITDA, effectively allocated capital to the business and to shareholders, and significantly de-levered its balance sheet.
In 2020, the Board recruited CEO Tony Sarsam, who brings three decades of food marketing, operations and distribution experience to continue the transformation and drive the strategy forward. Under his leadership, seven experienced and highly capable executives joined the senior management team and they, in turn, are continuing this refreshment process at all levels throughout the Company. Importantly, the team is focused on executing the transformation strategy that has already enabled the Company to meet its financial guidance targets throughout 2021 and is expected to continue delivering growth in 2022.
The Company’ s strategy is delivering results, and the numbers speak for themselves: SpartanNash’ s total shareholder return has been 251% since the Board transitioned the management team in the summer of 20191 and 88% since Sep. 2020 when Sarsam joined.2 The Company also significantly outperformed the S & P 500 over those same time periods.
During 2021, the Company generated substantial free cash flow, improved gross margins, delivered strong grocery retail comparable sales and significant supply chain improvements. This enabled SpartanNash to reduce its net long-term debt by $ 269 million over the last two fiscal years, finishing fiscal year 2021 with a net-long-term debt-to-adjusted-EBITDA leverage ratio of 1.8x, a significant improvement from its ratio of 3.7x at the end of 2019. These results are enabling the Company to continue to invest in transforming operations and returning capital to shareholders through dividends and buybacks during 2022.
We are proud of what our entire organization accomplished during a pandemic and all that has been achieved while simultaneously reengineering the business from top to bottom.
Refreshed Board Best Suited to Oversee the Company’ s Strategy
SpartanNash has a talented, diverse and engaged Board with unique expertise and skills critical to guiding the Company forward. Our directors possess extensive public company leadership and operating experience as well as financial and industry expertise spanning consumer goods, retail and military. Collectively, the Board has significant experience in food distribution, retail and consumer goods. The Board also collectively includes skillsets spanning strategy, business and culture transformation, supply chain and technology, and other relevant areas.
While SpartanNash Sought Constructive Engagement, Macellum Prioritized a Proxy Contest and Ancora Never Contacted the Company
The SpartanNash Board and management team are confident that our strategy is the best path forward for value creation. We continue to meet with shareholders and welcome constructive ideas and discussions from any source. Accordingly, the Board and management actively engaged with Macellum since last fall, with eight calls or meetings including the Company’ s first meeting with Macellum on Nov. 15, 2021. However, other than proposing a control slate of directors, Macellum did not present any substantive views on the Company or propose any specific ideas for consideration by the Board and management until a meeting on Mar. 1, 2022. Notwithstanding Macellum’ s and Ancora’ s purported desire to have a constructive dialogue, and even after eight meetings, Macellum never mentioned Ancora. Until the Investor Group’ s public letter, the Company was unaware that Ancora was a shareholder.
It seems that the Investor Group’ s priority is a proxy contest, not constructive engagement with SpartanNash about ideas that would benefit all shareholders.
November to February: Macellum Nominates Control Slate with Minimal Engagement and Understanding of SpartanNash’ s Business
March: Macellum Demands Resolution Only on its Terms
Considering the timeline of engagement with Macellum and its surprising request for a control slate at a time when it owned only 1,000 shares, the Board and management team question whether the Investor Group is acting in the best long-term interest of all shareholders. Furthermore, the Investor Group’ s investment thesis is rooted in information that is more than four years old and pre-dates the Company’ s business and leadership transformation, outright ignoring SpartanNash’ s strong financial performance since 2019.
Company Remains Committed to Value Creation
SpartanNash’ s successful progress in its turnaround is the result of prudent actions by the Board and thoughtful strategic initiatives well executed by management. These actions are delivering significant business results and shareholder value. If appointed, the Investor Group’ s three handpicked nominees threaten to derail the Company’ s progress and risk the value of our shareholders’ investment.
We remain willing to engage with our shareholders and will continue to act in the best interests of the Company and all of our stakeholders, including our shareholders, Associates, customers, partners and communities. We are united in our focus on driving enhanced value creation.
About the 2022 Annual Meeting
The 2022 annual meeting of shareholders has not yet been scheduled and SpartanNash shareholders are not required to take action at this time. The SpartanNash Board will present its formal recommendation regarding director nominations in the Company’ s definitive proxy materials that will be filed with the Securities and Exchange Commission ( “ SEC ”) and mailed to shareholders eligible to vote at the 2022 annual meeting.
Advisors
BofA Securities is serving as financial advisor to SpartanNash and Sidley Austin LLP is serving as legal advisor to SpartanNash.
About SpartanNash
SpartanNash ( Nasdaq: SPTN) is a food solutions company that delivers the ingredients for a better life. As a distributor, wholesaler and retailer with a global supply chain network, SpartanNash customers span a diverse group of national accounts, independent and chain grocers, e-commerce retailers, U.S. military commissaries and exchanges, and the Company’ s own brick-and-mortar grocery stores, pharmacies and fuel centers. SpartanNash distributes grocery and household goods, including fresh produce and its Our Family® portfolio of products, to locations in all 50 states and the District of Columbia, Europe, Cuba, Puerto Rico, Honduras, Iraq, Kuwait, Bahrain, Qatar, Djibouti, Korea and Japan. In addition, the Company owns and operates 145 supermarkets – primarily under the banners of Family Fare, Martin’ s Super Markets and D & W Fresh Market – and shares its operational insights to drive innovative solutions for SpartanNash food retail customers. Committed to fostering a People First culture, the SpartanNash family of Associates is 19,000 strong and growing. For more information, visit spartannash.com.
Forward-Looking Statements
The matters discussed in this press release include `` forward-looking statements '' about the plans, strategies, objectives, goals or expectations of the Company. These forward-looking statements are identifiable by words or phrases indicating that the Company or management “ expects, ” “ anticipates, ” “ plans, ” “ believes, ” or “ estimates, ” or that a particular occurrence or event “ may, ” “ could, ” “ should, ” “ will ” or “ will likely ” result, occur or be pursued or “ continue ” in the future, that the “ outlook ” or “ trend ” is toward a particular result or occurrence, that a development is an “ opportunity, ” “ priority, ” “ strategy, ” “ focus, ” that the Company is “ positioned ” for a particular result, or similarly stated expectations. Undue reliance should not be placed on these forward-looking statements, which speak only as of the date made. There are many important factors that could cause actual results to differ materially. These risks and uncertainties include the Company's ability to compete in the highly competitive grocery distribution, retail grocery and military distribution industries; disruptions associated with the COVID-19 pandemic; the Company's ability to manage its private brand program for U.S. military commissaries; the Company's ability to implement its growth strategy; the ability of customers to fulfill their obligations to the Company; the Company's dependence on certain major customers, suppliers and vendors; disruptions to the Company's information security network; instances of security threats, severe weather conditions and natural disasters; impairment charges for goodwill and other long-lived assets; the Company’ s ability to successfully manage leadership transitions; the Company's ability to service its debt and to comply with debt covenants; interest rate fluctuations; changes in the military commissary system, including its supply chain, or in the level of governmental funding; product recalls and other product-related safety concerns; labor relations issues and rising labor costs; changes in government regulations; and other risks and uncertainties listed under “ Risk Factors ” and “ Management's Discussion and Analysis of Financial Condition and Results of Operations ” in the Company's most recent Annual Report on Form 10-K and in subsequent filings with the Securities and Exchange Commission. Additional risks and uncertainties not currently known to the Company or that the Company currently believes are immaterial also may impair its business, operations, liquidity, financial condition and prospects. The Company undertakes no obligation to update or revise its forward-looking statements to reflect developments that occur or information obtained after the date of this press release.
Important Additional Information and Where to Find It
The Company intends to file a proxy statement on Schedule 14A, an accompanying WHITE proxy card and other relevant documents with the SEC in connection with such solicitation of proxies from the Company’ s shareholders for the Company’ s 2022 annual meeting of shareholders. SHAREHOLDERS OF THE COMPANY ARE STRONGLY ENCOURAGED TO READ THE COMPANY’ S DEFINITIVE PROXY STATEMENT ( INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders may obtain a copy of the definitive proxy statement, an accompanying WHITE proxy card, any amendments or supplements to the definitive proxy statement and other documents filed by the Company with the SEC at no charge at the SEC’ s website at www.sec.gov. Copies will also be available at no charge by clicking the “ SEC Filings ” link in the “ Investor Relations ” section of our website, www.spartannash.com, or by contacting SpartanNashIR @ icrinc.com as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.
Certain Information Regarding Participants to the Solicitation
The Company, its directors and certain of its executive officers are participants in the solicitation of proxies from the Company’ s shareholders in connection with matters to be considered at the Company’ s 2022 annual meeting of shareholders. Information regarding the direct and indirect interests, by security holdings or otherwise, of the Company’ s directors and executive officers in the Company is included in the Company’ s Proxy Statement on Schedule 14A for its 2021 annual meeting of shareholders, filed with the SEC on April 13, 2021, the Company’ s Annual Report on Form 10-K for the year ended January 2, 2022, filed with the SEC on March 2, 2022, and in the Company’ s Current Reports on Form 8-K filed with the SEC from time to time. Changes to the direct or indirect interests of the Company’ s directors and executive officers are set forth in SEC filings on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4. These documents are available free of charge as described above. Updated information regarding the identities of potential participants and their direct or indirect interests, by security holdings or otherwise, in the Company will be set forth in the Company’ s Proxy Statement for its 2022 annual meeting of shareholders and other relevant documents to be filed with the SEC, if and when they become available.
Non-GAAP Financial Measures
This press release includes information regarding net long-term debt, adjusted earnings before interest, taxes, depreciation and amortization ( `` adjusted EBITDA ''), and a net long-term debt to adjusted-EBITDA ratio. These are non-GAAP financial measures, as defined below, and are used by management to allocate resources, assess performance against its peers and evaluate overall performance. The Company believes these measures provide useful information for both management and its investors. The Company believes these non-GAAP measures are useful to investors because they provide additional understanding of the trends and special circumstances that affect its business. These measures provide useful supplemental information that helps investors to establish a basis for expected performance and the ability to evaluate actual results against that expectation. The measures, when considered in connection with GAAP results, can be used to assess the overall performance of the Company as well as assess the Company’ s performance against its peers. These measures are also used as a basis for certain compensation programs sponsored by the Company. In addition, securities analysts, fund managers and other shareholders and stakeholders that communicate with the Company request its financial results in these adjusted formats.
Adjusted EBITDA for fiscal 2021 excludes, among other items, organizational realignment, severance associated with cost reduction initiatives and the transition impact of a new paid time off plan. Organizational realignment includes benefits for associates terminated as part of a leadership transition plan which do not meet the definition of a reduction-in-force. Adjusted EBITDA for fiscal year 2020 excludes, among other items, “ Fresh Cut operating losses ” subsequent to the decision to exit these operations, severance associated with cost reduction initiatives, organizational alignment costs, and fees paid to a third-party advisory firm associated with Project One Team, the Company’ s initiative to drive growth while increasing efficiency and reducing costs. Adjusted EBITDA for fiscal year 2019 excludes, among other items, “ Fresh Kitchen operating losses ” subsequent to the decision to exit these operations at the beginning of the third quarter, costs associated with organizational realignment, which include significant changes to the Company's management team, and fees paid to a third-party advisory firm associated with Project One Team, the Company's initiative to drive growth while increasing efficiency and reducing costs. Each of these items are considered “ non-operational ” or “ non-core ” in nature. These measures were adjusted for the impact of the 53rd week in 2020 to provide better comparability to 2021 and 2019.
Table 1: Reconciliation of Net Earnings to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization
( Adjusted EBITDA)
( A Non-GAAP Financial Measure)
( Unaudited)
( In thousands)
2021 ( 52 Weeks)
2020 ( 53 Weeks)
2019 ( 52 Weeks)
Net earnings
$
73,751
75,914
5,742
Loss from discontinued operations, net of tax
—
—
175
Income tax expense ( benefit)
24,906
9,450
( 2,342
)
Other expenses, net
13,543
17,042
53,367
Operating earnings
112,200
102,406
56,942
Adjustments:
LIFO expense
18,652
2,176
5,892
Depreciation and amortization
92,711
89,504
87,866
Acquisition and integration
708
421
1,437
Restructuring and asset impairment, net
2,886
24,398
13,050
Cloud computing amortization
2,140
297
—
Costs associated with Project One Team
—
493
5,428
Organizational realignment, net
589
455
1,812
Severance associated with cost reduction initiatives
423
5,154
—
Stock-based compensation
6,975
6,265
7,313
Stock warrant
1,958
6,549
—
Non-cash rent
( 4,059
)
( 4,733
)
( 5,622
)
Fresh Cut operating losses
—
2,262
—
( Gain) loss on disposal of assets
( 106
)
3,330
—
Fresh Kitchen operating losses
—
—
2,894
Expenses associated with tax planning strategies
—
82
—
Paid time off transition adjustment
( 21,371
)
—
—
Other non-cash charges
—
—
933
Adjusted EBITDA
213,706
239,059
177,945
53rd week
—
( 4,246
)
—
Adjusted EBITDA, excluding 53rd week
$
213,706
$
234,813
$
177,945
Notes: Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ( “ adjusted EBITDA ”) is a non-GAAP operating financial measure that the Company defines as net earnings plus interest, discontinued operations, depreciation and amortization, and other non-cash items including share-based payments ( equity awards measured in accordance with ASC 718, Stock Compensation, which include both stock-based compensation to employees and stock warrants issued to non-employees) and the LIFO provision, as well as adjustments for items that do not reflect the ongoing operating activities of the Company and costs associated with the closing of operational locations.
Adjusted EBITDA is not a measure of performance under accounting principles generally accepted in the United States of America and should not be considered as a substitute for net earnings and other income or cash flow statement data. The Company’ s definition of adjusted EBITDA may not be identical to similarly titled measures reported by other companies.
Table 2: Reconciliation of Long-Term Debt and Finance Lease Obligations to Net Long-Term Debt
( A Non-GAAP Financial Measure)
( Unaudited)
( In thousands)
January 1, 2022
January 2, 2021
December 28, 2019
Current portion of long-term debt and finance lease liabilities
$
6,334
$
5,135
$
6,349
Long-term debt and finance lease liabilities
399,390
481,309
682,204
Total debt
405,724
486,444
688,553
Cash and cash equivalents
( 10,666
)
( 19,903
)
( 24,172
)
Net long-term debt
$
395,058
$
466,541
$
664,381
Notes: Net long-term debt is a non-GAAP financial measure that is defined as long-term debt and finance lease obligations plus current maturities of long-term debt and finance lease obligations less cash and cash equivalents. The Company believes both management and its investors find the information useful because it reflects the amount of long-term debt obligations that are not covered by available cash and temporary investments. Net long-term debt is not a substitute for GAAP financial measures and may differ from similarly titled measures of other companies.
Table 3: Net Long-Term Debt to Adjusted EBITDA Ratio
( A Non-GAAP Financial Measure)
( Unaudited)
( In thousands)
2021 ( 52 Weeks)
2020 ( 53 Weeks)
2019 ( 52 Weeks)
Net long-term debt
$
395,058
$
466,541
$
664,381
Adjusted EBITDA
213,706
239,059
177,945
Net long-term debt to adjusted EBITDA ratio
1.8
2.0
3.7
Notes: The net long-term debt to adjusted EBITDA ratio is a non-GAAP financial measure that is defined as net long-term debt divided by adjusted EBITDA. The net long-term debt to adjusted EBITDA ratio is not a substitute for GAAP financial measures and may differ from similarly titled measures of other companies.
Source: FactSet as of March 17, 2022; David Staples steps down as CEO on August 12, 2019
Source: FactSet as of March 17, 2022; Tony Sarsam announced as CEO on September 14, 2020
Investor Contacts: Chris Mandeville and Anna Kate Heller ICR SpartanNashIR @ icrinc.com
Shareholders Contact: Morrow Sodali Mike Verrechia/Bill Dooley ( 800) 662-5200 | general |
Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Butterfly Network, Inc. f/k/a Longview Acquisition Corp. ( BFLY) | BENSALEM, Pa. -- ( BUSINESS WIRE) -- Law Offices of Howard G. Smith reminds investors of the upcoming April 18, 2022 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Butterfly Network, Inc. ( “ Butterfly ” or the “ Company ”) f/k/a Longview Acquisition Corp. ( “ Longview ”) ( NYSE: BFLY) securities between February 16, 2021 and November 15, 2021, inclusive ( the “ Class Period ”).
Investors suffering losses on their Butterfly investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith @ howardsmithlaw.com.
On February 16, 2021, Longview completed its Merger with Butterfly.
Then on November 15, 2021, Butterfly released its third quarter 2021 financial results, revealing that the Company’ s total gross margin for the quarter was negative 35% and that it expected its fiscal 2021 revenue to be as much as $ 20 million below its initial guidance of $ 76 to $ 80 million. Butterfly’ s CEO blamed the disappointing financial results on “ healthcare logistical challenges, and doctor, nurse, and medical technician fatigue concurrent with COVID conditions and it's broad consequences. ” | general |
Legend Biotech Reports Fourth Quarter and Full Year 2021 Financial Results and Recent Highlights | SOMERSET, N.J. -- ( BUSINESS WIRE) -- Legend Biotech Corporation ( NASDAQ: LEGN) ( Legend Biotech), a global biotechnology company developing, manufacturing and commercializing novel therapies, today reported unaudited financial results for the fourth quarter of 2021.
“ Legend Biotech ended the fourth quarter with strong data on our lead product candidate and nearly $ 900 million in cash, ” said Ying Huang, PhD, Chief Executive Officer and Chief Financial Officer of Legend Biotech. “ Both achievements put us in a strong position to commercialize CARVYKTI in 2022 and advance our pipeline. ”
Dr. Huang added: “ As we close another quarter, I continue to be impressed by our incredible teams around the world. Thanks to their dedication, our pipeline candidates have shown tremendous promise across multiple therapeutic areas, including gastric cancer. As I look to the year ahead, I am confident that Legend will continue its work of realizing the promise of CAR-T. ”
Recent Highlights
Financial Results for the Quarter and Year Ended December 31, 2021
Cash Position
As of December 31, 2021, Legend Biotech had approximately $ 887.1 million of cash and cash equivalents, deposits and short-term investments.
Revenue
Revenue for the three months ended December 31, 2021 was $ 39.0 million compared to $ 40.8 million for the three months ended December 31, 2020. The decrease of $ 1.8 million was mainly due to the timing of when different milestones were achieved during those quarters.
Revenue for the year ended December 31, 2021 was $ 89.8 million, compared to $ 75.7 million for the year ended December 31, 2020. This increase of $ 14.1 million was primarily driven by revenue recognized from three additional milestones achieved in fiscal year 2021 and an exclusive licensing of certain patents to Nanjing Probio Biotech Co., Ltd and its affiliates during the year ended December 31, 2021. We have not generated any revenue from product sales to date.
Research and Development Expenses
Research and development expenses for the three months ended December 31, 2021 were $ 86.5 million compared to $ 66.9 million for the three months ended December 31, 2020. This increase of $ 19.6 million was primarily due to continuous research and development activities in cilta-cel and for other pipelines in 2021. Research and development expenses in 2021 were $ 313.3 million, compared to $ 232.2 million for the year ended December 31, 2020, an increase of $ 81.1 million.
Administrative Expenses
Administrative expenses for the three months ended December 31, 2021 were $ 17.1 million compared to $ 9.2 million for the three months ended December 31, 2020. The increase of $ 7.9 million was primarily due to Legend Biotech’ s expansion of supporting administrative functions to facilitate continuous research and development activities as well as activities to establish elements of a commercialization infrastructure. Due to the consistent business expansion, administrative expenses for the year ended December 31, 2021 increased by $ 23.8 million, to $ 46.9 million, compared to $ 23.1 million for the year ended December 31, 2020.
Selling and Distribution Expenses
Selling and distribution expenses for the three months ended December 31, 2021 were $ 52.8 million compared to $ 24.2 million for the three months ended December 31, 2020. This increase of $ 28.6 million was primarily due to increased costs associated with commercial preparation activities for cilta-cel launch. Due to the consistent business expansion, selling and distribution expenses for the year ended December 31, 2021 increased by $ 52.9 million, to $ 102.5 million, compared to $ 49.6 million for the year ended December 31, 2020.
Other Income and Gains
Other income and gains for the three months ended December 31, 2021 was $ 0.7 million compared to $ 2.1 million for the three months ended December 31, 2020. The decrease of $ 1.4 million was primarily driven by a decrease in foreign exchange gain. Other income and gains for the year ended December 31, 2021 was $ 3.1 million compared to $ 6.1 million for the year ended December 31, 2020. The decrease of $ 3.0 million primarily resulted from less interest income from time deposits of lower average interest rate and less government grants.
Other Expenses
Other expenses for the three months ended December 31, 2021 was $ 2.2 million compared to $ 0.3 million for the three months ended December 31, 2020. The increase of $ 1.9 million was primarily due to higher foreign exchange loss. Other expenses for the year ended December 31, 2021 was $ 9.1 million compared to $ 0.3 million for the year ended December 31, 2020. The increase was primarily due to foreign exchange loss and loss from disposal of assets.
Finance Costs
Finance costs for the year ended December 31, 2021 was $ 0.9 million, mainly composed of interest for advance funding, which is interest-bearing borrowings funded by the collaborator and constituted by a principal and applicable interests upon such principal. Finance costs for the year ended December 31, 2020 was $ 4.2 million, resulted from the finance costs for the issuance of convertible redeemable preferred shares ( Series A Preferred Shares) that were fully converted into ordinary shares upon the completion of Legend Biotech’ s initial public offering in June 2020.
Fair Value Loss of Warrant Liability
Fair value loss of warrant liability for the year ended December 31, 2021 was $ 6.2 million caused by changes in the fair value of a warrant that we issued to an institutional investor through a private placement transaction in May 2021 with initial fair value of $ 81.7 million at the issuance date. The warrant was assessed as a financial liability with a fair value of $ 87.9 million as of December 31, 2021.
Fair Value Loss of Convertible Redeemable Preferred Shares
For the year ended December 31, 2020, Legend Biotech reported a one-time non-cash charge of $ 80.0 million caused by changes of the fair value of its Series A Preferred Shares. Upon Legend Biotech’ s listing of its ADSs on the Nasdaq Global Market, all outstanding Series A Preferred Shares were automatically converted into ordinary shares of Legend Biotech and all accrued but unpaid dividends were settled in the form of ordinary shares of Legend Biotech. No such fair value loss in 2021 as the Company has no outstanding preferred shares after the listing.
Loss for the Period
Net loss for the three months ended December 31, 2021 was $ 88.3 million, or $ 0.30 per share, compared to $ 57.8 million, or $ 0.22 per share, for the three months ended December 31, 2020. Net loss for the year ended December 31, 2021 was $ 386.2 million, or $ 1.37 per share, compared to $ 303.5 million, or $ 1.28 per share, for the year ended December 31, 2020.
About Legend Biotech
Legend Biotech is a global biotechnology company dedicated to treating, and one day curing, life-threatening diseases. Headquartered in Somerset, New Jersey, we are developing advanced cell therapies across a diverse array of technology platforms, including autologous and allogenic chimeric antigen receptor T-cell, T-cell receptor ( TCR-T), and natural killer ( NK) cell-based immunotherapy. From our three R & D sites around the world, we apply these innovative technologies to pursue the discovery of safe, efficacious and cutting-edge therapeutics for patients worldwide.
Learn more at www.legendbiotech.com and follow us on Twitter and LinkedIn.
About CARVYKTI™ ( Ciltacabtagene autoleucel; cilta-cel)
CARVYKTI™ is a BCMA-directed, genetically modified autologous T-cell immunotherapy, which involves reprogramming a patient’ s own T-cells with a transgene encoding a chimeric antigen receptor ( CAR) that identifies and eliminates cells that express BCMA. BCMA is primarily expressed on the surface of malignant multiple myeloma B-lineage cells, as well as late-stage B-cells and plasma cells. The CARVYKTI™ CAR protein features two BCMA-targeting single domain antibodies designed to confer high avidity against human BCMA. Upon binding to BCMA-expressing cells, the CAR promotes T-cell activation, expansion, and elimination of target cells.1
In December 2017, Legend Biotech Corporation entered into an exclusive worldwide license and collaboration agreement with Janssen Biotech, Inc. to develop and commercialize cilta-cel.
In April 2021, Legend announced the submission of a Marketing Authorisation Application to the European Medicines Agency seeking approval of cilta-cel for the treatment of patients with relapsed and/or refractory multiple myeloma. In addition to U.S. Breakthrough Therapy Designation granted in December 2019, cilta-cel received a Breakthrough Therapy Designation in China in August 2020. Cilta-cel also received Orphan Drug Designation from the U.S. FDA in February 2019, and from the European Commission in February 2020.
About the CARTITUDE-1 Study
CARTITUDE-1 ( NCT03548207) is an ongoing Phase 1b/2, open-label, single arm, multi-center trial evaluating cilta-cel for the treatment of adult patients with relapsed or refractory multiple myeloma, who previously received at least three prior lines of therapy including a proteasome inhibitor ( PI), an immunomodulatory agent ( IMiD) and an anti-CD38 monoclonal antibody. Of the 97 patients enrolled in the trial, 99 percent were refractory to the last line of treatment and 88 percent were triple-class refractory, meaning their cancer did not respond, or no longer responds, to an IMiD, a PI and an anti-CD38 monoclonal antibody.1
The longer-term efficacy and safety profile of cilta-cel is being assessed in the ongoing CARTITUDE-1 study, with two-year follow-up results recently presented at ASH 2021.2
About Multiple Myeloma
Multiple myeloma is an incurable blood cancer that starts in the bone marrow and is characterized by an excessive proliferation of plasma cells.3 In 2022, it is estimated that more than 34,000 people will be diagnosed with multiple myeloma, and more than 12,000 people will die from the disease in the U.S.4 While some patients with multiple myeloma have no symptoms at all, most patients are diagnosed due to symptoms that can include bone problems, low blood counts, calcium elevation, kidney problems or infections.5 Although treatment may result in remission, unfortunately, patients will most likely relapse.6 Patients who relapse after treatment with standard therapies, including protease inhibitors, immunomodulatory agents, and an anti-CD38 monoclonal antibody, have poor prognoses and few treatment options available.7,8
Cautionary Statement:
Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, constitute “ forward-looking statements ” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to Legend Biotech’ s strategies and objectives; statements relating to CARVYKTI™, including Legend Biotech’ s expectations for CARVYKTI™, such as Legend Biotech’ s manufacturing and commercialization expectations for CARVYKTI™ and the potential effect of treatment with CARVYKTI™; statements about submissions for cilta-cel to, and the progress of such submissions with, the U.S. Food and Drug Administration ( FDA), the European Medicines Agency ( EMA), the Chinese Center for Drug Evaluation of National Medical Products Administration ( CDE) and other regulatory authorities; the anticipated timing of, and ability to progress, clinical trials, including patient enrollment; the submission of Investigational New Drug ( IND) applications to, and maintenance of such applications with, regulatory authorities; the ability to generate, analyze and present data from clinical trials; and the potential benefits of Legend Biotech’ s product candidates. The words “ anticipate, ” “ believe, ” “ continue, ” “ could, ” “ estimate, ” “ expect, ” “ intend, ” “ may, ” “ plan, ” “ potential, ” “ predict, ” “ project, ” “ should, ” “ target, ” “ will, ” “ would ” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors. Legend Biotech’ s expectations could be affected by, among other things, uncertainties involved in the development of new pharmaceutical products; unexpected clinical trial results, including as a result of additional analysis of existing clinical data or unexpected new clinical data; unexpected regulatory actions or delays, including requests for additional safety and/or efficacy data or analysis of data, or government regulation generally; unexpected delays as a result of actions undertaken, or failures to act, by our third party partners; uncertainties arising from challenges to Legend Biotech’ s patent or other proprietary intellectual property protection, including the uncertainties involved in the U.S. litigation process; competition in general; government, industry, and general public pricing and other political pressures; the duration and severity of the COVID-19 pandemic and governmental and regulatory measures implemented in response to the evolving situation; as well as the other factors discussed in the “ Risk Factors ” section of the Legend Biotech’ s Annual Report filed with the Securities and Exchange Commission on April 2, 2021. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release as anticipated, believed, estimated or expected. Any forward-looking statements contained in this press release speak only as of the date of this press release. Legend Biotech specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
LEGEND BIOTECH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
Three months ended December 31
Year ended December 31
( in thousands, US $, except share and per share data)
2021
2020
2021
2020
( Unaudited)
( Unaudited)
( Unaudited)
REVENUE
38,995
40,783
89,792
75,676
Other income and gains
743
2,079
3,059
6,119
Research and development expenses
( 86,503
)
( 66,934
)
( 313,346
)
( 232,160
)
Administrative expenses
( 17,142
)
( 9,171
)
( 46,939
)
( 23,147
)
Selling and distribution expenses
( 52,811
)
( 24,182
)
( 102,542
)
( 49,571
)
Other expenses
( 2,214
)
( 290
)
( 9,132
)
( 346
)
Fair value gain/ ( loss) of warrant liability..
31,200
-
( 6,200
)
-
Fair value loss of convertible redeemable preferred shares
-
-
-
( 79,984
)
Finance costs
( 602
)
( 40
)
( 900
)
( 4,209
)
LOSS BEFORE TAX
( 88,334
)
( 57,755
)
( 386,208
)
( 307,622
)
Income tax ( expense) /credit
-
( 72
)
( 1
)
4,145
LOSS FOR THE PERIOD
( 88,334
)
( 57,827
)
( 386,209
)
( 303,477
)
Attributable to:
Equity holders of the parent
( 88,334
)
( 57,827
)
( 386,209
)
( 303,477
)
Loss per share attributable to ordinary equity holders of the parent:
Ordinary shares – basic
( 0.30
)
( 0.22
)
( 1.37
)
( 1.28
)
Ordinary shares – diluted
( 0.30
)
( 0.22
)
( 1.37
)
( 1.28
)
Shares used in loss per share computation:
Ordinary shares – basic
293,199,033
264,720,588
281,703,291
236,305,234
Ordinary shares – diluted
293,199,033
264,720,588
281,703,291
236,305,234
LEGEND BIOTECH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31, 2021
December 31, 2020
( in thousands, US $)
( Unaudited)
NON-CURRENT ASSETS
Property, plant and equipment
145,724
113,091
Advance payments for property, plant and equipment
2,168
224
Right-of-use assets
7,186
8,009
Other non-current assets
5,148
3,973
Intangible assets
4,684
2,852
Time deposits
4,705
-
Total non-current assets
169,615
128,149
CURRENT ASSETS
Inventories
1,749
1,800
Trade receivables
50,410
74,978
Prepayments, other receivables and other assets
12,754
10,007
Financial assets measured at amortized cost
29,937
-
Pledged deposits
1,444
384
Time deposits
163,520
50,000
Cash and cash equivalents
688,938
455,689
Total current assets
948,752
592,858
Total assets
1,118,367
721,007
CURRENT LIABILITIES
Trade and notes payables
7,043
5,238
Other payables and accruals
123,464
99,168
Government grants
304
283
Warrant liability
87,900
-
Lease liabilities
911
1,464
Contract liabilities
60,644
55,014
Total current liabilities
280,266
161,167
NON-CURRENT LIABILITIES
Contract liabilities
242,578
275,071
Lease liabilities
1,593
1,909
Interest-bearing loans and borrowings
120,462
-
( in thousands, US $)
December 31, 2021
December 31, 2020
( Unaudited)
Government grants
1,866
2,051
Other non-current liabilities
396
554
Total non-current liabilities
366,895
279,585
Total liabilities
647,161
440,752
EQUITY
Share capital
31
27
Reserves
471,175
280,228
Total equity
471,206
280,255
Total liabilities and equity
1,118,367
721,007
LEGEND BIOTECH CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three months ended December 31
Year ended December 31
( in thousands, US $)
2021 ( Unaudited)
2020 ( Unaudited)
2021 ( Unaudited)
2020
LOSS BEFORE TAX
( 88,334
)
( 57,755
)
( 386,208
)
( 307,622
)
CASH FLOWS USED IN OPERATING ACTIVITIES
( 69,547
)
( 55,952
)
( 198,465
)
( 223,005
)
CASH FLOWS FROM/ ( USED IN) INVESTING ACTIVITIES
96,512
61,165
( 194,983
)
( 24,169
)
CASH FLOWS FROM FINANCING ACTIVITIES
323,561
661
626,663
618,879
NET INCREASE IN CASH AND CASH EQUIVALENTS
350,526
5,874
233,215
371,705
Effect of foreign exchange rate changes, net
78
434
34
620
Cash and cash equivalents at beginning of the period
338,334
449,381
455,689
83,364
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD
688,938
455,689
688,938
455,689
ANALYSIS OF BALANCES OF CASH AND CASH EQUIVALENTS
Cash and bank balances
858,607
506,073
858,607
506,073
Less: Pledged deposits
1,444
384
1,444
384
Time deposits
168,225
50,000
168,225
50,000
Cash and cash equivalents as stated in the statement of financial position
688,938
455,689
688,938
455,689
Cash and cash equivalents as stated in the statement of cash flows
688,938
455,689
688,938
455,689
1 CARVYKTI™ Prescribing Information. Horsham, PA: Janssen Biotech, Inc. 2 Martin, T. Updated Results From CARTITUDE-1: Phase 1b/2 Study of Ciltacabtagene Autoleucel, a B-cell Maturation Antigen–Directed Chimeric Antigen Receptor T Cell Therapy, in Patients with Relapsed/Refractory Multiple Myeloma. Abstract # 549 [ Oral ]. Presented at the 2021 American Society of Hematology ( ASH) Annual Meeting & Exposition. 3 American Society of Clinical Oncology. Multiple myeloma: introduction. Available at: https: //www.cancer.net/cancer-types/multiple-myeloma/introduction. Accessed February 2022. 4 American Cancer Society. `` Key Statistics About Multiple Myeloma. '' Available at: https: //www.cancer.org/cancer/multiple-myeloma/about/key-statistics.html. Accessed February 2022. 5 American Cancer Society. Multiple myeloma: early detection, diagnosis and staging. Available at: https: //www.cancer.org/content/dam/CRC/PDF/Public/8740.00.pdf. Accessed February 2022. 6 Rajkumar SV. Multiple myeloma: 2020 update on diagnosis, risk-stratification and management. Am J Hematol. 2020; 95 ( 5),548-567. doi:10.1002/ajh.25791. 7 Kumar SK, Dimopoulos MA, Kastritis E, et al. Natural history of relapsed myeloma, refractory to immunomodulatory drugs and proteasome inhibitors: a multicenter IMWG study. Leukemia. 2017; 31 ( 11):2443-2448. 8 Gandhi UH, Cornell RF, Lakshman A, et al. Outcomes of patients with multiple myeloma refractory to CD38-targeted monoclonal antibody therapy. Leukemia. 2019; 33 ( 9):2266-2275.
Investors: Joanne Choi, Senior Manager of Investor Relations, Legend Biotech joanne.choi @ legendbiotech.com | general |
Xtrackers UK Regulatory Announcement: Important Notice ( CONVENING THE ANNUAL GENERAL MEETING) to Shareholders of Xtrackers | LONDON -- ( BUSINESS WIRE) --
Xtrackers
Investment Company with Variable Capital
( société d'investissement à capital variable)
Registered office: 49, avenue J.F. Kennedy, L-1855 Luxembourg
R.C.S. Luxembourg B-119.899
( the “ Company ”)
IMPORTANT NOTICE CONVENING THE ANNUAL GENERAL MEETING OF THE SHAREHOLDERS OF THE COMPANY
Capitalised terms used in this notice shall have the same meaning ascribed to them in the latest version of the prospectus of the Company ( the `` Prospectus '') unless the context otherwise requires.
Shareholders of the Company ( the “ Shareholders ”) are hereby invited to the
Annual General Meeting of Shareholders
which will be held on Friday, 22 April 2022 at 10 a.m. ( Luxembourg time) ( the “ AGM ”) with the following agenda:
AGENDA
Bios for each of the persons mentioned in resolutions 6.- 9. can be found in the Prospectus, which is available on the Company's website www.Xtrackers.com.
Voting Arrangements for the AGM
Due to exceptional circumstances in the context of the COVID-19 pandemic and in accordance with Luxembourg law, the Board of Directors has decided to hold the AGM without physical meeting. All Shareholders shall exercise their voting rights at the AGM by proxy, as described below.
A proxy form may be obtained from the Company’ s website www.Xtrackers.com and is attached below. The proxy form is for use by the Shareholders registered in the Company’ s shareholders’ register ( the “ Registered Shareholders ”) only.
The signed proxy has to be returned by Registered Shareholders before 6:00 p.m. ( Luxembourg time) on 20 April 2022 by courier to State Street Bank International GmbH, Luxembourg Branch ( “ State Street ”) to the attention of the Domiciliary Department, 49, avenue J.F. Kennedy, L-1855 Luxembourg, or by fax at the number: + 352 46 40 10 413, or by e-mail to: Luxembourg-Domiciliarygroup @ statestreet.com.
For the Shareholders who are not Registered Shareholders and who are holding shares in the Company through a financial intermediary or clearing agent, it should be noted that:
Voting at the AGM
The presence or representation of a minimum number of Shareholders is not required ( i.e. no quorum is required). The resolutions will be passed by simple majority of the Shareholders present or represented at the AGM. Each Share is entitled to one vote.
Audited Annual Report
The reports of the Board of Directors and the approved statutory auditor, as well as the English version of the audited financial statements of the Company ( the “ Audited Annual Report ”) for the financial year ending 31 December 2021 will be available to Shareholders at the registered office and on the website of the Company, https: //etf.dws.com/en-gb/information/etf-documents/reports-and-accounts/, on or around 30 March 2022 and at least eight days before the date of the AGM.
The Shareholders may also request that a copy of the Audited Annual Report be sent to their attention, free of charge, by sending an e-mail to: Luxembourg-finrep3 @ statestreet.com.
Bio
Michael Mohr
Michael Mohr is Global Head of Passive Product Specialists at DWS. Michael Mohr has been with the Deutsche Bank Group for 23 years, 15 of which have been spent with DWS. Michael Mohr has extensive experience in the structuring and management of UCITS funds, from strategy through to product development and management. Michael Mohr’ s current role covers exchange traded funds ( UCITS and 40 Act), exchange traded commodities and Passive Institutional Mandates. Michael Mohr’ s early roles at the Deutsche Bank Group included product management for Structured Products and business development. In 2010, Michael Mohr joined the Global Markets Structuring Team to build up the ETC business and transferred to DWS’ s Indexing business in 2012. Michael Mohr studied at the Frankfurt School of Finance and Management and the National University of Singapore, and holds a Master’ s Degree in Banking & Finance from the Frankfurt School of Finance and Management.
Neither the contents of the Company's website nor the contents of any other website accessible from hyperlinks on the Company's website is incorporated into, or forms part of, this announcement.
18 March 2022
The Board of Directors
Xtrackers
Investment Company with Variable Capital
( société d'investissement à capital variable)
Registered office: 49, avenue J.F. Kennedy, L-1855 Luxembourg
R.C.S. Luxembourg B-119.899
( the “ Company ”)
Form of Proxy
( for use by Registered Shareholders * only)
I/we the undersigned, herewith give irrevocable proxy for all my/our shares of
Xtrackers
to the Chairman of the annual general meeting of Shareholders ( the “ AGM ”) with full power of substitution, to represent me/us at the AGM to be held in Luxembourg on Friday, 22 April 2022 at 10 a.m. ( Luxembourg time) and at any meeting to be held thereafter for the same purpose, with the same agenda and to act and vote in my/our name and on my/our behalf on the matters set out in the following agenda:
FOR AGAINST ABSTENTION
2. Approval of the audited financial statements of the Company for the financial year ending 31 December 2021.
FOR AGAINST ABSTENTION
3. Allocation of the results for the financial year ending 31 December 2021. A proposed dividend per share ( if any) in respect of each relevant sub-fund and share class shall be published on www.Xtrackers.com on or around 25 March 2022.
FOR AGAINST ABSTENTION
4. Re-election of KPMG Luxembourg Société Anonyme ( formerly KPMG Luxembourg Société Coopérative) as approved statutory auditor ( réviseur d'entreprises agréé) of the Company that will approve the annual accounts for the financial year ending 31 December 2022.
FOR AGAINST ABSTENTION
5. Discharge of the Board of Directors for the performance of their duties during the financial year ending 31 December 2021.
FOR AGAINST ABSTENTION
6. Re-election of Philippe Ah-Sun as Director until the next annual general meeting of Shareholders that will approve the annual accounts for the financial year ending 31 December 2022.
FOR AGAINST ABSTENTION
7. Re-election of Freddy Brausch as independent Director until the next annual general meeting of Shareholders that will approve the annual accounts for the financial year ending 31 December 2022.
FOR AGAINST ABSTENTION
8. Re-election of Thilo Wendenburg as independent Director until the next annual general meeting of Shareholders that will approve the annual accounts for the financial year ending 31 December 2022.
FOR AGAINST ABSTENTION
9. Re-election of Julien Boulliat as Director until the next annual general meeting of Shareholders that will approve the annual accounts for the financial year ending 31 December 2022.
FOR AGAINST ABSTENTION
10. Election of Michael Mohr as Director until the next annual general meeting of Shareholders that will approve the annual accounts for the financial year ending 31 December 2022, subject to approval by the Commission de Surveillance du Secteur Financier of Luxembourg ( CSSF).
FOR AGAINST ABSTENTION
11. Approval of the remuneration for Freddy Brausch and Thilo Wendenburg as independent Directors, which will be paid pro rata for the performance of their duties for the relevant period ending on the date of the AGM. The proposed amount for each Director is set out in the Subsequent Events section of the Annual Report, which will be available to Shareholders on or around 30 March 2022 and at least eight days before the date of the AGM. For the avoidance of doubt the non-independent Directors do not receive remuneration from the Company.
FOR AGAINST ABSTENTION
Any blank vote on any of the matters set out in the agenda above will be counted as an abstention.
I/we hereby give and grant the said proxy holder full power and authorisation to do and perform all and everything necessary or incidental to the exercise of the powers herein specified and I/we hereby ratify and confirm all that the said proxy holder shall lawfully do or cause to be done by virtue hereof.
Name:
Account Number:
Signed:
Date: 2022 | general |
Sierra Metals meldet konzernweite Finanzergebnisse für das Geschäftsjahr 2021 und gibt Prognose für 2022 bekannt | TELEFONKONFERENZ AM 17. MÄRZ 2022 – NEUE ZEIT – JETZT UM 11.00 UHR ( EDT)
( Alle Dollarangaben beziehen sich auf US-Dollar)
Image 1: Jumbo in operation underground at Cusi Mine ( Photo: Business Wire)
Image 1: Jumbo in operation underground at Cusi Mine ( Photo: Business Wire)
Image 3: Exploration Drilling at the Yauricocha Mine ( Photo: Business Wire)
TORONTO -- ( BUSINESS WIRE) -- Sierra Metals Inc. ( TSX: SMT) ( BVL: SMT) ( NYSE American: SMTS) ( „ Sierra Metals “ bzw. „ das Unternehmen “) meldete heute einen Umsatz von 272,0 Mio. US-Dollar und ein bereinigtes EBITDA von 104,7 Mio. US-Dollar bei einem Durchsatz von 2,9 Mio. Tonnen und einer Metallproduktion von 89,9 Mio. Pfund Kupferäquivalent für das Geschäftsjahr zum 31. Dezember 2021.
In der folgenden Tabelle sind ausgewählte Finanz- und Betriebsdaten für die drei Monate und das Gesamtjahr zum 31. Dezember 2021 ausgewiesen:
590.057
778.236
2.902.220
2.828.877
805
922
3.527
3.465
6.071
10.626
31.757
44.262
6.011
7.630
30.816
32.972
14.913
21.612
79.281
81.868
1.863
3.363
9.572
13.771
17.841
29.267
89.926
118.214
$
58,21
$
44,42
$
48,69
$
40,81
$
2,29
$
1,31
$
1,81
$
1,13
$
4,13
$
2,56
$
3,40
$
2,12
$
1,61
$
1,16
$
1,46
$
1,01
$
3,09
$
2,47
$
2,77
$
2,11
$
5,29
$
1,35
$
2,18
$
1,13
$
8,58
$
2,34
$
4,22
$
1,88
$
11,80
$
15,70
$
16,71
$
16,62
$
21,09
$
28,18
$
28,15
$
25,26
$
62.240
$
76.218
$
272.014
$
246.888
$
18.843
$
33.725
$
104.732
$
102.833
$
15.419
$
32.259
$
93.405
$
97.757
$
5.443
$
8.670
$
21.571
$
30.817
$
( 34.716
)
$
7.603
$
( 27.363
)
$
23.419
$
34.929
$
71.473
$
34.929
$
71.473
$
17.321
$
70.885
$
17.321
$
70.885
Luis Marchese, CEO von Sierra Metals, kommentierte: „ Trotz der beispiellosen Schwierigkeiten im Jahr 2021 konnte das Unternehmen einen leichten Anstieg auf ein bereinigtes EBTIDA von 104,7 Mio. US-Dollar ausweisen. Trotz des gestiegenen konsolidierten jährlichen Erzdurchsatzes wurde durch die Metallproduktion in den Minen Yauricocha und Cusi der geringere Durchsatz und Gehalt in der Mine Bolivar nicht vollständig ausgeglichen, so dass es zu einem deutlichen Rückgang in der konsolidierten Produktion von Kupferäquivalenten von 24% im Vergleich zum Vorjahr kam. Wir ergreifen wichtige Maßnahmen zur Verbesserung der Produktionsabläufe in unserer Mine Bolivar. Dazu gehören eine erhebliche Zuweisung der für 2022 geplanten Investitionsausgaben zum Abbau des Rückstands in den Bereichen Infill-Bohrungen und Minenentwicklung, eine verbesserte Verfügbarkeit von Ausrüstungen und Steuerungseinrichtungen, ein eine detaillierte Überprüfung der Prozesse und eine gründliche Prüfung der derzeitigen Organisation. Dabei konzentrieren wir uns auf eine operative Trendwende in der Mine Bolivar, damit deren Potenzial im zweiten Halbjahr 2022 ausgeschöpft werden kann. “
Marchese fuhr fort: „ Zusätzlich zum Schwerpunkt auf betriebliche Verbesserungen in der Mine Bolivar ist das Unternehmen bestrebt, die in seiner neuen Strategie dargelegten Ziele im vierten Quartal 2021 zu erreichen. Eine strategische Prüfung der Mine Cusi ist im Gange, und es wurden Änderungen an der Organisationsstruktur vorgenommen, um sämtliche Betriebsabläufe besser aufeinander abzustimmen und die Ziele zu erreichen. Mit besonderem Augenmerk auf den Bereich Umwelt, Soziales und Governance ( ESG) ist geplant, den ersten Nachhaltigkeitsbericht des Unternehmens 2022 fertigzustellen. “
Abschließend führte er aus: „ Wir haben das Jahr 2022 hochmotiviert begonnen und werden die großen Herausforderungen angehen, um unseren Aktionären bedeutsame Renditen zu liefern. Die COVID-19-bezogenen Sicherheitsprotokolle bleiben in Kraft und mit der zunehmenden Normalisierung des Betriebs erwartet das Unternehmen, dass es in der Lage sein wird, seinen Rückstand aufzuholen und seine operativen und Wachstumsinitiativen 2022 zu verwirklichen. Zu den wichtigen Wachstumsprojekten in der Mine Yauricocha gehören auch der Ausbau des Absetzbeckens und das Abteufen des Yauricocha-Schachtes. In der Mine Bolivar konzentriert sich das Wachstum auf die Erweiterung der Anlagenkapazität und den Integrationstunnel, der die Mine mit der Hütte verbindet und durch den Wegfall des Lkw-Transport des Erzes zur Hütte für Effizienzsteigerungen und Kostensenkungen sorgt. Beide Projekte sollen bis zum Ende des vierten Quartals abgeschlossen sein. Außerdem sind wir entschlossen, die Reserven- und Ressourcenbasis weiter auszubauen. Für das Jahr ist ein intensives Infill-Bohrprogramm geplant, und wir gehen davon aus, dass wir 2020 die MRMR-Updates fertigstellen und die technischen Berichte für die Minen Yauricocha und Bolivar einbeziehen. Wir sind optimistisch, dass diese aktualisierten Berichte zu einer Erweiterung der Reserven und Ressourcen in den Minen beitragen werden. “
Operative Highlights für das Gesamtjahr 2021
Konsolidierter jährlicher Metalldurchsatz von 2.902.220 Tonnen, ein Anstieg um 3% gegenüber 2020, hauptsächlich aufgrund des höheren Durchsatzes in den Minen Yauricocha und Cusi; gegenläufig war ein Rückgang im Jahresdurchsatz in der Mine Bolivar.
Die Mine Yauricocha erhielt ihre „ Informe Tecnico Minero “ ( ITM) -Genehmigung im Juni 2021, in der eine Betriebskapazität von 3.600 tpd zugestanden wurde. Mit Erreichen der maximal zulässigen Jahreskapazität lag der Durchsatz in der Mine Yauricocha bei 1.256.847 Tonnen. Dies entspricht einem Anstieg um 12% gegenüber der Jahresproduktion 2020.
Der Jahresdurchsatz von 295.771 Tonnen in der Mine Cusi lag um 28% höher, da die Mine das ganze Jahr über in Betrieb war. Im Gegensatz dazu kam es 2020 zu einem Produktionsausfall von fast vier Monaten während des Pflege- und Wartungszeitraums aufgrund der von der Regierung angeordneten Stilllegung.
Die Mine Bolivar erreichte einen Jahresdurchsatz von 1.349.602 Tonnen, ein Rückgang von 9% gegenüber dem Durchsatz im Jahr 2020. Grund dafür waren anhaltende Personalprobleme, wie beispielsweise ein COVID-bedingter reduzierter Personalbestand und eine hohe Fluktuation im mittleren und oberen Management.
Die konsolidierte Kupferäquivalentproduktion sank um 24% im Vergleich zu 2020. Grund dafür waren die bereits erwähnten Produktionsprobleme in der Mine Bolivar und der Umstand, dass der höhere Durchsatz in der Mine Yauricocha die geringeren Gehalte im Laufe des Jahres nicht ausgleichen konnte. Demgegenüber stieg aufgrund eines höheren Durchsatzes und höherer Grade die Metallproduktion in der Mine Cusi.
In der Mine Yauricocha lagen die zahlungswirksamen Aufwendungen je zahlbares Pfund Kupferäquivalent bei 1,46 US-Dollar ( 2020 - 1,01 US-Dollar) und die AISC je zahlbares Pfund Kupferäquivalent bei 2,77 US-Dollar ( 2020 – 2,11 US-Dollar).
In der Mine Bolivar lagen die zahlungswirksamen Aufwendungen je zahlbares Pfund Kupferäquivalent bei 2,18 US-Dollar ( 2020 - 1,13 US-Dollar) und die AISC je zahlbares Pfund Kupferäquivalent bei 4,22 US-Dollar ( 2020 – 1,88 US-Dollar).
In der Mine Cusi beliefen sich die zahlungswirksamen Aufwendungen je zahlbare Unze Silberäquivalent auf 16,71 US-Dollar ( 2020 – 16,62 US-Dollar) und die AISC je zahlbare Unze Silberäquivalent auf 28,59 US-Dollar ( 2020 – 25,26 US-Dollar).
Klicken Sie hier, um alle Details zu den Produktionshighlights im vierten Quartal 2021 zu erfahren.
Finanzielle Highlights des 4. Quartals und des Gesamtjahres 2021
Der Umsatz aus Metallverkäufen belief sich 2021 auf 272,0 Mio. US-Dollar - ein Anstieg um 10% gegenüber dem Jahresumsatz 2020 von 246,9 Mio. US-Dollar. Die höheren Umsätze sind hauptsächlich auf den Anstieg der realisierten Preise für alle Metalle im Vergleich zu 2020 zurückzuführen;
Bereinigtes EBITDA ( 1) von 104,7 Mio. US-Dollar im Jahr 2021, ein Anstieg um 2% gegenüber dem bereinigten EBITDA von 102,8 Mio. US-Dollar im Jahr 2020;
Der den Aktionären zurechenbare Nettoverlust für 2021 betrug 27,4 Mio. US-Dollar ( 2020: 23,4 Mio. US-Dollar) bzw. -0,17 US-Dollar je Aktie ( unverwässert und verwässert) ( 2020: 0,14 US-Dollar). Im Nettoverlust für das vierte Quartal und das Geschäftsjahr 2021 ist eine Wertminderung von 35,0 Mio. US-Dollar im Zusammenhang mit der Mine Cusi enthalten;
Der bereinigte, den Aktionären zurechenbarer Nettoertrag ( 1) von 21,6 Mio. US-Dollar bzw. 0,13 US-Dollar je Aktie für 2021 lag unter dem bereinigten Nettoertrag von 30,8 Mio. US-Dollar bzw. 0,19 US-Dollar je Aktie für 2020;
Der Cashflow aus laufender Geschäftstätigkeit vor Änderungen des Betriebskapitals von 93,4 Mio. US-Dollar für 2021 lag unter den 97,8 Mio. US-Dollar im Jahr 2020, hauptsächlich aufgrund höherer Gemein- und Verwaltungskosten im Jahr 2021; und
Zahlungsmittel und Zahlungsmitteläquivalente von 34,9 Mio. US-Dollar und ein Betriebskapital von 17,3 Mio. US-Dollar zum 31.Dezember 2021 im Vergleich zu 71,5 Mio. US-Dollar bzw. 70,9 Mio. US-Dollar Ende 2020. Die Zahlungsmittel und Zahlungsmitteläquivalente verringerten sich im Laufe von 2021, da die für die Investitionstätigkeit verwendeten 70,9 Mio. US-Dollar und die für die Finanzierungstätigkeit verwendeten 36,9 Mio. US-Dollar die aus betrieblicher Tätigkeit erwirtschafteten Zahlungsmittel von 71,4 Mio. US-Dollar überstiegen.
( 1) Dies ist keine IFRS-konforme Leistungskennzahl. Bitte beachten Sie den Abschnitt Nicht IFRS-konforme Performancemessung in der Erörterung und den Analysen der Geschäftsleitung ( MD & A).
Projektentwicklung
Am 16. August 2021 meldete das Unternehmen den Einschluss der Eisenerzproduktion in die 10.000 tpd ( Tonnen pro Tag) PEA ( „ Preliminary Economic Assessment “, vorläufige wirtschaftliche Bewertung) für seine Mine Bolivar. Die aktualisierte PEA ergab einen Zuwachs des Barwerts nach Steuern ( NPV @ 8%) von 78,2 Mio. US-Dollar und eine interne Rendite ( IRR) von 69,0% gegenüber dem NPV von 57,4 Mio. US-Dollar bzw. der IRR von 27,9% in der ursprünglichen PEA. Am 29. September 2021 wurde ein technischer Bericht gemäß NI 43-101 ( National Instrument 43-101) bei der SEDAR und der US-Börsenaufsicht SEC eingereicht. Klicken Sie hier, um die Pressemitteilung mit den Kernzahlen der PEA der Mine Bolivar einzusehen..
Nach Jahresende gab das Unternehmen die positiven Ergebnisse der aktualisierten PEA zur Erweiterung seiner Mine Yauricocha bekannt. Diese aktualisierte PEA enthielt die zuletzt gemeldete Ressource vom 31. März 2021 sowie überarbeitete Betriebs- und Investitionsausgaben auf der Ebene der Machbarkeitsvorstudie ( „ PFS ''). Der technische Bericht wurde am 3. März 2022 eingereicht. Klicken Sie hier, um die Pressemitteilung mit den Kernzahlen der aktualisierten PEA der Mine Yauricocha einzusehen.
Highlights der Exploration
Peru:
Mexiko:
Bolivar
Cusi
WERTMINDERUNG
Im vierten Quartal 2021 gab das Unternehmen seine verstärkte Konzentration auf Kupfer und andere in der Stahlerzeugung verwendete Produkte bekannt, darunter der Prozess der strategischen Prüfung der silberproduzierenden Mine Cusi in Mexiko. Im Rahmen dieses Prozesses wurde der Buchwert der Mine Cusi überprüft. Dies führte zu einer nicht zahlungswirksamen Wertminderung in Höhe von 35 Millionen US-Dollar für das Geschäftsjahr zum 31. Dezember 2021.
Prognose für das Geschäftsjahr 2022
Prognose für die Produktion
2021 war ein schwieriges Jahr für die Bergbautätigkeiten des Unternehmens. Grund dafür war die Abnahme der Gehalte in den Minen Yauricocha und Bolivar und der Verfügbarkeit von Erz, während in der Mine Bolivar hauptsächlich ein Mangel an Ausrüstung und Rückgang der Zahl der Arbeitskräfte die Entwicklung beeinträchtigte. Trotz der Probleme in Zusammenhang mit COVID kehrt die Betriebstätigkeit in den Minen Yauricocha und Cusi allmählich zur Normalität zurück. Das Unternehmen geht aber davon aus, dass der Überhang an laufenden betrieblichen Herausforderungen in der Mine Bolivar im Laufe des Jahres beseitigt wird. Ab dem dritten Quartal 2022 könnte sich dies dann in einer deutlich verbesserten Produktion bemerkbar machen. In dieser Zeit wird sich das Unternehmen auf die Ausweitung der Infill-Bohrungen und Erschließungen sowie auf die Erweiterung der Betriebsanlage konzentrieren. Ziel ist es, schrittweise eine durchschnittliche Durchsatzrate im vierten Quartal in der Mine Bolivar von 5.600 tpd im Vergleich zu 3.000 tpd im ersten Quartal 2022 zu erreichen. Da diese Entwicklungsprobleme bei der Erweiterung der Minen- und Anlageninfrastruktur jetzt angegangen werden, geht man von einer stark verbesserten Leistung in der zweiten Jahreshälfte aus. In Anbetracht dessen wurde die Jahresprognose für das Gesamtjahr in das 1. Halbjahr und das 2. Halbjahr 2022 aufgeteilt.
Nachstehend finden Sie eine Tabelle mit einer Zusammenfassung der Produktionsprognosen für 2022:
1.490.500
1.591.500
1.712.000
1.769.000
3.202.500
3.360.500
5.000
6.000
10.500
11.500
15.500
17.500
23.500
27.500
25.500
27.000
49.000
54.500
8.500
9.500
8.000
8.000
16.500
17.500
13.500
16.500
21.000
24.500
34.500
41.000
34.000
39.500
45.500
50.100
79.500
89.700
( 1) Als Berechnungsgrundlage für die Kupferäquivalentprognose dient die CIBC-Analysten-Konsensus-Rohstoffpreisprognose vom März 2022: $ 23,68/oz Ag, $ 4,22/lb Cu, $ 1,42/lb Zn, $ 0,99/lb Pb, $ 1,789/oz Au.
Kostenprognose für 2022
In der nachstehenden Tabelle findet sich eine Aufschlüsselung der Produktionsprognosen für 2022, der Investitionskosten und der allgemeinen Unterhaltskosten ( „ AISC ”) für die einzelnen Minen. Alle Kosten sind in US-Dollar ausgewiesen. Die Investitionskosten und AISC-Prognose werden je zahlbares Pfund Kupferäquivalent für die Minen Yauricocha und Bolivar angegeben und je zahlbare Unze Silberäquivalent für die Mine Cusi.
Äquivalentproduktions-
Investitionskostenbereich je
AISC ( 2) -Bereich je
bereich ( 1)
CuEqLb bzw. AgEqOz
CuEqLb bzw. AgEqOz
Cu Eq Lbs ( ( in Tsd.)
Cu Eq Lbs ( in Tsd.)
Ag Eq Oz ( in Tsd.)
( 1) Als Berechnungsgrundlage für die Kupferäquivalentprognose dient die CIBC-Analysten-Konsensus-Rohstoffpreisprognose vom März 2022: $ 23,68/oz Ag, $ 4,22/lb Cu, $ 1,42/lb Zn, $ 0,99/lb Pb, $ 1,789/oz Au.
( 2) Die allgemeine Unterhaltskosten ( AISC) beinhalten die Aufbereitungs- und Raffinierungskosten, Vertriebskosten, Verwaltungs- und Gemeinkosten und nachhaltige Investitionsausgaben.
EBITDA-Prognose für 2022
Die konsolidierte EBITDA-Prognose, einschließlich Unternehmensausgaben zu Konsenspreisen ( 1), liegt voraussichtlich im Bereich von 90,0 Mio. US-Dollar bis 105,0 Mio. US-Dollar, die sich wie folgt zusammensetzen:
22,1
26,2
30,9
33,8
53,0
60,0
3,3
5,8
31,7
36,2
35,0
42,0
3,0
3,4
4,0
4,6
7,0
8,0
( 2,4
)
( 2,4
)
( 2,6
)
( 2,6
)
( 5,0
)
( 5,0
)
26,0
33,0
64,0
72,0
90,0
105,0
( 1) CIBC-Analysten-Konsensprognose für Rohstoffpreise vom März 2022: $ 23,68/oz Ag, $ 4,22/lb Cu, $ 1,42/lb Zn, $ 0,99/lb Pb, $ 1.789/oz Au.
Kapitalaufwendungen 2022
Eine Aufschlüsselung des Durchsatzes und der geplanten Kapitalinvestitionen nach Minen ist in der nachstehenden Tabelle dargestellt:
12
17
29
23
10
33
6
-
6
-
1
1
41
28
69
Die Gesamt-Unterhaltskosten für 2022 liegen voraussichtlich bei 41,0 Mio. US-Dollar und entfallen hauptsächlich auf Minenentwicklung ( 5,3 Mio. US-Dollar), Lüftungsinfrastruktur ( 2,5 Mio. US-Dollar) und Minenlager ( 1,3 Mio. US-Dollar) in der Mine Yauricocha sowie Infill-Bohrungen ( 5,5 Mio. US-Dollar), Minenentwicklung ( 7,2 Mio. US-Dollar) und ein Absetzbecken ( 6,9 Mio. US-Dollar) in der Mine Bolivar. Für das Jahr ist ein intensives Infill-Bohrprogramm von ca. 80.000 Metern geplant, um die Reserven zu erhöhen. Die Unterhaltskosten in der Mine Cusi liegen voraussichtlich bei 6,0 Mio. US-Dollar, darunter 3,0 Mio. US-Dollar für die Minenentwicklung und der Rest für die Erneuerung der Ausrüstung und das Absetzbecken.
Die Prognose für das Wachstumskapital im Jahr 2022 beläuft sich auf 28,0 Mio. US-Dollar. Zu den bedeutenden Wachstumsprojekten in der Mine Yauricocha gehören eine Erweiterung des Absetzbeckens ( 7,7 Mio. US-Dollar), der Schacht der Mine Yauricocha und der damit zusammenhängende Integrationszugang ( 5.8 Mio. US-Dollar) und die Exploration ( 3,0 Mio. US-Dollar. In der Mine Bolivar konzentriert sich das Wachstumskapital hauptsächlich auf die bereits erwähnte Erweiterung der Anlagenkapazität. ( 6,2 Mio. US-Dollar) und den Integrationstunnel ( 3,5 Mio. US-Dollar), wobei der Abschluss der beiden Projekte für das Ende des dritten Quartals 2022 geplant ist.
Das Management wird die Metallpreise und die EBITDA-Leistung im Laufe des Jahres weiter überprüfen und gleichzeitig nach wertsteigernden Möglichkeiten suchen. Das Management behält sich außerdem die Möglichkeit vor, den Investitionsplan für 2022 anzupassen, falls sich die wirtschaftlichen Bedingungen im Laufe des Jahres erheblich ändern sollten.
Sierra Metal schließt jährliche Einreichungen bei der SEC ab
Sierra Metals hat seine jährlichen SEC-Einreichungen abgeschlossen. Exemplare dieser Dokumente können unter www.sierrametals.com auf der Seite „ Investors “ unter „ Financial Information “ eingesehen werden. Auf Anfrage erhalten Aktionäre kostenlos ein gedrucktes Exemplar des vollständigen geprüften Jahresberichts.
Telefonkonferenz und Webcast
Die Geschäftsführung von Sierra Metals wird am Donnerstag, den 17. März 2022 um 11.00 Uhr ( EDT) die Finanz- und Betriebsergebnisse des Unternehmens für die drei Monate und das Gesamtjahr zum 31. Dezember 2021 im Rahmen einer Telefonkonferenz erörtern.
Webcast:
Ein Live-Audio-Webcast der Sitzung wird auf der Website des Unternehmens verfügbar sein:
https: //event.on24.com/wcc/r/3574382/FCCE4F2A0F9D10DD9ADA273BDF220BF7
Der Webcast wird zusammen mit den entsprechenden Präsentationsfolien 180 Tage lang auf www.sierrametals.com abrufbar sein.
Telefoneinwahl:
Für alle, die lieber per Telefon zuhören, finden Sie nachstehend die Einwahlanweisungen. Um Ihre Teilnahme zu gewährleisten, rufen Sie bitte etwa fünf Minuten vor der geplanten Startzeit der Telefonkonferenz an.
Einwahlnummer für USA/Kanada ( gebührenfrei): 1 844 200 6205 US-Einwahlnummer ( zum Ortstarif): 1 646 904 5544 Kanada-Einwahlnummer ( zum Ortstarif): 1 226 828 7575 Alle anderen Regionen: +1 929 526 1599 Zugangscode: 017137
Drücken Sie * 1, um eine Frage zu stellen, * 2, um Ihre Frage zurückzuziehen, oder * 0 für Unterstützung durch einen Operator.
Qualitätskontrolle
Américo Zuzunaga, FAusIMM CP ( Bergbauingenieur) und Vice President of Corporate Planning, ist eine Sachkundige Person ( Qualified Person) im Sinne des National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Über Sierra Metals
Sierra Metals Inc. ist ein diversifiziertes kanadisches Bergbauunternehmen mit Exposition gegenüber „ grünen Metallen “, einschließlich einer zunehmenden Kupferproduktion und einer Basismetallproduktion mit Gutschriften für Edelmetallnebenprodukte. Im Fokus des Unternehmens stehen die Produktion und Erschließung der Mine Yauricocha in Peru sowie der Minen Bolivar und Cusi in Mexiko. Das Unternehmen konzentriert sich auf Steigerung des Produktionsvolumens und Erweiterung der Mineralressourcen. Sierra Metals machte kürzlich mehrere neue signifikante Entdeckungen und verfügt noch über zahlreiche weitere vielversprechende Explorationsmöglichkeiten bei allen drei Minen in Peru und Mexiko in geringer Entfernung zu den bestehenden Minen. Ferner besitzt das Unternehmen auch bei allen drei Minen große Landpakete mit mehreren aussichtsreichen regionalen Zielen, die ein längerfristiges Explorations- und Wachstumspotenzial für Mineralressourcen bieten.
Die Stammaktien des Unternehmens werden an der Börse in Lima ( Bolsa de Valores de Lima) und der Toronto Stock Exchange unter dem Symbol „ SMT “ sowie an der NYSE American Exchange unter dem Symbol „ SMTS “ gehandelt.
Weitere Informationen über Sierra Metals finden Sie unter www.sierrametals.com oder wenden Sie sich an:
Folgen Sie weiterhin den aktuellen Meldungen zur Unternehmensentwicklung:
Internet: www.sierrametals.com | Twitter: sierrametals | Facebook: SierraMetalsInc | LinkedIn: Sierra Metals Inc | Instagram: sierrametals
Zukunftsgerichtete Aussagen | general |
Global Market for Composites to 2026: Focus on Resins, Fillers, Reinforcements, Natural Fibers and Nanocomposites - ResearchAndMarkets.com | DUBLIN -- ( BUSINESS WIRE) -- The `` Global Market for Composites: Resins, Fillers, Reinforcements, Natural Fibers and Nanocomposites Through 2026 '' report has been added to ResearchAndMarkets.com's offering.
The scope of this report is extensive as it covers a variety of composites that are used globally. The market for composites is analyzed by dividing it based on five major types and subtypes.
The report also gives revenue forecasts from 2021 to 2026 for each of these major types of composites, for their subtypes, and for the regional markets for each type of composite. Moreover, the report focuses on the major market drivers, the current trends within the industry and the major end-user industries of the global composites market. All volumes are given in thousand tons ( 1 metric ton = 2,204 pounds).
The Report Includes
Key Topics Covered: Chapter 1 Introduction
Chapter 2 Summary and Highlights Chapter 3 Market and Technology Background
Chapter 4 Global Market for Composites
Chapter 5 Global Market for Thermoplastic Resins
Chapter 6 Technological Advances in the Global Market for Composites
Chapter 7 Market Trends
Chapter 8 COVID-19 Impact on the Composites Market | general |
On Announces Fourth Quarter and Full Year Results, and the Filing of Its Annual Report on Form 20-F for 2021 | ZURICH -- ( BUSINESS WIRE) -- On Holding AG ( NYSE: ONON) ( “ On, ” “ On Holding AG, ” the “ Company, ” “ we, ” “ our, ” “ ours, ” or “ us ”) today announced its financial results for the fourth quarter and full year, and that it has filed its annual report on Form 20-F ( the `` Form 20-F '') for the year ended December 31, 2021, with the U.S. Securities Exchange Commission.
Martin Hoffmann, Co-CEO and CFO of On, said: “ A year is like a marathon race. The circumstances of the fourth quarter made the last miles even more challenging. But thanks to our whole team we were able to exceed our expectations for Q4 and to successfully finish the year with many new record numbers. Our financial results in the fourth quarter are further validation of the very strong, global demand for the On brand and our commitment to managing the company with a long-term, growth- and profitability-driven mindset. We achieved over 70% growth in Net Sales in 2021 while at the same time increasing our Gross Profit and adjusted EBITDA margin. We continued to see strong demand across all regions and product categories with North America and China showing exceptional growth rates. With 2022 now underway, we are even more confident and excited about the global growth opportunities and many new products that will allow our customers to move. Importantly, our production capacity in Vietnam has been back at 100% of the pre-lockdown commitments since December 2021. Overall, we are fast-tracking the capacity ramp-up plan this year, and leveraging our close relationship with all factory partners. This includes the expansion into Indonesia, where we just started production in a new facility to diversify our production network. ”
David Allemann, Co-Founder and Executive Co-Chairman of On, said: “ Global consumer demand continues to drive On’ s strong growth. On is carried by a rapidly expanding movement of millions who run, explore, travel near and far, lift their spirit and dream on. This allows us to make fast progress towards our long-term mission: to ignite the human spirit through movement. World class Athletes continue to join On. We are honored to announce that two-time 5,000 meter World Champion Hellen Obiri is joining the On Athletics Club, our elite athlete team that is based and trained in Boulder, Colorado. At the same time, a record number of talent joined our team at On, as it surpassed the 1,000 team member milestone. Across the globe, people from over 65 nationalities and diverse backgrounds are the catalyst for relentless innovation and a unique culture at On. ''
Key Financial Highlights Key highlights for the fourth quarter of 2021 compared to the fourth quarter of 2020 include:
Key highlights for fiscal year 2021 compared to fiscal year 2020 included:
Key balance sheet highlights as of December 31, 2021 compared to December 31, 2020 included:
Outlook We expect 2022 to be characterized by a significant expansion of our product offering in running, outdoor and lifestyle, which we call performance all day, through the launch of highly innovative and even more sustainable shoes, apparel items and accessories. O product offering expansion has been well received by our existing and new wholesale partners, reflected in very strong pre-orders for the first and second half of the year. Coupled with a significantly elevated customer base in DTC, we expect to reach a much larger global fan base, allowing them to move in On products and ignite the human spirit through movement. We further plan to bring a new level of brand experience to our fans through the expansion of our global network of flagship stores, by opening our first flagship stores in Europe and Asia outside China, while also increasing our presence in North America and China.
Since December 2021, our production capacity has returned to pre-lockdown commitment levels given the easing of restrictions in Vietnam and reduced holiday schedule of our factory partners. We continue to fast track the capacity ramp up plan this year, leveraging our close relationship with partners which includes an expansion in Indonesia, where we just commenced production in a new facility.
However, we expect that the following supply chain challenges in the fourth quarter of 2021 caused by COVID-19 will continue to have a short-term and transitory impact on our financial performance for the first half of fiscal year 2022 through: i) increased use of expensive air-freight to rebuild inventory levels after production shortages caused by COVID-19 induced closures of factories in Vietnam; and ii) higher sea and air-freight rates and warehouse labor expenses impacting gross margin and SG & A expenses. As a result, we still expect a headwind to our gross margins of approximately 700-800 basis points in the first half of 2022.
Based on the elevated inventory position, we expect to be able to meet a higher share of the demand from our customers in the first half of 2022 and to drive higher growth than previously expected. At the same time, the current situation in Vietnam provides even more confidence to have the right products to return to hyper growth in the second half of the year. Consequently, for the fiscal year ending December 31, 2022, we now expect net sales to exceed CHF 990 million, which represents year-over-year growth of at least 37% compared to 2021. Further, we expect that improved net sales will allow additional investments into the brand and the team while increasing both our adjusted EBITDA target to CHF 130m and our adjusted EBITDA margin to 13.1%.
The above outlook is based on current market conditions and reflects the Company’ s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to change. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of risks and uncertainties, including those stated below and in our filings with the SEC.
High-res images available for download here and here.
Conference Call Information A conference call is scheduled for March 18, 2022 at 8 a.m. US Eastern time ( 1 p.m. Central European Time). Those interested in participating in the call are invited to dial the following numbers:
United States: +1-760-294-1674 United Kingdom: +44-20-3059-5869 Switzerland: +41-91-261-1447 Germany: +49-69-566-037-000 Hong Kong: +852 300-81-745 China: 108-001-401-785 ( Toll Free)
No access code necessary
Additionally, a live webcast of the conference call will be available on the Company's investor relations website and under the following Link. Following the conclusion of the call, a replay of the conference call will be available on the Company's website.
Annual Report The Form 20-F can be accessed by visiting either the SEC's website at www.sec.gov or the Company's website at investors.on-running.com/. In addition, the Company's shareholders may receive a hard copy of the Form 20-F, which includes the Company's complete audited financial statements, free of charge by requesting a copy from the Company contact below.
About On On was born in the Swiss Alps with one goal: to revolutionize the sensation of running by empowering all to run on clouds. Eleven years after market launch, On delivers industry-disrupting innovation in premium footwear, apparel, and accessories for high-performance running, outdoor, and all-day activities. Fueled by customer-recommendation, On’ s award-winning CloudTec® innovation, purposeful design and groundbreaking strides in sportswear’ s circular economy have attracted a fast-growing global fanbase — inspiring humans to explore, discover and dream on.
On is present in more than 60 countries globally and engages with a digital community on www.on-running.com.
Non-IFRS Measures Adjusted EBITDA, adjusted EBITDA margin, and Net Working Capital are financial measures that are not defined under IFRS.
We use these non-IFRS measures when evaluating our performance, including when making financial and operating decisions, and as a key component in the determination of variable incentive compensation for employees. Additionally, we believe these non-IFRS measures enhance an investor’ s understanding of our financial and operating performance from period to period, because certain measures, such as adjusted EBITDA, exclude certain material items relating to share-based compensation and transaction costs related to the IPO which are not reflective of our ongoing operations and performance. In particular, we believe adjusted EBITDA, adjusted EBITDA margin and Net Working Capital are measures commonly used by investors to evaluate companies in the sportswear industry.
However, adjusted EBITDA, adjusted EBITDA margin or Net Working Capital should not be considered in isolation or as a substitute for other financial measures calculated and presented in accordance with IFRS and may not be comparable to similarly titled non-IFRS measures used by other companies. For more information on these non-IFRS measures, please see the section captioned `` Reconciliation of Non-IFRS Measures '' included in the accompanying financial tables, which includes more detail on the IFRS measure that is most directly comparable to each non-IFRS measure, and the related reconciliations between these measures.
Other than with respect to IFRS net sales, we only provide guidance on a Non-IFRS basis. The Company does not provide a reconciliation of forward-looking adjusted EBITDA to IFRS net income due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation. As a result, we are not able to forecast with reasonable certainty all deductions needed in order to provide a reconciliation to net income. The amount of these deductions may be material and, therefore, could result in projected net income being materially less than projected adjusted EBITDA. These statements represent forward-looking information and may represent a financial outlook, and actual results may vary. Please see the risks and assumptions referred to in the Forward-Looking Statements section of this news release.
Forward-Looking Statements This press release includes estimates, projections, statements relating to the Company's business plans, objectives, and expected operating results that are `` forward-looking statements '' within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. In many cases, you can identify forward-looking statements by terms such as `` may, '' `` will, '' `` should, '' `` expects, '' `` plans, '' `` anticipates, '' `` outlook, '' `` believes, '' `` intends, '' `` estimates, '' `` predicts, '' `` potential '' or the negative of these terms or other comparable terminology. These forward-looking statements also include the Company's guidance and outlook statements. These statements are based on management's current expectations but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements as a result of risks and uncertainties, which include, without limitation: our ability to maintain the value and reputation of our brand; the current COVID-19 coronavirus pandemic and related government, private sector, and individual consumer responsive actions; our highly competitive market and increasing competition; and our ability to compete and conduct our business in the future; our ability to anticipate consumer preferences and to continue to innovate and to successfully develop and introduce new, innovative and updated products; the acceptability of our products to customers and our ability to connect with our consumer base; our ability to accurately forecast consumer demand for our products and manage product manufacturing decisions; changes in consumer tastes and shopping preferences and shifts in distribution channels; our international operations; our ability to expand internationally in light of our limited operating experience and limited brand recognition in new international markets; our ability to implement our growth strategy and manage our growth and the increased complexity of our business effectively; our ability to strengthen our direct-to-consumer channel; our ability to successfully open new store locations in a timely manner; seasonality; our third-party suppliers, manufactures and other partners, including their financial stability and our ability to find suitable partners to implement our growth strategy; our reliance on and limited control over third-party suppliers to provide materials for and to produce our products; the operations of many of our suppliers are subject to international and other risks; suppliers or manufacturers not complying with our Vendor Code of Ethics or applicable laws; our ability to deliver our products to the market and to meet consumer expectations if we have problems with our distribution system; our ability to distribute products through our wholesale channel; the availability of qualified personnel and the ability to retain such people; increasing labor costs and other factors associated with the production of our products in South Asia and South East Asia; the war in the Ukraine and its potential consequences, including changes in commodity, oil, material, distribution, air-freight and other operating costs; our ability to safeguard against security breaches with respect to our information technology systems; our compliance with privacy and data protection laws; our reliance on complex IT systems and any material disruption of our information systems, including security breaches; our ability to have technology-based systems function effectively and grow our e-commerce business globally; climate change, and related legislative and regulatory responses; increased scrutiny regarding our environmental, social, and governance; or sustainability responsibilities; an economic recession, depression, or downturn or economic uncertainty in our key markets; global economic, demographic, political and business conditions; health epidemics, pandemics and similar outbreaks, including the COVID-19 pandemic, the efficacy of vaccines and the prevalence of variants; our ability to source and sell our merchandise profitably or at all if new trade restrictions are imposed or existing trade restrictions become more burdensome; changes in governmental regulations or tax laws, including unanticipated tax liabilities; our ability to comply with trade and other regulations; fluctuations in foreign currency exchange rates; imitation by our competitors; our ability to protect our intellectual property and defend against allegations of violations of third-party intellectual property by us; conflicting trademarks and the prevention of sale of certain products; our exposure to various types of litigation; our generation of net losses in the past and potentially in the future; other factors that may affect our financial condition, liquidity and results of operations; our expectations regarding the time during which we will be an emerging growth company under the JOBS Act and a foreign private issuer; and other risks and uncertainties set out in filings made from time to time with the United States Securities and Exchange Commission and available at www.sec.gov, including, without limitation, our most recent reports on Form 20-F and Form 6-K. You are urged to consider these factors carefully in evaluating the forward-looking statements contained herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. The forward-looking statements made herein speak only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances, except as may be required by law.
Source: On Category: Earnings
Consolidated Financial Information
Consolidated statements of income / ( loss)
Year ended December 31,
Three-month period ended December 31,
( CHF in thousands)
2021
2020
% Change
2021
2020
% Change
( Audited)
( Audited)
( Unaudited)
( Unaudited)
Net sales
724,591
425,295
70
%
191,099
124,300
53.7
%
Cost of sales
( 294,305
)
( 194,190
)
52
%
( 79,281
)
( 60,021
)
32.1
%
Gross profit
430,286
231,105
86
%
111,818
64,279
74.0
%
Selling, general and administrative expenses
( 571,375
)
( 248,199
)
130
%
( 289,269
)
( 66,067
)
337.8
%
Operating result
( 141,089
)
( 17,094
)
725
%
( 354,901
)
( 3,577
)
9820.8
%
Financial income
25
27
( 8
)%
7
7
( 1.2
)%
Financial expenses
( 3,574
)
( 940
)
280
%
( 1,357
)
( 306
)
343.5
%
Foreign exchange result
( 14,949
)
( 6,434
)
132
%
( 12,227
)
( 699
)
1648.8
%
Income / ( loss) before taxes
( 159,588
)
( 24,441
)
553
%
( 191,027
)
( 2,787
)
6754.1
%
Income taxes
( 10,640
)
( 3,083
)
245
%
4,048
224
1707.2
%
Net loss
( 170,228
)
( 27,524
)
518
%
( 186,979
)
( 2,563
)
7195.2
%
Earnings per share
Basic EPS Class A ( CHF)
( 0.59
)
( 0.10
)
470
%
( 0.60
)
( 0.01
)
6264.1
%
Basic EPS Class B ( CHF)
( 0.06
)
—
( 0.06
)
—
—
Diluted EPS Class A ( CHF)
( 0.59
)
( 0.10
)
470
%
( 0.60
)
( 0.01
)
6264.1
%
Diluted EPS Class B ( CHF)
( 0.06
)
—
( 0.06
)
—
—
Consolidated Balance Sheets
( CHF in thousands)
12/31/2021
12/31/2020
( Audited)
( Audited)
Cash and cash equivalents
653,081
90,642
Trade receivables
99,264
51,631
Inventories
134,178
102,878
Other current financial assets
30,054
17,135
Other current operating assets
48,024
19,979
Current assets
964,601
282,264
Property, plant and equipment
34,399
17,004
Right-of-use assets
177,890
22,719
Intangible assets
57,464
54,667
Deferred tax assets
2,171
5,915
Non-current assets
271,923
100,305
Assets
1,236,524
382,569
Trade payables
45,939
41,543
Other current financial liabilities
20,097
7,276
Other current operating liabilities
121,673
36,113
Current provisions
14,903
376
Income tax liabilities
2,400
1,054
Current liabilities
205,011
86,363
Employee benefit obligations
5,853
5,630
Non-current provisions
4,442
20,645
Other non-current financial liabilities
167,228
19,174
Deferred tax liabilities
5,611
5,664
Non-current liabilities
183,133
51,114
Share capital
33,454
2,172
Treasury shares
( 25,035
)
—
Capital reserves
1,043,987
276,408
Other reserves
( 3,422
)
( 3,110
)
Accumulated losses
( 200,604
)
( 30,377
)
Equity
848,379
245,093
Equity and liabilities
1,236,524
382,569
Consolidated Statements of Cash Flows
( CHF in thousands)
2021
2020
( Audited)
( Audited)
Net loss
( 170,228
)
( 27,524
)
Share-based compensation
192,436
48,631
Employee benefit expenses
1,121
957
Depreciation and amortization
31,413
12,091
Interest income and expenses
2,777
602
Net exchange differences
15,183
6,666
Income taxes
10,625
3,083
Change in provisions
4,368
1,674
Change in working capital
Trade receivables
( 46,993
)
( 13,482
)
Inventories
( 31,771
)
( 61,305
)
Trade payables
4,327
25,564
Change in other current operating assets / liabilities
8,095
( 6,511
)
Income taxes paid
( 4,407
)
( 5,174
)
Cash inflow / ( outflow) from operating activities
16,946
( 14,728
)
Purchase of tangible assets
( 24,639
)
( 10,986
)
Purchase of intangible assets
( 11,604
)
( 7,612
)
Investment in subsidiary, net of cash acquired
—
—
Payment of contingent considerations
( 200
)
( 26
)
Cash ( outflow) from investing activities
( 36,443
)
( 18,624
)
Proceeds from financial liabilities
—
—
Repayments of financial liabilities
—
( 3,000
)
Payments of lease liabilities
( 13,311
)
( 3,399
)
Proceeds from issue of shares
71
133,266
Equity transaction costs
( 6,836
)
( 1,476
)
Interests paid
( 2,764
)
( 595
)
Cash inflow / ( outflow) from financing activities
595,851
124,796
Change in net cash and cash equivalents
576,354
91,444
Net cash and cash equivalents at January 1
90,595
120
Net impact of foreign exchange rate differences
( 13,868
)
( 969
)
Net cash and cash equivalents at December 31
653,081
90,595
Reconciliation of non-IFRS measures Adjusted EBITDA and adjusted EBITDA margin
The table below reconciles net income / ( loss) to adjusted EBITDA for the periods presented. Adjusted EBITDA margin is equal to adjusted EBITDA for the period presented as a percentage of net sales for the same period.
Fiscal year ended December 31,
Three-month period ended December 31,
( CHF in thousands)
2021
2020
% Change
2021
2020
% Change
Net ( loss)
( 170,228
)
( 27,524
)
518.5
%
( 186,979
)
( 2,563
)
7195.2
%
Exclude the impact of:
Income taxes
10,640
3,083
245.1
%
( 4,048
)
( 224
)
1707.2
%
Financial income
( 25
)
( 27
)
( 8.1
)%
( 7
)
( 7
)
( 1.2
)%
Financial expenses
3,574
940
280.4
%
1,357
306
343.5
%
Foreign exchange result ( 1)
14,949
6,434
132.3
%
12,227
699
1648.8
%
Depreciation and amortization
31,414
12,091
159.8
%
12,022
3,958
203.8
%
Share-based compensation ( 2)
198,456
54,765
262.4
%
176,205
9,024
1852.6
%
Equity transaction costs ( 3)
7,647
—
—
422
—
—
Adjusted EBITDA
96,428
49,762
93.8
%
11,198
11,193
—
%
Adjusted EBITDA Margin
13.3
%
11.7
%
13.7
%
5.9
%
9.0
%
( 35.0
)%
( 1)
Represents the foreign exchange impact within the net financial result. We do not consider these expenses reflective of the operating performance of the business.
( 2)
Represents non-cash share-based compensation expense. We do not consider these expenses reflective of the operating performance of the business.
( 3)
In connection with the recent IPO, we have incurred expenses related to professional fees, consulting, legal, and accounting that would otherwise not have been incurred. These fees are not indicative of our ongoing costs.
Net Working Capital Net Working Capital is a financial measure that is not defined under IFRS. We use, and believe that certain investors and analysts, use this information to assess liquidity and management of Net Working Capital resources. We define Net Working Capital as trade receivables, plus inventories, minus trade payables. This measure should not be considered in isolation or as a substitute for any standardized measure under IFRS. Other companies in our industry may calculate this measure differently than we do, limiting its usefulness as a comparative measure.
Fiscal year ended December 31,
( CHF in thousands)
2021
2020
% Change
Accounts receivables
99,264
51,631
92.3
%
Inventories
134,178
102,878
30.4
%
Trade payables
( 45,939
)
( 41,543
)
10.6
%
Net working capital
187,503
112,966
66.0
% | general |
Participant, National Geographic Documentary Films, and Dr. Lorna Breen Heroes’ Foundation Celebrate Signing of the Dr. Lorna Breen Health Care Provider Protection Act | In Honor of the Passage of this Historic Bill and Our Nation’ s Healthcare Workers, National Geographic Documentary Films and HULU Make Filmmaker Matthew Heineman’ s Award-winning Documentary THE FIRST WAVE Available on NatGeo.com/TheFirstWave and the ABC and National Geographic TV Apps for 48 Hours Beginning at 5 P.M. EST on Friday, March 18
The Film is Currently Available to Hulu Subscribers
THE FIRST WAVE Impact Campaign Continues to Urge State Medical Boards to Remove Penalties and Barriers to Mental Healthcare for Healthcare Workers
LOS ANGELES & WASHINGTON -- ( BUSINESS WIRE) -- Today, President Biden signed into law the Dr. Lorna Breen Health Care Provider Protection Act, a first-of-its-kind legislation that aims to reduce the stigma of seeking mental health assistance among health care professionals. Named after Dr. Lorna Breen, a New York City emergency room physician who tragically died by suicide in Spring 2020 after treating COVID-19 patients, the law marks a major step forward for the countless healthcare workers who have taken care of us for so long but without access to the care that they themselves might need.
“ We want to take a moment with you to pause and let all those health care professionals know that we heard you, we see you and we are here to support you, ” said Corey Feist, co-founder of the Dr. Lorna Breen Heroes’ Foundation. “ We owe each of you our deepest gratitude for all you’ ve done for us and for this country. ”
In recognition of the bill’ s signing, National Geographic Documentary Films announced that Academy Award® nominated filmmaker Matthew Heineman’ s THE FIRST WAVE will be made available on NatGeo.com/TheFirstWave and the ABC and National Geographic TV Apps for 48 Hours beginning at 5 P.M. EST on March 18. The film captures the first wave of the pandemic and gives audiences a feel for what the healthcare workforce in New York City experienced on the frontlines during those confusing and chaotic first few months of the virus.
“ We are so proud to partner with the Dr. Lorna Breen Heroes Foundation as they celebrate this historic win, ” said Amanda Chen, Vice President of Social Impact at Participant. “ We look forward to continuing our work together, bringing much-needed attention to the fact that clinicians in many states continue to face penalties for seeking mental health care. ”
“ We are thrilled to celebrate the news of the Dr. Lorna Breen Health Care Provider Protection Act being signed into law. It is a fitting way to honor the courage, dedication, and resilience our frontline workers have exemplified during the past two challenging years, ” said Carolyn Bernstein, EVP Scripted Content & Documentary Films. “ THE FIRST WAVE gives audiences a glimpse into the lives of these heroic healthcare professionals and it is our great privilege to make the film more widely available for those who have yet to watch this extraordinary document of our time. ”
Participant, which has partnered with the Dr. Lorna Breen Heroes’ Foundation on its THE FIRST WAVE impact campaign, will continue the momentum to urge state medical boards to remove penalties to mental healthcare and eliminate workplace stigma and discrimination for physicians seeking help. Currently, dozens of US states have invasive questions regarding mental health on medical licensure applications, and a recent Medscape survey of 13,000 physicians found that 43 percent said the reason they had not sought help for burnout or depression was because they “ don’ t want to risk disclosure to the medical board. ”
Participant also produced a special, two-part digital series as part of its ongoing “ Meet A Participant ” content on social media. The digital shorts feature a profile remembering the life of Dr. Lorna Breen and humanizing the mental health crisis among healthcare professionals, as well as a profile of Corey Feist, Lorna’ s brother-in-law, diving into the motivations behind his advocacy in the face of tragedy. Click the below links to view each of the videos:
With exclusive access inside one of New York’ s hardest hit hospital systems during the terrifying first four months of the pandemic, THE FIRST WAVE spotlights the healthcare workers at the epicenter of COVID-19 as they come together to fight one of the greatest threats the world has ever encountered. A chilling, necessary portrait of those on the front lines, the film is also further evidence of a healthcare workforce that is burnt out, stretched thin, and undersupported. The award-winning documentary, currently available on Hulu, will also have a special viewing window on NatGeo.com/TheFirstWave and the ABC and National Geographic TV apps for 48 hours starting on March 18 at 5 P.M. EST. | general |
NeuPath Health Delivers 28% Revenue Growth in Fiscal 2021 and Appoints CFO | TORONTO -- ( BUSINESS WIRE) -- NeuPath Health Inc. ( TSXV: NPTH), ( “ NeuPath ” or the “ Company ”), owner and operator of a network of clinics delivering category-leading chronic pain treatment, today announced its financial and operating results for the three months and year ended December 31, 2021. All figures are in Canadian dollars, unless otherwise noted.
Financial and Operational Highlights
“ NeuPath continues to deliver profitable growth while also building a strong foundation for future growth, ” stated Grant Connelly, NeuPath’ s Chief Executive Officer. “ We completed the first phase of our clinic rebrand, while also investing in technology, the patient experience, and adding talent to our leadership team. These investments will drive future financial performance while also delivering value to patients, healthcare providers, payors, and investors. ”
Corporate Developments
NeuPath’ s board of directors has appointed Jeff Zygouras, CPA, CA as Chief Financial Officer and Corporate Secretary effective March 17, 2022. Mr. Zygouras is an accomplished financial professional who has served as NeuPath’ s Corporate Controller since 2019, and most recently as Interim Chief Financial Officer. Prior to joining NeuPath, Mr. Zygouras held senior financial roles at Nuvo Pharmaceuticals Inc. and Crescita Therapeutics Inc. and was an auditor at EY Canada. Mr. Zygouras is a Chartered Professional Accountant and holds a Master of Management and Professional Accounting from the University of Toronto.
Q4 2021 Financial Results
Total revenue was $ 15.6 million for the three months ended December 31, 2021 compared to $ 12.8 million for the three months ended December 31, 2020. Clinic revenue for the current quarter increased by 20% to $ 14.7 million compared to $ 12.2 million in the comparative quarter. The increase in total revenue was related to the acquisition of HealthPointe Medical Centres Ltd. ( “ HealthPointe ”) and improvement in capacity utilization across the Company’ s clinic network. For the year ended December 31, 2021, total revenue was $ 60.9 million compared to $ 47.6 million for the year ended December 31, 2020.
Gross margin% ( 1) was 17.9% for the three months ended December 31, 2021 compared to 19.7% for the three months ended December 31, 2020. For the year ended December 31, 2021, gross margin% was 18.2% compared to 20.4% for the comparative year. Gross margin was impacted by remuneration payment accruals associated with the HealthPointe acquisition, restricted share unit award accruals related to the HealthPointe physician vendors and Canada Emergency Wage Subsidy ( “ CEWS ”) payroll subsidies. Excluding these transaction-related accruals and CEWS, adjusted gross margin% ( 1) would have been 18.0% and 20.0% for the three months and the year ended December 31, 2021 compared to 19.1% and 19.5% for the three months and year ended December 31, 2020.
For the three months ended December 31, 2021, adjusted EBITDA was $ 148,000 compared to $ 116,000 in the three months ended December 31, 2020. For the year ended December 31, 2021, adjusted EBITDA was $ 2.5 million compared to $ 2.0 million for the year ended December 31, 2020.
( 1)
Non-International Financial Reporting Standard ( “ IFRS ”) and Other Financial Measures defined by the Company below.
Non-IFRS Financial and Other Measures
The Company discloses non-IFRS measures ( such as EBITDA, adjusted EBITDA, gross margin and adjusted gross margin), non-IFRS ratios ( such as gross margin% and adjusted gross margin%) and supplementary financial measures ( such as same-clinic revenue growth) that do not have standardized meanings prescribed by International Financial Reporting Standards ( IFRS). The Company believes that shareholders, investment analysts and other readers find such measures helpful in understanding the Company’ s financial performance. Non-IFRS financial measures and other measures do not have any standardized meaning prescribed by IFRS and may not have been calculated in the same way as similarly named financial measures presented by other reporting issuers and therefore unlikely to be comparable to similar measures presented by other companies. Furthermore, these non-IFRS measures and other measures should not be considered in isolation or as a substitute for measures of performance or cash flows as prepared in accordance with IFRS. These measures should be considered as supplemental in nature and not as a substitute for related financial information prepared in accordance with IFRS.
EBITDA and Adjusted EBITDA EBITDA refers to net income ( loss) determined in accordance with IFRS, before depreciation and amortization, net interest expense ( income) and income tax expense ( recovery). The Company defines adjusted EBITDA, as EBITDA, plus stock-based compensation expense, restructuring costs, fair value adjustments, listing expense and transaction costs, impairment charges and finance income. Management believes EBITDA and adjusted EBITDA are useful supplemental non-GAAP measures to determine the Company’ s ability to generate cash available for working capital, capital expenditures, debt repayments, interest expense and income taxes.
The following table provides a reconciliation of net loss and comprehensive loss to EBITDA and adjusted EBITDA:
Three Months ended December 31
Year ended December 31
2021
2020
2021
2020
$
$
$
$
Net loss and comprehensive loss
( 720)
( 587)
( 3,230)
( 5,058)
Add back:
Depreciation and amortization
842
637
3,085
2,529
Net interest expense
217
179
876
1,468
Income tax expense ( recovery)
( 299)
( 199)
( 17)
198
EBITDA
40
30
714
( 863)
Add back:
Stock-based compensation
( 144)
97
517
221
Fair value adjustments
-
-
-
405
Listing expense and transaction costs1
260
-
1,314
2,258
Finance income
( 8)
( 11)
( 34)
( 46)
Adjusted EBITDA
148
116
2,511
1,975
Transaction costs for the year ended December 31, 2021, include professional fees related to the acquisition of HealthPointe and a portion of accrued contingent consideration that under IFRS 3, Business Combinations was not permitted to be included in the acquisition cost and has been accounted for as remuneration rather than consideration transferred.
Gross Margin, Gross Margin%, Adjusted Gross Margin and Adjusted Gross Margin% Management believes gross margin, gross margin%, adjusted gross margin and adjusted gross margin% are important supplemental non-GAAP measures for evaluating operating performance and to allow for operating performance comparability from period-to-period. Gross margin is calculated as total revenue minus cost of medical services. Gross margin% is calculated as gross margin divided by total revenue. Adjusted gross margin is calculated as gross margin, plus remuneration payment accruals related to the HealthPointe acquisition, Restricted Share Unit ( “ RSU ”) award accruals related to the HealthPointe physician vendors and Canada Emergency Wage Subsidy ( “ CEWS ”) payroll subsidies available under the COVID-19 Economic Response Plan that were included in cost of medical services. Adjusted gross margin% is calculated as adjusted gross margin divided by total revenue.
The following table provides a reconciliation of total revenue to gross margin and adjusted gross margin:
Three Months ended December 31
Year ended December 31
2021
2020
2021
2020
$
$
$
$
Clinic revenue
14,696
12,243
57,838
44,921
Non-clinic revenue
885
567
3,018
2,718
Total revenue
15,581
12,810
60,856
47,639
Cost of medical services
12,787
10,292
49,751
37,920
Gross margin1
2,794
2,518
11,105
9,719
Gross margin% 1
17.9%
19.7%
18.2%
20.4%
Add back:
HealthPointe RSU award accruals2
( 170)
-
375
-
HealthPointe remuneration payment accruals2
186
-
750
-
CEWS payroll subsidies3
-
( 70)
( 47)
( 451)
Adjusted gross margin1
2,810
2,448
12,183
9,268
Adjusted gross margin% 1
18.0%
19.1%
20.0%
19.5%
1
Gross margin, gross margin%, adjusted gross margin and adjusted gross margin% are non-IFRS measures. Please refer to Non-IFRS Financial Measures above.
2
Includes accrued contingent consideration that under IFRS 3, Business Combinations was not permitted to be included in the acquisition cost and has been accounted for as remuneration rather than consideration transferred, and RSU equity award accruals also related to the HealthPointe acquisition.
3
CEWS payroll subsidies available under the COVID-19 Economic Response Plan that were included in cost of medical services.
Same-clinic Revenue Growth Management believes same-clinic revenue growth is an important supplementary financial measure for evaluating operating performance and to allow for operating performance comparability from period to period. Same-clinic revenue growth is calculated as revenue per clinic divided by revenue per clinic in the comparative period for clinics that are open for at least 13 months.
For further details on the results, please refer to NeuPath’ s Management, Discussion and Analysis and Consolidated Financial Statements for the three months and year ended December 31, 2021, which are available on the Company’ s website ( www.neupath.com) and under the Company’ s profile on SEDAR ( www.sedar.com).
About NeuPath
NeuPath is a vertically integrated health care provider utilizing research, data-driven insights, technology, and interdisciplinary care to help restore function for patients impacted by chronic pain, spinal injuries, sport-related injuries, and concussions. With equity ownership in seventeen clinics in Ontario and Alberta, NeuPath is building out a large-scale network to better serve patients across Canada and the United States. NeuPath is focused on transforming the hope of a better life into the reality of a life more fully lived. | general |
BitNile Holdings’ Subsidiary, TurnOnGreen, Reports Significant Milestones Reached in Tim Hortons EV Charger Installations | TurnOnGreen Overcomes Supply Chain Bottlenecks to Resume Expansion of EV Charging Network and E-Commerce Operations
LAS VEGAS -- ( BUSINESS WIRE) -- BitNile Holdings, Inc. ( NYSE American: NILE), a diversified holding company ( the “ Company ”), announced today that its green energy technology and power electronics subsidiary, TurnOnGreen, Inc. ( “ TurnOnGreen ”), has resumed work on the installation of its Level 3 electric vehicle ( “ EV ”) chargers at the first of three Tim Hortons quick service restaurant locations in Canada. COVID-19 pandemic-related supply chain issues and restricted access to Canada delayed the pilot program. Since resuming in February 2022, significant milestones have been reached.
In December 2020, TurnOnGreen entered into an agreement with select franchisees to install Level 3 EV chargers at select Tim Hortons locations as part of a revenue-sharing program. Since the resumption of work, TurnOnGreen, with its Canadian partner, has completed site planning, permitting and provisioning the required power infrastructure to support the installation of two FSP1200, 120 kW DC Fast Chargers at the first pilot location. Installation is expected to be completed during the second quarter of 2022.
Furthermore, obtaining the safety certificate for EV700 Level 2 residential charger and easing supply chain restrictions has increased inventory, allowing TurnOnGreen’ s distribution partner iNetSupply to expand its EV700 charger sales to NewEgg.com. The EV700 is now sold at four major online retailers, including Amazon.com, NewEgg.com, and iNetSupply.com. TurnOnGreen’ s flagship product continues to gain consumer interest following the 4.4 star rating from industry specialist Tom Moloughney on his popular technology show State of Charge.
“ Despite many obstacles in 2020 and 2021, TurnOnGreen has remained committed to product development and revenue growth, ” said Marcus Charuvastra, Chief Revenue Officer for TurnOnGreen. “ We expect to continue to build value through superior product offerings and our firm commitment to our commercial and direct-to-consumer distribution partners in Canada and the United States, respectively. ”
“ We are pleased to reach a major milestone in commercializing our flagship, feature-reach EV700 Level 2 charger. We are also excited to have made significant progress with our DC Fast Charging project in Canada, ” said TurnOnGreen Chief Executive Officer, Amos Kohn. “ We expect to continue to expand operations in the Canadian market through strategic partnerships such as our partnership with Okanogan TH Holdings Ltd. related to the Tim Hortons’ agreement. ”
For more information on TurnOnGreen’ s product line, please visit www.TurnOnGreen.com.
For more information on BitNile Holdings and its subsidiaries, BitNile recommends that stockholders, investors, and any other interested parties read BitNile’ s public filings and press releases available under the Investor Relations section at www.BitNile.com or available at www.sec.gov.
About BitNile Holdings, Inc.
BitNile Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, BitNile owns and operates a data center at which it mines Bitcoin and provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, automotive, telecommunications, medical/biopharma, and textiles. In addition, BitNile extends credit to select entrepreneurial businesses through a licensed lending subsidiary. BitNile’ s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.BitNile.com.
About TurnOnGreen, Inc. | general |
COVID-19 Vaccinations Remain Necessary for Successful Organ Transplants | American Society of Transplant Surgeons’ COVID-19 Strike Force co-leads outline the need for vaccine requirements in JAMA Surgery
Dr. Lewis W. Teperman ( right) encourages his organ transplant patient to get her COVID-19 vaccine booster. ( Credit: Feinstein Institutes for Medical Research)
Dr. Lewis W. Teperman ( right) encourages his organ transplant patient to get her COVID-19 vaccine booster. ( Credit: Feinstein Institutes for Medical Research)
MANHASSET, N.Y. -- ( BUSINESS WIRE) -- Organ transplant recipients are at higher risk and have more severe coronavirus disease 2019 ( COVID-19) outcomes than the general public. To ensure safe, long-lasting organ transplants and quality of life, the need for COVID-19 vaccination is paramount, according to new recommendations. In an article published in JAMA Surgery, the co-leads of the American Society of Transplant Surgeons’ COVID-19 Strike Force, Northwell Health’ s Lewis W. Teperman, MD, and University of Minnesota’ s Timothy Pruett, MD, outline the risks, benefits and need for vaccine requirements of organ recipients, donors and families.
The COVID Strike Force’ s ongoing recommendation is that all transplant candidates, recipients ( and family members), live donors, transplant staff and physicians receive an approved vaccine. Some transplant centers, including Northwell Health, which is New York State’ s largest health system, have made a policy that requires COVID-19 vaccination before a candidate’ s registration on the national organ waitlist. And while the vaccine requirement debate continues to swirl among the public, there is a need for a transparent and clear understanding of the decision to make vaccinations a requirement.
“ The act of an organ transplant is not just performing an operation; it is also extending a person’ s quality and length of life. It is a gift, ” said Dr. Teperman. “ However, that gift can quickly be taken away from the organ recipient and those around them if they are not protecting themselves from the highly contagious and fatal COVID-19 virus. ”
Transplant centers are the stewards of this “ gift of life, ” and it is their responsibility to assess who is at risk and the best candidate for surgery. Organ transplant recipients are forever on a medication regimen that weakens their immune system and puts them at risk for infections. It is firmly understood that vaccination of candidates before transplantation will diminish – but not ultimately prevent – the severity of COVID illness and that vaccination will reduce the risk to others. The decision to grant someone a transplant or not is difficult, but it is needed to avoid ineffective transplants and waste organs that could benefit other candidates.
Additionally, Drs. Teperman and Pruett outline the responsibility of health systems to ensure that staff is protected to lessen the burden of COVID-19 surges. With new variants and inconsistent public behavior and policy holding sway, any spike in COVID-19 cases can quickly overwhelm hospitals and frontline staff. By requiring COVID-19 vaccinations for organ transplants, health systems are freeing up beds needed to care for those seriously sick. | general |
9th, 2nd Circs. Rule Again Against COVID-19 Coverage | The Second and Ninth circuits issued short rulings over the past week in line with their previous decisions against policyholders seeking coverage for COVID-19-related losses, including appeals from a New York hospitality group and a Nevada advertising agency.Federal judges also rejected COVID-19 coverage suits at the district level from a California advertising agency, a Connecticut eatery and a North Carolina law firm, even as a Chicago restaurant filed a new suit seeking coverage.9th Circ. Upholds Chubb Unit's WinThe Ninth Circuit ruled against a Las Vegas advertising agency seeking coverage for its COVID-19-related losses, finding that its losses were... | general |
Backs to the wall for EF-Education at Milan-San Remo but Alberto Bettiol is racing for pride | Get access to more than 30 brands, premium video, exclusive content, events, mapping, and more.
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MILAN, ITALY - MARCH 16: ( L-R) Alberto Bettiol of Italy and Jonas Rutsch of Germany and Team EF Education - Easypost compete during the 103rd Milano-Torino 2022 a 197km one day race from Magenta to Rivoli / # MilanoTorino / on March 16, 2022 in Milan, Italy. ( Photo by Tim de Waele/Getty Images) Photo: Getty Images
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Illness has decimated a number of teams ahead of Milan-San Remo with viruses gutting squads ahead of the first monument of the season.
EF-Education EasyPost is no exception with a number of their roster missing or recovering from the bouts of sickness that did the rounds at both Paris-Nice and Tirreno-Adriatico.
The American team has been forced to make changes but Jonathan Vaughters’ team heads into Milan-San Remo with a squad that on paper could animate the latter stages of the near 300km race.
Former Amstel Gold Race winner Michael Valgren may well be aiming to peak for later in the spring but the 30-year-old came 11th in Strade Bianche and will have a leadership role for the race alongside home favorite Alberto Bettiol.
The Italian was forced to end his season early in 2021 due to health issues but the 28-year-old started strongly in this campaign. He finished in the top-ten on every stage, and took second overall, at the Tour de la Provence earlier the year. He was supposed to miss a chunk of races – including Milan-San Remo – due to a COVID-19 infection but he returned to action earlier than expected at Milano-Torino earlier in the week.
Milan-San Remo might come too soon for the former Tour of Flanders winner but Bettiol will still dig deep at his home race.
“ Every year, San Remo is emotional, ” he said in a statement sent to VeloNews.
“ It is the first monument of the year and the first big race before the cobbled classics. It comes after Paris-Nice and Tirreno Adriatico, so all of the big names are well prepared. I feel motivated. I prefer racing to training. That is for sure. Finally, I am back to racing! ”
“ It would be special if one day I would win this race, because I would win it in front of Italian people, and we grew up with this race, with the history and the beauty of Milan-San Remo. ”
James Shaw has also made the team for the race. The British climber, Julius van den Berg and Jonas Rutsch will all be making their Milan-Sam Remo debuts on Saturday.
EF-Education EasyPost for Milan-San Remo: Alberto Bettiol, Owain Doull, Jonas Rutsch, Thomas Scully, James Shaw, Michael Valgren, and Julius van den Berg.
Get the latest race news, results, commentary, and tech, delivered to your inbox. | general |
Peak surcharges boost FedEx's record December | FedEx's volumes were also softer than expected in January as the omicron variant of COVID-19 slowed customer demand and introduced labor constraints in its network, CFO Mike Lenz said. Absences among FedEx Express pilots resulted in flight cancellations and further constrained capacity, he added.
Although volumes were relatively light in the quarter, FedEx made more off the packages it did deliver.
Average daily volume in Q3 was about flat YoY for FedEx Ground, but revenue per package increased 9%, according to FedEx's quarterly financial report. At FedEx Express, average daily volume fell 11% while revenue per package increased 19%.
Improving per-package revenues is crucial for carriers like FedEx and UPS, who have both grappled with a surge in home delivery volumes that aren't typically as profitable as B2B shipments.
UPS is taking a `` better, not bigger '' approach under CEO Carol Tomé, pursuing higher-margin deliveries instead of accepting every possible package. On FedEx's side, President and COO Raj Subramaniam described on the call its strategy to position itself `` squarely in the center of the fast-growing e-commerce market with a differentiated portfolio and a diversified customer base '' while growing its network to meet demand.
`` Let me note here that this strategy is different than what our primary competitor has pursued, '' Subramaniam said. `` By building on our current base of business and making those prior investments in our network to facilitate growth, we are in a position to generate improved operating profit and margins. ''
As the parcel duopoly pursues higher profit margins, customers are getting squeezed by higher shipping rates and added surcharges that have become more prevalent since the pandemic-driven volume surge. FedEx's fuel surcharge hike will add further pressure on shippers.
Higher fuel prices are one of the many ripple effects of Russia's invasion of Ukraine, which led FedEx to suspend all services in those countries in addition to Belarus. The suspension of services `` has not had and is not expected to have a material impact on our operating results, '' FedEx said in its quarterly financial filing.
Topics covered: logistics, freight, operations, procurement, regulation, technology, risk/resilience and more.
The retailer hopes to grow its seller base and their sales with logistics services, which in turn can help boost its nascent advertising business.
Semiconductors, aluminum and food products top the list of potential shortages this year.
Topics covered: logistics, freight, operations, procurement, regulation, technology, risk/resilience and more.
Topics covered: logistics, freight, operations, procurement, regulation, technology, risk/resilience and more.
The retailer hopes to grow its seller base and their sales with logistics services, which in turn can help boost its nascent advertising business.
Semiconductors, aluminum and food products top the list of potential shortages this year.
Topics covered: logistics, freight, operations, procurement, regulation, technology, risk/resilience and more. | general |
In A Hail Mary, Virus Coverage Suits Flood State Courts | Businesses across the country have hit state courts with a wave of new COVID-19 coverage lawsuits, as companies attempt to avoid the outcomes overwhelmingly seen in federal courts that favor the insurance industry.With federal courts overwhelmingly favoring the insurance industry in COVID-19 coverage lawsuits, businesses nationwide are turning their focus to state courts to see if they fare better. ( AP Photo/John Minchillo) With the clock ticking on the typical two-year statute of limitations and the pandemic pushing past its two-year anniversary, businesses have had to decide whether to file suit to preserve their ability to seek payment. Though negotiations with insurers... | general |
Which Bond Types Provide the Most Diversification for Stock Investors? | Stock and bond correlations have risen recently amid interest-rate changes and inflation.
For the past few decades, bonds have reliably diversified investors’ equity exposure. But will they continue to do so, especially in a rising-interest-rate environment that affects both bond and stock prices?
Exploring trends in stock/bond correlations was a key topic in our recently published Diversification Landscape Report. We assessed how effectively taxable and municipal bonds have served as ballast for investors’ equity exposure, both in the very short term as well as over the long haul.
High-quality bonds, especially Treasuries, have frequently exhibited negative correlations with stocks. But as inflation and rising interest rates have roiled both the stock and bond markets in recent months, high-quality bonds didn’ t diversify equity exposure as consistently as in the past. We also observed that many fixed-income types that investors use to populate their bond portfolios -- especially intermediate-term core plus and municipal bond funds -- tend to be less effective as diversifiers than Treasury bonds or cash.
Despite the global coronavirus pandemic, stock performance was exceptionally strong over the three-year period ended in December 2021. And while bond returns were relatively low in absolute terms, bond prices got a boost from Federal Reserve easing over the period.
As inflation and the prospect of rising interest rates rattled the stock and bond markets in the second half of 2021, though, high-quality bonds didn’ t diversify equity exposure as consistently as in the past. ( Emory Zink explored stock/bond correlations in rising-rate environments, both in the short term and historically.) Over the six-month period ended Dec. 31, 2021, only cash and short-term Treasuries managed to exhibit a decent negative correlation with equities. ( Short-term bond funds’ correlation with stocks was negative over that stretch, too, but just barely.) Longer- and intermediate-term government bonds were less effective as diversifiers over that period. Over the whole of 2021, cash and most short-term Treasuries had modest negative correlations with stocks; other bond categories were positively correlated.
Over the three-year period from 2019 through 2021, Treasury bonds were the best diversifiers for equities, exhibiting a solidly negative correlation with the Morningstar US Market Index. Short-term Treasuries had the lowest correlation, but intermediate- and long-term Treasuries were decent as well. Cash also exhibited a negative correlation with stocks, but not as low as Treasuries did.
Meanwhile, a broad range of fixed-income types were less effective as diversifiers over the three-year period. The Morningstar US Core Bond Index and funds in the intermediate-term core bond category, another popular area, exhibited a modest positive correlation with stocks. Funds in the intermediate-term core-plus and short-term bond categories, which also house a lot of investors’ fixed-income assets, demonstrated a much higher correlation with equities. High-yield bond funds, which often move in sympathy with stocks, had the highest correlation with equities of any of the fixed-income indexes or categories we examined.
As with taxable bonds, municipal bonds have benefited from Fed easing during the pandemic period and over the past three years. Lower-quality and longer-duration munis generally notched better returns than their short-term, higher-quality counterparts. Over the three-year period through 2021, short-, intermediate-, and long-term munis showed similar correlation levels versus stocks, with correlations roughly in line with those of intermediate core bond funds. Treasury bonds and cash ( including municipal money market funds) looked better from a diversification standpoint than munis during the period.
Over the past two decades, Treasury bonds have provided the best diversification of any bond type -- and indeed of any asset class -- for investors with equity exposure in their portfolios. The correlation benefit was similar for Treasuries across the duration spectrum. Cash has been the next most attractive diversifier for stocks. The Morningstar US Core Bond Index, which is dominated by high-quality U.S. bonds, has also delivered a negative correlation with the equity market.
Municipal bonds’ correlation with equities has risen a bit over the past decade. The muni market is less liquid than that of Treasuries, and it has often seized up in periods of economic and equity market stress. Across all longer-term time frames, high-yield muni funds were the least-effective diversifiers for equities of any muni fund group. That is similar to the trend for high-yield taxable bonds; they are much less defensive and more sensitive to economic stress than high-quality bonds.
Over the past 20 years, most muni bond indexes and fund categories have shown similar correlation trends -- higher than those of Treasury bonds and the Morningstar US Core Bond Index. In periods of equity-market weakness driven by a weakening economy, such as 2008, municipal bonds have decoupled from Treasuries and other U.S. government bonds, likely on concerns that higher unemployment and weak business conditions would hurt tax receipts. Among the muni subgroups, the short-term muni group was the only one with a consistently negative correlation with equities over the past two decades.
While high-quality bond types display varying degrees of effectiveness as diversifiers and some have experienced small losses when stocks have fallen, it’ s worth keeping the big picture in mind. Specifically, during extended periods of equity-market weakness, high-quality bonds will usually hold up much better than stocks, posting smaller losses or even gains. That’ s true of both taxable and municipal bonds.
The good news for investors is that they don’ t need to venture into volatile long-term Treasuries to obtain diversification: Short- and intermediate-term government bonds have been as effective as long, and cash has recently been almost as effective a diversifier as Treasuries. That’ s an important finding because long-term Treasuries are substantially more volatile than short- and intermediate-term bonds, while their yield advantage is fairly modest.
It is also notable that cash has recently looked a bit better than Treasuries from the standpoint of diversification. That may owe to the fact that as yields have declined across the board for several decades, high-quality bond yields have edged toward zero, so bond prices simply don’ t have a lot of room to move up. It may also be that, with yields on cash and Treasuries so tightly aligned, investors do not view bonds as worth their risks in a flight to quality.
Even as Treasuries and cash have provided a consistent diversification benefit, it’ s striking that many of the core fixed-income fund types that investors use to populate their portfolios have substantially higher correlations with stocks -- for example, short-term bond funds and those in the intermediate-term core and core-plus categories. Those correlations have generally been trending up over the past several decades, likely an outgrowth of declining yields and the need for funds to venture into corporates and away from Treasuries to plump up their payouts and offset their expenses.
Of course, moving in sympathy with stocks doesn’ t mean similar performance. Even in terrible periods for stocks, such as 2008 and the first quarter of 2020, most short-term, intermediate core, and intermediate core-plus funds have exhibited small losses or even gained value. Not surprisingly, all manner of lower-quality bond types are exceptionally poor diversifiers for stocks. That demonstrates that they are best used as supplemental holdings alongside high-quality fixed-income investments or, perhaps better yet, as equity alternatives.
And while demand for TIPS has recently surged with inflation, inflation-protected bonds have exhibited much weaker diversifying abilities than have nominal Treasuries over the past few decades. That pattern makes intuitive sense, too, in that demand for TIPS’ inflation protection is likely to stall out when worries about the economy are running high and equities are dropping. TIPS are also much less liquid than nominal Treasuries. In short, while TIPS play a role for inflation protection, investors have not been able to rely on them to diversify their equity exposure. On the other hand, inflation has kept a low profile for the past decade. If stocks were to experience weakness related to inflation, TIPS may confer a greater diversification benefit.
Over longer periods, municipal bonds have exhibited a higher correlation with equities than high-quality taxable bond indexes, especially Treasury bonds. That suggests that even investors who put a high value on the tax-saving features of muni bonds should consider augmenting them with U.S. government bonds for diversification and ballast during equity market shocks. It also underscores the importance of not using a muni fund as a source of liquid reserves; any bout of illiquidity in the muni market would be an inopportune time to sell. ( Investors in high tax brackets can use municipal money market funds in that role.) High-yield munis’ higher correlation with equities, meanwhile, indicates that such bonds are best used alongside higher-quality bonds.
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Buta Airways to start operating flights from Azerbaijan to Kazakhstan | From April 5 low-cost airline Buta Airways will start operating regular flights en route Baku-Aktau-Baku.
Flights will be operated three times a week - on Tuesdays, Fridays and Sundays.
Tickets for these flights are available on the official website of Buta Airways ( “ Budget ”, “ Standard ” and “ Super ” fares), as well as at the official agencies of the Airline ( only at the “ Super ” fare).
The cost of tickets starts from 29 euros.
During the COVID-19 pandemic, these flights will be served via Terminal 1 of the Heydar Aliyev International Airport both for departures and arrivals.
Only passengers who are allowed to fly under the current epidemiological restrictions will be accepted on these flights.
Azerbaijani citizens planning to travel to Kazakhstan should have the right to enter the territory of Kazakhstan. The entry requirements for Kazakhstan during the COVID-19 pandemic are available on the Airline's website at https: //www.butaairways.az/en/covid/kazakhstan
The list of clinics in Azerbaijan where you can take COVID-19 test is published on the Airline's website at https: //www.butaairways.az/en/covid/clinics.
When departing from Kazakhstan to Azerbaijan, passengers should be tested for COVID-19. It is recommended to have a QR code embedded on the certificate confirming its authenticity. This will help to speed up the formalities at the airport. Passengers travelling on this route should ensure that their COVID-19 test results are valid for 72 hours prior to flight departure. | general |
Country's best young gymnasts awarded in Baku [ PHOTO ] | Azerbaijan Championship in Rhythmic Gymnastics has been successfully held at the National Gymnastics Arena.
Some 40 gymnasts from Baku Gymnastics School, Ojag Sports Club, Republican Complex Sports School ( Baku) as well as gymnasts from Khirdalan's Zirve Sports Club, Sumgayit, Ganja and Mingachevir tool part in the championship held among juniors ( 13-15 years old) and seniors ( 16 years and older).
The gymnasts were determined both in apparatus finals ( ball, hoop, clubs, ribbon) and in the all-around competitions.
Gymnasts representing Ojag Sports Club showed the best results among seniors. The list of winners included Arzu Jalilova ( 32.650 points), Zohra Aghamirova, ( 31.300 points) and Ilona Zeynalova ( 26.100 points).
In the exercises with the ball, Zohra Aghamirova ( 34.000 points) rose to the highest step of the podium, Arzu Jalilova ( 30.850 points) ranked second while Ilona Zeynalova ( 29.750 points) ranked third.
In the exercise program with clubs, Alina Gezalova captured a gold medal ( 28.100 points), Zohra Aghamirova won the silver ( 27.500 points) while Arzu Jalilova took the bronze medal ( 26.700 points).
At the same time, Zohra Aghamirova ( 32.300 points) took first place in the exercise program with a ribbon, Arzu Jalilova ( 29.000 points) grabbed silver, and Kamilla Aliyeva ( 25.050 points) ranked third.
Junior gymnasts were awarded for exercises with hoops, balls, clubs and ribbons.
Medina Demirova ranked first, Govkhar Ibrahimova took second place while Fakhriya Aliyeva ranked third in the exercises with a hoop.
Notably, Demirova and Ibrahimova represented Ojag Sports Club while Fakhriya Aliyeva- Baku Gymnastics School.
In the exercises with the ball, Medina Demirova won the gold medal, Govkhar Ibrahimova grabbed silver while Laman Ahmadli took the bronze medal.
At the Championship, Laman Ahmadli represented the Republican Complex Sports School.
Govkhar Ibrahimova took the first place in the exercises with clubs Medina Demirova was second while Maryam Aliyeva ranked third. All three gymnasts represent Ojag Sport Club.
Meanwhile, Medina Demirova won gold, Laman Ahmadli grabbed silver while Govkhar Ibrahimova took bronze in the exercises with ribbon.
The 27th Azerbaijan Championship in Rhythmic Gymnastics was the first gymnastics event in Baku with the audience after a two-year break.
Earlier, major gymnastics competitions were held without spectators amid coronavirus pandemic. | general |
YARAT hosts exhibitions by renown artists [ PHOTO ] | Azerbaijani and Belgian artists have showcased their art works the at YARAT Contemporary Art Space.
The solo exhibition `` Panopticon '' by Belgian artist Michel François is constructed as a dialogue between a restrictive, human-made device and the natural elements surrounding it, symbolising our desire for freedom.
The immersive installation is the result of the artist’ s research residency in Baku and consists of a central piece of a surveillance tower that overlooks its surroundings with its cyclopic eye.
The Panoptiсon observes everything and also reflects our presence as curious intruders or witnesses. François ' construction takes its inspiration from the architectural model of an institutional prison control system invented by social theorist and philosopher Jeremy Bentham in the 18th Century.
By replacing the round control room's windows with mirrors, the artist reverses the strategic purpose of the tower. In this way, François ' work can be understood as a cynical critique of today’ s society, contaminated by the abuse of controlling devices that steal and rob images of our private lives.
The tower also reflects the objects that fill the setting around it. The rest of the sculptural interventions are presented as frozen moments on an abandoned filmset.
Like in many of his other exhibitions, the artist always looks for a ‘ plan to escape’. He seems to find this freedom in the uncontrollable beauty of natural elements, such as in the exuberant form of an impossible fountain spitting out aluminum peanuts, or in the elegance of a silver fence, floating in the sky like an unnatural cloud.
The same liberating pleasure can be felt observing the repeated images of the film commissioned by YARAT and made by the artist on location, capturing the science fiction-like magic of Azerbaijan’ s landscape of mud volcanoes. It shows images of lava in eruption, with fading gas-filled bubbles in non-stop transformation. They possess a secret ‘ convulsive’ beauty that the surrealists once tried to define as ‘ explosive-fixed’. Most of the other sculptural compositions presented are composed of carefully selected poor, almost banal materials that refer in a certain way to the natural resources that are the country's real hidden treasures.
The exhibition invites us to surf on the riffs of reality and the everyday, and transforms us for a moment into accidental tourists or actors participating in the artist’ s melancholic theatre of the absurd. Central to his work is the analysis of how small, simple images and objects are the basic elements that decide how we behave as humans in this complex world.
Michel François. ( b.1956, Belgium) lives and works in Brussels. His conceptual practice includes sculpture, video, photography, printed matter, painting and installation work.
In a manner similar to that of the Arte Povera artists, François uses great economy of means to transform seemingly uncomplicated objects and materials, or traces of past events, into deeply resonant carriers of meaning. His work can be seen as exploration of cause and effect, and the ways in which simple gestures can change the status of an object or have important consequences.
He has presented projects at the Havana Biennial ( 2015), the Belgian Pavilion at the 48th Venice Biennale ( 1999), the 22nd São Paulo Biennial ( 1994) and documenta IX in Kassel ( 1992). He has had solo exhibitions at Ikon Gallery, Birmingham; Dia Center for the Arts, New York; S.M.A.K., Ghent; Fundació Joan Miró, Barcelona; Kunsthalle Bern, Bern; Haus der Kunst, Munich. He has participated in group exhibitions at venues such as Museu de Arte Moderna, Rio de Janeiro; Tapei Fine Art Museum, Taipei; Centre Pompidou-Metz, Metz; Jeu de Paume, Paris; Haus der Kunst, Munich; Centre Pompidou, Paris; and Fondation Hermès, Brussels.
The exhibition is curated by Erich Weiss, a Belgian born artist/curator, based in Barcelona. At the moment he works as venue coordinator for documenta fifteen in Kassel.
Exhibition opens: Tuesday through Sunday, 12.00 – 20.00. COVID passport is required
YARAT Contemporary Art Space also opened new personal exhibition `` İNSƏN '' ( HUMAN) by multidisciplinary artist CHINGIZ.
İNSƏN is an immersive project by CHINGIZ that shows different aspects of society through the prism of personal experience. A prototype artist's studio and a live and continuously developing organism, the project represents an interactive exhibition interrogating the process of work. The main protagonist of the exhibition is the Individual that both lives and changes in tune with the times and their actions.
The artist uses sculptures and installations that serve as indicators of various situations to uncover this idea and show transformations, influences and side effects of the time. The exhibition focuses on the Individual and their surroundings, feelings, emotions, contrasts, and alternatives, highlighting the Individual's core nature as a principal party to, and the driving force behind, all processes.
Autobiographical in nature, the artist develops the principle of personal space in a studio-like way and narrates the reality that surrounds him. The exhibition highlights the versatility of people but at the same time demonstrates that an individual does act the same way in recurring situations, hinting at their distinctive and inconsistent nature...
The show is dedicated to CHINGIZ’ s father Tofig Babayev, who has inspired the artist in the most important way. The exhibition is curated by Farah Alakbarli.
CHINGIZ ( Chingiz Babayev, 1964, Azerbaijan) – Sculptor, painter, designer, theorist, poet, and philosopher. He combines fine art, graphics, sculpture, collage, street art, installation, performance, video art and other media to study the application of different ideas. CHINGIZ's oeuvre is showcased in the Baku Museum of Modern Art, Azerbaijan National Carpet Museum and the Vahid Kooros collection, as well as kept in private and public collections across Russia, Ukraine, Vietnam, USA, UK, Austria, Italy, Estonia, France, Poland, Finland, Norway, Switzerland, Dominican Republic, Kyrgyzstan, and Iran.
Exhibition opens: Tuesday through Sunday, 12.00 – 20.00. COVID passport is required.
Notably, YARAT is an artist-founded, non-profit art organisation based in Baku, Azerbaijan, established by Aida Mahmudova in 2011. YARAT ( which means 'create ' in Azerbaijani) is dedicated to contemporary art with a long-term commitment to creating a hub for artistic practice, research, thinking and education in the Caucasus, Central Asia and surrounding region.
YARAT is an artist-founded, not-for-profit art organisation based in Baku, Azerbaijan, established by Aida Mahmudova in 2011. YARAT ( which means 'create ' in Azerbaijani) is dedicated to contemporary art with a long-term commitment to creating a hub for artistic practice, research, thinking and education in the Caucasus, Central Asia and surrounding region.
YARAT comprises YARAT Contemporary Art Centre, Museum of Azerbaijani Painting of the XX-XXI Centuries, ARTIM Project Space and an extended educational and public programme. YARAT Art Centre, a 2000 m² converted Soviet-era naval building, opened in March 2015 and is the organisation's main exhibition space. The exhibition programme features new commissions by artists responding to the region. It supports and provides access to artists from the region, while engaging and introducing established, international artists.
Museum of Azerbaijani Painting of the XX-XXI Centuries presents a series of exhibitions with the works from the collection of National Museums and Galleries and organize a public and education programme of events running. The Museum collaborates closely with educational institutions and the museum's staff familiarises pupils and students with expositions through interactive tours by teaching them to comprehend and interpret art.
In October 2015, YARAT opened ARTIM, a central, accessible and dynamic space in Baku's Old City. ARTIM ( meaning 'progress ' in Azerbaijani) shows experimental practices and new work by emerging Azeri art professionals ( selected through open call) and the international artists from the residency programme. It features multiple small-scale projects each year and hosts ARTIM Lab, a programme enabling young artists to engage in workshops and daily studio practice to generate new ideas and works.
Education has been at the heart of YARAT’ s activities since its creation.
With a dedicated public programme that includes courses, workshops, lectures, screenings, festivals, literature and theatre clubs and family weekends, YARAT aims to give access to broad audiences of all ages. The public programme invests proactively in building communities and nurturing a wider understanding of, and participation in, contemporary art. | general |
Travel Less and Carpool More, Global Energy Group Recommends | Get exclusive stories and unlimited access to Skift.com news
Access exclusive travel research, data insights, and surveys
Noah Browning, Reuters
March 18th, 2022 at 1:30 PM EDT
Several of the recommendations put forth by the International Energy Agency to reduce oil usage might be popular with consumers. However, one of the last things so many people thrilled by the large-scale easing of Covid measures worldwide want to do is travel less.
Rashaad Jorden
The International Energy Agency ( IEA) on Friday urged consumers to travel less, share transport and drive more slowly, part of a 10-point plan to cut oil use as Russia’ s invasion of Ukraine deepens concerns about supply.
The plan by the Paris-based grouping of 31 industrialized countries – which does not include Russia – underlines the urgency of a supply crunch brought on by sanctions and buyer aversion to Russian oil, which has raised fuel prices.
The recommendations – which include lower speed limits, working from home, car-free days in cities, cheaper public transport and more carpooling – could cut oil demand by 2.7 million barrels a day within four months, the IEA said.
As the bulk of oil demand comes from transport, it said, the plan focuses on “ how to use less oil getting people and goods from A to B ”, drawing on “ concrete measures ” that have already been used in multiple countries and cities.
In a potential setback to the agency’ s aim to cut demand, many IEA members states and other countries have implemented, or are discussing, power and transport fuel subsidies.
The agency projected in November that fossil fuel subsidies soared by the highest annual rate ever in 2021 to $ 440 billion as governments around the world tried to shield consumers from price hikes in a boon to consumption and pollution.
Friday’ s announcement follows a similar 10-point action plan the group put forward earlier this month to cut reliance on Russian gas, in which it said Europe could cut imports of the fuel from Russia by more than a third within a year.
The IEA urged governments to make the changes permanent, not just for economic reasons but in order to combat climate change.
“ Sustained reductions are important not only to improve countries’ energy security but also to tackle climate change and reduce air pollution. ”
( Reporting by Noah Browning; Editing by Jason Neely and Jan Harvey)
Copyright ( 2022) Thomson Reuters. Click for restrictions
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Updated Mar. 18, 2022
Noah Browning, Reuters | general |
LGIM: How to navigate the retail sector amid rampant inflation | You are currently accessing Investment Week via your Enterprise account.
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Writing for LGIM's Macro Matters blog, the analysts pointed out that food and beverage companies have `` so far been spared '' from the ravages of inflation, due to long-term contracts with retailers and hedges pre-emptively put in place.
As we head through 2022, however, and with Russia's invasion of Ukraine only serving to embed more inflation into the system, they said the focus will now be on whether retailers can afford to increase their prices in stores.
`` The competitive environment is intense in the UK grocery market, with non-traditional players like hard discounters and private-equity-owned grocers adding complexity to the overall landscape, '' Elbim explained. `` Hard discounters took significant market share during the Global Financial Crisis when UK supermarkets passed on inflation directly to customers. ''
In contrast, the Covid-19 crisis saw discount supermarkets such as Lidl and Aldi struggle due to `` weak online channels '' and consumers opting to spend more on groceries, in lieu of being able to spend on much else.
`` Traditional food retailers have started regaining market share for the first time in years, '' the analyst said. `` We can expect them now not to repeat the mistakes from 2008, and refrain from increasing prices in stores. ''
Additionally, Elbim pointed out two of the UK's biggest supermarkets are now owned by private equity, with the analysts expecting Asda and Morrisons to now `` refocus on performance and market share again '' after their respective buyouts.
`` Given their private-equity ownership, it is also fair to assume that those companies will not be irrational when it comes to pricing to attract more people in store, and will focus extensively on cashflow generation, '' she said.
On the flipside, Ilbim said most supermarket cost-cutting initiatives have already been exhausted and that suppliers are under pressure to increase their prices, meaning the supermarkets will have little choice but to absorb price increases on their profit-and-loss accounts.
`` How to play the trend? We would tend to prefer players with robust margins and strong cashflow generation ability that can afford to absorb price increases from suppliers without impairing credit metrics too much.
`` We would also prefer large retailers that have more pricing power versus suppliers, and that are gaining market share. ''
Another trend affecting retail investors, according to Wong, is a divergence between lower and higher-income consumers, given savings rates in the US in particular have returned to pre-Covid levels, expanded child tax credits have expired and stimulus payments have been curbed, in addition to the inflationary backdrop.
`` Similarly, in the UK, the real wage growth that has been supportive for the retail sector over the past two years has now turned flat, '' she explained. `` We estimate higher energy prices will further reduce average UK household consumption power by 5% in 2022, but the lower-income cohort would be the hardest hit. ''
In this type of environment, Wong said she favours discounters that will `` likely be beneficiaries of downtrading behaviours ''.
`` We also continue to be positive on selected luxury brands, which are exposed to higher-income consumers who have benefitted from the wealth effect of asset appreciation over the past two years, seen less spending growth during the pandemic versus the lower-income cohort, and have lower price elasticities, '' she concluded.
© Incisive Business Media ( IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR.Registered in England and Wales with company registration numbers 09177174 & 09178013 | business |
Hong Kong: « Some of Our Financial Institutions Are Losing Patience » | Hong Kong chief Carrie Lam made a public admission that the tolerance was fading at some financial firms in the city and signalled potential loosening of Covid restrictions.
Hong Kong chief executive Carrie Lam underlined growing pressure to the city’ s reputation as a financial hub during a media briefing yesterday.
« I have a very strong feeling that people’ s tolerance is fading, » Lam said. « I have a very good feeling that some of our financial institutions are losing patience about this isolated status of Hong Kong. Nobody attaches as much importance as myself to Hong Kong’ s international status. »
Lam signalled potential loosening of Covid restrictions, such as a shortened quarantine period for new arrivals, and said the government would review other measures including compulsory testing of the full city, a related lockdown, flight bans and resumption of physical attendance to school.
Lam said she would conduct the review in the coming days and unveil the changes.
Beijing Review
Meanwhile, Beijing is also signalling more focus on reducing the economic impact of its Covid measures.
« [ China will ] strive to achieve the maximum prevention and control effect at the least cost and minimize the impact of the epidemic on economic and social development, » said Chinese President Xi Jinping in a meeting late Thursday with the Politburo standing committee, China's top decision-making body. | general |
More Effort Needed for Meaningful Outcome at WTO on Covid-19 | Help us continue to fight human rights abuses. Please give now to support our work
Comprehensive Waiver for Vaccines, Tests, and Treatments at Risk
( New York) – A newly leaked text reveals that negotiations between the European Union, United States, South Africa, and India at the World Trade Organization ( WTO) on an intellectual property waiver for Covid-19 related products require more work to achieve a meaningful outcome, Human Rights Watch said today.
The leaked text significantly narrows the scope and potential impact of the proposal first introduced by India and South Africa in October 2020. It excludes Covid-19 tests and treatments, cuts out certain countries from potential pathways to expand access to health products, and does not address barriers posed by trade secrets.
“ The leaked text shows that more efforts are needed to ensure that negotiations at the WTO actually end up expanding access to lifesaving medicines, testing kits, and vaccines, ” said Margaret Wurth, senior researcher at Human Rights Watch. “ The pandemic is not yet over, and gross inequities in access to Covid-19 vaccines and treatments prove a comprehensive waiver is as important as ever. ”
At least six million lives have already been lost. Other estimates peg it triple or even quadruple that number. The leak comes at a time when surges of Covid-19 cases are hitting South Korea, Hong Kong, Western Europe, and New Zealand.
While the original proposal from India and South Africa was for a global waiver, the new leaked text suggests that only “ developing countries ” that exported less than 10 percent of global vaccine supplies as of 2021 will be able to benefit from the waiver and potentially manufacture more. Under these provisions, China, which exported over a third of global Covid-19 vaccine supply in 2021, would be left out. Countries like Brazil and South Korea, which have declared that they are no longer “ developing countries, ” may also be excluded.
Until recently, the European Commission, representing the EU at WTO negotiations, had consistently opposed the idea of a waiver and blocked it from moving forward. Efforts to end the stalemate are helpful, but should not come at the expense of a meaningful waiver to save lives and protect rights, Human Rights Watch said.
The text being circulated would cover only vaccines initially, and gives members six months to decide whether to extend the agreement to Covid-19 tests and treatments, reflecting the US government’ s stated preference to “ begin ” with vaccines. Last May, the US government announced support for an intellectual property waiver, but only for Covid-19 vaccines – and not tests or treatments. Widespread testing is critical to monitor new outbreaks and variants, and the world can not wait another six months for greater access to lifesaving treatments. Experts have noted growing global inequities in access to anti-viral pills.
The text being circulated does not waive rules around trade secrets, essential for hastening the pathway for vaccine production, Human Rights Watch said. India and South Africa, the sponsors of the original October 2020 proposal, specifically understood the need for waiving trade secrets, which are critical to help new manufacturers produce more vaccines if vaccine developers do not cooperate through technology transfers.
It also fails to simplify the process of compulsory licensing to produce a patented product or process, and even introduces new hurdles and procedures. For instance, the text requires governments issuing compulsory licenses for Covid-19 products to list all patents and send information to patent holders, making it more cumbersome and slowing down a process that requires simplicity and urgency to save the maximum number of lives.
The European Parliament has repeatedly expressed support for a more comprehensive waiver, and it should now use its voice to demand that the Commission expand the scope of the common ground they have found so far, Human Rights Watch said. All 62 countries that cosponsored India and South Africa’ s proposal, most of whom were not part of the backroom negotiations to develop this leaked text, can also engage to strengthen the text.
“ The good news is that a better deal is possible, and the details are not yet finalized, ” Wurth said. “ European governments should push the Commission, which has been negotiating on their behalf, to secure an outcome that helps achieve equitable and global access to Covid-19 tests, treatments, and vaccines. ”
Families in Temporary Accommodation in London, UK | general |
Red-hot Rublev Reaches Indian Wells ATP Semi-finals | In-form seventh seed Andrey Rublev powered into the Indian Wells ATP Masters semi-finals on Friday with a 7-5, 6-2 victory over Bulgarian veteran Grigor Dimitrov.
The 24-year-old ranked seventh in the world notched his 13th straight match win since Valentine's Day -- a hot streak that included back-to-back titles at Marseille and Dubai.
He has reached the last four without dropping a set, but the 30-year Dimitrov, ranked 35th in the world, didn't go down without a fight.
Trailing by a break in the first set Dimitrov broke Rublev to level the score at 5-5, sliding a backhand down the line past Rublev to break him at love.
But Rublev, who had been broken four times on the way to the quarters, quickly regrouped and won the next two games, closing out the set with an ace.
With a set in hand, Rublev was rolling. He won five straight games to take a 5-1 lead in the second.
Unable to capitalize on a match point against Dimitrov's serve, he fended off a break point to close it out on his own serve in the next game.
`` I played really well, '' said Rublev, who dropped just seven points on his first serve in the match.
`` Since the beginning, it was more about who would start to lead the point, who would start to dictate to play more aggressive, '' he said. `` Both of us would like to take our forehand and try to dictate, so it was just who's going to be the first one. ''
Dimitrov was unable to duplicate the semi-final run he put together here last October, when the tournament was moved from its usual March slot because of the coronavirus pandemic.
Rublev could find himself facing another 2021 semi-finalist for a place in the final if American Taylor Fritz gets past Serbian Miomir Kecmanovic.
Fritz, a 24-year-old crowd favorite from Southern California, is the first American man in back-to-back Indian Wells quarter-finals since Andy Roddick in 2009-10.
Kecmanovic, 22, is back on the rise after a disappointing end to his 2021 campaign. He beat sixth-ranked former Wimbledon finalist Matteo Berrettini to book his place in the last eight.
The contenders for Saturday's other semi-final have already been set, with 21-time Grand Slam champion Rafael Nadal, riding a 19-0 winning streak to start 2022, to face 18-year-old fellow Spaniard Carlos Alcaraz. | business |
Three Decades Ago World Told To 'Act Now ' On Climate | With the planet facing the `` potentially serious consequences '' of global warming, UN experts writing 32 years ago urged an indifferent world to take immediate action to reduce greenhouse gas emissions.
Planet-warming carbon pollution has increased ever since.
In 1990 the Intergovernmental Panel on Climate Change produced the first trio of reports in a cycle of climate change assessments -- one on the physical science of warming, one on the impacts and one on solutions -- that has repeated roughly every six years.
While the authors of the most recent IPCC report on impacts, released in February this year, can say the evidence of harm to humanity and the entire planet is `` unequivocal '', the authors of those first reports 30 years ago could not be as forthright.
But they were clear that the risks were so high we couldn't afford to wait.
`` The potentially serious consequences of climate change on the global environment, '' they said `` give sufficient reasons to begin by adopting response strategies that can be justified immediately even in the face of such significant uncertainties ''.
They said cuts to the planet-warming gases that humans were pumping into the atmosphere should be swift and drastic.
`` Because climate change could potentially result in significant impacts on the global environment and human activities, it is important to begin considering now what measures might be taken in response, '' the report said.
There was never an easy answer.
The scientists writing the 1990 report underscored the need to reduce emissions of different gases -- especially carbon dioxide and methane -- across a range of different sectors, from energy generation to agriculture.
`` Our understanding has been refined over 40 years, but the alarm has been ringing since the first IPCC report, '' said Celine Guivarch, one of the authors of the latest IPCC assessment of solutions, set to be published on April 4.
With each new cycle of climate evaluation, the description of risks in the IPCC reports has become ever clearer and more urgent. The forecasts have become increasingly catastrophic.
Meanwhile, emissions have risen almost every year, only breaking their relentless pace because of major economic crises, such as the one triggered by the Covid-19 pandemic.
As a result, CO2 in the atmosphere has never been higher.
According to data from the Mauna Loa observatory in Hawaii, which has monitored the atmosphere for decades, C02 concentrations reached 416 parts per million in 2021, up from 354 ppm in 1990 when the first IPCC report was published.
Earth has experienced periods of much higher C02 concentrations in the distant past.
But in its report on the physical science released in August 2021, the IPCC said the rate the gas has increased in the atmosphere since 1900 `` is at least 10 times faster than at any other time during the last 800,000 years ''. | business |
Protests In Britain Over Shock P & O Job Cuts | Protests were held on Friday in the English port cities of Dover, Hull and Liverpool, a day after the sudden dismissal of 800 employees by shipping operator P & O Ferries.
On the south coast in Dover, angry demonstrators chanted `` save our seafarers, '' `` stop the dismantling of jobs at P & O '' and `` resist all job cuts ''.
P & O Ferries, which is owned by Dubai's DP World, prompted outcry from trade unions and politicians on Thursday when the loss-making group axed 800 jobs with immediate effect to save cash, citing its unviable finances.
Unions slammed the decision and revealed that P & O had encouraged staff to re-apply for agency work under what they described as a `` fire and rehire '' policy.
The news also prompted widespread protests on Thursday, with personnel refusing to leave company facilities and ships.
Images have since emerged of security guards scaling P & O ships to remove staff who were outraged over the dismissals.
Transport Minister Grant Shapps said he was `` shocked and dismayed by the insensitive and brutal treatment '' of P & O's employees who were `` dismissed via a pre-recorded Zoom video, with only 30 minutes of notice ''.
`` This is no way to treat employees in the 21st century '' he said at a Conservative Party conference in Blackpool.
P & O Ferries was badly hit over the last two years by the Covid pandemic, which ravaged the travel sector with multiple lockdowns and travel restrictions.
The group had already announced the dismissal of 1,100 employees in May 2020, in an effort to make the company viable and sustainable during the Covid crisis.
At the time P & O received emergency funding from the government –- as well as receiving furlough support to help pay wages.
A Downing Street spokesperson said Friday that the government `` takes this issue very seriously '', indicating that such company behaviour is only tolerable `` in extreme circumstances '' – provided that all other options, including negotiations, have failed.
`` We don't believe this was the case for P & O staff, but we are looking into this very carefully before setting our final view, '' the spokesperson added. | business |
POLA and POLB report record February volumes | Following a record-setting January, container volumes recently respectively issued by the Port of Los Angeles ( POLA) and the Port of Long Beach ( POLB) saw new records being set again, in February, according to data issued by each port.
Total February POLA volume—at 857,764 TEU ( Twenty-Foot Equivalent Units) —represented a 7.3% annual increase, for the highest-volume February in the port’ s 115-year history, topping the previous record set in February 2020.
POLA February imports—at 424,073 TEU—increased 2.4% annually, and loaded exports—at 95,441 TEU—fell 5.7%, with exports declining in 36 of the last 40 months, at POLA. Empty containers saw an 18.6% increase, to 338,251 TEU, with POLA attributing the increase to ongoing levels of Asia-based heavy demand.
On a year-to-date basis through February, POLA volume—at 1,723,360 TEU—is up 5.4% annually.
POLA Executive Director Gene Seroka said on a media conference call this week that February volumes were exceptionally strong.
“ Fluidity and velocity on our docks continues to improve, ” he said. “ Like January, February was another record-breaking month. Growth continues to be driven by imports and empty container repositioning. Even with the rising prices we are all experiencing, we expect to see elevated levels of imports this spring, as e-commerce retailers replenish low inventory, including February’ s retails numbers gains, which underscores the strength of this market. ”
Addressing empty containers, Seroka said the repositioning back to Asia continues at record levels, which was reflected in February’ s data.
“ While there will be robust activity on the docks this spring, it will be difficult to match last year’ s numbers, ” he said. “ In 2021, for March, April, and May, POLA averaged 970,000 TEU per month. Expect those numbers to soften some but still remain solid. ”
POLB data: February POLB volume—at 796,560 TEU—headed up 3.2% annually, setting a new February record, following a record January.
Imports saw a 4.4% annual increase, to 390,335 TEU, and exports—at 117,935 TEU—were down 1.2%. Empty containers rose 3.5%, to 288,290 TEU.
POLB officials said that although trade typically slows in February as east Asian factories close for up to two weeks to celebrate the Lunar New Year, the Port was busier than usual due to continued work to clear shipping terminals and reduce the number of vessels waiting to enter the Port. And they added that the effort was boosted by workers returning to the supply chain following a decline in COVID-19 cases.
“ We are moving record amounts of cargo and catching up with the ongoing surge of imports, ” said Port of Long Beach Executive Director Mario Cordero in a statement. “ Meanwhile, we are proceeding with measures we will need in the long term, such as development of our Supply Chain Information Highway data solution, which provides greater cargo visibility, connectivity and predictability. ” | general |
Trofeo Alfredo Binda: 10 riders to watch | Get access to more than 30 brands, premium video, exclusive content, events, mapping, and more.
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Look through the history books and you’ ll see that Trofeo Alfredo Binda is a race that can end in all manner of ways.
The four laps of a finishing circuit that contains two sharp climbs on each passing makes for a race that is difficult for the sprinters, but not necessarily one for the pure climbers.
Last year saw Elisa Longo Borghini romp away for a huge solo win after she attacked on the penultimate lap. However, Marianne Vos won from a reduced bunch sprint in the previous edition in 2019 — the 2020 race was canceled due to COVID-19.
All that means is that the race is open and difficult to predict. These are 10 riders who could be in contention for victory this Sunday.
Elisa Longo Borghini has won this race twice and both times she has done it in dramatic fashion with winning margins of close to two minutes. Last year, nobody could hold onto the Italian champion when she stormed away on the penultimate lap of the finishing circuit.
Longo Borghini is the home hero here, not just because she wears the Italian tricolore on her back for the second year in a row but her hometown is on the other side of Lake Maggiore to the host town of Cittiglio.
Last season she came into the race on flying form after a second-place at Strade Bianche. The start to this year has been a little bit quieter for Longo Borghini, with eighth at Strade earlier this month, but she’ s still going very well and will be tough to beat.
Marianne Vos has a chance to make history at the Trofeo Alfredo Binda this Sunday. She is currently equal on victories with Italian sporting great Maria Canins with four Binda titles each. If she can come out on top at the weekend, she will once again stand head and shoulders above the rest with a record-breaking fifth win.
Vos has only had one race day on the road so far this season after taking a break following another record-breaking performance in cyclocross as she claimed her eighth world title. She made her road debut at Strade Bianche, finishing a solid seventh place after a comparatively quiet race by her standards.
Vos could go on the attack to try and win solo, but she will be tough to beat if it comes down to a bunch finish of whatever size.
Cecilie Uttrup Ludwig had a breakthrough last season with her first-ever WorldTour win when she took a stage of the Vuelta a Burgos and she’ ll want another one soon enough. Uttrup Ludwig has finished on the podium three times in the last four years, so this race clearly suits her.
The Dane’ s aggressive style of racing works well on a course that requires riders to react quickly. For a climber, she has a fairly fast finish and would be a favorite from many breakaway groups — provided it doesn’ t include someone like Marianne Vos.
Uttrup Ludwig has been very consistent so far this season with a series of strong placings at the Setmana Ciclista Valenciana in February to finish second overall behind Annemiek van Vleuten. She was just missing something to challenge the podium at Strade Bianche, but her fifth place shows that she’ s in good form.
Coryn Labecki is another former winner at Binda that will be lining up this weekend. Labecki won the race back in 2017 when she was racing her first full season in Europe with the DSM team. She has not ridden the race since 2019, when she finished eighth.
Labecki left DSM last season and is now racing at Jumbo-Visma, alongside Marianne Vos. It will be interesting to see how the two riders work together. They have very similar skillsets, though Vos is probably better at climbing than Labecki, and they can play off one another knowing that they both have strong sprints.
The Trofeo Alfredo Binda is a rare race that the current crop of SD Worx riders has not won in the past, but the team will have a formidable line-up Sunday that will try to pile the pressure on the peloton. Chantal van den Broek-Blaak is one of the riders that could convert that pressure into a victory in Cittiglio.
Van den Broek-Blaak has finished on the podium in the past, finishing second to Kasia Niewiadoma in 2018 after outsprinting Marianne Vos in a chasing group. She has the power and the speed to win in a number of scenarios.
In her opening three race days, van den Broek-Blaak has largely played a support role for her teammates — she was a key part in Lotte Kopecky’ s Strade Bianche win — and she will get the opportunity to have a go for her own success and this weekend could be it.
Elisa Balsamo has said she believes that the finishing circuit at Binda is too difficult for her to consider taking victory, but it would be silly to count her out of the list of contenders. Indeed, she has some good results at the race, finishing 11th in 2018 and seventh last season.
The relentless climbing on the Cittiglio circuit will be difficult for Balsamo but she showed in the opening stage in Valencia that she can hold on over tough climbs. The terrain is slightly different, but she’ s certainly going well.
In the past, Balsamo has been largely working for herself, but she comes to Binda with a strong Trek-Segafredo team around her. With Elisa Longo Borghini there as defending champion, the pressure will be less on Balsamo, which could ultimately help her.
Marlen Reusser is a bit of a wildcard in this list of riders, but that is why she is one to watch. She made her debut at the race last season and finished 27th but this year she will be at the race as part of a strong SD Worx team.
Reusser has already demonstrated that she’ s not afraid to go all out on the attack in the service of her team. Who knows, maybe one of those attacks will go all the way. With her time trialing skills, she can be difficult to catch when she’ s up to speed.
Kasia Niewiadoma is a doubt for Trofeo Alfredo Binda after she tested positive for COVID-19 late last week. She has not been ruled out of the race just yet and the Polish rider will hope that the virus hasn’ t taken too much out of her by the weekend.
If Niewiadoma is cleared to race, she’ ll be one to watch, whether it is to see how she’ s recovered or how she can impact the race. She took inspiration from Vincenzo Nibali’ s 2018 Milan-San Remo-winning attack to have a go herself the following day. Niewiadoma stormed clear on the final climb to win by 23 seconds over a group of chasers.
Arlenis Sierra has had to wait a long time for her Movistar debut, but she should finally be able to make it this weekend in Italy. With no Annemiek van Vleuten or Emma Norsgaard, Sierra will be one of the the team’ s leaders at the race.
Sierra came close to victory at Binda in 2017, only to be pipped to the line by Coryn Labecki. She hasn’ t returned to those heady heights since, but she will be hoping her fortunes can change with her new team.
With no racing in her legs yet, it’ s hard to say how she is going but she definitely has the qualities to be at the pointy end.
With Kasia Niewiadoma a doubt for Sunday, Canyon-SRAM may have to look elsewhere for its result. Italian rider Soraya Paladin may be the person the team looks to if Niewiadoma is absent or missing the level she needs.
Paladin moved over to the Canyon-SRAM team over the winter after two years with Liv Racing. She might not be a household name in the bunch but she’ s a strong rider with solid results over the years and she’ s got this season off to a strong start with some top 10 finishes. She also finished 19th at Strade Bianche, ahead of some decent competition.
Paladin has a good record at the Trofeo Alfredo Binda and finished fifth last year in the sprint behind Elisa Longo Borghini.
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Sam Bennett joins growing list of riders ruled out of Milan-San Remo with illness | Get access to more than 30 brands, premium video, exclusive content, events, mapping, and more.
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Sam Bennett ( Bora-Hansgrohe) joins a growing list of riders unable to start Milan-San Remo due to raging illness across the elite men’ s peloton.
Overnight, defending champion Jasper Stuyven ( Trek-Segafredo) also confirmed he will not start after falling ill in the wake of Paris-Nice. Mads Pedersen is a late-hour replacement.
Unfortunately, @ Sammmy Be is sick and therefore unable to participate in @ Milano Sanremo this weekend.
After many riders dropped out of Paris-Nice due to sickness earlier this month, the Milan-San Remo start list is taking a hit with several big-name riders, and key domestiques have had to pull out ahead of the monument.
Former champion Julian Alaphilippe ( Quick-Step Alpha Vinyl) is among the biggest names on the list of dropouts from Saturday’ s start list.
The Frenchman had a solid week of racing at Tirreno-Adriatico after a heavy crash at Strade Bianche, but picked up bronchitis and will be unable to race. Instead, the team will be looking to San Remo debutant Fabio Jakobsen for a result this weekend.
Quick-Step Alpha Vinyl has been hit particularly hard by illness this spring with Yves Lampaert on the sidelines after getting sick at Paris-Nice, while key worker Tim Declercq has not raced since February due to a pericarditis diagnosis after catching COVID following the Saudi Tour.
The team announced Thursday afternoon that Davide Ballerini would not race, having previously been named in its starting lineup. Remi Cavagna will replace the Italian rider.
“ Our team is so battered … Julian had come out of his fall in the Strade, but then became ill and now also got a throat infection, ” team boss Patrick Lefevere told Belgian broadcaster Sporza. “ Fabio should try to cling as much as possible. We’ ll see if he gets over the Poggio and, otherwise, we have six other guys. Now let the others race offensively — we do that enough already. We don’ t give up in advance anyway. ”
Another major favorite that will be watching San Remo from the sofa is Sonny Colbrelli ( Bahrain-Victorious), who also has bronchitis. With his first monument win under his belt at Paris-Roubaix last season, Colbrelli was the big Italian hope this weekend.
After a good start to the season, he pulled out of Paris-Nice ahead of stage 2 and hasn’ t been able to recover in time.
Oliver Naesen ( AG2R-Citroën), second in 2019, is also ruled out of the race due to sickness while Sep Vanmarcke is in doubt after illness forced him to skip Nokere Koerse on Wednesday.
The 2015 Milan-San Remo winner, John Degenkolb is another pre-race contender that will be missing from the Milan start line as he too has fallen ill. Degenkolb will be replaced by Chris Hamilton in the seven-man team.
Elsewhere in the peloton, Arnaud Démare’ s leadout man Jacopo Guarnieri ( Groupama-FDJ) has been forced to pull out of the race after he too picked up bronchitis at Tirreno-Adriatico. He posted on social media that he would be watching the race “ on the sofa with blanket and aerosol, hoping to be able to return to racing as soon as possible. ”
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People with Intellectual Disabilities Should Have Representation in Politics in Mexico | Help us continue to fight human rights abuses. Please give now to support our work
A group of Mexican advocates with disabilities is aiming to raise awareness on the need for political institutions in Mexico, including political parties, to specifically carry out policies and actions to promote active political participation of people with intellectual disabilities.
This will entail the possibility of running for elected governmental offices. In their effort, the Peruvian advocate Brian Russell is traveling to Mexico on March 29 to give an account of his experience as a candidate for Congress. They aim to have meetings with political representatives in Mexico from multiple parties.
They come from different backgrounds, but they share the belief that they have the right to participate and represent others in politics.
See their profiles below.
They have also prepared a political manifesto that you can find here.
Me llamo Diego Ortiz Cruz. Estudié los 6 años de primaria en la escuela Leonor Leaños Navarro, posteriormente cursé a los 12 años la secundaria en la escuela Técnica 72 Manuel María Contreras donde llevé el taller de estructuras metálicas.
Actualmente estoy en una escuela de educación especial de capacitación laboral donde me encuentro en el 4 año del taller de Costura, Confección y Bordado.
He participado en eventos de autogestores promovidos por CONFE en el Centro de Atención Múltiple # 10 ( CAM 10) y nos hemos presentado también en secundarias y otros CAM.
Mis propósitos en la vida son estudiar la preparatoria y trabajar.
Mi propuesta para las personas con discapacidad es que cuando su tutor o tutora falten se les asegure que podrán tener un lugar digno para vivir y cubrir sus necesidades básicas.
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My name is Diego Ortiz Cruz.
I completed 6 years of primary school at the Leonor Leaños Navarro Institute. Later, at the age of 12, I attended secondary school at Manuel María Contreras Technical School N° 72, where I took a metal structures workshop.
I am currently doing work training at a special education school where I am in my 4th year of Sewing, Tailoring and Embroidery.
I have participated in self-advocacy events organized by CONFE at Multiple Care Center # 10 ( CAM 10), and we have also visited secondary schools and other CAMs.
My goal in life is to attend higher education and work.
My proposal for people with disabilities is that when they no longer have a guardian, they should still have a decent place to live in and their basic needs should be met.
Mujer mexicana con discapacidad intelectual 29 años Autogestora de CONFE Representante regional del grupo Empower Us de Inclusión International.
2018
Empezó mi formación como autogestora en CONFE, en donde también participe en varios grupos de mujeres con discapacidad intelectual.
2019
Participé en la capacitación de autogestoras y autogestores en el grupo Empower Us por parte de Inclusion International. Asistí y participé en el Taller de revisión y consulta del borrado del Informe Regional de América Latina y el Caribe, en la Ciudad de Cochabamba, Bolivia.
2020
Inclusion International me otorga el nombramiento de representante regional en el grupo Empower Us.
Lideré la consulta en línea sobre la Participación Política de las Personas con Discapacidad Intelectual y Psicosocial. Moderé una mesa de trabajo en la Cumbre Internacional de Autogestoras y Autogestores, en el marco del 3 de diciembre.
2021
Moderé la consulta sobre “ Desinstitucionalización y la vida en comunidad ”, convocada por Empower Us Latino América.
Participé en el grupo focal de Autogestores, para el “ Informe Regional Impacto de la Pandemia por COVID en las Personas con Discapacidad Intelectual y sus Familias en América Latina ”.
Participé en el evento paralelo de la Conferencia de los Estados Parte de la Convención sobre los Derechos de las Personas con Discapacidad de Naciones Unidas, con el tema Derechos Políticos de las personas con discapacidades psicosociales e intelectuales.
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Mexican woman with intellectual disability
29 years old
Self-advocate at CONFE
Regional representative for the Empower Us program at Inclusion International
2018
I began my training as a self-advocate at CONFE, where I also participated in various groups of women with intellectual disabilities.
2019
I participated in a training for self-advocates as part of the Empower Us program by Inclusion International. I attended and participated in a review and consultation workshop on the draft Regional Report for Latin America and the Caribbean, in the city of Cochabamba, Bolivia.
2020
Inclusion International appointed me as a regional representative for Empower Us group.
I led an online consultation on the Political Participation of People with Intellectual and Psychosocial Disabilities. I moderated a workshop at the Global Self-Advocacy Summit as part of the events organized on December 3.
2021
I facilitated a consultation on “ Deinstitutionalization and life in the community ”, organized by Empower Us - Latin America.
I participated in a self-advocacy focus group for the “ Regional Report on the Impact of the COVID Pandemic on People with Intellectual Disabilities and their Families in Latin America ”.
I participated in a side event of the Conference of State Parties to the UN Convention on the Rights of Persons with Disabilities focusing on the political rights of persons with psychosocial and intellectual disabilities.
Nací en el Hospital de la Raza Ciudad de México, tengo 24 años.
A los 8 años aproximadamente me dijeron que tenía discapacidad intelectual.
Asisto al Centro de Educación Especial Sembradores en donde e adquirido conocimiento acerca de mis derechos cuento con el apoyo de CONFE donde he reforzado y adquirido más conocimientos. Participé en el curso de auto gestores en 2018 y 2021, también mi participación en el grupo focal para el informe regional “ Impacto de la Pandemia por COVID-19, en las Personas con discapacidad intelectual y sus Familias en América Latina, 2021 ” He participado como acompañante terapéutico en Sembradores, a cargo de mis compañeros con discapacidad. Así como en el Curso Regional de Liderazgo y Empoderamiento de Jóvenes con Discapacidad de América Latina y el Caribe.
La convocatoria fue emitida por la RIADIS y la IDA, con el apoyo del Fondo de Población de Naciones Unidas – UNFPA y AECID, y contó con el aval de la Carrera de Educación de la Universidad Politécnica Salesiana de Ecuador.
Por ello tengo interés de poder participar en la vida Política de mi País para poder ejercer mi derecho y de defender el de las demás Personas con discapacidad.
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I was born at Hospital de la Raza in Mexico City and I am 24 years old.
When I was around 8 years old I was told that I had an intellectual disability.
I attended a Special Education Center at Sembradores, where I have learnt about my rights. I have had the support of CONFE, where I have deepened and increased my knowledge.
I participated in self-advocacy courses in 2018 and 2021, as well as in a focus group for the “ Regional Report on the Impact of the COVID Pandemic on People with Intellectual Disabilities and their Families in Latin America ”, in 2021. I have participated in Sembradores as a therapeutic companion for colleagues with disabilities.
I also took a Regional Leadership and Empowerment Course for Young People with Disabilities in Latin America and the Caribbean.
The invitation was issued by RIADIS and IDA, with the support of the United Nations Population Fund – UNFPA and AECID, and was endorsed by the Education Department of the Salesian Polytechnic University of Ecuador.
For these reasons, I am interested in participating in the political life of my country, to be able to exercise my rights and defend the rights of other people with disabilities.
María José Gutiérrez Sánchez es una joven autogestora de 29 años, vive en la Ciudad de México.
Estudió la carrera técnica de Gastronomía en Instituto Londres de Mixcoac.
Se ha formado como autogestora desde el 2014.
Participó en el Programa Construyendo Puentes en la Universidad Iberoamericana, posteriormente
Del 2015 al 2017 continuó con el Programa en el TEC de Monterrey Campus Santa Fe, que es un programa de Inclusión Universitaria.
Tomó capacitaciones de autogestión, con el grupo Personas Primero del Centro de Autonomía Personal y Social, CAPYS A.C.
Ha participado en diferentes eventos como Caravanas de familias de CONFE y Foros de discapacidad.
En el 2021 se capacitó con CONFE en el curso “ Nosotras, Mujeres con Discapacidad Intelectual ”.
El 25 de noviembre de año pasado, participó en el Conversatorio “ Violencia de género: igualdad de derechos para las mujeres con discapacidad ” en la Comisión de derechos humanos del Estado de México.
Actualmente se encuentra en el programa “ Educación para la vida ” en ( CAPYS A.C.) formándose para la vida independiente y participa en talleres para defender sus derechos y de las demás personas con discapacidad intelectual.
Como autogestora busca defender los derechos de las personas con discapacidad,
porque le gusta estar informada e informar acerca de los derechos de las personas con discapacidad y sin discapacidad, para que se haga valer su derecho a la inclusión en la sociedad.
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María José Gutiérrez Sánchez is a 29-year-old self-advocate who lives in Mexico City.
She studied Gastronomy at the London Institute of Mixcoac.
She has been training as a self-advocate since 2014.
She participated in the Building Bridges program at the Iberoamerican University, and from 2015 to 2017 she pursued a University Inclusion Program at the Santa Fe Campus in Monterrey Institute of Technology.
She undertook self-advocate training with People First at the Center for Personal and Social Autonomy, CAPYS A.C.
She has participated in various events such as CONFE’ s Family Caravans and Disability Forums.
In 2021, she undertook the course `` We, Women with Intellectual Disabilities '' at CONFE.
On November 25, 2021, she participated in the discussion forum “ Gender violence: equal rights for women with disabilities ” at the Human Rights Commission of Mexico State.
She is currently enrolled in the `` Education for Life '' program at CAPYS A.C., where she receives training for independent living and she also participates in workshops to advocate for her rights and those of other people with intellectual disabilities.
As a self-advocate, she seeks to protect the rights of people with disabilities, as she likes to keep herself informed and to inform others about the rights of people with and without disabilities, so that they can assert their rights of inclusion in society.
Bryan Russell, un activista peruano por los derechos humanos, recibió en 2021 la Beca Marca Bristo de Human Rights Watch por Liderazgo Valiente en Derechos de las Personas con Discapacidad. Russell, de 29 años, es un apasionado defensor de las escuelas inclusivas, servicios de salud igualitarios y la participación política de personas con discapacidad intelectual. Es egresado de la Universidad Ignacio de Loyola y se postuló para el Congreso en 2019, la primera persona con síndrome de Down en seguir una carrera política en Perú. Russell es una de las pocas personas con síndrome de Down en todo el mundo que se postula para un cargo público.
Russell aparece en un documental de 2020 `` El Candidato '', que narra su histórica campaña para el cargo. Durante los últimos cuatro años, Russell ha estado defendiendo los derechos de las personas con discapacidad, incluso oponiéndose a un proyecto de ley regresivo que socavaría una ley innovadora de derechos de las personas con discapacidad y otras leyes importantes que otorgan a las personas con discapacidad el mismo estatus legal en Perú. Como miembro de la Sociedad Peruana de Síndrome de Down, también ha estado presionando para que el gobierno consulte con organizaciones de personas con discapacidad en Perú y se asegure de que estén adecuadamente representadas en el gobierno, uno de los objetivos personales de Russell.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- | general |
Schroders: Chinese market volatility requires patience | You are currently accessing Investment Week via your Enterprise account.
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While markets may have fallen significantly in the last month, they have now somewhat rebounded, with the Hang Seng up 6% in the last week ( though still down 8% YTD). MSCI China also is still down 20% YTD.
According to analysts at Schroders, initial market weakness for China came following an announcement from the US Securities and Exchange Commission that five Chinese companies were at risk of being delisted in the US if they fail to comply with US auditing rules by 2024. It also noted that as many as 270 others could face delisting in the future as they report financial results.
Secondly, in recent weeks, China has seen the country's highest Covid case numbers since the pandemic began, especially in Hong Kong. The government has responded with strict lockdowns in certain cities, such as the `` major economic hub of Shenzhen ''.
Schroders noted that while the lockdown in Shenzhen, a major electrics manufacturing hub, was initially for one week, `` should these lockdowns be more prolonged, these could cause more significant disruption and exacerbate global supply chains ''.
Additionally, continuing geopolitical concerns around Ukraine and general deterioration of the economic outlook from energy prices and supply chain disruption have pushed global forecasts down, and `` China will not be immune from this impact ''.
David Rees, emerging markets economist, also argued that the subdued outlook on China was because `` there has so far not been a significant loosening of policy '' in the country, as well as an expectation of slowing manufactured exports as the price of food and energy increases.
The rallying of markets in the last couple of days came after `` Vice-Premier Liu He, and economic advisers to President Xi, pledged to take measures to support the economy and markets, '' according to Schroders.
Assessing the week of troughs and peaks, fund managers from Schroders were wary but optimistic on several sectors of the Chinese economy.
Robin Parbrook, fund manager, Asian equities, said he was `` relatively cautious on Chinese equities despite the falls ''.
`` We do not view China as uninvestible, but clients need to be aware parts of the market are less attractive structurally and risks are elevated at the moment, '' he added, while noting that `` smaller companies and A shares '' tend to be less affected by recent macroeconomic events.
Maggie Zheng, fund manager, Chinese equities, said that `` patience will be needed in the face of the near-term risks, '' explaining that `` encouragingly, we have seen a slight shift in stance from economic policymakers, who recognise the need to underpin growth this year and stabilise the property market. The tightening of industry regulations also appears to have moderated ''.
She predicted that `` if we were to see a decisive easing of liquidity to the property development sector and a pick-up in credit growth, possibly alongside an easing of industry regulatory scrutiny, then there is scope for sharply improved sentiment in the China market. ''
When investing, she emphasised the need to diversify and balance growth and value factors due to the ongoing volatility, and said she favoured `` domestic Chinese consumer-facing businesses with strong brand value and pricing power ''.
She continued: `` We also like technology names that are set to benefit from China's ‘ new infrastructure ' initiatives ( industrial automation trends, 5G rollout as well as the rising demand for renewables). Among economically-sensitive stocks, we like certain materials companies which should benefit from demand-supply imbalances. Among financials, Hong Kong banks should benefit from rising rates in the US. ''
Cohen & Steers saw record $ 9.5bn net inflows in 2021
Cohen & Steers saw record $ 9.5bn net inflows in 2021
© Incisive Business Media ( IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR.Registered in England and Wales with company registration numbers 09177174 & 09178013 | business |
REFILE-China shares fall on jitters over COVID, Ukraine | ( Refiles to remove extraneous comma in headline)
* SSEC -0.2%, CSI300 -0.9%, HSI -2.4%
* Tech shares slump after a two-day rally
* China's new daily local COVID cases rebound
SHANGHAI, March 18 ( Reuters) - China shares retreated on Friday after rising for two straight days as investors kept a wary eye on the country's response to contain the COVID-19 outbreak and the latest developments around Ukraine. * * At the midday break, the Shanghai Composite index was down 0.22% at 3,208.00 points and China's blue-chip CSI300 index was down 0.89%. * * Chinese H-shares listed in Hong Kong fell 3.26% to 7,166.2, while the Hang Seng Index was down 2.38% at 20,988.53.
* * `` We are not in a rush to turn outright bullish at the index level, '' Morgan Stanley analysts wrote in a note on Thursday. A clearer exit strategy from the zero-COVID policy, improvements in geopolitical tensions, and revival of the offshore IPO market are among the factors needed for a more sustainable rally, they added.
* * Already vulnerable and weak after a prolonged regulatory crackdown, China's stock markets were pressured further over the past couple of weeks by worries of a spurt in COVID-19 cases and fears that its close ties with Russia will draw Western ire or sanctions.
* * The Hang Seng technology index has borne the brunt of the bearishness on China, with a decline of nearly 39% this year through Tuesday, before Vice Premier Liu He's speech promising stability put a floor under markets. It had surged nearly 30% in previous two sessions but slumped 5.59% on Friday as some investors decided to lock in profits.
* * Index heavyweights Alibaba Group, Tencent Holdings and Meituan lost between 4.4% and 8.3%, while video-platform provider Bilibili Inc tumbled 14.3%.
* * The Hang Seng Mainland Properties Index retreated 4.36% following a two-day rally as well, with investors eyeing more supportive measures to be implemented and a liquidity crunch in the sector to be eased.
* * Coal miners gained with the sub-sector index rose 2.73%, tracking rallies in the futures market as concerns on energy shortages continued along with the Ukraine-Russian crisis.
* * China reported 2,388 new local COVID-19 cases with confirmed symptoms on March 17, official data showed on Friday, almost double the count a day earlier. ( Reporting by Shanghai Newsroom; Editing by Anil D'Silva) | business |
17 States Tell 6th Circ. To Affirm 'Tax Mandate ' Rejection | Seventeen states, including Ohio and Arizona, threw their support behind Kentucky and Tennessee, telling the Sixth Circuit that a federal court correctly held that Congress ' `` tax mandate '' unconstitutionally coerces states into giving up their sovereign authority over state tax policy.The states, in a brief filed in support of Kentucky and Tennessee on Thursday, told the Sixth Circuit that it should affirm a September ruling by U.S. District Judge Gregory F. Van Tatenhove. He ruled in September that the U.S. Department of the Treasury may not enforce a provision barring states from using federal coronavirus relief funds to offset revenue reductions... | general |
Minority Farmer Groups Want In On COVID-19 Relief Fight | A pair of minority farmers associations asked a Texas federal judge Friday to let them intervene in a fight between the U.S. Department of Agriculture and two classes of white farmers who claim they were excluded from COVID-19 relief funds allocated for minority farmers.In a 15-page motion, the National Black Farmers Association and the Association of American Indian Farmers asked to intervene as defendants in the case, arguing the government's last-ditch proposal to simply rewrite part of the 2021 American Rescue Plan Act so that its benefits don't exclude anyone would go against the purpose of the law. `` Rewriting Section... | general |
Nikkei posts biggest weekly gain in nearly two years | The benchmark 225-issue Nikkei average ended higher on Friday and posted its biggest weekly gain in nearly two years, tracking overnight Wall Street gains, amid caution over a five-day rally in local markets.
The Nikkei share average advanced 0.65% to end at 26,827.43 and rose 6.62% for the week, the biggest weekly gain since May 2020.
The broader Topix rose 0.54% to 1,909.27 and rose 6.1% for the week, the biggest rise since early April 2020.
“ The market rose sharply yesterday because investors who had shorted stocks bought them back. But with the long weekend ahead, they refrained from active bets, ” said Shigetoshi Kamada, general manager at the research department at Tachibana Securities.
The Nikkei had jumped more than 3% on Thursday to post its highest close in more than two weeks.
Technology investor SoftBank Group led the Nikkei’ s gains, rising 3.68%, followed by chipmaking equipment firm Tokyo Electron, rising 0.85%, and Uniqlo clothing shop owner Fast Retailing, which edged up 0.5%.
Toshiba Corp. rose 1.15% after an independent director said he would back a shareholder proposal at next week’ s extraordinary meeting that could pave the way for a potential buyout of the conglomerate.
Toyota fell 0.79% as the automaker said it would cut its global production target in April to 750,000 vehicles, down 150,000 from an earlier plan as a semiconductor shortage and the COVID-19 pandemic bite into its plans.
Toyota’ s declines dragged the index of auto and parts makers 0.88% lower, making the sector the worst performer among the Tokyo Stock Exchange’ s 33 industry sub-indexes. | tech |
United Workers Urge 5th Circ. To Keep Vax Mandate Grounded | The Fifth Circuit shouldn't vacate a panel's decision that a United Airlines COVID-19 vaccine mandate would harm its religious employees, the workers told the appellate court, saying the ruling would prevent future discriminatory policies from the company.The workers said in a reply brief Thursday that the split decision in February reversing and remanding a lower court decision to deny them a preliminary injunction should stay in place, arguing that United voluntarily decided to no longer require workers who skipped the shot for religious reasons to take unpaid leave. `` The panel concluded that United engaged in a monthslong campaign of discrimination and harassment... | general |
Promo Products Maker Must Face COVID-19 Layoff Notice Suit | A Florida federal judge has rejected a bid by one of the largest suppliers of promotional products to invoke a natural disasters exception to avoid an employee's proposed class suit alleging sudden layoffs spurred by the economic fallout of the COVID-19 pandemic violated the Worker Adjustment and Retraining Notification Act.Tampa-based U.S. District Judge Virginia M. Hernandez Covington of the Middle District of Florida said in her order Thursday that she was deferring to the U.S. secretary of labor's determination that the WARN Act's natural disaster exception requires direct causation in concluding that she should deny the motion to dismiss from... | general |
Beijing's Vow To Stabilise The Market Has Worked... For Now | 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.
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.
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 ''.
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 ''.
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. | business |
Shenzhen Eases Lockdown As Pandemic Gnaws At China Economy | 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 an 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 without shutting entire cities.
Officials also encouraged the use of rapid antigen tests, made available to the public for the first time last week, urging citizens to take more responsibility for their own health.
China has stuck to a 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 earlier this month the weakest GDP target in decades -- 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.
Shenzhen-based factories of iPhone manufacturer Foxconn temporarily shut earlier this week due to virus lockdowns, which triggered a major selloff of Chinese tech stocks listed in Hong Kong.
Yantian port, where a 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 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 ''.
Across the border from Shenzhen, Hong Kong is recording some of the highest death rates in the world from Omicron, especially among its unvaccinated elderly people.
Health officials revealed on Friday that only 50.7 percent of people in China aged over 80 had been double-vaccinated, while just under 20 percent had received a third booster jab.
`` The epidemic in Hong Kong has taught us a particularly profound lesson, '' said National Health Commission Vice Minister Wang Hesheng at a briefing.
`` It is... an example that if the elderly vaccination rate is low, the mortality rate of severe cases will be high. ''
China is yet to report any deaths from the latest outbreak, with under a dozen severe cases recorded despite the rising caseload.
Wang insisted that the recent nationwide Omicron surge was caused by `` imported sources from abroad '' and blamed officials ' `` slack and numbed mindset '' for some regions ' lack of effectiveness in containing the outbreaks. | business |
Thailand To Scrap Pre-travel Covid-19 Test To Boost Tourism | 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. | business |
Gender-Equity Fund Aims to Raise and Grant $ 1 Billion Over 10 Years | Co-Impact, a collaborative philanthropy backed by several individuals and foundations that are pooling resources to fund nonprofits, has launched The Gender Fund, aiming to raise and grant US $ 1 billion over the next decade.
The fund will support organizations across Africa, Asia, and Latin America to advance gender equity, women in leadership, and other social causes. At least 100 million people are expected to benefit from its programs and systematic transformation they bring about.
“ The mission of the Gender Fund is to deliver on the ambition of a world where systems and societies are just and inclusive, and where all women have the opportunity to exercise power, agency, and leadership at all levels, ” Olivia Leland, founder and CEO of Co-Impact, said when announcing the launch Thursday.
Leland, who worked with Bill and Melinda Gates and Warren Buffet as the founding director of the Giving Pledge, launched Co-Impact in 2017. The collaborative had an initial funding of US $ 500 million and announced its first round of five-year grants totalling more than US $ 80 million to five nonprofits in January 2019.
The Gender Fund was created partly in response to the widening gender inequality during the Covid-19 pandemic. Women continue to face entrenched barriers such as violence, restricted reproductive rights, workforce discrimination, and unequal representation in leadership, Co-Impact said.
“ By partnering with Co-Impact, we're able to identify programs that address the barriers, blocking women from reaching their full potential as leaders, ” Melinda French Gates, global advocate for women and girls and the co-founder of the Bill & Melinda Gates Foundation, said in a statement. “ This is our once in a generation chance to rebuild our systems to finally work for women and girls. ”
Gates is among the first group of individuals and organizations that support the new fund. Others include Tsitsi Masiyiwa; MacKenzie Scott and Dan Jewett; Melinda French Gates and the Bill & Melinda Gates Foundation Children’ s Investment Fund Foundation; Estée Lauder Companies Charitable Foundation; The Rockefeller Foundation; Roshni Nadar Malhotra; Thankyou Charitable Trust; and Vidya Shah. | business |
Lakers Show Virus Damage In Partial COVID-19 Coverage Win | The Los Angeles Lakers netted a partial victory in their suit for pandemic coverage when a federal judge said the team showed how the coronavirus could cause physical damage to property, but couldn't show coverage exists under a business interruption claim.The Thursday ruling from U.S. District Judge Terry J. Hatter Jr. keeps the Lakers ' chances of recouping cleaning costs alive, but substantially reduces the team's odds of getting coverage for income lost as a result of government-ordered pandemic closures. The team is seeking property coverage from Chubb subsidiary Federal Insurance Co.Los Angeles Lakers fans socially distance during an NBA... | general |
Equifax, Experian, and TransUnion Support U.S. Consumers With Changes to Medical Collection Debt Reporting | Joint Measures from Consumer Credit Reporting Agencies Remove Nearly 70% of Medical Collection Debt Tradelines from Consumer Credit Reports
ATLANTA & COSTA MESA, Calif. & CHICAGO -- ( BUSINESS WIRE) -- The three nationwide credit reporting agencies ( NCRAs) – Equifax ( NYSE: EFX), Experian ( LON: EXPN), and TransUnion ( NYSE: TRU) – today announced significant changes to medical collection debt reporting to support consumers faced with unexpected medical bills. These joint measures will remove nearly 70% of medical collection debt tradelines from consumer credit reports, a step taken after months of industry research.
According to the Kaiser Family Foundation, two-thirds of medical debts are the result of a one-time or short-term medical expense arising from an acute medical need. After two years of the COVID-19 pandemic and a detailed review of the prevalence of medical collection debt on credit reports, the NCRAs are making changes to help people to focus on their personal wellbeing and recovery.
Effective July 1, 2022, paid medical collection debt will no longer be included on consumer credit reports. In addition, the time period before unpaid medical collection debt would appear on a consumer’ s report will be increased from 6 months to one year, giving consumers more time to work with insurance and/or healthcare providers to address their debt before it is reported on their credit file. In the first half of 2023, Equifax, Experian and TransUnion will also no longer include medical collection debt under at least $ 500 on credit reports.
The companies ' CEOs provided a joint statement on the decision to change medical collection debt reporting:
“ Medical collections debt often arises from unforeseen medical circumstances. These changes are another step we’ re taking together to help people across the United States focus on their financial and personal wellbeing, ” said Mark W. Begor, CEO Equifax; Brian Cassin, CEO Experian; and Chris Cartwright, CEO TransUnion. “ As an industry we remain committed to helping drive fair and affordable access to credit for all consumers. ”
For more information, please visit: Equifax, Experian, and TransUnion.
About Equifax
At Equifax ( NYSE: EFX), we believe knowledge drives progress. As a global data, analytics, and technology company, we play an essential role in the global economy by helping financial institutions, companies, employers, and government agencies make critical decisions with greater confidence. Our unique blend of differentiated data, analytics, and cloud technology drives insights to power decisions to move people forward. Headquartered in Atlanta and supported by more than 13,000 employees worldwide, Equifax operates or has investments in 24 countries in North America, Central and South America, Europe, and the Asia Pacific region. For more information, visit Equifax.com.
About Experian
Experian is the world's leading global information services company. During life's big moments — from buying a home or a car to sending a child to college to growing a business by connecting with new customers — we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.
We have 20,000 people operating across 44 countries, and every day we're investing in new technologies, talented people, and innovation to help all our clients maximize every opportunity. We are listed on the London Stock Exchange ( EXPN) and are a constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.
About TransUnion
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing an actionable picture of each person so they can be reliably represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good®.
A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences, and personal empowerment for hundreds of millions of people.
Media Contacts:
FTI Consulting CRAs @ fticonsulting.com
Kate Walker Equifax mediainquiries @ equifax.com
Scott Anderson Experian scott.n.anderson @ experian.com | general |
AZAL to start operating flights from Baku to Tashkent in April | Azerbaijan Airlines will start operating direct flights to the capital of Uzbekistan from the Heydar Aliyev International Airport in April.
From April 2, the airline will operate en route Baku-Tashkent-Baku once a week - on Saturdays. And from May 4, another frequency will be added, flights to Tashkent will be operated on Wednesdays as well.
The full schedule is available on the airline's official website www.azal.az. You can purchase air tickets on the carrier's website, as well as in accredited airline agencies.
Only passengers who are allowed to fly under the current epidemiological restrictions will be accepted on these flights.
Azerbaijani citizens traveling to Uzbekistan can familiarize with the rules of entry to this country at the following link: https: //www.azal.az/en/information/covid-uzbekistan
The list of clinics in Azerbaijan where you can take the COVID-19 test can be found on the official website of the Airline: https: //www.azal.az/en/information/covid-clinics
Departing from Tashkent to Baku, testing for COVID-19 can be taken at any accredited clinic or laboratory that takes an analysis by PCR testing. It is recommended to have a QR code confirming its authenticity on the certificate. This will help expedite the passage of formal procedures at the airport.
https: //www.azal.az/en/information/covid-azerbaijan | general |
Pacific Coast Oil Trust Announces There Will Be No March Cash Distribution | HOUSTON -- ( BUSINESS WIRE) -- PACIFIC COAST OIL TRUST ( OTC–ROYTL) ( the “ Trust ”), a royalty trust formed by Pacific Coast Energy Company LP ( “ PCEC ”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on March 28, 2022 based on the Trust’ s calculation of net profits generated during January 2022 ( the “ Current Month ”) as provided in the conveyance of net profits interests and overriding royalty interest ( the “ Conveyance ”). Given the Trust’ s receipt of insufficient monthly income from its net profits interests and overriding royalty interest during 2020 and 2021, the Trust had been expected to terminate by its terms at the end of 2021; however, as described further below, a court has issued a temporary restraining order enjoining the dissolution of the Trust until an arbitration tribunal can rule on the plaintiff’ s request for injunctive relief. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. All financial and operational information in this press release has been provided to the Trustee by PCEC.
The Current Month’ s distribution calculation for the Developed Properties resulted in operating income of approximately $ 1.4 million. Revenues from the Developed Properties were approximately $ 3.4 million, lease operating expenses including property taxes were approximately $ 1.8 million, and development costs were approximately $ 174,000. The average realized price for the Developed Properties was $ 79.42 per Boe for the Current Month, as compared to $ 69.74 per Boe in December 2021. Oil prices generally have continued to rise in recent months, following the sharp decline in the first quarter of 2020, and were higher in the Current Month as compared to November 2020. The cumulative net profits deficit amount for the Developed Properties declined approximately $ 1.1 million, to approximately $ 19.9 million in the Current Month versus approximately $ 21.0 million in the prior month.
The Current Month’ s calculation included approximately $ 109,000 generated from the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $ 77.82 per Boe in the Current Month, as compared to $ 67.76 per Boe in December 2021. The cumulative net profits deficit for the Remaining Properties decreased by approximately $ 226,000 and was approximately $ 1.9 million for the Current Month.
The monthly operating and services fee of approximately $ 96,000 payable to PCEC, together with Trust general and administrative expenses of approximately $ 30,000 together exceeded the payment of approximately $ 109,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $ 17,000.
PCEC has provided the Trust with a $ 1 million letter of credit to be used by the Trust if its cash on hand ( including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. As of March 31, 2021, the letter of credit has been fully drawn down. Further, the trust agreement provides that if the Trust requires more than the $ 1 million under the letter of credit to pay administrative expenses, PCEC will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC or another source to pay the Trust’ s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’ s business. As the Trust has fully drawn down the letter of credit, PCEC will be loaning funds to the Trust to pay the expected shortfall of approximately $ 17,000, which would bring the total amount of outstanding borrowings ( including the amount drawn from the letter of credit, which also must be repaid as provided in the trust agreement) from PCEC to approximately $ 3.3 million plus interest thereon, related to shortfalls from prior months. Consequently, no further distributions may be made to Trust unitholders until the Trust’ s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.
Sales Volumes and Prices
The following table displays PCEC’ s underlying sales volumes and average prices for the Current Month:
Underlying Properties
Sales Volumes
Average Price
( Boe)
( Boe/day)
( per Boe)
Developed Properties ( a)
42,701
1,377
$ 79.42
Remaining Properties ( b)
19,170
618
$ 77.82
( a) Crude oil sales represented 99% of sales volumes
( b) Crude oil sales represented 100% of sales volumes
Update on Estimated Asset Retirement Obligations
As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the Conveyance, PCEC intended to begin deducting its estimated asset retirement obligations ( “ ARO ”) associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields, thereby reducing the amounts payable to the Trust under its Net Profits Interests. ARO is the recognition related to net present value of future plugging and abandonment costs that all oil and gas operators face. PCEC engaged an accounting firm, Moss Adams LLP ( “ Moss Adams ”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by Moss Adams, PCEC’ s estimated ARO, as of December 31, 2019, was $ 45,695,643, which is approximately $ 10.0 million less than the undiscounted amount that was originally estimated before Moss Adams completed its analysis, as previously disclosed in the Trust’ s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflected PCEC’ s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $ 33.2 million for the Developed Properties and approximately $ 12.5 million for the Remaining Properties, or approximately $ 26.5 million and approximately $ 3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. The accrual has resulted in a current cumulative net profits deficit of approximately $ 23.3 million, which must be recouped from proceeds otherwise payable to the Trust from the Trust’ s Net Profits Interests. Therefore, until the net profits deficit is eliminated, the only cash proceeds the Trust will receive are pursuant to the 7.5% overriding royalty interest.
PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC. As previously disclosed, PCEC has informed the Trustee that at year-end 2020, and following the end of each of the first, second and third quarters of 2021, in light of the accounting guidance under Accounting Standards Codification 410-20-35-3, which requires the recognition of changes in the asset retirement obligation due to the passage of time and revision of the timing or amount of the originally estimated undiscounted cash flows, PCEC re-evaluated the estimated ARO, which resulted in an aggregate increase to the ARO accrual for the Developed Properties by approximately $ 5.1 million, net to the Trust’ s interest, and an aggregate increase to the ARO accrual for the Remaining Properties by approximately $ 288,000, net to the Trust’ s interest.
Based on PCEC’ s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’ s Current Report on Form 8-K filed on November 13, 2019.
As previously disclosed, the Trust engaged Martindale Consultants, Inc. ( “ Martindale ”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO in the Moss Adams report that PCEC provided to the Trustee. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to its estimated ARO. As disclosed in the Trust’ s Current Report on Form 8-K filed on December 29, 2020, Martindale has completed its review of the estimated ARO and on December 21, 2020 provided its analysis and recommendations to the Trustee. Based on Martindale’ s recommendations provided in its report to the Trust, as disclosed in the Trust’ s Current Report on Form 8-K filed on December 29, 2020, the Trustee requested that PCEC promptly make several adjustments to its calculations and methods of deducting ARO from the proceeds to which the Trust is otherwise entitled pursuant to its Net Profits Interests. PCEC has responded to the Trustee, indicating PCEC’ s view that the adjustments would violate applicable contracts and accounting standards, and has therefore declined to make any adjustments to the estimated ARO calculation based on those requests and the recommendations of the Martindale report. The Trustee has concluded that it has taken all action reasonably available to it under the Trust’ s governing documents in connection with PCEC’ s ARO calculation and therefore has determined not to take further action at this time.
As described in more detail in the Trust’ s filings with the SEC, the trust agreement provides that the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interests and 7.5% overriding royalty interest total less than $ 2.0 million for each of any two consecutive calendar years. Because of the cumulative net profits deficit—which PCEC contends is the result of the substantial reduction in commodity prices during 2020 due to the COVID-19 pandemic and PCEC’ s deduction of estimated ARO beginning in the first quarter of 2020—the only cash proceeds the Trust has received since March 2020 have been attributable to the 7.5% overriding royalty interest. As a result, the total proceeds received by the Trust in each of 2020 and 2021 were less than $ 2.0 million. Therefore, the Trust had been expected to terminate by its terms at the end of 2021.
Status of the Dissolution of the Trust
As previously disclosed in the Trust’ s Current Report on Form 8-K filed on December 23, 2021, on December 8, 2021, Evergreen Capital Management LLC ( “ Evergreen ”) filed an Amended Class Action and Shareholder Derivative Complaint alleging a derivative action on behalf of the Trust and against PCEC in the Superior Court of the State of California for the County of Los Angeles ( the “ Court ”).
On December 10, 2021, Evergreen filed a motion for a preliminary injunction, seeking to ( 1) enjoin the Trustee from dissolving the Trust, ( 2) enjoin PCEC from dissolving the Trust, ( 3) direct PCEC to account for all monies withheld from the Trust on the basis of ARO costs since September 2019, and ( 4) direct PCEC to place such monies in escrow. Also on December 10, 2021, Evergreen filed a motion for a temporary restraining order, seeking to ( 1) enjoin the dissolution of the Trust, ( 2) enjoin the Trustee from taking any action toward the dissolution of the Trust, and ( 3) enjoin PCEC from taking any action toward the dissolution of the Trust.
On December 16, 2021, the Court granted Evergreen’ s application for a temporary restraining order. Accordingly, the Trust did not dissolve at the end of 2021 and commence the process of selling its assets and winding up its affairs. On January 11, 2022, PCEC and Evergreen filed an agreed stipulation, which the Court approved, to stay the prosecution of Evergreen’ s derivative claims pending an arbitration of such claims. On January 13, 2022, the Court signed an Order dissolving the December 16, 2021, temporary restraining order and entering a new temporary restraining order ( the “ Arbitration TRO ”) to preserve the status quo until a tribunal of three arbitrators appointed pursuant to the trust agreement can rule on any request by Evergreen for injunctive relief. The Arbitration TRO will dissolve upon a ruling by the arbitration tribunal granting or denying, in whole or in part, a request by Evergreen for injunctive relief. Any dissolution of the Trust will not occur until after there is a final order on Evergreen’ s request for injunctive relief.
Production Update
PCEC has informed the Trustee that PCEC continues to strategically deploy capital to enhance production. Costs associated with returning wells to service must be recovered before cash flow to the Trust can be created. Although oil prices have improved significantly from their lowest levels in 2020, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’ s administrative expenses and outstanding debt to PCEC, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. | general |
1 in 3 Young People Say They Felt Happier During COVID Lockdown | One in three young people say their mental health and wellbeing improved during COVID-19 lockdown measures, with potential contributing factors including feeling less lonely, avoiding bullying, and getting more sleep and exercise, according to researchers at the universities of Cambridge and Oxford.
As the COVID-19 pandemic swept the world, many countries imposed strict lockdown measures, with workplaces and businesses closing and people forced to remain at home. Measures also included school closures, with exceptions for young people whose parents were classified as essential workers and those considered ‘ vulnerable’, for example children under the care of social services and those in families or social situations deemed by schools to be of concern.
“ The common narrative that the pandemic has had overwhelmingly negative effects on the lives of children and young people might not tell the full story. ” — Emma Soneson
Several studies have reported that the lockdown had a negative impact on the mental health and wellbeing of young people, but this effect has not been uniformly reported, with a number of studies suggesting that some young people may have benefited from lockdown.
Emma Soneson, a PhD student and Gates Scholar at the Department of Psychiatry, University of Cambridge, said: “ The common narrative that the pandemic has had overwhelmingly negative effects on the lives of children and young people might not tell the full story. In fact, it seems as though a sizeable number of children and young people may have experienced what they felt was improved wellbeing during the first national lockdown of 2020.
“ After hearing from patients in our clinical practice and informally from several parents and young people that they thought the lockdown was beneficial for their or their child’ s mental health, we decided to look at this trend. ”
Ms. Soneson and colleagues explored this issue using the OxWell Student Survey, a large, school-based survey of students aged eight to 18 years living in England. More than 17,000 students took part in the June/July 2020 survey, during the tail end of the first national lockdown, answering questions about their experiences of the pandemic, school, home life, and relationships, among others. The results of their research have been published in European Child and Adolescent Psychiatry.
The team found that one in three students thought their mental wellbeing had improved during the first lockdown. In fact, an almost identical number of students fell into each of the three categories: their mental wellbeing had improved; there had been no change; or they had experienced a deterioration to their wellbeing.
The highest proportions of students who reported improved mental wellbeing were among those who were in school every day ( 39%) and most days ( 35%), while the highest proportion of students who reported worse wellbeing were those who attended just once or twice ( 39%).
Students who felt they had had better wellbeing during lockdown were more likely than their peers to report positive lockdown experiences of school, home, relationships, and lifestyle. For example, compared with their peers, a greater percentage of students reporting better wellbeing also reported decreases in bullying, improved relationships with friends and family, less loneliness, better management of schoolwork, more sleep, and more exercise during lockdown compared with before.
Professor Peter Jones, also from Department of Psychiatry at the University of Cambridge, said: “ What we’ ve seen is a complex mix of factors that affect whether a child’ s mental health and wellbeing was affected by the lockdown. These range from their mental health before the pandemic through to their relationships with their families and peers, and their attitudes towards school. ”
While previous studies have reported young people worrying about the impact of lockdown on friendships, nearly half of those who reported improved mental wellbeing in this new study reported feeling less left out and lonely and having better relationships with friends and family. In part, this may be because access to digital forms of social interaction can mitigate the negative effects of reduced face-to-face contact. With many parents and carers at home, there was also potential for improved family relationships.
One specific aspect of peer relationships that changed during the pandemic was bullying. The researchers found that most young people who had been bullied in the past year reported that the bullying had reduced. The proportion that reported that they were bullied less than before lockdown was higher for those who reported improved wellbeing ( 92%) than for those who reported no change ( 83%) or deterioration in their wellbeing ( 81%).
For approximately half of the young people who reported improved mental wellbeing, lockdown was associated with improvements in sleep and exercise – for example, 49% of those who reported improved mental wellbeing reported sleeping more, compared with 30% of those who reported no change and 19% of those who reported deterioration.
Family relationships also clearly played a part: the proportion of students who reported that they were getting along with household members better than before lockdown was higher for the group who reported improved mental wellbeing ( 53%) than for the groups who reported no change ( 26%) or deterioration ( 21%), with a similar pattern for getting along with friends ( 41%, 26%, and 27% respectively).
Professor Mina Fazel from the Department of Psychiatry at the University of Oxford said: “ While the pandemic has undoubtedly had negative consequences for many, it is important to keep in mind that this is not the case for all children and young people. We are interested in how we can learn from this group and determine if some of the changes can be sustained in order to promote better mental health and wellbeing moving forward. ”
Some of the school-related factors that may have influenced how a young person responded to the lockdown include: the increased opportunities for flexible and tailored teaching that encouraged different styles of learning; smaller class sizes and more focused attention from teachers for those attending school; and later waking times and more freedom during the school day.
Reference: “ Happier during lockdown: a descriptive analysis of self-reported wellbeing in 17,000 UK school students during Covid-19 lockdown ” by Emma Soneson, Stephen Puntis, Nikki Chapman, Karen L. Mansfield, Peter B. Jones and Mina Fazel, 17 February 2022, European Child & Adolescent Psychiatry. DOI: 10.1007/s00787-021-01934-z
The research was supported by the Gates Cambridge Trust, the National Institute for Health Research, the Westminster Foundation and UK Research and Innovation.
Emma Soneson is a PhD student at Clare College, Cambridge. | tech |
Toyota, major chip supplier to cut production due to Japan earthquake | In this article
DETROIT – A major earthquake this week in Japan is causing additional problems for the already constrained global automotive supply chain, which continues to manage through problems caused by the coronavirus pandemic and Russia's ongoing invasion of Ukraine.
As companies monitor and assess potential residual impacts of Wednesday's 7.4 magnitude earthquake on their supply chains, auto companies most immediately impacted included Toyota Motor and Renesas Electronics, a major supplier of semiconductor chips for the automotive industry.
Research firm LMC Automotive expects the earthquake to lead to lower vehicle production this year of between 25,000 and 35,000 cars and trucks, adding to already-decreased expectations due to an ongoing shortage of semiconductor chips and the war in Ukraine.
`` This is just another layer on top of an already fragile system where we're seeing a lot of pressure on the manufacturing side of the business, '' said Jeff Schuster, LMC's president of the Americas. `` It's certainly something the industry didn't need at this point. ''
Toyota on Friday said it would suspend operations at more than half its plants across Japan. The world's largest automaker by volume said 18 production lines at 11 plants ( out of 28 lines at 14 plants) would be down for three days next week due to supply problems caused by the earthquake.
`` Due to the parts shortage resulting from suppliers affected by the earthquakes, additional adjustments will be made to production operations in some plants in Japan as follows, '' Toyota said in a statement.
The shutdowns were announced a day after Toyota cut production output by 150,000 units from April to June due to growing supply chain uncertainty.
For more than a year now, the global automotive industry has been dealing with a global shortage of semiconductor chips caused by plant shutdowns at the beginning of the coronavirus pandemic. The chips are the most notable issue amid global supply chain problems caused by the pandemic, rising costs, inflation and Russia's invasion of Ukraine.
`` The top line for this is it's another impact on an already constrained system, '' said Stephanie Brinley, principal automotive analyst at S & P Global Mobility, formerly IHS Markit. `` It does appear to be a short-term impact … but it's just not industry needs to deal with right now. ''
Renesas, which reportedly makes nearly a third of the microcontroller chips used in cars globally, operates three plants close to the earthquake's epicenter in northeast Japan, according to the company.
The Tokyo-based semiconductor supplier said it's attempting to restart the plants and return them to pre-earthquake production volumes by Wednesday, including one as early as Sunday.
The importance of Renesas in the global automotive semiconductor supply chain was highlighted last year following a fire at one of the plants caused automakers such as Ford Motor to significantly cut production at facilities, including many in North America.
Ford teams `` have been monitoring the situation very closely and actively working to determine what, if any, impact this might have on our operations, '' a company spokesperson said Friday. General Motors released a similar statement.
Smaller Japanese automaker Subaru on Friday said it would suspend production Friday and Monday at two auto assembly plants and an engine and transmission plant due to the earthquake.
`` Subaru Corporation will temporarily suspend production at its automobile manufacturing facilities due to interruptions in the supply of certain parts, as operations of the supplier factories for those parts have been affected by the earthquake, '' Subaru said in a statement.
Spokespeople for Japanese automakers Honda Motor and Nissan Motor said there were little to no impacts to their operations due to the earthquake. A Honda spokesperson said the company suspended a night shift at one Japanese plant when the earthquake occurred. | business |
Stocks making the biggest moves midday: GameStop, Tesla and more | In this article
Check out the companies making headlines in midday trading Friday.
GameStop — Shares of the video game retailer gained about 3.5%, erasing big overnight losses, as investors looked past the company's unexpected loss during the holiday quarter. GameStop said it's launching a new marketplace for nonfungible tokens, or NFTs, by the end of the second quarter.
FedEx — FedEx shares fell nearly 4% after the company missed earnings estimates for the quarter. The company beat on revenue but said worker shortages amid the omicron variant outbreak hurt its bottom line.
Tesla — Shares gained 4% after Morgan Stanley reiterated its overweight rating on Tesla. The call came after CEO Elon Musk tweeted that he was `` Working on master plan part 3. '' Morgan Stanley said it sees `` Part 3 as mass industrialization, a network flywheel and 'connecting the dots ' across adjacent TAMs. ''
Moderna — Shares of Moderna rose 6% on news that it is seeking FDA approval for a second Covid-19 booster shot for adults 18 years or older. Pfizer and its partner BioNTech requested approval for a Covid-19 booster for those 65 and older this week.
Rent the Runway — Shares of the fashion rental company soared 19% after Jefferies initiated coverage of the company with a buy rating, noting the company's high barrier to entry could help it drive as much as 50% top-line growth. Jefferies also initiated coverage of the RealReal, Farfetch and ThredUp with buy ratings. The stocks rose 8%, 5% and 4%, respectively.
Joann — The craft retailer's stock fell 6% after the company reported disappointing quarterly sales for the previous quarter. Joann also saw a $ 60 million increase in ocean freight costs last year — one of many supply chain disruptions. Piper Sandler downgraded the retailer to neutral from overweight.
Wingstop — Shares of the chicken wings restaurant franchise were flat after falling nearly 5% in midday trading as Piper Sandler downgraded the stock to underweight from overweight. The firm expects the stock to experience resistance in the near term.
MongoDB — Shares of the tech company rose nearly 7% after an upgrade to buy from UBS. The investment firm said in a note to clients that the company is gaining more traction with customers.
Garmin — The consumer electronics stock gained 2.7% on the heels of an upgrade to buy from Bank of America. The recent pullback in the stock makes Garmin a buy the dip candidate considering its strong fundamentals, Bank of America said in a note to clients.
U.S. Steel — Shares of U.S. Steel fell nearly 5% after issuing weaker-than-expected guidance for the quarter, The company cited increasing raw materials costs as one of the contributors.
— CNBC's Yun Li, Jesse Pound, Hannah Miao and Maggie Fitzgerald contributed reporting | business |
Stocks making the biggest moves premarket: FedEx, GameStop, Moderna and more | In this article
Check out the companies making headlines before the bell:
FedEx ( FDX) – FedEx earned an adjusted $ 4.59 per share for its latest quarter, missing estimates by 5 cents, though the delivery service's revenue beat analyst forecasts. FedEx's bottom line was impacted by worker shortages stemming from the Covid-19 omicron variant outbreak during the quarter. FedEx lost 3.1% in the premarket.
GameStop ( GME) – GameStop reported an unexpected quarterly loss, even as the videogame retailer's revenue topped estimates. GameStop CEO Matt Furlong said the omicron variant and supply chain issues had a significant impact on results during the holiday season. GameStop slid 7.6% in the premarket.
U.S. Steel ( X) – U.S. Steel shares fell 3.6% in premarket trading after the company issued weaker-than-expected guidance for the current quarter. The company cited increasing raw materials costs, among other factors.
Moderna ( MRNA) – Moderna is seeking FDA approval for a second booster shot of its Covid-19 vaccine for adults aged 18 and older. The submission comes a day after Pfizer ( PFE) and partner BioNTech ( BNTX) asked the FDA to approve a second booster for people 65 years and older. Moderna gained 1% in premarket action.
Boeing ( BA) – The jet maker is in talks with Delta Air Lines ( DAL) for a 737 MAX 10 jet order of up to 100 aircraft, according to people familiar with the matter who spoke to Reuters.
Joann ( JOAN) – The crafts retailer's shares tumbled 8.3% in the premarket after it missed quarterly sales expectations and noted a $ 60 million increase in ocean freight costs for 2021. Joann said the freight increase was among a number of significant supply chain headwinds and disruptions.
Wingstop ( WING) – The restaurant chain's stock slid 4.7% in premarket trading after a double downgrade by Piper Sandler to `` underweight '' from `` overweight. '' Piper said it will be more difficult for Wingstop to keep a premium valuation during a restaurant industry expansion cycle as higher expenses hit earnings.
Rent The Runway ( RENT) – The fashion rental company's stock rallied 4.2% in premarket action after Jefferies began coverage with a `` buy '' rating. The firm said Rent The Runway's extensive offerings and high barrier to entry are among the factors that will drive top-line growth of as much as 50%.
SolarEdge Technologies ( SEDG) – The solar equipment and software producer's 2 million shares offering was priced at $ 295 per share, compared with Thursday's close of $ 314.60. SolarEdge slid 3.4% in the premarket. | business |
Pfizer CEO Albert Bourla received $ 24.3 million in total compensation for 2021 | Pfizer CEO Albert Bourla received $ 24.3 million in total compensation for 2021, a 15% increase over the prior year as the company's full-year profit more than doubled with the successful rollout of its Covid vaccine.
Bourla took home a cash incentive of $ 8 million on top of his salary of $ 1.69 million. He also received stock and options totaling $ 13.2 million as well as $ 1.38 million in other compensation.
Bourla's total equity holdings, nearly 597,000 shares, are worth more than $ 32 million as of Thursday's closing price of $ 54.24. He's also entitled to a golden parachute valued at nearly $ 113 million as of Dec. 31, if the company is sold and he loses his job as a result.
Bourla also received more than $ 336,000 for home security and more than $ 60,000 for air travel. His total salary is 262 times higher than the median compensation for a normal employee at Pfizer.
Pfizer booked a profit of nearly $ 22 billion in 2021, double the previous year as the company's Covid vaccine became the most widely administered shot against in the U.S. and the European Union. Sales from Pfizer's Covid vaccine totaled $ 36.7 billion in 2021, making up about 45% of its annual revenue of $ 81.2 billion. Pfizer is projecting another $ 32 billion in vaccine sales this year.
The shot was developed with BioNTech, its German partner, who created the technology underlying the vaccine. Pfizer and BioNTech splits profits from the vaccine equally.
Pfizer's shot was the first Covid vaccine to receive emergency authorization from the Food and Drug Administration in December and also the first to receive full approval from the FDA. The eligibility age has been gradually lowered to everyone over 5 years old.
Pfizer's Covid treatment pill, Paxlovid, is also expected to become a hit, with the company projecting at least $ 22 billion in sales.
The vaccine maker's windfall from the shots are controversial with activist groups, which are calling for the companies to share their intellectual property with developing nations to help boost vaccination coverage. Oxfam America, in a proposal for Pfizer's annual meeting, has called for shareholders to back a feasibility study on transferring the underlying vaccine technology.
Pfizer's board of directors has called on shareholders to vote against the proposal, saying transferring the technology behind the shots requires highly skilled local partners that have the know-how to manufacture them. The company has committed to suppling 2 billion vaccine doses to poorer nations by the end of 2022.
Read CNBC's latest global coverage of the Covid pandemic: | business |
'Buyers are getting a double whammy ': Existing-home sales fall as affordability concerns mount | The numbers:
Existing-home sales decreased 7.2% between January and February, falling to a seasonally-adjusted, annual rate of 6.02 million, the National Association of Realtors said Friday. Compared to a year ago, sales were down more than 2%.
Economists polled by MarketWatch had projected existing-home sales to come in at 6.13 million.
“ Housing affordability continues to be a major challenge, as buyers are getting a double whammy: rising mortgage rates and sustained price increases, ” Lawrence Yun, chief economist for the National Association of Realtors, said in the report. “ Some who had previously qualified at a 3% mortgage rate are no longer able to buy at the 4% rate. ”
What happened:
Sales declined in every region on a monthly basis, and the South was the only part of the country where February’ s sales number were higher compared to the previous year.
The median sales price for an existing home in February was $ 357,300, representing a 15% annual increase. But due to rising mortgage rates, monthly payments for newly-purchased existing homes are now 28% higher than they were a year ago, Yun said.
Unsold inventory of existing homes reached a 1.7-month supply as of the end of February, up from the record low set the month prior. Still, a balanced market is generally indicated by a 6-month supply of homes for sale.
The big picture:
Back in January, we likely saw a rush of people looking to close deals to purchase homes as buyers anticipated mortgage rate increases. At the same time, that month’ s bad weather and surge of COVID-19 cases prompted a decline in contract-signing activity, which is an early predictor of upcoming existing-home sales.
The popular spring home-buying season will remain competitive because the market is so short on listings right now, and that will continue to push prices higher. But the affordability hits already appear to be hurting demand at the margins. As Christophe Barraud, chief economist for Market Securities, noted, mortgage applications declined in February, suggesting that many Americans may be waiting on the sidelines.
“ It’ s very likely that the demand from first-time homebuyers will remain subdued in the coming months as housing affordability declined dramatically, ” Barraud said.
Looking ahead:
“ Inventories are at record lows and prices are elevated, a constraint for buyers. But a pick-up in building activity could provide a lift to sales, even as mortgage rates rise, ” said Rubeela Farooqi, chief U.S. economist at High Frequency Economics, in a research note.
“ It’ s likely that pending sales in January were depressed by both bad weather and the Omicron wave, but any rebound will be brief, given the declining trend in mortgage demand, ” said Ian Shepherdson, chief economist at Pantheon Macroeconomics, in a research note.
Market reaction:
The Dow Jones Industrial Average
DJIA,
-0.58%
declined slightly while the S & P 500
SPX,
-0.04%
edged upward in Thursday morning trades following the home-sales report’ s release. | business |
Opinion: COVID concerns are fading -- - but not for workers. Here's what your employer should be doing to keep you satisfied on the job. | COVID has left an indelible imprint on Americans. Nowhere is that more evident than in the workplace. Smart companies must learn the lessons of this pandemic so they can prepare for the one that comes next.
As much as we would like to put the virus behind us, that’ s simply not possible. The good news is the U.S. labor market made great progress in the past year. Across all industries, we are seeing a surge in job postings, record low unemployment rates, and historically high levels of workers changing jobs and careers. These trends are creating new opportunities for workers.
The same trends that are benefiting workers are creating new challenges for employers as they struggle to draw in new employees and keep current ones.
Two years of working through the pandemic have given talent new perspectives, and the
Great Resignation
is giving them new opportunities to align their work with their
personal priorities and values
. For millions of workers, if their current employer isn’ t giving them what they want, they have a historic opportunity to
find another that will.
What should employers do now to ensure they can attract, recruit and retain workers in this environment? It comes down to safety, flexibility, skills and ( of course) compensation. In this business environment, addressing these factors can give smart companies a leg up over their competition.
It starts with safety. While many Americans view returning to the office as a sign of normalcy, they remain anxious about workplace health and safety measures. Three-fourths of American employees polled listed workplace safety as their
top concern in 2021
.
Employers can not allow this anxiety to linger. Companies that want to keep and compete for talent in this climate must adopt clear and enforceable
workplace policies and safety standards
. They should examine the physical workspace for ways to maintain safety and ensure that office-cleaning procedures are thorough and frequent.
Employers should also make sure that building ventilation and other shared systems are up to date. Simple measures like providing masks and hand sanitizer continue to help mitigate the transmission of disease. This all must be strictly enforced and clearly communicated from top management.
Even if employees feel safe at work, they are still demanding flexibility from employers. Millions of Americans have settled into remote work routines and a better work-life balance. This can challenge a company’ s efforts to build a cohesive workplace culture and ensure accountability.
Companies must recognize that the pandemic has changed employees’ work mindset and adapt accordingly by offering a hybrid work option. Smart employers should also commit to addressing the skills gap from within. Workers
increasingly say
they need to develop new skills to remain competitive and they are looking to their employers to help identify and fill those professional development needs. At the same time, many employers are struggling to fill needs in key areas.
Upskilling or reskilling current workers will start to close that gap while also allowing career growth and advancement. Such opportunities are key to attracting new employees and retaining current ones.
Finally, workers are demanding — and finding — jobs that increase their compensation. Randstad’ s recent 2022 Salary Guide showed that wages for in-demand positions in key industries are rising at staggering rates. For example, wages in engineering are rising as much as 19% as investments in infrastructure and addressing climate change boost the demand for engineers.
To be competitive in the post-pandemic world, companies must face these challenges head on. This is the new reality that employers must accept for the foreseeable future.
Karen Fichuk is CEO of
HR staffing and solutions firm
Randstad USA
.
More:
The No. 1 reason American workers quit their job has nothing to do with the COVID-19 pandemic
Also read:
Two years of COVID-19: How the pandemic changed the way we shop, work, invest and get medical care | business |
Mexico Energy Sector Lagging on Gender Equity, WEN President Says | Sign in to get the best natural gas news and data. Follow the topics you want and receive the daily emails.
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“ I believe it is important for public and private sectors to not focus solely on increasing the participation of women in terms of labor, but rather there be a true revolution within the interior of institutions and companies to really reduce the gender gap, ” María Luisa Licón, legal counsel at Marathon Petroleum Corp. and founding president of the Women’ s Energy Network Mexico, told NGI’ s Mexico GPI.
“ Companies and the government should be more aggressive in their policies to establish equity in gender balance through inclusive policies that focus on modifying hiring practices, create policies that assist in breaking the glass ceiling, create favorable conditions so that women can have a better professional and family balance, create systems for childcare, eliminate unequal salaries and pay, and increase the amount of women in leadership positions, ” she said.
Licón is the legal counsel at Marathon Petroleum, where she has worked since January 2020 and specializes in oil and gas law. Prior to joining Marathon, Licón was an associate at the law offices of Thompson & Knight LLP in Mexico City from 2012-2019.
She is also the founding president of Women’ s Energy Network Mexico, where she heads the national chapter of the international organization that promotes career and leadership development for women working in the energy industries. In five years’ time, Women’ s Energy Network Mexico has grown to 70 members who form part of the 6,600-member organization at a global level.
Licón holds a Masters of Laws degree from the University of California, Berkeley, a Masters in energy law and sustainability from the Universidad Autónomo de Nuevo León and a law degree from the Instituto Tecnológico de Estudios Superiores de Monterrey, Campus Monterrey.
Editor’ s Note: NGI’ s Mexico Gas Price Index, a leader tracking Mexico natural gas market reform, offers the following question-and-answer ( Q & A) column as part of a regular interview series with experts in the Mexican natural gas market. Licón is the 76th expert to participate in the series.
NGI: Marathon really expanded in Mexico with storage terminals and gas stations during the market opening during the previous administration, and has since consolidated its position as a major fuel supplier in the country. What are Marathon’ s plans in Mexico?
Licón: Marathon Petroleum Corp. ( MPC) is a company with more than 130 years of experience in refining, commercialization and logistics in the U.S. and has been present in Mexico since 2017. Our operations range from imports to product sales with and without branding to users and service stations either through our unbranded products or products with the ARCO brand. MPC has been named by Forbes and JUST Capital as one of the companies that does the right thing for all stakeholders – clients, communities, the environment, collaborators and shareholders – with the vision to create shared value through our operations.
The work that I conduct as a lawyer for a company such as MPC is very interesting given that the company has a large presence in Mexico and participates, either in a direct or indirect way, in the entire value chain of the petroleum products sector. This allows me to not solely work with legal issues, but also technical and operative aspects of the industry, which I consider to be of significant relevance to be able to better perform my job. Additionally, my work is focused mainly on providing MPC legal advice in all of the areas of relevance to their Mexico operations. This can vary from drafting and negotiating contracts for the supply of gasoline and diesel, support with regulatory topics and permits, as well as advising on imports, sales and logistics transactions.
NGI: There have been numerous complaints about permitting in the energy sector recently in Mexico and some companies have thought twice about new investment. In your opinion, what are the most pressing challenges facing the Mexican energy sector currently?
Licón: In MPC we have a long-term commitment to Mexico. We are focused on contributing to energy security for Mexicans, offering the best service to our clients to assure that the consumers of our products have reliable fuels of the highest quality. In ARCO, as a brand of MPC, we have a strong conviction that the way the company is managed is as important as its performance, which is why we have robust practices within our internal operation to promote the well-being of our business partners and collaborators.
NGI: In your opinion, where do you see growth opportunities in the Mexican energy sector?
Licón: In MPC, we are focused on contributing to the energy security of the Mexican people. In ARCO and MPC, our community investment strategy is focused on strengthening community and assisting to improve the lives of Mexicans. We are focused on collaborating with local philanthropic organizations that are committed to promote opportunities in the communities where we operate and that are aligned with our fundamental values of sustainability, which allows us to have a positive and measurable impact.
One example of that is our active contribution in emergency situations, such as the health and social crisis caused by the Covid-19 pandemic in which, through diverse methods of support, we were able to support the efforts of the communities where we operate and improve their overall well-being. Through the local organizations that we work with, we offered support to front-line health workers in cities such as Tijuana, Mexicali, Hermosillo, Culiacán, Mazatlán, Ciudad Juárez, La Paz, Los Cabos, and more.
At the same time, in response to the global environmental worries, in MPC, we are improving our focus to satisfy the energy needs of the world while reducing the carbon intensity of our operations and the products we produce. Our focus towards sustainability includes increasing the volume of renewable fuels that we produce and sell. Currently, for example, Marathon is reconverting two of its refineries to renewable fuels.
[ Get in the know. Access to pipelines, processing plants and LNG facilities is imperative to success in the Mexico natural gas market. Buy NGI’ s 2022 Mexico map today. ]
NGI: You’ re the president and founder of the Mexico Women’ s Energy Network. What is the most common challenge or obstacle you and the women of the energy sector regularly face?
Licón: I believe that the gender gap is the main obstacle we as women face in the energy sector, and it continues to be prevalent in the industry. I’ ll share with you some relevant figures:
According to the Mexico Energy Sector report on the Gender Baseline, across all national industries in 2019, just 32% of the workforce were female, while only 19% of employees in the Mexican energy industry were female. According to a 2016 Ernst & Young study on Women in Power and Utilities, women represented 5% of executive director roles, 19% of director roles and 14% of managerial roles in the top 200 global electricity and basic services companies. As of 2021, of the 145 companies listed in the Mexican Stock Market, only 2.7% are directed by women. According to the Mexican Institute for Competitiveness ( IMCO), in 2019, only 18% of the directors of public administration agencies were women.
The current panorama shows us that it’ s complicated for women to grow and find opportunities in this and many industries. For that reason, in associations like Women’ s Energy Network, we are working to create a cultural revolution and work daily to confront the prejudices that exist in our society regarding the participation and work being done by women. For example, we work to promote the expertise of our members, recognize their accomplishments and implement programs and resources that support personal and professional development. At the same time, we have been able to support growth and improve the positioning of women with great experience in the energy industry, creating a space for dialogue and networking so that together, women of different professions with years of distinct experiences, support each other to enrich and develop our careers and cultivate and nourish international development of the sector.
We have worked to consolidate a network where it is possible to share and promote experiences, meet other professionals, form friendships and, above all, be a strong and united voice that represents the interests of all the women in the Mexican energy sector. We are also actively attacking the problem at its core, having invited men to participate in WEN to encourage their support in the advancement of our cause and convert them into our allies, and are working on a program directed to promote and awaken interest among young girls to enroll in career-oriented courses focused on science, technology, engineering and mathematics.
NGI: You’ ve encouraged the private and public sectors to reinvent themselves and create new diversity and inclusion policies to reduce the gender gap. In your opinion, what sort of policies could be introduced to shrink the gender gap in the energy sector?
Licón: I believe it is important for public and private sectors to not focus solely on increasing the participation of women in terms of labor, but rather that there be a true revolution within the interior of institutions and companies to really reduce the gender gap. The actions currently being carried out are minimal. Companies and the government should be more aggressive in their policies to establish equity in gender balance through inclusive policies that focus on modifying hiring practices, create policies that assist to break the glass ceiling, create favorable conditions so that women can have better professional and family balance, create systems for childcare, eliminate unequal salaries and pay, and increase the amount of women participating in leadership positions. For these policies to be implemented a change in mentality is required that promotes a culture of education, work and inclusiveness based on mutual respect that moves away from gender prejudices and where neither professions nor salaries are impacted by gender.
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Cramer’ s week ahead: Sell stocks of unprofitable companies | CNBC's Jim Cramer on Friday previewed next week's earnings schedule and said that investors should use it as a chance to offload unprofitable companies from their portfolios.
The `` Mad Money '' host said that the market could be in for some pain next week after this week's rallies, as investors digested the news of the Federal Reserve's quarter-percentage-point interest rate hike, the ongoing Russia-Ukraine War and Covid outbreaks in Asia and Europe.
While investors shouldn't sell off everything, next week could be a golden opportunity for investors to shuffle holdings around, Cramer said.
`` If you still own the stocks of unprofitable companies that don't even have any good cash flow and sell at high price multiples to sales, I 'm begging you to use this chance, start by today, to do some selling and reposition yourself into more tangible companies with much cheaper stocks, '' he said.
All earnings and revenue estimates are courtesy of FactSet.
Monday: Nike
Nike
`` I don't expect Nike will actually have good numbers, but that's now the conventional wisdom, which leaves open the possibility of an upside surprise, '' Cramer said.
Tuesday: Nvidia, Adobe
Nvidia
`` [ Chief executive Jensen Huang's ] speech will define where tech is, where it's going, and what are the boundaries that must be smashed, '' Cramer said. `` And he 'll smash them. ''
Adobe
Cramer said that he believes Adobe will have better results than Wall Street is expecting, `` but the standards have gotten ridiculously high for this fabulous company. ''
Wednesday: General Mills, KB Home, Ollie's Bargain Outlet Holdings
General Mills
`` The food stocks are a diminishing group.... They're hurt by inflation in every part of their manufacturing chain. A lot less defensive than they used to be, '' Cramer said of General Mills and other food companies.
KB Home
Cramer said he expects that the company `` blows away the numbers and even gets some recognition for doing so. ''
Ollie's Bargain Outlet Holdings
Cramer said that a problem Ollie's could face is limited inventory if other retailers don't have any unsold products for Ollie's to take off their hands due to consumers willing to pay full-price for everything.
Thursday: Darden Restaurants
Darden Restaurants
Listening to Darden's call will show where consumers are choosing to spend their money after staying in during the pandemic, Cramer said.
Friday: University of Michigan Consumer Sentiment Index
The University of Michigan Consumer Sentiment Index reports numbers for March Friday after the preliminary index dropped to 59.7 earlier this month, the lowest level in nearly 11 years, according to Reuters. Cramer said if the consumer sentiment index number turns out to be `` gloomy, '' that means bad news for gardening and outdoor living companies like Home Depot and Lowe's.
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Calgary’ s Calfrac Says Russian War Injects ‘ Risk and Uncertainty’ for Global Operations | Sign in to get the best natural gas news and data. Follow the topics you want and receive the daily emails.
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Calfrac Well Services Ltd., a Calgary-based specialist in hydraulic fracturing that works in Canada, as well as Argentina, Russia and the United States, said a revival in drilling last year and commodity prices provide momentum, but there is uncertainty on the horizon.
“ A prolonged period of underinvestment in the upstream sector, in combination with a rebound in demand as Covid-19 related restrictions have been reduced, has resulted in a significant increase in crude oil and natural gas prices, ” management noted.
“ This stronger commodity price environment provides the foundation for higher demand for Calfrac’ s services moving forward. The company’ s positive momentum from the third quarter continued into the fourth quarter of 2021 but paused toward year-end due to normal seasonality combined with customer budget exhaustion. ”
Russia’ s invasion of Ukraine has injected “ risk and uncertainty ” into prospects for the recovery continuing through this year, the oilfield services contractor said in reporting its fourth quarter and 2021 results. The firm is “ currently evaluating the options for its Russian operations ” and expects to make a decision about how to move forward by May.
Russia risk surfaced initially in December as a supply chain issue, the company noted. Operating income was eroded by an 11-day work interruption because a customer was unable to deliver fracturing proppant needed to complete wells.
Beyond Russia, COO Lindsay Link said Calfrac’ s outlook “ continues to progress, especially in North America. ”
The Canadian division is expecting a “ strong first quarter for its four large fracturing fleets. The high level of activity is expected to continue into the second half of the year, after the seasonal break-up, leading to improved year/year financial performance. ”
Calfrac anticipates that a tightening services market in Canada could provide the opportunity “ to significantly increase its prices in order to reflect the appropriate value of its services. ” The company recorded “ modest price improvements during 2021, but upward pricing pressures for trucking, fuel, chemicals and sand were significant and continue to persist. ” Calfrac’ s U.S. operations “ experienced a delayed start to 2022 in one of its operating districts, but still expects to deliver improved sequential performance during the first quarter, ” management said. “ While the company continues to pass along inflationary cost increases, Calfrac has been successful in improving utilization as well as net service pricing during the past few months. ”
The Argentina operations benefited last year “ mainly due to strong equipment utilization in the Vaca Muerta shale play, ” management said. “ The company expects the operating cadence that was achieved in the second half of 2021 to continue throughout 2022 and drive strong levels of financial performance. ”
The company, which reports in Canadian dollars ( C $ 100/U.S. 79 cents), reported losses in 4Q2021 of $ 28.3 million ( minus 75 cents/share). In 4Q2020, net income was $ 125.8 million ( $ 2.19/share). Calfrac reported 2021 losses of $ 82.8 million ( minus $ 2.21 /share), reversing 2020 losses of $ 324.2 million ( minus $ 76.28).
Carolyn Davis contributed to this story.
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Here's what Chinese state media is saying ahead of Xi's call with Biden | BEIJING — While Chinese state media have tacked away from primarily pro-Russian coverage of the war in Ukraine, one of the consistent messages remains: Blame the U.S.
Chinese President Xi Jinping and U.S. President Joe Biden are scheduled to speak Friday evening Beijing time about bilateral relations and `` issues of common concern, '' Chinese state media announced late Thursday.
The call would mark the first official contact between the U.S. and Chinese presidents since Russia invaded Ukraine in late February.
Much of Chinese state media coverage since has focused on negotiations between Russia and Ukraine, without describing the conflict as an invasion or war. China's foreign ministry has refused to call Russia's attack on Ukraine an invasion, while blaming the U.S. for `` fueling '' the tensions.
That criticism has persisted.
People's Daily, the Chinese Communist Party's official newspaper, put a headline about the upcoming Xi-Biden call in a prominent, bolded spot on the right side of its website's front page on Friday.
Several lines below it was a piece from the editorial board: `` Sticking to 'double standards ' will only bankrupt U.S. credibility, '' the headline said, according to a CNBC translation of the Chinese text.
In a nightly news show Thursday, China's state television broadcaster noted the U.S. plans to send $ 800 million in military aid to Ukraine, and included clips of Putin blaming Western nations for global inflation.
The show closed by citing unnamed analysts warning that the U.S. Federal Reserve's decision to raise interest rates in a period of high inflation and uncertainty only adds to the risk of global debt default.
As is the case with most Chinese state media, the half-hour news broadcast focused mostly on domestic affairs, including China's own ability to control the recent Covid-19 outbreak.
State media announcements on the Xi-Biden call did not specifically mention Ukraine, while the White House announcement included it as a planned topic of discussion.
Readouts of contact between high-level U.S. and Chinese officials have tended to separate U.S.-China relations from the two countries ' discussion of the Russia-Ukraine conflict. Chinese Foreign Minister Wang Yi emphasized last week how China's relationship with Russia was as solid as when Xi and Russian President Vladimir Putin met and issued a joint statement in early February.
Beijing has tried to portray itself as maintaining a relationship with Russia while working with European countries and other nations to broker peace, especially in the face of increased sanctions on Russia by the U.S., EU and other countries.
`` Beijing's support for Moscow is mostly rhetorical, '' consulting firm Teneo said in a report released March 10.
On Friday, Gabriel Wildau, senior vice president at Teneo, noted a change in that rhetoric. `` In the last few days there are signs of a shift in state media coverage, which may reflect Beijing's attempt to distance itself from Moscow. ''
He pointed to how China's English-language state television broadcaster has highlighted civilian casualties from Russian attacks, and the Chinese-language one has reported the Ukrainian military's battlefield successes.
That reflects further detail than Chinese official media have offered in the past on the humanitarian crisis in Ukraine. As of Wednesday, at least 780 civilians have been killed — including 58 children — since Russia's attack began on Feb. 24, according to United Nations data.
Last week Beijing announced a `` six-point initiative '' for preventing a large-scale humanitarian crisis in Ukraine, and Premier Li Keqiang said China is `` deeply concerned '' about the situation in Ukraine.
Chinese media's slight shift away from primarily Moscow messaging has also targeted a U.S. audience.
In an op-ed published in the Washington Post on Wednesday in English, Qin Gang, China's ambassador to the U.S. said `` assertions that China knew about, acquiesced to or tacitly supported this war are purely disinformation. ''
Xpeng and more: Morgan Stanley says these stocks will benefit from rising oil prices
Morgan Stanley upgrades Chinese TikTok rival and predicts over 60% in share price gains
Global investor Mark Mobius expects Chinese stocks to rebound, aided by Russia invading Ukraine
Most prominently, The New York Times early on March 3 Beijing time cited U.S. and European officials as saying senior Chinese officials told their Russian counterparts in early February not to invade Ukraine before the end of the Winter Olympics in Beijing that month.
Qin said Wednesday there were more than 6,000 Chinese citizens in Ukraine.
`` Conflict between Russia and Ukraine does no good for China, '' he said. `` Had China known about the imminent crisis, we would have tried our best to prevent it. ''
Macquarie and Morgan Stanley analysts cited the op-ed as a contributing factor to Wednesday's rally in Hong Kong and mainland Chinese stocks. | business |
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